Auditors in a changing regulatory environment
Purpose – The purpose of this paper is to describe how corporate responsibility, at the best of times, is taken for granted, and at the worst of times, becomes a much maligned concept.Design/methodology/approach – Describes how the regulatory landscape is rapidly changing and outlines several conditions that must exist or be achieved to ensure the stability of financial institutions through a better system of regulation and monitoring and rapid intervention, where intervention is called for.Findings – There is a need for greater clarity as to the role of auditors and as to the expectations of regulators.Originality/value – Highlights how, for regulators, auditors and stakeholders, the issue of the role of auditors in a changing regulatory climate is an important subject that deserves special consideration.
Financial Statement Fraud Risk Mechanisms and Strategies: The Case Studies of Malaysian Commercial Companies☆
Abstract This research examines the potential means available to company managers, auditors and regulators of preventing, detecting and reacting to financial statement fraud. Research is conducted by means of interviews with company managers, auditors and regulators. The findings are, while management integrity and the development of internal systems to prevent fraudulent reporting can help to reduce the probability of financial statement fraud taking place, the nature of financial statement fraud as a crime in which the company is an instrument and not a victim makes it essential that penalties enforced by regulators are used to deter and react to cases where such frauds are detected.
The Need For A Sacred Science
The meaning of a science rooted in the sacred, its contrast to modern science and its pertinence to us today.