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Reaching Key Financial Reporting Decisions: How Directors and Auditors Interact by Tony Hines, Vivien Beattie, Stella Fearnley

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17

Conclusions

17.1 OVERVIEW

In this final chapter we begin by summarizing the regulatory setting for this study (17.2). We then set out the evidential base that this chapter draws upon and the overall structure of our presentation of the findings and conclusions (17.3). The five interlinked sets of findings and conclusions are then reported (17.4–17.8). The following section (17.9) derives policy recommendations. Finally, we consider the implications for future research and regulatory interest both in the UK and in other countries, particularly the EU (17.10).

A brief summary of our conclusions is also included in the introductory chapter (1.6)

17.2 THE REGULATORY SETTING

The setting for this UK study is characterized by the introduction of a range of changes made in the UK after the collapse of Enron and the 2005 introduction, at EU level, of IFRS for the group accounts of listed companies. The post-Enron changes made in the UK comprise: the changes to the UK Corporate Governance Code by the FRC; the introduction of ISAs and Auditors’ Ethical Standards by the APB; and the strengthening of the enforcement regime by (a) extending the role of the FRRP from a reactive role of investigating non-compliance in public interest financial statements to one of pro-actively monitoring financial statements for non-compliance and (b) the creation of the AIU, a body responsible for the inspection of public interest audits. At the time our research was carried out, in 2007 and early 2008, the ...

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