This article takes a look at the major accounting policies pertinent to risk management functions of banks internationally and in India. It benchmarks the Indian policies against those internationally on three parameters. It finds wide divergence in policies in Indian banks versus...

As of January 1, 2013, most of the world financial market economies are using International Reporting Standards (IFRS) as the required framework for financial statements. A non-comprehensive listing includes the European Union Countries, Canada, Australia, Japan and New Zealand. In the United...

This study empirically investigates the effects of mandatory audit tendering on audit pricing. Specifically, we examine audit pricing strategies potentially applied by Big4 and non-Big4 auditors when facing a tender for the upcoming period. Our study is motivated by the recent implementation of...

Auditors experience difficulty auditing accounts on which it is difficult to identify in advance all the evidence necessary to perform an effective audit. These accounts are challenging because they commonly require auditors to collect additional, relevant evidence in response to new information...

We examine the audit committee characteristics for S&P 600 firms that voluntarily adopt clawback provisions in their executive contracts. We find empirical evidence to show that audit committees in firms with voluntary clawback provisions meet more often, are larger, and have a larger proportion...

The paper analyses the implementation of the EU Non-Financial Reporting Directive in four European Member States: UK, Germany, France and Italy. The first part reviews the main trends, key differences and potential difficulties or unexpected consequences of the Directive. The paper then explores...

This article examines charitable contributions in the partnership context and the unintended tax arbitrage that occurs under section 704(d) of the Internal Revenue Code of 1986, as amended. Under the current law pursuant to Treas. Reg. § 1.704-1(d)(2) a partner’s distributive share of losses...

We report insights about ICFR-related challenges and practices at large U.S. public companies from survey responses of 145 accounting executives and interviews of 16 accounting executives. Executives view controls around non-routine transactions, income tax provisions, and access to data as...

We survey 170 inspectors, representing 27% of the inspection staff, from auditor public oversight boards (POBs) in 20 countries to understand whether, how, and why auditors respond to POB oversight. We find that a large majority of inspectors believe that auditors frequently respond to their...

The Sarbanes-Oxley Act (SOX) accelerated the rotation of the lead audit engagement partner and extended the required cooling-off period. SOX also extended rotation requirements to concurring partners. Consequences of accelerated rotation and extended cooling-off have yet to be explored in depth,...