Cost Accounting – After Hours http://after-hours.org/ Sat, 27 Nov 2021 00:11:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://after-hours.org/wp-content/uploads/2021/07/icon-1-150x150.png Cost Accounting – After Hours http://after-hours.org/ 32 32 Canadian Spirit Resources Inc.Announces Third Quarter 2021 https://after-hours.org/canadian-spirit-resources-inc-announces-third-quarter-2021/ Fri, 26 Nov 2021 23:32:41 +0000 https://after-hours.org/canadian-spirit-resources-inc-announces-third-quarter-2021/ CALGARY, Alberta, November 26, 2021 (GLOBE NEWSWIRE) – Canadian Spirit Resources Inc. (“CSRI” or the “Company”) (TSXV: SPI) (OTCBB: CSPUF) announces the publication of its interim financial results and its management report (“MD&A”) for the nine-month period ended September 30, 2021. Third quarter 2021This press release summarizes the information contained in the unaudited interim financial […]]]>

CALGARY, Alberta, November 26, 2021 (GLOBE NEWSWIRE) – Canadian Spirit Resources Inc. (“CSRI” or the “Company”) (TSXV: SPI) (OTCBB: CSPUF) announces the publication of its interim financial results and its management report (“MD&A”) for the nine-month period ended September 30, 2021.

Third quarter 2021
This press release summarizes the information contained in the unaudited interim financial statements and MD&A for the nine-month period ended September 30, 2021, and should not be considered a substitute for reading these documents. complete information which is available on SEDAR at www.sedar.com or the Company’s website at www.csri.ca.

The following summarizes some selected financial data for the three and nine months ended September 30, 2021:

(all amounts are presented in Canadian dollars, unless otherwise indicated)

Three months ended
September 30
Nine months ended
September 30
2021 2020 2021 2020
Natural gas sales $ $ $ $
Operating costs (45,437 ) (59,363 ) (186,596 ) (198,568 )
Net operating income $ (45,437 ) $ (59,363 ) $ (186,596 ) $ (198,568 )
Other income and earnings 44 44 131 23 203
Other expenses (219,422 ) (286,856 ) (704,004 ) (942,020 )
Settlement of complaints (514 552 )
Comprehensive net income for the period $ (264 815 ) $ (346,175 ) $ (890,469 ) $ (1,631,937 )

The Company’s loss and comprehensive income for the nine-month period ended September 30, 2021 amounted to $ 890,469 (September 30, 2020 – $ 1,631,937). Compared to the previous period, the decrease in loss of $ 741,648 for the nine months was mainly due to the transition from employees to consultants resulting in savings of $ 199,982, with the use of a virtual office resulting in a reduction of these costs of $ 41,559 and a decrease in the use of professional fees in the amount of $ 44,340; Settlement of claims due to settlement fees accrued upon termination of two executive employment contracts during the previous period was extinguished during the prior period, with settlement totaling $ 555,513 being made in January 2021. The Cost reduction was offset by the loss of comparative income from interest and earnings. on the sale of unused property, plant and equipment representing a reduction in other income of $ 23,072 and stock-based compensation which increased by 62,891. Other costs over the 9 months have remained fairly constant.

As of September 30, As of December 31
2021 2020
Working capital:
Current assets $ 1,342,940 $ 464,264
Current liabilities (320 663 ) $ (899 827 )
Working capital 1,342,940 $ 464,264
Total assets $ 39 230 123 $ 39 132 048
Equity $ 36 836 433 $ 36 047 484
Number of ordinary shares outstanding 248 177 583 196 177 583


UPDATE

With growing demand for gas and high natural gas prices in North America, the Company and its joint venture partner continue to monitor natural gas prices and assess the potential to reactivate its closed wells.

Through the provincially funded well and inactive site programs, the company abandoned 10 wells and plans to abandon 12 shallow (non-Montney) inactive wells by Q4 / 2021, which represents approximately 70% of inactive wells. operated by the company.

The CSRI continues to actively seek and evaluate strategic alternatives.

Information regarding the CIRB is available on SEDAR at www.sedar.com or the Company’s website at www.csri.ca.

For more information, please contact:
Canadian Spirit Resources Inc.
Phone (403) 618-2113
Louisa DeCarlo (louisa@danrichresources.com)

The company information contained in this press release may contain forward-looking information. The The reader is cautioned that the assumptions used in the preparation of this information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be inaccurate. The actual results obtained during the the forecast period will vary from the information provided herein and the variations may be significant. Consequently, he CSRI does not claim that the actual results obtained during the forecast period will be the same in whole or in part than expected.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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What helps the bookkeeper and accountants to work remotely https://after-hours.org/what-helps-the-bookkeeper-and-accountants-to-work-remotely/ Thu, 25 Nov 2021 07:16:44 +0000 https://after-hours.org/what-helps-the-bookkeeper-and-accountants-to-work-remotely/ After two years of the pandemic, we see how it has forced us to change our lifestyle, adapt quickly to remote working, and learn to engage differently with our customers. Videoconferences and videoconferences can now take place one after the other, without any traffic delays. Documents can be transferred and signed electronically in minutes, without […]]]>

After two years of the pandemic, we see how it has forced us to change our lifestyle, adapt quickly to remote working, and learn to engage differently with our customers. Videoconferences and videoconferences can now take place one after the other, without any traffic delays. Documents can be transferred and signed electronically in minutes, without waiting for mail to arrive. Online software or virtual tools save businesses time and money.

