Auditing Standards, Increased Accounting Disclosure Essays

Auditing Standards, Increased Accounting Disclosure Essays Auditing Standards, Increased Accounting Disclosure Essay Auditing Standards, Increased Accounting Disclosure Essay Auditing Standards, Increased Accounting Disclosure, and Information Asymmetry: Evidence from an Emerging Market A Proposal December 2003 Auditing Standards, Increased Accounting Disclosure and Information Asymmetry : Evidence from an Emerging Market The interest in accounting disclosure and audit quality by academics, practitioners, and regulators heightened following the various financial reporting scandals, and subsequent legislative and professional response to these scandals (e. G. , ASS Corporate Governance Guide 2003; Serbians-Solely Act 2002). An important question hat has been on the minds of many is whether the implementation of stricter auditing standards such as those mandated by the U. S. Serbians-Solely Act would improve the information environment of firms whose shares are publicly traded. In this paper, I investigate the link between information asymmetry, measured by bid- ask spread, and increased accounting disclosures following the adoption of new auditing standards in China?an environment in which disclosure hitherto was relatively low. Level (1988) asserts that accounting regulation should reduce and Overreached (2000) argue that increased accounting disclosures should reduce information asymmetry not only between firms and stockholders but also among investors. 2 Currently, most empirical results on the economic link between increased disclosure and information asymmetry are based on samples of U. S. Firms. However, these firms have a rich information environment, making it difficult to observe economic conse quences of increased disclosures (Callahan et al. 1997, Healy and Pale 2001; Core 2001; Else and Overreached 2000). An emerging market environment, which is characterized by higher level of ex ante information asymmetry, may provide a potentially more powerful setting for detecting the effects f increased disclosure on market liquidity (Overreached 2001). Unlike developed capital markets, accounting disclosures in Chinese capital markets have been characterized as low in quantity and quality (Ixia et al. 2004; Abdul-Chalk et al. 1999; Lie and Ghana 1996). Over the period 1996 to 1997, accounting regulators and professionals in China implemented a series of auditing standards, modeled after the International Auditing Standards. The new auditing standards address a wide range of issues, such as audits of financial statements, audit evidence, audit reports, fraud and errors, internal controls, and audit risk. All domestic auditors are required to comply with the new standards in the conduct of financial statement audits. In addition, the Chinese Securities Regulatory Commission (CARS) and the Chinese Institute of Certified Public Accountants (CPA) are required to impose costly penalties on auditors who fail to comply with the new auditing standards (Defend et al. 2000). For example, the Quantifying scandal in 1996 resulted in the suspension of the CPA firm from practice for six months. Further, the Chinese High Court issued Document No. 56 in 1996 emphasizing auditors legal liabilities at the national level (Gull et al. 003). The intent of the changes in auditing standardization, government enforcement, and litigation environment is to make auditors more independent than they used to be. If that is so, then disclosure behavior of firms should receive more supervision and control, yielding significant increases in the quantity and quality of firms disclosures and decreases in information asymmetry. Thus, after adopting these standards, Chinese firms should expect narrower bid-ask spreads, an economic benefit from increased disclosure suggested by Level (1988). In this paper, I extend prior research in several ways. First, I examine the role of auditing regulations in reducing information asymmetry. Only few studies have directly investigated whether audit quality enhances disclosure quality, reducing both information asymmetry and cost of capital in the U. S. (see Searcher 2003). 5 A plausible reason for the paucity of research in this area might be that the rich disclosure environment of U. S. Firms limits the incremental impact of audit quality on accounting disclosure quality (Healy and Pale 2001). In contrast, the disclosure level in the Chinese emerging market is relatively low, thus audit opinions could envoy useful information to the market about the quality of a firms accounting information. Empirical studies on Chinese capital markets have documented links between auditing regulations and audit qualifications (Defend et al. 2000), and between audit qualifications and market return (Gull et al. 2003). I extend this line of research by investigating the impact of increased auditing regulation on firms accounting disclosure on information asymmetry (e. G. , see Yon 1998). As noted by Callahan et al. (1997), these studies focus only on the short-run information symmetry risk faced by dealers and investors rather than the long-run information asymmetry risk, which is of much concern to policy-makers and regulators. 6 In this study, I examine the long-term information asymmetry between the informed and uninformed traders caused by the structural differences in the access to information (Callahan et al. 997, 57). Finally, the Chinese emerging market implemented a series of auditing standards within a short period. The incremental effects of increased accounting disclosure on information asymmetry in such an environment should be much more significant than in a rich disclosure environment f developed markets (Overreached 2001). In addition, this study is also the first to explicitly stud y economic link between increased accounting disclosures on information asymmetry in an emerging market. I compare an experimental group of firms not previously audited under any auditing standards to a control group of firms previously audited under the international auditing standards. 7 1 will investigate whether the experimental firms bid-ask spreads declined significantly subsequent to the adoption of the new auditing standards (controlling for other known bid-ask spreads determinants). Further, I will conduct time-series intervention analyses to examine the experimental groups spread reductions are significant and permanent and whether there is a significant decline in control groups bid-ask spread. The results of this paper could have implications for policy-makers and regulators, and in particular, those in emerging economies. Policy-makers and regulators usually state that high quality accounting and/or auditing standards result in greater investor confidence, which improves liquidity, reduces capital cost, and makes market prices possible (Levity 1998, 81). A good effort on accounting/auditing policy-making and regulation should help the emerging economies improve information environment and market liquidity. The results suggest that auditing standards enhance disclosure quality, and that regulators in emerging economies should focus on auditing regulations to enhance audit quality in addition to their efforts to improve corporate accounting disclosure. 8 The remainder of the paper will be organized as follows. Section two will present the motivations for the study and the institutional settings of the Chinese emerging market. Overviews of prior research and hypothesis placement are to be presented in section three. Section four will describe the research design, and section five will present the empirical results.

