In an increasingly global information society, public disclosure of corruption cases has been frequent, making us question the conduct of those involved. In order to avoid social alarmism and to safeguard the identification of those involved, a system of reporting channels, also known as the whistleblowing system, has been developed throughout the world. In turn, the evolution in the way financial reports are produced and analysed has caused new demands for social scrutiny to be incorporated such as those relating to the whistleblowing system. This text will address the impact of whistleblowing system on financial reporting, speaking on the recent legal diplomas approved in Portugal, largely influenced by situations that occurred in the USA, within the financial markets, more specifically relating the auditors' work. Compliance, which used to be understood as the best voluntary practices of integrity and organisational transparency, is now legally obligatory and institutionalised in public and private entities, and the content of financial reports is given new prominence.
|Title of host publication
|Accounting and Financial Reporting Challenges for Government, Non-Profits, and the Private Sector
|Number of pages
|Published - 7 Apr 2023