If your accounting or bookkeeping business has been slow to adopt cloud-based virtual software and tools, then it was time to change it.

Here are the essential tools for accountants and accountants working remotely who help make day-to-day tasks more accessible, transparent and efficient.

  • Secure cloud file storage system

Every accountant and bookkeeper, especially those who want to work remotely, needs a secure, centralized online document management and storage system to ensure peace of mind for your business and customers. There are many apps available online such as Dropbox Business, Google Drive, eFileCabinet, etc. An attractive and inexpensive option is LedgerDocs. It helps bookkeepers and accountants share, store and manage their essential accounting documents in the cloud.

  • Electronic signature tool (eSign)

If your business is still sending documents to customers for signing, you should consider an eSign tool. ESign software can speed things up for you. here are the most popular brands of electronic signature software that you can use;

  • Adobe sign.
  • DocuSign.
  • Hello sign
  • Application for scanning invoices and receipts

Scanning and storing your paper receipts online or in the cloud is a great way to stay organized. An essential part of being an accountant is having a system to collect and manage receipts. Technology has given accountants great tool options. There are so many receipt management software available online as TaxDocs. The ability to scan invoices and organize them digitally has saved the accounting profession countless hours of human resources.


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Why managing accounts payable in the cloud is a cost reduction strategy https://after-hours.org/why-managing-accounts-payable-in-the-cloud-is-a-cost-reduction-strategy/ Tue, 23 Nov 2021 15:31:00 +0000 https://after-hours.org/why-managing-accounts-payable-in-the-cloud-is-a-cost-reduction-strategy/ Accounting and Accounts Payable teams have traditionally worked in-house, sharing paper files across a combination of systems. However, much of this work can be done remotely, as we saw at the start of the COVID-19 pandemic. Employees suddenly had no choice but to work from home, and some businesses and organizations were better equipped than […]]]>

Accounting and Accounts Payable teams have traditionally worked in-house, sharing paper files across a combination of systems. However, much of this work can be done remotely, as we saw at the start of the COVID-19 pandemic.

Employees suddenly had no choice but to work from home, and some businesses and organizations were better equipped than others to handle this change. Those who weren’t prepared struggled to complete invoice approvals and process payments from disparate locations.

Many organizations have invested in technologies that have improved collaboration and communication. But after the first few months, they achieved something interesting: It would be more efficient for all internal parties if this information was managed in the cloud. However, to do this effectively requires the highest levels of security, staff training, and the ability to quickly deal with any issues with remote accounts payable processing. Some employers were forced to send employees to physical offices to complete approvals or produce checks before a viable solution could be found.

The good news is that long-term access point automation technologies enable efficient work in the office or remotely. Whether the pandemic continues or draws to a close, moving AP to the cloud will dramatically increase the efficiency of the accounting department and save money.

Below are tools and tips to help your team effectively add value to your business.

AP is no longer a manual job

Unfortunately, accounts payable have historically been slow to convert to digital records, but the ongoing remote and hybrid work will force teams to let go of their attachment to physical invoices and make the switch. The good news is that digital recordings are easier to use, more secure, and also allow conversion to automated AP processing.

Organize your remote work strategy around the cloud

The cloud should be the foundation of your digital strategy because cloud-based information management services are designed to enable collaboration and secure access from any location.

Be on the lookout for collaboration tools or file sharing apps that don’t prioritize information security because financial records pose a significant risk to your organization if accidentally disclosed.

Follow these steps to find the best cloud service for you

When considering potential cloud information management services, consider the following:

  • Choose longevity: Do not accept new cloud services (less than three years old) because they have yet to prove their ability to provide constant uptime or solve your problems. Plus, you don’t want to be trapped by a tech startup with plans for a quick build and sell rather than longer-term business goals.
  • Quality of uptime and service both count: Most cloud services offer 99.9% uptime, but the best ones offer at least 99.999% uptime. Take a look at the End User License Agreement (EULA) and service history of any business you are considering to make sure you only talk to those you can count on to always be available to your employees.
  • Safety should be a major concern: In today’s age of growing cyber attacks, which have been exacerbated by moving to work from anywhere, you simply cannot ignore your vendor’s security policies. Look for contextual protections, complex password requirements, encryption, and a variety of other application, transmission, data, physical, and system protections.

A few additional features can dramatically improve the ROI you get from your cloud migration. When scanning physical records, look for a technology partner who can automatically “scratch” invoice data as it is scanned to eliminate manual data entry for your team. Finally, only choose a cloud provider with built-in process automation tools, so you can automatically route invoices through approval processes, regardless of where the employees are located.

