财务内部审计风险中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：浅析内部审计风险的成因及解决途径摘要内部审计风险成因包括内部审计机构的独立性不够，内部审计人员的业务不精，内部审计方法的科学性不强，内部审计管理的制度不健全。
为了降低内部审计风险，应加强内部审计的法制建设，保证内部审计的独立性，提高内部审计人员的素质，执行科学合理的审计工作程序，正确处理降低风险与经济效益的关系，开展以风险为导向的风险基础审计。
一、内部审计风险形成的原因1.内部审计机构的独立性不够内部审计机构是单位内设机构，在单位负责人的领导下开展工作，为单位服务。
因此，内部审计的独立性不如社会审计，在审计过程中，不可避免地受本单位的利益制约。
内审人员面临的是与单位领导层之间的领导与被领导的关系以及与各科室、部门之间的同事关系，所涉及的人不是领导就是同事，非直接有关也是间接相关，审计过程及结论然涉及到具体的个人利益，因而审计过程难免受到各类人员干扰。
2.内部审计人员的业务不精审计人员素质的高低是决定审计风险大小的主要因素。
审计人员的素质包括从事审计需要的政策法规水平、专业知识、经验、技能、审计职业道德和工作责任。
审计经验是审计人员应有的一种重要技能，审计经验需要实践的积累。
我国的内部审计人员中不少人仅熟悉财务会计业务，一些审计人员不了解本单位的经营活动和内部控制，审计经验有限。
另外，内部审计人员工作责任和职业道德也是影响审计风险的因素。
由于我国内审准则工作规范和职业道德标准方面还有一些空白，许多内审机构和人员缺乏应有的职业规范的约束和指导。
总之，目前我国内审人员总体素质偏低，直接影响到内审工作开展的深度和广度。
面对当今内审对象的复杂和内容的拓展，内审人员势单力簿，这将直接导致审计风险的产生。
3.内部审计方法的科学性不强我国内审方法是制度基础审计，随着企业内部经营管理环境复杂化，这种审计模式不适应开展内部管理审计的需要，因为它过分依赖于对企业内部管理控制的测试，本身就蕴藏巨大的风险内部审计一般采用统计抽样方法，由于抽样审计本身是以样本的审查结果来推断总体的特征，因此，样本和总体之间必然会形成一定的误差，形成审计的抽样风险。
随着信息化程度提高，被审计单位的会计信息资料会越来越多，差错和虚假的会计资料掺杂其中，失察的可能性也随之加大。
虽然统计抽样是建立在坚实的数学理论基础之上，但其本身是允许存在一定的审计风险的。
同样，大量的分析性审核也会产生相关风险，使审计风险的构成内容更4.内部审计管理的制度不健全内部审计管理的制度建设及执行情况是内部审计的前提和基础。
健全有效的内部管理制度能及时发现和控制企业经济活动中发生的各种差错和舞弊。
为保证内部审计质量，内审组织应建立完善的质量控制制度，但是，部分审计机构至今仍缺少事前的审计计划、事中的审计程序和报告期的审计复核；审计工作底稿不完整，一般仅记录审计问题事项，而未记录审计人员认为正确的审计事项，使得审计复核、审计质量控制无从入手；审计报告以协调关系为出发点，以肯定工作成绩为基调，问题定性模棱两可。
以上现状的存在，使得保证内部审计质量成为一句空话，更谈不上防范风险。
二、降低内部审计风险的途径1.加强内部审计的法制建设完善和健全审计法规体系是内部审计风险控制的基础措施。
审计规范是审计人员的行为规范和工作准则，不仅可以控制和减少审计风险，而且也是衡量审计人员法律责任的标准。
我国内部审计起步较晚，与西方国家相比，在相关制度建设上存在着许多不完善的地方。
为了适应现代内部审计不断发展的要求，就必须加强审计工作法制化、规范化建设，尽量减少审计工作的盲目性和随意性。
2.保证内部审计的独立性独立性可以使内部审计师提出公正的和不偏不倚的专业判断，这对审计工作的恰当开展是必不可少的。
内部审计机构独立性的内涵应主要表现为形式上的独立和实质上的独立两方面。
形式上的独立要求内部审计在组织内具有较高的组织地位，内部审计师的工作应能够获得高级管理层和董事会的支持。
实质上的独立是指内部审计人员在精神上必须保持必要的独立性，应以公正的态度，避免利益冲突，在开展内部审计工作时，保持诚实的信念，遵守职业道德准则，在整个审计过程中不做出重大的妥协。
3.提高内部审计人员的素质审计人员是审计工作的具体执行者，其业务素质的高低直接关系到审计项目质量的好坏和审计风险的大小。
因此，提高审计人员的素质，对控制和防范审计风险，提高审计质量起着根本性作用。
首先，应加强内审人员政治素质教育和能力的培养，树立内审人员一丝不苟的工作精神和扎扎实实的工作作风，对其进行定期与不定期的培训，使其具备与其工作相适应的高尚品质，高度的事业心、责任感以及处理问题的能力；二是要引导审计人员通过工作实践，及时总结内审工作经验，不断完善审计手段和方法，不断提高运用理论知识解决实际问题的本领和应对复杂多变的工作局面的能力；三是要在进一步完善审计队伍准入制度，实行执证上岗的基础上，建立科学的激励机制，充分调动审计人员的积极性，激发其爱岗敬业的热情，使审计工作队伍在稳定的基础上不断发展壮大；四是要加强审计人员的业务培训和继续教育，使他们能熟练掌握审计的基本知识、基本技能和基本方法，熟悉会计、经济管理、经济法规等相关知识，提高内审人员的审计查证能力，以适应新形势的需要。
4.执行科学合理的审计工作程序科学的审计程序是圆满完成各项审计任务、降低审计风险的重要手段。
从审计任务的下达和审计工作方案的编制，到实施审计、编制审计工作底稿、出具审计报告整个工作流程必须有一套规范的程序。
在实施审计的工作中，要充分运用现代的及成熟的审计技术方法。
从审计组提交审计报告到作出审计决定阶段应有完善的“把关”程序。
要抓好执法检查和廉政回访工作，要检查审计人员在审计活动中，证据收集是否齐全，程序是否符合要要求，决定是否合法，发现问题要及时进行补救和纠正。
审计人员应严格按照程序操作一环扣一环，并且对每个环节进行控制，将审计风险隐患消灭在审计的各个环节。
5.正确处理降低风险与经济效益的关系审计风险可以控制但不能完全消除，如果一味降低审计风险，就可能违背成本效益原则。
因此，在接受审计任务时，要认真评价被审计单位的风险程度，高风险单位应该选派经验丰富，解决问题能力强的人员，并适当延长审计时间，而对低风险单位可以投入较少的人力，物力和时间，这样就能使降低审计风险、提高效率和降低成本三者统一起来。
6.开展以风险为导向的风险基础审计风险基础审计是通过对审计风险进行系统的分析和评价，来确定审计风险是否可以控制在可以接受的范围内。
它主要运用分析性复核的方法，不仅对客户的控制风险进行评价，同时更要对产生风险的各个要素进行分析和评价，以确定实质性测试的范围和重点。
这样就使审计风险与整个审计过程密切联系起来，以风险的分析与控制为出发点，以保证审计质量为前提，统筹运用符合性测试、实质性测试、分析性检查等方法，综合各种审计证据，以控制审计风险。
近年来，风险基础审计在世界各国已广泛应用，其原因就在于它从审计准备阶段开始就考虑审计风险。
我国内部审计也应尽快实现向这种审计模式的过渡，以提高审计质量。
Analysis of the causes of internal audit risk and its solution[Abstract]internal audit risk factors include the independence of internal audit bodies enough, the internal audit staff ill-equipped business, internal audit of the scientific method is not strong, internal audit management systems. In order to reduce the risk of internal audit, internal audit should strengthen the legal system, guarantee the independence of internal audit, internal audit staff to improve the quality of the audit of the implementation of scientific and rational work processes, reduce risks and to correctly handle the relationship between economic efficiency and conduct a risk - oriented risk-based audit.Internal audit risks include the inherent risks and control risks. The inherent risks is the assumption that has nothing to do with internal accounting controls, the units being audited financial statements and the overall balance of the account of a business or the possibility of a major error, that is caused by the audit unit economic characteristics of business and accounting work itself the formation of the lack of audit risk. Some enterprises such as the lack of due attention to the accounting system, account system complex, reducing clarity of accounting information, reports, use of difficulty, cost, cost of lack of cost accounting concepts. Control risk refers to as a result of inadequate internal control system被审单位perfect, weak internal control behavior, not timely detection and correction of a business account or a major error in the formation of audit risk. Sometimes, even if the auditors audited units to confirm the internal control system is unreasonable or out of control in key areas, the amendments proposed by the audit can really suitable for operating activities, but will also create a risk amendment.First, the internal audit risk causes1. The independence of the internal audit agency enoughInternal audit body is set up units in institutions, in the unit under the leadership of the responsible persons to work as a unit of service. Therefore, the independence of internal audit as social audit, the audit process, inevitablyaffected the interests of the unit constraints. OIA staff faced with the unit leadership was among the leadership and the leadership of the relationship, as well as with various sections, the relationship between colleagues, people are not involved in the leadership of my colleagues is, non-directly related to also indirectly related to the audit process and conclusions will inevitably involve the interests of specific individuals, which inevitably affected the audit process for all categories of personnel interference.2. Internal audit operations personnel ill-equippedThe quality of auditors is to determine the size of audit risk factors. The quality of the audit including those engaged in the audit of the policies and regulations need to level of expertise, experience, skills, audit professional ethics and work responsibilities.Audit experience, the audit staff should have an important skill, the need for the audit practice of the accumulation of experience. China's internal audit staff, many people only familiar with the financial and accounting operations, some auditors do not understand the business activities of this unit and internal controls, audit limited experience. In addition, the internal audit staff responsibilities and professional ethics is the impact of audit risk factors. Because of China's internal guidelines for the work of norms and ethical standards still some gaps, and many internal organs and personnel lack of occupational norms bound and guidance. In short, China's overall quality of the low OIA staff and directly affected the internal audit work carried out by the depth and breadth. Faced with the complexity of today's OIA object and content development, internal audit staff and powerful single force book, which will directly lead to the selection of audit risk.3. Internal audit of the scientific method is not strongChina's system of internal audit is the basis of the audit, with the internal operation and management of environmental complicated models are not suited to carry out this audit internal management audit of the needs, because it is overly dependent on the internal management of enterprises controlled test, in itself a huge potential the risk of internal audit generally use statistical sampling methods, as a result of the sample itself is based on a sample audit of the results of the review can be inferred from the general characteristics, therefore, between the samples and the overall form is bound to a certain degree of error, the formation of audit sampling risk. With the degree of information technology improved, the audited accounting information will be more and more errors and false accounting information doped them, and failed to investigate the possibility of also increasing. Although the survey sample is built on the solid foundation of mathematical theory, but its existence is to allow a certain degree of audit risk. Similarly, a large number of analytical review will also have associated risks, so that the composition of the contents of audit risk is more complicated.4. Internal Audit management systemsInternal audit management system construction and implementation of internal audit is the prerequisite and foundation. Sound and effective internalmanagement system to detect and control of enterprise economic activity occurring in a variety of errors and fraud. To ensure the quality of internal audit, internal audit organizations should establish a perfect quality control system, however, some audit institutions still lack of prior audit plan, a matter of auditing procedures and audit review of the reporting period; the audit working papers incomplete, generally only Records of audit matters, not the recording of audit staff that the correct audit matters, making the audit review, audit quality control no way; to coordinate the relationship between the audit report as a starting point to certain performance-based, qualitative ambiguous issues. More than the existence of the status quo, making the internal audit quality assurance become an empty talk, let alone ward off risks.Second, reduce the risk of internal audit ways1. Strengthen the internal audit of the legal systemImprove and perfect the legal system for the audit of internal audit is the basis of risk control measures. Audit norms, the audit staff code of conduct and guidelines, not only to control and reduce audit risk, but also to measure auditors liability standards. China's internal audit late start compared with Western countries in the relevant system-building there are many imperfections. In order to adapt to the continuous development of modern internal audit requirements,it is necessary to strengthen the audit work of legalization and standardization construction to minimize the audit work of blindness and randomness.2. To ensure the independence of internal auditThe independence of the internal auditor can make a fair and impartial professional judgment, which is appropriate to carry out the audit work is essential. The independence of internal audit bodies connotation should be reflected mainly in the form of independence and de facto independence in two ways. Formal independence requirements of internal audit in the organization of organizations with high status, the internal auditor should have access to senior management and board of directors support. Essentially refers to an independent internal audit staff in the spirit of the need to maintain the necessary independence, should be a fair and just manner and avoid conflicts of interest, in carrying out internal audit work, to maintain an honest belief in compliance with the Code of Ethics for the entire audit process does not make a significant compromise the actual forecasts made since 1999. The goodness-of-fit of the popular Kaminsky model 4 is tested over the entire in-sample as well as out-of-sample periods in order to obtain a more systematic assessment.It is shown that the goodness-of-fit for in-sample is reasonably stable, while the model also presents satisfactory goodness-of-fit for the out-of-sample prediction. The indication of the Kaminsky model is therefore viewed as highly informative.However, it is worth noting that those results should be interpreted cautiously as the number of crisesactually observed are limited, translating into a small effective sample size. Minor changes in sample could induce a relatively large difference in the goodness-of-fit indicators.3 Feasibility of Constructing a EWS for MacaoSo far formal study of EWS