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Article
Publication date: 11 September 2009

Matt T. Morley, Jeffrey B. Maletta, Michael J. King, Robert V. Hadley, Matthew J. Fader and Brian F. Saulnier

The purpose of this paper is to explain and emphasize the importance of compliance with the Foreign Corrupt Practices Act and similar anti‐corruption laws in force in other…

291

Abstract

Purpose

The purpose of this paper is to explain and emphasize the importance of compliance with the Foreign Corrupt Practices Act and similar anti‐corruption laws in force in other countries.

Design/methodology/approach

The paper cites renewed pressure to address corruption risks from regulatory and other sources, and recommends compliance steps a firm can take to reduce the risk of legal liability.

Findings

FINRA has identified FCPA compliance as an examination priority for 2009, the UK Financial Services Authority (FSA) has recently taken a high‐profile disciplinary action against a firm for inadequate training and due diligence as to bribery and anti‐corruption risks, and FCPA enforcement is expected to remain a priority for the Obama Administration.

Originality/value

The paper presents practical guidance from experienced securities lawyers.

Details

Journal of Investment Compliance, vol. 10 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 15 November 2019

Rachel Martin

This paper synthesizes existing experimental research in the area of investor perceptions and offers directions for future research. Investor-related experimental research has…

625

Abstract

This paper synthesizes existing experimental research in the area of investor perceptions and offers directions for future research. Investor-related experimental research has grown substantially, especially in the last decade, as it has made valuable contributions in establishing causal links, examining underlying process measures, and examining areas with little available data. Within this review, I examine 121 papers and identify three broad categories that affect investor perceptions: information format, investor features, and disclosure credibility. Information format describes how investors are influenced by information salience, information labeling, reporting and accounting complexity, financial statement recognition, explanatory disclosures, and proposed disclosure changes. Investor features describes investors’ use of heuristics, investor preferences, and the effect of investor experience. Disclosure credibility is influenced by external and internal assurance, management credibility, disclosure characteristics, and management incentives. Using this framework, I summarize the existing research and identify areas that would benefit from additional research.

Details

Journal of Accounting Literature, vol. 43 no. 1
Type: Research Article
ISSN: 0737-4607

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Book part
Publication date: 5 August 2005

Andrew D. Bailey, Jr. and Audrey A. Gramling

Abstract

Details

Research on Professional Responsibility and Ethics in Accounting
Type: Book
ISBN: 978-0-76231-239-9

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Book part
Publication date: 15 September 2014

John C. Anderson and Damon M. Fleming

This study investigates whether exposure to a previous client’s earnings management behavior will impact experienced auditors’ judgments of the risk that a current client’s…

Abstract

This study investigates whether exposure to a previous client’s earnings management behavior will impact experienced auditors’ judgments of the risk that a current client’s financial statements are materially misstated. Contrast theory predicts the context of previous information can have a priming effect on a current judgment scenario, where the information for the current judgment is contrasted with the previous information. Guided by contrast theory, we exposed auditors to either positive or negative client ethical earnings management behavior. We found the existence of contrast effects, with the positive (negative) context of the previous client resulting in auditors judging a higher (lower) likelihood of material misstatement in the current client’s financial statements. The results have implications for the effectiveness and efficiency of auditors’ judgments as well as provide insight into auditor training efforts.

Details

Research on Professional Responsibility and Ethics in Accounting
Type: Book
ISBN: 978-1-78441-163-3

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Article
Publication date: 22 March 2011

Ibrahim El‐Sayed Ebaid

The purpose of this paper is to explore the nature and characteristics of internal audit function in Egyptian listed firms and assess its ability to fulfill its role in corporate…

5120

Abstract

Purpose

The purpose of this paper is to explore the nature and characteristics of internal audit function in Egyptian listed firms and assess its ability to fulfill its role in corporate governance.

