A game of two halves
Article Abstract:
Great Britain's Minister for Corporate Affairs John Redwood has placed himself in a compromising position regarding the accountability of auditors by expressing support for the profession while holding auditors potentially liable to stockholders. In a speech at a conference in London, Redwood likened auditors to referees who always take the blame and ire of the fans when a game brings unfavorable results. Redwood went as far as stating that it should be the corporate directors and not the auditors who should take responsibility for unfavorable financial outcomes. However, Redwood went on to say that the inaccuracy of corporate financial statements is a reflection of the ability of auditors and that stockholders should examine the extent of liability of auditors.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1991
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The CAPM, the APT and a contingent claims model of a securities house
Article Abstract:
A research study presents a model that serves as basis for analyzing how controlled changes in asset quality and leverage affect the overall risk profile of a securities company. Both the APT and the CAPM are incorporated in the model. The probability of failure is considered as a function of balance sheet structure and exposure to systematic risk. The extent to which balance sheet changes can affect the probability of a securities house's failure is necessary for regulators to implement a risk-based system in which the amount of capital needed to be held is an increasing function of the perceived riskiness of the company's balance sheet.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1995
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