for Macao has not been published, though the half-yearly Monetary and Financial Stability Review published by the Monetary Authority of Macao (AMCM) since 2005 has, in practice, played a role in monitoring systemic risk.The ongoing financial tsunami has highlighted the impact of contagion and the necessity of policy foresight. For a highly open financial system as Macao,5 it is of great importance to strengthen the capacity of surveillance over the system by meansof a proper EWS in order to alert policy makers and financial institutions about the probability of financial crisis.In this section, we attempt to study the data availability for constructing a EWS for Macao based on the Kaminsky model. In view of the features of Macao’s financial sector, some bank-specific indicators based on the existing framework of the IMF’s Financial Soundness Indicators (FSIs), which are currently adopted by the AMCM’s Monetary and Financial Stability Review, will also be introduced for a thorough analysis.3.1 Data availabilityBased on the EWS framework by Kaminsky (2000), the first procedure of selecting useful indicators applied in EWS is to identify economic symptoms which usually come to surface prior to financial crisis. Past experiences in some of the crisis-hit economies show that both banking and currency crises are linked to overborrowing cycles. In some cases, the substantial credit growth could be fueled by financial liberalisation and elimination of capital and financial account restrictions, which, however, are not quantifiable. The mirroring indicators include M2 multiplier and ratio of domestic credit-to-GDP.In the case of Macao, the AMCM has compiled monetary and financial statistics (MFS) since 1984. Some of the statistical time series can be measured up to two decades plus. For the broad measure of money supply, M2 in monthly frequency is available up to June 1984. Monetary base (i.e. denominator of M2 multiplier) has been compiled in monthly frequency since July 1989, while data of domestic credit are available in monthly frequency up to June 1984. Meanwhile, annual data of Macao’s GDP complied by Macao Statistics and Census Service (DSEC) have been available for more than two decades whereas the quarterly data have only been availablesince 1998.Banking and currency crises can be preceded by bank runs. As depositors withdrawmassively their deposits, the likelihood of bank default increases. The phenomenonhas a destabilising effect, and the mirroring indicator is bank deposits,6 which correspondingly exhibit dramatic negative movements during bank panic. In Macao, statistics of bank deposits are part of the MFS. The said statistics are classified into different types of deposit under the resident and non-resident sectors. The data in monthly frequency have been available since June 1984. To deflate deposits, the composite consumer price index (CPI) compiled by the DSEC could be applied. The CPI in monthly frequency has been available for more than two decades.Inappropriate monetary policy stance would pose potential harm to a financial system.Krugman (1979) argues that loose monetary policy could fuel a currency crisis while devaluation could worsen the health of a banking sector and trigger a banking crisis.The mirroring indicator is “excess” M1 balance.7 Regarding Macao, data of narrow money supply, M1, have been compiled in monthly frequency since June 1984. Besides, local inflation rate could be generated from Macao’s composite CPI.Current account problems are considered as one of the symptoms for financial crisis.Those problems could be reflected in the performances of external trade, terms of trade and real exchange rate. Real exchange rate overvaluation and a weak external sector are potential factors for currency crisis. A loss of competitiveness and weak external markets could lead to recession, business failure, and deterioration in loan Quality.In Macao, statistics of external trade and terms of trade are compiled by the DSEC.Time series of more than two decades for monthly export and import statistics are available. Terms of trade are only compiled in quarterly frequency. Meanwhile,the real exchange rate index could be derived from the nominal exchange rate index,which has been available in monthly frequency since June 1984, adjusted for consumer prices.Capital account problems become more severe in the context of enlarging foreign debt and increasing capital flight, which raise concern for debt unsustainability.Vulnerability of a country to external shocks is more likely to increase if foreign debt is dominantly concentrated in short maturities. The selected indicators of this area include foreign exchange reserves, ratio of M2 to foreign exchange reserves, real interest ratedifferential,world real interest rate,foreign debt, short-term foreign debt ratio and capital flight.In Macao, the AMCM has compiled the statistics of M2, foreign exchange reserves and selected interest rates since June 1984. The data series are available in monthly frequency. Regarding the possible statistics applied in foreign debt, short-term foreign debt and capital flight, it is suggested to adopt the statistics of liabilities/deposits of Macao residents to/with reporting banks of the Bank for International Settlements (BIS). The said statistics are published in BIS Quarterly Review – International Banking and Financial Market Developments.Severe slowdown in economic growth or recession as well as the burst of asset price bubbles could precede financial crises. Kaminsky (2000) argues that high real interest rates could be a sign of liquidity crunch, which leads to an economic slowdown and banking fragility. The mirroring indicators included output,13 real domestic interestrate,lending/deposit interest rate ratio, and stock prices.In the case of Macao, the industrial production index compiled by the DSEC has been available in quarterly frequency since the third quarter of 2005 while annual indices could be dated back to the year 2000. Various interest rates have been available in monthly frequency since June 1984. Since Macao does not have a physical stock market, Hong Kong’s Hang Seng Index could serve as an alternative in view of the popularity of Macao residents investing in securities listed on the Hong Kong Stock Exchange (HKEX).3.2 Bank-specific indicatorsJust passing the 10th anniversary of the Asian Financial Crisis, the international financial system has been facing another severe crisis. Although the centre of the current crisis is different from that of the Asian Financial Crisis, some argue that the similarities between the two financial episodes are investor panic in the face of uncertainty over the security and valuation of assets as well as liquidity positions of the banking system. Meanwhile, Macao’s simplistic financial sector is dominated by banks, which hold the key to the stability of the entire system.Primarily based on the FSIs of the IMF, we single out some indicators in relation to asset quality and liquidity positions of banks, which are not applied in the Kaminsky model but currently monitored in thehalf-yearly Monetary and Financial Stability Review of the AMCMIn reflecting the asset quality of the banking sector, the ratio of non-performing loans (NPL) to total loans19 and ratio of NPL net of provisions to capital20 are on the indicators list. The former is intended to identify problems with asset quality in the loan portfolio while the latter is an indicator of the capacity of bank capital to withstand loan losses. In addition, the delinquency ratios of property-related loans and credit card receivables can reflect the quality of major assets in Macao banks’loan portfolios. The ratio of property-related loans to total private sector credit can also indicate the degree of bank exposure to a particular asset market.Reflecting the external positions of the banking sector, ratio of external assets to total assets and ratio of foreign currency assets to foreign currency liabilities could be applied in a EWS. The former is an indicator reflecting the external positions of banks in terms of assets while the latter highlights the risk of currency mismatch in view of international exposure.When considering liquidity position of the banking sector, the ratio of liquid assets to total assets21 which indicates the liquidity available to meet expected and unexpected demand for cash is widely used. Concurrently, the ratio of loans to deposits,which depicts the percentage of deposit funding that is tired-up in loan portfolios, is also an important indicator measuring the vulnerability of the banking system.Thanks to Macao’s participation in the General Data Dissemination System, the development of Macao’s statistical system has been satisfactorily by international standards in terms of data quality and variety.23 Still, it is likely that data periodicity and time series length for some of the aforementioned indicators in Macao are inadequate to produce statistically stable results when constructing a EWS. Those indicators may include output on the selected list as well as delinquency ratios ofcredit card receivables and property-related loans on the bank-specific list.4 ConclusionBy applying statistical methods to predict the likelihood of an economy facing financial crises over a given time horizon, the EWS could serve as an important instrument to alert policy makers and financial institutions about potential turmoil. This paper primarily studies the leading indicators advocated in a representative signaling-based EWSmodel. Statistical results show that the model produce satisfactorily in-sample forecast for some Asian economies in the context of the Asian Financial Crisis, while various tracking studies support that the model remains informative in producing out-of-sample forecast.This paper also studies the feasibility of constructing a similar EWS model for Macao that is obviously conducive to maintaining its monetary and financial stability. The initial yet crucial step is to investigate whether Macao’s data availability is adequate to be applied in a similar EWS model. It is observed that Macao can meet the requirements for most categories of indicators applied in the Kaminsky model and bank-specific indicators that can be included in Macao’s EWS model in view of the characteristics of its financial sector, as inspired by the IMF’s FSIs. Moreover, it is believed that the majority of these statistics have data series lengthy enough to produce statistically stable results. Future studies, therefore, may proceed to the next level involving using the existing data to conduct econometric exercises in the construction of a signaling-based EWS model for Macao.。
财务风险管理外文文献翻译
