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Does A Venture Capitalist Influence Auditor Going Concern Decisions
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Book Synopsis Does a Venture Capitalist Influence Auditor Going Concern Decisions? by : Geraldo Vasquez
Download or read book Does a Venture Capitalist Influence Auditor Going Concern Decisions? written by Geraldo Vasquez and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing number of firms that go public (e.g., IPO) are financially distressed often for several years of their initial existence, raising concerns about their ability to remain going concerns. Yet many IPOs do not receive going concern opinions (GCO) from their auditors who are charged with providing an assessment of their clients' going concern status. A key feature of the IPOs is that a significant proportion of them are financed by venture capitalists (VCs). Unlike conventional sources of financing, such as banks, a VC offers financial as well as non-financial support to the new firm such as mentorship, strategic guidance and network access. The VC also provides monitoring as a member of the board of directors. An auditor's assessment of its client's going concern situation includes an audit of its financial statements and, if the client is financially distressed and in danger of ceasing to be a going concern, a review of factors that may mitigate the need for a GCO. I hypothesize that going concern opinions are assessed less often to financially distressed IPOs because the VC's presence is viewed by the auditor as a factor that mitigates the need for a GCO. Thus, I explore whether the presence of a VC - in contrast to the presence of a banker - tempers the likelihood of issuance of a GCO to a financially distressed firm. I also explore whether varying degrees of involvement by a VC serve to mitigate an auditor's need to issue a GCO since VCs are not all equally effective in their roles. I find support for hypothesis (H1) that going concern opinions are assessed less often to financially distressed IPOs with venture capital backing than to those with other forms of financial backing (e.g., banker financing) and no support for hypothesis (H2) that the negative association between the presence of a VC and the issuance of a going concern opinion to a financially distressed IPO is stronger the greater the involvement of a VC. This study will inform industry regulators, concerned with transparency and the adequacy of financial disclosures, determine whether financial disclosure requirements should be enhanced to account for the presence of a VC . This study will also assist institutional and individual investors understand the risk that a VC-backed IPO may fail even when a GCO was not issued by an auditor.
Book Synopsis The Impact of Venture Capitalists on the Demand for the External Audit Function in Initial Public Offerings by : Suzanne G. Morsfield
Download or read book The Impact of Venture Capitalists on the Demand for the External Audit Function in Initial Public Offerings written by Suzanne G. Morsfield and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the interaction of a little-studied stakeholder - the venture capitalist (VC) - with the audit function in the initial public offering (IPO) market. While the monitoring role of the external auditor has been studied in the IPO accounting literature, a relatively recent stream of research has begun to provide insight regarding the impact on a firm's reporting and accounting decisions/quality of other potential monitors - e.g., boards of directors, actuaries, etc. Finance and accounting research have both provided evidence consistent with the notion that VCs play a value-added role in their investee firms. This paper contributes to this stream of study by providing first time evidence that in an IPO context a VC provides monitoring value incremental to that of the external auditor. Specifically, our evidence suggests that VCs not only mitigate the demand for information from the external auditor, but that they also weaken the demand for insurance from the external audit function. To our knowledge this result has not been previously documented.
Book Synopsis Anticipation and Reaction to Going Concern Modified Audit Opinions by Sophisticated Investors by : Marshall A. Geiger
Download or read book Anticipation and Reaction to Going Concern Modified Audit Opinions by Sophisticated Investors written by Marshall A. Geiger and published by . This book was released on 2018 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to examine whether institutional investors: 1) anticipate a distressed firm's receipt of a first-time going concern modified audit opinion, and 2) react to a first-time going concern modified opinion by engaging in abnormal net selling of firm shares. Using a proprietary database of U.S. institutional investor trades, we find that institutional investors are net sellers of first-time going concern opinion firms beginning six months before the release of the report and remain net sellers through the subsequent three months. We also find that the severity of the reasons auditors modify their opinions is associated with increased trading activity, but only after the opinion is publicly available. Our results support the position that an auditor's going concern modified opinion is influential in the marketplace by documenting that institutional investors anticipate this price-relevant information and react through increased selling. The finding of increased net selling of firms with more severe reasons for report modifications provides evidence of the incremental informational value of the wording in the modified opinion.
