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

Abstract

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

Mainelli, Michael and Mainelli, Michael, Banking on Confidence: Rethinking Audits of Financial Institutions (July 1, 2011). 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, Available at SSRN: https://ssrn.com/abstract=3719933

Michael Mainelli (Contact Author)

Z/Yen Group ( email )

41 Lothbury
London
United Kingdom

Gresham College ( email )

Barnard's Inn Hall
Holborn
London, EC1N 2HH
United Kingdom

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