Internal Control over Financial Reporting

More than 30 years of Self help group movement have put a effective impact on society, mainly in the rural parts of India. West Bengal is not different from it. To analyse the impact we have done this study and to get a vivid outcome we have taken PEST (Political Economic Social Technological) analysis technique as a tool. The outcome of the study delivers that there is a strong impact of SHGs in the core factor of the societal environment i.e. political, economic social and technological. The Government of India and Government of West Bengal have truly concentrated and nurtured this SHG movement and are taking adequate steps for further improvement. Government of West Bengal has a keen interest on the development of small, medium and cottage industries (MSME), so many subsidized schemes are initiated for their upliftment. Government of India on the other part mainly concentrated on providing economic benefits to SHGs. The digitalization initiative of the Government of India have pr...

THE CASE AGAINST EXEMPTING 329 SMALLER REPORTING COMPANIES reporting company's management annually assess and publicly disclose the effectiveness of the company's ICFR 6 , and (ii) the company's outside auditor attest to that assessment. 7 The primary objective for Section 404 is presumably to improve the accuracy of financial disclosure by requiring companies to maintain effective ICFRs.' The controversy surrounding Section 404, however, has not focused on the provision's underlying objective, 9 but rather on whether the substantial compliance costs involved with Section 404 exceed the statute's benefits.' 0 In its June 2003 release adopting the implementation rules for Section 404," the Securities and Exchange Commission (the "SEC") estimated that the annual cost for Section 404 compliance would run $91,000 per company. ' 2 Subsequent studies have shown, however, that the actual cost is exponentially greater than the 6. SOX § 404(a), 15 U.S.C. 7262(a) (2002). 7. Id. § 7262(b). 8. CCMR REPORT, supra note 3, at 119. 9. Id. at 115. Note, however, that the CCMR Report states a slightly different objective for Section 404 than is proposed by this Article, as the CCMR Report focuses more on a possible public perception goal. The CCMR Report states that Section 404 "is aimed at reducing the market impact from accounting 'errors'whether from fraud, inadvertent misstatements, or omissionsby assuring investors that public companies maintain effective controls over financial reporting." Id.

The handloom industry is one of the oldest industries in the world. From the earliest times it has been seen as a profession intertwined with human life. Manpower is seen as more essential than capital to the handloom industry. As a result, the industry is gaining ground in more populous countries where man power is readily available. As far as Sri Lanka is concerned, most of the people living in rural areas are engaged in weaving here. Nowadays, however, weavers encounter many problems, and challenges. In the Maruthamunai, handloom industry has been chosen to explore this, explore the challenges, and issues they face. Based on this, this study aims to identify ways to improve this industry. In addition, the sub-objective is to identify the problems in advancing the weaving or handloom industry, and to come up with solutions. Field visit, observation, interviews, and questionnaire were the primary data collection method of the study. The questionnaires were distributed in random sampling method to 638 handloom small scale weavers among 8 Grama Nilathari Divisions of Maruthamunai, in order to achieve the sub objective of the study. Statistical reports, and annual reports of DSD, and GND, published articles, magazines, books, and internet sources were considered as the secondary data for the study. As well, the first, and secondary data thus obtained are analyzed through ArcGIS 10.3, and presented as graphs, tables, and diagrams. The study area Maruthamunai has identified a number of issues in various fields such as raw material products, and appropriate solutions have been proposed.

Handloom sector is a major non-farm employer in the country. About 16 million weavers depend on this sector in the country. Handloom weaving is one of the most important nonagricultural sources of income in India. In the present paper an attempt has been made to analyse the economics of weavers’ cooperative societies in twelve selected districts of Assam. The study is based on a sample of 60 weavers’ cooperative societies. To find out the profile, production, marketing and financial management of weavers’ cooperative society’s primary and secondary data has also been collected. The study reveals that central and state governments have evolved many schemes to uplift the economic condition by providing incentives in the form of grants and loans to impart training on new designs, modernization of looms etc. But handloom weaving units continue to be in the grip of problems. Therefore the purpose of this paper is to familiarize with the current status of handloom Weavers’ Cooperative Soc...

