Assessment of credit arrangements towards engineering programs/courses

Credit Transfer (CT), Advanced Standing (AS), Credit for Prior Learning (CPL), Recognition of PriorLearning (RPL), Prior Learning Assessment and Recognition (PLAR), Accreditation of PriorExperiential Learning (APEL), Validation of Prior Learning (VPL), Prior Learning Assessment (PLA),Credit Transfer and Recognition (CTR), Recognition of Current Competency (RCC) and Credit forConcurrent Formal Learning (CCFL) are the terms used by academic institutions and engineeringschools to describe several types of credit arrangements depending upon a student’s current state ofqualification, experience, skills and knowledge towards the requirement of his/her formal professionalengineering qualification. The objectives of such credit arrangements are to make sure that thelearning is not duplicated, to reduce the duration and cost of the engineering studies, to encourageworking engineering associates and technologists return to engineering schools for professionalengineering qualification and to help upgrade the skills and knowledge of the junior engineeringpractitioners, to name a few. Formal, informal, non-formal or a combination of prior learning are usedfor such credit arrangements. Engineering schools offer block credit, specified credit, unspecifiedcredit and a combination of these forms of credits when recognising prior learning of any form.However, anecdotal and literature evidence suggests that the assessment of credit arrangementslacks established universal framework for assessment, lacks harmonisation, compatibility,transparency and comparability and is complex and inconsistent resulting a significant variations in theassessment for recognising prior learning across engineering schools in spite of being based onsimilar fundamental principles. There is a clear need of a consolidated framework in order to assesscredit arrangements systematically and consistently.PURPOSEThe purpose of this study is to develop a consolidated framework for assessing credit arrangementstowards a partial requirements of a professional engineering course, program, degree or qualification.The developed framework is expected to help manage the assessment of credit arrangement process.APPROACHThis study first critically reviews existing frameworks and literature evidences regarding the principlesof credit arrangements towards a partial requirements of a professional engineering course, program,degree or qualification. This study then uses evidence-based literature knowledge (principles,processes and practices) to devise a consolidated framework for assessing credit arrangements. Theframework is then expanded in order to elaborate its several components.RESULTSThe existing frameworks and literature review suggest that for better assessment of creditarrangements, attentions are to be given on the forms of prior learning, types of credit arrangements,forms of credit recognition, required documents, characteristics of the prior learning, alignment of priorlearning with professional engineering qualification and additional aspects.CONCLUSIONSAs the assessment of credit arrangements has been a major challenge for engineering schools, theframework developed in this study is expected to help engineering schools to manage the assessmentprocess systematically and consistently. For further study, the framework needs to be continuouslyimplemented, monitored and evaluated.

Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345

A summary of some of the key findings of a recent ESRC-funded project based at the ICMA centre, University of Reading. This study applied modern financial analysis and theories to the early history of sovereign debt, in this case the credit arrangements between the ‘Three Edwards’, kings of England 1272-1377, and a succession of Italian merchant societies.

Interest in Medieval accounts: examples from England, 1272-1340

The charging of interest for borrowing money, and the level at which it is charged, is of fundamental importance to the economy. Unfortunately, the study of the interest rates charged in the middle ages has been hampered by the diversity of terms and methods used by historians. This article seeks to establish a standardized methodology to calculate interest rates from historical sources and thereby provide a firmer foundation for comparisons between regions and periods. It should also contribute towards the current historical reassessment of medieval economic and financial development. The article is illustrated with case studies drawn from the credit arrangements of the English kings between 1272 and c.1340, and argues that changes in interest rates reflect, in part, contemporary perceptions of the creditworthiness of the English crown.

Accounts of the English Crown with Italian merchant societies, 1272-1345

The credit arrangements between the three Edwards and Italian merchants were crucial for financing England’s ambitious foreign policies and ensuring the smooth running of governmental administration. The functioning of this credit system can be followed in detail through the well-kept but mostly unpublished records of the English Exchequer. This volume combines a transcription of the most important surviving accounts between the merchants and the Crown, with a parallel abstract presenting the core data in a double-entry format as credits to or debits from the king's account. This dual format was chosen to facilitate the interpretation of the source while still retaining the language and, as far as possible, the structure of the original documents. The wealth of evidence presented here has much value to add to our understanding of the financing of medieval government and the early development of banking services provided by Italian merchant societies. In particular, although the relationship between king and banker was, for the most part, mutually profitable, the English kings also acquired a reputation for defaulting on their debts and thus 'breaking' a succession of merchant societies. These documents provide an essential basis for a re-examination of the 'credit rating' of the medieval English Crown.

