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The History of the Italian Board of Statutory Auditors: The Hegemonic Survival of a Unique Accounting Institution

Sat, April 29, 9:05 to 10:45am, Hilton Miami Downtown, TBA

Abstract

This study examines the nature and functions of the Italian board of statutory auditors since its creation in 1882 until today. We adopt the Gramsci’s theory of hegemony to contextualise the survival of this accounting and governance institution within the social, political and economic development of Italian society. Created 21 years after Italian unification to help consolidate the new State, this long-lived Italian institution has played an important role in Italian society and survived two world wars, Fascism, and major reorientations in Italian politics. This study reveals that the essence of the board of statutory auditors has changed little over time. There have been some changes, but these appear to be more ‘conjunctural’ than ‘organic’ as they have not affected the fundamental existence of the institution; rather they have contributed to its survival over time. This study points out how the social and political conditions in a country can affect the existence of an accounting and governance institution. More specifically, the survival of the board of statutory auditors can be explained more by its social than its accounting function. In the Italian society, the board of statutory auditors has provided a reassurance role. The actual performance of the board of statutory auditors seems to be less important than its existence. Its very existence has served the interest of the elite in Italy, but, at the same time, has given some comfort to the non-elite in Italian society that all is as it should be.

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