International Accounting Firms Versus Indigenous Auditors: Intra-Professional Conflict in the Greek Auditing Profession, 1990-1993

Caramanis, Constantinos

doi:10.1006/cpac.1997.0213

Cited by 74 publications

(58 citation statements)

References 23 publications

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“…This effort has entailed a series of liberalization reforms since the early 1990s, among them the liberalization of the Greek audit market in 1992 (Caramanis, 1999), and culminated in Greece's entry to the euro zone 8 in 2001.…”

Section: The Local Politico-economic and Professional Contextmentioning

confidence: 99%

“…This conflict initially erupted in the late 1970s between SOL 10 , a quasi-state auditing organization, and SELE, an aspiring occupational group representing local branches of the big international accounting firms that had been campaigning for access to the statutory audit market (Caramanis, 1999). The profession was eventually liberalized in 1992 through legislation (ibid.…”

Section: The Local Politico-economic and Professional Contextmentioning

confidence: 99%

“…OEE is still capable of exercising some political power, emanating from its membership, which amounts to around 90,000 individuals. However, it has failed to have any significant impact on accounting and related matters (Caramanis, 1999(Caramanis, , 2005.…”

Section: The Local Politico-economic and Professional Contextmentioning

confidence: 99%

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Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Caramanis

Dedoulis

Leventis

2015

Accounting, Organizations and Society

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The introduction of accounting and auditing oversight boards (OBs) has been promoted on a global scale as a key component of the international financial architecture that has emerged over the past two decades. Such institutions, modeled on the Anglo-American tradition, are domestically organized and embedded within distinctively diverse institutional contexts. Their role is to ease agency problems, improve the quality of financial reporting, and help provide stability in the global financial system. We employ an institutional approach, located within the broader political economy framework of global capitalism, to examine the establishment and operation of the new regulatory regime in Greece. Greece, a member of the European Union, exhibits characteristics of a "delegative" democracy, i.e. a traditionally weak institutionalization, reform (in)capacity problems and a clientelistic political system. Our case study shows that the formation and operation of the newly-established system of oversight is conditioned by local political and economic constraints and, thus, does not automatically translate into concrete benefits for the quality of financial reporting. We also draw attention to the structural mismatch between a progressing globalized financial integration and the fragmented nature of the system of oversight, and illustrate that OBs' independence from local governments is an important but neglected issue.

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Section: The Local Politico-economic and Professional Contextmentioning

confidence: 99%

Section: The Local Politico-economic and Professional Contextmentioning

confidence: 99%

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Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Caramanis

Dedoulis

Leventis

2015

Accounting, Organizations and Society

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“…Greece has both a relatively poor record on corporate governance and a long history of politicising both the structure and practice of the accounting profession (Caramanis, 1999). This suggests a form of \psuedo-adoption" of IFRS standards may well be the reality of Greek accounting practice.…”

Section: Post-earnings Announcement Drift In Greecementioning

confidence: 99%

Post-Earnings Announcement Drift in Greece

Forbes

Giannopoulos²

2015

Rev. Pac. Basin Finan. Mark. Pol.

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This paper presents evidence regarding the post-earnings announcement drift (PEAD) anomaly for the Greek market in the years 2000-2006 (covering earnings announcements in the years [2001][2002][2003][2004][2005][2006][2007]. The impact of the introduction of International Financial Reporting Standards on the size and prevalence of the PEAD anomaly is examined. Unlike recent evidence for the US market we find PEAD to be alive and well, and of growing importance in our Greek sample. It may be the adoption of international financial reporting standards (IFRS) has served to reduce earnings predictability in Greece and thus enhance PEAD in the Athens stock exchange (ASE) market. This contrasts strongly with US evidence that the postearnings-announcement drift anomaly is now waning as more efficient markets and smarter, fundamentals-based, traders arbitrage its impact on stock prices.

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“…As Caramanis (1998) notes, SOL had centralised control over audit assignments enjoying a monopoly in the market for statutory audits while its main objective was the protection of the public interest. Ballas (1999) and Caramanis (1999) review the political and professional conflicts that eventually led to the regulatory reform with the liberalisation of the audit market accomplished in 1992.…”

Section: Overview Of the Greek Audit Services Marketmentioning

confidence: 99%

Auditor awareness of earnings management

Koumanakos

Γεωργόπουλος

Siriopoulos

2008

IJAAPE

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This study examines whether auditor reporting in Greece is associated with different levels of discretionary accruals -a common proxy for earnings management. We focus our research on 91 cases of quoted companies on the Athens Stock Exchange (ASE). These are listed companies that were asked in year 2003 by the Athens Stock Exchange Board to quantify the effects of the qualifications made by their external auditors and post them in the ASE website. Those auditors' reports were referred to published financial statements of the year 2002. By employing some variations of the traditional Jones-discretionary accrual model, we document that several major Greek companies in financial distress with qualified audit opinions do appear to manipulate their reported earnings by exploiting the weaknesses of the Greek GAAP.

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International Accounting Firms Versus Indigenous Auditors: Intra-Professional Conflict in the Greek Auditing Profession, 1990-1993

Cited by 74 publications

References 23 publications

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

Post-Earnings Announcement Drift in Greece

Auditor awareness of earnings management

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