Crunch time for bank audits? Questions of practice and scope for dialogue

Purpose – The purpose of this paper is to review the way in which auditing issues have been raised and addressed during the credit crunch and developing global financial crisis. Design/methodology/approach – Analysis is based on a review of the academic auditing literature, regulatory and audit reports, together with papers from the financial press. Findings – After highlighting the relative lack of media attention devoted to the external auditing function in the light of major corporate collapses, the paper considers what, contrastingly, is an active and ongoing series of responses to the current crisis on the part of auditing firms and the profession more generally. Through such analysis the paper explores a number of implications of the credit crunch for both auditing practice and research. Research limitations/implications – The paper is constrained in part by the rapidly unfolding nature of events, with important policy developments arising almost on a daily basis. The paper draws primarily on events up to the beginning of October 2008. Practical implications – The paper has important messages for audit practice and research, including the technical capacities of external audits in the banking sector, the contributions of standard setting bodies and regulatory oversight, and the scope for enhanced dialogue between such parties and audit researchers. Originality/value - The paper serves both to focus and stimulate analysis of the credit crunch on the audit profession. It demonstrates the complexity of contemporary practice and highlights the importance, especially from an educational perspective, of developing understanding of banking audit practice and associated regulatory interactions – including the presented possibilities both for research and enhanced academic‐practitioner dialogue.

The effect of timeliness and credit ratings on the information content of earnings announcements

Abstract: This paper investigates the impact of timeliness and credit ratings on the information content of the earnings announcements of Greek listed firms from 2001 to 2008. Using the classical event study methodology and regression analysis, we find that firms tend to release good news on time and are inclined to delay the release of bad news. We also provide evidence that the level of corporate risk differentiates the information content of earnings according to the credit rating category. Specifically, firms displaying high creditworthiness enjoy positive excess returns on earnings announcement dates. In contrast, firms with low creditworthiness undergo significant share price erosions on earnings announcement days. We also observe a substitution effect between timeliness and credit ratings in relation to the information content of earnings announcements. Specifically, we find that as the credit category of earnings-announcing firms improves, the informational role of timeliness is mitigated.

What ‘Security’, whose ‘Rights’ and which ‘Law’? : the Israeli High Court of Justice and the Israeli settlements in the occupied West Bank

Cette thèse examine l’interprétation et l’application, par l’Haute Cour d'Israël (HCJ), de principes du droit international de l’occupation et du droit international des droits de la personne dans le traitement de requêtes judiciaires formulées par des justiciables palestiniens. Elle s’intéresse plus particulièrement aux jugements rendus depuis le déclenchement de la deuxième Intifada (2000) suite à des requêtes mettant en cause la légalité des mesures adoptées par les autorités israéliennes au nom d’un besoin prétendu d’accroitre la sécurité des colonies et des colons israéliens dans le territoire occupé de la Cisjordanie. La première question sous étude concerne la mesure dans laquelle la Cour offre un recours effectif aux demandeurs palestiniens face aux violations alléguées de leurs droits internationaux par l’occupant. La recherche fait sienne la position de la HJC selon laquelle le droit de l’occupation est guidé par une logique interne tenant compte de la balance des intérêts en cause, en l’occurrence le besoin de sécurité de l’occupant, d’une part, et les droits fondamentaux de l’occupé, d’autre part. Elle considère, en outre, que cette logique se voit reflétée dans les principes normatifs constituant la base de ce corpus juridique, soit que l’occupation est par sa nature temporaire, que de l’occupation découle un rapport de fiduciaire et, finalement, que l’occupant n’acquiert point de souveraineté sur le territoire. Ainsi, la deuxième question qui est posée est de savoir si l’interprétation du droit par la Cour (HCJ) a eu pour effet de promouvoir ces principes normatifs ou, au contraire, de leur porter préjudice. La réunion de plusieurs facteurs, à savoir la durée prolongée de l’occupation de la Cisjordanie par Israël, la menace accrue à la sécurité depuis 2000 ainsi qu’une politique de colonisation israélienne active, soutenue par l’État, présentent un cas de figure unique pour vérifier l’hypothèse selon laquelle les tribunaux nationaux des États démocratiques, généralement, et ceux jouant le rôle de la plus haute instance judiciaire d’une puissance occupante, spécifiquement, parviennent à assurer la protection des droits et libertés fondamentaux et de la primauté du droit au niveau international. Le premier chapitre présente une étude, à la lumière du premier principe normatif énoncé ci-haut, des jugements rendus par la HCJ dans les dossiers contestant la légalité de la construction du mur à l’intérieur de la Cisjordanie et de la zone dite fermée (Seam Zone), ainsi que des zones de sécurité spéciales entourant les colonies. Le deuxième chapitre analyse, cette fois à la lumière du deuxième principe normatif, des jugements dans les dossiers mettant en cause des restrictions sur les déplacements imposées aux Palestiniens dans le but allégué de protéger la sécurité des colonies et/ou des colons. Le troisième chapitre jette un regard sur les jugements rendus dans les dossiers mettant en cause la légalité du tracé du mur à l’intérieur et sur le pourtour du territoire annexé de Jérusalem-Est. Les conclusions découlant de cette recherche se fondent sur des données tirées d’entrevues menées auprès d’avocats israéliens qui s’adressent régulièrement à la HCJ pour le compte de justiciables palestiniens.

