The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis

Humphrey, Christopher; Loft, Anne; Woods, Margaret

doi:10.1016/j.aos.2009.06.003

Cited by 261 publications

(195 citation statements)

References 28 publications

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“…At the turn of the 21 st century, a new international financial architecture was under development to provide urgently-needed stability to a global financial system characterized by recurring crises, the rise of finance capital and inequality among states regarding the power to influence the shaping of emerging regulatory apparatuses (Arnold, 2009a(Arnold, , 2009b(Arnold, , 2012Humphrey et al, 2009;Wade, 2007aWade, , 2007b. This new architecture was sponsored by the G7 (G20 since the crisis of the late 2000s; see Humphrey et al, 2009, p. 812) and other significant actors in international financial systems.…”

Section: The Political Economy Of Ob Establishment: An Institutional mentioning

confidence: 99%

“…These standards of good practice (the SSC system) cover macroeconomic policy and data transparency, institutional and market infrastructures (including international accounting as well as auditing standards), and financial regulation and supervision (Arnold, 2012, p. 367). The key idea was that adherence to these standards of practice and increased transparency would improve the quality of financial reporting and access to finance, thus further inducing (in a virtuous circle) the observance of these standards (Humphrey et al, 2009). …”

Section: The Political Economy Of Ob Establishment: An Institutional mentioning

confidence: 99%

“…In the past two decades of advancing globalization, reforms in the accounting domain have taken place within what Wade (2007a) calls the Standards-Surveillance-Compliance (SSC) doctrine, a regulatory framework of globally-integrated financial markets that aims to provide stability in the marketplace (Βüthe & Mattli, 2011;Davies & Green, 2008;Wade, 2007aWade, , 2007b. This new dogma entails the use of comprehensive and universal standards, as well as codes of good practice, whose application would be overseen and enforced by a gamut of regulatory institutions and agencies -official or unofficial, national or global (Cooper & Robson, 2006;Humphrey, Loft, & Woods, 2009).…”

Section: Introductionmentioning

confidence: 99%

“…Accounting and auditing oversight boards (OBs) serve as a basic mechanism for tackling perennial problems in corporate financial reporting and auditing, within the broader complex and hierarchical global regulatory system (Arnold, 2012;Humphrey et al, 2009;Wade, 2007a). OBs emerged in the US under the SarbanesOxley Act (US Congress, 2002), in the EU under the (new) Eighth Directive (European Commission, 2006), and in other countries (Malsch & Gendron, 2011).…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Caramanis

Dedoulis

Leventis

2015

Accounting, Organizations and Society

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The introduction of accounting and auditing oversight boards (OBs) has been promoted on a global scale as a key component of the international financial architecture that has emerged over the past two decades. Such institutions, modeled on the Anglo-American tradition, are domestically organized and embedded within distinctively diverse institutional contexts. Their role is to ease agency problems, improve the quality of financial reporting, and help provide stability in the global financial system. We employ an institutional approach, located within the broader political economy framework of global capitalism, to examine the establishment and operation of the new regulatory regime in Greece. Greece, a member of the European Union, exhibits characteristics of a "delegative" democracy, i.e. a traditionally weak institutionalization, reform (in)capacity problems and a clientelistic political system. Our case study shows that the formation and operation of the newly-established system of oversight is conditioned by local political and economic constraints and, thus, does not automatically translate into concrete benefits for the quality of financial reporting. We also draw attention to the structural mismatch between a progressing globalized financial integration and the fragmented nature of the system of oversight, and illustrate that OBs' independence from local governments is an important but neglected issue.

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Section: The Political Economy Of Ob Establishment: An Institutional mentioning

confidence: 99%

Section: The Political Economy Of Ob Establishment: An Institutional mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Caramanis

Dedoulis

Leventis

2015

Accounting, Organizations and Society

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“…In particular, it points out that robust audit is key to re-establishing market confidence. These considerations point to the great significance of audit in the current economic environment and in the capital markets (Humphrey et al 2009;Fogarty and Rigsby 2010). It is therefore in the public interest to suitably regulate access to the auditing profession.…”

Section: Current Situation In Spainmentioning

confidence: 99%

Entry requirements to the auditing profession: a need for harmonisation

Benau

Zorio

2013

Glob Bus Perspect

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This paper analyses the current situation as regards entry requirements to the accounting profession from an international perspective. Auditing is a public interest service so it is regulated in different jurisdictions. Our results show that even though this service is dominated by global multinational companies and entry barriers to foreign markets seem to be falling, there is important diversity among entry requirements to the audit profession in the countries analysed. The authors support the need for international harmonization in this field by means of promoting global acceptance of the standards set by the International Accounting Education Standards Board from the International Federation of Accountants. This paper is extremely timely given the fact that the Spanish standard setter is about to make regulatory changes in this regard and has created a discussion group to this end.

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Bibliography

2015

Interpretation and Application of IPSAS

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The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis

Cited by 261 publications

References 28 publications

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Entry requirements to the auditing profession: a need for harmonisation

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