After the major corporate accounting scandals that happened at the beginning of the 21st century, many countries introduced the obligation to disclose information about the effectiveness of internal control over the financial reporting system. It was based on the assumption that mandatory reporting on internal control will encourage managers to pay more attention to the improvement of internal control over the financial reporting system and that this will lead to an improvement in the quality of financial statements and restore investor confidence in financial statements. The aim of this paper is to examine the economic consequences of the introduction of the obligation to disclose information on the effectiveness of internal control i.e., whether the assumed benefits have been realised. In order to realize the established goal, the author analyses the results of numerous empirical studies that investigated the impact of disclosure of information about the effectiveness of internal control on the quality of financial statements, the behaviour of investors and the behaviour of lenders. According to the author’s findings, the obligation to disclose information about the effectiveness of internal control led to an improvement in the quality of financial statements. Also, the disclosure of this information has
informational value for investors and lenders and affects their behaviour i.e., their risk assessment and the decisions they make.

External stakeholders rely heavily on the information contained in the financial statements when making business decisions. Given the risks they take in making decisions based on this information, they expect the management to provide them with quality financial statements. In order to be able to provide such financial statements, the company's management needs to establish quality internal control over the financial reporting system. The task of this internal control is to reduce the risks of unintentional errors in accounting records, as well as intentional manipulation of accounting information contained in financial statements. Having in mind the importance of internal control for providing reliable financial statements, the author intends to identify the determinants of the quality of internal control in this article. In order to identify these determinants, the author relies on the results of empirical research conducted in countries where companies are required to disclose information on the quality of internal control over financial statements. According to the author's findings, the quality of internal control is influenced by a number of factors concerning the characteristics of corporate governance and the characteristics of the company in which internal control is established. When it comes to the characteristics of corporate governance, the quality of internal control over the financial reporting system is affected by the quality of the board of directors, the quality of the audit committee and the quality of internal audit. When it comes to the characteristics of the company, the author found that the quality of internal control over the financial reporting system is influenced by the ownership structure of the company, its size, age, financial stability, complexity, growth rate and the fact that the company is in the process of restructuring.

Handloom sector is a major non-farm employer in the country. About 16 million weavers depend on this sector in the country. Handloom weaving is one of the most important nonagricultural sources of income in India. In the present paper an attempt has been made to analyse the economics of weavers’ cooperative societies in twelve selected districts of Assam. The study is based on a sample of 60 weavers’ cooperative societies. To find out the profile, production, marketing and financial management of weavers’ cooperative society’s primary and secondary data has also been collected. The study reveals that central and state governments have evolved many schemes to uplift the economic condition by providing incentives in the form of grants and loans to impart training on new designs, modernization of looms etc. But handloom weaving units continue to be in the grip of problems. Therefore the purpose of this paper is to familiarize with the current status of handloom Weavers’ Cooperative Soc...

Any country’s environmental problems are related to the level of its economic development, the availability of natural resources and the lifestyle of its population. In India, rapid growth of population, poverty, urbanization, industrialization and several related factors are responsible for the rapid degradation of the environment. Environmental problems have become serious in many parts of the country, and hence cannot be ignored.  80% of the total population of Odisha, a state of Eastern India depends on agriculture. But most of them are small and marginal farmers. 48% farmer’s households are indebted. The state in reality is the second poorest state in India today, next only to Bihar. Industrialization is the only alternative to develop the economic status of the state but the darker side of it is environmental pollution. Hence if growth of industry can be accelerated along with environmental protection then a balance can be maintained. So this paper examines the growth of cotta...

Handloom industry is the back bone of various indigenous communities of North East India, particularly Assam. Weaving techniques have been passed on to the next generation by a mother to her daughter in majority households in Assam. However this tradition is almost on the verge of extinction except in a few specific areas where still women consider weaving as a part of their daily work. Due to the better connectivity between urban and rural areas and rising demand for traditional attires, weaving has become a source of income for those people who are still engaged in the age old skill. However scarcity of finance makes them helpless to increase the quality and supply of hand woven fabric in Assam. Microfinance can be highly effective in reviving and upgrading the handloom industry of Assam. The paper tries to analyse the impact of microfinance in enhancing the handloom industry of Assam, particularly in the lower Brahmaputra valley and eventually empowering the women folk socio-econ...

