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Article
Publication date: 7 January 2019

Meta Ahtik, Ozren Pilipovic and Miran Marelja

This paper aims to focus on the role of reporting entities, e.g. banks, other financial institutions, legal professionals, in the prevention of criminal offenses connected with…

Abstract

Purpose

This paper aims to focus on the role of reporting entities, e.g. banks, other financial institutions, legal professionals, in the prevention of criminal offenses connected with money laundering in Croatia and Slovenia.

Design/methodology/approach

The methodology of the economic analysis of law is used to analyze the effectiveness of laws in Croatia and Slovenia regarding the definition and the role of reporting entities in money laundering prevention in these two countries. A comparative approach is also used as the authors compare the effectiveness of Slovenian and Croatian legal systems and their compatibility with EC Directive (2015/849).

Findings

The authors find that banks have long clinged to the guaranteed confidentiality of deposits, which means that money laundering has undoubtedly brought them some benefits in the short term. The prevention of money laundering for banks is not free. The measures imposed on the bank by legislation (encouraging these banks to a higher level of demand for preventive behavior) entail costs that go beyond the direct, visible benefits of the implemented measures. However, a functioning and stable financial system has a number of externalities, of course, which are also enjoyed by banks.

Originality/value

The paper focuses on economic analysis of Croatian and Slovenian legal systems with regards of the regulation of role of reporting entities in the prevention of money laundering which produce certain costs and benefits for the financial system and reporting entities as whole. The paper also uses the comparative approach to address the problem of compatibility of Croatian and Slovenian legal system with the EC Directive (2015/849).

Details

Journal of Money Laundering Control, vol. 22 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 31 October 2018

Lindie Engelbrecht, Yaeesh Yasseen and Irfaan Omarjee

The purpose of this paper is to explore the roles of the initial perceptions of chief audit executives (CAEs) on the role of internal audit function (IAF) in integrated reporting

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Abstract

Purpose

The purpose of this paper is to explore the roles of the initial perceptions of chief audit executives (CAEs) on the role of internal audit function (IAF) in integrated reporting (IR) in South Africa. This paper draws attention to possible challenges and barriers to internal audit’s (IAs) involvement in the integrated reporting process (IRP).

Design/methodology/approach

Detailed interviews were carried out in 2016 with 10 CAEs from the EY Excellence in Integrated Reporting Awards for South Africa. An interpretive approach involving thematic content analysis was used to construct key themes which provided the CAE’s initial perception of the IAF’s role in IRP.

Findings

Despite the current role being limited, the findings suggest that the IAF has unexploited potential to improve the IRP. These roles include: providing assurance on data integrity; reviewing risks and opportunities; evaluating the adequacy of governance and risk management controls and giving assurance on the IRP. A benefit to the IAFs involvement in the IRP relates to their extensive knowledge of the business. The lack of skills in the IA profession is an area of concern, as there is a shortage of capacity and specialist skills.

Research limitations/implications

The interpretive style will assist IAFs to understand and define their role in the IRP, as well as to follow best practice in the IRP.

Originality/value

This paper is the first to explore the views and make recommendations on the role of the IAF in the IRP. This paper can be seen as an important contribution to academic research as the role of IAF in the IRP is exploratory in a global context.

Details

Meditari Accountancy Research, vol. 26 no. 4
Type: Research Article
ISSN: 2049-372X

Keywords

Open Access
Article
Publication date: 23 October 2023

Rebecca Maughan and Aideen O'Dochartaigh

This study examines how accounting tools and techniques are used to create and support membership and reporting boundaries for a multi-entity sustainability scheme. It also…

1074

Abstract

Purpose

This study examines how accounting tools and techniques are used to create and support membership and reporting boundaries for a multi-entity sustainability scheme. It also considers whether boundary setting for this initiative helps to connect corporate activity with planetary boundaries and the SDGs.

Design/methodology/approach

A case study of a national agrifood sustainability scheme, analysing extensive documentary data and multi-entity sustainability reports. The concept of partial organising is used to frame the analysis.

