By Reiner Quick, Stuart Turley, Marleen Willekens
The acceptance of company reporting has been in difficulty. belief within the technique of monetary accounting and auditing has been undermined via a sequence of excessive profile scandals regarding significant agencies, together with Enron, Parmalat, Ahold, and Worldcom. In reaction, regulators and practitioners world-wide have recommend a sequence of tasks to fix the wear and tear and restoration religion in company governance.
In this important book, the ecu Auditing learn community analyzes how that reaction has built in Europe, with specific emphasis at the box of auditing. best foreign teachers overview how rules has been revised in particular eu nations to aid repair self belief within the contribution of auditing to company governance. numerous subject matters are explored, together with the growing to be pattern of internationalization in rules, ethics and auditing, expert legal responsibility, education.
Auditing, belief and Governance is a useful quantity for college kids, researchers and pros operating within the fields of auditing, accountancy and company governance, and offers an invaluable foundation for extra examine at the results of the elevated regulation.
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Additional resources for Auditing, Trust and Governance: Developing Regulation in Europe
W. (1997) “Legal Determinants of External Finance,” Journal of Finance, LII(3): 1131–50. Lennox, C. (1999a) “The Accuracy and the Incremental Information Content of Audit Reports in Predicting Bankruptcy,” Journal of Business Finance and Accounting, 26(5, 6): 757–78. Lennox, C. ” Accounting and Business Research, 29(3): 217–27. E. (2006) “Bankruptcy Theory Development and Classification via Genetic Programming,” European Journal of Operational Research, 169(2): 677–97. Niemi, L. (2004) “Auditor Size and Audit Pricing: Evidence from Small Audit Firms,” European Accounting Review, 13(3): 541–60.
2 Audit regulation in Belgium Overregulation in a limited capital market oriented country? Ann Vanstraelen and Marleen Willekens 1 Introduction Unlike most other industrialized countries such as the Netherlands, the UK, and the US, the Belgian auditing profession is fairly young. It only developed during the second half of the twentieth century after the creation – by law in 1953 – of the Institute of Registered Auditors (Instituut der Bedrijfsrevisoren, IBR/Institut des Réviseurs d’Entreprises, IRE).
The latter committee in turn reports to the Board of the Institute. Where serious deficiencies are reported, the Board can send the file to the Supervisory Committee, which can start an independent investigation. In 2005, for example, 104 quality controls were performed by the Quality Control Committee. This resulted in 47 cases which were investigated more thoroughly by the committee. Examples of the main problems identified by the committee in these cases included: • • • • • the audit activity of the auditor cannot be considered as his main activity (an auditor needs to perform a minimum number of audits to keep his title); independence problems; insufficient monitoring of individual auditors’ application of manuals used in the audit firm; insufficient tailoring of the general audit program to the specifics of the audited company; non-existent or insufficient risk management.
Auditing, Trust and Governance: Developing Regulation in Europe by Reiner Quick, Stuart Turley, Marleen Willekens