中小企业内部审计外文翻译文献
内部审计中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internal auditing's role in ERMAs organizations lay their enterprise risk groundwork, many auditors are taking on management's oversight responsibilities, new research finds.Internal audit departments have played a variety of roles in their organization's enterprise risk management (ERM) activities since The Committee of Sponsoring Organizations of the Tread way Commission (COSO) released its Enterprise Risk Management-Integrated Framework in September 2004. An IIA position paper issued in the wake of COSO ERM, "The Role of Internal Auditing in Enterprise-wide Risk Management," indicates the roles that the internal audit function should and should not play throughout the ERM process, ranging from full involvement to no involvement. According to the paper, internal auditors should have a core role in five ERM-related assurance activities: giving assurance on risk management processes, giving assurance that risks are evaluated correctly, evaluating risk managementprocesses, evaluating the reporting of key risks, and reviewing the management of key risks.A recent IIA Research Foundation study examined the extent to which internal audit functions adhere to the ERM roles recommended in the IIA paper. During October 2005, researchers disseminated an online survey to 7,200 IIA members through The Institute's Global Auditing Information Network. The survey generated 361 responses from a mix of large, mid-sized, and small organizations in a variety of industries, including businesses, government agencies, and not for profit organizations. Nearly 60 percent of respondents identified themselves as a chief audit executive or audit director, 23 percent were audit managers, and 7.8 percent were staff or senior auditors. Approximately 90 percent were from the United States and Canada.Respondents' organizations are at different stages of implementing ERM, as defined by COSO. More than 11 percent say their organization's ERM infrastructure is mature or relatively mature, and 37 percent have recently adopted or are in the process of implementing ERM. Among all organizations surveyed, the internal audit function is primarily responsible for ERM-related activities in 36 percent of respondents' organizations, while 27 percent say the primary responsibility belongs to a chief risk officer (CRO) who is not part of the audit function. Nearly one-third of respondents say another executive or function oversees ERM..The hours and dollars internal audit functions spend on ERM-related activities are minimal for many respondents. Nearly half say their audit department spent 10 percent or less of its hourly and financial budgets on ERM-related activities during fiscal year 2004. More than one-third of audit departments spent II percent to 50 percent of their time on ERM, and 28 percent spent n percent to 50 percent of their financial budgets, while less than 10 percent of departments Spent more than 50 percent of their time and money.The IIA position paper categorizes 18 ERM-related activities according to the appropriate level of responsibility for the internal audit function. Survey respondents reported their current and ideal level of responsibility for these activities: no responsibility, limited responsibility, moderate responsibility, substantialresponsibility, and total responsibility.CORE ACTIVITIESDifferences between respondents' current and ideal responsibilities are greatest for the five core ERM assurance activities identified In the IIA paper. Respondents Indicated that their current responsibility for each of the core ERM related activities is moderate, but they say they should have a substantial level of responsibility. These views agree with the IIA guidance. Additionally, roughly half of internal audit functions surveyed currently have substantial or full responsibility for at least one core activity, and more than two-thirds say they should have till or substantial responsibility for at least one core activity.Within the core category, the audit function's two highest levels of current responsibility involve reviewing management of key risks and evaluating the risk management process. Evaluating the risk management process and giving assurance on risk management processes are the highest-rated ideal responsibilities. Conversely, giving assurance that risks are evaluated correctly is the lowest-rated current and ideal responsibility.The following respondent comments offer some insight into why audit departments are not currently involved in core ERM-related activities at the level they deem appropriate;"We have just recently begun implementing ERM activities in our company. We do not yet have complete understanding of the process and buy-in from management.""The audit committee and management are not aware of what ERM is.""The internal audit function has just initiated an awareness campaign among the audit committee members."These comments suggest that educating management and the audit committee on ERM issues can be critical to ensuring that the audit function takes on an appropriate level of responsibility for ERM.LEGITIMATE ACTIVITIESThe IIA paper prescribes seven legitimate ERM-related activities for which internal committee audit functions may be responsible as long as safeguards are inplace: facilitating the identification and evaluation of risks, coaching management in responding to risks, coordinating ERM-related activities, consolidating the reporting on risks, maintaining and developing the ERM framework, championing establishment of ERM, and developing risk management strategy for board approval. These activities are described as "consulting" activities. Although respondents' current responsibility for each of these legitimate activities ranges from limited to moderate, they say their ideal level should be moderate, which is consistent with the guidance.Within the legitimate category, the highest level of current internal audit responsibility involves facilitating the identification and evaluation of risks —the top-rated ERM-related activity, including core activities. This activity is also the highest-rated ideal activity among legitimate activities, suggesting that auditors consider it a core responsibility. This finding is not surprising. because risk detection and evaluation are traditional considerations in developing annual audit plans. The lowest-rated current and ideal activity is developing a risk management strategy for board approval, which is an activity that might best be handled by management.The IIA guidance cautions that when internal auditors undertake these legitimate consulting activities, safeguards should be in place to ensure that they do not take on management responsibility for actually managing risks. One possible preventive measure would include documenting the auditors' ERM responsibilities in an audit committee-approved audit charter. Further, if auditors take on any ERM-related activities that fall within this consulting role, they should treat these engagements as consulting engagements and apply the relevant IIA standards to help ensure their independence and objectivity.INAPPROPRIATE ACTIVITIESAccording to the IIA position paper. It is inappropriate for internal auditors to be responsible for six ERM-related activities: setting the risk appetite, imposing risk management processes, providing management assurance on risks, making decisions on risk responses, implementing risk responses on management's behalf, and having accountability for risk management. Overall, audit functions in the survey have greater responsibility for these activities than the IIA paper recommends. However,auditors say they should have some limited responsibility for the inappropriate activities.Within the inappropriate category, internal auditors' highest level of current and ideal responsibility is providing management assurance on risks, while their lowest level of responsibility is for setting the risk appetite. Respondents' comments suggest that auditors currently have greater responsibilities in these areas because the audit function is playing a leading role during the early stages of ERM development.ORGANIZATIONAL CHARACTERISTICSThe perceived current and ideal FRM roles for the internal audit function may vary across organizations, depending on the organization's industry, size, and audit department size, as well as the firm's need to comply with the U.S. Sarbanes-Oxley Act of 2002.INDUSTRY Respondents work in a variety of sectors, including financial services, manufacturing, transportation, communications, utilities, health care, retail and wholesale, government, and education. Researchers compared responses from the two largest industry groups: financial services and manufacturing. On average, financial service industry audit departments have greater current responsibility for core activities than those from manufacturing. With respect to inappropriate activities, manufacturing audit departments tend to say their ideal involvement should be higher than their current responsibility, while financial service industry audit departments rate their current and ideal responsibilities at the same level.ORGANIZATION SIZE Approximately half of respondents work in organizations that had 2004 revenues between US $500 million and US $5 billion. Nearly 25 percent of respondents work in organizations that had revenues under US $500 million in 2004, while a similar number of respondents work in organizations that had more than US $5 billion in revenue that year. Researchers compared responses from organizations with revenues of less than US $1 billion with organizations with revenues greater than US $1 billion. On average, auditors from both types of organizations have relatively equal levels of responsibility for current core activities. However, smaller organizations rated their ideal involvement for thesecore activities higher than large organizations. Smaller organizations have a slightly higher current level of responsibility for inappropriate activities than larger organizations and say their ideal involvement in these areas should be higher.AUDIT STAFF SIZE More than half of respondents work in audit departments with 10 or fewer auditors, slightly more than one-quarter work in departments with between 11 and 50 auditors, and approximately one-tenth