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Full-Text Articles in Finance and Financial Management
A Practitioner's Approach To Implementing Community Bank Internal Controls, Paul A. Dubrey Jr
A Practitioner's Approach To Implementing Community Bank Internal Controls, Paul A. Dubrey Jr
Walden Dissertations and Doctoral Studies
Some community bank compliance professionals lack strategies to comply with the 2013 Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control framework statement, so they have been slow to adapt to the new COSO framework. However, they will be under increased regulatory pressure to do so. Grounded in Cressey's fraud triangle theory, the purpose of this qualitative single case study was to explore strategies community bank compliance professionals use to comply with the revised COSO internal control framework. Four compliance professionals at a community bank in the Boston, Massachusetts area who have successfully implemented strategies for internal control …
The Timeliness Of State And Local Governments By Gasb: An Evaluation Of Efficacy Of Financial Reports, Achraf Seyam, Alexander Hinners, Lauren Freire, Victor Parbat
The Timeliness Of State And Local Governments By Gasb: An Evaluation Of Efficacy Of Financial Reports, Achraf Seyam, Alexander Hinners, Lauren Freire, Victor Parbat
Publications and Research
In March 2011, the Governmental Accounting Standards Board (GASB) issued a research brief titled “The Timeliness of Financial Reporting by State and Local Governments Compared with the Needs of Users.” This study formally exposed an apparent gap between the time-of-issuance of governmental financial reports and their usefulness according to a large and diverse group of survey participants. According to the GASB in the aforementioned report, nearly a quarter of the government entities take longer than six months to issue their annual reports, with many evidencing release times of a year or more. Comparatively, the users surveyed indicated that report usefulness …
Designing Ca/Cm To Fit Not-For-Profit Organizations, Deniz Appelbaum, Stephen Kozlowski, Miklos A. Vasarhelyi, Joel White
Designing Ca/Cm To Fit Not-For-Profit Organizations, Deniz Appelbaum, Stephen Kozlowski, Miklos A. Vasarhelyi, Joel White
Department of Accounting and Finance Faculty Scholarship and Creative Works
Purpose – The purpose of this project is to undertake continuous auditing and monitoring (CA/CM) implementations working with small-to-medium-sized (SME) not-for-profit (NFP) organizations of varying sizes, business purposes and levels of technical sophistication. Design/methodology/approach – This paper discusses a project using a case study approach with an SME NFP entity. Findings – The findings support the discussions in the literature regarding CA/CM adoption in organizations, particularly regarding its implementation benefits and challenges. Research limitations/implications – The project is not complete in that additional case studies could possibly offer additional applicability to the findings. Practical implications – This case study illustrates …
Economic Effects Of Sox Section 404 Compliance: A Corporate Insider Perspective, Cindy Alexander, Scott Bauguess, Gennaro Bernile, Alex Lee, Jennifer Marietta-Westberg
Economic Effects Of Sox Section 404 Compliance: A Corporate Insider Perspective, Cindy Alexander, Scott Bauguess, Gennaro Bernile, Alex Lee, Jennifer Marietta-Westberg
Research Collection Lee Kong Chian School Of Business
We use survey responses from 2,901 corporate insiders to assess the costs and benefits of compliance with Section 404 of the Sarbanes-Oxley Act. The majority of respondents recognize compliance benefits, but they do not perceive these benefits to outweigh the costs, on average. This is particularly true among smaller companies where the start-up costs are proportionately larger. However, the perceived efficiency of compliance increases with auditor attestations, years of compliance experience, and after the remediation of a material weakness. Notably, the perceived effects of compliance depend largely on firm complexity, but are mostly unrelated to firm governance structure.
Do External Financial Statement Auditors Sufficiently Adjust Their Audit Plans For Automated-Control Deficiencies?, Daniel D. Selby
Do External Financial Statement Auditors Sufficiently Adjust Their Audit Plans For Automated-Control Deficiencies?, Daniel D. Selby
Accounting Faculty Publications
Shelton (1999) found that experience, based on rank, mitigates the influence of less-than diagnostic evidence in going concern assessments. But, numerous studies (e.g., Abdolmohammadi and Wright 1987) question the external validity of studies that use rank to determine experience. I suspect that specialized domain experience is a better measure because all auditor ranks do not have procedural knowledge in going concern decisions but many auditors may have procedural knowledge in audit planning (AICPA 2008) and automated controls (Hunton et al. 2004). I investigate whether external financial statement auditors (henceforth auditors) sufficiently adjust their audit plans for material-automated-control-weaknesses. I determine the …
Cpas' Role In Fighting Fraud In Nonprofit Organization, Andrea Mcneal, Jeffrey E. Michelman
Cpas' Role In Fighting Fraud In Nonprofit Organization, Andrea Mcneal, Jeffrey E. Michelman
Jeffrey E Michelman
The article discusses the role of financial officers and certified public accountants in facilitating and ensuring effective internal controls in nonprofit organizations. Nonprofit boards frequently experience a high turnover of members, and individuals that volunteer are often untrained or unqualified to properly perform the oversight function. Moreover, most small nonprofits are cash based, which can compound any issues or weaknesses present in the control environment.
Improving Internal Control Over Financial Reporting: Coso’S Guidance Not Just For Public Companies Anymore, Jeffrey E. Michelman, Bobby E. Waldrup
Improving Internal Control Over Financial Reporting: Coso’S Guidance Not Just For Public Companies Anymore, Jeffrey E. Michelman, Bobby E. Waldrup
Jeffrey E Michelman
When the Committee of Sponsoring Organizations (COSO) released itsInternal Control—Integrated Framework (ICFR) in 1992, the event went largely unnoticed. The importance of this framework changed dramatically with the passage of the Sarbanes-Oxley Act of 2002 (SOX). Because SOX required all covered entities to base their assessment of internal control on a recognized framework, COSO was readily embraced. Unfortunately, smaller public and nonpublic companies have found the 1992 framework complicated to apply and to understand.
Accounting Fraud At Cit Computer Leasing Group, Inc., Jeffrey Michelman
Accounting Fraud At Cit Computer Leasing Group, Inc., Jeffrey Michelman
Jeffrey E Michelman
The case chronicles a newly promoted manager's search to uncover an inventory fraud that had been perpetrated by her supervisor at CIT, a publicly held company. During the ensuing investigation, CIT and the Florida Department of Law Enforcement identified 36 different transactions involving the diversion of nearly 2,500 computers, with a conservative estimated total loss to the company of $637,000. Students are also exposed to the importance of internal controls, red flags, the fraud triangle, and forensic accounting techniques. The case also lets the reader see what occurs when, due to management override of internal control, a subordinate no longer …