Under Sarbanes-Oxley (SOX) Act Section 302, management should, from one hand, certify and disclose in reports the effectiveness of internal controls applied to processes and procedures followed by a listed entity and, on the other, highlight potential deficiencies and provide information on potential frauds or sources of risk that could negatively impact on the effectiveness of the internal controls in place. Building on the above, SOX Act Section 404 requires that management should report information in its annual reports regarding the adequacy and effectiveness of the system of internal controls, which affects the procedures of financial reporting. These internal control reports, as part of the internal audit system within an organization, they undergo a review initially by the internal audit department and then by external auditors. The external auditors’ comments may dictate certain changes to be made, which could inevitably lead to refinements, which are then depicted to the ad...

There is an academic discussion about investment efficiency, regarding its determinants and effects. Corporate Governance (CG) and Audit Quality (AQ) are determinants of investment efficiency The main objective of the article is to investigate the effect of CG and AQ on investment efficiency, this objective is divided into sub-objectives: to investigate the direct effect of CG on AQ, AQ on investment efficiency, and CG on investment efficiency. Moreover, the indirect effect of CG on investment efficiency through AQ as a mediator variable. This paper focuses on non-financial listed firms in the Egyptian Stock Exchange (EGX), especially firms recorded in EGX 100 for four years’ period (2013–2018), for 103 firms and 412 completed observations. The researcher uses Structural Equation Modeling (SEM) through SmartPLS software. The paper shows evidence that management that has good CG mechanisms obtains a suitable atmosphere to prepare transparent financial statements, which helps enhance ...

Under Sarbanes-Oxley (SOX) Act Section 302, management should, from one hand, certify and disclose in reports the effectiveness of internal controls applied to processes and procedures followed by a listed entity and, on the other, highlight potential deficiencies and provide information on potential frauds or sources of risk that could negatively impact on the effectiveness of the internal controls in place. Building on the above, SOX Act Section 404 requires that management should report information in its annual reports regarding the adequacy and effectiveness of the system of internal controls, which affects the procedures of financial reporting. These internal control reports, as part of the internal audit system within an organization, they undergo a review initially by the internal audit department and then by external auditors. The external auditors’ comments may dictate certain changes to be made, which could inevitably lead to refinements, which are then depicted to the ad...

The handloom weaving is one of the oldest arts, as history of human civilization and has a long tradition of excellence. In this paper mainly evaluate the structure of Karimnagar district handloom sector, socio-economic conditions of the handloom weavers in the district and finally to assess income and expenditure levels of the handloom weavers in Karimnagar district of Telangana. Telangana is one of the important states in the handloom industry. There are about 82,435 handloom weavers in cooperative fold and 1,58,902 in outside cooperative fold. In the Karimnagar district the total handloom weavers was registered 6,260 weavers. In the district the total handloom weaver’s cooperative societies working has registered 35. It is evident from the study that majority 54 per cent of the weavers are earning below Rs.50,000 per annum, only 41.50 per cent of the respondents are earning between Rs.50,000-1 lakh. Only 4.50 per cent of the respondents were earnings above 1 lakh rupees respectiv...

In this cardboard an attack has been fabricated to analyze the advance of SHG-Bank bond Program in India during the year 2007-2008 and 2019-2020. The advance of SHG-Bank bond Program has been analyzed in agreement advance of accumulation of SHGs with banks and advance of coffer loans disbursed to SHGs. For this purpose the abstracts appropriate for the abstraction were calm from the official advertisement of National Coffer for Agricultural and Rural Development (NABARD), altered appear reports, journals and absolute accessible literature. This abstraction alive simple statistical accoutrement such as allotment assay and averages to assay the data. The aftereffect of the abstraction shows that there is cogent accession in the bulk of accumulation of SHGs with cyber banking area and bulk of loans disbursed to SHGs, During this abstraction period. However the agency-wise analyses of accumulation of SHGs and loans disbursed to SHGs appearance that the Bartering banks advance in accepting accumulation of SHGs and loans disbursed to them followed by Bounded Rural Banks and Annex banks. Not with continuing the arresting progress, geographically there has been skewed development of SHG-Bank bond Program in India. There is advanced bounded alterity in the advance of SHGs, accumulation of SHGs with banks and loans disbursed to SHGs beneath this Program. The beat of this Program is amazing in Southern arena while North, West and Eastern regions are backward behind. In appearance of the ample outreach, absolute position and the accessible allowances to the poor, it is actual important to see the allowances of this Program to ability beyond all sections of the affiliation and regions. So far the SHG movement is India is mostly South-Centric and it is yet to booty off the absolute faculty in added regions of India.

