196 research outputs found
Dynamics of Audit Quality: Behavioural Approach and Governance Framework: UK Evidence
The research objective is to study and analyse different factors potentially involved in influencing the measuring of auditor behaviour and audit quality that would lead to auditorsź failure. It covers areas related to auditing, accounting, and corporate governance. The first empirical study assesses auditors' behaviour against audit firm factors (time deadline, time budget and performance evaluation). It also explains how behaviour may differ among experienced auditors and audit trainees. The results show that the majority of auditors commit dysfunctional behaviour but they try to avoid it in technical audit areas. The majority of auditors knowingly commit dysfunctional behaviour for the sake of better performance. It is noted that some of dysfunctional behaviour acts are due to a misperception of the concept of dysfunctional behaviour during an audit assignment. Auditors assume they are contributing to the benefit of an audit assignment while in fact they are committing dysfunctional behaviour.
The second empirical model is constructed to assess the theoretical and statistical relationship between audit quality and clients' corporate governance characteristics. As for corporate governance mechanisms, the results show that audit quality has a significant positive relationship with board of directors' size and independence and a negative relationship with role duality. It can be concluded that within the British context, a bigger board of directors with diverse backgrounds leads to better audit quality. Also, more independent directors lead to better audit quality.
For audit committee variables and their impact on audit quality, the results show that there is no significant statistical relationship between audit committee independence and size and audit quality; but there is a positive significant relationship between audit committee meetings and audit quality. This result gives an indicator that the more active audit committees in British companies, the better audit quality is achieved
Creating an adaptive asset allocation fund to outperform inflation in the South African financial market
Includes abstract.Includes bibliographical references (leaves 112-113).In this dissertation, I detail the process I went through to create a new asset allocation product, with the intention of beating inflation over the long term, in the South African flnancial market space. This process has been a contributor to the creation of my model for new product development in the financial market space. Simulation is at the core of this process. At the outset, I cover a brief history and contextualise absolute return funds, looking at the difference between an absolute return fund, a balanced fund and a hedge fund. The move from defined benefit to defined contribution pension funds and the impact this has had on consulting actuaries risk appetites is visited. My concern in this regard is that capital preservation is being maximised, at the expense of capital growth, without taking into account the devastating effects of inflation
ESSAYS ON PERCEIVED SERVICE QUALITY AND PERCEIVED VALUE IN BUSINESS-TO-GOVERNMENT KNOWLEDGE-BASED SERVICES
What is āqualityā service in a business-to-government (B2G) context? Why is service performance particularly hard to measure in this context? This research takes a service dominant logic (SDL) perspective to answer these questions about one of the least-tangible and most highly interactive service environments of all, knowledge-based services (KBS). This paper provides a construct and understanding for B2G knowledge-based services. The research uses factor analytic techniques to explore the best latent measures of perceived service quality for KBS as precursors to perceived value in a public procurement context. KBS perceived quality is found to be a second-order factor construct that influences customer perceptions of value co-creation behaviors and value itself in B2G exchanges. Contrary to SDL in previous studies, value co-creation behaviors do not moderate the influence of perceived service quality on perceptions of value, presenting interesting conclusions for the evolution of SDL theory in B2G markets. Defining KBS and delineating specific measures of perceived B2G knowledge-based service quality extend the literature on service quality to different contexts. They also help B2G, and by extension, B2B customers mitigate risks of choosing firms with asymmetric information only to have them perform below expectations (adverse selection/moral hazard). This increases the possibility of improving service value (Zeithaml 1988) and decision speed. Consequently, the research provides a way to monetize the tradeoff between price and quality using a perceived service quality scale for knowledge-based services (KBS) and a choice-based conjoint methodology in a Department of Defense setting. The paper extends the literature on perceived service quality, value and willingness to pay for B2G KBS exchanges.Doctor of Philosoph
Mortality Risk Management
This is a multiāessay dissertation in the area of mortality risk management. The first essay investigates natural hedging between life insurance and annuities and then proposes a mortality swap between a life insurer and an annuity insurer. Compared with reinsurance, capital markets have a greater capacity to absorb insurance shocks, and they may offer more flexibility to meet insurersā needs. Therefore, my second essay studies securitization of mortality risks in life annuities. Specifically I design a mortality bond to transfer longevity risks inherent in annuities or pension plans to financial markets. By explicitly taking into account the jumps in mortality stochastic processes, my third essay fills a gap in the mortality securitization modeling literature by pricing mortality securities in an incomplete market framework. Using the Survey of Consumer Finances, my fourth essay creates a new financial vulnerability index to examine a householdās life cycle demand for different types of life insurance
Financial institutions industry developments : including depository and lending institutions and brokers and dealers in securities, 2013-14; Audit risk alerts
https://egrove.olemiss.edu/aicpa_indev/2270/thumbnail.jp
Corporate Finance
