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Financial crisis and the silence of the auditors

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  • Sikka, Prem

Abstract

Against the backdrop of the current financial crisis, this paper seeks to stimulate debates about contemporary auditing practices. It notes that many financial enterprises have sought state support within a short period of receiving unqualified audit opinion. Auditors collected large amounts in audit and non-audit fees. The events raise questions about the value of company audits, auditor independence and quality of audit work, economic incentives for good audits and the knowledge base of auditors.

Suggested Citation

  • Sikka, Prem, 2009. "Financial crisis and the silence of the auditors," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 868-873, August.
    • Handle: RePEc:eee:aosoci:v:34:y:2009:i:6-7:p:868-873
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    References listed on IDEAS

    as
    1. Prem Sikka, 1992. "Audit policy making in the UK," European Accounting Review, Taylor & Francis Journals, vol. 1(2), pages 349-392.
    2. Mr. G. Russell Kincaid & Mr. Charles Collyns, 2003. "Managing Financial Crises: Recent Experience and Lessons for Latin America," IMF Occasional Papers 2003/001, International Monetary Fund.
    3. Prem Sikka & Colin Haslam & Orthodoxia Kyriacou & Dila Agrizzi, 2007. "Professionalizing Claims and the State of UK Professional Accounting Education: Some Evidence," Accounting Education, Taylor & Francis Journals, vol. 16(1), pages 3-21.
    4. Peter G Zhang, 1995. "Barings Bankruptcy and Financial Derivatives," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 2823, August.
    5. Arnold, Patricia J. & Sikka, Prem, 2001. "Globalization and the state-profession relationship: the case the Bank of Credit and Commerce International," Accounting, Organizations and Society, Elsevier, vol. 26(6), pages 475-499, August.
    6. Power, Michael, 1999. "The Audit Society: Rituals of Verification," OUP Catalogue, Oxford University Press, number 9780198296034.
    7. Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(3), pages 80-97, Autumn.
    8. Prem Sikka, 2008. "Enterprise culture and accountancy firms: new masters of the universe," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 21(2), pages 268-295, February.
    9. Prem Sikka, 2008. "Globalization and its discontents," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 21(3), pages 398-426, March.
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