of respondents work in departments with more than 50 auditors. Internal audit functions with more than 10 auditors currently have somewhat more responsibility for core activities than audit departments with 10 or fewer auditors. Both large and small audit functions have roughly equal levels of responsibility for all other ERM-related activities. However, unlike large audit organizations, respondents from small audit departments want to have more responsibility for activities in the inappropriate category.SARBANES-OXLEY Most respondents' organizations are required to comply with Sarbanes-Oxley Section 404. Researchers found few differences between those organizations and respondents from organizations that do not have to comply with the act. The primary difference related to core activities, where compliers report a higher level of current responsibility than non-compliers.Although the IIA guidance is equally applicable to all organizations, the research indicates that smaller internal audit departments and those from smaller organizations tend to take on ERM responsibilities that would be more appropriate for management. In these cases, internal auditing should work to develop an ERM implementation and maintenance plan that includes a stratcgy and timeline for migrating responsibilities for these activities to managementTHE AUDITOR'S ROLEAlthough the survey results suggest that the current levels of responsibility audit departments have may differ somewhat from that levels recommended by The IIA'S position paper, the respondents' comments offer some evidence that auditors understand the underlying concepts of the guidance:"There needs to be a shift in the 'doing' of the ERM to being an internal audit function that relies on and evaluates the ERM process. ERM should be in sync withthe audit universe and plan,""In the past i8 months, the corporation has appointed a CRO to provide oversight and guidance to evolving ERM processes. During this period, much of internal auditing's previous ERM roles have migrated to this officer." More importantly, respondents identified significant barriers in their organizations to following the guidance:"These ERM responsibilities and processes are not well defined in many organizations and should be more clearly articulated by senior management."'There is not enough emphasis from the top that risk management is important and must be done effectively. Management is still trying to hide things from internal auditing. It's not them against us, we're all in it together.""Most auditors and enterprise managers lack clarity on the distinction between responsibility for risk assurance implementation versus responsibility for risk assurance compliance and monitoring."These comments stress that a key element to establishing a successful ERM program is education on the importance of ERM and the appropriate roles management and internal auditing have in the process. Internal auditors can play a key role in providing this education. The audit department, management, hoard of directors, and audit committee need to be clear about which ERM related activities internal auditors should perform and which activities should always be performed by management. Relevant training should highlight that internal auditing could serve in a monitoring or consulting role throughout much of the ERM process, but the formal decision-making authority must reside with management if the audit department is to maintain its independence and objectivity.Auditors should take steps to ensure that the board and audit committee are aware of the COSO ERM framework and are actively engaged in overseeing the ERM process. Additionally, auditors should consider training senior management, the board, and others throughout their organization on COSO ERM and related guidance.Responses to the survey provide useful insights into additional steps that the internal audit profession should take. Auditors whose organizations are in the earlystages of adopting ERM or will be implementing ERM in the future have many opportunities to ensure that the process is effective and efficient. For example, audit departments that currendy perform ERM-related activities that should be management's responsibility can take proactive steps to open up the lines of communication between internal auditing and management, the board and audit committee, and external auditors about the risks of this situation. Such communication should encourage management to take on appropriate ERM responsibilities. One approach audit departments could take is to develop a business plan describing how management can assume responsibility for ERM related activities for which they should be accountable. However, internal auditors should recognize that completing this plan and convincing management to accept these ERM responsibilities might not occur quickly.With appropriate planning, communication, and education, internal auditors, management, the board, and external auditors should be ready to work together to achieve the many benefits of ERM. Ideally, this coordination will result in performing ERM-related activities at appropriate places within the organization, management accepting its responsibility for ERM, and that audit function playing a role that is consistent with appropriate professional guidance.译文：内部审计在企业风险管理中的作用新的研究发现：随着企业以组织风险为基础，许多审计人员对管理层采取职责监督措施。
中小企业的财务风险管理外文文献翻译2014年译文3000字
中小企业的财务风险管理外文文献翻译2014年译文3000字Financial Risk Management for Small and Medium-Sized Enterprises (SMEs)Financial risk management is an essential aspect of business management。
particularly for small and medium-sized enterprises (SMEs)。
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including credit risk。
market risk。
liquidity risk。
and nal risk。
which can significantly impact their financial stability and growth prospects。
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the effective management of financial risks is crucialfor SMEs to survive and thrive in today's competitive business environment.One of the primary challenges for SMEs in managing financial risks is their limited resources and expertise。
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SMEs often lack the financial resources and specialized staff to develop and implement comprehensive risk management strategies。
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中小企业国际化外文文献翻译2014年译文4000字
文献出处：Bortoluzzi G,. The comparing of internationalization mode comparison in America and Japan Small and Medium Enterprise [J]. International Journal of Globalisation and Small business, 2014, 5(1): 114-132.（声明：本译文归百度文库所有，其他网站不得转载，完整译文请到百度文库。
）原文The comparing of internationalization mode comparison InAmerica and Japan Small and Medium EnterpriseBortoluzzi G,AbstractBased on divisions of country, this paper introduces the represented by the United States and Japan both mode of the internationalization of small and mid-sized enterprise, through the comparative study, find out the deficiency of the internationalization development of technology-based smes in Chile and weak links, in order to explore the internationalization development road with Chinese characteristics of technology-based smes.Keywords:small and mid-sized enterprise;Internationalization mode;The United States;JapanJapan science and technology of small and medium-sized enterprises internationalization modeGeneral situationAfter the second world war, the yen undervalued environment for a long time, small and mid-sized enterprise is made great contribution to the export of Japanese products.Japan science and technology of small and medium-sized enterprises arevery active in the international operation, only 20 century 70 s to 80 s Japan's small and mid-sized enterprise foreign investment item number has accounts for some 40% of the manufacturing industry of foreign investment to the total number of items.Japan science and technology of small and medium-sized enterprises internationalization has two types: one is mainly in developing countries, with a small market in developing countries, adopt import substitution policy development industry department's actual situation, adopt appropriate technology and the development of small-scale investment strategy, in line with the comparative advantage of the small and mid-sized enterprise;Another type is in the developed country, small and mid-sized enterprise as points of big companies (turn) package enterprises with large enterprises to enter the overseas markets.Japan science and technology of the internationalization of small and medium-sized enterprises mainly through three typical ways: spread to developing countries, from Japan to the developed countries, the main purpose is early one step occupy the international market; Directly from the domestic market into the developed countries, especially the direct entry into the United States. This is due to the United States is a power of science and technology, represents the highest level of science and technology, and the tariff is relatively low, compared with Japanese relations closely;For Japan's domestic market or the market is not too small industries, directly set up companies in developed countries.Internationalization modeBig Japanese companies relying on the model.To product as a link.Through this kind of product as the link of relying on the way, small and mid-sized enterprise by famous products of big companies in the world.This way, the automotive industry and household electrical appliance industry in the most typical;Through the trading company.In this way are widespread in the chemical fiber textile industry, this is mainly related to the characteristics of these industries and labor-intensive industries product internationalization, it is difficult to through the enterprise, must with the help of the professional foreign trade companies achieve internationalization; Franchising.That big companies in the form of "chain management" will be theoriginal small and mid-sized enterprise organized, referred to as a "franchise".These joined the original business operators of small and medium-sized enterprises are still responsible for the business, big business equipment and management of the small and medium-sized enterprise modernization, through electronic network system for the small and medium-sized enterprises to conduct unified purchase, sales and settlement