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https://epub.vgu.edu.vn/handle/dlibvgu/676| Title: | Enforcing financial reporting - current developments in the German and Vietnamese enforcement systems | Authors: | Duong Thi My Ly | Keywords: | Financial reporting;Enforcement systems | Issue Date: | 2016 | Abstract: | It is widely known that at the beginning of the 21st century , many noticeable accounting scandals have occurred, leading to the significant financial crisis all over the world. The mass collapses of Enron, Worldcom, Tyco, Lehman Brothers … are the result of fraudulent activities in a financial statement. After that, the integrity of business managers and the transparency of the financial statement have become the greatly controversial issues which not only economists but also politicians have considered. In 2002, Sarbanes-Oxley Act (known as the Public Company Accounting Reform and Investor Protection Act ) is enacted in order to state the responsibility of management board and procedures for financial reporting for all U.S public companies and accounting firms. The Act gives the SEC power and authority to be in charge of controlling, regulating, inspecting and disciplining the business companies issuing financial statements. Not only did it occur in the USA, but also many countries in the world were aware of the importance of financial reporting enforcement so that they established financial enforcement mechanisms. For instance, some well-known institutions are the Financial Reporting Review Panel (FRRP) in the UK, Australian Securities and Investments Commission (ASIC), and the Autorité des Marchés Financiers (AMF) in France. With a goal to understand the financial reporting enforcement system, economists have carried out the dissertation on the enforcement system comparison between the countries through some key aspects such as the organization, the operation, or the function. From the same point of view, this paper discusses a comparison between the German and the Vietnamese enforcement systems. Besides the research on enforcement systems of two countries about organizations, activities, and error findings to figure out the differences , this study also suggests limitations and recommendations could make the improvement for financial reporting enforcement bodies. This paper proceeds in the following order: Section 2 reviews a definition of the financial report and explains the consequences of frauds in financial report leading to form an enforcement body to supervise and control financial reporting. Moreover, a background of current accounting standards applied and enforcement systems of Germany and Vietnam is included. Section 3 is the vital part of this paper. It disputes how the enforcement authorities are organized and functioned. Furthermore, the basic regulation of enforcement activities, examination process and statistics of error findings are carefully examined. Next, limitations and recommendations of the German and Vietnamese enforcement systems are proposed . Last but not least, section 4 is the last part summarizing the differences of the German and Vietnamese enforcement systems through five key aspects. |
URI(1): | http://epub.vgu.edu.vn/handle/dlibvgu/676 | Rights: | Attribution-NonCommercial 4.0 International |
| Appears in Collections: | Finance & Accounting (FA) |
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| Enforcing financial reporting - current developments in the German and Vietnamese enforcement systems.pdf | 1.03 MB | Adobe PDF |
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