Findings

Accounting, in the form of planning, verification, target setting, annual review and reporting, can be used to create a membership and a reporting boundary. Accounting tools and techniques support the scheme's standard-setting and monitoring elements. The study demonstrates that the scheme offers innovation in how sustainability reporting is managed. However, it does not currently provide a cumulative assessment of the effect of the sector's activity on ecological carrying capacity or connect this activity to global sustainability indicators.

Research limitations/implications

Future research can build on this study's insights to further develop our understanding of multi-entity sustainability reporting and accounting's role in organising for sustainability. The authors identify several research avenues including: boundary setting in ecologically significant sectors, integrating global sustainability indicators at sectoral and organisational levels, sustainability controls in multi-entity settings and the potential of multi-entity reporting to provide substantive disclosure.

Originality/value

This paper provides insight into accounting's role in boundary setting for a multi-entity sustainability initiative. It adds to our understanding of the potential of a multi-entity reporting boundary to support connected measurement between corporate activity and global sustainability indicators. It builds on work on partial organising and provides insight into how accounting can support this form of organising for sustainability.

Details

Accounting, Auditing & Accountability Journal, vol. 36 no. 9
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 3 October 2023

Ellie Norris, Shawgat Kutubi, Steven Greenland and Ruth Wallace

This research aims to examine the performativity of corporate reports as an example of an accounting inscription that can frame the relationship between Aboriginal and Torres…

Abstract

Purpose

This research aims to examine the performativity of corporate reports as an example of an accounting inscription that can frame the relationship between Aboriginal and Torres Strait Islander entities and their stakeholders. The framing and overflow effects of these reports have been explored to consider whether they strengthen or undermine the reputation and capability of these community-controlled entities.

Design/methodology/approach

Aligned with actor–network theory and a decolonising research protocol, qualitative interviews were conducted with senior managers and directors of Aboriginal and Torres Strait Islander entities and their key stakeholders to explore their experiences of corporate reporting. Additional analysis of these organisations' annual reports was conducted to corroborate key reporting themes.

Findings

This research has identified a dual role for corporate reporting, simultaneously framing performance against an expectation of failure, but with the potential for accounting inscriptions to highlight positive contributions to cultural and community priorities. It also indicates the need for sector specifics within the reporting frameworks and adequate resourcing for Aboriginal and Torres Strait Islander entities to meet reporting obligations.

Practical implications

This research makes policy-based recommendations in terms of user-driven and culturally informed performance measures. It also highlights the importance of adequate funding for Aboriginal and Torres Strait Islander entities to carry out meaningful performance evaluations beyond the preparation of financial statements.

Originality/value

One of the few empirical studies to capture the performativity of accounting inscriptions from the perspective of Aboriginal and Torres Strait Islander entities. This sector has received minimal attention within the accounting discipline, despite significantly contributing to community well-being and cultural protection. There is emancipatory potential via policy frameworks that resonate with Aboriginal and Torres Strait Islander cultural beliefs and practices.

Details

Accounting, Auditing & Accountability Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0951-3574

Keywords

Book part
Publication date: 28 March 2022

Daniel Zdolšek, Vita Jagrič, Tjaša Štrukelj and Sabina Taškar Beloglavec

Purpose/Aim: Over the last quarter of a century, several voluntary frameworks and non-financial reporting standards have been developed by various initiatives and organisations

Abstract

Purpose/Aim: Over the last quarter of a century, several voluntary frameworks and non-financial reporting standards have been developed by various initiatives and organisations. Especially after the 2008 financial crisis, which deepened into values crises, the need for evaluating social, environmental, and economic consequences and herein for non-financial disclosures accrued. This chapter aims to outline the current state in the ecosystem for non-financial reporting and its projected future developments and suggests further developments in this field. Since financial institutions played a negative role in the crises and will be important in future responsible investing, the authors also addressed some financial institutions’ specific non-financial issues.

Method: In search of an answer to our questions about whether existing non-financial reporting pronouncements meet (various) stakeholders’ expectations and whether international pronouncements are needed, we rely on triangulation. We start with the identification of phenomena of non-financial reporting. Description of phenomena is further on supplemented with a literate overview. Based on a review of prior research and study of the current framework’s pros and cons, we present a possible path of further development in non-financial reporting. Making that mixed-methodological approach is used (i.e. deductive and inductive reasoning).