Why Introverts are Vital to the Health Care Team

Why Introverts are Vital to the Health Care Team If you’ve spent any time in the industry, you know that the typical state of any health care facility is controlled chaos: patients stream in and out in need of attention, while doctors, nurses, assistants, and techs all work together to keep the machine running. If you thrive on solitude, can you make it in this profession? There has been a lot of talk lately about the role of introverts in society (people who feel more comfortable focusing inward on thoughts and feelings rather than outward on interactions with others). Popular opinion used to be that you were doomed if you weren’t commanding and outwardly confident.  But people are starting to realize that introspection is a very valuable professional skill–especially in medicine, when dealing with the important topic of patients’ health.Starting in undergraduate school, and then through professional studies, introverts learn to rely on themselves to weather the most challenging storms. Building up a quiet confidence comes in extremely handy when life-or-death challenges are thrown your way in the working world.You also have a skill set the more social of your peers struggle with: the ability to tap into the more emotional and sensitive side of patients.  In fact, if you identify as an introvert you likely will not only survive–you will thrive in patient relations, one of the toughest parts of the job.Embrace your ability to be quiet and thoughtful. Then, learn to work with extroverted colleagues to create a medical team that can handle all sides of patients’ needs.  Your introversion is not a liability, it’s a bonus!Can Introverts Survive in Medicine?

