Roles and Responsibilities of Auditors' from Professor Peter A.M. Diekman RA. He contends that both the internal and public accountant have an important duty in monitoring the financial market. On Thursday, 15 May 2008 Diekman accepted the special chair in Compliance & Risk Management, endowed by the Stichting Toezicht en Compliance (Supervision and Compliance Foundation), at the School of Law, Erasmus University Rotterdam, the Netherlands.
In his lecture Diekman gives an overview of the growing number of measures that have been taken in the past decades to protect the financial markets. As early as 1980 the EU agreed on regulations to protect the financial market against abuse. At that time, fighting the drug trade was a major concern, as was reigning in the financial yields from that activity. Fighting terrorism also became an important motive, especially after the terrorist attacks in New York and Washington in September 2001.
Diekman says the regulations have been successful and supervision has been strengthened. Both public and internal accountants play an important role in this. The law has assigned public accountants various obligations to report to regulators like the Nederlandsche Bank, the Netherlands Authority for the Financial Markets, and the Financial Intelligence Unit Nederland. Diekman shows that public accountants apply this reporting obligation broadly in practice. They pass on more information than strictly required by law.
The internal accountant also has an important task in the context of monitoring integrity and interprets his tasks more broadly than the law prescribes. The internal accountant works largely independently and reports to the highest level of leadership in the business, with a direct reporting line to the Supervisory Board. Within financial companies there are separate departments for Compliance, Risk Management and Internal Audit.
Diekman says there is still enough reason to have trust in the banks, despite the great unrest on the financial markets. “I see the current credit crisis primarily as a necessary economic correction. Accountants have played an important role in valuing the assets on the balance sheet via their audit of banks’ annual statements. They put pressure on the US banks to write off outstanding loans that could no longer be repaid. It shows that the system of checks and balances between banks’ management, regulators and accountants actually works.”
Peter Diekman (1954) studied business economics and accountancy at Erasmus University Rotterdam. He started his career at KPMG in Amsterdam and went on to serve as head of Internal Audit at four major companies. Until March 2008 he was Global Head of Group Audit at ABN AMRO Bank NV. He has been involved in non-degree education for accountancy at the EUR for twenty years.
Yvette Nelen | alfa
Microtechnology industry is hiring – positive developments of past years continue
09.04.2018 | IVAM Fachverband für Mikrotechnik
RWI/ISL-Container Throughput Index with minor decline on a high overall level
20.03.2018 | RWI – Leibniz-Institut für Wirtschaftsforschung
At the LASYS 2018, from June 5th to 7th, the Laser Zentrum Hannover e.V. (LZH) will be showcasing processes for the laser material processing of tomorrow in hall 4 at stand 4E75. With blown bomb shells the LZH will present first results of a research project on civil security.
At this year's LASYS, the LZH will exhibit light-based processes such as cutting, welding, ablation and structuring as well as additive manufacturing for...
There are videos on the internet that can make one marvel at technology. For example, a smartphone is casually bent around the arm or a thin-film display is rolled in all directions and with almost every diameter. From the user's point of view, this looks fantastic. From a professional point of view, however, the question arises: Is that already possible?
At Display Week 2018, scientists from the Fraunhofer Institute for Applied Polymer Research IAP will be demonstrating today’s technological possibilities and...
So-called quantum many-body scars allow quantum systems to stay out of equilibrium much longer, explaining experiment | Study published in Nature Physics
Recently, researchers from Harvard and MIT succeeded in trapping a record 53 atoms and individually controlling their quantum state, realizing what is called a...
The historic first detection of gravitational waves from colliding black holes far outside our galaxy opened a new window to understanding the universe. A...
A team led by Austrian experimental physicist Rainer Blatt has succeeded in characterizing the quantum entanglement of two spatially separated atoms by observing their light emission. This fundamental demonstration could lead to the development of highly sensitive optical gradiometers for the precise measurement of the gravitational field or the earth's magnetic field.
The age of quantum technology has long been heralded. Decades of research into the quantum world have led to the development of methods that make it possible...
02.05.2018 | Event News
13.04.2018 | Event News
12.04.2018 | Event News
23.05.2018 | Life Sciences
23.05.2018 | Life Sciences
23.05.2018 | Physics and Astronomy