Standard setting for accountants and auditors takes places in international bodies, organised within the framework of the International Federation of Accountants. These are the International Standards on Auditing (ISAs) and the ethical standards. External oversight is exercised by the Public Interest Oversight Board, itself monitored by the international financial institutions.
The setting of these standards is based on a balance between expert interests, in which professionals play an important role, and external oversight. These self-regulatory standards are addressed to accountants worldwide and are transposed and implemented nationally by different means (legislation, contract, professional associations).
The stylized fact that grounds much of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic industries and common ownership. Some have argued that the growth in common ownership has caused the...Read more
We exploit the UK Bribery Act of 2010 to test whether the pricing of audit changes with the level of corruption/bribery in the firm’s business environment. Adopting a triple difference design, we show that affected firms operating in countries...Read more
The Covid crisis raises important questions about the role of stress testing during periods of systemic distress. Should stress testing of banks be abandoned? Modified? Proceed as scheduled? Different jurisdictions have taken different tacks,...Read more
Fintech firms, once seen as “disruptors” of the traditional banking world, are now increasingly seen as attractive partners for established financial institutions. Such partnership agreements come in different forms and contexts, but most share...Read more