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The daily valuation of portfolio securities can be one of the most onerous aspects of managing a registered investment company or mutual fund. The developing complexity of securities combined with the increasing influence of foreign markets and nonexchange‐traded holdings have made the accurate pricing of securities difficult at best. Mutual funds typically rely on a myriad of sources to price their portfolio holdings, including domestic pricing services, broker‐dealers, foreign custodians or pricing agents, matrix pricing, fair value committees, or any combination thereof (see Exhibit). While the pricing function is typically delegated, fund management and the board of directors or trustees have the ultimate responsibility to ensure that appropriate pricing procedures and supervisory activities are in place.

Valuation of portfolio securities continues to hold the limelight in the arena of mutual fund regulation. For the last four years, mutual fund regulators have repeatedly emphasized the need to adopt or revise procedures to address valuation issues that address modern market conditions resulting from such forces as globalization and the development of derivatives and other exotic securities.

Effectively functioning audit committees have proven to fulfil a vital role in strengthening the role of internal audit. This article presents the results of a literature review that pinpoints six responsibilities that audit committees should perform in relation to internal audit. These responsibilities were tested as part of an empirical study focusing on the 40 largest companies listed on the JSE to determine the extent to which large listed companies in South Africa fulfil and disclose these responsibilities. The study consisted of an analysis of annual reports and a questionnaire administered to the chairs of audit committees. The study returned significant findings, including sound empirical evidence that the audit committees of the largest listed companies in South Africa are executing their responsibilities for internal audit effectively, but are performing more functions and responsibilities than those actually disclosed and reported on. While this apparent deficiency in disclosure may not affect the effective functioning of audit committees, it may influence perceptions about this effectiveness.

Two major obstacles to tourism development in India have been identified as shortage of skilled manpower and dearth of rural tourism projects. Through the provisions under Section 135 of the new Companies Act 2013, the Indian government has initiated a reform process on how private companies, including leading hospitality businesses, should conduct their corporate social responsibility (CSR) activities. Recognizing this opportunity for action, this paper looks at the opportunity for tourism growth under the new CSR regime by reviewing the barriers for hospitality companies falling under the ambit of Section 135 to make CSR investments toward tourism development. Upon establishing these barriers, the argument reviews the current CSR trends and the absence of diversification in spending CSR funds. Finally, the paper discusses the need for enhancing the capacity of tourism NGOs in India and for developing strategic partnerships between these institutions and hospitality companies.

With recent increases in cybersecurity incidents, it is imperative to supplement current accounting curriculum, equip accounting graduates with sufficient knowledge and skills to assess cybersecurity risk, and learn about controls to mitigate such risks. In this chapter, the authors describe 10 teaching modules, supported by 10 professionally produced video series. The authors developed these videos for educating students on cybersecurity and the videos are available free to instructors from other institutions who wish to use them. The videos are filled with insights and advice from our two experts – one a former hacker and the other an experienced cybersecurity professional. This dialogue between two different sides provides a rich discussion that leads to answering many questions that people often have about cybersecurity. Further, in Exhibit 1, this chapter offers a framework for characterizing and analyzing some recent publicized data-breach cases, which can supplement discussion on cybersecurity modules. Instructors can add more cases to this source overtime. Finally, the authors share the analysis of feedback from students who went through the series. The results suggest that the students show interest in the topic, and videos helped them better understand the complexity of cybersecurity risk and controls.

For over a decade, the early grade reading assessment (EGRA) has been used to measure and report on students’ acquisition of five reading skills. Education development initiatives funded by the US Agency for International Development, the World Bank, Department for International Development (DFID), and other agencies have facilitated the use and adaptation of the EGRA into over 100 languages in more than 65 countries (Dubeck & Gove, 2015, p. 315). Guidelines for the proper use and the limitations of the EGRA have been circulated widely. An international evidence base that challenges the theoretical underpinnings and the expanded use of the EGRA is also growing (Bartlett, Dowd, & Jonason, 2015). Not yet explored to date, however, is the use of the EGRA as a measure to determine Payment by Results (PbR) in a donor agency initiative. This chapter examines the use of the EGRA oral reading fluency (ORF) subtest as a PbR learning outcomes measure in DFID’s Girls’ Education Challenge (GEC) projects, and it concludes that the way in which the EGRA ORF was used for PbR was a misuse of the EGRA, and ultimately it did not serve well the PbR project beneficiaries, the marginalized girls.