Book Synopsis Entrepreneurial Decision Making by : R. J. Mitchellette
Download or read book Entrepreneurial Decision Making written by R. J. Mitchellette and published by Xlibris Corporation. This book was released on 2008-11-07 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: RETHINK, RETOOL AND REENGINEER YOUR CAREER This book is an entrepreneurial feasibility examination exercise divided into two essential parts with the fi rst part directed toward your decision to become an entrepreneur including numerous case studies followed by a trait and personality self-assessment chapter to determine your entrepreneurial potential and a chapter on venture selection. The second part of the book is devoted to building your body of knowledge on the key subjects that you will need to be successful, such as business plan preparation and presentation, marketing, capital formation, securities compliance, and exit strategies. The book also contains numerous graphs and fl ow charts of all the chronological stages of the entrepreneurial journey. You should fi nish this book with the knowledge that you have the right stuff to begin your entrepreneurial journey or the wisdom to pursue other life choices. For more information, please visit www.newventurecoach.org
Book Synopsis Economic Decisions of the Civil Aeronautics Board by : United States. Civil Aeronautics Board
Download or read book Economic Decisions of the Civil Aeronautics Board written by United States. Civil Aeronautics Board and published by . This book was released on 1981-10 with total page 760 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Venture Capital Cycle by : Paul Alan Gompers
Download or read book The Venture Capital Cycle written by Paul Alan Gompers and published by MIT Press. This book was released on 2004 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.
Book Synopsis Index to Theses with Abstracts Accepted for Higher Degrees by the Universities of Great Britain and Ireland and the Council for National Academic Awards by :
Download or read book Index to Theses with Abstracts Accepted for Higher Degrees by the Universities of Great Britain and Ireland and the Council for National Academic Awards written by and published by . This book was released on 2008 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theses on any subject submitted by the academic libraries in the UK and Ireland.
Download or read book FRS 102 written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Founder's Dilemmas by : Noam Wasserman
Download or read book The Founder's Dilemmas written by Noam Wasserman and published by Princeton University Press. This book was released on 2013-04 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Founder's Dilemmas examines how early decisions by entrepreneurs can make or break a startup and its team. Drawing on a decade of research, including quantitative data on almost ten thousand founders as well as inside stories of founders like Evan Williams of Twitter and Tim Westergren of Pandora, Noam Wasserman reveals the common pitfalls founders face and how to avoid them.
Book Synopsis Research Handbook on Accounting and Information Systems by : Julia A. Smith
Download or read book Research Handbook on Accounting and Information Systems written by Julia A. Smith and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the accountant is changing, as developments in technology alter the ways in which information is prepared and analysed. This Research Handbook addresses the use of both financial and non-financial information for planning, decision-making and control in organisations. Written by experts in the field, the book uses comprehensive literature reviews, empirical fieldwork and theoretical developments to provide an overview of research in this important area.
Book Synopsis The Going-Concern-Principle in Non-Financial Disclosure by : Rosa Lombardi
Download or read book The Going-Concern-Principle in Non-Financial Disclosure written by Rosa Lombardi and published by Springer Nature. This book was released on 2021-08-31 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the going-concern principle in the non-financial disclosure by companies in the international scenario proposing concepts and challenges to come. Following the main accounting literature, requirements and regulations, this book proposes the current state of the art in the non-financial disclosure, collecting main mandatory and voluntary frameworks and standards (e.g. European Directive 2014/95/UE on non-financial information, Global Reporting Initiative, International Integrated Reporting Council, Sustainability Accounting Standards Board, Climate Disclosure Standard Board, Carbon Disclosure Project, AA1000). This is a useful proposition for the investigation of the presence versus absence of the going concern in the sustainability and non-financial reports and disclosure by companies. Through a qualitative methodology, this book is intended to show the incidence of the going-concern in the non-financial disclosure and to what content and meaning it is refereed. Several issues and characteristics of information provided to stakeholders are drafted.
