Mind the insolvency gap : lessons to be learned from audit expectations gap theory

Anderson, Colin & Brown, Catherine (2014) Mind the insolvency gap : lessons to be learned from audit expectations gap theory. Insolvency Law Journal, 22(4), pp. 178-191.

Abstract

There is a general perception that public confidence in the insolvency profession is low as the result of the recent unethical practices of a few high profile liquidators. As a result, the effectiveness of the current regulatory mechanisms has been questioned, leading to a review of the performance of insolvency practitioners and subsequent regulation proposals. The challenge for the insolvency profession is balancing the expectations of the general public whilst ensuring that the obligations and duties imposed upon them are performed to acceptable and realistic standards. It is difficult (if not impossible) for the profession to meet this challenge in the absence of a cohesive framework which identifies those issues that require further regulation as opposed to those that relate to general education on the insolvency process. This paper will examine the audit expectations gap theory in the context of insolvency practitioners and suggests that a model based on this theory provides an effective framework for evaluating the regulation of the insolvency industry.

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ID Code: 78665
Item Type: Journal Article
Refereed: Yes
Additional URLs:
Keywords: Insolvency, Insolvency regulation, Insolvency Law Reform Bill, Expectation gap theory, Corporations Law
ISSN: 1039-3293
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Corporations and Associations Law (180109)
Divisions: Current > Research Centres > Commercial & Property Law Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
Copyright Owner: Copyright 2014 Thomson Reuters (Professional) Australia Limited
Deposited On: 15 Jan 2015 23:17
Last Modified: 04 Feb 2015 03:29

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