Estimation of Extreme Quantiles for Functions of Dependent Random Variables

We propose a new method for estimating the extreme quantiles for a function of several dependent random variables. In contrast to the conventional approach based on extreme value theory, we do not impose the condition that the tail of the underlying distribution admits an approximate parametric form, and, furthermore, our estimation makes use of the full observed data. The proposed method is semiparametric as no parametric forms are assumed on all the marginal distributions. But we select appropriate bivariate copulas to model the joint dependence structure by taking the advantage of the recent development in constructing large dimensional vine copulas. Consequently a sample quantile resulted from a large bootstrap sample drawn from the fitted joint distribution is taken as the estimator for the extreme quantile. This estimator is proved to be consistent. The reliable and robust performance of the proposed method is further illustrated by simulation.Comment: 18 pages, 2 figure

Abecor country reports 1982

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Abecor country reports 1982 update

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Borrowing from your bank A guide for businessmen

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UTR-CTOE: A New Paradigm Explaining CAATs Adoption Prachitee Ramhit

Computer assisted audit techniques (CAATs) are audit technologies that allow auditors to perform their audit work efficiently and effectively. However, little is known about CAATs adoption process by audit firms. Therefore, this paper adapts the technology readiness theory (TRI), the unified theory of acceptance and use of technology (UTAUT) and the technology-organization environment (TOE) framework and Denison organizational culture theory, and presents a new theory of unified technology readiness and cultural-technological-organizational-environmental model (UTR-CTOE), to explain CAATs adoption at both individual level and firm level. The methodology used in the study consists of a random sampling among the auditors through the administration of questionnaire. A total of 581 auditors registered with Mauritius Institute of Professional Accountants (MIPA) respond to the survey. Our main findings of this paper confirm that the relation between beliefs, such as perceived usefulness, perceived ease of use, facilitating condition and social influence, and motivation is positively correlated, while beliefs have a negative correlation with inhibition towards CAATs adoption. Results also indicate that firm's decision for CAATs adoption is positively influenced by cultural, technological, organizational, and environmental factors. Furthermore, there is an indirect impact of firm's internal and external influences on auditors' adoption of CAATs. Keywords: computer assisted audit techniques (CAATs), technology acceptance, culture, audit firm, unified technology readiness and cultural-technological-organizational-environmental model (UTR-CTOE) Introduction Information technology acceptance research portrays many competing models, with different sets of acceptance determinants. One of the most mature research areas in the information systems literature is that of explaining auditor acceptance of technology. Research, in this area, results in several theoretical models, which roots in psychology, information systems, and sociology that routinely explain over 40% of the variance in individual intention to use technology, namely, the innovations diffusion theory (IDT), social cognitive theory (SCT), theory of reasoned action (TRA), theory of planned behavior (TPB), technology acceptance model (TAM), combined TAM and TPB (C-TAM-TPB), motivational model (MM), model of PC utilization (MPCU), the technology readiness theory (TRI), the unified theory of acceptance and use of technology (UTAUT), and the technology-organization environment (TOE) theory. Many audit organizations choose to use information technologies for developing and improving their business work. This increases the need for computer assisted audit techniques (CAATs) to allow auditors to be able to perform their review and monitor tasks effectively, as well as, to play key roles in the process of innovation in those businesses more generally. Problem Background Nowadays, as many businesses at present use IT to process their transactions, the auditing profession is faced with a need to give increased guidance for audits conducted in an IT environment. Various authoritative bodies, such as the American Institute of Certified Public Accountants (AICPA), the International Federation of Accountants (IFAC), and the Information Systems Audit and Control Association (ISACA) have issued standards in this area. Today's reality requires organizations to engage in the process of adopting technology to perform better in line with the challenges of globalization. The use of CAATs has been introduced to aid auditors in this regard (ISACA, 2010). Many studies are made about the effectiveness of CAATs in the audit process and the applications of CAATs by both internal and external auditors. Most IS researchers study why and how individuals adopt new information technologies, explaining the factors influencing auditors to adopt IT by using intention or usage as a dependent variable whereby many theories and models are developed to explain CAATs adoption. These streams make important and unique contributions to the literature on user acceptance of IT. Eight famous models are analyzed and tested in almost all CAATs adoption researches, and recently, other models such as the UTAUT and TRI models are developed. However, current research in this field is fragmented. Besides, although most of the models developed consider various social factors, there is a lack of focus on organizational culture as a factor towards CAATs adoption as well as TRI model is excluded as a model to explain auditors' behavior towards CAATs. In addition to that, most of the studies on CAATs were conducted in the developed countries settings. Therefore, it is motivating to investigate CAATs adoption factors in the Mauritian context and to develop a new model that integrates UTAUT, TRI, TOE frameworks, and cultural theory. Research Objectives Researchers are confronted with a choice among a multitude of models. They find that they must "pick and choose" constructs across the models, or choose a "favored model". In so doing, they largely ignore the contributions from alternative models. Therefore, this paper has one overall objective, which is to develop a new model based on existing technology acceptance models, by considering cultural factors, and assess the validity of the generalized model among auditors in Mauritius. Significance