The Experts below are selected from a list of 87 Experts worldwide ranked by ideXlab platform
Glen L Gray - One of the best experts on this subject based on the ideXlab platform.
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financial Reporting on the internet and the external audit
European Accounting Review, 1999Co-Authors: Roger Debreceny, Glen L GrayAbstract:Electronic dissemination of financial Reports on the World Wide Web is becoming ubiquitous for larger corporations in developed market economies. This form of Reporting presents many challenges for the financial statement audit. It is critical that the audit profession proactively addresses those challenges or they will be certainly addressed by government regulatory bodies and the courts of law. Most large listed public companies in France, Germany and the UK provide electronic versions of their printed annual Reports on the web. A survey was made of fortyfive large listed UK, French and German corporations. A total of thirty-six of these corporations published their annual financial statements in HTML or Adobe Corporation's Acrobat. Ten of the seventeen corporations Reporting in HTML included the Auditors‘ Report on their website. None of these Reports linked back to the Auditors‘ own site. A number of issues arise when corporations provide their financial statement audits on the web. These issues inclu...
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financial Reporting on the internet and the external audit
European Accounting Review, 1999Co-Authors: Roger Debreceny, Glen L GrayAbstract:Electronic dissemination of financial Reports on the World Wide Web is becoming ubiquitous for larger corporations in developed market economies. This form of Reporting presents many challenges for the financial statement audit. It is critical that the audit profession proactively addresses those challenges or they will be certainly addressed by government regulatory bodies and the courts of law. Most large listed public companies in France, Germany and the UK provide electronic versions of their printed annual Reports on the web. A survey was made of fortyfive large listed UK, French and German corporations. A total of thirty-six of these corporations published their annual financial statements in HTML or Adobe Corporation's Acrobat. Ten of the seventeen corporations Reporting in HTML included the Auditors' Report on their website. None of these Reports linked back to the Auditors' own site. A number of issues arise when corporations provide their financial statement audits on the web. These issues include the ease with which the auditor's Report can be changed without any indication that a change was made; the meaning of the look and feel of the auditor's Report in a rapidly changing web environment; and the implications of hyperlinks to and from web-based Auditors' Reports as well as the location and placement of the Auditors' Reports.
Annukka Jokipii - One of the best experts on this subject based on the ideXlab platform.
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perceived importance of red flags across fraud types
Critical Perspectives on Accounting, 2013Co-Authors: Benita M Gullkvist, Annukka JokipiiAbstract:The purpose of this study is to examine whether internal Auditors, external Auditors and economic crime investigators perceive the importance of red flags as significantly different across two fraud types: fraudulent financial Reporting and misappropriation of assets, as well as across within-subject categories. A total of 471 useable responses were collected using a web-based survey. The findings indicate that significant differences exist on both single and aggregate mean levels among the participant groups. Internal Auditors Report a higher perceived importance of the red flags related to detecting misappropriation of assets than of those related to fraudulent financial Reporting, whereas the opposite is true for economic crime investigators. For external Auditors, only small differences in aggregate means between misappropriation of assets and fraudulent financial Reporting were found. As the sensitivity to fraud type may affect professional planning, procedures and techniques with regard to fraud prevention, detection and investigation, the results may have both practical and theoretical implications. Further, the focus on both fraud types adds to prior literature on fraud.
Arnold Schneider - One of the best experts on this subject based on the ideXlab platform.
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assessment of internal auditing by audit committees
Academy of Accounting and Financial Studies Journal, 2010Co-Authors: Arnold SchneiderAbstract:ABSTRACT Audit committees, as part of their internal audit oversight role, assess the independence and work performance of the internal audit function. This paper analyzes these assessments by discussing applicable professional audit standards, corporate audit charters, and relevant research findings. INTRODUCTION Many companies have made large investments in internal auditing in recent years and they want to ensure that the internal audit function is adding value to their organizations. Corporate audit committees often have the main responsibility to determine whether internal audit is doing an effective job. One of the roles incumbent on audit committees in serving their company board of directors is to provide oversight of the internal audit function. For companies listed on the New York Stock Exchange, audit committees are required to assist the board of directors in its oversight of the performance of the company's internal audit function (NYSE 2004, § 303A.07(c)(i)(A)(4)). This oversight role entails, among other duties, assessing internal audit independence and the work performance of internal auditing. In assessing internal auditing, audit committees should be familiar with assessment criteria, sources of information, and assessment procedures. The objective of this paper is to assist audit committee members with these assessments by discussing applicable professional audit standards, corporate audit charters, and relevant research findings. ASSESSING INTERNAL AUDIT INDEPENDENCE Independence is a critical aspect of the internal audit function. Standards set forth by the Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing, define internal auditing as an independent assurance function and require internal Auditors to be independent from activities they audit (IIA 2003, Introduction, § 1 130.A1). Because internal Auditors are employed by the organizations they audit, they cannot have the same level of independence as external Auditors who, while paid by the organizations they audit, are not employed by them. For internal Auditors, independence is generally determined by who hires and fires the internal Auditors, to whom the internal Auditors Report, and whether or not they provide assurance services for areas in which they have had, or will have, operational responsibility. For example, independence is enhanced when employment decisions involving the chief internal auditor are made by the audit committee rather than the controller and when internal Auditors Report to the audit committee rather than the controller. Independence is impaired when internal Auditors audit an activity for which they recently had decision-making responsibility. This has been a particular concern since the enactment of Section 404 of the Sarbanes-Oxley Act of 2002, which has resulted in internal audit functions devoting more resources to evaluating and improving internal controls. A study by PricewaterhouseCoopers (2006) reveals that 56% of the 402 companies in their survey Reported that during the first year of Sarbanes-Oxley compliance, internal audit staffs had overall responsibility of Section 404 project management. This decision-making responsibility can potentially impair the objectivity of those internal Auditors. A study of 150 companies by Carcello, Hermanson, & Neal (2002) revealed that 18% of audit committee charters discussed the audit committee's duty to assess the independence of the internal audit function. If that is an indication of the proportion of audit committees that actually do assess their internal audit department's independence, then it begs the question of why such a low rate. Perhaps most audit committees just rely on their external Auditors to provide them with assessments of the internal audit department's independence. The following excerpt from Walt Disney Company's audit committee charter illustrates the committee's responsibility to assess internal audit independence: "The Committee shall have responsibility for determining that the Management Audit department is effectively discharging its responsibilities. …
Roger Debreceny - One of the best experts on this subject based on the ideXlab platform.