This book comprises 19 papers published in the Special Issue entitled āCorporate Financeā, focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; VintilÄ et al., 2019), dividend policy (DragotÄ and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding et al., 2020), risk management (Chen et al., 2020; Nguyen Thanh, 2019; Å tefko et al., 2020), financial reporting (Fossung et al., 2020), corporate brand and innovation (Barros et al., 2020; BÅach et al., 2020), and corporate governance (Aluchna and Kuszewski, 2020; DragotÄ et al.,2020; GruszczyÅski, 2020; KjƦrland et al., 2020; Koji et al., 2020; Lukason and Camacho-MiƱano, 2020; Rashid Khan et al., 2020). It covers a broad range of companies worldwide (Cameroon, China, Estonia, India, Japan, Norway, Poland, Romania, Slovakia, Spain, United States, Vietnam), as well as various industries (heat supply, high-tech, manufacturing)
AICPA audit and accounting manual : nonauthoritative technical practice aids, as of June 1, 1995
https://egrove.olemiss.edu/aicpa_guides/1755/thumbnail.jp
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Bank capital: definition, adequacy and issue announcement effects
This dissertation focuses primarily on potential explanations for bank common stock abnormal returns, and their patterns, coincident with the announcement of bank capital issues. Potential influences considered include increased regulatory pressure, conflicting regulatory and market views of bank capital adequacy and the relative predictability of security type. Where possible, the dissertation is set in both UK and US contexts. The dissertation has four principal research components; (1) a review of historical and contemporary bank capital regulation in the UK and US. Historical analysis indicates that the definition of capital, as determined by its functional properties, is dynamic and qualifies the consistency of its measurement over time. The regulatory control of absolute levels of capital is seen to have influence on bank structural development, costs and risk. The regulatory control of relative bank capital (ie in terms of balance sheet structure) is found to have a long and controversial history in the US and is effective progenitor of the current methodology of bank capital measurement and assessment, such as the Basle Agreement, and contains a number of potentially costly deficiencies. (2) an examination of bank capital issue announcement effects in the UK. Following similar work in the US (eg Keeley 1989) negative abnormal return effects are found associated with the announcements of UK ordinary share issues. Also, evidence hints that an imposed increase in regulatory capital pressure (viz the introduction of a minimum capital ratio regime) causes a reduction in issue announcement effects for ordinary share issues. (3) assessment of the capital adequacy of UK and US banks from a market perspective and in terms of a number definitions of capital; namely equity, regulatory primary capital (US), and the 1992 Basle Agreement capital.Conflict between market and regulatory views of capital adequacy are observed in certain years for primary capital. In terms of the capital structure relevance hypothesis, this suggests particular costs which may influence issue announcement effects. (4) modelling the predictability of UK bank capital issue security type (viz ordinary share and debt) and assessing the hypothesis that it is inversely related to the announcement abnormal returns
Developing a conceptual framework for integrating risk management in the innovation project
Increased competition, rapidly changing technology and customer expectations have caused the innovation process to become more complex and uncertain. This study examines the possible benefits of integrating some of the concepts of risk management into the innovation project. However, adopting rigorous risk management at every stage of the innovation process could be costly: some risk management could be valuable, but too much, or inappropriate risk management might stifle innovation.
There are many separate models for innovation and risk management. This study develops a combined theoretical model which aims to help the understanding of appropriate risk management in innovation. The theoretical model is based on the classic innovation process but emphasises critical decision points and information needs at various stages, with various possible contributions from risk management. The stage-gate innovation process model, with its emphasis on decisions, provides a basis for incorporating risk management with decisions related to criteria and information needs; this stage-gate model was employed in the study as the core of a theoretical model combining innovation and risk management.
The theoretical model was tested in a series of empirical case studies in the United Kingdom and Iran. These involved 40 detailed interviews in five medium-large companies from a variety of industries. The case studies suggest that the combined model of risk and innovation management should be relevant across diverse industries: staff from different countries (UK and Iran), industries and functional backgrounds could all relate to it and the theoretical model provided a useful structure for developing a more detailed understanding of the possible roles and implementation of risk management in innovation.
The study suggests that there is no simple guidance that companies can apply in all situations. The choice of risk management techniques varies with different innovation projects, the characteristics of the particular industry and the environment. In addition, different aspects of the risk management system are useful in different stages of the innovation project and attempting to apply a standard technique throughout the innovation project could lead to failure. A prime example is in the creativity stage: simple risk identification at this stage may be useful but more rigorous risk analysis may be stifle creativity. More rigorous risk analysis may be more appropriate in the later stages of the innovation process. Companies can use this theoretical model to help people appreciate the possible contribution of risk management at the different stages of the innovation project
PCAOB Standards and Related Rules As of January 2013
https://egrove.olemiss.edu/aicpa_prof/1534/thumbnail.jp
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