文献出处: Sharifi, Omid. International Journal of Information, Business and Management6.2 (May 2014): 82-94.原文Financial Risk Management for Small and Medium Sized Enterprises(SMES)Omid SharifiMBA, Department of Commerce and Business Management,Kakatiya University, House No. 2-1-664, Sarawathi negar,1．ABSTRACTmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywords: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTRUDUCTIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. RESEARCH QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small andmedium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1. SME differ from large corporations in many characteristics2. The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.how can SME manage their internal financial risk?2.Which aspects, based on their characteristics, have to be taken into account for this?3.Which mean fulfils the requirements and can be applied to SME?4. LITERATURE REVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company.Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME.In practice it can therefore be observed that although SME are not facing less risks and uncertainties than largecompanies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics, checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5. METHODOLOGY5.1. USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial risk overview for SMEThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally presenta selection of suitable ratios and choose appropriate comparison data.5.1.2. Framework for financial risk overviewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historical data and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In additionto that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3. Evaluation of ratios for financial risk overviewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories ofratios applied in the research papers.Financial structureA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figure 1: Development of total debt/ total assets ratioData source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustrationTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.Cost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EBIT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.LiquidityThe ratio used in all five papers to measure liquidity is the current ratio, showingthe relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figure 2: Development of working capital / total assets ratioData source: Altman (1968) and Ohlson (1980); author’s illustratioBasically the ratio says whether the firm would be able to pay back all its’ current liabilities by using its’ current assets. In case it is not able to, which is wh en the liabilities exceed the assets, there is an insolvency risk.6. CRITICAL REVIEW AND CONCLUSIONWhen doing business, constantly decisions have to be made, whose outcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. Theaim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the main internal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业的财务风险管理奥米德沙利菲1、摘要中小型企业(SME)和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。
财务风险管理外文文献翻译
文献出处: Sharifi, Omid. International Journal of Information, Business and Management6.2 (May 2014): 82-94.原文Financial Risk Management for Small and Medium Sized Enterprises(SMES)Omid SharifiMBA, Department of Commerce and Business Management,Kakatiya University, House No. 2-1-664, Sarawathi negar,1．ABSTRACTmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywords: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTRUDUCTIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. RESEARCH QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small andmedium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1. SME differ from large corporations in many characteristics2. The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.how can SME manage their internal financial risk?2.Which aspects, based on their characteristics, have to be taken into account for this?3.Which mean fulfils the requirements and can be applied to SME?4. LITERATURE REVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company.Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME.In practice it can therefore be observed that although SME are not facing less risks and uncertainties than largecompanies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics, checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5. METHODOLOGY5.1. USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial risk overview for SMEThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally presenta selection of suitable ratios and choose appropriate comparison data.5.1.2. Framework for financial risk overviewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historical data and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In additionto that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3. Evaluation of ratios for financial risk overviewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories ofratios applied in the research papers.Financial structureA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figure 1: Development of total debt/ total assets ratioData source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustrationTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.Cost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EBIT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.LiquidityThe ratio used in all five papers to measure liquidity is the current ratio, showingthe relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figure 2: Development of working capital / total assets ratioData source: Altman (1968) and Ohlson (1980); author’s illustratioBasically the ratio says whether the firm would be able to pay back all its’ current liabilities by using its’ current assets. In case it is not able to, which is wh en the liabilities exceed the assets, there is an insolvency risk.6. CRITICAL REVIEW AND CONCLUSIONWhen doing business, constantly decisions have to be made, whose outcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. Theaim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the main internal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业的财务风险管理奥米德沙利菲1、摘要中小型企业(SME)和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。
审计风险外文文献翻译最新译文
文献出处：C E Hogan. The Discussion of Audit Risk Control [J]. Contemporary Accounting Research, 2015, 25(1): 219.原文The Discussion of Audit Risk ControlC E HoganAbstractFor any one market, seeking resources optimal configuration is its internal requirements, this requirement with complete information between market subjects, in reality, however, investors and by investors, creditors and debtors, regulators and inevitable existence of information asymmetry between the regulated, audit the generation of the industry is to eliminate the information asymmetry. Certified public accountants to verify statements of the financial information of foreign enterprises and other information, the truth of market main body with information as close as possible to complete information is the process of the audit. Since the audit conclusion is certified public accountants in sampling surveys on the basis of the subjective conclusion, usually can't be absolutely perfect information, the audit risk and the audit risk is the audit itself inherent cannot evade a question.Keywords: audit risk, audit risk management and risk control1 IntroductionAuditing profession development, has become an indispensable organic part of market economy, in the establishment and maintenance of the capital market development, holds an important place of audit, audit of the financial market is hard to imagine.In recent years, however, in view of the accounting firms and certified public accountants case erupted repeatedly, most lawsuits and high litigation of the damages to the whole industry development.2002 of the American journal of accounting statistics results show that the United States over the past 15 years for the auditor to accuse lawsuit, far more than the whole industry occurred in the 105 - year history of the total number of ['];European Ernst & young, KPMG, delete and PWC international accounting firms in 2007, a year only received compensation lawsuit, claim amountmore than $1 billion in six, demanded amount of between $350 million to $1 billion with 12.Strengthen research of audit risk and its management, therefore, not only relates to the interests of the subject of audit and reputation, and is related to the construction of the economic system, is not only beneficial to audit the construction industry, promote audit, benign and healthy development of the career but also to contain or block the audit risk caused a chain reaction, make the audit resources to have economic benefits and social benefits in the direction of the flow, promote the reasonable allocation of social resources and social stability.2 Literature reviewIn 1978, D.H. Roberts (D.H.R obverts) raises the ultimate audit risk model, its mathematical expression is: the ultimate risk inherent risk control risk x 2 analytical detection risk and (+ sampling risk not sampling risk).In 1981, the auditing standards board (AlCPA) standards of 39 announcement the audit sampling and brought forward a new model of audit risk, this theory is that the audit.Risks from the analysis of inherent risk, control risk and detection risk and testing of four risk in detail, including: inherent risk and control risk the risk of significant error in financial statements and analytical examination and detailed test risks said the risk of significant error in the financial statements are not found. In 1983, the auditing standards board (AICPA) is explained in the auditing standards no. 47 "audit risk and the importance of audit services" (sAS47 #) of the audit risk model and made the changes, the revised audit model: audit risk inherent risk 2 x check risk control. As a result of this model includes the main audit risk factors, and shows that the number of the relationship between each risk factor, convenient measurement, operability and applicability, and therefore most audit organization and the international accounting firms are using this model, the independent auditing standards are also using this model. In 2004, the international auditing standards are revised in SAS47 # auditing standards audit model on the basis of a new audit risk model is put forward, its abstract expression is: the risk of material misstatement risk in audit risk = x check, this model to control risk and inherent risk into comprehensiverisk, and said with the risk of material misstatement. The model that audit risk depends on the size of the material misstatement risk and check risk, certified public accountant shall risk assessment of the implementation process, evaluation of material misstatement risk, and further to design and implement audit according to the results of the assessment program, to control the inspection risk, to reduce audit risk to an acceptable level.And for some institutions and scholars，Audit risk theory put forward its own views is put forward in 1983: Audit risk inherent risk control risk x x = analytical detection risk and substantive test risk [6]; the auditing practices board (APC) in 1988, an audit risk model is put forward, namely: audit risk = inherent risk control risk x x x sampling risk. In 1997, Alvin. A. Arenas and James k. loss baker (Alvin a. Arenas and James k. Lob eke) published monograph in combination with the audit learn A "(Auditing - An integrated Approach) adopted the system foundation audit and the risk-based audit pattern, on the basis of the risk assessment of the audited units, comprehensive analysis and evaluation of various influence factors of the audited units of economic activity, and according to the quantitative risk level to determine the implementation of the audit scope, focus, and carries on the substantive examination.3 Audit risk management and control3.1 Audit project management and controlEntrusted by the audit stage, first of all should carefully choose the auditees. Industry, the development level of industry correlation and macro-economic conditions, the types of industry market information such as help auditors on the current operating situation of the customer to make a preliminary judgment, and thus to initial positioning its risk. Customer’s own information focus should examine its management level, management level and sustainable