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The title of the text refers to the fact that it is necessary to start regarding auditors as key players in today’s globalized world.
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One of the premises of the text is that every time there is a sudden economic crisis, we tend to quickly try to find a culprit.
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The author accuses some firms of bribing unscrupulous academics to put forward compelling arguments hereby they could block proposals to create mandatory audit rotation.
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The fragment “longer tenures yield better results” (l.8) indicates that it is necessary a considerable amount of time for an auditing company which has been hired to sharpen its auditing skills and deliver superior results.
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In “to me that’s not an audit, that’s a joint venture” (l.5), the word “that” refers to the situation mentioned before, that is, the same auditing firm being responsible for a client for too long a period of time.
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The expression “magic bullet” (l.23) could be correctly replaced by cure-all, wonder drug or perfect solution, without any change in its meaning.
The author points to a discontinuity in the history of financial bookkeeping from the end of the 15th century to the 18th century. 
The word “allay” (l.3) is used as a verb and it means reduce or ease. 
People have inherited from the Bible the notion that auditing is necessary because of the inherently dishonest nature of human beings. 
Without changing the meaning of the text, the fragment “explains the basic rationale for instituting controls rather straightforwardly” (l.16-17) could be correctly replaced with explains a common-sense approach to retain control instead of simply handing it over. 