business;Relying on outsourcing.This approach has been prevalent in the service industry, large enterprises tend to be some service outsourcing to independent technology-based small and medium-sized enterprises.Small and mid-sized enterprise by means of this kind of outsourcing development based on big business, by the inward internationalization gradually, on a path to outward internationalization.Japan's small business joint model.United way.By way of joint has a variety of products, inspection association, import export association association, association of technology import, etc., under the government guidance and assist enterprises joint is bigger, stronger coordination ability of organization.These coordination organization, its members enjoy the rights of the independent import and export products and overseas investment management, full of vitality;Enterprise joint strategic plan.Will be dispersed enterprise organized and conducted products import and export and overseas investment survey, make enterprise internationalization strategy, plan and main measures.Coalition imports of raw materials and the introduction of advanced technology, products, technology export, overseas investment, develop the advanced technology, the research of new mode of operation, develop a variety of international technical management personnel.Jointly solve the problem of the funds required for the internationalization of enterprise management information, etc.Due to small and mid-sized enterprise combined to realize internationalization, unified enterprise's foreign strategy and action, maintain and develop the business of international order, reduce the internal friction caused by the competition between enterprises, greatly enhance the international competition ability of the enterprise, thus effectively promoted the development of Japan's economy;Joint enterprise internal highly coordinated, work together to achieve international operation.Japan science and technology small and medium-sized enterprises launch international has a stronginternational marketing organization, make its work closely with other enterprise organizations, make the enterprise internal each different organization from different Angle to outside, highly consistent coordination to complete the international operation Task.In the product a lot of abroad, direct investment abroad, to adopt the international operation strategy of the wider, day Still to give full play to the enterprise from the organizational mechanism of the whole all kinds of organizations and the role of enterprise employees, complete the enterprise internationalization management practice, to all aspects of the enterprise are to operate according to the international market demand, rapidly improve the modern production technology and management level.Technology-based small and medium-sized enterprises internationalization mode in the United StatesGeneral situation ofSince the 1980 s, the U.S. government to take various measures to encourage and stimulate the small and medium-sized enterprises taking the path of internationalization, to strengthen its exports and foreign investment, these measures have had more significant effect.In recent years, along with the science and technology of a large number of small and medium-sized enterprise founded and rapid development, its management level and quality also constantly improve;At the same time, the competition condition of American science and technology small and medium-sized enterprise is improved.From the international environment, the rise of the global economy marketization and liberalization, especially the rise of emerging markets for small and mid-sized enterprise internationalization provides us more and more opportunities.And, more importantly, the U.S. government for improving high trade deficit for a long time, also increased the foster and encourage small and mid-sized enterprises to export.As a result, the contribution and role of science and technology of small and medium-sized enterprises in the United States export rising rapidly.Small and mid-sized enterprise in the United States, when meet difficulty in the export products, there are a lot of official and unofficial organizations to help.Since the 1980 s, the U.S. trade deficit with Chile continue to increase, the government and society generally increased the support for small and mid-sized enterprise exports.Many institutions at very low cost or even free of charge to provide small and mid-sized enterprise such as the government's plan to boost exports, and how to get financial support and law and the detailed information of the product standards, etc, also help small and mid-sized enterprise looking for foreign agents and the way of test marketing products abroad, even to the small and mid-sized enterprise sent to familiar with international trade experts, to help small and mid-sized enterprise in the overseas markets to win plan.In the United States department of commerce, import and export bank and the state council, the United States trade and development agency, the small business foundation, export legal service network and the American association of quality management, etc. Are also provide positive help.Internationalization modeSmall and mid-sized enterprise internationalization can be summarized as in the United States trade agency model.Relevant literature shows that, in the United States thousands of export agent company, many of these companies are small and mid-sized enterprises produced products.Export companies and export trading company, help small and mid-sized enterprise to open up foreign markets, as agent or distributor of technology-based smes, is responsible for promoting its products to foreign countries, grasp the first-hand information of the overseas market, its employees to be familiar with all kinds of export business, the details of the network was established by dealers and retailers in a foreign country.Japan science and technology of small and medium-sized enterprise internationalization of the comparison and revelationThis article from the patterns, methods, means and four aspects to compare Japan science and technology investment industry internationalization development of small and medium-sized enterprises, are shown in table 1.Can through comparative analysis,the Chinese small and mid-sized enterprise choose internationalization path, we must proceed from its national conditions.At present, the vast majority of Chile's small and mid-sized enterprise also does not have the strength of the competition on the market in developed countries, but it can well meet the requirements of developing markets, is also much greater applicability technically.At this point, Chile's small and mid-sized enterprise can consider to choose Japan science and technology of small and medium-sized enterprises in the internationalization of the path of the first developing country to developed countries, first by the strength of the developing countries accumulate enterprise, then look ahead to the developed countries.Specific terms, in order to realize Chile's small and mid-sized enterprise internationalization should be pay attention to the following several aspects: first, into the developing countries to expand the market internationalization of Chile's science and technology of small and medium-sized enterprises to select route in the developed countries, we must proceed from their actual situation.At present, the vast majority of companies don't have the strength of the competition on the market in developed countries, but can well meet the requirements of developing markets, is also much greater applicability technically.At the same time, from the dynamic point of view, under the premise of accumulation in enterprise strength, can be turned to the developed countries, to meet the needs of a higher level.In developing countries, therefore, to seek to the opportunity of market development, the developed countries can be said to be the best choice of Chinese small and mid-sized enterprise internationalization route.Progressive business lineInternational business include the following: international trade, international supply chain management, production, research and development, overseas investment or transnational merger and acquisition.Chile science and technology of small and medium-sized enterprises generally ill-prepared to internationalization, therefore in the international.Business line basically adopt progressive strategy: by the international trade asthe forerunner, and then, step to internationalization in stages of the supply chain management, production, r&d link extend outward.Among them, to set up subsidiaries in overseas, some companies to adopt the new way, some enterprises adopt the method of cross-border m&a.Select development is given priority to with multinational companies outsourcing processing trade Chile chose this path, which is based on the situation of Chile. The internationalization of Chile is not purely export-oriented, but also attracted a lot of foreign direct investment is given priority to with the processing trade.At present, more than half of Chile's import and export trade is processing trade, more than half of the import and export trade from foreign companies. Meet simple transit processing trade, however, it is dangerous to GDP and employment growth, easy to make Chile has long been at the edge of the world economy, also won't satisfy Chinese enterprise really go out.Transit processing trade transformation and upgrading is the key to form a pattern of integrated development of domestic economy and foreign economy. Chile science and technology of small and medium-sized enterprises should actively join the multinational company's global network system, take the processing yield from start, through the dry middle school, accumulation of competitive advantage, to achieve industrial upgrading, constantly eventually compete with multinational company.Carefully chosen investment wayPower of globalization makes Chinese science and technology of small and medium-sized enterprises can not only meet the domestic market, and most of the Chinese science and technology of small and medium-sized enterprise insufficient understanding of foreign markets, its also has a lack of more capital, technology, talent, do not yet have the ability to independently develop the overseas market. In this case, the Chinese small and mid-sized enterprise of foreign direct investment can choose in the form of joint venture and cooperation. This can reduce the enterprise's capital investment, and can reduce the risk, make up for the defect of enterprise multinational management experience, to achieve the purpose of complementary advantages with host country enterprises. But, by way of joint venture againsttechnology secret, cooperation with foreign enterprises also easy to cause cultural conflicts, and many other adverse effect. Therefore, for enterprises with unique technical advantages, can adopt the way of individual proprietorship.（声明：本译文归百度文库所有，其他网站不得转载，完整译文请到百度文库。
