Banking on Confidence: Rethinking Audits of Financial Institutions
Corporate Governance & Sustainability Challenges, Lt Gen J S Ahluwalia, PVSM (ed), Institute of Directors Publishing (October 2011), ISBN: 978-81-906329-9-2, pages 88-91
3 Pages Posted: 12 Jan 2021
Date Written: July 1, 2011
After the financial crisis we realised that the balance sheet and going concern statements of many of our major financial institutions proved wrong. The ‘Credit Scrunch’ of 2007 was a systemic failure. Interactions between elements of the system (banks, rating agencies, regulators, governments, financial instruments, auditors, etc.) mattered more than the specific behaviour of a particular actor. If you believe the crisis was an apocalypse or foreshadows an apocalypse, then you should be considering fundamental redesigns in numerous areas. How might we redesign auditing?
Keywords: Finance, Audit, Redesign
JEL Classification: M42 - Auditing
Suggested Citation: Suggested Citation