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Assurance Practices in Banks and Public Companies examines a persistent and consequential problem in contemporary financial governance: the failure of auditors, regulators, and oversight bodies to detect material inaccuracies, losses, and fraud before major banks and publicly listed companies become insolvent. Focusing on cases in which entities received unqualified audit opinions shortly before collapse, the book interrogates wider concerns about audit quality, regulatory scrutiny, and the effectiveness of audit committees and other assurance mechanisms. In doing so, it highlights the systemic implications of weak assurance practices for transparency, market confidence, and the reliability of financial reporting.
Drawing on a qualitative e-Delphi study with 10 banking and finance experts, the book identifies a consensus-based framework of effective assurance practices for reducing reporting inaccuracies, fraud, scandals, and regulatory findings in banks and public companies. Key recommendations include articulating risk appetite, maintaining robust capital and liquidity reviews, strengthening staff training, fostering a risk-aware organisational culture, conducting performance evaluation, proactively addressing credit risk, and promoting leadership by example.
Offering an original contribution to the fields of banking, auditing, and corporate governance, this timely work will be of interest to academics, researchers, students, regulators, accountants, and banking practitioners seeking practical and research-informed approaches to assurance and audit risk.
Sophia Beckett Velez has more than 16 years of experience as a Certified Public Accountant (CPA), providing consulting services to large banks. As a CPA, she worked for firms including PricewaterhouseCoopers LLP (PwC), where she conducted financial audits, attestation services, and risk management analyses for major banks. In addressing regulatory compliance issues identified during these reviews, she worked closely with line-of-business managers to develop action plans and practical solutions.
Part 1. Lack of Effective Assurance in Banks/Public Companies Industry Impacts
Chapter 1. Assurance Requirement and Practices Failures in Banks/Public Companies
Chapter 2. Assurance Services Impact on Global Financial Services Industry
Chapter 3. External Audit Assurance Practice Failures and Impacts on Banking Industry
Chapter 4. Internal Audit Assurance Practice Inefficiencies and Impacts on Financial Reporting
Part 2. Committee Failures and Enforcement Actions
Chapter 5. Audit Committee Practice Failures
Chapter 6. PCAOB Assurance Practices
Chapter 7. Board of Director Practice Failures
Chapter 8. SEC Enforcement Actions and Practice Gap
Part 3. Lack of Regulatory Tools and Procedures Gaps
Chapter 9. Banks/Public Companies Lack of Regulatory, Evaluation and Monitoring Tools
Chapter 10. Quality Assurance, Independence and Competence Gaps Quality Assurance, Independence and Competence Gaps
Chapter 11. Process and Procedures Gaps
Chapter 12. Effective Assurance Practices in Banks and Public Companies