Conventional Indian handloom enjoys a global reputation as well as national prestige in terms nature and quality of product and its rich demand both in India as well as abroad. However, the weavers undergo enormous challenges related to their occupational survival in the post modernity era wherethe biggest challenge is problem of large production in this social cum capitalist world. The study aims to analyse the socioeconomic conditions of the weavers and offer possible recommendations to mitigate their plight. This study is based on primary data collected through interview schedules schedules from a random set of seventy weavers residing in ChiralaMandal of Andhra Pradesh. The result of the study reveals the major problems which have been engaging by the weavers both at economical and non-economicalcausational ground. The results of the study also detail their expenditure on merit and demerit goods and services such as education, health, food, and non-food items, liquor consumption smoking, etc during the study period.

Under Sarbanes-Oxley (SOX) Act Section 302, management should, from one hand, certify and disclose in reports the effectiveness of internal controls applied to processes and procedures followed by a listed entity and, on the other, highlight potential deficiencies and provide information on potential frauds or sources of risk that could negatively impact on the effectiveness of the internal controls in place. Building on the above, SOX Act Section 404 requires that management should report information in its annual reports regarding the adequacy and effectiveness of the system of internal controls, which affects the procedures of financial reporting. These internal control reports, as part of the internal audit system within an organization, they undergo a review initiated by the internal audit department and then by external auditors. The external auditors’ comments may dictate certain changes to be made, which could inevitably lead to refinements, which are then depicted to the adjusted internal control reports. The need for restatements of internal control reports is definitely associated with additional work from the side of the external auditor and may initiate more extensive audit work. Hence, the aim of the particular study is to investigate to what extent the audit fees paid to external auditors (i.e. the audit firm) are affected by such restatements to the internal control reports and whether the entity’s earnings and the book value of equity have a mediating role to the above relationship. The innovativeness of the current research lies at the fact that it is the first time that a research focuses on “Restatements of Internal Control Reports” (RICR) and “Firm’s Earnings” (FE) as significant determinants of “Audit Fees” (AF) paid to external auditors, providing materially useful evidence about the behavioural profile of audit firms concerning their pricing strategy. Employing a dataset that captures the period before and during the global financial crisis of 2007-2008, we use RICR as a control variable to assess not only the effectiveness of internal controls but also the performance of the selected financial institutions and to what extent do the above influence the pricing strategy adopted by audit firms. In methodological terms, we apply Multiple Regression Analysis to a data set that consists of 2.878 observations, which stem from 300 US financial institutions and are recorded for a period of seven years that range from 2004 to 2010. The selection of the specific period facilitates comparisons between the period before and during the global financial crisis. These findings are then contrasted with the results that cover the whole 2004-2010 period.

This is to certify that the seminar report titled "The past and the future of the cotton handloom industry in Andhra Pradesh and Telangana" prepared by Nisha B Sathish is approved for submission at Centre for Technology Alternatives for Rural Areas (CTARA), IIT Bombay, Powai.

The Eleventh plan ( 2007-12) states ‘ generation of productive and gainful employment, with decent working conditions, on a sufficient scale to absorb our growing labor force, form a critical element in the strategy for achieving inclusive growth’. The proposition of this avowed objective, however, has quite often been viewed critically by the researchers, when seen in the light of the Economic Reforms or the Liberalization and Globalization programmes being implemented by the Government of India since 1990s.
The 61st round (2004-05) of the National Sample Survey states unambiguously that in spite of higher overall growth, the extent of decline in poverty in the post-reform period(1993-2005) has not been higher than in the pre reform period(1983-93). The other clear conclusion is that inequality has increased significantly in the post reform. Against this backdrop, the focus of this paper is to analyze the challenges and problems being confronted by the handloom industry in the state of Andhra Pradesh, particularly in the wake of the Economic Reforms and to suggest long run strategies by which the industry would come out of the doldrums. Further, this paper will also suggest certain suitable schemes of the Microfinance network for absorbing the weavers being rendered unemployed, imparting job skills and creating decent working conditions.In this paper the current challenges being faced by the handloom industry in the state of Andhra Pradesh have been examined at length. The discussion was so important to rightly understand the misery and distress being faced by the weavers in the state. The authors have tried how the reforms-led crisis in the handloom industry has thrown out thousands of weavers from regular employment. Thereafter the authors tried to explain about the suitability of some of the microfinance schemes currently being in implementation in the state to the debt ridden, unskilled and reemployed handloom weavers in the state .period and seems to have slowed down the rate of poverty reduction.

