Premium
Auditing financial instruments
Author(s) -
Le Guyader Louis P.
Publication year - 2012
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.21798
Subject(s) - audit , accounting , financial instrument , business , shock (circulatory) , financial crisis , recession , great recession , core (optical fiber) , finance , economics , engineering , keynesian economics , medicine , telecommunications
For most people, the current Great Recession and the Wall Street failures of 2008 came as a shock. Financial institutions had invested heavily in instruments like derivatives that turned out to be extremely risky. Why didn't the auditors detect problems? The author of this article reviews the rules for auditing such financial instruments‐including those that lie at the core of our country's financial debacle. © 2012 Wiley Periodicals, Inc.