Audit for Whom? Time to Review Roles of Independent Auditors in Hong Kong

The Hong Kong government has been reforming its laws regarding accounting practices in recent years, to pre-empt problems similar to that of Enron. It correctly recognizes an opportunity to enhance and distinguish the financial system in Hong Kong and create a competitive advantage for Hong Kong. The sixty-five billion dollar question is: what is the right approach for accounting practice reform? One obvious approach is to model reform after the Sarbanes Oxley Act (SOX). The SOX increases personal liabilities of senior management and introduces extremely cumbersome compliance processes (s 3 (b)(ix) of Minutes of Bills Committee of Financial Reporting Council Bill. (19 July 2005)). While this approach may be the right move for the United States, because rescuing investor confidence is paramount, a similar approach may not be optimal for Hong Kong. Hong Kong relies, to a great degree, on foreign investments and a heavy-handed approach may scare investments away (Charles E. Schumer &; Michael R. Bloomberg To Save New York, Learn from London, Wall Street Journal 1 Nov 2006). This paper, argues that failure of independent auditors was mainly caused by bad incentives. In particular, auditors were hired by and responsible to the management of companies. Thus, there is no surprise that auditors were less diligent in finding problems caused by management. Furthermore, proposing of an alternate to the SOA’s approach. Specifically, a new legal approach should be enforced that allows shareholders to sue auditors when failure to uncover accounting issues causes loss of shareholders’ values.     

The moral purpose of US power: neoconservatism in the age of Obama

The ‘neoconservative moment’ is widely assumed to have come and gone with the George W. Bush administration. This article argues, however, that the hope that the neoconservative chapter in US foreign policy will be definitively closed under Barack Obama's administration is unlikely to be realized in practice, owing to the continuing influence that neoconservatives are able to exercise over national debates regarding the ‘moral’ use of US power in order to shape the international environment. While the moral agenda of the ‘neocons’ is often misconceived as simply a mask for the naked pursuit of the United States' material and strategic interests, this article demonstrates that this misrepresents the rationale that underpins the neoconservative perspective. Exploring the re-articulation of morality in neoconservative thought reveals the nexus that both links the neoconservative domestic agenda for political change to its foreign policy goals and also provides a framework for understanding the ‘staying power’ that neoconservatism continues to exhibit. Although the Obama presidency is widely heralded as a repudiation of this agenda, the neoconservative conception of the United States as a moral power is deeply rooted in US foreign policy traditions and is domestically allied to traditional expressions of social conservatism, which enables neoconservative ideas to continue to resonate in US foreign policy debates.     

Transformative Illegality: How Condoms ‘Became Legal’ in Ireland, 1991–1993

This paper examines Irish campaigns for condom access in the early 1990s. Against the backdrop of the AIDS crisis, activists campaigned against a law which would not allow condoms to be sold from ordinary commercial spaces or vending machines, and restricted sale to young people. Advancing a conception of ‘transformative illegality’, we show that illegal action was fundamental to the eventual legalisation of commercial condom sale. However, rather than foregrounding illegal condom sale as a mode of spectacular direct action, we show that tactics of illegal sale in the 1990s built on 20 years of everyday illegal sale within the Irish family planning movement. Everyday illegal sale was a long-term world-making practice, which gradually transformed condoms’ legal meanings, eventually enabling new forms of provocative and irreverent protest. Condoms ‘became legal’ when the state recognised modes of condom sale, gradually built up over many years and publicised in direct action and in the courts.