Professor Joo Comments on Fiscal Crisis for Times
Professor Thomas Joo commented on the sometimes controversial relationship between corporations and their auditors for an article in the Times of London examining the fiscal crisis in the United Kingdom. In the wake of the British government's bailout of three of the UK's largest banks, questions have arisen to why the banks' auditors did not raise concerns about potential problems.
"The problem is that auditing is still a for-profit business in which the client is audited entity," Professor Joo commented. "Until that is changed, there is a built-in problem. The concept of auditing is for the public interest but the client is not the public."
Thomas Joo is a professor of Law with the UC Davis School of Law. His scholarship focuses on corporate governance and race and the law.