What ‘Security’, whose ‘Rights’ and which ‘Law’? : the Israeli High Court of Justice and the Israeli settlements in the occupied West Bank

Cette thèse examine l’interprétation et l’application, par l’Haute Cour d'Israël (HCJ), de principes du droit international de l’occupation et du droit international des droits de la personne dans le traitement de requêtes judiciaires formulées par des justiciables palestiniens. Elle s’intéresse plus particulièrement aux jugements rendus depuis le déclenchement de la deuxième Intifada (2000) suite à des requêtes mettant en cause la légalité des mesures adoptées par les autorités israéliennes au nom d’un besoin prétendu d’accroitre la sécurité des colonies et des colons israéliens dans le territoire occupé de la Cisjordanie. La première question sous étude concerne la mesure dans laquelle la Cour offre un recours effectif aux demandeurs palestiniens face aux violations alléguées de leurs droits internationaux par l’occupant. La recherche fait sienne la position de la HJC selon laquelle le droit de l’occupation est guidé par une logique interne tenant compte de la balance des intérêts en cause, en l’occurrence le besoin de sécurité de l’occupant, d’une part, et les droits fondamentaux de l’occupé, d’autre part. Elle considère, en outre, que cette logique se voit reflétée dans les principes normatifs constituant la base de ce corpus juridique, soit que l’occupation est par sa nature temporaire, que de l’occupation découle un rapport de fiduciaire et, finalement, que l’occupant n’acquiert point de souveraineté sur le territoire. Ainsi, la deuxième question qui est posée est de savoir si l’interprétation du droit par la Cour (HCJ) a eu pour effet de promouvoir ces principes normatifs ou, au contraire, de leur porter préjudice. La réunion de plusieurs facteurs, à savoir la durée prolongée de l’occupation de la Cisjordanie par Israël, la menace accrue à la sécurité depuis 2000 ainsi qu’une politique de colonisation israélienne active, soutenue par l’État, présentent un cas de figure unique pour vérifier l’hypothèse selon laquelle les tribunaux nationaux des États démocratiques, généralement, et ceux jouant le rôle de la plus haute instance judiciaire d’une puissance occupante, spécifiquement, parviennent à assurer la protection des droits et libertés fondamentaux et de la primauté du droit au niveau international. Le premier chapitre présente une étude, à la lumière du premier principe normatif énoncé ci-haut, des jugements rendus par la HCJ dans les dossiers contestant la légalité de la construction du mur à l’intérieur de la Cisjordanie et de la zone dite fermée (Seam Zone), ainsi que des zones de sécurité spéciales entourant les colonies. Le deuxième chapitre analyse, cette fois à la lumière du deuxième principe normatif, des jugements dans les dossiers mettant en cause des restrictions sur les déplacements imposées aux Palestiniens dans le but allégué de protéger la sécurité des colonies et/ou des colons. Le troisième chapitre jette un regard sur les jugements rendus dans les dossiers mettant en cause la légalité du tracé du mur à l’intérieur et sur le pourtour du territoire annexé de Jérusalem-Est. Les conclusions découlant de cette recherche se fondent sur des données tirées d’entrevues menées auprès d’avocats israéliens qui s’adressent régulièrement à la HCJ pour le compte de justiciables palestiniens.