内部审计论文中文外文参考文献
会计学内部审计中英文资料外文翻译文献内部审计在沙特阿拉伯的发展：协会理论透视内部审计职能的价值1早先的研究已经运用各种各样的方法来制定适当的标准以评估内部审计职能的有效率。
比如说，视遵照标准的程度为影响内部审计表现的其中因素之一。
一份1988 年国际会计师协会英国协会的研究报告就致力与研究内部审计作用价值中高级管理层和外部审计员的认知力。
这项研究证明了衡量所提供服务的价值的艰难性就是做评估的主要障碍。
收益性，费用标准以及资源利用率都被确认为服务价值的衡量标准。
在这项研究里，它强调了确保内部审计工作应遵从 SPP IA 的必要性。
在美国，1988 的A lbrec hta 研究过内部审计的地位和作用，还为了能有效的评估内部审计的效率特别制定出一套框架。
他们发现有四个能让内部审计部门发展从而提高内部审计效率的要件：一个合适的企业环境，高级管理层的支持，具备高素质的内部审计人员以及高质量的内部审计工作。
在这项研究里学者们强调管理层和审计人员都应该承认内部审计职能对于企业来说是一种具有增值性的职能。
在英国，1997年，Ri dley和D’S ilva证明遵循专业标准的重要性是促进内部审计职能增值功能的最重要的因素。
遵循 SPPI A大量的研究都特别专注于内部审计部门对于 SPPI A 遵从性的研究。
1992 年，Powe ll et al 对11 个国家的国际会计师协会的成员进行了一项全球性的调查以证明是否有全球性的内部审计文化。
有他们发现对这11 个国家的国际会计师协会成员的调查中， 82的是遵循S PPIA的。
这个蛮高的百分比率促使学者们建议S PPIA提供内部审计这个职业全球化的证据。
外文翻译--中小型民营企业内部控制研究
外文翻译--中小型民营企业内部控制研究译文原文题目: Reserch on Internal Controlof Private SMEs 译文题目: 中小民营企业内部控制研究学院: 管理学院专业班级: 会计学11级2班学生姓名: 李伟学号: 41105030207中小民营企业内部控制研究摘要内部控制这个概念已经不是一个新概念。
这篇文章将研究每个公共部门财政经理和董事会成员应该了解的关于内部控制的内容。
在分析了虚假的财政报告的根本原因以后，Treadway 委员会把大部分的责任归咎于内部控制管理的不足。
作为回应，建立Treadway委员会的各个组织成立了一个赞助组织委员会(COSO)，设法补救的Treadway委员会揭露出来的问题。
COSO为了确保此架构足够及全面的内部控制，确定了5个重要组成部分:1、控制环境;2、风险评估;3、政策及程序;4、沟通;5、监测与追踪。
一个健全的架构与内部控制是必要的，同时必须意识到这类框架是难于达到一个完美的境界。
内部控制在本质上是一种管理责任。
1介绍内部控制这个概念已经是毫无新意的。
同样，由于私营部门最近的丑闻事件使得联邦法律重申了这个经常被忽略和议题的重要性，这篇文章将研究每一个公共部门的财政经理及董事会成员还应当了解内部控制的哪些制度。
直到最近几年，基本问题“什么是内部控制”这个问题可以引出一系列的例子:不同职责的分离，定期进行银行对账，获取的报告的利用等概念，但是这些并不是内部控制的准确定义。
也就是说，内部控制往往被视为一个集体名词来形容不同种类的政策和程序，而不是作为一个独立和统一的概念。
这就是八十年代中期Treadway委员会在面对虚假财政报告，需要履行职责时所面临的形势。
经调查分析提供虚假的财政报告的根本原因后，该Treadway委员会把大部分的责任归咎于内部控制缺乏管理上，但是在企业管理者不能够清楚地了解内部控制的真正含义和为什么要重视内部控制这个问题上，该委员会要负一定的责任。
内部审计外文资料
Ethical Aspects of Internal AuditingAsher FriedbergABSTRACTThis article is intended to emphasize several ethical issues relating to the activities of the internal auditor. The points of view expressed relate mainly to the public sector of Israel. Beyond the discussion of the specific issues against its unique Israeli background (Internal Audit Law), the discussion throws light on general problems that have not yet been solved.Internal audit began in the United States in the early Forties. The initial period was characterized by rapid and multifaceted growth in both the public and the private sectors, accompanied by failures, difficulties, and problems in many areas of management, particularly supervision and control. The situation required internal frameworks for examination and evaluation to aid management to accomplish its aims efficiently, improve administrative procedures, and safeguard organizational assets. A new function rapidly developed that the twenty-five “fathers” of the profession, who fir st convened in the United States in 1941, called “internal audit” (Brink and Witt, 1982).Asher Friedberg is Senior Lecturer in Auditing at Haifa University and Head of its graduate program in Public and Internal Audit. He holds an MSc. Soc. and Ph.D. and CIA certification. He serves on the Editorial Board of the Internal Auditor and is the Editor of the Israel Internal Auditor. He is a member of the research team of the Israel State Comptroller’s Office which edited the State Audit and Accountability (1991) and Studies in State Audit (1995). His articles have appeared in the International Journal of Government Auditing, Asian Journal of Government Audit, International Journal of Public Administration and Public Budgeting and Finance.The main impetus for the field of internal audit came from the United States. The American Institute of Internal Auditors defines the nature of internal auditing as an independent appraisal activity established within an organization as a service tothe organization. It is a control which functions by examining and evaluating the adequacy and effectiveness of other controls (Statement of Responsibilities of Internal Auditing, 1981). That definition is more or less accepted today by all those working in the field.In order to identify the role and characteristics of internal audit in the management framework and to distinguish between different types of audit (e.g., public audit), experts have suggested a number of criteria such as: source of authority; degree of independence; lines of command; practical application; and the compass of the audited organization. Students of the field have also suggested a number of models for examining some of these criteria, e.g., the degree of independence (Friedberg, 1987). It is clear that we are dealing with a rapidly developing function which is becoming increasingly professionalized in many countries, both in the public and private sectors. Parallel to this development has been the recognition, at various echelons of judicial and governmental agencies, of the need to establish this function. It should be emphasized that Israel marked a milestone in the institutionalization of this function when it passed the Internal Audit Law of 1992. This law is unique and without parallel in other countries.In terms of institutionalization, the profession of internal audit is still young and its rate of development has not been uniform. Topics relating to the source of authority, independence, lines of command, and boundaries, present significant difficulties for anyone who wants to sketch the characteristics of internal audit, both on the international scene and on the Israeli scene. One of the main difficulties relates to the ethical underpinnings of internal audit.Surprisingly, professional literature dealing with internal audit has little to say on this aspect (Dittenhoffer and Klemm, 1983, p. 11). The pace of establishing clear, uniform, and institutionalized codes of professional ethics, both at the international level and in particular countries is a factor of the ongoing processes of development in this nascent profession. It has even been said that, given the great differences in responsibility granted internal audit in various organizations, there is no possibility of establishing a single code of ethics for the profession (Sawyer, 1988, pp. 58–59). Of 20 monographs published by the Research Foundation of the American Institute of Internal Auditors between 1983 and 1992, only one deals directly with the ethics of the internal auditor. The monograph evaluated the attitude of internal auditors to twenty different ethical issues (Dittenhoffer and Klemm, 1983, pp. 11–24). The findings of the monograph were reexamined ten years later (Dittenhoffer and Sennetti, 1994, p. vii). The scholars have found that there have been changes in attitudes of internal auditors towards ethical aspects of the profession, most of them positive. Another publication dealt with the development of a code of behavior for the internal auditor (Moore and Dittenhoffer, 1992).On December 13, 1968, the American Institute of Internal Auditors adopted a general code of ethics for all its members. It was updated in 1988. The code demands honesty, objectivity and industry in the performance of duties and the fulfillment of responsibilities; loyalty to the employer (however, members of the Institute may not knowingly participate in any illegal or improper behavior); abstention from any conflict of interest with the employer or from impairment of their objectivity; no acceptance of gifts from workers, customers, or clients; caution in the use of information and refraining from utilizing it for personal benefit; reliance on facts when carrying out audit and adopting positions or making evaluations; constant striving for professionalism and work effectiveness; upholding the regulations of the institute, its purposes and guidelines.The ethical code and writ of authority of the internal auditor are discussed in the professional literature (such as: Brink and Witt, 1982; Sawyer, 1988; Ratliff et al., 1992). The American Institute of Internal Auditors published an ethical codein 1981 when they first granted the title “CIA” (Certified Internal Auditor) to those who successfully passed the examinations to hold that title (Sawyer, 1988, p. 57). Th e role of the code of ethics for CIA‟s was examined by scholars at thebeginning and in the mid 90‟s (O‟Shaughnessy et al., 1993; Siegel et al., 1995). It should be emphasized that we are dealing with a relatively small selected group within the internal a uditors‟ population. Although a few other references could be mentioned concerning examination of ethical issues of the internal auditing profession (Ethics and Internal Auditors, 1989; Internal Auditor, 1993), it would not be a mistake to evaluate that only few significant articles and other publications have been addressed directly to these issues until now. In this context, it is fitting to indicate one of the most detailed comparative surveys on internal auditing, conducted in 1994her duties. Continuous nonperformance of his/her duties –as a result of professional or other conflicts –may be injurious to the objectivity and independence of the internal auditor. Objectivity and independence are the cornerstones of internal audit.The legal framework of internal audit –ethical aspectsThe most important factor in advancing the internal audit profession in Israel was the passing of the Internal Audit Law by the Knesset (the Israeli Parliament) in 1992 (Internal Audit Law, 57521992). According to the law, every public organization (namely, ministries, government enterprises, organizations supported by the government, public companies, banks, insurance companies, and other companies whose shares are traded in the Israeli stock exchange) have to appoint internal auditors and conduct internal audits. A person shall not be appointed as an internal auditor in a public body unless he/she is an individual; a resident of Israel; has not been