Internal Controls Over Navy General Fund, Cash and Other Monetary Assets Held Outside of the Continental United States

2008 ◽  
Author(s):  
Patricia A. Marsh
Keyword(s):  
United States ◽  
Internal Controls ◽  
General Fund ◽  
Monetary Assets

THE DEMAND FOR LIQUID ASSETS: EVIDENCE FROM THE MINFLEX LAURENT DEMAND SYSTEM WITH CONDITIONALLY HETEROSKEDASTIC ERRORS

2018 ◽  
Vol 23 (07) ◽  
pp. 2941-2958
Author(s):  
Dongfeng Chang ◽  
Apostolos Serletis
Keyword(s):  
United States ◽  
Covariance Matrix ◽  
Financial Econometrics ◽  
The United States ◽  
Demand System ◽  
Demand Systems ◽  
Time Varying ◽  
Conditional Covariance ◽  
Demand For Money ◽  
Monetary Assets

We investigate the demand for money and the degree of substitutability among monetary assets in the United States using the generalized Leontief and the Minflex Laurent (ML) models as suggested by Serletis and Shahmoradi (2007). In doing so, we merge the demand systems literature with the recent financial econometrics literature, relaxing the homoskedasticity assumption and instead assuming that the covariance matrix of the errors of flexible demand systems is time-varying. We also pay explicit attention to theoretical regularity, treating the curvature property as a maintained hypothesis. Our findings indicate that only the curvature constrained ML model with a Baba, Engle, Kraft, and Kroner (BEKK) specification for the conditional covariance matrix is able to generate inference consistent with theoretical regularity.

US Securities and Exchange Commission’s announcement of chief of Foreign Corrupt Practices Act unit signals possible anti-bribery enforcement focus on non-United States issuers

2018 ◽  
Vol 19 (1) ◽  
pp. 31-34
Author(s):  
James L. Sanders ◽  
Kyle Bahr ◽  
Calvin Chan ◽  
Charles Hewetson
Keyword(s):  
United States ◽  
Design Methodology ◽  
Internal Controls ◽  
Legal Counsel ◽  
Foreign Corrupt Practices Act ◽  
Content Type ◽  
Playing Field ◽  
Additional Pressure ◽  
The Us

Purpose This paper explains how recent statements by the US Securities and Exchange Commission’s (SEC’s) leadership – including the new Chief of the SEC’s Foreign Corrupt Practices Act (FCPA) Unit – signal the American regulator’s intent to “level the playing field” by stepping up its investigations and enforcement of companies worldwide and what non-US issuers can do to prepare. Design/methodology/approach Uses information included in the announcement naming Charles E. Cain as Chief of the SEC’s specialized FCPA Unit to lay out an argument that the Unit’s priorities may focus more on non-US companies than US companies. Findings Based on past statements and written accounts made by Mr Cain, and with the tacit support of other senior SEC officials, it can be assumed that non-US companies will experience additional scrutiny from the SEC, in the name of leveling the playing field. Furthermore, it can be assumed that the SEC will place additional pressure on anti-corruption regimes in other international jurisdictions to do their part in combatting corruption. Originality/value This paper is of value to personnel within non-US issuers who are responsible for creating and enforcing their organization’s anti-bribery or anti-corruption policies and internal controls. It is also of value to legal counsel interested in developing an understanding of the current priorities of the SEC as far as the FCPA is concerned.

Early Internal Control Practices in the United States Army and the Evolution of Internal Control Practices in Businesses

2019 ◽  
Vol 47 (1) ◽  
pp. 1-18
Author(s):  
William F. Bowlin
Keyword(s):  
United States ◽  
Control System ◽  
United States Army ◽  
Internal Control ◽  
The United States ◽  
Internal Controls ◽  
Effective Control ◽  
Effective Use ◽  
The U.S

ABSTRACT This research analyzes, via an examination of documents from a frontier fort, Fort Abercrombie, Dakota Territory, the internal controls the U.S. Army had in place in the mid-1800s. Findings include: (1) that there are controls in place that safeguard assets, encourage efficient and effective use of funds, and comply with appropriations passed by the U.S. Congress; (2) the army's control system is similar in nature to the effective control system identified by the Committee of Sponsoring Organizations of the Treadway Commission; and (3) the army contributed to the evolution of internal controls in business.