Highlights from the I international symposium of thrombosis and anticoagulation in internal medicine, October 23–25, 2008, Sao Paulo, Brazil

Abstract The importance of thrombosis and anticoagulation in clinical practice is rooted firmly in several fundamental constructs that can be applied both broadly and globally. Awareness and the appropriate use of anticoagulant therapy remain the keys to prevention and treatment. However, to assure maximal efficacy and safety, the clinician must, according to the available evidence, choose the right drug, at the right dose, for the right patient, under the right indication, and for the right duration of time. The first International Symposium of Thrombosis and Anticoagulation in Internal Medicine was a scientific program developed by clinicians for clinicians. The primary objective of the meeting was to educate, motivate and inspire internists, cardiologists and hematologists by convening national and international visionaries, thought-leaders and dedicated clinician-scientists in Sao Paulo, Brazil. This article is a focused summary of the symposium proceedings

Active and passive smoking and the risk of subarachnoid hemorrhage - An international population-based case-control study

Background and Purpose - This study was undertaken to better clarify the risks associated with cigarette smoking and subarachnoid hemorrhage (SAH). Methods - The study included 432 incident cases of SAH frequency matched to 473 community SAH-free controls to determine dose-dependent associations of active and passive smoking ( at home) and smoking cessation with SAH. Results - Compared with never smokers not exposed to passive smoking, the adjusted odds ratio for SAH among current smokers was 5.0 (95% confidence interval [CI], 3.1 to 8.1); for past smokers, 1.2 ( 95% CI, 0.8 to 2.0); and for passive smokers, 0.9 ( 95% CI, 0.6 to 1.5). Current and lifetime exposures showed a clear dose-dependent effect, and risks appeared more prominent in women and for aneurysmal SAH. Approximately 1 in 3 cases of SAH could be attributed to current smoking, but risks decline quickly after smoking cessation, even among heavy smokers. Conclusions - A strong positive association was found between cigarette smoking and SAH, especially for aneurysmal SAH and women, which is virtually eliminated within a few years of smoking cessation. Large opportunities exist for preventing SAH through smoking avoidance and cessation programs.

Impact of the Subprime Crisis in the Provision of Credit Risk of Major National Banks

Financial institutions are directly exposed to the credit risk, that is, the risk of the borrower not fulfill with their obligations, paying their debts in its stated periods established previously. The bank predict this type of risk, including them in their balance-sheets. In 2006/2007 there was the impact of a new financial crisis that spread around the world, known as the crisis of subprime. The objective of this study is to analyze if the provisions for credit risk or liquidation increased the sprouting of the crisis of subprime in ten major national banks, chosen accordant to their total assets. To answer this question, the balance-sheets of each one of these banks in the period of 2005 to 2007 were analyzed. This research is characterized, as for its objectives, as descriptive and as for the procedures as documentary research. It is also characterized as having a qualitative approach. The results show that the crisis of subprime has caused little impact in the credit risk provision of the analyzed institutions. It was noticed a slight increase in the provision indicators at the peak of the crisis in 2006. These percentages were reduced in, 2007, probably reflecting the economic stability of Brazil and the stagnation of the crisis Of subprime in that year, at least in relation to in our country.

Highlights from the III International Symposium of Thrombosis and Anticoagulation (ISTA), October 14-16, 2010, Sao Paulo, Brazil

To discuss and share knowledge around advances in the care of patients with thrombotic disorders, the Third International Symposium of Thrombosis and Anticoagulation was held in So Paulo, Brazil, from October 14-16, 2010. This scientific program was developed by clinicians for clinicians, and was promoted by four major clinical research institutes: the Brazilian Clinical Research Institute, the Duke Clinical Research Institute of the Duke University School of Medicine, the Canadian VIGOUR Centre, and the Uppsala Clinical Research Center. Comprising 3 days of academic presentations and open discussion, the symposium had as its primary goal to educate, motivate, and inspire internists, cardiologists, hematologists, and other physicians by convening national and international visionaries, thought-leaders, and dedicated clinician-scientists. This paper summarizes the symposium proceedings.

DEVELOPING THE INTERNATIONAL SOCIETY OF PHYSICAL AND REHABILITATION MEDICINE (ISPRM): FOLLOWING THROUGH

In 2008 the International Society of Physical and Rehabilitation Medicine (ISPRM) started an initiative to systematically develop its capacity and its internal and external policy agenda. This paper sums up achievements that have been made with this ISPRM initiative as well as pending issues and strategies to address them. The paper treats the following: ISPRM`s policy agenda in collaboration with the World Health Organization (WHO), research capacity in functioning and rehabilitation, ISPRM world conferences, relationships with regional societies of Physical and Rehabilitation Medicine (PRM), and ISPRM`s membership and governance structure.