Results/Findings: The authors deduce that there has been a substantial increase in demand for non-financial information, social responsibility ratings and other non-financial information services on behalf of preparers, users of such reports and the public. The authors particularly highlight the shortcomings that currently exist and outline the characteristics that future international non-financial reporting frameworks would have to meet with the awareness that such framework or standards will have their advantages and disadvantages. As seen by the authors, the main problem is how to achieve political consensus and then general acceptance by users.

Originality/Significance: The International Financial Reporting Standards (IFRS) Foundation has become active in the field of non-financial reporting and started a project to become an internationally recognised standard-setter. However, with many mandatory or voluntary initiatives being started in this field, IFRS Foundation will need to address many challenges and ambiguities to become a leading organisation in non-financial reporting. Therefore, the research question is whether a new board, comparable to the International Accounting Standards Board, with the straightforward task of setting non-financial reporting standards would be needed in the future.

Details

Managing Risk and Decision Making in Times of Economic Distress, Part B
Type: Book
ISBN: 978-1-80262-971-2

Keywords

Article
Publication date: 1 August 1995

Rocco R. Vanasco, Clifford R. Skousen and Curtis C. Verschoor

Professional accounting associations in various countries andgovernmental and other quasi‐official bodies have played an importantrole not only in the evolution of internal…

17254

Abstract

Professional accounting associations in various countries and governmental and other quasi‐official bodies have played an important role not only in the evolution of internal control reporting on a global scale, but also in educating management, investors, financial institutions, accountants, auditors, and other interested parties highlighting the pervasiveness of the effects of a sound internal control structure in corporate reporting as well as other aspects of an organization′s success. These associations include the Institute of Internal Auditors (IIA), the American Institute of Certified Public Accountants (AICPA), the General Accounting Office (GAO), the Securities and Exchange Commission (SEC), the Cadbury Committee, the Institute of Chartered Accountants of England and Wales (ICAEW), the Scottish Institute of Chartered Accountants (SICA), the Canadian Institute of Chartered Accountants (CICA), and others. Business failures, management fraud, corporate misconduct, international bribery, and notorious business scandals in all sectors of business have prompted the US government to take drastic action on internal control reporting to safeguard public interest. Several professional and government committees were formed to study this precarious situation: the Treadway Commission, the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, the Packard Commission, the Cohen Commission, the Adams Commission in Canada, the Cadbury Committee in the UK, and others. The principal motivation for the changing dynamics has been growing public pressure for greater corporate accountability. The government′s pressure on the accounting profession and management of public corporations has been pivotal in spearheading internal control reporting. Examines the role of professional associations, governmental agencies, and others in promulgating standards for internal control reporting, and the impact of legislation on this aspect of internal auditing in the USA and worldwide.

Details

Managerial Auditing Journal, vol. 10 no. 6
Type: Research Article
ISSN: 0268-6902

Keywords

Article
Publication date: 16 February 2010

Grant Samkin and Annika Schneider

The purpose of this paper is to show how a major public benefit entity in New Zealand uses formal accountability mechanisms and informal reporting to justify its existence. The…

5400

Abstract

Purpose

The purpose of this paper is to show how a major public benefit entity in New Zealand uses formal accountability mechanisms and informal reporting to justify its existence. The paper is premised on the view that the accountability relationship for public benefit entities is broader and more complex than the traditional shareholder‐manager relationship in the private sector.

Design/methodology/approach

This longitudinal single case study of the Department of Conservation (DOC) spans the period from its establishment in 1987 to June 2006. It involves the detailed examination of the narrative disclosures contained in the annual reports, including the Statement of Service Performance, over the period of the study. A number of controversial items that appeared in the printed media between 1 April 1987 and 30 June 2006 were traced through the annual reports to establish whether DOC used impression management techniques in its annual reports to gain, maintain and repair its organisational legitimacy.