of the Study The current study is significant as the fast progression of IT results in higher requirement of CAATs for auditing. Essentially, auditors will use CAATs for various reasons. Moreover, to better plan and prepare themselves for all the challenges that today's competing environment is bringing to them, this study investigates the determinants of CAATs adoption and provides recommendations to help audit firms to better understand the factors affecting IT adoption. In this way, audit firms can leverage on factors that increase adoption. This paper, therefore, seeks to develop a new model based on UTAUT, TRI, and TOE. But unlike existing models, the organizational cultural aspect is also considered as an additional construct and hence a new framework to guide auditors' behavior towards CAATs is proposed. Contribution of the Study This research particularly targets the audit profession fields by exploring technology adoption. By combining TRI, TOE, and Denison's culture models to the UTAUT, this study contributes to generating a comprehensive model that could better explain auditors' behavior towards CAATs adoption and guide future adoption of CAATTs by auditors in Mauritius. This research also contributes to the existing literature of technology adoption with the development of a new inclusive paradigm of UTR-CTOE in studying CAATs adoption. UTR-CTOE: A NEW PARADIGM EXPLAINING CAATS ADOPTION 617 Literature Review Definition of CAATs CAATs are computer tools that extract and analyze data to assist auditors in the completion of an audit Benefits of CAATs Different benefits of CAATs are highlighted in different research studies. According to International Standards and Regulation of CAATs Adoption in Auditing Having regards to the benefits of CAATs, various regulatory bodies have issued standards integrating CAATs to assist in the planning, execution, and conclusion of an audit Background of CAATs Adoption in Mauritius Reetun (2010) conducted a survey in Mauritius and found that CAATs, most specifically generalized audit software (GAS) such as interactive data extraction and analysis (IDEA), are used. One of the reasons why Mauritians use IDEA is that it meets the expectation of clients who invest heavily in technology and want the auditors to use it. It also increases efficiency and productivity, gains time by automating manual tasks, performs data analysis effectively, and offers value-added services. Williams (2012) reported that Mauritian auditors prefer computer tools than manual methods. This is illustrated by the figures of 63% stating that they would look to employ CAATs, 55% implementing electronic working papers, 54% implementing a real-time audit process, and 52% looking to focus on data mining over the next five years. (1) Performance expectancy or perceived usefulness: The belief of an individual that using technology tools will help him or her to attain significant rewards in job performance; (2) Effort expectancy or perceived ease of use: The degree of ease associated with use of the tool, for example, auditors may be more at ease after a significant IT training; (1) Optimism: Refers to the degree to which individuals believe that technology will increase control, flexibility, and efficiency in life; (2) Innovativeness: Refers to the application of knowledge and leadership skill which positively influences technology readiness; (3) Discomfort: A feeling of lack of control over technology which makes users reluctant to use technology; (4) Insecurity: Doubts about technology's ability to work properly which negatively affect readiness. Culture theory. According to UTR-CTOE: A NEW PARADIGM EXPLAINING CAATS ADOPTION 619 Definition of culture. Culture is a way of life and affects everything people do For example, psychologists discover that culture shapes judgment, memory, perception, and decision-making Moderators of CAATs Acceptance Models Age. Age refers to the age of the particular users which is measured by years. Scholars Gender. Gender refers to sexual categories of the CAATs users who are either male or female. Previous studies show that gender has a significant impact when considering technology and usage in organizational context. Voluntariness. This refers to the extent to which the use of the technology is perceived to be of free will Proposed Conceptual IT Acceptance Model In this study, the UTAUT model is modified and enriched by incorporating TRI and TOE, whereby TOE is enriched by incorporating culture as an additional construct. This permits the conceptualization of a single model to be applied by audit firms as depicted in In the context of the present study, the above hypotheses are derived in relation to the literature review on the new paradigm for explaining CAATs adoption. Cultural construct is combined with the theory of TOE model as they both measure IT adoption at firm's level. The dependent variable for this study is the adoption of CAATs. CAATs adoption is defined as the intention to use CAATs at both individual and firm levels. Here, the hypothesis is that beliefs affect personality dimensions which in turn influence behavior. Conclusion In conclusion, this literature helps to examine a new paradigm explaining CAATs adoption and then to test the hypothesis with new relationships formed in the new model. This research focuses on a new concept to guide audit firms to implement CAATs, and also adds a new model to other research in accounting and IT fields. Research Methodology Both quantitative research and qualitative research are adopted in the study. The methodology used in the study consists of a random sampling. Data are collected from secondary sources such as articles published by the well-known periodicals, books, and dissertations in order to base the construction of the theoretical framework. Primary sources via a questionnaire are also used. The population that is considered for this study is auditors from accounting and auditing firms registered with the Mauritius Institute of Professional Accountants (MIPA) in Mauritius 1 . A total of 133 companies are included in the sample. Questionnaires are distributed to the companies to be filled by the auditors. Results and Discussion The survey consists of participants from both rural and urban areas. Therefore, variations on the perceptions of auditors working in different firms are obtained, such that the characteristics of the different firms and individual auditors are analyzed. This study produces results which corroborate the findings of a great deal of the previous work in this field. The research model projects that, beliefs (performance expectancy, effort expectancy, social influence and facilitating conditions) are positively associated with optimism and innovativeness traits. As per the correlation results fro