management ability and senior management personnel quality, and so on and so forth. Auditors take special attention in the understanding of the unusual move, especially in the audit of listed company, any signs of abnormal behavior will have its exposed, namely risk signal. Between the auditor and the client if there is a related party relationship will affect theindependence of the audit, therefore when determining accepting new clients to avoid this kind of relationship to weaken the independence of certified public accountants. In commissioned phase can be a new customer list to inform law firm of professional auditors.Implementation stage of the audit specific controlled by implementation and business substantive testing phase and implementation detailed analytical testing and balance testing phase two phases, this stage guided by the audit plan, audit risk control oriented, to obtain audit evidence as the basic goals, the establishment of the internal control system of the audited units first and abide by the conditions for conformance test, according to the test results revised audit plan; And then to substantive testing of accounting report project data, evaluation and appraisal according to the test result.Way to achieve the goal of certified public accountants audit is the implementation of audit procedures, and the result is to achieve the goal of the audit through the audit report to reflect. Audit report reflects the client's final request, also reflect the quality of audit work to accomplish the task, and is also the judgement of the audited matters and conclusion. Therefore audit report stage is to audit the project quality and degree of risk control, the last part of the project risk control.3.2 Audit industry risk management and controlA sound system of laws and regulations is the audit laws is the basic measures to guard against auditing risk. Audit theory system must have a tight inner logic, to become a mature discipline and guide audit practice. Revised auditing standards as the core of the audit standard system, pay attention to the improvement on the application of audit risk model, perfect the risk-oriented audit on the implementation of the specific procedures of specific methods, such as the evaluation of internal control system, the control test and confirm the audit sampling method, test phase use expectation level of audit risk, inherent risk, control risk and detection risk and legal responsibility audit litigation risk and evaluation method, etc., for the auditor in practice to establish a normative and principled technical guidance system, enables the auditor's practice to rules-based and laws.An institute of certified public accountants should give full play to the function of its industry association, to further promote the improvement of the industry standards, strengthen supervision, to establish credit rating, filing system, peer review and experience exchange. In addition, an institute of certified public accountants shall promote the legislation and building rules and regulations, work, and take some measures to protect the lawful rights and interests of a member of the association. To explore in practice, summarize the experience on the basis of the audit work must be formulated in compliance with standards and guidelines as soon as possible, the audit procedures, content, clerical, language use and so on shall be clearly stipulated; Strengthen the constraints supervision mechanism, establish and perfect the relevant regulations of the peer review and the system.3.3 Audit environment risk management and controlThe audit environment is constantly changing. Industrial society to information society and the transformation of the knowledge economy era, the progressive realization of economic globalization, the modern enterprise system gradually introduced, further improving the corporate governance structure, information technology is widely applied in the audit practice, etc. Play an important role in the audit environment, is the auditor's quality and skills, social expectations and requirements for the audit, the development of related disciplines and so on.For the improvement of the audit environment and reform, not the auditing profession or an institute of certified public accountants can be achieved, it needs the joint efforts of the whole society, such as the correct understanding of the auditing profession widespread public, to reduce the audit expectation gap; To improve the standardization of the capital market operations and the transparency of information disclosure; Perfect the construction of accounting legal system, etc.4 ConclusionsAudit is to monitor the development of social economy, the important aspect of optimizing the allocation of resources, the development of capital market prosperity and stability is particularly important. Audit risk management throughout all aspects of the audit activities, throughout the audit activities. Public accounting firms andcertified public accountants as the main body of the audit risk management, especially must pay attention to in the daily audit practice and strengthen the audit risk management, they need to improve its own, perfect the causes of audit risk, and thus achieve the control of the audit risk more effectively.译文对审计风险控制的探讨C E Hogan摘要对于任何一个市场而言,寻求资源的最优配置都是其内在要求,这要求市场主体之间具备完全信息,然而现实中,投资者与被投资者、债权人与债务人、监管者与被监管者之间必然存在信息的不对称,审计这一行业的产生就是为了消除这种信息的不对称。
内部审计中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internal auditing's role in ERMAs organizations lay their enterprise risk groundwork, many auditors are taking on management's oversight responsibilities, new research finds.Internal audit departments have played a variety of roles in their organization's enterprise risk management (ERM) activities since The Committee of Sponsoring Organizations of the Tread way Commission (COSO) released its Enterprise Risk Management-Integrated Framework in September 2004. An IIA position paper issued in the wake of COSO ERM, "The Role of Internal Auditing in Enterprise-wide Risk Management," indicates the roles that the internal audit function should and should not play throughout the ERM process, ranging from full involvement to no involvement. According to the paper, internal auditors should have a core role in five ERM-related assurance activities: giving assurance on risk management processes, giving assurance that risks are evaluated correctly, evaluating risk managementprocesses, evaluating the reporting of key risks, and reviewing the management of key risks.A recent IIA Research Foundation study examined the extent to which internal audit functions adhere to the ERM roles recommended in the IIA paper. During October 2005, researchers disseminated an online survey to 7,200 IIA members through The Institute's Global Auditing Information Network. The survey generated 361 responses from a mix of large, mid-sized, and small organizations in a variety of industries, including businesses, government agencies, and not for profit organizations. Nearly 60 percent of respondents identified themselves as a chief audit executive or audit director, 23 percent were audit managers, and 7.8 percent were staff or senior auditors. Approximately 90 percent were from the United States and Canada.Respondents' organizations are at different stages of implementing ERM, as defined by COSO. More than 11 percent say their organization's ERM infrastructure is mature or relatively mature, and 37 percent have recently adopted or are in the process of implementing ERM. Among all organizations surveyed, the internal audit function is primarily responsible for ERM-related activities in 36 percent of respondents' organizations, while 27 percent say the primary responsibility belongs to a chief risk officer (CRO) who is not part of the audit function. Nearly one-third of respondents say another executive or function oversees ERM..The hours and dollars internal audit functions spend on ERM-related activities are minimal for many respondents. Nearly half say their audit department spent 10 percent or less of its hourly and financial budgets on ERM-related activities during fiscal year 2004. More than one-third of audit departments spent II percent to 50 percent of their time on ERM, and 28 percent spent n percent to 50 percent of their financial budgets, while less than 10 percent of departments Spent more than 50 percent of their time and money.The IIA position paper categorizes 18 ERM-related activities according to the appropriate level of responsibility for the internal audit function. Survey respondents reported their current and ideal level of responsibility for these activities: no responsibility, limited responsibility, moderate responsibility, substantialresponsibility, and total responsibility.CORE ACTIVITIESDifferences between respondents' current and ideal responsibilities are greatest for the five core ERM assurance activities identified In the IIA paper. Respondents Indicated that their current responsibility for each of the core ERM related activities is moderate, but they say they should have a substantial level of responsibility. These views agree with the IIA guidance. Additionally, roughly half of internal audit functions surveyed currently have substantial or full responsibility for at least one core activity, and more than two-thirds say they should have till or substantial responsibility for at least one core activity.Within the core category, the audit function's two highest levels of current responsibility involve reviewing management of key risks and evaluating the risk management process. Evaluating the risk management process and giving assurance on risk management processes are the highest-rated ideal responsibilities. Conversely, giving assurance that risks are evaluated correctly is the lowest-rated current and ideal responsibility.The following respondent comments offer some insight into why audit departments are not currently involved in core ERM-related activities at the level they deem appropriate;"We have just recently begun implementing ERM activities in our company. We do not yet have complete understanding of the process and buy-in from management.""The audit committee and management are not aware of what ERM is.""The internal audit function has just initiated an awareness campaign among the audit committee members."These comments suggest that educating management and the audit committee on ERM issues can be critical to ensuring that the audit function takes on an appropriate level of responsibility for ERM.LEGITIMATE ACTIVITIESThe IIA paper prescribes seven legitimate ERM-related activities for which internal committee audit functions may be responsible as long as safeguards are inplace: facilitating the identification and evaluation of risks, coaching management in responding to risks, coordinating ERM-related activities, consolidating the reporting on risks, maintaining and developing the ERM framework, championing establishment of ERM, and developing risk management strategy for board approval. These activities are described as "consulting" activities. Although respondents' current responsibility for each of these legitimate activities ranges from limited to moderate, they say their ideal level should be moderate, which is consistent with the guidance.Within the legitimate category, the highest level of current internal audit responsibility involves facilitating the identification and evaluation of risks —the top-rated ERM-related activity, including core activities. This activity is also the highest-rated ideal activity among legitimate activities, suggesting that auditors