"The Banking and Finance Sector accounts for more than 8 percent of the U.S. annual gross domestic product and is the backbone for the world economy. As direct attacks and public statements by terrorist organizations demonstrate, the sector is a high-value and symbolic target. Additionally, large-scale power outages, recent natural disasters, and a possible flu pandemic demonstrate the wide range of potential threats facing the sector.
This publication is the output of an Expert Group Meeting / capacity development
workshop organized by the Division for Public Administration and Development
Management (DPADM) of the Department of Economic and Social
Affairs (DESA) in partnership with the Board of Audit and Inspection (BAI) of the
Republic of Korea and the Korean Association for Public Administration (KAPA)
as part of the 6th Global Forum on Reinventing Government: Towards Participatory
and Transparent Governance.
Many organizations face a continually changing set of pressures and dynamics in the current economic climate. Faced with shrinking markets, they can choose to rationalize, merge or contract. The technology thread which holds systems and processes together is at risk. As a consequence, IT Internal Audit plays an integral role in maintaining discipline and rigor across functions and geographies.
Like other parts of the economy, the challenge for the public service is to find new ways of working
smarter. The business of modern government is increasingly complex and continually challenging. In
such a dynamic environment the public sector needs high quality performance information so that it can
be responsive to citizens in a rapidly changing world. This framework is a commitment to that end.
Our organisations are committed to high quality performance information and to supporting the public
sector in improving performance information and performance management. ...
A material weakness is a condition in which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that misstatements in amounts that would be
material in relation to the basic financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned functions.
All field investigations are subject to review for data consistency by a qualified senior engineer
(discipline lead). These reviews are documented and any abnormalities checked by the senior
engineer. All review comments and subsequent actions taken to provide consistent data are
documented. These review documents become part of the design quality control documents for
the appropriate Schedule Activity.
All geotechnical information from field investigation and testing is checked according to Section
4.3.3 (Quality Program for Geotechnical Documents) of this QMP.
The recent crisis was the result of a cascade of shocks that originated in the financial sector.
It makes sense, therefore, to start by asking how the structure of the banking sector affected
outcomes across countries. Deposits are thought to be a relatively stable source of bank
funding; economies where banks have relatively low loan-to-deposit ratios before the
beginning of the crisis may therefore be relatively robust. Similarly, better capitalised banks
should be better able to absorb losses while maintaining the supply of funding to support the
The Commissioner may confirm the fact that an audit report has issued in the
intervening period between an audit being conducted and the publication of the
annual report. Detailed queries regarding the findings are generally referred to the
Many organisations within the public sector are subject to Freedom of Information
legislation and a complete copy of an audit report may be sought by interested
parties using this mechanism.
A ‘rule of law’ approach would promote mutual agreements and investments,
but be much tougher on their implementation. For example, the European
Commission should be given political support to apply competition policy
in the energy sector, and to investigate some of the more dubious deals
between Russian and EU companies. More generally, the EU should demand
the enforcement of the growing number of agreements which have not been
implemented – the PCA, the four Common Spaces and the European Energy
Authority’s Executive Director and 83 of its employees, causing a significant emotional toll on
the psyche of the organization. The events of September 11 became a patriotic rallying point to
demonstrate to the world that New York, the nation’s largest city and heart of its financial
sector, could respond and rebuild in the face of this adversity, in defiance of the intended
intimidation and threat by the terrorist culprits.
The benchmarking exercise included review of compensation and benefits for the State of New
York and the State of New Jersey and significant public authorities in the New York City
metropolitan region. In addition, with respect to compensation benchmarking of the Port
Authority’s four largest line departments, five to seven public sector agencies and five to ten
private sector companies were initially identified and reviewed for as potential peer
Congress was also concerned about some banks’ paying less than the full
amount of checks deposited by their customers because some paying banks
charged fees to presenting banks to pay checks. To avoid paying present-
ment fees, many collecting banks routed checks through banks that were
not charged presentment fees by paying banks. This practice, called circu-
itous routing, resulted in extensive delays and ineff iciencies in the check-
Another important consideration is if any audit firm should be allowed to become so
important that the demise thereof would seriously disrupt the market
. Although efforts by
large firms to minimise the risk of failure have been commended, the concerns relate to the
central question on whether such "too big to fail" firms could potentially create the risk of
In the last two decades, European Union (EU) administrative law has gone through
a process of extraordinary development and consolidation. It first developed as a
body of principles and rules aimed at governing, on the one hand, the action of the
EU public powers (such as the action of the Commission in the fields of State aids
and competition), on the other hand, the action of the national administrations
operating as decentralized EU agencies (e.g. the action of national public
administrations in the field of public procurement)....
Assessments and audits (e.g., health impact
assessments) can be used to help decision makers evaluate
project or policy choices to increase positive health outcomes
and minimize adverse health outcomes and health inequities.
Understanding all risks and impacts of municipal planning or
investment decisions, including those that can affect health,
will help ensure that land use and transportation investments
are aligned with positive and equitable health outcomes.
In 2009, the Missouri Securities Division, in furtherance of its long-standing priority of
protecting senior investors, determined to examine the practices and safeguards employed by
Missouri-registered broker-dealer and investment adviser firms to protect their senior clients.
This undertaking was launched due to several factors, including an aging population of
investors, an increasingly high level of senior complaints to the Division, and the increase in
reports of financial fraud against seniors.
A Anybody can call themselves an accountant,
but a recognised qualification
generally guarantees proper training,
experience and professional standards.
5 Most accountants work in-house for
companies or organisations in the
private, public or voluntary sectors.
Those employed by accountancy firms,
on the other hand, usually specialise in
\0 very specific areas, such as auditing,
taxation, insolvency or forensic accounting.
Naturally, each specialism has
different training requirements.
.ETHICAL ISSUES IN ACCOUNTING
Ethical issues in the field of accounting have been previously considered in the UK only in terms of the application of codes of ethics. This unique book identifies accounting as an activity with complex ethical implications for the profession in general and for individual practitioners.
This paper provides an overview of the main program of Bank diagnostic work in
the field of private sector financial reporting: the Reports on the Observance of Standards
and Codes (ROSC) accounting and auditing assessment. It summarizes some of the main
findings of the 38 assessments that have been carried out to date, with specific reference
to the challenges to the successful implementation of international accounting and
A new Reserve Bank of Zimbabwe (RBZ) Board was appointed in May 2010. It was tasked with the downsizing the RBZ’s huge staff complement; restoring the RBZ’s position as the lender of last resort; and putting in place committees for monetary policy and audit. About 1,455 staff of the RBZ (75% of total staff) were retrenched in January 2011 in the largest such exercise since independence. In addition, the RBZ is disposing of its non-core assets in sectors such as mining, consistent with the RBZ Act.