State of professionalism in internal auditing

The professional status of internal auditing is an important issue. Internal Auditing must possess the status of a genuine profession in order to attain the requisite authority to enforce its standards on practice. Until this status is attained, commercial compliance with internal auditing standards will be largely voluntary. A field of work that must rely on voluntary compliance with its standards lacks the genuine status possessed by the well established professions such as medicine, law, architecture, and public accounting. This study examines, from a historical perspective, the professional progress made by the field of internal auditing since 1977. The overriding objectives of this examination are: (1) to determine if the field of internal auditing has achieved professional status; (2) to assess whether progress has been made in enhancing the professional status of internal auditing since 1977; and (3) to suggest any actions disclosed by the analysis that might be taken by the field of internal auditing in the future to further enhance its professional status or the prospects thereof

Distinguishing a purchase from a pooling through the use of hostile and friendly tender offers

Typescript (photocopy).A study was undertaken to determine if the effect of hostile and friendly tender offers had greater importance in the market for business combinations than the type of consideration involved in the business combination. Hostile and friendly tender offers were divided into the categories of cash and stock tender offers. It was argued that if the market reacted the same way to hostile tender offers regardless of the type of consideration involved, then the type of consideration involved should not effect the subsequent accounting for the business combination. In accordance with the management control hypothesis, it was expected that the market returns would be greater for hostile tender offers than for friendly tender offers in both the stock and cash groups. The results indicated that while the market reacted the same way towards hostile tender offers in both the cash and stock groups, the market did not react in the direction hypothesized by the management control hypothesis. The uncertain results suggest that further research is needed in this area

Distinguishing a purchase from a pooling through the use of hostile and friendly tender offers

Typescript (photocopy).A study was undertaken to determine if the effect of hostile and friendly tender offers had greater importance in the market for business combinations than the type of consideration involved in the business combination. Hostile and friendly tender offers were divided into the categories of cash and stock tender offers. It was argued that if the market reacted the same way to hostile tender offers regardless of the type of consideration involved, then the type of consideration involved should not effect the subsequent accounting for the business combination. In accordance with the management control hypothesis, it was expected that the market returns would be greater for hostile tender offers than for friendly tender offers in both the stock and cash groups. The results indicated that while the market reacted the same way towards hostile tender offers in both the cash and stock groups, the market did not react in the direction hypothesized by the management control hypothesis. The uncertain results suggest that further research is needed in this area