Previous research on automation and job disruption is only marginally related to the real estate industry and its characteristics. This study investigates the effects of digitization on jobs in German real estate sector, in order to assess the proportion of jobs threatened to be replaced by automation. Since Germany is the largest EU economy insights for the German real estate market allow a first approximation for Europe.

An extensive database of the German Federal Employment Agency containing job definitions and occupation titles is matched with real estate criteria to create a subset with the relevant real estate occupations. This data is combined with a database of the German Institute of Employment Research reflecting to what extent tasks within jobs can be automated by current technical capabilities.

For the 286 identified occupations within the real estate sector a weighted average of 47 percent substitution probability through current technological capabilities is derived for tasks within the examined occupations.

This contribution indicates the extent of the structural change the real estate sector has to face due to digitization: One out of two real estate jobs will have to be re-created.

This research quantifies the magnitude of the job killer aspect of digitization in the real estate sector.

The purpose of this paper is to provide a case study of the development and implementation of a diversity strategy to recruit, retain and promote more women to partnership positions at PricewaterhouseCoopers LLP, a global network of professional services firms. At PricewaterhouseCoopers gender diversity is a business issue, not a gender issue. The business case for gender diversity is undeniable and numerous studies underline the impact of women on the profitability of the organization. With women now representing half the workforce, the strategy now focuses on providing an environment that allows women to progress and to be successful in positions of leadership. This paper looks at the context and approach undertaken by the firm in addressing this issue, and the future implications in the context of both the firm's existing approach and the wider labor market and business environment.

This paper examines the global context and drivers for the firm's gender policy development, the stakeholders/sponsors, primary initiatives, approach to measurement and evaluation and progress to date. It specifically examines a number of examples of activities undertaken in this particular UK firm.

This case study examines the issue of gender equality at director and partnership level in a limited liability partnership environment.

The paper outlines practical lessons learned, and shares PwC's global research into how organizations can address the leaking pipeline of future female leadership.

PricewaterhouseCoopers' strategic approach to developing and advancing women in its firm has been frequently recognized in the UK by Opportunity Now, a membership organization for employers who are committed to creating an inclusive workplace for women, and Aurora – Where Women Want to Work, a service for women to research and compare organizations. It has also been recognized in the USA by the Catalyst research and advisory organization, which aims to build inclusive environments and expand opportunities for women, for its innovative, engaging and results driven approach. This paper provides practical insights and examples on the development and implementation of activities to address and advance gender diversity issues.

In a much anticipated letter to the Investment Company Institute (ICI) the Securities and Exchange Commission (SEC) on April 30, 2001, set out its position on certain portfolio valuation matters applicable to all registered investment companies. The letter, issued by Douglas Scheidt, Associate Director and Chief Counsel of the Division of Investment Management, follows the same tone and tenor of a similar letter to the ICI dated December 8, 1999, which also addressed investment company portfolio valuation (with specific emphasis on board responsibilities and oversight).

This study aims to examine the effect of managerial ability on real earnings management (hereafter REM) in family firms.

The sample consists of 864 firms-years listed in the Indonesian Stock Exchange. REM is measured by abnormal activities. Managerial ability is measured by data envelopment analysis. Data analysis uses random-effect regression analysis.

Family firms reduce the possibility of higher ability managers to engage in REM. Compare to non-family firms, higher ability managers in family firms are more likely to engage in REM to improve future earnings.

This research only uses efficiency score data envelopment analysis to measure managerial ability while the managerial ability is, by nature, multi-dimensional and unobservable. This research also does not find the role of professional Chief Executive Officer (hereafter CEO) in the family firms in REM behavior because does not consider the professional CEO motivation (e.g. compensation structure).

This research is expected to help family firms formulate managers' selection based on managerial ability. This research also is expected to help investors and creditors to put their funds in the family firms with higher ability managers that reduce earnings information distortion.

To the best of the author’s knowledge, this research is the first research that examines the managerial ability on REM in Indonesian family firms. This research also contributes to fil the findings gap in managerial ability and REM.