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Co-Regulation of Fraud — Detection and Reporting by Auditors in Australia: Criminology's Lessons for Non-Compliance

Co-Regulation of Fraud — Detection and Reporting by Auditors in Australia: Criminology's Lessons... All companies (other than exempt proprietary ones) are required by the CorporationsLaw to have their books audited. For about 150 years there has been a controversysurrounding the auditors' role — whether they should be functioning as a ‘watchdog’or a ‘bloodhound’. In recent years the auditing profession in Australia has beenexperiencing a credibility crisis. A spate of much publicised corporate collapses inthe late 1980s at a time of economic recession has been instrumental in: (i) theAustralian Securities Commission (ASC) adopting more heavy-handed ways of policingauditing standards; (ii) rocketing audit fees; and (iii) the accounting bodiesredefining their role and revising auditing standards. This paper focuses on currentapproaches to regulating the auditing profession, and discusses their effectiveness,drawing on the criminological literature relevant to professional advisers, whitecollar illegality, and deterrence. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Australian & New Zealand Journal of Criminology SAGE

Co-Regulation of Fraud — Detection and Reporting by Auditors in Australia: Criminology's Lessons for Non-Compliance

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References (12)

Publisher
SAGE
Copyright
© The Australian and New Zealand Society of Criminology and Authors, 1995
ISSN
0004-8658
eISSN
1837-9273
DOI
10.1177/000486589502800205
Publisher site
See Article on Publisher Site

Abstract

All companies (other than exempt proprietary ones) are required by the CorporationsLaw to have their books audited. For about 150 years there has been a controversysurrounding the auditors' role — whether they should be functioning as a ‘watchdog’or a ‘bloodhound’. In recent years the auditing profession in Australia has beenexperiencing a credibility crisis. A spate of much publicised corporate collapses inthe late 1980s at a time of economic recession has been instrumental in: (i) theAustralian Securities Commission (ASC) adopting more heavy-handed ways of policingauditing standards; (ii) rocketing audit fees; and (iii) the accounting bodiesredefining their role and revising auditing standards. This paper focuses on currentapproaches to regulating the auditing profession, and discusses their effectiveness,drawing on the criminological literature relevant to professional advisers, whitecollar illegality, and deterrence.

Journal

Australian & New Zealand Journal of CriminologySAGE

Published: Jun 1, 1995

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