Corporate Governance or Outright lies

Warren Buffet may have been misled by his own executives. Wells notices have been issued as former Berskshire Hathaway executives refuse to testify for fears of self-incrimination.
Buffet has a big reputation as an investor but perhaps something has slipped between the cup and the lip when he was managing. should he have known and be able to smell out the problem? If one of the smartest investors of all times can be duped what chance do the rest of us have.
Perhaps the real solution is in more oversight with wider and independent boards of directors actively vetting, instead of one man (godlike or not) do it all.