Does individualistic culture impact operational risk?

Employing a sample of 2,957 operational‐risk events across 31 countries from 1990 to 2011, we find that financial institutions located in countries with higher individualism tend to have higher operational risk. This positive relation is achieved through the risk‐taking channel and the earnings‐management channel. In addition, the magnitude of operational losses is higher in more individualistic countries. The results suggest that individualism serves as an important informal institutional determinant of operational risk in an international context. Endogeneity tests and various robustness checks confirm our findings.     

Auditors' Responses to Workload Imbalance and the Impact on Audit Quality*

Using detailed data for fieldwork hours and audit hours by rank from audit engagements in Korea, we examine whether audits conducted under workload imbalance, proxied by busy‐season audits, impair audit quality, and how auditors adjust staff assignments for busy‐season audits. We generally find that busy‐season audits are associated with lower audit quality, and that audit firms reduce the involvement of senior auditors during busy‐season audits. In addition, the greater the involvement of senior auditors and junior auditors, the lesser the deterioration in audit quality. Finally, although there is no increase in interim audits in response to workload imbalance during busy seasons, increasing interim audits can mitigate the negative impact of busy‐season audits on audit quality. Our results are relevant to auditors and regulators, who have expressed concerns about the adverse effects of workload imbalance on audit quality.     

强化责任意识提升审计执行力

本文结合工作实践,从提升科级干部履职能力,有效执行能力,务实创新三个角度分别阐述审计干部强化责任意识的重要意义及有效途径。     

Analysts' Cash Flow Forecasts,Audit Effort,and Audit Opinions on Internal Control

We examine the economic impact of analysts’ cash flow forecasts by looking at how external auditors respond to financial analysts’ issuance of cash flow forecasts. Using a differences‐in‐differences approach, we find that financial analysts’ initiation of cash flow forecasts leads to reduced auditor fees and audit report lags. Moreover, after cash flow forecast initiation, firms report fewer Section 404(b) internal control weakness disclosures. These findings suggest that cash flow forecasts constrain earnings manipulation and improve management accounting behavior, thereby reducing inherent and control risk and strengthening firms’ internal control over financial reporting.     

外部审计师依赖内部审计功能的研究综述

在外部审计师依赖内部审计功能的研究中,国内外学者认为环境因素会影响内部审计的规模和质量,进而影响外部审计师依赖内部审计的功能。不少学者认为内部审计作为管理培训的会计风险、内部审计资源的安排和调整所产生的固有风险等因素都会影响外部审计师依赖内部审计的程度。另有学者认为外部审计师依赖内部审计的功能主要受内部审计外包的调整、非审计服务和客户的压力、内部审计资源调整等因素的影响。在今后的研究中应着重考虑治理质量因素的相互作用对外部审计师的影响和内部审计资源的影响因素以及这些因素如何影响外部审计的可靠性等方面。     

From a System of National Accounts to a Process of National Wellbeing Accounting

There are repeated calls to go ‘Beyond GDP’, for measures of wellbeing and progress in addition to those that the System of National Accounts (SNA) is designed to provide. We identify key issues that can help build on the rigour of SNA whilst fitting the measurement of economic performance within a broader assessment of national wellbeing and progress. Such drivers are already leading to a proliferation of indicators and accounts, for example in the development of non‐monetary measures of natural resources, but there are significant measurement challenges, not least the question of whether a single, overall measure or index of wellbeing is valid. But the challenge of measurement, per se, is one thing: in our view, a more critical issue is whether the measures will actually be used. We propose a dynamic and multi‐staged approach for developing SNA, embracing the production and use of measures. This would start by identifying user requirements for wider measures, to provide the basis for national and cross‐national developments in well‐being accounting. We envisage greater branding and marketing of national well‐being concepts to promote measures and support their use. We call for outreach by producers, so that there is dialogue about the development and use of measures.     

转型国家政府审计功能探讨——来自罗马尼亚的经验

罗马尼亚在国家转型期间面临着严重腐败、贫富差距、司法改革等问题,为了加入欧盟,罗马尼亚在这些方面进行了卓有成效的改革。在加强监督和控制的国家治理中,执行公共外部审计的审计院起到了很大的推动作用。在借鉴欧盟法的基础上,罗马尼亚审计院在法律地位、组织框架、职权范围上都得以提高和完善,审计院对国家治理产生重要影响,对政府部门及其他公共部门的监督和控制效率、效果得到很大提高。我国可以借鉴其经验,从提高审计署法律地位和加强外部审计与内部审计协调两个方面强化审计署在国家治理中的功能。     

Association Between Independent Auditor Fees and Firm Value： A Study of Brazilian Public Companies

This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association between Tobin＇s Q and the auditors＇ remuneration scaled by total assets. Additionally, to strengthen the conclusions, we present a second model with the remuneration of the auditors in absolute terms. The results suggest a significant relationship between Tobin＇s Q and audit and non-audit fees, positive and negative, respectively. Specifically, increases in audit fees and non-audit fees respectively increase and decrease the Tobin＇s Q of the audited company. The results of this study have important implications for those interested in good corporate governance practices. Managers and board members concerned with value carefully evaluate the remuneration and nature of services creation, when engaging independent auditors, should provided.     

上市公司内部审计独立性的现状分析

独立性是内部审计的灵魂,是决定内部审计职能能否得到充分发挥和内部审计目标能否实现的关键因素。目前,我国上市公司内部审计部门主要隶属于董事会、审计委员会和总经理,并且隶属于审计委员会已经成为主流态势,独立性较高。内部审计独立性因上市公司的财务状况、控制人性质、所处行业、所在地区不同呈现出较为明显的差异。     

新疆油气资源税改革全国推广的借鉴意义

已经运行半年多的新疆油气资源税改革使油气企业的税负增加,地方财政增收效应显著,初显税改的目标定位。但在试点中暴露出来的计税依据不规范、综合减征率递减以及内外资企业税负不统一的问题,亟需在全面推开资源税改革方案时予以综合考虑,除此之外,还应适当提高现行税率,处理好资源税收入在各级政府间的分配,并在现行体制下同步推进资源税费改革,以此设计具体的改革方案和路径。