The handloom industry is one of the industries which uses labour intensive techniques. The total number of people currently employed in this sector/industry is 43.32 lakhs as per the census of 2009­10. Handloom weaving constitutes one of the richest and most vibrant aspects of Indian cultural heritage, hence Ministry of Textiles GOI is making serious efforts to sustain and promote handloom sector in different parts of the country. For overall development of handloom industry/sector and welfare of handloom weavers, the Government of India has taken various policy initiatives and schemes interventions like cluster approach, technological up­gradation, marketing promotion, revival of viable and potentially viable societies through loan waiver and recapitalization assistance, availability of subsidized yarn and credit, besides, providing health and life insurance cover to the handloom weavers. The details of schemes being implemented by Ministry of Textiles, GOI are as under:­ Integrated Handloom Development Scheme provides need based inputs to clusters of 300 – 500 handlooms or Groups of 10 – 100 weavers for making them self sustainable by providing them financial assistance for margin money, new looms and accessories, skill upgradation, marketing opportunities and for construction of worksheds etc. Marketing and Export Promotion Scheme provides platform to the weavers and their organizations to participate in the domestic as well as international trade events and sell their products directly to the buyers. Handloom Weavers Comprehensive Welfare Scheme: This comprises of two separate schemes viz. the Health Insurance Scheme (HIS) for providing Health Insurance to the Handloom weavers and Mahatma Gandhi Bunkar Bima Yojana (MGBBY) for providing Life insurance cover in case of natural/ accidental death, total/partial disability due to accident. Mill Gate Price Scheme: This scheme makes available all types of yarn at mill gate price to the eligible handloom agencies to facilitate regular supply of basic raw material to the handloom weavers and to optimize their employment potential. Under the scheme, the Government of India reimburses the transportation expenses involved in the supply of yarn from mill to godown of the user agencies. In addition, a new component of 10% price subsidy on hank yarn has been added to the scheme since January 2012 for supply of cotton and silk yarn to handloom weavers and their cooperative societies. Diversified Handloom Development Scheme: This scheme provides assistance for technological and skill­upgradation of weavers for design and product development through 25 Weavers' Service Centres and 05 Indian Institutes of Handloom Technology all over the country to improve the productivity and earnings of the handloom weavers. Revival Reform and Restructuring Package (RRR): In order to open the choked credit lines to enable access to fresh credit for handloom sector, GOI has approved RRR package for waiver of overdue loan as on 30/03/2010 for eligible apex and primary weaver cooperative societies and individual weavers. The Government has also approved weaver credit card

In this paper we are presenting the pricing problems encountered by companies involved in transportation as service providers, which needs a through consideration to achieve all basic objectives. The goal is to find optimal prices by using probabilistic dynamic programming. A fuzzy based rule IF-THEN-rule based system is used to identify the demand levels of different prices and other characteristics of movements that may be involved. Finally there is need to be focused at obtaining good results oriented at obtaining optimal price policies which may increase the revenue collection by applying a dynamic pricing policy instead of fixed pricing. The diversification of pricing policies under different conditions is beneficial for any company that is optimistic in making a good turnover and being considered as a model for all future references by researchers.
Keywords: Dynamic pricing, Dynamic programming, Fuzzy IF-THEN rules and Transportation Demand

Handloom sector is a major non-farm employer in the country. About 16 million weavers depend on this sector in the country. Handloom weaving is one of the most important nonagricultural sources of income in India. In the present paper an attempt has been made to analyse the economics of weavers’ cooperative societies in twelve selected districts of Assam. The study is based on a sample of 60 weavers’ cooperative societies. To find out the profile, production, marketing and financial management of weavers’ cooperative society’s primary and secondary data has also been collected. The study reveals that central and state governments have evolved many schemes to uplift the economic condition by providing incentives in the form of grants and loans to impart training on new designs, modernization of looms etc. But handloom weaving units continue to be in the grip of problems. Therefore the purpose of this paper is to familiarize with the current status of handloom Weavers’ Cooperative Societies.