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Auditing. PARMALAT COMPANY. The series of scandals caused a general crisis of confidence in the integrity of the entire system o - Essay Example

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Auditing. PARMALAT COMPANY. The series of scandals caused a general crisis of confidence in the integrity of the entire system o

This was one of the prime reasons which had brought the scandal under limelight. In the year 2003, Parmalat was severely penalized for trying to raise 300 million in the form of bonds (Word Socialist, 2004). The author of the study will highlight the impact of the integrity in the system of corporate accountability process, role of the auditors with respect to Parmalat scandal. The study will also highlight the importance of corporate governance mechanism related to Parmalat. The credibility of the audit reporting, functions and regulations will also be discussed with respect to the auditing procedure carried out by Deloitte & Touche in Parmalat. Finally, the study will conclude highlighting the changes in the critical evaluation of changes in auditing, corporate governance regulations in prevention of scandals. Integrity in the System of Corporate Accountability The corporate accounting system encompasses the traditional accounting and also the social reporting method. The social reporting concepts are supposed to revolve around environmental and also the social aspects of the assets and liabilities reporting methods. ...Show more

Summary

Analysis of Parmalat Scandal Introduction The failures to identify the reporting on the misleading of financial information have undermined the economic value of audit (CGR, 2013). The significant changes in the internal auditing functional procedure after the Enron and WorldCom disasters was due to peer pressure by media and the focus of the legislative functions (NAB, 2011)…
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