convicted of an offence involving moral turpitude; has an academic degree; acquired two years auditing experience or has participated in further professional study approved by a special committee for further study in internal auditing. The duties of the internal auditor are to examine, inter alia – if the activities of the public body which he/her reporting procedures; to the exclusiveness of his/her access to all documents and information necessary for the discharge of his/her tenure (in order to protect his/her relationship to certain outside bodies. For example, “moral rectitude” is one of the standards that should be used by internal auditors. It is mentioned in all laws, regulations, and guidelines pertaining to internal audit, regardless of whether the organization concerned is subject to the Internal Audit Law or not. The internal auditor serves in his/her organization and him/her independence and objectivity, are vital to the examination of cases and presentation of audit findings. The internal auditor‟s findings are likely to have far-reaching implications, both inside and outside the organization, and that knowledge may affect the auditor‟s conclusions.The internal auditor must be aware of this possibility since otherwise it may lead to ethical blemishes in the audit function (such as turning a blind eye, under pressure, to dishonesty). Despite the problems surrounding this issue, the Internal Audit Law immeasurably improved the situation in organizations regulated by the law. Previously, the internal auditor either put up with impossible situations or violated his/her employer by passing on information to outside organizations, such as the Police or the Prosecutor‟s Office. An ethical issue, arising from the internal auditor‟s legally mandated duties, is connected to his/she has grounds to believe that a criminal offense has been committed. If the internal auditor has reason to believe that his/she must directly report the matter to an outsider – the State Comptroller. It must be emphasized that we are dealing with “public bodies”; this duty does not extend to the internal auditors of businesses (public corporations, banks, etc.). The activities of the internal auditor in these cases draw him/she serves as an internal auditor, except the task of handling complaints – and even that on condition that it does not detract from his/her job as internal auditor. It should be emphasized that the abovementioned situation is not a unique Israeli situation. The 1995 survey of Arthur Andersen and IFACI on Internal Auditing around the World shows clearly that . . . “more than one third of the auditors surveyed also carry out tasks in the company which are not related to internal audit assignments (loan of personnel within the company, replacements, etc.)”Access to internal audit documents –an ethical dilemmaThe issue of access may be one of the most difficult and complex issues in internal audit. How it is regarded depends on the answers to questions such as: Who is the auditor? Who is being audited? Who is likely to have access to these sensitive documents? To which documents is access required, and what procedures are involved? Who is entitled to receive these documents? To what use can they be put? These and other questions raise many ethical problems.At the beginning of the Nineties, the American Institute of Internal Auditors (for our purposes, the authority on internal auditing) set up a special subcommittee to discuss the issue of access to internal auditing work products (documents, reports, opinions, working papers, etc.). The Report of the Subcommittee on Access to Internal Auditing Work Products was issued in 1992. The issue touches the very heart of internal audit –the relationship between dependence and objectivity; theright of the public to know versus the right of the individual and the organization to privacy; whether the public interest is best served by openness or by confidentiality and where should the balance be struck; what is the role of the internal auditor as a servant of management, in the private sector, and as a public servant, in the public sector?The development of internal audit as a separate profession, both in the world at large and in Israel, has been rapid. Its status has been changing as a result of the growing recognition of its necessity and its contribution. Its professional level has also changed. The emphasis of internal audit has been moving from the traditional fields of legality and consistency to more advanced fields –economy, efficiency, effectiveness, evaluation of whether goals have been achieved, examination of decision making processes, examination of moral rectitude, etc. The personal and professional level of internal auditors has also risen noticeably. Audit has thus become a more significant factor in the organization and must be taken into account. For that reason, the auditor‟s doc uments and work products have taken on importance within the organization, and sometimes even more outside the organization. The abovementioned subcommittee commented: “Unlimited access to internal auditing work products by outside parties will have a chilling effect both on the scope of activities reviewed and the frankness with which results are communicated” (ibid., pp. 1–2).The ethical implications of internal audit’s multi-facetednessInternal audit covers a great many spheres. It examines, analyzes, and evaluates a range of activities, processes, events, and various complex situations. In order to carry out his/her duties, the internal auditor often needs specific knowhow and expertise beyond the accepted standard professional fields of internal auditors. A new field of internal audit is developing: “investigative auditing”. On the one hand, the ethical problems facing internal auditors differ substantially from the problems faced by professional investigators. On the other hand, internal audit deals among other things with the exposure of fraud and embezzlement. The thin and easily crossed line between internal audit‟s suspicion that the law has been violated and its continued investigation can give rise to complex and conflict-laden ethical situations.Experts Nich and Miller (1984) unambiguously state that: Recognizing auditors‟fascination with white-collar crime – which has the excitement of criminal investigation without the blood and gore of violent crime – we believe that the role of the internal auditor is dramatically overstated and this overstatement is harmful. (p.24).In their opinion:Internal auditors should temper their involvement in white-collar crime investigations. The role, strategy and approach described here . . . [of white collar crimes] . . . goes beyond the IIA‟s standards. (p. 27).Unchecked and unprofessional involvement in sensitive issues which do not fall within the internal auditor‟s sphere of authority may cause damage, both to the organization and to any criminal investigation necessitated by audit findings, aside from the professional and ethical damage caused by doing something for which the internal auditor has no professional qualifications or training.The multifaceted nature of internal audit also poses fundamental questions about the limits of audit. The professional level of the internal auditor and his staff are crucial in establishing the limits of their work. Dealing with matters beyond their professional expertise is liable to have ethical repercussions. For this reason, the Israeli Internal Audit Law (Clause 13(A)) and similar writs of authority in various organizations, permit the internal auditor to call on experts and consultants in the examination of specific professional areas. Such consultation has its own ethical aspects. Avoiding the use of consultants and experts may impair the work of the audit by leaving wide areas within the organization audit free. This diminishes the professionalism, efficiency and effectiveness of internal audit (see, for example: professional standards 200, 210, 220, 240, and 250 of the Institute of Internal Auditors).The internal auditor as an organizational role model – ethical aspectsThe Israeli Institute of Internal Auditors accepted the IIA‟s Code of Ethics in 1981 and the changes followed thereupon. It seems to be that the mere acceptance of an international professional code of ethics is not enough to assure its implementation. Cohen et al. (1992) indicated that cultural and socioeconomic factors could impede the acceptance and especially the implementation of a professions code of ethics. Thus, for example, we can identify collectivist approaches in segments and sectors of the public administration system in Israel (Friedberg,1989; Geist and Friedberg, 1995), which had, have and could have significant ethical implications on an internal auditor‟s activities. The internal auditor–the individual –will have to adhere sometimes to collectivist norms and to become an “organizational ornament”. Otherw ise, he could lose his organizational support or worse, lose his job (Friedberg, 1995). The State Comptroller of Israel acting in his capacity as Israel‟s public ombudsman (a unique combination, not known in other countries), dealt in the 80‟s and 90‟s wit h cases where internal auditors and other public employees in the public service system in Israel lost their jobs because they uncovered some of their organization‟s activities. It is in the State Comptroller‟s jurisdiction as ombudsman to intervene and pr event dismissal of public employees and internal auditors in such cases, after carrying out an investigation. The State Comptroller intervened in a few cases and prevented dismissal of internal auditors and other public employees who blew the whistle (Kalacheim, 1994).It should be emphasized that adopting a general international code of ethics could be ineffective in specific countries and especially in conflictive situations with which the internal audit profession is “blessed”. According to Cohen et al. (1992, p. 699) . . . “providing specific guidelines to be applicable worldwide is not likely to be useful. The range of ethical dilemmas that professionals in any given discipline could face is simply too great. Instead we suggest that the …Detailed Guidance‟ section of an international guideline be country specific and written by national committees to reflect more closely their own needs and circumstances”. The