Audit for Whom? Time to Review Roles of Independent Auditors in Hong Kong

The Hong Kong government has been reforming its laws regarding accounting practices in recent years, to pre-empt problems similar to that of Enron. It correctly recognizes an opportunity to enhance and distinguish the financial system in Hong Kong and create a competitive advantage for Hong Kong. The sixty-five billion dollar question is: what is the right approach for accounting practice reform? One obvious approach is to model reform after the Sarbanes Oxley Act (SOX). The SOX increases personal liabilities of senior management and introduces extremely cumbersome compliance processes (s 3 (b)(ix) of Minutes of Bills Committee of Financial Reporting Council Bill. (19 July 2005)). While this approach may be the right move for the United States, because rescuing investor confidence is paramount, a similar approach may not be optimal for Hong Kong. Hong Kong relies, to a great degree, on foreign investments and a heavy-handed approach may scare investments away (Charles E. Schumer &; Michael R. Bloomberg To Save New York, Learn from London, Wall Street Journal 1 Nov 2006). This paper, argues that failure of independent auditors was mainly caused by bad incentives. In particular, auditors were hired by and responsible to the management of companies. Thus, there is no surprise that auditors were less diligent in finding problems caused by management. Furthermore, proposing of an alternate to the SOA’s approach. Specifically, a new legal approach should be enforced that allows shareholders to sue auditors when failure to uncover accounting issues causes loss of shareholders’ values.     

日本、印度金融支持农村基础设施建设的经验及启示

日本、印度两国在农村基础设施建设过程中,有多种金融机构提供多样化的金融服务,如日本的农协、农林渔业金融公库,印度的国家农业和农村开发银行等,为农村基础设施建设提供了贷款、担保等服务,确保了农村基础设施建设的金融需求。日本、印度的金融支持农村基础设施建设的实践给我国提供了有益的启示。     

Privatised Keynesianism: An Unacknowledged Policy Regime

There have now been two successive policy regimes since the Second World War that have temporarily succeeded in reconciling the uncertainties and instabilities of a capitalist economy with democracy's need for stability for people's lives and capitalism's own need for confident mass consumers. The first of these was the system of public demand management generally known as Keynesianism. The second was not, as has often been thought, a neo-liberal turn to pure markets, but a system of markets alongside extensive housing and other debt among low- and medium-income people linked to unregulated derivatives markets. It was a form of privatised Keynesianism. This combination reconciled capitalism's problem, but in a way that eventually proved unsustainable. After its collapse there is debate over what will succeed it. Most likely is an attempt to re-create it on a basis of corporate social responsibility.     

Sustainability reporting by Australian local government authorities

This qualitative study investigates the Western Australian (WA) local government authorities’ sustainability reporting practices, in the absence of mandatory reporting guidelines, through content analysis of their websites. Calculations from comparing the Global Reporting Initiative (GRI)’s disclosures with those of 140 local council websites were used to develop a sustainability reporting disclosure index. The findings indicate that sustainability reporting remains moderately practised by local government authorities, despite stakeholder demand for proactive disclosures. The discourse analysis shows that Western Australia’s strategic planning for sustainable development is the key force propelling councils towards sustainability reporting practices. The findings also suggest that WA local government authorities are increasing sustainability disclosures to legitimate their social and environmental initiatives. The findings have policy implications for regulators and/or government in Western Australia, with practical implications for local council authorities and/or managers in developing awareness of sustainable operations. The study also contributes to local government authorities’ growing awareness of sustainable service operations.     

Do Accrual Numbers Really Affect the Financial Market? An Empirical Analysis of ESA Accounts Across the EU

The adoption of a full accrual framework in the public sector is differentiated country by country both for budgeting and for reporting phases. The purpose of this article is to address the following broader research question: How do accrual numbers affect the financial markets? The 10-year average interest rate on sovereign bonds across the European Union is used as a dependent variable. The results of the research show an unclear relation among the variables investigated. Given this evidence, an alignment between micro- and macroaccounting rules could be pursued. We argue the suitability of the Australian experience in this sense.     

