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Accounting, Organizations, and InstitutionsEssays in Honour of Anthony Hopwood$
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Christopher S. Chapman, David J. Cooper, and Peter Miller

Print publication date: 2009

Print ISBN-13: 9780199546350

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199546350.001.0001

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Governing Audit Globally: IFAC, the New International Financial Architecture and the Auditing Profession

Governing Audit Globally: IFAC, the New International Financial Architecture and the Auditing Profession

(p.205) 10 Governing Audit Globally: IFAC, the New International Financial Architecture and the Auditing Profession
Accounting, Organizations, and Institutions

Christopher Humphrey

Anne Loft

Oxford University Press

In 1994, Anthony Hopwood wrote about the ‘very active politics’ in the emergent international arena in accounting and auditing, analyzing the institutional interfaces between the international regulators and the international accounting profession. In doing this he touched on a set of relationships and arrangements that over the subsequent fifteen years have developed into what is now widely recognized as the New International Financial Architecture (NIFA). In terms of global accounting regulation, the International Accounting Standards Board (IASB) has attracted significant research attention. However, far less attention has been paid to the global audit regulatory arena and, in particular, to the International Federation of Accountants (IFAC), which has standard setting boards responsible for international standards on auditing practice, ethics, and education. Responding to this gap, this chapter seeks to assess the contemporary pertinence of Hopwood's (1994) observations and reflections, using empirical and theoretical insights from the rapidly growing literature in the global governance field. What emerges in the field of global auditing regulation is a more complex and interlocking set of relationships than the ‘interfaces’ and ‘lobbying activities’ that Hopwood identified as taking place between regulators and the profession. The chapter describes this as a form of ‘coordinated network governance’ which is binding together international regulators and the international profession in an ongoing project attempting global governance in the audit arena.

Keywords:   accounting profession, audit, audit regulation, global governance, IFAC, international financial architecture

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