SUMMARY
Independent assurance of extended external reports (EER) is one of the most significant trends in today’s global assurance profession. When companies decide to purchase third-party assurance ...on EER, they need to decide whether to engage their financial statement auditor or a different assurance provider. We examine factors that impact this decision, and the consequences of this decision on financial statement audit quality and cost. We find that independence concerns are associated with companies choosing different EER assurance providers from their incumbent financial statement auditors, while providers’ expertise in EER assurance and the recent trend of integrating nonfinancial information into the annual report promote the use of the same provider. We further find some evidence that companies with the same provider attesting to both financial statements and EER benefit from having higher financial statement audit quality without paying significantly different audit fees.
This research looks at the current situation and development of the snacking industry from a company perspective (taking KP snacks as an example). First, the paper analyses the financial statements ...based on the balance sheet, income statement and statement of cash flow. The reason is analysis of financial statements is one of the most important aspects of company management, it can help in optimize the financial management of the company. Secondly, this research is based on the annual report of “KP snacks” between 2017 to 2022 and uses the data from the reports to calculate several ratios, to analyse the profitability, operating conditions and capital management of the company. Based on those analyses, the revenue of the company is forecasted for the next 5 years. According to the study, KP Snacks has strong profitability, but cash flow is not being handled well. However, the company’s profitability is expected to increase over the next few years.
Seasonality and Analyst Forecasting AYRES, DOUGLAS; DOLVIN, STEVEN
Quarterly journal of finance and accounting,
01/2022, Letnik:
60, Številka:
1/2
Journal Article
Recenzirano
Chang, Hartzmark, Solomon and Soltes (2017) document anomalous and substantial stock market reactions to quarterly earnings releases for firms that exhibit seasonal earnings patterns. They partly ...attribute this finding to heightened financial analyst forecast errors for seasonal firms, but they do not examine why, to what extent or which firm and analyst characteristics impact the error. We fill this gap by further examining the relation between seasonality and analyst forecast error. Utilizing a novel measure of seasonality and a sample of North American firms, we document that seasonal business patterns appear to reduce overall forecast accuracy and lead to greater levels of disagreement among analysts, which generally supports the findings of Chang et al. (2017). We note that analyst experience offsets the effect of seasonality, as more experienced analysts are able to produce more accurate, less dispersed estimates for seasonal firms.
Şirketlerin mali durumlarını ve dolayısıyla finansai tablolarını olduǧundan daha iyi göstermek amacıyla yaptıkları deǧişiklikler, muhasebe veya finansai bilgi manipülasyonu olarak adlandırılır. ...Finansai bilgi manipülasyonunu ortaya çıkarmak için bazı yöntemler geliştirilmiştir. Bu çalışmada, Beneish TR Modeli kullanılarak, finansai tablolarda yapılan olası manipülasyonlar tespit edilmeye çalışılmıştır. Bu amaçla hisse senetleri Borsa İstanbul (BİST)'te işlem gören ana metal sanayi sektör grubunda yer alan 16 şirketin 2018, 2019, 2020, ve 2021 dönemleri finansai tabloları kullanılmış ve 2020 ile 2021 yılları için Beneish TR deǧerleri elde edilmiş ve yorumlanmıştır. Buna göre, 2020 yılında yalnızca bir şirketin manipülasyon yapma ihtimali olduǧu, 5 şirketin manipülasyon yaptıǧına dair ciddi kanıtlar bulunduǧu, 7 şirkette de manipülasyon yapıldıǧına dair çok önemli kanıtlar olduǧu, 2021 yılı için ise bir şirkette manipülasyona başvurulduǧuna dair bir kanıt olmadıǧına, 2 şirketin manipülasyon yapma ihtimali bulunduǧu, 5 şirketin manipülasyon yaptıǧına dair ciddi kanıtlar olduǧu ve 8 şirketin manipülasyon yaptıǧına dair çok önemli kanıtları bulunduǧu tespit edilmiştir.
