The role of auditors in the financial crisis: an African perspective

Amos Akintola Owolabi

African Journal of Accounting, Auditing and Finance, 2012, vol. 1, issue 3, 299-308

Abstract: This paper investigated the role of auditors in the financial crisis from an African perspective. Desk research approach scanning through various documents that include; reports and accounts from the internet, published journal articles, national and international newspapers was used. Assessment of the auditors' role was premised on quality of financial reporting and auditors' oversight responsibility on one hand, and effectiveness of internal control to safeguard company assets on the other. Results indicated that it is not in all cases that auditors acted professionally or/and ethically thus accentuating the financial crises which culminate in shareholders' wealth destruction. To reduce this unacceptable behaviour, it is recommended that more emphasis should be placed on the practice of business ethics, and more rigorous enforcement of legal standards by the government and the courts.

Keywords: financial crisis; auditors; Africa; business ethics; regulation; auditing; legal standards; law enforcement; auditor role; financial reporting; oversight responsibility; internal control. (search for similar items in EconPapers)
Date: 2012
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