Examine the available evidence: Was the Duhnke PCAOB captured?

IF 8.3 2区管理学 Q1 BUSINESS, FINANCE

Critical Perspectives on Accounting Pub Date : 2023-12-01 DOI:10.1016/j.cpa.2023.102573

John D. Keyser

引用次数: 0

Abstract

The Public Company Accounting Oversight Board (PCAOB) was created in 2003 after Congress passed the Sarbanes-Oxley Act of 2002. The mission of the Board is to serve the public interest through regulation of accounting firms who audit public companies. Regulatory agencies are susceptible to regulatory capture whereby the agency serves the interests of the regulated industry rather than the public interest. In 2017, the Securities Exchange Commission appointed five new members, including Chairman Duhnke, to the PCAOB. This paper applies Carpenter’s (2014b) model to evaluate whether the PCAOB was captured during the Duhnke chairmanship. The susceptibility of the PCAOB to regulatory capture is important because the effectiveness of the capital markets depends on trust in financial statement audits. The available evidence is consistent with a “weak” capture conclusion. During the Duhnke Board’s tenure, there was diminished activity in the areas of inspection, standard-setting, and enforcement.

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检查现有证据:Duhnke PCAOB被捕了吗?

上市公司会计监督委员会(PCAOB)是在国会通过2002年的《萨班斯-奥克斯利法案》后于2003年成立的。审计委员会的使命是通过对审计上市公司的会计师事务所进行监管，为公众利益服务。监管机构容易受到监管俘获的影响，即该机构为受监管行业的利益服务，而不是为公众利益服务。2017年，美国证券交易委员会任命了五名新成员加入PCAOB，其中包括主席Duhnke。本文采用Carpenter 's (2014b)模型来评估PCAOB是否在Duhnke担任主席期间被捕获。PCAOB对监管俘获的敏感性很重要，因为资本市场的有效性取决于对财务报表审计的信任。现有证据与“弱”捕获结论一致。在Duhnke董事会任职期间，在检查、标准制定和执行方面的活动有所减少。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Critical Perspectives on Accounting BUSINESS, FINANCE-

CiteScore

9.40

自引率

7.80%

发文量

期刊介绍： Critical Perspectives on Accounting aims to provide a forum for the growing number of accounting researchers and practitioners who realize that conventional theory and practice is ill-suited to the challenges of the modern environment, and that accounting practices and corporate behavior are inextricably connected with many allocative, distributive, social, and ecological problems of our era. From such concerns, a new literature is emerging that seeks to reformulate corporate, social, and political activity, and the theoretical and practical means by which we apprehend and affect that activity. Research Areas Include: • Studies involving the political economy of accounting, critical accounting, radical accounting, and accounting''s implication in the exercise of power • Financial accounting''s role in the processes of international capital formation, including its impact on stock market stability and international banking activities • Management accounting''s role in organizing the labor process • The relationship between accounting and the state in various social formations • Studies of accounting''s historical role, as a means of "remembering" the subject''s social and conflictual character • The role of accounting in establishing "real" democracy at work and other domains of life • Accounting''s adjudicative function in international exchanges, such as that of the Third World debt • Antagonisms between the social and private character of accounting, such as conflicts of interest in the audit process • The identification of new constituencies for radical and critical accounting information • Accounting''s involvement in gender and class conflicts in the workplace • The interplay between accounting, social conflict, industrialization, bureaucracy, and technocracy • Reappraisals of the role of accounting as a science and technology • Critical reviews of "useful" scientific knowledge about organizations