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Auditing Transformation: A Model of Artificial Intelligence Adoption
Get PDFAuditors using artificial intelligence (AI) offers opportunities for transforming audits, and drastically improving audit effectiveness and efficiency. Generative AI, augmented AI, and AI performing an entire audit offer possibilities for enormous cost savings and the potential to dramatically improve audit quality. Obstacles to audit adoption include AI processing opaqueness, shortage of auditors with AI knowledge, a dearth of AI audit standards, and significant AI implementation costs. This paper develops a theoretical auditor AI adoption model utilizing innovation diffusion theory (IDT) and the Technology Acceptance Model (TAM). The paper provides suggestions for facilitating auditors’ adoption of AI
A Content Analysis of the Modernization of Regulation S-K Items 101, 103, and 105
Get PDFIn 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments to modernize the disclosure requirements of Regulation S-K Items 101, 103, and 105. These amendments aim to enhance the readability of disclosure documents and provide investors with more relevant information. This study conducts a content analysis of the modernized disclosure items to assess the extent and nature of the changes implemented. A sample of annual reports filed before and after the amendments was examined to determine whether the SEC meets its stated goals of improving the readability of disclosure documents and discouraging repetition and immaterial information. We conclude that the stated SEC goals for modernization were not met in terms of textual characteristics. These findings provide insights into the effectiveness of the SEC's efforts to update disclosure rules and improve investor’s informational value
Could a STEM Designation Help the Accounting Workforce Shortage?
Get PDFThe US is facing a shortage of accountants in the workforce, with numerous positions going unfilled every year. The number of college graduates earning a bachelor’s or master’s degree in accounting and the number of graduates sitting for the CPA Exam has also declined in recent years. The AICPA created an advisory group to help shape a national strategy to address the talent shortage, and one potential strategy is for accounting curricula to earn a STEM (science, technology, engineering, and mathematics) designation. Many believe a STEM designation would attract more international students to this field of study and help alleviate the shortage of qualified accounting professionals
Development, Tool Validation, and Future Directions for the Multidimensional Framework for Inclusive Literature
Get PDFThis qualitative study seeks instrument validation of The Multidimensional Framework for Inclusive Literature (Pfundheller & Liesch, 2023) by sixteen experts who hold a reading specialist and/or reading teacher license. Researchers collected data on the limitations, strengths, and potential uses of the framework by preservice and inservice teachers through focus groups. Results show the framework has a good variety of inclusive categories; however, other categories and types of diversity may need to be added to improve the framework. Furthermore, results show the framework has practical applications such as helping educators create classroom libraries and begin conversations with colleagues about diverse texts
Impact of the Inflation Reduction Act on Patient Access and Out-of-Pocket Costs
Get PDFThe Inflation Reduction Act (IRA) represents a recent policy enactment that will influence prescription drug pricing. This paper examines the IRA's elements and their impact on patients' access to medications, specifically around programs funded by the Centers for Medicare and Medicaid. This review analyzed grey literature on patient medication access concerning the IRA, along with the legislation itself. It finds that the IRA contains six key provisions with the potential to impact patients' access to medications and stakeholder business practices: insulin and vaccine cost share, OOP cost limits, premium stabilizations, drug negotiations, and low-income subsidy programs. Although the IRA presents cost-saving provisions, it may exert downstream effects on new drug innovation, increased medication utilization management by payers and pharmacy benefit managers (PBMs), and how healthcare providers, manufacturers, and payers/(PBMs) work together to balance patient well being with fair economic returns for all stakeholders
Hedging Oil Shocks in Monetary Policy
Get PDFSignificant fluctuations in crude oil prices draw attention from policymakers, academics, and practitioners. These fluctuations often arise from global demand changes, supply disruptions, or precautionary motives, prompting critical questions about monetary policy responses. Understanding the interplay between oil shocks and monetary policy requires examining central bank actions and their economic impacts. This study investigates monetary policy responses to oil shocks since the 1990s using Structural Vector Autoregression, Impulse Response Functions, and Variance Decomposition. These methods reveal dynamic relationships between crude oil prices, inflation rates, and monetary policy rates. The findings highlight distinct responses among countries. Major oil importers like the U.S. and China significantly raise policy rates in response to oil shocks, while Japan shows a more modest reaction. Among oil-exporting nations, Saudi Arabia and Canada respond swiftly and substantially, whereas Nigeria adopts an unconventional approach, loosening monetary policy after an oil shock. These variations underscore the complex interactions between oil prices and monetary policy globally
Financial Statement Forecasting and Financing
Get PDFUsing a “plug” figure or “slack term” within a pro forma analysis is the standard method to allow a forecasted balance sheet to have assets equal to liabilities and equity. Seemingly, different types of plug values are demonstrated to be mathematically linked to each other. Further, by exploring cash as a plug figure, a solution emerges for a “target revenue growth rate” in which cash is not depleted. If a private equity venture can generate revenue growth above the target revenue growth rate, cash will accumulate and improve the return on the private equity investment
Impact of Auditors’ Industry Specialization and Longevity on Professional Skepticism
Get PDFAs a result of financial scandals, such as GE Co. and AIG, professional skepticism received increased significance in the field of auditing. Grounded in Hurtt’ s professional skepticism framework, this quantitative correlational study aimed to examine the relationship between years of auditor experience, the extent of industry specialization of the auditor, and the variation in the level of professional skepticism. The study included data from 68 U.S. accountants and auditors. The results of the multiple regression model showed that at F(2, 65) = 4.414, p = 0.016, R2 = 0.12, auditor’s industry specialization was a significant factor, which is positively associated with professional skepticism. Auditor’s industry specialization was statistically significant (ß= .316, t = 2.704, p = .009), accounting for a higher contribution to the model. Auditor’s longevity in the field was not statistically significant, thus, did not explain any significant variance in the performance of professional skepticism. The results of this study extended research on professional skepticism attributes and expanded our understanding of predictive variables
An Examination of Supplemental Instruction (SI) Within the Context of Diversity, Equity, Inclusion, and Belonging (DEIB): The Principles of Financial Accounting Course
Get PDFThis research presents empirical findings associated with the delivery of peer-supported supplemental instruction in the undergraduate principles of financial accounting course. Attention is directed at the differential effects for treatments between and within diversity, equity, inclusion, and belonging (DEIB) groupings through empirical assessments for all students and specific subsets that represent targets of a statewide initiative. Demographic groups were formed and assessed by students of color, international students, underrepresented status, and first-generation students. Results reveal positive impacts for students as a whole as well as DEIB groups. This investigation provides evidence and a solid framework for ongoing efforts to eliminate educational gaps
How Female-Owned SMEs in Uganda Maximise on Social Capital to Strengthen Their Businesses
Get PDFThe aim of this paper was to explore the extent to which female entrepreneurs in Uganda maximise on social capital by aligning with multiple stakeholders such as customers, government representatives, communities, higher education institutions (HEIs), and the wider public among others, to strengthen their businesses for long-term economic performance. A case study approach was adopted, during which semi-structured interviews were conducted to investigate a sample of three socially oriented female-owned Small and Medium Enterprises (SMEs) operating in Uganda’s Central, Northern and Western regions. Findings suggest that social capital must be tackled holistically by engaging productively with both primary and secondary stakeholders within the wider entrepreneurial context to realise a broad range of benefits. The author contributes a comprehensive partnership framework populated with practical insights from the three female-owned SMEs and presents intricacies of how social capital externalities can be monitored and measured by existing and upcoming SMEs while demonstrating how innovative business-level collaborations contribute to sustained growth