La persona adecuada en el momento adecuado: los miembros del comité de auditoría y la calidad de la información financiera

We analyze some personal characteristics of the members of the audit committee of the Spanish listed firms and the relation between these characteristics and earnings management. We find a non-linear relation with tenure, so that long tenures can initially compromise the directors’ independence but, after a given threshold, longer tenures improve the expertise of the members. Serving in too many boards has a negative influence on the ability of directors to detect earnings management, and higher academic background and more diverse professional background improve the directors’ abilities.En el presente trabajo analizamos la relación entre algunas características personales de los miembros del comité de auditoría de las empresas cotizadas españolas y la gestión del resultado. Nuestros resultados muestran una relación no lineal con la antigüedad en el consejo: mientras que en los primeros estadios una mayor duración puede comprometer la independencia de los consejeros, llega un punto en el que la mayor antigüedad en el comité incrementa su experiencia. Formar parte de un número excesivo de consejos redunda en una menor capacidad de los consejeros para detectar la gestión del resultado. Una formación académica más elevada y una experiencia profesional más diversa contribuyen a mejorar la calidad de la información financiera

Audit committee expertise in large European firms

Purpose – This paper aims to study how audit committee member expertise is related to certain features of the committee and to the audit process. Design/methodology/approach – Based on information from 2,477 directors from 296 firms in eight European countries between 2005 and 2014, this study measures average audit committee expertise using a continuous variable, which combines education-based and experience-based expertise. Different measures of the audit process are then regressed against this and other control variables. Findings – Average committee expertise has increased in recent years. Education-based and experiencebased expertise seem to be complementary. Results also show that committees with greater expertise meet more frequently, have fewer directors with full-time dedication and pay lower audit fees. There is no link to changes in the external firm audit, which may be due to mandatory auditor rotation. Originality/value – The paper provides a comprehensive metric of audit committee expertise that includes directors’ academic background, professional experience and qualifications. In addition, this study expands current knowledge concerning whether and how committee expertise affects the audit proces

Effects of passion, experience, and cultural politics on classical musicians’ practice during the COVID-19 pandemic

The widespread cancelation of cultural events during the early 2020 stages of the COVID-19 pandemic led professional performing musicians across the world to experience an increasing economic fragility that threatened their health and wellbeing. Within this “new normal,” developing countries have been at a higher risk due to their vulnerable health systems and cultural policies. Even in such difficult times, the music profession requires musicians to keep up their practicing routines, even if they have no professional commitments. This is because high level technical and expressive skills are crucial to sustaining a music career at a high performance level. However, it could be expected that not all musicians might have had the same engagement with music practice during lockdowns. In this study, we studied the experiences of 309 professional classical musicians based in European and Latin American countries with different levels of performing experience to examine their passionate (or lack thereof) engagement with music practice. Through the mixed methods combination of multigroup invariance and narrative analyses, we identified distinct profiles of musicians who displayed more harmonious or more obsessive passion orientations before and at the peak of the pandemic. We observed that musicians with higher levels of harmonious passion in particular were more capable of sustaining their practice at the peak of the pandemic and that these musicians were mostly located in Latin America—a paradox, considering that cultural politics supporting the careers of professional performing musicians and entrepreneurial education in Latin America are lacking to a great extent, especially in comparison with the European context. We explain this in terms of the “forced” self-management embraced by musicians in Latin American countries who want to engage with music practice both before and during the COVID-19 pandemic even if the music profession does not generate enough revenue for them

Multiple shells driven by disk winds: ALMA observations in the HH 30 outflow

We present archive Atacama Large Millimeter/Submillimeter Array (ALMA) Band 6 observations of the $^{13}$CO (J=2-1) and $^{12}$CO (J=2-1) molecular line emission of the protostellar system associated with HH 30. The $^{13}$CO molecular line shows the accretion disk while the molecular outflow is traced by the emission of the $^{12}$CO molecular line. We estimated a dynamical mass for the central object of $0.45\pm0.14$ M$_\odot$, and a mass for the molecular outflow of $1.83\pm0.19\times10^{-4}$ M$_\odot$. The molecular outflow presents an internal cavity as well as multiple outflowing shell structures. We distinguish three different shells with constant expansion ($\sim4-6$ km s$^{-1}$) and possible rotation signatures ($\leq0.5$ km s$^{-1}$). We find that the shells can be explained by magnetocentrifugal disk winds with launching radii $R_\mathrm{launch}\lesssim4$ au and a small magnetic lever arm $\lambda\sim1.6-1.9$. The multiple shell structure may be the result of episodic ejections of the material from the accretion disk associated with three different epochs with dynamical ages of $497\pm15$ yr, $310\pm9$ yr, and $262\pm11$ yr for the first, second, and third shells, respectively. The outermost shell was ejected $187\pm17$ yr before the medium shell, while the medium shell was launched $48\pm14$ yr before the innermost shell. Our estimations of the linear and angular momentum rates of the outflow as well as the accretion luminosity are consistent with the expected values if the outflow of HH 30 is produced by a wide-angle disk wind

El comité de auditoría de las sociedades cotizadas: ‘conócete a ti mismo’

Los comités de auditoría tienen por objeto, además de ser el nexo de unión entre la auditoría interna y el auditor externo, supervisar el proceso de información financiera y el control interno. De este modo, la experiencia y capacitación de los miembros del comité de auditoría se consideran pilares fundamentales para garantizar la calidad de la función de auditoría interna. En este sentido, las empresas no solo se han limitado a un cumplimiento formal de los requisitos de independencia, sino que también están conformando este órgano con miembros cada vez más cualificados, con mayor experiencia y conocimiento

Embedded Quantum Correlations in thermalized quantum Rabi systems

We study the quantum correlations embedded in open quantum Rabi systems. Specifically, we study how the quantum correlation depends on the coupling strength, number of qubits, and reservoir temperatures. We numerically calculate the quantum correlations of up to three qubits interacting with a single field mode. We find that the embedded quantum correlations exhibit a maximum for a given coupling strength, which depends inversely on the number of subsystems and the reservoir temperature. We explore how this feature affects the performance of a many-qubit Otto heat engine, finding numerical evidence of a direct correspondence between the minimum of the extractable work and the maximum of the embedded quantum correlations in the qubit-cavity bi-partition. Furthermore, as we increase the number of qubits, the maximum extractable work is reached at smaller values of the coupling strength. This work could help design more sophisticated quantum heat engines that rely on many-body systems with embedded correlations as working substances.Comment: 12 pages and 12 figure