IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxiiiy2010i3p39-62.html
   My bibliography  Save this article

Financial Crisis and Accounting Information: The Need for Corporate Social Responsibility in Accounting Profession

Author

Listed:
  • Monica Violeta Achim
  • Nicolae Sorin Borlea
  • Ludovica Breban

Abstract

This paper wants to draw attention on several aspects regarding the causes that led to the emergence of 21st century economic crisis, pointing their implications in the balance of economic-financial mechanisms. In history, on the occasion of economic and/or financial crisis, among their causes there are mentioned causes related to managers’ irresponsible actions, managers who, together with accounting professionals, chose to alter accounting data in order to create a more appealing image on the market of the company’s financial status. We will underline the role of accounting in system of a more efficient, socially responsible corporatist governing, capable of recreating economic-financial balances and of regaining the confidence of the population in economic values, as well as the role of accounting in “faithfully” reflecting these values.

Suggested Citation

  • Monica Violeta Achim & Nicolae Sorin Borlea & Ludovica Breban, 2010. "Financial Crisis and Accounting Information: The Need for Corporate Social Responsibility in Accounting Profession," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 39-62.
  • Handle: RePEc:ers:journl:v:xiii:y:2010:i:3:p:39-62
    as

    Download full text from publisher

    File URL: http://www.ersj.eu/repec/ers/papers/10_3_p2.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Brenda A. Porter, 2009. "The audit trinity: the key to securing corporate accountability," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(2), pages 156-182, January.
    2. Prem Sikka & Steven Filling & Pik Liew, 2009. "The audit crunch: reforming auditing," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(2), pages 135-155, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Itsaso Barrainkua & Marcela Espinosa-Pike, 2015. "Cultural and Socio-Economic Restrictions for the Adoption of the IESBA Code of Ethics for Professional Accountants in the European Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 3-24.
    2. Muhammad Khafid & Tusyanah Tusyanah & Tejo Suryanto, 2019. "Analyzing the Determinants of Financial Distress in Indonesian Mining Companies," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 353-368.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cristina Bota-Avram, 2011. "Some Arguments That Justify The Audit Trinity’S Approach In The Context Of Corporate Governance," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(1), pages 5-18, April.
    2. Cristina Boţa-Avram, 2012. "Investigation of External Audit’s Good Practices in the Context of Corporate Governance - Evidence from Romania," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(1), pages 1-7, February.
    3. Cristina Boţa-Avram, 2012. "Perceptions Over the Audit Committee Practices in the Context of Corporate Governance: Evidence From Romania," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(5), pages 1-11, October.
    4. Melinda Timea FÜLÖP & Mirela-Oana PINTEA, 2014. "Effects Of The New Regulation And Corporate Governance Of The Audit Profession," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 4, pages 545-554, July.
    5. Melinda Timea FULOP & Nicolae MAGDAS & George Silviu CORDOS, 2019. "Theoretical Background Of Internal And External Environment Of Negotiation," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(21), pages 1-3.
    6. George Silviu CORDOȘ & Melinda Times FÜLÖP, 2014. "Audit Reporting And Corporate Governance: Links And Implications," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 3, pages 146-154, April.
    7. Fulop Melinda Timea, 2011. "Corporate Governance-The Role And Application Of The Principle Of Transparency," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 616-621, July.
    8. Nobert Osemeke & Louis Osemeke, 2017. "The role of auditors in the context of Nigerian environment," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(4), pages 299-317, November.
    9. Ismajli Hysen & Perjuci Edona & Prenaj Vlora & Braha Medina, 2019. "The Importance of External Audit in Detecting Abnormalities and Fraud in the Financial Statements of Public Enterprises in Kosovo," Ekonomika (Economics), Sciendo, vol. 98(1), pages 124-134, June.
    10. Otusanya, Olatunde Julius, 2011. "The role of multinational companies in tax evasion and tax avoidance: The case of Nigeria," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 22(3), pages 316-332.
    11. Taslima Akther & Fengju Xu, 2020. "Existence of the Audit Expectation Gap and Its Impact on Stakeholders’ Confidence: The Moderating Role of the Financial Reporting Council," IJFS, MDPI, vol. 8(1), pages 1-25, January.
    12. Maroun, Warren & Atkins, Jill, 2014. "Section 45 of the Auditing Profession Act: Blowing the whistle for audit quality?," The British Accounting Review, Elsevier, vol. 46(3), pages 248-263.
    13. Crawford, Louise, 2019. "Exploring the emancipatory dimensions of globalisation: The struggle over IFRS8 and country-by-country reporting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 63(C).
    14. Ioana Iuliana Pop (Grigorescu) & Lleida Spain & Oana Raluca Ivan, 2013. "The Role And Utility Of Financial Audit In Romania And Spain - An Empiric Study," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(15), pages 1-17.
    15. Berinde Sorin & Rachisan Paula Ramona, 2013. "The Impact Of Corporate Governance On The Restructuring Operations Of Audited Entities," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 1300-1309, July.
    16. Cristina Boţa-Avram & Paula Ramona Răchişan, 2013. "Analysing The Similarities Between Oecd Principles Versus European Corporate Governance Codes - An Internal Audit Perspective," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(15), pages 1-15.
    17. Hysen ISMAJLI & Edona PERJUCI & Medina BRAHA & Vlora PRENAJ, 2019. "The Importance of External Audit in Detecting Abnormalities and Fraud in the Financial Statements of Public Enterprises in Kosovo," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 5-11.
    18. Maria Krambia-Kapardis & Chris Christodoulou & Michalis Agathocleous, 2010. "Neural networks: the panacea in fraud detection?," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(7), pages 659-678, July.
    19. Chatzivgeri, Eleni & Chew, Lynsie & Crawford, Louise & Gordon, Martyn & Haslam, Jim, 2020. "Transparency and accountability for the global good? The UK’s implementation of EU law requiring country-by-country reporting of payments to governments by extractives," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 67.
    20. Musa Success Jibrin & Success Ejura Blessing & Iyaji Danjuma, 2014. "The Role of Auditors in the Recent Nigerian Banking Crisis," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(3), pages 231-251, March.

    More about this item

    Keywords

    financial crisis; corporate governance; financial statement; ethical behavior; users of financial information;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xiii:y:2010:i:3:p:39-62. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.