Industry as a whole is moving to the cloud and the economy is doing better

Cooperative Educational Services (CES) is a procurement agency that provides shared purchasing services to 211 public educational institutions and 250 public entities in New Mexico. They process over 60,000 invoices each year. CES has converted to digital records and developed an electronic procurement process to control the flow of information throughout purchasing and to enable secure invoice review and approval from any location.

During the COVID-19 pandemic, the CES team has made a smooth transition to working from home due to its cloud-based information management and AP system. Deputy Executive Director Robin Strauser explained that organizations still have to buy and pay, so it is important that the ETUC provides its members with essential products and continues to pay supplier companies without interruption.

Through CES and our own experiences adjusting to working from home during the pandemic, we’ve learned that there are benefits to choosing cloud-based services to support your AP team’s remote efforts. Cloud AP services enable secure access, collaboration, and even automated workflow to streamline your efforts. The goal is simple: become more efficient and save money without sacrificing security and workflow.


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Saudi Arabia puts more emphasis on food security and agribusiness https://after-hours.org/saudi-arabia-puts-more-emphasis-on-food-security-and-agribusiness/ Sun, 21 Nov 2021 18:52:45 +0000 https://after-hours.org/saudi-arabia-puts-more-emphasis-on-food-security-and-agribusiness/ RIYAD – New Covid-19 Response Report (CRR), Produced by Oxford Business Group (OBG) in Partnership with Arabian Agricultural Services Company (ARASCO), Identifies Emerging Investment Opportunities in Arabia’s Food Production Industry Arabia as the Kingdom ramps up efforts to reduce its dependence on imports following pandemic-induced global supply chain disruptions. The report provides an in-depth analysis […]]]>

RIYAD – New Covid-19 Response Report (CRR), Produced by Oxford Business Group (OBG) in Partnership with Arabian Agricultural Services Company (ARASCO), Identifies Emerging Investment Opportunities in Arabia’s Food Production Industry Arabia as the Kingdom ramps up efforts to reduce its dependence on imports following pandemic-induced global supply chain disruptions.

The report provides an in-depth analysis of the food security situation in Saudi Arabia, as well as measures taken to boost national food production, in an easy-to-navigate and accessible format, focusing on key data and infographics.

It highlights the innovative tools and emerging agricultural techniques that should support the Kingdom’s projects to modernize its food production system and build resilience in the face of future supply crises.

The report examines the role that agro-technological solutions will play in helping industry players address the challenges they face, such as water scarcity and harsh climatic conditions, enabling them to become more competitive.

Here, subscribers will also find detailed coverage of the expansion already underway in the segment, which includes initiatives by producers to invest in new logistics capabilities and data-driven solutions to increase production and address challenges. of distribution.

With sustainability a priority for the industry, the report highlights initiatives that are expected to help Saudi poultry farmers achieve their long-term goals, such as switching to compound feed, which could make the Kingdom less dependent on imported cereals.

Another goal is the opportunities for Saudi red meat producers to improve cost competitiveness and tap growing demand. Other topical issues explored include the Kingdom’s plans to expand its base of international trading partners to improve long-term results.

In addition, CRR follows the story of ARASCO’s growth and the key contribution the company makes to the development of food production in Saudi Arabia. The resilience and versatility displayed by ARASCO during the COVID-19 pandemic and its promising prospects for future expansion are among the topics examined.

The report includes an in-depth interview with Nasser A. Abanmi, CEO of ARASCO, in which he shares his thoughts on several topical issues, including opportunities for the private sector to play a greater role in strengthening food security. and Saudi Arabia’s capabilities. displayed by industry infrastructure during the pandemic.

“Looking to the future, Saudi Arabia will continue to strengthen its capacities and capabilities in logistics and transportation of food and associated raw materials,” he said.

“This is especially important when it comes to transporting food from ports to inland areas of the country. Strengthening the existing food distribution network – including solutions such as the cold chain – will help ensure that we can achieve greater efficiency throughout the supply chain. “

Jana Treeck, OBG’s Managing Director for the Middle East, said that with imports accounting for 80% of the food consumed in Saudi Arabia before COVID-19, the government had already recognized the importance of increasing production before that the pandemic exposes the vulnerabilities of supply chains.

“Looking ahead, the Kingdom’s food production segment is poised to experience a period of sustained growth, supported by favorable factors including a growing population and government policy favorable to private sector development,” said Treeck.

“We expect the opportunities arising from Saudi Arabia’s plans to become more self-sufficient and reduce imports to generate significant interest among investors.”

The analysis of food production in Saudi Arabia is part of a series of bespoke reports that OBG is currently producing with its partners, as well as other highly relevant research tools, including a range of growth and development prospects. recovery specific to the region and the sector. articles and interviews. – SG


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How much does Biden’s expense bill actually cost? https://after-hours.org/how-much-does-bidens-expense-bill-actually-cost/ Sat, 20 Nov 2021 08:00:06 +0000 https://after-hours.org/how-much-does-bidens-expense-bill-actually-cost/ When you add up the CBO scores for all the spending and the tax cuts in the bill, that is, whatever Democrats say will benefit Americans, you get about $ 2.2 trillion. How did the legislation grow to $ 2.2 trillion? The short answer is: paid time off. This measure alone added more than $ […]]]>

When you add up the CBO scores for all the spending and the tax cuts in the bill, that is, whatever Democrats say will benefit Americans, you get about $ 2.2 trillion.

