Auditing Overseas: How the United States Can Learn from Recent Financial Audit Reform in the United Kingdom

Financial auditing is one of the cornerstones of an effective capital market structure. When performed correctly, an independent financial audit provides investors with the security they need to effectively transact based on company disclosures. When this system fails, however, the results for investors and the economy as a whole can be devastating. In recognition of this danger, the market for financial auditing in the United States is regulated by a number of governmental and nongovernmental bodies charged with maintaining its health and effectiveness. But stakeholders within the U.S. market and government have criticized these regulators for failing to adequately respond to concerns lurking in the country’s financial auditing system. While audit reform can be an expensive and convoluted process, this Note argues that U.S. regulators can streamline the field’s development by monitoring and building upon the actions taken by U.K. regulators. This Note describes the current audit regulatory structure employed by the United States and examines the most pressing concerns expressed by interested parties. It then analyzes the findings and proposals offered in the U.K. Competition and Markets Authority’s comprehensive report on competition and audit quality in the U.K. financial auditing market. This Note proposes that the conclusions of the Competition and Markets Authority’s report should serve as both a warning and a guide for domestic audit regulators. The United States is past due for a comprehensive examination of their financial auditing system. Using the U.K. findings as a guide will provide more immediate and relevant data for policymakers and regulators alike

A Three-Decade Review of Club Capital-Budgeting Practices

If clubs are to remain viable in the future, it is important for them to employ proper capital-budgeting techniques. This study reports on clubs’ current capital-budgeting practices. It also compares current practices with those used by clubs over the previous two decades, starting in the 1980s

Hotel/Gaming Companies and Corporate Governance

Corporate governance is a common topic for discussion both among public companies and in graduate schools of business. A well functioning corporate audit committee is an essential part of good corporate governance. This article describes the evolution, duties, and composition of audit committees over the past thirty five years. It also provides a comparison of the basic audit committee policies and procedures of the top restaurant companies with those of lodging companies

Revisiting the Ethics of Financial Executives in the Lodging Industry

This study revisited ethics in the hospitality industry and involved a randomly selected sample of lodging financial executives taken from the current membership roster of the Hospitality Financial and Technology Professionals (HFTP). After responding to a number of demographic questions, financial executives were asked to respond to 16 business scenarios that involved the issue of ethics. In addition, financial executives were asked if they would or would not do what the controller did in each scenario. Finally, responses of financial executives in the current study were compared to the responses of financial executives in a previous study. Findings indicate that there is considerable disagreement among financial executives regarding the ethical dimensions of common business scenario

Capital Budgeting of Major Lodging Chains

The long-term performance of the lodging chain is highly dependent on the use of the most effective techniques for evaluating capital projects. This study provides information on the critical aspects of lodging chains\u27 capital budgeting practices and compares current ones with those used by chains in 1980 and 1990

Controllers\u27 Perceptions of the Importance of Accounting Skills to Lodging Managers

Are managerial accounting skills important to all managers? Which of the common managerial accounting skills are the most important to the non- accounting manager? The authors report on their descriptive research gathered from controllers in the hospitality industry which provides guide- lines for managers in these areas

Club Capital Budgeting Practices over Four Decades

The approach clubs take to evaluate capital budgeting projects has evolved over the years. This study provides evidence that clubs appear to continue favoring the payback approach to capital budgeting. In addition, the internal rate of return approach appears to be used more than in the past when evaluating projects. The study compares club capital budgeting practices over a four-decade time frame

To Chae or not to Chae

Many certifications are available in many professions. They represent a level of achievement and provide a dimension of professionalism to a resume. This article reveals the results of research covering the degree the extent of certification of members of the Hospitality Financial & Technology Professionals. Further, obstacles and assists in taking the examination to become a Certified Hospitality Accountant Executive (CHAE) were determined. Thirty-seven percent of the respondents have earned their CHAE. The biggest obstacle to taking the exam according to 60% of the respondents who have not earned the CHAE was lack of time to prepare. The biggest assist according to this same group would be an on-line CHAE preparation course

To CHAE or Not to CHAE

Many certifications are available in many professions. They represent a level of achievement and provide a dimension of professionalism to a resume. This article reveals the results of research covering the degree the extent of certification of members of the Hospitality Financial & Technology Professionals. Further, obstacles and assists in taking the examination to become a Certified Hospitality Accountant Executive (CHAE) were determined. Thirty-seven percent of the respondents have earned their CHAE. The biggest obstacle to taking the exam according to 60% of the respondents who have not earned the CHAE was lack of time to prepare. The biggest assist according to this same group would be an on-line CHAE preparation course

Iridium α-carboxyimine complexes hyperpolarized with parahydrogen exist in nuclear singlet states before conversion into iridium carbonates

The formation and hyperpolarization of an [Ir(H)2(amine)(IMes)(η2-imine)]Cl complex that can be created in a hyperpolarized nuclear singlet state is reported. These complexes are formed when an equilibrium mixture of pyruvate, amine (benzylamine or phenylethylamine), and the corresponding imine condensation product, react with preformed [Ir(H)2(amine)3(IMes)]Cl. These iridium -carboxyimine complexes exist as two regioisomers differentiated by the position of amine. When examined with para-hydrogen the hydride resonances of the isomer with amine trans to hydride become strongly hyperpolarized. The initial hydride singlet states readily transfer to the corresponding 13C2 state in the labelled imine and exhibit magnetic state lifetimes of up to 11 seconds. Their 13C signals have been detected with up to 420 fold signal gains at 9.4 T. On a longer timescale, and in the absence of H2, further reaction leads to the formation of neutral carbonate containing [Ir(amine)(η2-CO3)(IMes)(η2-imine)]. Complexes are characterized by, IR, MS, NMR and X-ray diffraction