Auditing, Trust and Governance Developing Regulation in Europe

The reputation of corporate reporting has been in crisis. Trust in the process of financial accounting and auditing has been undermined by a series of high profile scandals involving major corporations, including Enron, Parmalat, Ahold, and Worldcom. In response, regulators and practitioners world-wide have put forward a series of initiatives to repair the damage and restore faith in corporate governance. In this importantbook, the European Auditing Research Network analyzes how that response has developed in Europe, with particular emphasis on the field of auditing. Leading international academics review how regulation has been revised in specific European countries to help restore confidence in the contribution of auditing to corporate governance. Various themes are explored, including the growing trend of internationalization in regulation, ethics and auditing, professional liability, and professional education. Auditing, Trust and Governanceis an invaluable volume for students, researchers and professionals working in the fields of auditing, accountancy and corporate governance, and provides a useful basis for further research on the effects of the increased regulation.

1. Preface Jürgen Tiedje 2. In the Name of Trust Some Thoughts about Trust, Audit Quality and Audit Regulation in Europe Aasmund Eilifsen and Marleen Willekens 3. Audit Regulation in Belgium: Over-Regulation in a Limited Capital Market Oriented Country? Ann Vanstraelen and Marleen Willekens 4. An Account of Accountants - Audit Regulation and the Audit Profession in Denmark Claus Holm and Bent Warming-Rasmussen 5. Developments in the Auditing Regulation in Finland: From a National to an International Framework Lasse Niemi and Stefan Sundgren 6. France Regulatory Response to Accounting Scandals C. Richard Baker, Jean Bédard and Christian Prat dit Hauret 7. Audit Regulation in Germany - Improvements Driven by Internationalization Annette G. Köhler, Kai-Uwe Marten, Reiner Quick and Klaus Ruhnke 8. Auditing in Italy: The Development of a High-Regulated Setting Before and After the Parmalat Case Mara Cameran 9. The Auditing Profession in The Netherlands: From Limperg’s Principles to Detailed Rules Roger Meuwissen and Philip Wallage 10. The Settlement of the Audit Profession in Spain: Fast Evolution in a Highly Regulated Environment Maria Antonia García Benau, Cristina de Fuentes Barberá and Antonio Vico Martinez 11.Developments in the Framework of Auditing Regulation in the United Kingdom Stuart Turley 12. Regulation and Trust in Auditing in Russia Anna Somsonova 13. Auditing in the United States -From Laissez Faire to Government Control in 70 Years Jere R. Francis 14. Understanding Regulation in its Global Context Christopher Humphrey and Peter Moizer

The volume has been guided and managed as a project through the European Auditing Research Network (EARNet) Scientific Committee, supervised by Reiner Quick, Stuart Turley and Marleen Willekens. Reiner Quick is Professor of Accounting and Auditing at Darmstadt University of Technology, Germany. Stuart Turley is KPMG Professor of Accounting at Manchester Business School, UK. Marleen Willekens is Professor of Auditing at Tilburg University, the Netherlands.