question arises of course, what did the Israeli Institute of Internal Auditors do until now to adjust the adopted IIA‟s code of ethics to the Israeli circumstances, and to make them implementable in the Israeli arena? The answer is very little.Paragraph VIII of the ethical code of the Institute of Internal Auditors states that “Members shall a bide by the bylaws and uphold the objectives of the Institute of Internal Auditors, Inc. In the practice of their profession, they shall be ever mindful of their obligation to maintain the high standard of competence, morality and dignity which The Institu te of Internal Auditors, Inc., and its members have established”.The internal auditor‟s duties, rights, and responsibilities in an organization, require him/her to uphold the highest standards of behavior in order to serve as a role model for other employees. There have even been suggestions that the internal auditor be appointed Ethics Officer, in view of his special traits. Thus, slips in behavior and ethical violations by internal auditors may have long term repercussions on their authority and their ability to demand and enforce ethical standards.We can identify cases where internal auditors adopted negative norms of behavior rooted in their organizational culture, or consciously disregarded norms of behavior which they should have reported according to the Internal Audit Law.There are very few primary sources on the matter. For that reason, we must make do with secondary sources and in particular reports of public audit organizations, which examine among other things, the operation of internal audit in audited bodies.The Israel State Comptroller has more than once found ethical improprieties in the activities of internal auditors. For example, the State Comptroller described how the internal auditor of “Karta – Central Jerusalem Development Corpor ation” carried out his duties. The State Comptroller wrote: “Over the years, Karta paid the internal auditor according to monthly invoices, without receiving internal audit services as reflected in written audit reports. Karta did not provide the State Com ptroller‟s Office with a reasonable explanation for this situation. The State Comptroller views with gravity the violations of the principles of sound administration, which in part border on moral turpitude”.The State Comptroller also found that the part-time (80%) internal auditor of the City of Herzliya was not only paid according to the State Comptroller pay scale, but received in addition a 10.4% pay increment for “split shift” work and a 15% pay increment for managerial duties, neither of which he was entitled to .One more example: the State Comptroller discovered that some municipalities pay senior officials salary increments for additional tasks. The City of Lod paid five senior officials, including the city‟s internal auditor, a set monthly incre ment for “dealing with unions”.Until the Eighties, the findings of the Israel State Comptroller‟s Office concerning internal audit in government ministries and in government corporations, indicated many questionable situations from an ethical point of view. Thus, for example, the State Comptroller pointed to many government offices where internal auditors were granted executive responsibilities.The picture drawn by the State Comptroller‟s report on internal audit in government corporations is even worse. The State Comptroller quotes a February 1987 report by the Government Corporations Authority on the implementation of internal audit in this sector. “Most of the activities carried out by those appointed Internal Auditors in the corporations which were examined do not, in the opinion of the Government Corporations Authority, fit the definition of internal audit and do not deal with the central activities of the corporations.” The State Comptroller adds his own observation: “Based on the findings of the State Comptroller‟s Office and the Government Corporation Authority, it appears that internal audit suffers from marked neglect. In many government corporations, internal audit exists only on paper”.A survey conducted by the Australian State Comptroller on internal audit in the Australian public sector revealed that in many audited bodies, internal auditorsengage in duties beyond internal audit; preparing annual financial statements; investigation; development and planning. Those tasks are liable to conflict with internal audit, and therefore with the code of ethics. Data from Canada also point to a combination of internal audit activities with other executive tasks. The combination weakens internal audit and may cause conflicts of interest.ConclusionsThe article focuses on several factors which affect ethical issues within the internal audit profession in Israel and abroad, namely: the role and status of internal audit in the organization; its legal framework, especially the unique Israeli framework; access to internal audit documents; implications of the internal audit multi-faceted-ness; and the internal auditor as an organizational role model. The findings point to the paucity of professional research into the important area of internal audit ethics on one hand, and to the lack of significant activities to implement the existing code of ethics in Israel and probably in many other countries, on the other hand. Scholars Dittenhofer and Klemm give a number of possible reasons for the lack of research: lack of interest; the difficulty of being objective about ethics; the lack of practical application; the sensitivity of the subject; the ethical behavior, on the whole, of auditors; the fact that if there have been complaints about ethical problems, nothing w as done about them; if something was done about them, they weren‟t publicized. The lack of research in this field, both on the international scene and in Israel, makes it difficult to determine the attitudes of internal auditors and of the management of the organizations in which they operate. Internal auditors are markedly reluctant to participate in such research. Dittenhofer and Klemm point out in their monograph on ethics and the internal auditor, that of 1,211 questionnaires that they sent to internal auditors in the United States, Britain and Australia, only 343 (28.3%) were filled out and returned. Dittenhofer and Sennetti point out in their follow up monograph “Ethics and the Internal Auditor: Ten Years Later”, that of 1200 IIA members drawn at random for this survey, only 25.4% responded. Although the Israeli Internal Audit Law helped resolve a number of ethical problems, many questions raised in the abovementioned research by Dittenhofer and Klemm remain unanswered both in Israel and in many other countries: Do internal auditors relate to the ethical code of their profession? Are the dos and don‟ts of the ethical code clear and comprehensible? Are they similarly interpreted at different audit levels, in different organizations, in different regions, in different countries? What is the level of awareness of “ethical situations” by internal auditors and managements?Do internal auditors see the ethical code as a practical guide? What has been done to apply the ethical code of the Institute of Internal Auditors? Does the ethical code improve the ethical and professional level of internal auditors? In the words of the abovementioned scholars, “With so little literature available, there is a large vacuum surrounding the subject”. It seems to be that this conclusion, written in 1983, is still valid and the large vacuum still exists, in spite of the few works published and the few improvements observed since. It is not surprising therefore, that Dittenhofer and Sennetti concluded ten years later that . . . “little in-depth research has been performed in this area, and few publications, if any, are available on the topic of ethics as it relates to internal auditing.”第11 页。
中小型民营企业内部控制研究——工商管理类外文文献翻译、中英文翻译
本科毕业设计（论文）外文参考文献译文及原文学院专业年级班别学号学生姓名指导教师年月日摘要 (1)1 选题背景 (2)2内部控制理论的概述 (3)2.1 内部控制的根本性质 (3)2.2内部控制的责任 (3)3 确保内部控制的充分性 (5)4 先天的内部控制 (9)5 结论 (11)Abstract (12)1Background Topics (13)2 Internal control theory outlined (15)2.1 The Fundamental Nature Of Intaral Control (15)2.2 Responsibillty For Internal Control (15)3 Ensuring that the internal control adequacy (17)4 Inherent limitations of internal control (22)5 Conclusion (25)内部控制这个概念已经不是一个新概念。
这篇文章将研究每个公共部门财政经理和董事会成员应该了解的关于内部控制的内容。
在分析了虚假的财政报告的根本原因以后，Treadway 委员会把大部分的责任归咎于内部控制管理的不足。
作为回应，建立Treadway委员会的各个组织成立了一个赞助组织委员会（COSO），设法补救的Treadway委员会揭露出来的问题。
COSO为了确保此架构足够及全面的内部控制，确定了5个重要组成部分：1、控制环境；2、风险评估；3、政策及程序；4、沟通；5、监测与追踪。
一个健全的架构与内部控制是必要的，同时必须意识到这类框架是难于达到一个完美的境界。
内部控制在本质上是一种管理责任。
1选题背景内部控制这个概念已经是毫无新意的。
同样，由于私营部门最近的丑闻事件使得联邦法律重申了这个经常被忽略和议题的重要性，这篇文章将研究每一个公共部门的财政经理及董事会成员还应当了解内部控制的哪些制度。
中小企业财务风险管理外文文献翻译2017
外文文献翻译原文及译文文献出处: Sharifi, Omid. International Journal of Information, Business and Management 6.2 (May 2017): 82-94.原文Financial R isk M ana gement for Small and M edium SizedEnter pr ises(SM ES)Omid SharifiMBA, Depa rtment of Commerce and Business Ma nagement,Ka ka tiya University, House No. 2-1-664, Sa ra wa thi nega r,1．