ECONOMIC AND SOCIAL RESPONSIBILITY OF FINANCIAL AUDIT - IN NEW DIMENSION
ECONOMIC AND SOCIAL RESPONSIBILITY OF FINANCIAL AUDIT - IN NEW DIMENSION

Summary/Abstract: We think that financial institutions have a greater social responsibility to develop their customers’ financial culture than to support a football team. We assert that nowadays financial institutions have a responsibility to be able to continue to operate banks without auxiliary state support. We believe that auditors, who for decades certified the financial reports of banks whose balance sheets were fictitious and whose depositors’ and shareholders' money was not safe, played no small role in the development of the recent financial crisis. Consequently we hold that the auditors’ greater social responsibility is unavoidable. On the other hand, after the crisis, due to the fact that social responsibility has come to the fore, auditors also have to prepare for the challenge that corporate reports are increasingly integrated reports which, in addition to mandatory economic information, also voluntarily impart data on social and environmental impact and activities.

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