The short answer is: paid time off. This measure alone added more than $ 200 billion to the cost of the bill. A variety of other cost adjustments, like the housing and immigration provisions in the plan as well as other spending additions, did the rest.

This is a delicate question. The other big change from Mr Biden’s framework in the House bill is a rearrangement of a limit on the deductions individuals can take on federal income tax forms for local taxes. and nationals they pay. This is a measure that would greatly help high income earners in high tax states like New Jersey and New York. But oddly enough, this does not increase the official cost of the bill – mainly because the measure is an accounting measure, intended to provide more freebies to certain taxpayers in the short term while taking away some benefits later.

Republicans capped the national and local tax deduction, known as SALT, at $ 10,000 per household in 2017. Under this bill, the cap would disappear in 2026, meaning that an unlimited deduction would revert. . The Democrats’ plan would raise the cap to $ 80,000 per household for most of the decade before lowering it to $ 10,000 in 2031. That means households taking advantage of the deduction would receive significant tax relief for the next few years. years, but a smaller one for the second half of the decade.

The budget office found that the change would essentially be a financial washout for the government, increasing a bit more over the decade than the current system, as SALT currently maintains a higher cap throughout the decade instead of letting the cap disappear. in 2025.

Some groups, like the Committee for a Responsible Federal Budget in Washington, chose to remove only the benefits of the SALT change earlier in the year and add them to the total cost. The Times does not do this, in order to stay consistent with how we add up the costs and benefits of the rest of the bill, which are measured over the entire decade.

Mechanically, yes. Practically no.

With the 2017 law and this bill, we are trying to add up the cost of the parts of the legislation that are supposed to benefit people and businesses. It’s the price to pay”.


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A transfer market mystery: what is a player worth? https://after-hours.org/a-transfer-market-mystery-what-is-a-player-worth/ Wed, 17 Nov 2021 04:29:56 +0000 https://after-hours.org/a-transfer-market-mystery-what-is-a-player-worth/ “Identifying the fair value of a professional athlete’s performance is notoriously a difficult task and not supported by an adequate level of scientific evidence,” Boccardelli wrote in his letter. In essence, he was saying what others have said: the values ​​that appear in club balance sheets are often wrong. “We can say that in many […]]]>

“Identifying the fair value of a professional athlete’s performance is notoriously a difficult task and not supported by an adequate level of scientific evidence,” Boccardelli wrote in his letter. In essence, he was saying what others have said: the values ​​that appear in club balance sheets are often wrong.

“We can say that in many cases this is some kind of fiction,” said Pippo Russo, the author of a transfer market book who investigated and brought to light several curious deals involving Italian teams. , some of which are now reported by regulators. “They have to do it because they need to have the annual accounts in order.”

Russo said that although “Italy owns the copyright” to the plusvalenza system, he has seen the practice exported to the European football landscape, highlighting deals involving teams in Spain, France. and recently in Portugal, where two Premier League teams traded two young players with barely any experience, but only after valuing them at millions of euros apiece.

The involvement of Consob, the Italian financial regulator, is therefore notable, since its interest in the negotiations of Juventus, a listed company, could have serious consequences if the club were found to have broken the law. The powers of the football prosecutor are limited to sports sanctions, such as point deductions and in some cases even demotion.

In 2018, for example, a survey discovered Chievo Verona had been engaged for years in a scheme in which they inflated the value of young players traded with another club, Cesena. The deals, worth a total of several million euros, have enabled each team to qualify for registration to obtain licenses to play in professional leagues.

Yet while Chievo has been punished, some team owners in Italy have expressed frustration that the rules are often changed or not enforced to protect top performing clubs. Last season’s champions Inter Milan, for example, clinched their first title in 11 years even though they couldn’t keep up with their payrolls. The league, citing the coronavirus pandemic, had relaxed its regulations on the payment of mid-season wages.


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Donor Spotlight: Martha Leiper – University of Tennessee at Chattanooga Athletics https://after-hours.org/donor-spotlight-martha-leiper-university-of-tennessee-at-chattanooga-athletics/ Wed, 10 Nov 2021 15:14:49 +0000 https://after-hours.org/donor-spotlight-martha-leiper-university-of-tennessee-at-chattanooga-athletics/ History links Name: Martha leiper Joint: Mike Leiper Occupation: Executive Vice-President and Director of Investments at UNUM Town of residence: Chattanooga, Tennessee Foster mother: The University of Tennessee at Chattanooga – 1988 Member of Club Mocs since: 2020 What prompted you and Mike to join the Mocs Club and support the efforts of our student-athletes?Passionate […]]]>

Name: Martha leiper
Joint: Mike Leiper
Occupation: Executive Vice-President and Director of Investments at UNUM
Town of residence: Chattanooga, Tennessee
Foster mother: The University of Tennessee at Chattanooga – 1988
Member of Club Mocs since: 2020

What prompted you and Mike to join the Mocs Club and support the efforts of our student-athletes?
Passionate about sports, I have always appreciated the passion and dedication of student-athletes. Mike and I are the parents of three children who played competitively through high school and understand the rigor and sacrifice these student-athletes go through to play at the college level. We are delighted to promote this program which has a positive impact on these future leaders of our community. We have so much respect for the program, the faculty, the staff, the athletes and the caliber of the graduates. I know they are well prepared for the future.

