This article focuses on the role of accounting in governance arrangements. The French context is marked by the inexistence of external governance mechanisms and by the total lack of effectiveness of independent auditing. Therefore, the objective of this article is to shed light on the internal governance mechanisms implemented by the leading French aluminium producer during the inter-war period and the role played by accounting in this implementation. On the basis of the archives of the Compagnie Alais, Froges et Camargue (AFC) between 1921 and 1939, it appears that in a context marked by very strong external growth, management strengthened financial reporting systems and internal control procedures. In addition, the directors used the financial statements as early as 1923 to determine the financial effort of the AFC group and to measure the flows intended to finance the group’s material and financial investments. Accounting is unquestionably at the heart of AFC’s internal governance mechanisms.

本文重点介绍会计在治理安排中的作用。法国的环境特点是外部治理机制不存在，而且完全缺乏独立审计的效力。因此，本文的目的是阐明两次战争期间法国主要铝生产商实施的内部治理机制以及会计在此实施过程中所发挥的作用。根据Compagnie Alais，Froges et Camargue的档案（AFC）在1921年到1939年之间，似乎在外部增长非常强劲的背景下，管理层加强了财务报告系统和内部控制程序。此外，董事早在1923年就使用财务报表来确定AFC集团的财务工作，并衡量旨在为集团的物质和金融投资提供资金的流量。毫无疑问，会计是亚足联内部治理机制的核心。