Die Rolle des Bilanzrechts in der aktuellen Corporate Governance-Diskussion

This paper discusses the role of accounting and auditing and its regulation in the current debate over good corporate governance. Part I addresses the functional relationship of accounting and corporate governance and the extent to which the goals of accounting and auditing on one hand and of corporate governance on the other hand converge. Part II discusses the ways in which specific substantive and formal or procedural features of accounting and auditing are designed to foster the goals of good corporate governance. Finally, part III presents a number of regulatory steps taken recently in order to enhance efficiency of accounting and auditing as devices to promote good corporate governance. It becomes evident that despite strong emphasis on information and disclosure as core functions of accounting, the original and prime function of accounting is self-information and self-account, particularly with regard to corporate governance, as has been evidenced by recent attempts of regulators to exploit self-information and self-account functions of accounting in the context of risk-management and the relationship between accountant and supervisory board. From a regulator’s perspective this recent development is of particular interest since after a long period of focusing on transparency and disclosure the classical technique of material regulation is back in the center or legislative attention.