The Racketeer Influenced and Corrupt Organization Statute of 1970 Case Study

The Racketeer Influenced and Corrupt Organization Statute of 1970 - Case Study Example This paper highlights in-depth analysis of RICO including various ways of RICO being used, criticisms made by the civil libertarians and legal establishments. Additionally, it will analyze the expansion of RICO due to the Supreme Court cases. As mentioned before, much of the criminal procedure has been expanded due to the use of Racketeer Influenced and Corrupt Organization Act of 1970 (RICO). Defining the phrase "organized crime" used in RICO has proven to be somewhat indefinable. For example, it took twenty years to eliminate La Cosa Nostra. Its special strike forces were disbanded by the Justice Department in 1990 under RICO. The law RICO itself did not try to define the organized crime other than listing a number of crimes alleged to be committed by racketeers. Organized crime or racketeering is mostly defined by RICO in a manner of committing racketeering activity by a group or an individual as a part of an enterprise.1 It has blurred the lines amid the federal law enforcement and state. The expansion of the federal crime law has been introduced due to the attempts of federal bureaucrats and politicians to do something regarding the increased crime rates. Mostly to prevent the illegal use of drug in America and to punish people who are involved in so called "white-collar" crime. RICO was passed by the Congress in 1970 under the President Richard Nixon's 'crime bill.' However However, according to the federal prosecutors, RICO is a powerful tool that can be used against the business owners. For example, Rudy Guiliani, who prosecuted Michael Milken including other leading lights of the Wall Street in 1980's, rose to become one of the first mayors of the New York City and a public speaker who collected $75,000 on every speech, was involved in the earliest attempts to expand RICO to prosecute few of the private business figures. Despite the federal prosecutors, RICO has helped a little or not at all in stopping crimes like rape, murder, robbery etc. which was the major concern of the public in 1970's. It has only enabled the federal prosecutors to avoid the separation of constitutional powers amid the state and the national governments. Since RICO was introduced, the jurisdictional boundaries along with the federal law enforcement and state have been removed.2 On the other hand, there are a variety of RICO civil and criminal cases that have appealed for the reason that the statutes are conflicting with the fundamental constitutional protections. Most of the cases are focused on the First Amendment protections of speech and assembly plus the Sixth Amendment which concerns about the access to double threat and legal counsel. Cases in the First Amendment include the usage of RICO in obscenity trails. Main issues in this section are the use of forfeiture which involves a former restraint or rely on distantly strained obscenity statutes. It was the Meese Commission on Pornography of 1985 who supported the use of forfeiture so that obscenity from American society is eliminated permanently. But however, in the case of U.S. vs. Pryba (1988) the National Obscenity Enforcement Unit refused to the claim made not in favor of RICO. In some way, RICO reintroduced the criminal forfeitures

Market Continuum Analysis Essay Example | Topics and Well Written Essays - 1250 words

Market Continuum Analysis - Essay Example 51, No. 1, 1973 (pp. 95-124). OECD has 30 member countries in its elite panel and in that survey they have identified that Public spending (5.8 GDP) is almost identical to that of Great Britain or any other countries. It also compared Pharmaceutical spending, Health care spending by the Government and Health care status in the country etc to produce the research. While they have observed that IN U.S the spending more than other countries in Health care it is not producing the desired results. One of the main reasons for this being the relatively greater cost in US of health care services when compared to other countries. This makes Health care services in US to many of its citizens and many others who are working in their country virtually unreachable. During the mid 1990's when there is a software craze going on around the world and In US also, they recognized the need for policy modifications in their Health care systems, which is a result of crisis already existing. The problem with the policy making is that it only reveals what policies need to modified so as to design a suitable policy or them. However the important part that is how to execute these policies is never taken into count. Also in a country like U.S planning a health service suitable for the entire population it self is a big challenge. The reason being the older populations are growing because low mortality rate especially in old people. Also the older people despite the fact they are living for a longer duration are also direly in need of medical supplies. Andersons' Principles of planning: 1. Business ethics 2. Need Vs the demand 3. Economics 4. Equity theory While Anderson discussed at the length about the market penetration and Pricing models the strategies suggested by Anderson had implications on the U.S Social structure, their economy and the people's economy too. The reason for change: One of the prime reasons why the US wanted a change in the health care system is due to the low potential index of the health care system. Quality surveys done by organizations such as OECD reveal exactly these implications. In the sense, the US health care is a victim of poor monitoring and the failure of supply chain mechanism. Like in many other countries the US health care has to cater its services to large middle class section and affordability of the services is a criterion for change. Also the US wanted discrimination to end and the only way to beat it is by furthering the market potential of the health care services. The Transition: However while initiating the change process not enough study has been done according to the writer to nullify the consequences. In one way the consequences are unforeseen, even by the industry experts and to add to the existing woes the weakening of the economy caused further trouble. The Government has taken measures to ensure a certain change is possible and they thought that by maximizing the net returns on the health care can lessen the burden on the already weak and depleted economy. For this they have chosen change agents for continuous and consistent supply of the health care services even in the farthest corners of U.S. More over they have taken steps to cut down on the expenditures to minimize losses the health care is incurring for a period of time. Inorder to ensure that costs are reduced they have

