nal control obligations, but might be related to false disclosure of information, they faced allegations including neglect of duty, making false accounts, inducing investors, seeking personal gain and so on (Cullinan, 2004; Munawer, Yahy and Siti-Nabiha, 2012).
2.3.2 Independence of certified public accountant (CPA)
Social audit is the external institutional arrangement to solve information asymmetry (Elliott and Elliott, 2015). CPA is responsible for ensuring the quality of accounting information, reducing the cost of identifying accounting information. However, in the real world, CPA and a listed company share a glory and a loss (Elliott and Elliott, 2015). The collapse of Enron was also closely related to Andersen, which was responsible for providing audit assurance and advisory services for Enron (Cullinan, 2004; Munawer, Yahya and Siti-Nabiha, 2012).. Andersen not only provided audit services for Enron, but also provided consulting business to get a lot of money, Enron was Andersen's second-largest customer (Phadke, 2009; Munawer, Yahya and Siti-Nabiha, 2012). Andersen obtained rich revenue from providing consulting services to Enron, which would inevitably affect the independence of Andersen. This is also a major cause of information disclosure failure.
2.3.3 Quality of information disclosure
Rimerman (1990) points out that information disclosure system is out of date, there are many imperfections. At that time most of the financial information disclosure is very complex and it is difficult for information users to understand. Company information disclosing is more passive fulfillment of obligations rather than taking the initiative to provide investors with relevant information, especially trend information. Enron also used the most sophisticated financial instruments known as SPE and other off-balance sheet for financing (Munawer, Yahya and Siti-Nabiha, 2012). Such tools allowed Enron to raise financing without finding out liabilities in balance sheet (Cullinan, 2004). This invisible covered the risk of Enron and infringed the interests of investors. Berardino, who was the Chairman of Andersen argued in the reflection of the case of Enron that for a long time, the financial reporting system in the capital markets only provided a large amount of complex information about what had happened in the past, regardless of the need of investors with limited understanding for “what happen currently and what might happen in the future” (Phadke, 2009; Munawer, Yahya and Siti-Nabiha, 2012). To this end, a company should improve the quality of information disclosure to convey to investors the information to really understand the company's business model and its operational risks, financial structure and operating performance.
3.0 Conclusion 结论
Considering from the theory of efficient market hypothesis and asymmetric information theory, information disclosure has a positive effect on protecting the interests of investors, avoiding adverse selection and moral hazard, improving the efficiency of securities market. However, after the establishment of information disclosure system, the use of accounting information fraud to infringe upon the interests of investors has happened frequently, considering from the case of Enron, the internal management system, CPA's neutrality, as well as the quality of information disclosure are causes for frequent occurrence of the problem. There
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