This review of the literature on environmental auditing and the potential role of accountants distinguishes between compliance audits and audits of the environmental management system. After an extensive introduction to the concept, this review focuses on the similarities and differences between an environmental audit and a financial statement audit. The general approach to both types of audits...

Building reserves for outstanding liabilities is an important issue in the financial statement of any insurance company. In this paper we present a new model for delay in claim settlement and to predict IBNR (incurred but not reported) claims. The modelling is based on a data set of a portfolio of car liability data, which describes the claim settlement of a car insurance portfolio. The data co...

The financial statement audit is the process of collecting, evaluating, and aggregating relevant items of evidence pertaining to various management assertions related to the financial statement accounts to determine whether the company’s financial statements present fairly its financial position. The Dempster-Shafer theory [1] of belief functions has been argued to be an appropriate framework f...

In this paper we provide evidence on how firm-specific and macroeconomic uncertainty affects shareholders’ valuation of a firm’s cash holdings. This extends previous work on this issue by highlighting the importance of the source of uncertainty. Our findings indicate that increases in firm-specific risk generally increase the value of cash while increases in macroeconomic risk generally decreas...

To the Board of Visitors of The College of William and Mary and Richard Bland College: We are pleased to submit the following consolidated annual financial report for The College of William and Mary and Richard Bland College for the fiscal year ended June 30,2014. Financial management has prepared and is responsible for the consolidated financial statements and all information in the financial ...

The objective of the Fly Airline case is for you to learn to develop audit procedures in a context, e-ticket revenue, in which most of the evidence is available electronically, and in which many tests of controls and substantive tests can be performed using data stored in electronic form. In sequence, you will identify controls and their objectives, match controls to financial statement asserti...

9 National Tax Journal Vol. LIII, No. 1 Abstract We compare the tax-paying behavior of U.S. firms substantially influenced by foreign-domiciled firms with other U.S. firms. Because public information is lacking on U.S. firms whollyowned by foreign investors, we concentrate on publicly held firms with “significant,” but not 100 percent, foreign ownership. Public financial statements are analyzed...

Endowment based economic models with constant returns to scale and perfect competition have been a primary theoretical basis for analyzing political preferences of domestic actors. However, it is well known that such class of model is inadequate in explaining the large volume of intra-industry trade. How do we understand distributive consequences of trade policy of industrialized countries espe...

.01 This section establishes standards and provides guidance on determining overall responses and designing and performing further audit procedures to respond to the assessed risks of material misstatement1 at the financial statement and relevant assertion levels in a financial statement audit, and on evaluating the sufficiency and appropriateness of the audit evidence obtained. In particular, ...

A model of monetary exchange with private financial intermediation is constructed. Claims on financial intermedaries of two types are traded in transactions: circulating notes and deposits. There can be a role for the government in supplying liqudity, and level changes in the money supply accomplished through open market operations can be nonneutral. A Friedman rule is suboptimal, due to costs ...