Tell us how you got to UTC to graduate?
I transferred my last year of university to UTC. I was engaged to Mike and knew we would be living in Chattanooga. I met Dr. Fulmer from the business school and was impressed with the program, faculty, and professor / student ratio. Within a year of graduating, I enrolled in the MBA program. After that, I came back and took additional accounting courses so I could take the CPA exam. For a moment Mike wondered if I would ever stop taking classes! UTC had so many course options and access to great teachers.

What is your favorite memory from Chattanooga Athletics?
I was a transfer to school and worked while finishing my studies so I didn’t have a lot of time to attend sporting events as an undergraduate student. I’m making up for it now. Mike and I returned to Chattanooga from San Antonio, Texas in 2019, just before Covid. We are very happy to attend the football games this fall. The atmosphere at Finley Stadium is amazing. We are fortunate to have such a good program in Chattanooga. We can attend games, support our local university, and enjoy the fall football experience without the cost, hassle and crowds of Division I FBS schools. I have a lot of pride in Chattanooga and UTC. I think the university is a hidden gem in our city.

What’s your favorite part of living in Chattanooga?
Chattanooga is an amazing city. When we lived in Texas and came back to visit, I remember our kids commenting on how cool Chattanooga was. I don’t know if you fully understand this until you live far away. Magnificent surroundings, friendly people, ease of getting around and proximity to big cities. We have the best of both worlds. It is definitely an environment conducive to a healthy work-life balance.

What are your interests outside of Chattanooga Athletics?
I like sports and outdoor activities in general. We enjoy hiking, biking, boating and attending local festivals.

Tell us how your degree from UTC has helped you build a successful career?
My training prepared me well for my career. When I transferred to UTC, a finance degree took me 9 additional hours of accounting compared to my previous program. It gave me a very solid foundation for finance and investing. In the MBA program, there has been a strong emphasis on group projects and problem-solving skills that are essential for management.

Favorite place to eat in Chattanooga?
We have so many great restaurants in Chattanooga that it’s hard to pick just one. We love spending time on the Riverwalk and on Main Street. I would count STIR, State of Confusion and Boccaccia among our favorites.

What would you say to other community leaders to get them involved in Chattanooga Athletics?
I encourage other community leaders to come out and support our hometown college. A strong sports program will contribute to a vibrant community and the games are so much fun. Go out and experience it for yourself.

What advice would you give to our student-athletes?
1. Congratulations! You have an opportunity that many dream of but few realize.
2. Stay focused on your education.
3. The discipline required to graduate and compete at the college level will serve you well.
4. Take advantage of your university experience and give back to UTC after you graduate to ensure the continued success of the university.


About the Club des Mocs:

The Mocs Club is the annual fundraising arm of the University of Tennessee at Chattanooga Athletic Department. The support of each Moc Club member benefits more than 300 Moc student-athletes. The financial support generated by the Mocs Club is aimed at lowering the cost of student-athlete scholarships and having a positive impact on our student-athletes in the classroom, on the playing field and beyond.

Mission of the moccasin club:
Generate resources to support the academic and athletic success of all UTC student-athletes.

You are not a member of Club Mocs and would like to register?
The Mocs Club strives to reach 1,500 Mocs Club members by 2022. Contact the Mocs Club at mocsclub@utc.edu or by calling (423) 425-4233. You can also register by clicking on the link below.

Join today


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The Tulare cemetery council can transmit the audit https://after-hours.org/the-tulare-cemetery-council-can-transmit-the-audit/ Wed, 03 Nov 2021 13:42:24 +0000 https://after-hours.org/the-tulare-cemetery-council-can-transmit-the-audit/ Last fall, the cemetery council narrowly voted to consider a forensic audit, but only garnered enough votes by limiting the scope of the audit to a single year, 2017-2018, instead for a period of five years. Administrator Charlie Ramos joined Aguilar on the ad hoc committee tasked with collecting quotes for the audit, which said […]]]>

Last fall, the cemetery council narrowly voted to consider a forensic audit, but only garnered enough votes by limiting the scope of the audit to a single year, 2017-2018, instead for a period of five years. Administrator Charlie Ramos joined Aguilar on the ad hoc committee tasked with collecting quotes for the audit, which said in March that he had contacted three companies and none of them were interested in taking in charge of the project for the controversial board.

At his October 28 meeting, Aguilar said he found at least two companies, and possibly a third, willing to perform the forensic audit. He presented the board with a citation from McKenzie Forensic Auditors, Inc. to investigate fraudulent payroll claims, management embezzlement, whether management correctly reported all monetary transactions to the board, and whether management authorized a former employed to live on district property without rent. Based in Hollywood, California, McKenzie has been a leading provider of forensic accounting services for 25 years, according to its website. The cost of the annual audit is $ 15,500.

