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The corrosive effects of neoliberalism on the UK financial crises and auditing practices: A dead-end for reforms

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  • Prem Sikka

Abstract

The UK's financial sector has been the subject of frauds and crisis during every decade since the 1970s. The crisis has been fuelled by neoliberal ideologies which emphasise light-touch regulation, individualisation, excessive faith in markets and pursuit of private profits, with little regard for social consequences. Auditors are expected to flag matters of concern to shareholders and regulators, but that did not happen in the events leading to the 2007–2008 banking crash or any of the other headline scandals. Despite the failures, banking and auditing reforms continue to be grounded in neoliberal ideology and are unlikely to address the crisis.

Suggested Citation

  • Prem Sikka, 2015. "The corrosive effects of neoliberalism on the UK financial crises and auditing practices: A dead-end for reforms," Accounting Forum, Taylor & Francis Journals, vol. 39(1), pages 1-18, March.
    • Handle: RePEc:taf:accfor:v:39:y:2015:i:1:p:1-18
    DOI: 10.1016/j.accfor.2014.10.004
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    Cited by:

    1. Bakre, Owolabi M. & McCartney, Sean & Fayemi, Simeon Olufemi, 2022. "Accounting as a technology of neoliberalism: The accountability role of IPSAS in Nigeria," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 87(C).
    2. Bakre, Owolabi M. & Lauwo, Sarah, 2016. "Privatisation and accountability in a “crony capitalist” Nigerian state," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 39(C), pages 45-58.
    3. Ioan-Bogdan ROBU & Maria GROSU & Costel ISTRATE, 2016. "The Effect of the Auditors’ Rotation on the Accounting Quality in the Case of Romanian Listed Companies under the Transition to IFRS," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(133), pages 1-65, January.
    4. Patricia Larres & Martin Kelly, 2023. "A Framework for Authentic Ethical Decision Making in the Face of Grand Challenges: A Lonerganian Gradation," Journal of Business Ethics, Springer, vol. 182(2), pages 521-533, January.
    5. Mark E. Lokanan & Prerna Sharma, 2023. "Two Decades of Accounting Fraud Research: The Missing Meso-Level Analysis," SAGE Open, , vol. 13(3), pages 21582440231, September.
    6. Elemes, Anastasios & Blaylock, Bradley & Spence, Crawford, 2021. "Tax-motivated profit shifting in big 4 networks: Evidence from Europe," Accounting, Organizations and Society, Elsevier, vol. 95(C).
    7. Madzivire E.T & Nyamwanza L & Mushonga W & Takachicha M. T & Mulonda D, 2020. "An Investigation on the Effectiveness of Forensic Audit as a Tool for Fraud Detection and Prevention," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 10(2), pages 49-67.
    8. Vincent Tawiah, 2023. "The Effect of IPSAS Adoption on Governance Quality: Evidence from Developing and Developed Countries," Public Organization Review, Springer, vol. 23(1), pages 305-324, March.
    9. Bakre, Owolabi M. & McCartney, Sean & Fayemi, Simeon Femi & Nurunnabi, Mohammad & Almosa, Saad, 2024. "Neoliberalism, ‘honour’-based regulatory frameworks of accounting and accountability in a social context: An examination of the role of accounting in the management of subsidies on petroleum products ," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 99(C).
    10. Charl de Villiers & Pei‐Chi Kelly Hsiao, 2018. "A review of accounting research in Australasia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 993-1026, December.

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