Findings

The analysis found that the annual report of a public benefit entity could play an important legitimising role. Using legitimacy theory, it is argued that assertive and defensive impression management techniques were used by DOC to gain, maintain and repair its organisational legitimacy in the light of extensive negative media publicity.

Originality/value

This is one of the first studies to examine the relationship between narrative disclosures in annual reports and legitimacy in the public sector. The paper provides a valuable contribution to researchers and practitioners as it extends the understanding of how public benefit entities can make use of the narrative portions of the annual report when pursuing organisational legitimacy.

Details

Accounting, Auditing & Accountability Journal, vol. 23 no. 2
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 3 March 2020

Simone Pizzi, Fabio Caputo and Andrea Venturelli

The aim of the paper is to understand the differences between “talking” and “walking” about sustainable development goals (SDGs) in state-owned enterprises (SOEs). Specifically…

Abstract

Purpose

The aim of the paper is to understand the differences between “talking” and “walking” about sustainable development goals (SDGs) in state-owned enterprises (SOEs). Specifically, the authors have conducted an analysis on 202 entities that operate within the Italian National Healthcare System (INHS) to evaluate the overall degree of transparency in term of contribution to the SDG3.

Design/methodology/approach

The research evaluates the degree of contribution to SDG3 by INHS through the adoption of the theoretical framework proposed by Beck et al. (2010). Specifically, the authors assess the degree of contribution to this goal using an interpretive content analysis that combines the theoretical framework with the 13 targets that composed the SDG3. For the authors’ purposes, they analyze all INHS’s website to evaluate the presence/absence of social reports produced in the periods 2015-2018.

Findings

Although the great contribution to the SDG3, the INHS is characterized by a low degree of accountability. In fact, only 12.21 per cent of INHS’s entities disclosed at least one social report during the observed period. Moreover, the authors’ results denote how the approach of INHS’s entities to social reporting is different both in term of “quality” and “quantity.”

Research limitations/implications

The SOEs play a central role within the Agenda 2030 strategies. However, public managers are less oriented than private managers to adopt non-financial reporting tools. Furthermore, the authors’ results highlight the existence of asymmetric information between SOEs and citizens even if in presence of best practices such as the INHS. In this sense, the adoption of non-financial reports tool to engage in a more effective way with citizens could be a strategic driver for the achievement of highest degree of social legitimacy to operate.

Practical implications

The paper is of use to public managers operating in countries characterized by a high level of contribution to SDGs. Specifically, the authors’ results suggest how the adoption of reporting tools could impact positively in terms of stakeholder’s awareness to SDG themes.

Originality/value

This paper contributes to the understanding of the central role covered by academics, practitioners and public sectors to SDGs through the adoption of social reporting tools.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 5 October 2012

Mohammad Al‐Rashdan

The purpose of this article is to analyse financial intelligence units' (FIUs') approaches in enforcing compliance and how these units can ensure the application of the most…

1086

Abstract

Purpose

The purpose of this article is to analyse financial intelligence units' (FIUs') approaches in enforcing compliance and how these units can ensure the application of the most effective enforcement mechanism to secure the best outcome of such regulatory action.

Design/methodology/approach

Sources of information consisted of scholarly books, papers and published articles through the web.

Findings

FIUs should not concentrate on adopting a purely cooperative style (in terms of soft sanctions) or take the opposite approach and be a tough regulator (applying harsh sanctions on non‐compliant reporting entities). Rather, a more qualitative approach should be adopted, individually tailoring the approach on the basis of an examination of the FIUs' findings on entity non‐compliance, and how it can best operate its mechanism so as to ensure those entities comply effectively with their AML/CTF obligations.

Originality/value

This article serves as a fruitful analysis to educate FIUs' personnel, AML/CTF professionals, and reporting entities in terms of achieving the highest level of compliance with AML/CTF laws and regulation. Some studies have discussed FIU enforcement mechanisms generally but, to the best of the author's knowledge, the analytical study of different FIUs' enforcement mechanisms and how to achieve the most effective results to secure compliance is yet to be externally or independently researched and evaluated.

Details

Journal of Money Laundering Control, vol. 15 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

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Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

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