Bank Accounting & Finance articles from August 2003

Bank Accounting & Finance archives from August 2003

Greater scrutiny and higher standards transform internal audit.(internal audits)
August 1, 2003... Emerging from the back office to center stage, today's internal audit departments are becoming critical to an institution's governance process. Internal audit is also coming under greater scrutiny from a range of stakeholders that look to this...

Implementation of FASB Interpretation No. 46.(auditing)
August 1, 2003... Many recent accounting and corporate governance changes seem to be direct responses to the publicized abuses of Enron and other recent corporate scandals and collapses. One such topic is the new accounting for what is known as special-purpose...

Principal protection products: possibilities and perils from a legal perspective.
August 1, 2003... Although credit enhancement is no newcomer to the world of fund-of-funds transactions, a renewed emphasis on the need for credit enhancement has emerged in light of a heightened need for better risk management on both the investor and arranger...

Building an effective board.
August 1, 2003... Directors today face a world that is remarkably changed from just a few years ago. With the burst of the dot-com bubble and the collapse of Enron, Adelphia, Worldcom, and other corporate houses of cards have come radically increased investor...

Making an auditor a "frauditor".(Auditing)
August 1, 2003... As I began writing this article, yet another corporate accounting scandal hit the headlines. Once again, a major company had cooked its books. Millions, perhaps billions, were reported missing. Regulators were grilling the auditors about what...

Capital planning for Basel II.(Regulatory Outlook)
August 1, 2003... The last phase of the Basel II process is now under way, with the release in April 2003 of the Third Consultative Paper (CP3). This publication triggers a final round of public comment--the deadline was July 31--before the Basel II Capital...

Short-term convergence between US GAAP and International Financial Reporting Standards.(International Standards)
August 1, 2003... At their historic joint meeting in Norwalk, CT, on September 18, 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) acknowledged their commitment to the development of high-quality...

The intersection of corporate governance and operational risk.(Risk Management)
August 1, 2003... Operational risk has always been an important component of risk management, but a widespread movement to isolate this type of risk only began in 1999 with a plan by the Basel Committee on Banking Supervision (Basel Committee) to include a...