Financial Failures and Scandals: From Enron to Carillion

This book evaluates the cause and significance of recent corporate failures and financial scandals, questioning the fitness for purpose of external auditors, financial reports, financial watchdogs, boards, directors, and senior management. It reveals shortcomings in audit quality, independence, choice, and the growing expectation gap. The book argues that the profession, regulators, and government watchdogs need to be adequately prepared for the challenges of increasing regulation, public outcry, and political scrutiny. It provides a compelling account of the disruptive impact of financial failures on corporate and financial accountability and will be of interest to students, researchers, and professionals in accounting and auditing, as well as policy makers and regulators.

Format: Paperback / softback
Length: 136 pages
Publication date: 21 January 2023
Publisher: Taylor & Francis Ltd

This comprehensive volume delves into the underlying causes and profound implications of recent corporate failures and financial scandals, shedding light on their impact on the fitness for purpose of external auditors, financial reports, financial watchdogs, boards, directors, and senior management. Through in-depth analysis, the book explores the devastating consequences of such failures, including the erosion of trust in the audit process and the broader financial reporting framework. It raises critical questions about the preparedness of the profession, its regulators, and government watchdogs to address the evolving challenges posed by increasing regulation, public outrage, and political scrutiny in the face of inevitable future financial failures.

The book uncovers the shortcomings in audit quality, independence, choice, and the growing expectation gap, challenging the notion that the current system is adequately equipped to withstand the pressures of a changing financial landscape. It highlights the fundamental flaws in financial reporting structures, such as annual reports, boards of directors, and senior management, which often fail to uphold the standards of accountability and transparency required by stakeholders.

In response to these revelations, the book advocates for tighter regulation and the implementation of new reporting requirements to ensure greater accountability and transparency in the financial industry. Drawing on extensive research and interviews with insiders, users, and experts, the book offers a compelling account of the disruptive impact of financial failures on corporate and financial accountability. It is well-structured and accessible, making it of great interest to students, researchers, professionals in accounting and auditing, as well as policy makers and regulators.

The book serves as a timely reminder of the critical role that governance, oversight, and accountability play in maintaining the stability and integrity of the financial system. It underscores the need for continuous improvement and adaptation to meet the evolving demands of a globalized economy, where financial failures can have far-reaching consequences for individuals, businesses, and entire economies. By examining the causes and consequences of financial failures, this book provides valuable insights into the urgent need for reform and the role that all stakeholders can play in building a more robust and resilient financial system.

Weight: 182g
Dimension: 136 x 215 x 11 (mm)
ISBN-13: 9781032475639