consider it a core responsibility. This finding is not surprising. because risk detection and evaluation are traditional considerations in developing annual audit plans. The lowest-rated current and ideal activity is developing a risk management strategy for board approval, which is an activity that might best be handled by management.The IIA guidance cautions that when internal auditors undertake these legitimate consulting activities, safeguards should be in place to ensure that they do not take on management responsibility for actually managing risks. One possible preventive measure would include documenting the auditors' ERM responsibilities in an audit committee-approved audit charter. Further, if auditors take on any ERM-related activities that fall within this consulting role, they should treat these engagements as consulting engagements and apply the relevant IIA standards to help ensure their independence and objectivity.INAPPROPRIATE ACTIVITIESAccording to the IIA position paper. It is inappropriate for internal auditors to be responsible for six ERM-related activities: setting the risk appetite, imposing risk management processes, providing management assurance on risks, making decisions on risk responses, implementing risk responses on management's behalf, and having accountability for risk management. Overall, audit functions in the survey have greater responsibility for these activities than the IIA paper recommends. However,auditors say they should have some limited responsibility for the inappropriate activities.Within the inappropriate category, internal auditors' highest level of current and ideal responsibility is providing management assurance on risks, while their lowest level of responsibility is for setting the risk appetite. Respondents' comments suggest that auditors currently have greater responsibilities in these areas because the audit function is playing a leading role during the early stages of ERM development.ORGANIZATIONAL CHARACTERISTICSThe perceived current and ideal FRM roles for the internal audit function may vary across organizations, depending on the organization's industry, size, and audit department size, as well as the firm's need to comply with the U.S. Sarbanes-Oxley Act of 2002.INDUSTRY Respondents work in a variety of sectors, including financial services, manufacturing, transportation, communications, utilities, health care, retail and wholesale, government, and education. Researchers compared responses from the two largest industry groups: financial services and manufacturing. On average, financial service industry audit departments have greater current responsibility for core activities than those from manufacturing. With respect to inappropriate activities, manufacturing audit departments tend to say their ideal involvement should be higher than their current responsibility, while financial service industry audit departments rate their current and ideal responsibilities at the same level.ORGANIZATION SIZE Approximately half of respondents work in organizations that had 2004 revenues between US $500 million and US $5 billion. Nearly 25 percent of respondents work in organizations that had revenues under US $500 million in 2004, while a similar number of respondents work in organizations that had more than US $5 billion in revenue that year. Researchers compared responses from organizations with revenues of less than US $1 billion with organizations with revenues greater than US $1 billion. On average, auditors from both types of organizations have relatively equal levels of responsibility for current core activities. However, smaller organizations rated their ideal involvement for thesecore activities higher than large organizations. Smaller organizations have a slightly higher current level of responsibility for inappropriate activities than larger organizations and say their ideal involvement in these areas should be higher.AUDIT STAFF SIZE More than half of respondents work in audit departments with 10 or fewer auditors, slightly more than one-quarter work in departments with between 11 and 50 auditors, and approximately one-tenth of respondents work in departments with more than 50 auditors. Internal audit functions with more than 10 auditors currently have somewhat more responsibility for core activities than audit departments with 10 or fewer auditors. Both large and small audit functions have roughly equal levels of responsibility for all other ERM-related activities. However, unlike large audit organizations, respondents from small audit departments want to have more responsibility for activities in the inappropriate category.SARBANES-OXLEY Most respondents' organizations are required to comply with Sarbanes-Oxley Section 404. Researchers found few differences between those organizations and respondents from organizations that do not have to comply with the act. The primary difference related to core activities, where compliers report a higher level of current responsibility than non-compliers.Although the IIA guidance is equally applicable to all organizations, the research indicates that smaller internal audit departments and those from smaller organizations tend to take on ERM responsibilities that would be more appropriate for management. In these cases, internal auditing should work to develop an ERM implementation and maintenance plan that includes a stratcgy and timeline for migrating responsibilities for these activities to managementTHE AUDITOR'S ROLEAlthough the survey results suggest that the current levels of responsibility audit departments have may differ somewhat from that levels recommended by The IIA'S position paper, the respondents' comments offer some evidence that auditors understand the underlying concepts of the guidance:"There needs to be a shift in the 'doing' of the ERM to being an internal audit function that relies on and evaluates the ERM process. ERM should be in sync withthe audit universe and plan,""In the past i8 months, the corporation has appointed a CRO to provide oversight and guidance to evolving ERM processes. During this period, much of internal auditing's previous ERM roles have migrated to this officer." More importantly, respondents identified significant barriers in their organizations to following the guidance:"These ERM responsibilities and processes are not well defined in many organizations and should be more clearly articulated by senior management."'There is not enough emphasis from the top that risk management is important and must be done effectively. Management is still trying to hide things from internal auditing. It's not them against us, we're all in it together.""Most auditors and enterprise managers lack clarity on the distinction between responsibility for risk assurance implementation versus responsibility for risk assurance compliance and monitoring."These comments stress that a key element to establishing a successful ERM program is education on the importance of ERM and the appropriate roles management and internal auditing have in the process. Internal auditors can play a key role in providing this education. The audit department, management, hoard of directors, and audit committee need to be clear about which ERM related activities internal auditors should perform and which activities should always be performed by management. Relevant training should highlight that internal auditing could serve in a monitoring or consulting role throughout much of the ERM process, but the formal decision-making authority must reside with management if the audit department is to maintain its independence and objectivity.Auditors should take steps to ensure that the board and audit committee are aware of the COSO ERM framework and are actively engaged in overseeing the ERM process. Additionally, auditors should consider training senior management, the board, and others throughout their organization on COSO ERM and related guidance.Responses to the survey provide useful insights into additional steps that the internal audit profession should take. Auditors whose organizations are in the earlystages of adopting ERM or will be implementing ERM in the future have many opportunities to ensure that the process is effective and efficient. For example, audit departments that currendy perform ERM-related activities that should be management's responsibility can take proactive steps to open up the lines of communication between internal auditing and management, the board and audit committee, and external auditors about the risks of this situation. Such communication should encourage management to take on appropriate ERM responsibilities. One approach audit departments could take is to develop a business plan describing how management can assume responsibility for ERM related activities for which they should be accountable. However, internal auditors should recognize that completing this plan and convincing management to accept these ERM responsibilities might not occur quickly.With appropriate planning, communication, and education, internal auditors, management, the board, and external auditors should be ready to work together to achieve the many benefits of ERM. Ideally, this coordination will result in performing ERM-related activities at appropriate places within the organization, management accepting its responsibility for ERM, and that audit function playing a role that is consistent with appropriate professional guidance.译文：内部审计在企业风险管理中的作用新的研究发现：随着企业以组织风险为基础，许多审计人员对管理层采取职责监督措施。
外文文献及中文翻译_财务风险的重要性How Important is Financial Risk_
How Important is Financial Risk?IntroductionThe financial crisis of 2008 has brought significant attention to the effects of financial leverage. There is no doubt that the high levels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “shadow banking system” may be the underlying cau se of the recent economic and financial dislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis. This surprising fact begs the question, “How important is financial risk for non-financial firms?” At the heart of this issue is the uncertainty about the determinants of total firm risk as well as components of firm risk.StudyRecent academic research in both asset pricing and corporate finance has rekindled an interest in analyzing equity price risk. A current strand of the asset pricing literature examines the finding of Campbell et al. (2001) that firm-specific (idiosyncratic) risk has tended to increase over the last 40 years. Other work suggests that idiosyncratic risk may be a priced risk factor (see Goyal and Santa-Clara, 2003, among others). Also related to these studies is work by Pástor and Veronesi (2003) showing how investor uncertainty about firm profitability is an important determinant of idiosyncratic risk and firm value. Other research has examined the role of equity volatility in bond pricing (e.g., Dichev, 1998, Campbell, Hilscher, and Szilagyi, 2008).However, much of the empirical work examining equity price risk takes the risk of assets as given or tries to explain the trend in idiosyncratic risk. In contrast, thispaper takes a different tack in the investigation of equity price risk. First, we seek to understand the determinants of equity price risk at the firm level by considering total risk as the product of risks inherent in the firms operations (i.e., economic or business risks) and risks associated with financing the firms operations (i.e., financial risks). Second, we attempt to assess the relative importance of economic and financial risks and the implications for financial policy.Early research by Modigliani and Miller (1958) suggests that