14
Views of Interviewees on the Regulatory Framework
At the end of the day what we are saying is that the rules actually allow for a contrived structure, which, in certain circumstances, will collapse (ACC 3, Large Co.)
We now get as part of the audit planning process that we have to do all this because of the international auditing standards, which doesn't really answer the question for the layman which is — shouldn't you do them because they are right or wrong not because somebody tells you to do them? And if they are the right things to do why weren't you doing them before and if they are the wrong things to do why are you doing them now? (ACC 1, Large Co.)
14.1 INTRODUCTION
The interviews with the CFOs, ACCs and AEPs covered wider regulatory issues in addition to the interaction issues. This occurred in two ways. At times, the discussion on a specific interaction issue broadened out such that views were expressed on aspects of the current regulatory framework. Also, if time was available, the interviewees were invited to express their thoughts on various aspects of the regulatory framework covering financial reporting, auditing and corporate governance. These responses provide further insights into the views of our interviewees in these three key areas of regulation.
As some comments were made by interviewees who did not wish to be reported verbatim in the case studies, in order to ensure their comments are not identified to any particular case, we have labelled all quotes ...
