Corporate Governance and Accountability: What Role for the Regulator, Director, and Auditor?

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Greenwood Publishing Group, 1999 - Business & Economics - 216 pages

Dan Bavly takes a fresh look at how business is supervised and how that system can be improved. He begins by assessing the performance of the government regulator and suggests reasons for the failure to prevent many of the debacles of the recent past. New fiascoes often engender a spate of legislation, but the regulator remains the one who gets away--he is simply not accountable and does not shoulder the blame. Clearly, a new definition of regulator responsibility is required.

Drawing on his years of company board and auditing experience, Bavly analyzes why the average director cannot do his job, and he shows how a complete, but feasible, overhaul of the way company boards function can help solve this problem. Bavly then goes on to explore, as an insider, the profession of accounting and to show why the CPA should be considered an endangered species. Along the way, Bavly examines many of the difficult issues of contemporary ac counting: Where is the trend of mammoth accounting organizations leading? Is the addiction to mergers suicidal? How is the accounting profession coping with technology? What is the relationship between the outside CPA and the corporate internal audit division? For each specific flaw in the system, Bavly provides a practical remedy. The general message is the need for constant reassessment and, perhaps, a plea to cut all the agencies of corporate governance back to human proportions.


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Why Accountability?
Regulators and Accountability
When Greed Overwhelms Good Governance
How Governance and Accountability Affect Corporate Growth
Disclosure as an Instrument of Regulation
What to Expect from the Director
What to Expect from the Board
A Realignment of Interests
The Chief Executive
Will Boards Change?
The Future for Auditors
What Role for the Big Five?
The Rise of the Audit Committee
Selected Bibliography

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Page 13 - Secondly, that for such actions as are prejudicial to the interests of others, the individual is accountable, and may be subjected either to social or to legal punishment, if society is of opinion that the one or the other is requisite for its protection.
Page 1 - No man is allowed to be a judge in his own cause, because his interest would certainly bias his judgment and, not improbably, corrupt his integrity. With equal, nay with greater reason, a body of men are unfit to be both judges and parties at the same time; yet what are many of the most important acts of legislation but so many judicial determinations, not indeed concerning the rights of single persons, but concerning the rights of large...

About the author (1999)

DAN A. BAVLY has been a senior audit executive, director and board member of several not-for-profits mainly in centers for higher learning, and a journalist. He is a recent Fellow at the Center for Business and Government at Harvard's John F. Kennedy School of Government and the author of numerous books and articles, including The Subterranean Economy.

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