Professionalism and Politics in the Procurement Process: United States Civil War Early Years

2017 ◽  
Vol 44 (1) ◽  
pp. 63-76
Author(s):  
Ellen Lippman ◽  
Martin McMahon
Keyword(s):  
United States ◽  
Civil War ◽  
The United States ◽  
Internal Controls ◽  
Early Years ◽  
The Political ◽  
Military Force ◽  
Procurement Process ◽  
False Claims Act ◽  
One Year

ABSTRACT The start of the United States Civil War in 1861 necessitated an increase in the U.S. military force from a population of approximately 16,000 men just prior to the beginning of the war to 700,000 men in less than one year. By the completion of the war four years later, an estimated 2,000,000 soldiers fought for the Union. The dramatic increase in manpower required a rapid response to supply the soldiers with clothing, equipment, and food. This paper analyzes the procurement process and its challenges during the early years of the war, from the initial rush to obtain a large number of supplies when established purchasing procedures were ignored, to the implementation of formalized internal controls and the adoption of the False Claims Act that was used to punish frauds carried out by procurement officers and outside contractors. This paper considers the political influences affecting procurement and finds that politics played only a small role in procurement, although a greater role in oversight of the procurement department.

The Role of Internal Controls in Corporate Governance Systems

2019 ◽  
pp. 260-274
Author(s):  
Ibrahim Oba
Keyword(s):  
United States ◽  
Corporate Governance ◽  
Significant Role ◽  
Internal Control ◽  
The United States ◽  
Internal Controls ◽  
Governance Systems ◽  
Interest In Research ◽  
Corporate Government

The recent scandals and corporate failures in the United States and in Europe have led to a renewed interest in research of corporate governance. The objective of this chapter was to explore the role of internal control in enhancing the corporate governance and supervise the functionality of the implementation of the corporate government principles. The results show that the internal control has a significant role in enhancing the corporate governance pillars in companies, and the successes of corporate governance requires compliance with all elements of internal control.

scholarly journals Auditing in the Era of the COVID-19 Pandemic: A Discussion of Challenges and Key Matters

2021 ◽  
pp. 38-48
Author(s):  
Djoko Susanto ◽  
Adi Masli
Keyword(s):  
United States ◽  
Quality Assurance ◽  
The United States ◽  
Internal Controls ◽  
High Quality ◽  
Unemployment Rates ◽  
External Auditors ◽  
Fraud Risk ◽  
Academic Researchers ◽  
Industry Sectors

As of the beginning of November 2020, the number of COVID-19 cases worldwide has approached 47 million cases. In the United States, there have been over nine million COVID-19 cases, and the death toll is approaching 232,000 deaths. The pandemic has negatively affected the economy, unemployment rates, and the performance of many industry sectors. Despite the adversities of COVID-19, stakeholders need external auditors to continue providing high-quality assurance work. We discuss the challenges and key matters that external auditors face due to the pandemic. We provide thoughts and suggestions for auditors to consider. Additionally, we propose some research ideas for academic researchers to advance in the future. The topics that we emphasize include remote auditing, scope limitations, auditing inventory, disclosures on risks and uncertainties, subsequent events, going concern opinions, internal controls, and fraud risk. This article should be informative to audit practitioners, corporate stakeholders, and academic researchers. External auditing will continue to play a crucial role in the functioning of the capital markets. It is essential to gather and disseminate knowledge about how auditors can remain effective and resilient during even the most strenuous times.

scholarly journals A Comparative Study of the Propensity of Whistle-Blowing: Empirical Evidence from China, Taiwan, and the United States

2014 ◽  
Vol 3 (2) ◽  
pp. 202 ◽  
Author(s):  
Dennis B.K. Hwang ◽  
Yan Chen ◽  
Andrew Blair Staley ◽  
Yafang Tsai ◽  
Chin-Ling Chu
Keyword(s):  
United States ◽  
The United States ◽  
Cultural Factors ◽  
Internal Controls ◽  
Personal Relationships ◽  
Ethical Standards ◽  
Whistle Blowing ◽  
Different Cultures ◽  
The Impact ◽  
The U.S

This paper explores cultural factors that influence the propensity to blow-the-whistle in China, Taiwan, and the U.S.  Statistical analysis of self-developed questionnaires reveals that:  a) Americans have a greater disposition to engage in whistle-blowing than Chinese and Taiwanese; b) the intention of Chinese and Taiwanese to whistle-blow is influenced to a greater degree by the dollar amounts involved and also by the impact of illegal, immoral or illegitimate practices on companies and societies than that of the Americans; c) Guanxi (personal relationships or networks) has a greater effect on the propensity to whistle-blow for Chinese and Taiwanese than for Americans. Auditors and managers need to be aware that employees in different cultures respond differently to factors that influence whistle-blowing. The results of this study will help auditors and managers better assess risk and the effectiveness of internal controls and ethical standards.

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