Governance & Regulation Archives - Emile Woolf writes

HOW THE CRISIS UNFOLDS

ECONOMIC PERSPECTIVES 91 – 14 NOVEMBER 2020 EMILE WOOLF Economically speaking, we are in a pickle. The blame-game is in full flow in its search for scapegoats. The most obvious culprit is, of course, the Covid virus, but it would be a huge mistake to blame that. The government’s inconstant and wavering response to Coronavirus […]

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Audit independence: only one solution will succeed [SEPTEMBER 2020]

The “flawless” audit exists in the mind alone. Regulators such as the Financial Reporting Council (FRC) are therefore having to deal with the many that, in varying degrees, are flawed. However, the FRC’s practice of allowing so many years to pass before reporting their findings and punishing the culprits undoubtedly weakens its authority and blunts […]

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Ongoing audit agony: a practical solution 

Accountancy-online – February 2020 My last article focused on the susceptibility of purchased “goodwill” to manipulation, and I cited instances in which its overvaluation had destroyed accounting reliability, causing severe losses to investors. This time let’s take a look at the ease with which another asset, year-end stock of goods, can wreak havoc with a […]

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INTERNATIONAL TRADE: THE CURRENCY EFFECT (1 September 2020)

ECONOMIC PERSPECTIVES – 87   SEPTEMBER 2020 The tenacity with which certain economic fallacies persist is truly remarkable. Take the notion that the euro currency is too strong for certain countries, notably Greece, Spain, Portugal and Italy, causing their exports to be too expensive for foreign buyers; and being members of the eurozone they are […]

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REFORM & REAL REFORM

  ECONOMIC PERSPECTIVES – 84    [July 2020] Those of us struggling to get a grip on Chancellor Sunak’s latest relief-measures should note the terminology. He seeks to revive the Covid-stricken economy with a series of tax “giveaways”.  When anyone in government talks about giving something away, it’s instructive to ask yourself how they got it […]

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FRAUD: SAME STORY, BIGGER NUMBERS – Enron remembered as Wirecard

  Although I have forgotten most of my own auditing experiences, a few still stand out. A client company that was in business as a confectionary retailer sold cakes over the counter, either whole or in weighed-out portions. The principal internal control was reconciling the weight of cakes leaving the bakery with the weight of […]

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The UK general election 12/12/19

  TODAY’S ELECTION – WHAT IT’S REALLY ABOUT Emile Woolf The looming election appears patently divisive. But it isn’t the election itself that’s doing it. The division arises from the starkness of choice confronting the nation. The very word “di-vision” almost evokes a condition of “split vision”. It could, for example, mean that the political […]

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“Keeping economics simple – AWAY from government!

[ECONOMIC PERSPECTIVES – 63] [EMILE WOOLF 20-9-19] The US Department of Defence is a major customer of many private sector suppliers, including the Boeing Company. Although relationships between customer and supplier are mutually beneficial, that is by no means the only reason why Boeing has proved to be such an enduring commercial success.   100years […]

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