How does Elie Wiesel change in response to his concentration camp exper

Everyday, we go through situations and experiences that affect us in someway, perhaps even change us. Different situations have different effects. The more difficult the situation is, the more of an effect it has on us. Those hard times can be called adversity. How do we, as humans, react to adversity? What are the possible effects it may have?   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  An example of adversity is the Holocaust - Hitler‘s plan to exterminate the Jews. In the memoir, Night, we discover how Elie Wiesel changes in response to his concentration camp experiences. The separation from his loved ones and the horrible conditions of these camps affect Elie immensely. Elie is affected in the following ways: physically, emotionally and spiritually. The Holocaust had changed him into a completely different person.   Ã‚  Ã‚  Ã‚  Ã‚  Physically, Elie basically changes from a healthy human being into a walking skeleton. The Jews can be described as â€Å"skin and bones†. They were also extremely weak. Being forced to work at their labor camps must have been extremely difficult. The lack of food served at the camps, as well as the poor quality of what is being served made him that way. The Jews were only fed bread and soup. It gets to the point where everything revolves around food and each person’s own survival. For example, on page 104, Elie’s father claims that the other prisoners were beating him. Elie’s then says â€Å" I began to abuse his neighbors...

Negative Effects of Divorce on Children Essay

In today’s society, there are an increasing number of social ills and stigmas that follow the family unit. One of the most prevailing detriments to the family structure is that of parental divorce. Divorce can be one of the most difficult transitions for any family to go through; it can have lasting effects on both parents, as well as children in the teenage years. However, one of the greatest impairments can be to school aged children. In the Bahamian society, this fact of divorce has not changed. Most couples who are married and starting families can run into problems that can be irreconcilable; and in that case, divorce may seem like the only option for the couple. Constance Ahrons states, â€Å"†¦ the reality is that 43 percent of first marriages will end in divorce† (pg. 7). This may leave children to become adjusted to seeing their parents be with other people and with a lot of unanswered questions. In most cases, parents may choose to re-marry and this could spawn contention between the kids and the step-parents. Most times, kids who have parents who are going through a divorce may have to deal with coping to new changes, behavioural issues, and academic problems. First, one of the reasons that divorce can be extremely hard on children is because it may force them to deal with many sudden changes in their lives. Depending on the situation, these changes can range from alterations in living arrangements to changing schools. One of the most common changes that can happen after parents are divorced is that they can begin to have hostility towards one another and the children get caught between the  fighting; in this scenario, the child is put at risk. Kendra Randall Jolivet states, â€Å"More specifically inter-parental conflicts concerning child-related issues, such as custody, child support, and child rearing practices have been closely associated with child adjustment problems† (pg. 175). Continually, she states that divorces with a lot of infighting between parents â€Å"doubles the rate of behavioural and emotional adjustment problems† (pg. 176). Another problematic scenario that can rise from divorce is the matter of children constantly having to move from household to household to spend time with each respective parent. In some instances, this can be very manageable and as a result, the child may adjust to the constant movement rather quickly; however, if this is not the case and one or both parents decides upon taking sole custody of the child, this can lead to other problems. In her book, We’re Still Family, Constance Ahrons quotes a child who having gone through that particular situation said that: Although sometimes the going back and forth was a hassle, what really upset me was how my parents kept fighting about whether I spent more time with one of them than the other one. It made me feel like it wasn’t really the time with me that mattered, it was only whether one of them won the tug of war. (pg. 67) Situations like these can have adverse effects on children and cause them to be at greater risk of having lasting after effects. Furthermore, some effects may not end in childhood but can also be taken into adulthood. Sandford M. Portnoy states, â€Å"Evidence suggested that these negative effects lasted into adulthood† (pg. 126). In the attempt to cope with the changes in their family structure being unsuccessful, some kids may be at risk of â€Å"lower measures of academic success, conduct, psychological adjustment, social competence, and health† (Portnoy, pg. 126). This can also result in children having negative views of social concepts such as love, family and marriage. Second, for most children, parental divorce can be a very traumatic experience; one which even after resolved can have emotional and behavioural side effects. Molepo, Sodi and Maunganidze states, â€Å"Younger children show a  greater sense of self-blame, acting-out behaviours and regression. They may express more feelings of rejection and abandonment† (pg. 251). In many cases, the age of the child at the time of divorce can play a very critical role in how children deal with the stress of divorce. Molepo et al. states, â€Å"Older children express intense anger towards the parent perceived to carry the responsibility for the divorce† (pg. 251). Continually, children may not only act out at home but also at school with their teachers and peers as well. Steven R. Rose states that, â€Å"Children of divorce are more likely than other children to be engaged in conflict in school systems† (pg. 89). Furthermore, the effects of the divorce may differ based on the sex of the child. For instance, boy may be prone to aggression, violence, criminal tendencies and delinquency whereas girls may be prone to skipping school, ducking classes, sexual promiscuity, running away and acting out (Jolivet, pg. 177). Jolivet also states that children may also have: A tendency toward lower rates of education, early marriage, living together before marriage, and a group of behaviours which can be described as: lower commitment to marriage, infidelity, problems with anger management, feelings of insecurity, neediness, demandingness, denial and blame, contempt, and poor conflict resolution skills, higher levels of depression, and more problems with peers. (pg. 177) Children who do not cope with their parent’s divorce properly can be affected so much that they can take these same problems into their adult life. Children who struggle with feelings such as these may grow up to be adults in society who have marriage problems as well and have to go through a divorce themselves. Furthermore, children who do not cope properly with divorce can mature into teenagers or adolescents who are violent and aggressive and increase the crime rate in the country or who increase the rate of teen pregnancies and high school dropouts. Third, children of divorce can be affected in the area of school work and academic studies. In some instances, children of divorced parents can be negatively affected in academic and social adjustments. Rose also states that, â€Å"Children of divorce have more school attendance difficulties and higher dropout rates, more difficulties in social interaction, classroom conduct that interferes with performance and have a greater number of learning disorders than other children† (pg. 88). Furthermore, because of family problems, children may end up becoming introverted and internalizing many of their problems and feelings; however, this can also be reversed whereas kids may decide to externalize their problems and act out or disrupt other students from learning. Rose also states that, â€Å"Children and adolescents who are distracted from learning in school, because of their cognitive and emotional responses to family events, are less likely to achieve satisfactorily than other youngsters† (pg. 89). Children of divorce who have problems focusing on their studies or behaving in school can result in an increased number of students who fail national exams and are forced to repeat or students who grow up to be bullies. Moreover, it can increase the number of persons who drop out of school and don’t go to college or does not finish college. Conclusively, in the Bahamian society, children who have gone through a situation of parental divorce or have been through a situation of parental divorce may have warped views of family, love and marriage. Furthermore, they may have problems coping with difficult or stressful situations, behavioural issues or academic problems. These kids can grow up to become members of society that join the percentage of failed marriages, or couples with domestic issues. They may also develop or mature into young adults who could positively or negatively affect the statistics in the country concerning education, crime, teen pregnancy and other such sensitive social topics. Children of divorce are at an even higher risk for a plethora of social ills and can reproduce the same actions and behaviours in their own children if they are not careful. In most of these cases, the children are not directly involved in their parents’ divorce but due to circumstances and factors such as age, they can start to feel responsible for their parents’ actions and then blame themselves for splitting up the family. All of these possibilities may be the result of one simple action: divorce.