Modalidades e hierarquias do crédito na cafeicultura paulista (1889-1930)

A partir do edifício teórico braudeliano investiga-se as modalidades de crédito praticadas na cafeicultura paulista, bem como as hierarquias que caracterizaram o seu funcionamento e organização. Lista-se neste artigo uma série de operações de crédito captadas por fontes documentais de diferentes naturezas, buscando subsidiar a discussão sobre a diversidade das formas de obtenção de crédito no espaço em questão. O ponto de nosso argumento é que o interior do estado, especializado na produção de café, joga papel fundamentalmente subordinado na hierarquia e na cadeia do crédito, dominada pelo grande capital cafeeiro, sendo que os mecanismos de concentração da riqueza e das oportunidades se situam mais destacadamente na capital paulista, que, por sua vez, também ocupa posição subordinada em relação aos principais centros capitalistas.

Essays on banking theory and history of financial arrangements

Esta tese contém dois capítulos, cada um lidando com a teoria e a história dos bancos e arranjos financeiros. No capítulo 1, busca-se extender uma economia Diamond-Dybvig com monitoramento imperfeito dos saques antecipados e realizar uma comparação do bem estar social em cada uma das alocações possíveis, como proposto em Presscott and Weinberg(2003). Esse monitoramento imperfeito é implementado a partir da comunicação indireta ( através de um meio de pagamento) entre os agentes e a máquina de depósitos e saques que é um agregado do setor produtivo e financeiro. A extensão consiste em estudar alocações onde uma fração dos agentes pode explorar o monitoramento imperfeito e fraudar a alocação contratada ao consumirem mais cedo além do limite, usando múltiplos meios de pagamento. Com a punição limitada no período de consumo tardio, essa nova alocação pode ser chamada de uma alocação separadora em contraste com as alocações agregadoras onde o agente com habilidade de fraudar é bloqueado por um meio de pagamento imune a fraude, mas custoso, ou por receber consumo futuro suficiente para tornar a fraude desinteressante. A comparação de bem estar na gama de parâmetros escolhida mostra que as alocações separadoras são ótimas para as economias com menor dotação e as agregadoras para as de nível intermediário e as ricas. O capítulo termina com um possível contexto histórico para o modelo, o qual se conecta com a narrativa histórica encontrada no capítulo 2. No capítulo 2 são exploradas as propriedade quantitativas de um sistema de previsão antecedente para crises financeiras, com as váriaveis sendo escolhidas a partir de um arcabouço de ``boom and bust'' descrito mais detalhadamente no apêndice 1. As principais variáveis são: o crescimento real nos preços de imóveis e ações, o diferencial entre os juros dos títulos governamentais de 10 anos e a taxa de 3 meses no mercado inter-bancário e o crescimento nos ativos totais do setor bancário. Essas variáveis produzem uma taxa mais elevada de sinais corretos para as crises bancárias recentes (1984-2008) do que os sistemas de indicadores antecedentes comparáveis. Levar em conta um risco de base crescente ( devido à tendência de acumulação de distorções no sistema de preços relativos em expansões anteriores) também provê informação e eleva o número de sinais corretos em países que não passaram por uma expansão creditícia e nos preços de ativos tão vigorosa.

Achieving better stewardship of major infrastructure assets through configuration of governance arrangements utilising Stewardship Theory

Major infrastructure assets are often governed by a mix of public and private organizations, each fulfilling a specific and separate role i.e. policy, ownership, operation or maintenance. This mix of entities is a legacy of Public Choice Theory influenced NPM reforms of the late 20th century. The privatization of the public sector has resulted in agency theory based ‘self-interest’ relationships and governance arrangements for major infrastructure assets which emphasize economic efficiency but which do not do not advance non-economic public values and the collective Public Interest. The community is now requiring that governments fulfill their stewardship role of also satisfying non-economic public values such as sustainability and intergenerational responsibility. In the 21st century governance arrangements which minimize individual self-interest alone and look to also pursue the interests of other stakeholders have emerged. Relational contracts, Public-Private Partnerships (PPP’s) and hybrid mixes of organizations from the state, market and network modes (Keast et al 2006) provide options for governance which better meet the interests of contractors, government and the community there is emerging a body of research which extends the consideration of the immediate governance configuration to the metagovernance environment constituted by hierarchy, regulation, industry standards, trust, culture and values. Stewardship theory has reemerged as a valuable aid in the understanding of the features of governance configurations which establish relationships between principal and agent which maximize the agent acting in the interests of the principal, even to the detriment of the agent. This body of literature suggests that an improved stewardship outcome from infrastructure governance configurations can be achieved by the application of the emerging options as to the immediate governance configuration, and the surrounding metagovernance environment. Stewardship theory provides a framework for the design of the relationships within that total governance environment, focusing on the achievement of a better, complete stewardship outcome. This paper explores the directions future research might take in seeking to improve the understanding of the design of the governance of major, critical infrastructure assets.