Objetivo: Analisar o desempenho econômico-financeiro dos clubes de futebol com as vinte maiores receitas do mundo e aplicar as técnicas de análise das demonstrações contábeis de índice padrão e ...modelo de solvência. Método: De forma descritiva, com uma abordagem quantitativa e, do ponto de vista dos procedimentos técnicos, como uma pesquisa bibliográfica e documental, aplicou-se os indicadores de liquidez, endividamento e rentabilidade às demonstrações contábeis dos vinte clube com as maiores receitas mundiais. Para a construção do índice-padrão, distribuiu-se os indicadores na classe de percentis decis, demonstrando o resultado e interpretação para cada clube. Originalidade/Relevância: A relevância da pesquisa encontra-se pautada na necessidade de alinhar o desempenho esportivo ao financeiro, valorizando uma gestão responsável, transparente e profissional que utiliza de técnicas e estratégias de gestão na captação, aplicação e administração dos recursos financeiros, além de servir de parâmetro para avaliação do desempenho de demais entidades desportivas. Resultados: De forma geral, destaca-se que os clubes apresentaram níveis de liquidez abaixo do recomendado pela literatura acadêmica, financiamento de suas atividades, majoritariamente, com capital de terceiros e proporção de dívidas maior a curto prazo. Quanto à rentabilidade, mesmo sendo clubes com grande captação de receitas, apenas uma pequena parte desta transformou-se em lucro, demonstrando uma grande estrutura de custos e despesas. Contribuições teóricas: Com base nas lacunas identificadas, esta pesquisa contribui para a evidenciação da importância de uma gestão profissional nos clubes desportivos, salientando que o desempenho financeiro correlaciona-se com os resultados alcançados esportivamente Palavras-chave: Indicadores financeiros. Índice-padrão. clubes desportivos. Cite como American Psychological Association (APA) Mendes, R. C, & Gonçalves, R. S. Terceiro tempo: análise do desempenho financeiro dos maiores clubes desportivos mundiais e aplicação das técnicas de índice padrão e modelo de solvência. PODIUM Sport, Leisure and Tourism Review, São Paulo, 10(4), 1-21. Objective: Analyze the economic and financial performance of football clubs with the twenty largest revenues in the world and apply the analysis techniques of the financial statements of standard index and solvency model. Method: In a descriptive manner, with a quantitative approach and, from the point of view of technical procedures, such as a bibliographic and documentary research, the liquidity, indebtedness and profitability indicators were applied to the financial statements of the twenty clubs with the highest worldwide revenues. For the construction of the standard index, the indicators were distributed in the percentile percentile class, showing the result and interpretation for each club. Originality / Relevance: The relevance of the research is based on the need to align sporting and financial performance, valuing responsible, transparent and professional management that uses management techniques and strategies in the capture, application and administration of financial resources, in addition to serve as a parameter for evaluating the performance of other sports entities. Results: In general, it is noteworthy that the clubs presented liquidity levels below that recommended by the academic literature, financing of their activities, mostly, with third party capital and a higher proportion of debts in the short term. Regarding profitability, even though they are clubs with a large revenue collection, only a small part of this turned into profit, demonstrating a large structure of costs and expenses. Theoretical contributions: Based on the identified gaps, this research contributes to highlight the importance of professional management in sports clubs, emphasizing that financial performance is correlated with the results achieved in sports. Keywords: Financial indicators. Standard index. sports clubs. Objetivo: Analizar el desempeño económico y financiero de los clubes de fútbol con los veinte mayores ingresos del mundo y aplicar las técnicas de análisis de los estados financieros de índice estándar y modelo de solvência. Método: Descriptivamente, con un enfoque cuantitativo y, desde el punto de vista de los procedimientos técnicos, como una investigación bibliográfica y documental, los indicadores de liquidez, endeudamiento y rentabilidad se aplicaron a los estados financieros de los veinte clubes con los mayores ingresos mundiales. Para la construcción del índice estándar, los indicadores se distribuyeron en la clase de percentil percentil, mostrando el resultado y la interpretación para cada club. Originalidad / Relevancia: La relevancia de la investigación se basa en la necesidad de alinear el desempeño deportivo y financiero, valorando la gestión responsable, transparente y profesional que utiliza técnicas y estrategias de gestión en la captura, aplicación y administración de recursos financieros, además de Servir de parámetro para evaluar el rendimiento de otras entidades deportivas. Resultados: En general, cabe destacar que los clubes presentaron niveles de liquidez inferiores a los recomendados por la literatura académica, financiando sus actividades, principalmente, con capital de terceros y una mayor proporción de deudas a corto plazo. En cuanto a la rentabilidad, a pesar de que son clubes con una gran recaudación de ingresos, solo una pequeña parte de esto se convirtió en ganancias, lo que demuestra una gran estructura de costos y gastos. Contribuciones teóricas: con base en las brechas identificadas, esta investigación contribuye a resaltar la importancia de la gestión profesional en los clubes deportivos, enfatizando que el rendimiento financiero está correlacionado con los resultados logrados en los deportes. Palabras clave: Indicadores financeiros. índice estândar. clubes deportivos.
This paper primarily focuses upon the adoptability of set of governance mechanisms evolved by the Securities and Exchange Commission of Pakistan (SECP) by the listed firms at Pakistan Stock Exchange ...(PSX). Purposefully, one of the heavily contributing industries of Pakistan, textile spinning industry has been targeted. Empirical estimation underwent the data of listed firms at PSX for the period of 2010-2018. Sources of the data were annually audited financial statements published by firms, Balance Sheet Analysis (BSA) and Financial Statement Analysis (FSA) published by the State Bank of Pakistan (SBP). Descriptive analytical reasoning along with panel data methodological adaptations including location and time fixed effects were conducted. Conclusions drawn upon the basis of estimation deduced that governance mechanisms carved by SECP, influenced the performances of listed firms positively and significantly.
ABSTRACT
Policies and procedures that centralize decision making within an audit firm create auditor style effects. Prior research suggests this style increases financial-statement comparability, ...implicitly making financial statements more useful. However, a potential hazard of auditor style is the propagation of decision errors. We examine the association between auditor style and common disclosure issues among audit clients. We measure auditor style as the presence of a common auditor and use comments given in the Securities and Exchange Commission’s (SEC’s) filing-review process to measure the occurrence of common disclosure issues. We find that auditor style is associated with common disclosure issues among Big 4 clientele. We also find that clients with the same auditor converge in issues as tenure increases and some evidence that clients assume the issues of a subsequent auditor. These results provide the first evidence that auditor style has potential costs in the form of common disclosure issues.
Data Availability: All data are publicly available.
JEL Classifications: M41; M42.