ABSTR AC Tmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen.The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywor ds: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTR UDUC TIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people, create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEsadd considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. R ESEAR C H QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real businessenvironment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1.SME differ from large corporations in many characteristics2.The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.h ow can SME manage their internal financial risk?2.W hich aspects, based on their characteristics, have to be taken into account for this?3.W hich mean fulfils the requirements and can be applied to SME?4. L ITER ATUR E R EVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company. Therefore, in small companies, the (owner-)manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME. In practice it can therefore be observed that although SME are not facing less risks and uncertainties than large companies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics,checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5.M ETHODOL OGYE OF FINANC IAL ANAL YSIS IN SM E R ISK M ANAGEM ENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial r isk over view for SM EThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally present a selection of suitable ratios and choose appropriate comparison data.5.1.2.Fr a mewor k for fina ncial r isk over viewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historicaldata and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In addition to that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3.Eva lua tion of r a tios for fina ncia l r isk over v iewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories of ratios applied in the research papers.Fina ncial str uctur eA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Thosedemonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figur e 1: Development of tota l debt/tota l a ssets r a tioData sour ce: Altman (1968), Por por a to & Sandin (2007) and Ohlson (1980), author ’s illustr a tionTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.C ost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EB IT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.L iquidityThe ratio used in all five papers to measure liquidity is the current ratio, showing the relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figur e 2: Development of wor king capita l /total assets r a tioData sour ce: Altman (1968) and Ohlson (1980); author ’s illustr a t ioBasically the ratio says whether the firm would be able to pay back all its’current liabilities by using its’current assets. In case it is not able to, which is when the liabilities exceed the assets, there is an insolvency risk.6.C R ITIC AL R EVIEW AND C ONC L USIONWhen doing business, constantly decisions have to be made, whoseoutcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. The aim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the maininternal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业财务风险管理研究奥米德沙利菲1、摘要中小型企业( SME) 和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。
内部审计外文文献翻译
外文文献及原稿原稿IntroductionInt ernal a ud it ef fe ctive n e s s, t h e ext e nt t o whic h an inte r nal a udit offic e me e ts i ts ra ison d'êt re, i s a r guably a result o f the i n t e rpla y a mong four fa c tors: in t erna l audi tq uali t y; management support; or gani z at i onal sett i ng; and attributes of the audi t or.An i nt ern al audit func t ion's capabil i ty to provi de us eful a udi t findi ngs and re commendations w oul d help ra isemanagement'sintere s ti n it s re c omm e ndation s.T he m a na gementsupportw i thresourcesandc om mi t me nt to i mplement t heinternal a udi t reco m me nd ationsi s essenti a l in attainingaudit e ffec t ive ne s s.A l s o,the o rganizati o nals et ting i n w hi c h i ntern a laudit ope rat e s,i.e.t he or ga nizatio na ls t at us ofth eof fi ce,i t si nt erna lor ganizatio n andthepoli c ie s andpr oc edure s applyi ng t o eachaudi t o r, sho ul d enable smooth audi t s t ha t l ea d to reaching us e f ul a udi tfindings.Furth e r,thecapab i li t y,at t itudesandl e velofcoopera t ionoftheaudi t or i mpacton t heeffec t ive ne ss ofaud i ts.T herefore, internal audit ef fe ct i veness s houl d be vie w e d as a dynamicprocessthat is c ontinuously s ha ped by t h e interac t ions among t he fo ur factors me ntionedabove.Thi s s t udy e xami n ed,u singcasestudyan a lysis,t heint e rnala udi ts e rvic eof ala rgepublicsectororganization.Thepaperisstructuredasfollows.Thenextsectionpresents a review of the related literature; introduces a model for analyzingauditeffectiveness; and provides the research question. The third section presentstheresearch methodology; fourth section provides empirical analysis based on acasestudy; and fifth section presents a summary of the findings. The paperthensummarizes the conclusions, noting limitations of the study and suggesting avenuesfor futureresearch. InternalauditeffectivenessThe Instituteof Internal Auditors (IIA, 1999a) defined internal auditing as:an independent, objective assurance and consulting activity designed to add valueandimprove an organization's operations. It helps an organization accomplish itsobjectives by bringing a systematic, disciplined approach to evaluate and improvetheeffectiveness of risk management, control, and governanceprocesses.This definition signifies that internal audit has undergone a paradigmshift froman emphasis on accountability about the past to improving future outcomes tohelpauditors operate more effectively and efficiently (Nagy and Canker, 2002; Stern,1994;Goodwin, 2004). Since, the definition equally serves both the private and thepublicsectors (Goodwin, 2004), it is used in this study as a basis to analyze publicsectorinternal auditeffectiveness.Internal audit is effective if it meets the intended outcome it is supposed tobringabout.Sawyer(1995)states,“…internalauditor'sjobisnotdoneuntildefectsarecorrecte d and remain corrected.”Van Hansberger (2005) explains that internalauditeffectiveness in the public sector should be evaluated by the extent to whichitcontributes to the demonstration of effective and efficient service delivery, asthisdrives the demand for improved internal audit services. Based on the results ofaconsultative forum that focused on improving public sector internal audit [1],VanHansberger (2005) identified perceptionsandownership; organizationandgovernance framework; legislation; improved professionalism; conceptualframework;and also resources as factors influencing internal audit effectiveness.Effectiveinternal audit undertakes an independent evaluation of financial andoperatinginformation and of systems and procedures, to provide useful recommendationsfor improvements asnecessary.The effectiveness of internal audit greatly contributes to the effectiveness ofeachauditor in particular andthe organization at large (Dittenhofer, 2001).Dittenhofer(2001) has also observed that if internal audit quality is maintained, it will contributeto the appropriateness of procedures and operations of the auditor, and therebyinternal audit contributes to effectiveness of the auditor and the organization asawhole. Using agency theory, Dingdong (1997) explained the role that internalauditplays in an economy and points out that internal audit has an advantage over externalauditin obtaining information quickly and finding problems at an earlier stage; and Sparkman (1997), applying the theory of transaction cost economics, demonstratedhow internal audit recommendations are important to the management ofgovernmentorganizations.Priorliteraturerelatingtointernalauditeffectivenesshaseitherfocusedontheinternal audit's ability to plan, execute and objectively communicate usefulfindings(Dingdong, 1997 Sparkman, 1997;Dittenhofer, 2001); or taken a broader viewandincluded factors that transcend the boundary of a single organization (VanHansberger,2005). This paper attempts to introduce a new perspective for evaluation of internalaudit effectiveness by identifying factors within an organization that impact onauditeffectiveness. A model, which assumes that there is a common interest to achieveorganizational goals for auditor management, top management and internal audit,isused for analysis of this case study. Since, audit effectiveness fosters theachievementof a common goal; there would be a natural incentive in an organization to improveit.The model considers four potential factors –internal audit quality,managementsupport, organizational setting, and auditor attributes to explain audit effectiveness,and shows how the interaction of these factors improves audit effectiveness.Internal audit quality, which is determined by the internal audit department'scapability to provide useful findings and recommendations, is central toauditeffectiveness. Internal audit has to prove that it is of value to the organization and earna reputation in the organization (Sawyer, 1995). Internal audit has to evaluateitsperformance and continually improve its service .audit quality is a function ofthelevelofstaffexpertise,thescopeofservicesprovidedandtheextenttowhichaudits areprope rlyplanned,executedandcommunicated.Audit findings and recommendations would not serve much purposeunlessmanagement is committed to implement them. Adams (1994) used agency theorytoexplain that it is in the interest of management to maintain a strong internalauditdepartment. Implementation of audit recommendations is highly relevant toauditeffectiveness (Van Hansberger, 2005) and the management of an organization isviewed as the customer receiving internal audit services. As a result,management'scommitment to useaudit recommendations and its support in strengthening internalauditis vital to audit effectiveness (Sawyer,1995).Organizational setting refers to the organizational profile, internal organizationand budgetary status of the internal audit office; and also the organizationalpoliciesand procedures that guide operation of auditors. It provides the context inwhichinternal audit operates. Thus, organizational setting can exert influence on the levelofeffectiveness that internal audit could achieve. The auditor attributes relate tothecapability of the auditor to meet its intended objectives. Auditor attributeswithimplications on audit effectiveness include the auditors' proficiency to efficientlyandeffectively meet organizational sub-goals; their attitude towards internal audit; andthelevel of cooperation provided to the auditor .Since, the four factors discussed aboveare intricately linked, audit effectiveness is a dynamic process that results fromtheeffect of each factor and the interplay among all. audit quality andmanagementsupport strongly affects audit effectiveness. Better audit effectiveness, in turn, hasapositivebearingonthesetwofactors.Ifinternalaudit enhancesqualitytotheextent itelicits management's interest, management support would be a natural quid proquobecause the management would realize the contribution of internal audit totheachievement of organizational goals. This would positively reflecton auditqualityand enhance audit effectiveness. The management's commitment to implementauditrecommendations improves the operation of the auditor, as a result of whichtheauditor attributes would improve to the benefit of audit effectiveness.Further,management retains the authority to improve the organizational setting andinfluencethe auditor