financial policy may be largely irrelevant for firm value because investors can replicate many financial decisions by the firm at a low cost (i.e., via homemade leverage) and well-functioning capital markets should be able to distinguish between financial and economic distress. Nonetheless, financial policies, such as adding debt to the capital structure, can magnify the risk of equity. In contrast, recent research on corporate risk management suggests that firms may also be able to reduce risks and increase value with financial policies such as hedging with financial derivatives. However, this research is often motivated by substantial deadweight costs associated with financial distress or other market imperfections associated with financial leverage. Empirical research provides conflicting accounts of how costly financial distress can be for a typical publicly traded firm.We attempt to directly address the roles of economic and financial risk by examining determinants of total firm risk. In our analysis we utilize a large sample of non-financial firms in the United States. Our goal of identifying the most important determinants of equity price risk (volatility) relies on viewing financial policy as transforming asset volatility into equity volatility via financial leverage. Thus, throughout the paper, we consider financial leverage as the wedge between asset volatility and equity volatility. For example, in a static setting, debt provides financial leverage that magnifies operating cash flow volatility. Because financial policy is determined by owners (and managers), we are careful to examine the effects of firms’ asset and operating characteristics on financial policy. Specifically, we examine a variety of characteristics suggested by previous research and, as clearly as possible, distinguish between those associated with the operations of the company (i.e. factors determining economic risk) and those associated with financing the firm (i.e. factors determining financial risk). We then allow economic risk to be a determinant of financial policy in the structural framework of Leland and Toft (1996), or alternatively,in a reduced form model of financial leverage. An advantage of the structural model approach is that we are able to account for both the possibility of financial and operating implications of some factors (e.g., dividends), as well as the endogenous nature of the bankruptcy decision and financial policy in general.Our proxy for firm risk is the volatility of common stock returns derived from calculating the standard deviation of daily equity returns. Our proxies for economic risk are designed to capture the essential characteristics of the firms’ operations and assets that determine the cash flow generating process for the firm. For example, firm size and age provide measures of line of- business maturity; tangible assets (plant, property, and equipment) serve as a proxy for the ‘hardness’ of a firm’s assets; capital expenditures measure capital intensity as well as growth potential. Operating profitability and operating profit volatility serve as measures of the timeliness and riskiness of cash flows. To understand how financial factors affect firm risk, we examine total debt, debt maturity, dividend payouts, and holdings of cash and short-term investments.The primary result of our analysis is surprising: factors determining economic risk for a typical company explain the vast majority of the variation in equity volatility. Correspondingly, measures of implied financial leverage are much lower than observed debt ratios. Specifically, in our sample covering 1964-2008 average actual net financial (market) leverage is about 1.50 compared to our estimates of between 1.03 and 1.11 (depending on model specification and estimation technique). This suggests that firms may undertake other financial policies to manage financial risk and thus lower effective leverage to nearly negligible levels. These policies might include dynamically adjusting financial variables such as debt levels, debt maturity, or cash holdings (see, for example, Acharya, Almeida, and Campello, 2007). In addition, many firms also utilize explicit financial risk management techniques such as the use of financial derivatives, contractual arrangements with investors (e.g. lines of credit, call provisions in debt contracts, or contingencies in supplier contracts), special purpose vehicles (SPVs), or other alternative risk transfer techniques.The effects of our economic risk factors on equity volatility are generally highly statistically significant, with predicted signs. In addition, the magnitudes of the effects are substantial. We find that volatility of equity decreases with the size and age of the firm. This is intuitive since large and mature firms typically have more stable lines ofbusiness, which should be reflected in the volatility of equity returns. Equity volatility tends to decrease with capital expenditures though the effect is weak. Consistent with the predictions of Pástor and Veronesi (2003), we find that firms with higher profitability and lower profit volatility have lower equity volatility. This suggests that companies with higher and more stable operating cash flows are less likely to go bankrupt, and therefore are potentially less risky. Among economic risk variables, the effects of firm size, profit volatility, and dividend policy on equity volatility stand out. Unlike some previous studies, our careful treatment of the endogeneity of financial policy confirms that leverage increases total firm risk. Otherwise, financial risk factors are not reliably related to total risk.Given the large literature on financial policy, it is no surprise that financial variables are,at least in part, determined by the economic risks firms take. However, some of the specific findings are unexpected. For example, in a simple model of capital structure, dividend payouts should increase financial leverage since they represent an outflow of cash from the firm (i.e., increase net debt). We find that dividends are associated with lower risk. This suggests that paying dividends is not as much a product of financial policy as a characteristic of a firm’s operations(e.g., a mature company with limited growth opportunities). We also estimate how sensitivities to different risk factors have changed over time. Our results indicate that most relations are fairly stable. One exception is firm age which prior to 1983 tends to be positively related to risk and has since been consistently negatively related to risk. This is related to findings by Brown and Kapadia (2007) that recent trends in idiosyncratic risk are related to stock listings by younger and riskier firms.Perhaps the most interesting result from our analysis is that our measures of implied financial leverage have declined over the last 30 years at the same time that measures of equity price risk (such as idiosyncratic risk) appear to have been increasing. In fact, measures of implied financial leverage from our structural model settle near 1.0 (i.e., no leverage) by the end of our sample. There are several possible reasons for this. First, total debt ratios for non-financial firms have declined steadily over the last 30 years, so our measure of implied leverage should also decline. Second, firms have significantly increased cash holdings, so measures of net debt (debt minus cash and short-term investments) have also declined. Third, the composition of publicly traded firms has changed with more risky (especially technology-oriented)firms becoming publicly listed. These firms tend to have less debt in their capital structure. Fourth, as mentioned above, firms can undertake a variety of financial risk management activities. To the extent that these activities have increased over the last few decades, firms will have become less exposed to financial risk factors.We conduct some additional tests to provide a reality check of our results. First, we repeat our analysis with a reduced form model that imposes minimum structural rigidity on our estimation and find very similar results. This indicates that our results are unlikely to be driven by model misspecification. We also compare our results with trends in aggregate debt levels for all U.S. non-financial firms and find evidence consistent with our conclusions. Finally, we look at characteristics of publicly traded non-financial firms that file for bankruptcy around the last three recessions and find evidence suggesting that these firms are increasingly being affected by economic distress as opposed to financial distress.ConclusionIn short, our results suggest that, as a practical matter, residual financial risk is now relatively unimportant for the typical U.S. firm. This raises questions about the level of expected financial distress costs since the probability of financial distress is likely to be lower than commonly thought for most companies. For example, our results suggest that estimates of the level of systematic risk in bond pricing may be biased if they do not take into account the trend in implied financial leverage (e.g., Dichev, 1998). Our results also bring into question the appropriateness of financial models used to estimate default probabilities, since financial policies that may be difficult to observe appear to significantly reduce risk. Lastly, our results imply that the fundamental risks born by shareholders are primarily related to underlying economic risks which should lead to a relatively efficient allocation of capital.Some readers may be tempted to interpret our results as indicating that financial risk does not matter. This is not the proper interpretation. Instead, our results suggest that firms are able to manage financial risk so that the resulting exposure to shareholders is low compared to economic risks. Of course, financial risk is important to firms that choose to take on such risks either through high debt levels or a lack of risk management. In contrast, our study suggests that the typical non-financial firm chooses not to take these risks. In short, gross financial risk may be important, but firms can manage it. This contrasts with fundamental economic and business risks thatare more difficult (or undesirable) to hedge because they represent the mechanism by which the firm earns economic profits.References[1]Shyam,Sunder.Theory Accounting and Control[J].An Innternational Theory on PublishingComPany.2005[2]Ogryezak,W,Ruszeznski,A. Rom Stomchastic Dominance to Mean-Risk Models:Semide-Viations as Risk Measures[J].European Journal of Operational Research.[3] Borowski, D.M., and P.J. Elmer. An Expert System Approach to Financial Analysis: the Case of S&L Bankruptcy [J].Financial Management, Autumn.2004;[4] Casey, C.and N. Bartczak. Using Operating Cash Flow Data to Predict Financial Distress: Some Extensions[J]. Journal of Accounting Research,Spring.2005;[5] John M.Mulvey,HafizeGErkan.Applying CVaR for decentralized risk management of financialcompanies[J].Journal of Banking&Finanee.2006;[6] Altman. Credit Rating:Methodologies,Rationale and Default Risk[M]．Risk Books,London.译文：财务风险的重要性引言2008年的金融危机对金融杠杆的作用产生重大影响。
公司财务风险中英文对照外文翻译文献
