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Studies show firms reporting using Generally Accepted Accounting Principles in the United States (US GAAP) and International Financial Reporting Standards (IFRS) are similarly valued in the market, however, these studies are limited due to the noise present in international studies from regulatory differences. This study aims to eliminate much of this noise by using a cleaner sample of all listings with the Securities Exchange Commission (SEC). This paper also looks at more detailed book value figures.

There have been previous studies on the differences in market valuation of firms reporting using IFRS vs US GAAP. Most of this research is confounded with difficulties due to different regulatory environments and volatile time periods. The study uses cleaner data following the SEC’s acceptance of IFRS financials without a 20-F Reconciliation. The authors use a large sample of non-US firms trading on US exchanges choosing to use either US GAAP or IFRS for SEC reporting purposes. The sample period starts two years after the SEC’s acceptance of IFRS financials without a 20-F reconciliation and is larger than earlier samples.

The authors show that there is no difference between IFRS and US GAAP firms’ overall value relevance, however, earnings are more value relevant when measured using IFRS and book value is more value relevant when measured using US GAAP. The authors find that the difference between US GAAP and IFRS can be explained, at least in part, by greater market multiples being placed on inventories and goodwill using US GAAP. This is offset in part by greater multiples being placed on other assets under IFRS.

The authors replicate earlier studies but also extend with a better sample and more detailed finings.

The purpose of this paper is to examine whether auditors interpret the risk of material misstatement (RMM) in accordance with current standards' definition of inherent risk (IR). It is argued that controls should not be presumed when assessing inherent risk and that inherent risk should be considered separate from and prior to control risk when it is practical to do so. Because auditing standards explicitly require auditors to assess IR without consideration of internal controls (i.e. control risk (CR)), RMM should not be adjusted upward for control deficiencies.

The authors survey and interview practicing auditors to gain an understanding of current risk assessment practice. They then evaluate whether their understanding of risk assessment is in line with current standards.

Contrary to auditing standards' definition of inherent risk, it appears that auditors presume some level of expected control effectiveness when assessing IR and they may increase RMM in response to internal control deficiencies. Such a presumption is inconsistent with the definition of inherent risk from the Auditing Standards Board (SAS No. 107), Public Company Accounting Oversight Board (AS 8), and International Auditing and Assurance Standards Board (ISA 200). Such misinterpretation may be an inadvertent result of guidance provided by standard setters in the form of SAS No. 109 from the ASB, AS 12 from the PCAOB and ISA 315 from the IAASB, which suggest combining IR and CR into RMM.

The research is limited both by the small sample size and the small number of risk factors investigated.

If auditors presume a level of controls in assessing inherent risk, they may reduce audit effectiveness by estimating a lower RMM than is appropriate.

This study presents insights on the interpretation and assessment of audit risk in audit environments where inherent risk is no longer automatically set to be at the maximum. Namely that due to the definition of inherent risk, control information should have a unidirectional downward effect on the risk of material misstatement.

In 1960, Alfred Hitchcock’s Psycho stunned both the cinema-going public and critics alike. Its tale of a young, genial, likeable and mother-fixated hotel proprietor – Norman Bates (played by Anthony Perkins) – whose psychotic tendencies and fractured personality tapped into the zeitgeist of an America changing in a post-World War II world, was very much the antithesis of rock ‘n’ roll rebels like Elvis Presley and James Dean. Norman Bates was Anthony Perkins and Anthony Perkins was Norman Bates.

In 2013, Norman resurfaced from numerous remakes in Bates Motel. With its nod to the past, and a look to the future of how Norman’s story pans out, the series’ narratives, characters and situations showed there was life for him, his mother and the motel beyond cinema.

This chapter examines how Creed’s ideas of ‘Monstrous’ can be overlaid onto Norman, his mother Norman and Bates Motel.

Congress has spilled a good deal of ink in an attempt to support survivors of sexual assault and to prevent sexual violence from occuring. Legislation has been passed to address and prevent sexual assault in the military environment, higher education, and even within various government agencies. However, Congress has had a long and sordid history of burying incidents of sexual assault within its own halls. Prior to the #Metoo movement, Congress had a rather lackluster bill that provided minimal protection for those who were harassed or assaulted by a member of Congress and rarely held anyone accused accountable for their actions. In fact, the original Congressional Accountability Act included a fund that was used to pay off those who came forward with allegations of sexual harassment or assault against a member of Congress. This chapter follows the legislative history of Congress with regard to the response to and prevention of sexual assault and its shocking lack of oversight of its own members who were frequently committing the same assaults that they were legislating against in other areas. The chapter also highlights the brave work of survivors of assault during their time in Congress, and the work of the #MeTooCongress movement, including current members of Congress, who helped to bring more accountability to Congress as a result of their efforts.

In 2009, the European Operations Management Association (EurOMA) celebrates its 15th anniversary and its precursor, the UK OMA, its 25th anniversary. The purpose of this paper is to review the origins and foundations of today's EurOMA and how it has progressed to being a vibrant and successful organisation.

The review draws on archived documents, especially newsletters and board minutes, as well as memories of all of those involved.

The review shows an important evolution from two groups of like minded individuals, through building annual conferences and brings these together as one. It then shows how it has evolved both through formalisation of its activities, building international links and, most importantly, developing a portfolio of activities to develop and support young researchers.

Where records are not available, the paper draws on individual memories of events from a long time ago.

As well as providing an invaluable record, it can provide a model for the development of similar organisations.

This paper aims to analyse the implementation challenges faced by internal audit departments of public sector organisations and central banks when implementing continuous auditing (CA) systems. CA aims to monitor internal control systems and risk levels on a continuous basis to support the audit process. This study identifies the implementation challenges of CA systems and proposes adequate countermeasures.

This study employs the design science information system research and the design science research process methodologies to ensure the rigor of this analysis. These research methodologies are adopted to tackle identified organisational problems and propose solutions. This methodological approach consists in the following phases: identification of the problems and motivation; definition of the objectives of the solution; research design and development; evaluation; communication.

This study detects several implementation challenges for public sector organisations and central banks and proposes adequate solutions. This study finds that these challenges are related to organisations’ complexity, institutional rigidity, potential threats to internal auditors’ independence and the issue of considering CA system as a “real time error correction” mechanism. The solutions involve the development of a business process focussed audit approach to enable internal auditors to analyse CA indicators, and the use of CA systems to support each phase of the audit process.

This study contributes to the scant strand of literature on internal auditing in central banks. Given the exceptional demand for guidance concerning internal auditing in the public sector and in central banks, this paper provides guidelines for these organisations to implement CA systems and to tackle implementation challenges. The analysis allows internal audit departments within central banks to better support their organisations in the achievement of their important regulatory and policy objectives.