Book Synopsis Write Your Business Plan by : The Staff of Entrepreneur Media
Download or read book Write Your Business Plan written by The Staff of Entrepreneur Media and published by Entrepreneur Press. This book was released on 2015-01-19 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive companion to Entrepreneur's long-time bestseller Start Your Own Business, this essential guide leads you through the most critical startup step next to committing to your business vision—defining how to achieve it. Coached by a diverse group of experts and successful business owners, gain an in-depth understanding of what’s essential to any business plan, what’s appropriate for your venture, and what it takes ensure success. Plus, learn from real-world examples of plans that worked, helping to raise money, hone strategy, and build a solid business. Whether you’re just starting out or already running a business, to successfully build a company, you need a plan. One that lays out your product, your strategy, your market, your team, and your opportunity. It is the blueprint for your business. The experts at Entrepreneur show you how to create it. Includes sample business plans, resources and worksheets.
Book Synopsis Internal and External Aspects of Corporate Governance by : Ahmed Naciri
Download or read book Internal and External Aspects of Corporate Governance written by Ahmed Naciri and published by Routledge. This book was released on 2009-10-16 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: An effective system of corporate governance has both internal and external aspects that have to be sufficiently responsive if governance is to succeed. In this book, Ahmed Naciri examines these two core aspects or the latest buzzword in business and management theory. Internal aspects include ownership structure, the board of directors and committees, internal control, risk management, transparency and financial reporting. External aspects can either be market-oriented, or can take the form of credit ranking, and/or social requirements. Due to the original orientation of the Sarbanes/Oxley Law, concentrating solely on financial disclosure and given its decisive and tremendous influence on all other similar corporate governance legislations all over the world, most writings on corporate governance have dealt with solely internal corporate governance mechanisms. This book aim is to fill up the gap by using a systemic approach and giving a global picture of the corporate governance theoretical foundations, mainly by putting the emphasis on its double dimension: internal and external.
Download or read book Business Periodicals Index written by and published by . This book was released on 2009 with total page 1920 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Recognising and Dealing with Business Distress by : Stephen Parkinson
Download or read book Recognising and Dealing with Business Distress written by Stephen Parkinson and published by Walter de Gruyter GmbH & Co KG. This book was released on 2022-11-07 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Businesses fail – some spectacularly and suddenly, others more gradually over time. In some companies business decline can be turned around or at least delayed. In many others there is no option other than business closure. Over the past twenty years the rate of business failure has accelerated. Insolvency rates are high not just for small businesses but also for large well known public companies. Identifying possible causes of business distress is now recognised as an important agenda item. Creating the capacity to bounce back from such distress – business resilience – has become a priority. The authors blend their own practical experience, academic research and a systematic analysis of recent high profile cases including Flybe Group Plc, Arcadia Group Ltd, Carillion Plc, NMC Health Plc and Thomas Cook Group Plc in a review of potential causes of business distress and key resilience drivers. This is presented in detail in separate chapters covering business purpose, board effectiveness, the quality of strategic planning, financial stewardship, risk management, business turnaround strategies and director duties in times of business distress. The book sets out a practical benchmarking framework in the form of a toolkit with a series of detailed evidences – performance indicators – that companies can use to assess potential business distress and build a resilient company.
Book Synopsis Venture Capital Investment by : Gavin Reid
Download or read book Venture Capital Investment written by Gavin Reid and published by Routledge. This book was released on 2002-09-11 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gavin Reid presents a systematic analysis of what drives investor-investee relations in venture capital markets. In the first analytical work to use a unified framework, he draws upon a modern and general approach to contracting relations, namely principal-agent analysis. This book establishes a clear theoretical framework involving risk management, information handling and the 'trading' of risk and information. Using powerful modern theory as a general and coherent frame of reference to analyse an extensive body of new evidence, the author shows how top investors manage risk and monitor investees, and examines the best relationship between investor and investee. Exploring the principles governing high-risk/high-return investment, this is a unique insight into the turbulent world of the venture capitalist.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