中英文资料外文翻译外文资料Financial firm bankruptcy and systemic riskIn Fall 2008 when the Federal Reserve and the Treasury injected $85 billion into the insurance behemoth American International Group (AIG), themoney lent to AIGwent straight to counterparties, and very few funds remained with the insurer. Among the largest recipients was Goldman Sachs, to whomabout $12 billionwas paid to undoAIG’s credit default swaps (CDSs). The bailout plan focused on repaying the debt by slowly selling off AIG’s assets, w ith no intention of maintaining jobs or allowing the CDSmarket to continue to function as before. Thus, the government’s effort to avoid systemic risk with AIG was mainly about ensuring that firms with which AIG had done business did not fail as a result. T he concerns are obviously greatest vis-a-vis CDSs, ofwhich AIG had over $400 billion contracts outstanding in June 2008.In contrast, the government was much less enthusiastic about aiding General Motors, presumably because they believed its failure would not cause major macroeconomic repercussions by imposing losses on related firms. This decision is consistent with the view in macroeconomicresearch that financialfirmbankruptcies pose a greater amount of systemic risk than nonfinancial firmbankruptcies. For example, Bordo and Haubrich (2009) conclude that “...more severe financial events are associated withmore severe recessions...” Likewise, Bernanke (1983) argues the Great Depressionwas so severe because ofweakness in the banking systemthat affected the amount of credit available for investment. Bernanke et al. (1999) hypothesize a financial accelerator mechanism, whereby distress in one sector of the economy leads to more precarious balance sheets and tighter credit conditions. This in turn leads to a drop in investment, which is followed by less lending and a widespread downturn. Were shocks to the economy always to come in the form of distress at nonfinancial firms, these authors argue that the business downturns would not be so severe.We argue instead that the contagious impact of a nonfinancial firm’s bankruptcy is expected to be far larger than that of a financial firm like AIG, although neither would be catastrophic to the U.S. economy through counterparty risk channels. This is not to say that an episode ofwidespread financial distress among our largest banks would not be followed by an especially severe recession, only that such failures would not cause a recession or affect the depth of a recession. Rather such bankruptcies are symptomatic of common factors in portfolios that lead to wealth losses regardless of whether any firm files for bankruptcy.Pervasive financial fragility may occur because the failure of one firm leads to the failure of other firms which cascades through the system (e.g., Davis and Lo, 1999; Jarrow and Yu, 2001). Or systemic risk may wreak havoc when a number of financial firms fail simultaneously, as in the Great Depression when more than 9000 banks failed (Benston, 1986). In the former case, the failure of one firm, such as AIG, Lehman Brothers or Bear Stearns, could lead to widespread failure through financial contracts such as CDSs. In the latter case, the fact that so many financial institutions have failed means that both the money supply and the amount of credit in the economy could fall so far as to cause a large drop in economic activity (Friedman and Schwartz, 1971).While a weak financial systemcould cause a recession, the recession would not arise because one firm was allowed to file bankruptcy. Further, should one or the other firmgo bankrupt, the nonfinancial firmwould have the greater impact on the economy.Such extreme real effects that appear to be the result of financial firm fragility have led to a large emphasis on the prevention of systemic risk problems by regulators. Foremost amo ng these policies is “too big to fail” (TBTF), the logic of which is that the failure of a large financial institution will have ramifications for other financial institutions and therefore the risk to the economywould be enormous. TBTF was behind the Fed’s decisions to orchestrate the merger of Bear Stearns and J.P.Morgan Chase in 2008, its leadership in the restructuring of bank loans owed by Long Term Capital Management (LTCM), and its decision to prop up AIG. TBTF may be justified if the outcome is preven tion of a major downswing in the economy. However, if the systemic risks in these episodes have been exaggerated or the salutary effects of these actions overestimated, then the cost to the efficiency of the capital allocation system may far outweigh any po tential benefits from attempting to avoid another Great Depression.No doubt, no regulator wants to take the chance of standing down while watching over another systemic risk crisis, sowe do not have the ability to examine empiricallywhat happens to the economy when regulators back off. There are very fewinstances in themodern history of the U.S.where regulators allowed the bankruptcy of amajor financial firm.Most recently,we can point to the bankruptcy of Lehman,which the Fed pointedly allowed to fail.However,with only one obvious casewhere TBTFwas abandoned, we have only an inkling of how TBTF policy affects systemic risk. Moreover, at the same time that Lehman failed, the Fed was intervening in the commercial paper market and aiding money marketmutual fundswhile AIGwas downgraded and subsequently bailed out. In addition, the Federal Reserve and the Treasury were scaremongering about the prospects of a second Great Depression to make the passage of TARPmore likely. Thuswewill never knowifthemarket downturn th at followed the Lehman bankruptcy reflected fear of contagion from Lehman to the real economy or fear of the depths of existing problems in the real economy that were highlighted so dramatically by regulators.In this paper we analyze the mechanisms by which such risk could cause an economy-wide col-lapse.We focus on two types of contagion that might lead to systemic risk problems: (1) information contagion,where the information that one financial firmis troubled is associatedwith negative shocksat other financ ial institutions largely because the firms share common risk factors; or (2) counterparty contagion,where one important financial institution’s collapse leads directly to troubles at other cred-itor firms whose troubles snowball and drive other firms into distress. The efficacy of TBTF policies depends crucially on which of these two types of systemic riskmechanisms dominates.Counterparty contagion may warrant intervention in individual bank failureswhile information contagion does not.If regulators do not ste p in to bail out an individual firm, the alternative is to let it fail. In the case of a bank, the process involves the FDIC as receiver and the insured liabilities of the firmare very quickly repaid. In contrast, the failure of an investment bank or hedge fund does not involve the FDIC andmay closely resemble a Chapter 11 or Chapter 7 filing of a nonfinancial firm. However, if the nonbank financial firm inquestion has liabilities that are covered by the Securities Industry Protection Corporation (SIPC), the firmi s required by lawunder the Securities Industry Protection Act (SIPA) to liquidate under Chapter 7 (Don and Wang, 1990). This explains in large partwhy only the holding company of Lehman filed for bankruptcy in 2008 and its broker–dealer subsidiaries were n ot part of the Chapter 11 filing.A major fear of a financial firm liquidation, whether done through the FDIC or as required by SIPA, is that fire sales will depress recoveries for the creditors of the failed financial firm and that these fire saleswill have ramifications for other firms in related businesses, even if these businesses do not have direct ties to the failed firm (Shleifer and Vishny, 1992). This fear was behind the Fed’s decision to extend liquidity to primary dealers inMarch 2008 – Fed Chairman Bernanke explained in a speech on financial system stability that“the risk developed that liquidity pressuresmight force dealers to sell assets into already illiquid markets. Thismight have resulted in...[a] fire sale scenario..., inwhich a cascade of failures andliquidations sharply depresses asset prices, with adverse financial and economic implications.”(May 13, 2008 speech at the Federal Reserve Bank of Atlanta conference at Sea Island, Georgia) The fear of potential fire sales is expressed in further detail in t he same speech as a reason for the merger of Bear Stearns and JP Morgan:“Bear...would be forced to file for bankruptcy...[which] wouldhave forced Bear’s secured creditors and counterparties to liquidate the underlying collateral and, given the illiquidity of markets, those creditors and counter parties might well have sustained losses. If they responded to losses or the unexpected illiquidity of their holdings by pulling back from providing secured financing to other firms, a much broader liquidity crisis wou ld have ensued.”The idea that creditors of a failed firm are forced to liquidate assets, and to do so with haste, is counter to the basic tenets of U.S. bankruptcy laws, which are set up to allow creditors the ability to maximize the value of the assets now under their control. If that value is greatest when continuing to operate, the laws allow such a reorganization of the firm. If the value in liquidation is higher, the laws are in no way prejudiced against selling assets in an orderly procedure. Bankruptcy actually reduces the likelihood of fire sales because assets are not sold quickly once a bankruptcy filing occurs. Cash does not leave the bankrupt firm without the approval of a judge.Without pressure to pay debts, the firm can remain in bankruptcy for months as it tries to decide on the best course of action. Indeed, a major complaint about the U.S. code is that debtors can easily delay reorganizing and slow down the process.If, however, creditors and management believe that speedy assets sales are in their best interest, then they can press the bankruptcy judge to approve quick action. This occurred in the case of Lehman’s asset sale to Barclays,which involved hiring workers whomight have split up were their divisions not sold quickly.金融公司破产及系统性的风险2008年秋，当美联邦储备委员会和财政部拒绝85亿美金巨资保险投入到美国国际集团时，这边借给美国国际集团的货款就直接落到了竞争对手手里，而投保人只得到极少的一部分资金。
会计舞弊财务舞弊外文翻译文献
会计舞弊财务舞弊外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：Global Corporate Accounting Frauds and Action for Reforms1、IntroductionDuring the recent series of corporate fraudulent financial reporting incidents in the U.S., similar corporate scandals were disclosed in several other countries. Almost all cases of foreign corporate accounting frauds were committed by entities that conduct their businesses in more than one country, and most of these entities are also listed on U.S. stock exchanges. Following the legislative and regulatory reforms of corporate America, resulting from the SarbanesOxley Act of 2002, reforms were also initiated worldwide. The primary purpose of this paper is twofold: (1) to identify the prominent American and foreign companies involved in fraudulent financial reporting and the nature of accounting irregularities they committed; and (2) to highlight the global reaction for corporate reforms which are aimed at restoring investor confidence in financial reporting, the public accounting profession and global capital markets.2、Cases of Global Corporate Accounting FraudsThe list of corporate financial accounting scandals in the U.S. is extensive, and each one was the result of one or more creative accounting irregularities. Exhibit 1 identifies a sample of U.S. companies that committed such fraud and the nature of their fraudulent financial reporting activities.EXHIBIT 1. A SAMPLE OF CASES OF CORPORATE ACCOUNTING3、Global Regulatory Action for Corporate and Accounting ReformsI. U.S. Sarbanes-Oxley Act of 2002 (SOA 2002)In response to corporate and accounting scandals, the effects of which are still being felt throughout the U.S. economy, and in order to protect public interest and to restore investor confidence