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Wednesday, 1 July 2015

1901 - Butch Cassidy & Sundance Kid rob train of $40,000 at Wagner, Montana

Accounting Forum
Volume 39, Issue 1, March 2015, Pages 1–18

The corrosive effects of neoliberalism on the UK financial crises and auditing practices: A dead-end for reforms ☆

doi:10.1016/j.accfor.2014.10.004
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Abstract

The UK's financial sector has been the subject of frauds and crisis during every decade since the 1970s. The crisis has been fuelled by neoliberal ideologies which emphasise light-touch regulation, individualisation, excessive faith in markets and pursuit of private profits, with little regard for social consequences. Auditors are expected to flag matters of concern to shareholders and regulators, but that did not happen in the events leading to the 2007–2008 banking crash or any of the other headline scandals. Despite the failures, banking and auditing reforms continue to be grounded in neoliberal ideology and are unlikely to address the crisis.

Keywords

  • Financial crisis;
  • Banks;
  • Financial sector;
  • Auditing;
  • Neoliberalism;
  • The state
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I am very grateful to two anonymous reviewers and the editor for their patience and helpful comments.
Correspondence to: Centre for Global Accountability University of Essex Colchester, Essex CO4 3SQ, UK.
Copyright © 2014 Elsevier Ltd. All rights reserved.
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