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Is culture change within the financial sector impossible?

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In a recent report, the Autoriteit Financiële Markten (AFM) concluded that the improvement of quality controls is not proceeding fast enough. This is also the case at the Big 4. Measures undertaken after the alarming AFM report in 2014, do not seem to have had adequate effect. This is causing further deterioration of the general public’s trust in a crucial sector (De Jong 2017).

Changing the culture is currently a high priority within the financial sector and accounting firms. Although a wide range of interventions are utilised, including new training programs, change managers, discussions, golden rules and many others, they have not been effective.