Chairman of the board, Xavier Avila, said he was still in favor of having a forensic audit performed, but not unless it was closer to the $ 10,000 range, which he said in March. This is because the audit could cost more than the amount that would have been misappropriated or overpaid.

The need for the audit dates back to 2017, when the cemetery was in turmoil, both politically and financially. Aguilar, who was appointed to the board in September 2017, shared evidence with the Tulare County Grand Jury and the Tulare County District Attorney’s Office in 2019 detailing how he believed former District Manager Marilyn Correia and her husband, former grounds manager Steve Cunningham, resigned within a week of each other and got paid for unused vacation they didn’t earn.

The alleged misappropriation of unearned payroll could be as low as $ 10,000 and only up to $ 15,000.

Ramos agreed, saying the audit might be more difficult than it is worth.

“If it’s $ 5,000 [allegedly stolen] are we going to spend $ 15,000 to find out if that happened? Ramos said. “Going back and digging up bones is not my goal. “

Aguilar argued that the alleged stolen money in 2017 may have just been the start of the search for other missing funds. He used the example of the Visalia Public Cemetery District embezzlement case against his former director. In 2016, the annual audit of the Visalia cemetery found that approximately $ 340,000 had been underestimated in the finances of the district. Information was found on when longtime accountant Dona Shores left the cemetery district. The district reported the missing money to the Visalia Police Department and hired an accounting firm to perform a five-year forensic audit. A year and a half after the audit, the Visalia Police Department arrested Shores for embezzling $ 1.2 million from fiscal 2012 to 2016.

Deputy County Attorney Matt Pierce, acting as District Attorney, said that even if the audit revealed fraud, the District would not be able to do anything with this information because of the delay. prescription had expired. Pierce said the status for civil charges expired in September 2020 and for criminal charges in September 2021.

“I don’t know how much time you want to spend on it,” Pierce said.

Avila cautioned Aguilar against expanding the scope of the audit, which would increase the cost to the point that the majority of the board would vote against it. He compared forensic audit to fishing and said if you don’t limit yourself to where the most fish are, you are wasting a lot of time dragging the lake.

“Would I spend $ 5,000 or $ 10,000 to do some fishing?” Avila said. “May be.”

Trustees Steve Presant and Jim Pennington didn’t seem interested in pursuing an audit with a price tag of $ 15,000 and the lawyer seemed to agree.

“My advice would be not to do it,” Pierce said.


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SMU School of Accounting celebrates its 20th anniversary with an inaugural conference on the digital transformation of financial markets 2021 https://after-hours.org/smu-school-of-accounting-celebrates-its-20th-anniversary-with-an-inaugural-conference-on-the-digital-transformation-of-financial-markets-2021/ Mon, 01 Nov 2021 04:13:56 +0000 https://after-hours.org/smu-school-of-accounting-celebrates-its-20th-anniversary-with-an-inaugural-conference-on-the-digital-transformation-of-financial-markets-2021/ Singapore Management University (SMU) School of Accountancy (SOA) marks its 20th anniversary This year. As part of his celebrations, he released a delivered, launched the Pang Yang Hoong scholarship and organized a first Conference on the digital transformation of financial markets 2021 on Friday October 8, 2021, where more than 300 industry practitioners in the […]]]>

Singapore Management University (SMU) School of Accountancy (SOA) marks its 20th anniversary This year. As part of his celebrations, he released a delivered, launched the Pang Yang Hoong scholarship and organized a first Conference on the digital transformation of financial markets 2021 on Friday October 8, 2021, where more than 300 industry practitioners in the accounting and finance sectors, business owners and regulators attended the virtual conference.

The profound impact of digital transformation on the future of finance

The financial world is accelerating at a steady pace, driven by the emergence of new technologies that present both opportunities and challenges for businesses as they navigate the dynamics of an ever-changing business environment.

“The adoption of new technologies has accelerated what would typically take three to five years to implement to a few months,” observed Professor Timothy Clark, SMU Provost, in his opening remarks at the conference. “Covid and other forces are galvanizing the financial world and bringing financial services into a more fully digital age. So how do we navigate the digital transformation of the financial world? What type of regulation is likely to emerge to govern the new competitive landscape? “

Navigating the future of financial services

Mr. Leong Sing Chiong, Deputy Managing Director, Markets and Development Group, Monetary Authority of Singapore, in his opening remarks, stressed the need to step back and look at the big picture, as technology transforms financial services and that initiatives are launched at a rapid pace. He said, “We need to ask ourselves why we do everything we do and be confident that we are doing things that matter. “

As Singapore strives to become a leading global financial center in Asia, it should also not neglect efforts to support Asia’s development and serve Singapore’s economy, especially since Asia is increasingly emerging as the center of gravity of global growth.

“It is not the volume of business that takes place here, but what we are doing as a financial center to catalyze greater integration within the region to spur collective growth,” Leong said. .

