The Unaccountable & Ungovernable Corporation ─ Companies' Use-by Dates Close in

The Corporation emerged in the 19^th century as a major vehicle of commercial activity worldwide. It incurs social costs and generates benefits that continually change — hence, whether in its present form it still provides a net benefit to society is contestable. Evidence-based observations focusing on the last decade of corporate group sagas and the role of accounting and auditing suggest a serious rethink is needed about how commerce is pursued. In particular, that evidence suggests it now is time to consider whether the current corporate form has passed its use-by date.

The internationally renowned accounting scholars who have written this new book argue that the two major governance tools of accounting and auditing require major makeovers. Beginning by analysing the global sweep of deregulation that corporations experienced since 2000, the authors go on to discuss the various corporate group scandals and crises that characterized the subsequent period, culminating in yet more calls for further deregulation. Having thoroughly assessed the status quo, Clarke, Dean, and Egan provide a series of urgent recommendations for reforms designed to bring the corporation back to the real world and restore its social and economic purposes.

This book will be of great interest to students, academics and practitioners across accounting, law and finance, especially more advanced students at undergraduate and postgraduate level.

Frank Clarke is Honorary Professor of Accounting at the University of Sydney, Australia

Graeme Dean is Emeritus Professor of Accounting at the University of Syndey, Australia

Matthew Egan is lecturer in Accounting at the University of Sydney, Australia