Design/methodology/approach

The study has been carried out through a questionnaire survey that aims to explore the internal audit function in Egyptian listed firms from four main aspects: insourcing or outsourcing arrangements of the internal audit function; organizational setting; activities; and interaction with external auditors.

Findings

The findings of the study reveal that a large proportion of Egyptian listed firms have internal audit function, but internal audit function in these firms is less matured. Internal audit function has low levels of organizational independence, management support, and qualification of internal audit staff. Also, the results reveal that internal audit function is still focused on financial audit and internal controls compliance and has not yet moved towards the expanded new role explained in Institute of Internal Auditors's new definition. Finally, the results indicate that there is a weak level of interaction between internal and external auditors in Egypt. These results suggest that internal audit function in Egyptian listed firms, in its current status, faces many difficulties that affect negatively its effectiveness in corporate governance.

Research limitations/implications

The findings of the study create doubt about internal audit's role as a corporate governance mechanism in Egyptian firms and, therefore, indicate that extensive efforts should be made to enhancing the internal audit profession in Egypt. The results of the study should be considered by regulators in Egypt in order to begin the necessary actions for legally pending the Egypt Code of Corporate Governance issued in October 2005 and in order to begin the necessary actions for developing the internal audit profession. However, owing to relatively small sample size, these finding should be interpreted with caution.

Originality/value

This paper contributes to the understandings of the nature and characteristics of internal audit function by empirically exploring the nature and characteristics of internal audit function in Egypt, as an emerging market.

Details

International Journal of Law and Management, vol. 53 no. 2
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 5 October 2012

Marietta Peytcheva and Peter R. Gillett

The purpose of this paper is to investigate practicing auditors' beliefs regarding the effect of prior involvement on the occurrence of quality threatening behaviour (QTB) during…

2805

Abstract

Purpose

The purpose of this paper is to investigate practicing auditors' beliefs regarding the effect of prior involvement on the occurrence of quality threatening behaviour (QTB) during an audit. The authors examine the extent to which auditors' beliefs about QTB are consistent with the theoretical framework of Kanodia et al., according to which prior involvement in audit work would increase the likelihood of auditors suppressing evidence inconsistent with earlier audit decisions.

Design/methodology/approach

The authors conduct an experiment in which auditors assess the likelihood of perceived reputation threats associated with encountering disconfirming evidence late in the audit, and the likelihood that such evidence will be suppressed.

Findings

Auditors participating in the study believe that prior involvement will induce a perception of personal reputation threats in an auditor encountering evidence inconsistent with the conclusions of earlier audit work. Participants perceive an auditor with prior involvement in the audit work to be more likely to suppress audit evidence than an auditor with no prior involvement; this effect is largely explained by the personal reputation threats believed to be induced by prior involvement.

Research limitations/implications

The findings provide important information, from the perspective of practicing auditors, about a situational antecedent of QTB that is present on most audit engagements. Prior involvement is perceived by auditors to induce a conflict of interest in reporting troublesome evidence uncovered late in the audit. These perceptions suggest it is important to raise reviewers' awareness of the possibility of undesirable behavior in such situations. Potential limitations of the study relate to generalizability of the results under different levels of misstatement risk and under different environments in audit practice. Also, the authors do not measure auditors' actual behaviour, but their assessment of hypothetical situations and beliefs about others' actions. Future research can examine actual auditor behaviour in the presence of prior involvement.

Originality/value

The paper provides evidence on auditors' beliefs about the effects on QTB of prior involvement, a factor that has not been previously studied in this line of research. The authors show that auditors' beliefs about QTB are consistent with Kanodia et al.'s theoretical framework. The study is the first to measure auditors' assessments of perceived reputation threats and to show their mediating effect on the predicted behavior of audit professionals.

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Book part
Publication date: 11 November 2024

Dario Mazzola

Free Access. Free Access

Abstract

Details

Freedom and Borders
Type: Book
ISBN: 978-1-80117-994-2

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