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Confidence in the Financial Reporting System: Easier to Lose than to Restore

In: Developing Business Ethics in China

Author

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  • Georges Enderle

Abstract

In the aftermath of the collapse of Enron and Andersen with its far-reaching repercussions, we have realized how crucial it is for the functioning of the economy to have confidence in the financial reporting system. When the numbers in the financial statements are not “honest,” the users of these statements are misled: investors cannot make informed decisions; employees cannot trust their employers; business partners cannot collaborate effectively; competitors cannot engage in true competition; government cannot collect fair taxes; financial markets cannot operate properly; the public loses confidence in business; and business loses its legitimacy. Those in charge of financial reporting, both the providers and the certifiers, not only violate their professional duties and lose their integrity, but also jeopardize the whole financial reporting system.

Suggested Citation

  • Georges Enderle, 2006. "Confidence in the Financial Reporting System: Easier to Lose than to Restore," Palgrave Macmillan Books, in: Xiaohe Lu & Georges Enderle (ed.), Developing Business Ethics in China, chapter 0, pages 163-173, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-8462-3_16
    DOI: 10.1057/9781403984623_16
    as

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