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financial Reporting on the internet and the external audit
European Accounting Review, 1999Co-Authors: Roger Debreceny, Glen L GrayAbstract:Electronic dissemination of financial Reports on the World Wide Web is becoming ubiquitous for larger corporations in developed market economies. This form of Reporting presents many challenges for the financial statement audit. It is critical that the audit profession proactively addresses those challenges or they will be certainly addressed by government regulatory bodies and the courts of law. Most large listed public companies in France, Germany and the UK provide electronic versions of their printed annual Reports on the web. A survey was made of fortyfive large listed UK, French and German corporations. A total of thirty-six of these corporations published their annual financial statements in HTML or Adobe Corporation's Acrobat. Ten of the seventeen corporations Reporting in HTML included the Auditors‘ Report on their website. None of these Reports linked back to the Auditors‘ own site. A number of issues arise when corporations provide their financial statement audits on the web. These issues inclu...
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financial Reporting on the internet and the external audit
European Accounting Review, 1999Co-Authors: Roger Debreceny, Glen L GrayAbstract:Electronic dissemination of financial Reports on the World Wide Web is becoming ubiquitous for larger corporations in developed market economies. This form of Reporting presents many challenges for the financial statement audit. It is critical that the audit profession proactively addresses those challenges or they will be certainly addressed by government regulatory bodies and the courts of law. Most large listed public companies in France, Germany and the UK provide electronic versions of their printed annual Reports on the web. A survey was made of fortyfive large listed UK, French and German corporations. A total of thirty-six of these corporations published their annual financial statements in HTML or Adobe Corporation's Acrobat. Ten of the seventeen corporations Reporting in HTML included the Auditors' Report on their website. None of these Reports linked back to the Auditors' own site. A number of issues arise when corporations provide their financial statement audits on the web. These issues include the ease with which the auditor's Report can be changed without any indication that a change was made; the meaning of the look and feel of the auditor's Report in a rapidly changing web environment; and the implications of hyperlinks to and from web-based Auditors' Reports as well as the location and placement of the Auditors' Reports.
S. Susela Devi - One of the best experts on this subject based on the ideXlab platform.
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Audit committees and internal Auditors in Malaysia
2007Co-Authors: Sherliza Puat Nelson, S. Susela DeviAbstract:Audit committee is becoming increasingly important because it helps the stakeholders to constrain the behaviour of corporate managers. With the assistance that they receive from internal Auditors, activities of the audit committees and internal Auditors are now seen as critical elements in the assurance process. The interaction between these two parties is believed to be an important element in the corporate governance and control process. Thus the existing study intends to explore the interaction between the audit committees and their internal Auditors.The objective of the paper is to explore if there are any associations in the relationship on the existence of direct communication of the working relationship between audit committee (AC) and internal auditor (CAE). Hence, we would like to explore that when the CAE has direct communication with AC such as CAE Reports directly to AC and CAE has private meetings with AC; is there an association that (a) AC is responsible for the appointment of CAE, determines remuneration, and department’s budget, and (b) AC periodically approves and evaluates the audit plan, the performance, independence, scope and activities of the internal and external Auditors? Mailed questionnaires were used as research instruments and were sent to audit committees and internal Auditors working or attached to companies in Kuala Lumpur and Selangor (Malaysia). It was found that Reporting directly to AC and having private meetings with AC had shown different results. The study is limited to the interaction between audit committees and internal Auditors, especially on the type of communication where the internal Auditors Report directly (whether verbally or written) to the audit committees, and the private meetings they have. For future research it may be suggested that the mode of interaction between the two parties could be expanded.