A cure for sleepless nights

Article Abstract:

One of the most challenging tasks of an auditor is the auditing of an entity dealing in derivatives. In auditing these organizations, many fundamental questions emerge. One of these is completeness. The auditor has to find out if all the assets and liabilities as well as the income and expenses have been recorded. Another issue that has to be addressed is valuation. With regards to valuation, auditors should determine if the assets and liabilities, and income and expenses were computed using stated accounting policies on an acceptable and consistent basis, if the prices used are independent, if the yield curve is derived from a sufficient and fitting aggregate of data points, and if the valuation methodology is similar to the ones used in prior periods. Auditors also need to know if the required provisions are made for credit and administration risk, and if controls are designed to protect the integrity of the core data.

Accounting and auditing, Derivatives (Financial instruments)

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Fame from misfortune

Article Abstract:

Research into the psychological backgrounds of 40 very successful business people found 58% suffered a separation from a parent and 37% had suffered the death of a parent, during their childhood. It has been suggested that the experience of loss led the individuals to respond by making them more determined to succeeded and to be independent. Some social scientists suggest the individuals, who suffered a loss, were determined to be in control of their life. Many successful people admitted that their childhood experiences were instrumental in forming their behaviour in later life.

Research, Capitalists and financiers, Loss (Psychology)

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Here's smoke in your eyes

Article Abstract:

Mike's Cigars has managed to increase its profit margin despite the federal government's strong campaign against cigarette smoking. The company was able to increase its sales revenue to double from 1995 to 1996, and expects to achieve $35 million in sales in 1997.

Market share, Tobacco industry, Mike's Cigars

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