Standardized Terminology Paper Standards Terminology

Standardized Terminology Paper Tracy Bell Frostburg State University Running head: STANDARDIZED TERMINOLOGY PAPER 1 STANDARDS TERMINOLOGY PAPER 6 STANDARDIZED TERMINOLOGY PAPER 2 Standardized Terminology Paper Nurses every day work together as a team in implementing individual care plans specific to patient care to meet needs. For this reason nurses must use a language when documenting details of patient care that is universal and easily understood by others. This type of communication is called standardized terminology. Standardized terminology is an important communication tool in nursing because it is a universal language that aides in describing patient care and can be understood by all parties included. (Keenan, 1999).†¦show more content†¦Nursing Diagnosis A nursing diagnosis is used during the nursing process in order to identify and treat the main complaint the patient presents with. After the assessment a nurse develops a care plan based on the nursing diagnosis. This helps navigate how to effectively approach the patient’s condition and promote positive outcomes. The nursing diagnosis formulated for my infant was as follows: Ineffective breathing pattern related t o an increase in work of breathing as evidenced by substernal retractions and decreased oxygen saturation. Domain: Class Ineffective breathing pattern (00032) (NANDA International, 2012) Nursing Interventions Classification (NIC) Interventions The following is a list of interventions using the nursing intervention classification (NIC) system and activities to support this nursing diagnosis of ineffective breathing pattern related to an increase in work of breathing as evidenced by substernal retractions and decreased oxygen saturation. Intervention 1 (3140) Airway Management: Facilitation of patency of air passages (Bulechek McCloskey-Dochterman, 2008). Activities:  · During my assessment and as needed I auscultated the lungs to assess for changes in lungs sounds. 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