in the capital market, U.S. lawmakers, in a compromise by the House and Senate, passed the Sarbanes-Oxley Act of 2002. President Bush signed this Act into law (Public Law 107-204) on July 30, 2002. The Act resulted in major changes to compliance practices of large U.S. and non-U.S. companies whose securities are listed or traded on U.S. stock exchanges, requiring executives, boards of directors and external auditors to undertake measures to implement greater accountability, responsibility and transparency of financial reporting. The statutes of the act, and the new SEC initiatives that followed, are considered the most significant legislation and regulations affecting the corporate community and the accounting profession since 1933. Other U.S. regulatory bodies such as the New York StockExchange (NYSE), the National Association of Securities Dealers Automated Quotation (NASDAQ) and the State Societies of CPAs have also passed new regulations which place additional burdens on publicly traded companies and their external auditors.The Sarbanes-Oxley Act (SOA) is expressly applicable to any non-U.S. company registered on U.S. exchanges under either the Securities Act of 1933 or the Security Exchange Act of 1934, regardless of country of incorporation or corporate domicile. Furthermore, external auditors of such registrants, regardless of their nationality or place of business, are subject to the oversight of the Public Company Accounting Oversight Board (PCAOB) and to the statutory requirements of the SOA .The United States' SOA has reverberated around the globe through the corporate and accounting reforms addressed by the International Federation of Accountants (IFAC); the Organization for Economic Cooperation and Development (OECD); the European Commission (UC); and authoritative bodies within individual European countries.II. International Federation of Accountants (IFAC)The International Federation of Accountants (IFAC) is a private governance organization whose members are the national professional associations of accountants. It formally describes itself as the global representative of the accounting profession, with the objective of serving the public interest, strengthening the worldwide accountancy profession and contributing to the development of strong international economies by establishing and promoting adherence to high quality standards. The Federation represents accountancy groups worldwide and has served as a reminder that restoring public confidence in financial reporting and the accounting profession should be considered a global mission. It is also considered a key player in the global auditing arena which, among other things, constructs international standards on auditing and has laid down an international ethical code for professional accountants. The IFAC has recently secured a degree of support for its endeavors from some of the world's most influential international organizations in economic and financial spheres, including global Financial Stability Forum (FSF), the International Organization ofSecurities Commissions (IOSCO), the World Bank and, most significantly, the European Communities(EC).In October 2002, IFAC commissioned a Task Force on Rebuilding Public Confidence in Financial Reporting to use a global perspective to consider how to restore the credibility of financial reporting and corporate disclosure. Its report, "Rebuilding Public Confidence in Financial Reporting: An International Perspective," includes recommendations for strengthening corporate governance, and raising the regulating standards of issuers. Among its conclusions and recommendations related to audit committees are :1. All public interest entities should have an independent audit committee or similar body .2. The audit committee should regularly report to the board and should address concerns about financial information, internal controls or the audit .3. The audit committee must meet regularly and have sufficient time to perform its role effectively .4. Audit committees should have core responsibilities, including monitoring and reviewing the integrity of financial reporting, financial controls, the internal audit function, as well as for recommending, working with and monitoring the external auditors.5. Audit committee members should be financially literate and a majority should have "substantial financial experience." They should receive further training as necessary on their responsibilities and on the company.6. Audit committees should have regular private "executive sessions" with the outside auditors and the head of the internal audit department. These executive sessions should not include members of management. There should be similar meetings with the chief financial officer (CFO) and other key financial executives, but without other members of management.7. Audit committee members should be independent of management .8. There should be a principles-based approach to defining independence on an international level. Companies should disclose committee members' credentials,remuneration and shareholdings.9. Reinforcing the role of the audit committee should improve the relationship between the auditor and the company. The audit committee should recommend the hiring and firing of auditors and approve their fees, as well as review the audit plan.10. The IFAC Code of Ethics should be the foundation for individual national independence rules. It should be relied on in making decisions on whether auditors should provide non-audit services. Non-audit services performed by the auditor should be approved by the audit committee.11. All fees, for audit and non-audit services, should be disclosed to shareholders.12. Key audit team members, including the engagement and independent review partners, should serve no longer than seven years on the audit .13. Two years should pass before a key audit team member can take a position at the company as a director or any other important management position .III. Organization for Economic Cooperation and Development (OECD)The Organization for Economic Cooperation and Development (OECD) is a quasi-think tank made up of 30 member countries, including the United States (U.S.) and the United Kingdom (UK), and it has working relationships with more than 70 other countries. In 2004, the OECD unveiled the updated revision of its "Principles of Corporate Governance" that had originally been adopted by its member governments (including the U.S. and UK) in 1999. Although they are non-binding, the principles provide a reference for national legislation and regulation, as well as guidance for stock exchanges, investors, corporations and other parties .The principles have long become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both the OECD and non-OECD countries.The 2004 updated version of "Principles of Corporate Governance" includes recommendations on accounting and auditing standards, the independence of board members and the need for boards to act in the interest of the company and theshareholders. The updated version also sets more demanding standards in a number of areas that impact corporate executive compensation and finance, such as :1. Granting investors the right to nominate company directors, as well as a more forceful role in electing them.2. Providing shareholders with a voice in the compensation policy for board members and executives, and giving these stockholders the ability to submit questions to auditors.3. Mandating that institutional investors disclose their overall voting policies and how they manage material conflicts of interest that may affect the way the investors exercise key ownership functions, such as voting .4. Identifying the need for effective protection of creditor rights and an efficient system for dealing with corporate insolvency .5. Directing rating agencies, brokers and other providers of information that could influence investor decisions to disclose conflicts of interest, and how those conflicts are being managed .6. Mandating board members to be more rigorous in disclosing related party transactions, and protecting so-called "whistle blowers" by providing the employees with confidential access to a board-level contact .4、ConclusionThe Sarbanes-Oxley Act of 2002 was the U.S. government's response to the wave of fraudulent corporate financial reporting experienced during the 1990s and early 2000s an represented a significant step in regaining investors' confidence in the global financial reporting process. The SOA created new and stricter statutes to avoid a repeat of previous corporate financial disasters. The Act not only applies to U.S. entities but also covers primarily large non-U.S. companies whose securities are listed or traded on U.S. stock exchanges, as well as their non-U.S. external auditors, regardless of their nationality or place of business. Foreign entities have to comply with the SOA by June 2005 .Across the Atlantic, the IFAC, OECD and EU have recognize the recent eruption of corporate scandals in Europe and affirmed the inevitable need forcorporate governance reforms and regulation of the public accounting profession worldwide. The International Federation of Accountants (IFAC) has passed the Code of Professional Ethics for international accounting firms. The Organization for Economic Cooperation and Development (OECD) has passed guidelines for improving corporate governance. The European Union (EU) has proposed a code of conduct for independent auditors, which include a five-year auditor rotation requirement. European countries are also individually involved in improving their corporate laws through governance codes of practice.Sourse: Badawi, Ibrahim M. Review of Business; Spring2005, Vol. 26 Issue 2, p8-14, 7p译文：全球公司会计舞弊和改革行为一、前言随着最近一系列公司虚假财务报告事件在美国发生,类似丑闻也在其他国家被曝光。
财务风险管理中英文对照外文翻译文献
中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might bepossible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
内部审计论文中文外文参考文献
会计学内部审计中英文资料外文翻译文献内部审计在沙特阿拉伯的发展：协会理论透视内部审计职能的价值1早先的研究已经运用各种各样的方法来制定适当的标准以评估内部审计职能的有效率。
比如说，视遵照标准的程度为影响内部审计表现的其中因素之一。
一份1988 年国际会计师协会英国协会的研究报告就致力与研究内部审计作用价值中高级管理层和外部审计员的认知力。
这项研究证明了衡量所提供服务的价值的艰难性就是做评估的主要障碍。
收益性，费用标准以及资源利用率都被确认为服务价值的衡量标准。
在这项研究里，它强调了确保内部审计工作应遵从 SPP IA 的必要性。
在美国，1988 的A lbrec hta 研究过内部审计的地位和作用，还为了能有效的评估内部审计的效率特别制定出一套框架。
他们发现有四个能让内部审计部门发展从而提高内部审计效率的要件：一个合适的企业环境，高级管理层的支持，具备高素质的内部审计人员以及高质量的内部审计工作。
在这项研究里学者们强调管理层和审计人员都应该承认内部审计职能对于企业来说是一种具有增值性的职能。
在英国，1997年，Ri dley和D’S ilva证明遵循专业标准的重要性是促进内部审计职能增值功能的最重要的因素。
遵循 SPPI A大量的研究都特别专注于内部审计部门对于 SPPI A 遵从性的研究。
1992 年，Powe ll et al 对11 个国家的国际会计师协会的成员进行了一项全球性的调查以证明是否有全球性的内部审计文化。
有他们发现对这11 个国家的国际会计师协会成员的调查中， 82的是遵循S PPIA的。
这个蛮高的百分比率促使学者们建议S PPIA提供内部审计这个职业全球化的证据。
审计风险外文文献翻译最新译文
审计风险外文文献翻译最新译文The n of Audit Risk ControlXXXIn any market。
the optimal n of resources is an internal XXX。
however。
n asymmetry exists een investors and creditors。
debtors and regulators。
and other regulated XXX verify the financial n of foreign enterprises and other n to ensure that the market's main body has as close to complete n as possible。
This process is known as the audit.XXX' subjective ns。
which are usually based on sampling surveys。
XXX。
audit risk is XXX.n:The auditing n has e an essential part of the market economy。
XXX the development of the capital market。
It holds a XXX the financial market。
However。
in recent years。
due to the repeatedn of cases XXX accountants。
the industry has XXX。
A 2002study published in the American Journal of Accounting Statistics revealed that the number of lawsuits against auditors in the United States over the past 15 years is far more than the total number of lawsuits in the industry's 105-year history。