He also highlighted the growth of sustainable finance and the resulting need to capture, analyze and govern disclosures and data. Companies are increasingly producing meaningful and substantive data, both qualitative and qualitative, to support measures of sustainability. There are currently international platforms that are examining the best methods of coordinating risk assessments and disclosures in a more consistent way globally. However, he noted that the growing trend towards sustainable investing also carries risks of greenwashing, especially since the current data collection and measurement processes are “very cumbersome, very inefficient and very manual”.

“The more we can standardize the region more in terms of adoption of standards, the more we can lend ourselves to sustainable flows entering the region,” Leong noted.

Regarding the effects of digital transformation on the financial sector, Mr. Leong said that the necessary infrastructure must be built to enable us to expand and harness the benefits of technology and innovation. Additionally, ensuring cross-border connectivity is crucial as small players in sectors like fintech are more likely to have an impact by operating as part of a much larger ecosystem with other fintechs, as well as by working with existing incumbents, with whom they can exploit resources to expand their activities.

He concluded, “It’s not just about how quickly we adopt technology, our size as a financial center, but how we apply technology and innovation to solve global problems, how we harness technology and innovation to also catalyze inclusion. like integration, interoperability – how, as a financial hub, Singapore can stay hyper-connected and relevant to the region and the world through digital transformation. “

Governance, risk and compliance (GRC) aspects of digital transformation

The pandemic has generated a new appreciation for the benefits of digital transformation, including its ability to drive new business models, enable efficiencies, and even redefine what we see as the very notion of work. To understand how organizations manage the governance, risk and compliance (GRC) aspects of their digital transformation programs, Deloitte Southeast Asia and SMU jointly conducted a series of research in the second and third quarters of 2021.

“Over the past 18 months, business leaders have come to realize just how complex digital transformation programs can be,” explained Dr Clarence Goh, Assistant Professor of Accounting (Practice), SMU School of Accountancy, and co-author of the GRC in Digital Transformation research with Ms. Seah Gek Choo, Assurance & Advisory Partner, Center for Corporate Governance and SheXO Program Leader, Deloitte Singapore.

“They had no choice but to think about how to strike the right balance between reaping the benefits of digital transformation on the one hand, and at the same time figuring out how to mitigate the risk of potential losses due to governance. insufficient and other associated risks and compliance issues. “

Research has found that digitally mature organizations, or organizations reporting more advanced progress on their digital transformation journeys, exhibit four markedly different traits when it comes to managing the GRC aspects of their digital transformation programs. . In particular, they are more likely to recognize the importance of a formal and proactive governance body; consider technological maturity as their weakest link in governance; assigning ownership of risk identification and monitoring activities to individual business units; and be more aware of the regulatory compliance complexity of their digital transformation programs.

More information on the report can be found here.

Research insights

Professor Cheng Qiang, Lee Kong Chian Chair Professor of Accounting, SMU, presented the research topic “The Value of Blockchain Applications” where he explored the economic value of blockchain applications through a study of Asset Backed Securities (ABS) issued in China using blockchain.

“Some people see blockchain as a hype, which I think is probably related to the volatility of Bitcoin’s price over time,” Prof Qiang shared when presenting his research findings. “Due to the controversy surrounding blockchain applications, many organizations have requested an investigation into the value of blockchain applications. “

Professor Cheng found that compared to other ABSs, those issued with blockchain technology experience a 31.4 basis point decrease in the yield spread, which represents substantial savings for issuers.

Blockchain can address investor concerns about the quality of the underlying assets, as it could ensure that the information is reliable and that the issuer cannot alter any information stored on the chain, thereby increasing investor confidence.

Dr Yun Lou, Associate Professor of Accounting, SMU School of Accountancy, attended Research Insight’s second presentation on “Regulating Disinformation and Capital Market Quality”. Professor Lou’s research project assesses the effectiveness of disinformation regulations, particularly in the capital market, using natural language processing tools.

The study aims to broaden regulators’ views on the potential effects of anti-fake news laws by highlighting how these laws affect not only political processes but also capital markets. By focusing on social media and financial market outcomes, in particular, the effect of anti-fake news policies can be measured and meaningfully assessed by researchers.

The Rise of RegTech – Challenges and Opportunities

More than a buzzword, RegTech (regulatory technology) has revolutionized the regulatory landscape by providing technologically advanced solutions to the ever increasing compliance requirements within the financial industry.

The conference ended with a fireside chat to discuss issues related to the implementation and integration of RegTech. Moderated by Prof. Sum Yee Loong, Professor of Accounting (Practical), SMU, the panelists for the session were Mr. Damien Pang, Executive Director (Data and Technology Architecture) and Deputy Director of Financial Technology, Monetary Authority of Singapore ; Evelyn Goh, Director of International Policy and Strategy, Infocomm Media Development Authority; Dr David Hardoon, Senior Data and Artificial Intelligence Advisor, UnionBank Philippines; and Ms. Irene Liu, Financial and Regulatory Consultant, Women in Data APAC Board Enterprise Data Management Board.

Mr Pang started the discussion by emphasizing the need to take advantage of available technologies and make full use of RegTech tools beyond ‘check compliance’, so this is a driving force. of the company. Likewise, Ms. Goh observed that companies have increased their awareness of RegTech, having adopted more digitally-centric business models and collecting more data.

