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The Structural Origins of Conflicts of Interest in the Accounting Profession

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  • Boyd, Colin

Abstract

This paper describes the professional ethical context behind the failure of Arthur Andersen’s audit of Enron. It is argued that the evolution of extreme industrial concentration in the accounting profession, and the subsequent unrestrained diversification of the “Big Five” accounting firms were the sources of multiple conflicts of interest that were unresolved by the time of the Enron debacle. In the post-Enron era, the problems of commercial conflicts of interest and of highly concentrated power in the profession remain important issues. Accountancy is believed by its practitioners to be a profession, not a commercial venture. (Magill, Previts, and Robinson 1998: 4)

Suggested Citation

  • Boyd, Colin, 2004. "The Structural Origins of Conflicts of Interest in the Accounting Profession," Business Ethics Quarterly, Cambridge University Press, vol. 14(3), pages 377-398, July.
    • Handle: RePEc:cup:buetqu:v:14:y:2004:i:03:p:377-398_00
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    1. Espinosa-Pike, Marcela & Barrainkua, Itsaso, 2016. "An exploratory study of the pressures and ethical dilemmas in the audit conflict," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 19(1), pages 10-20.
    2. Lamar Pierce & Michael W. Toffel, 2010. "The Role of Organizational Scope and Governance in Strengthening Private Monitoring," Harvard Business School Working Papers 11-004, Harvard Business School, revised Feb 2012.
    3. Riad Abdulraouf, 2007. "Les Fondements De L'Audit Par Les « Business Risks » : Motivations Professionnelles Ou Raisons Économiques ?," Post-Print halshs-00543074, HAL.
    4. Sarowar Hossain & Jeff Coulton & Jenny Jing Wang, 2023. "Client Importance and Audit Quality at the Individual Audit Partner, Office, and Firm Levels," Abacus, Accounting Foundation, University of Sydney, vol. 59(2), pages 650-696, June.
    5. Stephen A. Zeff & Vaughan Radcliffe & Sally Gunz, 2014. "Accounting and Auditing Activities of the Ontario Securities Commission, 1960s to 2008 Part 3: The Fifth Chief Accountant, 1996–2008," Accounting Perspectives, John Wiley & Sons, vol. 13(4), pages 223-252, December.
    6. Maria Ishaque, 2021. "Managing Conflict of Interests in Professional Accounting Firms: A Research Synthesis," Journal of Business Ethics, Springer, vol. 169(3), pages 537-555, March.
    7. Lamar Pierce & Michael W. Toffel, 2013. "The Role of Organizational Scope and Governance in Strengthening Private Monitoring," Organization Science, INFORMS, vol. 24(5), pages 1558-1584, October.
    8. Sabau Elena Monica & Sgardea Florinel Marian & Tutu Anca & Turlea Carmen, 2009. "Le Livre Des Risques – Instrument Efficace Dans L’Application De La Strategie D’Audit Interne Fonde Sur Les Risques (Risk Based Auditing)," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 3(1), pages 1158-1163, May.
    9. Espinosa Díaz, Yuli Samary & Revelo Mantilla, Jessica Tatiana & Ballesteros Sarabia, Victor Manuel, 2020. "Nociones del escepticismo profesional del Contador Público en ejercicio de las auditorías: una perspectiva teórica," Revista Tendencias, Universidad de Narino, vol. 21(2), pages 266-282, July.
    10. Torbjörn Tagesson & Sven-Olof Yrjö Collin, 2016. "Corporate governance influencing compliance with the Swedish Code of Corporate Governance," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(3), pages 262-277, August.
    11. Olivier Charpateau, 2007. "Ethique De L'Auditeur Et Capacite A Reveler Une Erreur : Comparaison Des Auditeurs Financiers Et Operationnels," Post-Print halshs-00543243, HAL.

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