Highlights from the II international symposium of thrombosis and anticoagulation (ISTA), October 22-23, 2009, So Paulo, Brazil

sanofi-aventis

Body mass index and risk of head and neck cancer in a pooled analysis of case-control studies in the International Head and Neck Cancer Epidemiology (INHANCE) Consortium

Methods We pooled data from 17 case-control studies including 12 716 cases and the 17 438 controls. Odds ratios (ORs) and 95% confidence intervals (CIs) were estimated for associations between body mass index (BMI) at different ages and HNC risk, adjusted for age, sex, centre, race, education, tobacco smoking and alcohol consumption. Results Adjusted ORs (95% CIs) were elevated for people with BMI at reference (date of diagnosis for cases and date of selection for controls) < 18.5 kg/m(2) (2.13, 1.75-2.58) and reduced for BMI > 25.0-30.0 kg/m(2) (0.52, 0.44-0.60) and BMI >= 30 kg/m(2) (0.43, 0.33-0.57), compared with BMI > 18.5-25.0 kg/m(2). These associations did not differ by age, sex, tumour site or control source. Although the increased risk among people with BMI < 18.5 kg/m(2) was not modified by tobacco smoking or alcohol drinking, the inverse association for people with BMI > 25 kg/m(2) was present only in smokers and drinkers. Conclusions In our large pooled analysis, leanness was associated with increased HNC risk regardless of smoking and drinking status, although reverse causality cannot be excluded. The reduced risk among overweight or obese people may indicate body size is a modifier of the risk associated with smoking and drinking. Further clarification may be provided by analyses of prospective cohort and mechanistic studies.

Sexual behaviours and the risk of head and neck cancers: a pooled analysis in the International Head and Neck Cancer Epidemiology (INHANCE) consortium

Background Sexual contact may be the means by which head and neck cancer patients are exposed to human papillomavirus (HPV). Methods We undertook a pooled analysis of four population-based and four hospital-based case-control studies from the International Head and Neck Cancer Epidemiology (INHANCE) consortium, with participants from Argentina, Australia, Brazil, Canada, Cuba, India, Italy, Spain, Poland, Puerto Rico, Russia and the USA. The study included 5642 head and neck cancer cases and 6069 controls. We calculated odds ratios (ORs) of associations between cancer and specific sexual behaviours, including practice of oral sex, number of lifetime sexual partners and oral sex partners, age at sexual debut, a history of same-sex contact and a history of oral-anal contact. Findings were stratified by sex and disease subsite. Results Cancer of the oropharynx was associated with having a history of six or more lifetime sexual partners [OR = 1.25, 95% confidence interval (CI) 1.01, 1.54] and four or more lifetime oral sex partners (OR = 2.25, 95% CI 1.42, 3.58). Cancer of the tonsil was associated with four or more lifetime oral sex partners (OR = 3.36, 95 % CI 1.32, 8.53), and, among men, with ever having oral sex (OR = 1.59, 95% CI 1.09, 2.33) and with an earlier age at sexual debut (OR = 2.36, 95% CI 1.37, 5.05). Cancer of the base of the tongue was associated with ever having oral sex among women (OR = 4.32, 95% CI 1.06, 17.6), having two sexual partners in comparison with only one (OR = 2.02, 95% CI 1.19, 3.46) and, among men, with a history of same-sex sexual contact (OR = 8.89, 95% CI 2.14, 36.8). Conclusions Sexual behaviours are associated with cancer risk at the head and neck cancer subsites that have previously been associated with HPV infection.

Interaction between Tobacco and Alcohol Use and the Risk of Head and Neck Cancer: Pooled Analysis in the International Head and Neck Cancer Epidemiology Consortium

Background: The magnitude of risk conferred by the interaction between tobacco and alcohol use on the risk of head and neck cancers is not clear because studies have used various methods to quantify the excess head and neck cancer burden. Methods: We analyzed individual-level pooled data from 17 European and American case-control studies (11,221 cases and 16,168 controls) participating in the International Head and Neck Cancer Epidemiology consortium. We estimated the multiplicative interaction parameter (psi) and population attributable risks (PAR). Results: A greater than multiplicative joint effect between ever tobacco and alcohol use was observed for head and neck cancer risk (psi = 2.15; 95% confidence interval, 1.53-3.04). The PAR for tobacco or alcohol was 72% (95% confidence interval, 61-79%) for head and neck cancer, of which 4% was due to alcohol alone, 33% was due to tobacco alone, and 35% was due to tobacco and alcohol combined. The total PAR differed by subsite (64% for oral cavity cancer, 72% for pharyngeal cancer, 89% for laryngeal cancer), by sex (74% for men, 57% for women), by age (33% for cases < 45 years, 73% for cases > 60 years), and by region (84% in Europe, 51% in North America, 83% in Latin America). Conclusions: Our results confirm that the joint effect between tobacco and alcohol use is greater than multiplicative on head and neck cancer risk. However, a substantial proportion of head and neck cancers cannot be attributed to tobacco or alcohol use, particularly for oral cavity cancer and for head and neck cancer among women and among young-onset cases. (Cancer Epidemiol Biomarkers Prev 2009;18(2):541-50)