“But a lot of the time, awareness doesn’t translate into adoption,” Ms. Goh noted. Instead, organizations should engage by investing in RegTech resources, such as introducing internal policies and a governance structure, providing adequate training to employees, and continuously monitoring results for s ” ensure that the targeted objectives are achieved.

In addition, companies often face challenges such as the cost of implementing RegTech solutions in existing systems and the need to clean up existing data in order to achieve the adequate quality required for RegTech, Ms. Liu explained. . Another hurdle is the mindset that business leaders have of RegTech as a simple function of cost and their resulting approach to achieving compliance at the lowest possible cost, added Dr Hardoon. However, he explained that RegTech can be a business catalyst: the process of improving data quality also has the ability to improve the level of customer service as much as it could mitigate risk.

Local organizations are currently working with other ASEAN countries, Ms. Liu said, to establish a common framework for data sharing. Such data flows also need to be managed to ensure responsible information sharing, regulate the privacy of digital assets and also tackle the fear of breaking laws while preserving a company’s competitive advantage.

“The region really needs to level up in terms of understanding the flow and sharing of reliable data, standards and interoperability being very important factors. After all, data has no boundaries. It has to sink to have this value, ”concluded Ms. Goh.


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How to Help Consumers Reduce Interest Payments on Multiple Credit Card Accounts – Eurasia Review https://after-hours.org/how-to-help-consumers-reduce-interest-payments-on-multiple-credit-card-accounts-eurasia-review/ Sat, 30 Oct 2021 22:43:43 +0000 https://after-hours.org/how-to-help-consumers-reduce-interest-payments-on-multiple-credit-card-accounts-eurasia-review/ Researchers from the Norwegian School of Economics and the University of Chicago have published a new paper in the Marketing Journal which examines the minimum payment requirements of credit cards affect consumer decisions about how much to pay for each debt account. The study, to appear in the Marketing Review, Is titled “Minimum Payments Change […]]]>

Researchers from the Norwegian School of Economics and the University of Chicago have published a new paper in the Marketing Journal which examines the minimum payment requirements of credit cards affect consumer decisions about how much to pay for each debt account.

The study, to appear in the Marketing Review, Is titled “Minimum Payments Change Debt Repayment Strategies on Multiple Cards” and is written by Samuel Hirshman and Abigail Sussman.

Many Americans have received stimulus payments related to COVID. With nearly $ 800 billion in outstanding credit card debt in the United States, many consumers say they plan to use those payments to pay off their debt. However, the best way to do this is not easy. Most indebted households have to choose not only how much to spend on debt repayment, but also how much debt to repay. How does a common reimbursement boost, the minimum payment required, affect the decision of how much to pay for each card?

Researchers find that minimum payments cause consumers to distribute repayments more evenly across debt accounts, even after factoring in the minimum payments themselves. They call this “the dispersal effect of minimum payments”. While this model may seem harmless, it leads consumers to pay off their debts less at the highest interest rates and pay more interest overall. In other words, consumers end up spending more than they need to pay off their debts.

While there are likely several causes for the dispersion effect, a key factor is that consumers tend to interpret minimum payment requirements as recommendations to pay more than the minimum amount.

Since credit card companies and regulators need minimum credit card payment requirements, an important question is whether we can help consumers improve their refund choices. Hirshman and Sussman suggest that, even with minimum payment requirements, the way companies display interest rate information to consumers can accentuate or minimize the dispersion effect.

The study uses several experiments to show how different ways of displaying this information affect reimbursement decisions. For example, one type of display mimics standard paper credit card statements where attendees must search for credit card account information. This version leads consumers to pay the most in interest charges. In contrast, another type of display that gives consumers default choices of minimum payment, total debt, or “other” amount has dramatically improved consumers’ repayment strategies over paper statements. When using this version, people allocate more money to their debt at the higher interest rate and distribute the money less evenly across accounts.

The research has implications for policy makers, consumer advocates and businesses working to improve the financial well-being of consumers. First, businesses may have the ability to help consumers pay less interest by aggregating information about their credit card debt. As Hirshman explains, “Our results suggest that consumers tend to focus on interest rates when making allocation decisions, but not doing enough. One factor that contributes to this is the minimum payment, but we also provide evidence that making interest information more readily available is also helpful. “

Second, the market can provide financial technology products to save consumers money. “For example,” says Sussman, “consumers can save money by paying a single amount to a business and then having it use that lump sum to pay off debt on multiple accounts. Due to the high interest rates on credit card debt, even paying fees to the business can lower costs for consumers. Some companies like Tally already offer versions of this service.

Third, the study documents an additional cost to the financial well-being of consumers of having multiple debt accounts. There has been a recent push to use both big data and surveys to map the financial health of consumers. Due to the scattering effect, the number of a consumer’s credit card debt accounts and the extent to which they are focusing their payments on their highest interest debts can be useful metrics to add to these efforts. .

Finally, when policymakers consider changes to credit card statements, this study suggests it’s important to pre-test how consumers interpret the changes. Nudges used by policy makers can affect consumer decision making unintentionally. This will allow policy makers to produce the desired effects while avoiding unintended consequences.


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