Public-Sector Consolidated Financial Statements: An Analysis of the Comment Letters on IPSASB’s Exposure Draft No. 49

Public sector consolidated financial statements can be drafted according to different approaches, especially the “control approach” or “budgetary perspective.” Considering the growing importance of the International Public Sector Accounting Standards (IPSAS) in the international scenario, the aim of the article is to investigate these approaches through an analysis of the comment letters submitted to the Exposure Draft no. 49, which will replace the current IPSAS 6. The main finding concerns the acceptance of the key role played by the control approach, even though it needs to be better specified, in order to take into account the public sector characteristics.     

Working Girls: Femininity and Entrapment in Peyton Place and Valley of the Dolls

Jacqueline Susann's Valley of the Dolls (1966) and Grace Metalious's Peyton Place (1956) are novels that have long exerted a powerful hold on the popular imagination. The bestselling Peyton Place was adapted into a successful film in 1957 before becoming an iconic television series, running from 1964 to 1969. Valley of the Dolls was similarly re-imagined in two films, Valley of the Dolls (1967) and Beyond the Valley of the Dolls (1970), which, even today, retain a cult following. These books are typically remembered for their scandalous bringing to light of such ‘taboo’ issues as adultery, abortion, female sexuality and sexual abuse. But this article suggests that Peyton Place and Valley of the Dolls are equally preoccupied with a sympathetic examination of the role of women in the post-war workplace. In both of these novels, the process of female self-fashioning is integrally related to a woman's entry into the workforce, and to the making and controlling of her own money. But this entry into the male-dominated workforce is inherently fraught with danger, and Metalious and Susann expose some of the myriad ways in which the so-called ‘American Dream’ is contingent on the entrapment, suppression and regulation of various forms of female desire and agency.     

The legacy of subalternity and Gramsci’s national–popular: populist discourse in the case of the Islamic Republic of Iran

Drawing on Laclau’s concept of populist discourse and Gramsci’s ‘national–popular collective will’, and using the case of Iran, this article puts forward the idea of the legacy of subalternity in the context of post-revolution governments. The concept of ‘national–popular collective will’ facilitates an understanding of how the popular subject is constructed and the meanings embedded in that process. It is argued that Islamic Republic elites articulate a populist discourse that constructs the ‘self’ (the Islamic Republic) as synonymous with ‘the people’. Embedded in this discursive construction is a legacy of subalternity that goes back to the 1979 Revolution’s populist discourse.     

Five years after the Arab Spring: a critical evaluation

A new political geography has emerged in the Middle East and North Africa (MENA) after the Arab Spring. The transformative impact of the popular upheavals appeared to put an end to long-term authoritarian regimes. Today, the region is far from stable since authoritarian resilience violently pushed back popular demands for good governance and is pushing to restore former state structures. However, the collective consciousness of the popular revolts endures, and a transformative prospect may emerge on the horizon. The chaotic situation is the result of an ongoing struggle between those who seek change and transformation and others in favour of the status quo ante. A critical evaluation of the Arab Spring after five years indicates a continuous process of recalculation and recalibration of policies and strategies. There are alternative routes for an eventual settlement in the MENA region, which are in competition against both regional and transregional quests for a favourable order.     

The Quality of Annual Reporting by Italian Museums: An International Comparison

We study the quality of disclosure and the level of accountability of Italian museums using MPADI2 index (Wei et al. 2008; Botes et al. 2013) on a sample of 13 annual reports which, given the legal status of some entities, encompasses the activity of 93 Italian public and private museums, many of which are within the most visited in Italy and worldwide. The results allow for an international comparison with the annual reports of a panel of USA, UK and European museums which have undergone the same MPADI2 analysis, giving an interesting insight about museum different disclosing practices across countries.