For the past 15-20 years, corporate governance principles and codes have been developed in different countries. In Great Britain the Cadbury Report from 1992 was the first written report that sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures. The latest years massive bankruptcies and criminal malfeasance of big companies, has led to increased shareholder and governmental interest in corporate governance. The Sarbanes-Oxley Act of 2002 in United States was a response to these events. Financial reporting is a crucial element necessary for the corporate governance system to function effectively. Auditors are the primary providers of information to capital market participants. The debate about corporate governance has led to changes in The EUs 4., 7. and 8th directive, which has led to some changes in the Danish regulation as well. ”Revisorloven” has recently been changed and it now demands, that companies should establish an audit committee. “Årsregnskabsloven” has also been changed, and now demands that the companies make a corporate governance statement in their financial statement and make a description of their internal controls and risk management. These changes in the Danish regulation can be a challenge for the companies and their auditors. This papers main problem is which challenges the changes of the revisorlov and the årsregnskabslov will give the auditor in a corporate governance perspective?
|Uddannelser||Cand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling|