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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 24 / 29

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24

Financial reporting failures and legislative responses

Understanding the causes of reporting failures

Failures of governance

Examples:   perverse incentives, inadequate internal controls, inadequate oversight

Failures of auditing

Distinguish failure to detect error from failure to report error

Failures of enforcement

Failures of standards

Defective guidance

Missing guidance

Example:   missing guidance for consolidating special        purpose entities

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