Protecting the most vulnerable in consumer credit transactions

There are two key ways in which the Australian Uniform Consumer Credit Code seeks to protect consumers in relation to consumer credit transactions. The first is by means of disclosure regulation where information is required to be disclosed to the consumer before the credit contract is entered into and the second is by way of “safety net” provisions, where contracts can be varied or set aside in the event of hardship, a finding that the transaction was unjust, or a finding of unconscionable fees or charges. This article explores the limitations of both of these means of protection, particularly in the case of vulnerable, low-income consumers. In order to highlight the inadequacies of these forms of consumer protection and the need for regulatory reform, we draw on interviews conducted with 30 low-income consumers who had recently signed a credit contract, focusing on their understanding of information disclosed in the contract, as well as their responses to hypothetical unfair terms and their understanding of their rights, for example in the event of an unjust transaction. These interviews were conducted as part of a joint research project between Brotherhood of St Laurence and Griffith University’s Centre for Credit and Consumer Law, funded by Consumer Affairs Victoria.

National consumer credit laws, financial exclusion and interest rate caps : The case for diversity within a centralised framework

Australia is going through a major reform of consumer credit regulation, with the implementation of a proposal to transfer regulatory responsibility from the State and Territory Governments to the Commonwealth Government. While the broad policy approach is supported, the reform process has missed a significant opportunity to engage directly with issues of financial exclusion and with the potential role of regulation to reduce financial exclusion. The imposition of an interest rate cap can limit the impact of financial exclusion. However, the future of the existing interest rate caps is uncertain, given the diversity of approaches, and the heated debate that surrounds this issue. In the absence of support for regulatory initiatives to increase the availability of low cost, small loans, permitting regulatory diversity on this issue of interest rate caps, within an otherwise centralised regulatory framework., can minimise the impact of financial exclusion on consumers.

Contracting-out asset maintenance : how arrangements adapt over time

Technological and societal change, along with organisational and market change (driven by contracting-out and privatisation), are “creating a new generation of infrastructures” [1]. While inter-organisational contractual arrangements can improve maintenance efficiency through consistent and repeatable patterns of action - unanticipated difficulties in implementation can reduce the performance of these arrangements. When faced with unsatisfactory performance of contracting-out arrangements, government organisations may choose to adapt and change these arrangements over time, with the aim of improving performance. This paper enhances our understanding of ‘next generation infrastructures’ by examining adaptation of the organisational arrangements for the maintenance of these assets, in a case study spanning 20 years.

External auditors' reliance on internal audit : the impact of sourcing arrangements and consulting activities

This study examines the impact of internal audit outsourcing and internal audit’s involvement in consulting on external auditors’ reliance on the work of internal audit. We test whether these factors influence (i) reliance on internal audit work already undertaken and (ii) the use of internal auditors as assistants. In each case, we distinguish between control evaluation and substantive testing. We find that involvement in consulting impacts reliance on work undertaken and the use of internal auditors as assistants for control evaluation. External auditors make greater use of internal auditors as assistants for substantive testing when internal audit is provided in-house. Overall, external auditors use internal audit more for control evaluation tasks than for substantive testing.

Preventing consumer credit over-commitment and irresponsible lending in Australia

Mirroring the trends in other developed countries, levels of household debt in Australia have risen markedly in recent years. As one example, the total amount lent by banks to individuals has risen from $175.5 billion in August 1995 to $590.5 billion in August 2005.1 Consumer groups an~ media commentators here have long raised concerns about the risks of increasing levels of household debt and over-commitment, linking these issues at least in part to irresponsible lending practices. And more recently, the Reserve Bank Governor has also expressed concerns about the ability 'of some households to manage if personal or economic circumstances change.2

Working time arrangements and recreation : making time for weekends when working long hours

Work time spread across the entire week, rather than the conventional five day working week, has meant that workers are now less able to utilise longer stretches of recreation time especially in gaining access to a full two-day break over a weekend. This paper explores the issues contributing to workers' acquisition of longer recreation time. It seeks to determine the effects of this acquisition on the quality of working and non-working time for the employee through a study of work-life balance in the construction industry. It finds that weekends are more important to achieving work-life balance than shorter days over a six-day week when working long hours. Further, 'personal time' is a key element in achieving satisfactory work-life balance for employees, and this type of 'time' is often forgone in trying to integrate the necessary and desired non-work activities in the shorter time available to workers.