towards a positive effect on audit effectiveness, whichin turn,benefitsauditquality.ConcludingcommentsThis study investigated the internal audit service of a large public sectorhighereducational institution, to identify factors influencing internal audit effectiveness,using a model developed for the analysis. The model consisted of fourinterrelatedfactors: internal audit quality; management support; the organizational setting;andattributes of theauditors.The findings of the study reveal that the internal audit office of theorganizationstudied needs to enhance the technical proficiency of the internal audit staffandminimizestaff turnover so as to foster audit effectiveness. The organizational statusand internal organization of the internal audit office are fairly rated, butinternalaudit'slackofauthorityonbudgetsreducesitscontrolofresourceacquisitionandutil ization.The scope of internal audit services is limited to regular activities. Extendingthescopeofservicesbywideningtherangeofsystemsandactivitiesaudited,withappropr iateriskanalysis,wouldimprove auditeffectiveness. Management'scommitment in providing greater attention to internalaudit recommendations andstaffingtheofficewithwell-qualifiedemployeesdeservesattentioninthisstudy.Theinternalauditors,undertheimpressionthat theirreportsarenotsufficientlyutilizedbythe management, may not be encouraged to exert the maximum possible effort in their engagements. In addition, the lack of attention by management may send awrongsignal about the importance of internal audit services to the audited, which in turnadversely affects the auditedattributes.The study has shown that internal audit of the organization studiedneedsimprovement in the areas of audit planning, documentation of audit work,auditcommunications and follow-up of recommendations. Audit effectiveness couldbeenhanced by ensuring consistency in documenting audit work to enableimprovedreview of audit work; proper follow-up of the status of audit findingsandrecommendations; increased distribution of audit reports; and further improvementinthe quality ofreporting.The limitation of this study is readily apparent. As in all case studies,thegeneralisabilityof the findings and the conclusions drawn is limited, althoughthestudy does provide evidence of the problems internal auditors face in providinganeffective service to management. Further, research could be welcome tofullyunderstand the level of internal audit effectiveness in the Ethiopian public sectorvis-à-vis its private sector, with a view to highlighting differences, if any,andconclusively defining the variables affecting internal audit effectiveness inEthiopia.译文简介内部审计的有效性，在何种程度上满足了内部审计处其存在的理由，可以说是一个四因素之间的相互作用的结果：内部审计质量，管理支持，组织设臵，以及受审核方属性。
中小企业财务管理 外文文献翻译
文献出处：Kilonzo JM, Ouma D. Financial Management Practices on growth of Small and Medium Enterprises: A case of Manufacturing Enterprises in Nairobi County, Kenya[J]. IOSR Journal of Business and Management, 2015, 17(8): 65-71第一部分为译文，第二部分为原文。
默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。
中小企业财务管理实践：肯尼亚内罗毕县制造业企业案例摘要：中小企业对国内经济社会发展做出了重要贡献。
本研究的目的是确定中小企业采用的财务管理做法及其对增长的影响程度。
本研究的具体目标是确定营运资金管理实践，投资实践，财务计划实践，会计信息系统，财务报告和分析实践对中小企业增长的影响。
内罗毕县记录显示，该县有五万多家小微企业。
肯尼亚制造业协会1999年的基线研究报告（KAM 2009）在肯尼亚记录了745家活跃的制造业中小企业，在内罗毕县有410人。
使用向中小型企业的业主/经理管理的问卷调查，从41家中小企业收集了主要数据。
使用简单的随机抽样技术来选择中小企业。
使用描述性和推论统计分析数据。
研究确定，75％的中小企业出售其产品现金，82％保持现金限额，92％有手动库存登记，35％的企业投资长期资产，45％的企业用内部资金进行商业融资。
55％没有正式的会计制度，74％的会计师没有合格的会计师准备财务报表。
在财务管理实践中，工业化部应引入中小企业能力建设方案。
关键词：中小企业（SME），财务管理实务，内罗毕县中小企业为任何国家的经济和社会发展做出重要贡献。
据国际劳工组织（2008年），日本约有80％的劳动力和德国的50％的工人在中小企业工作。
对于发展中国家，中小企业对乌干达（20％），肯尼亚（19.5％）和尼日利亚（24.5％）的国内生产总值做出了重大贡献。
中小企业财务风险管理外文文献翻译2017
外文文献翻译原文及译文文献出处: Sharifi, Omid. International Journal of Information, Business and Management 6.2 (May 2017): 82-94.原文Financial R isk M ana gement for Small and M edium SizedEnter pr ises(SM ES)Omid SharifiMBA, Depa rtment of Commerce and Business Ma nagement,Ka ka tiya University, House No. 2-1-664, Sa ra wa thi nega r,1．ABSTR AC Tmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen.The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywor ds: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTR UDUC TIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people, create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEsadd considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. R ESEAR C H QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real businessenvironment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1.SME differ from large corporations in many characteristics2.The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.h ow can SME manage their internal financial risk?2.W hich aspects, based on their characteristics, have to be taken into account for this?3.W hich mean fulfils the requirements and can be applied to SME?4. L ITER ATUR E R EVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company. Therefore, in small companies, the (owner-)manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME. In practice it can therefore be observed that although SME are not facing less risks and uncertainties than large companies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics,checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5.M ETHODOL OGYE OF FINANC IAL ANAL YSIS IN SM E R ISK M ANAGEM ENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial r isk over view for SM EThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally present a selection of suitable ratios and choose appropriate comparison data.5.1.2.Fr a mewor k for fina ncial r isk over viewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historicaldata and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In addition to that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3.Eva lua tion of r a tios for fina ncia l r isk over v iewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories of ratios applied in the research papers.Fina ncial str uctur eA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Thosedemonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figur e 1: Development of tota l debt/tota l a ssets r a tioData sour ce: Altman (1968), Por por a to & Sandin (2007) and Ohlson (1980), author ’s illustr a tionTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.C ost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EB IT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.L iquidityThe ratio used in all five papers to measure liquidity is the current ratio, showing the relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figur e 2: Development of wor king capita l /total assets r a tioData sour ce: Altman (1968) and Ohlson (1980); author ’s illustr a t ioBasically the ratio says whether the firm would be able to pay back all its’current liabilities by using its’current assets. In case it is not able to, which is when the liabilities exceed the assets, there is an insolvency risk.6.C R ITIC AL R EVIEW AND C ONC L USIONWhen doing business, constantly decisions have to be made, whoseoutcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. The aim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the maininternal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业财务风险管理研究奥米德沙利菲1、摘要中小型企业( SME) 和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。
中小企业营运资金管理中英文对照外文翻译文献
中小企业营运资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects of working capital management on SME profitability AbstractThe objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 1996-2002. The results, which are robust to the presence of endogeneity, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conversion cycle also improves the firm’s profitability.IntroductionThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with matu rities of under one year, represent the main share of items on a firm’s balance sheet.In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reduces supply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, grant ing trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner, 1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that theservices contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus, the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conversion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability. Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently, Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case ofsmall and medium-sized compan ies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets (Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson, 1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002.This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs.We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence of endogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.From this point, the work is structured as follows: in Section 2, we describe the sample and variables used; in the third section, we present the analyses carried out and our findings; finally, we end by discussing our main conclusions.Data and Variablesi. DataWe obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3rd April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.ii. VariablesIn or der to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers.The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 ×[accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle (CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longer the cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage (DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets. However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered when we include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.iii. Description of sampleTable II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with me an assets of more than €6 million; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13 percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Table IIDescriptive StatisticsROA measure return on assets, AR number of days accounts receivable, INV number of days of inventory, AP number of days accounts payable, CCC cash conversion cycle, ASSETS value of assets in thousand euros, SGROW sales growth, DEBT financial debt level, and GDPGR annual GDP growth. Variable Obs. Mean SD Median 10th Perc. 90th Perc.ROA 38464 0.0792 0.0834 0.0678 0.0041 0.1768 AR 38464 96.8299 55.7682 96.2962 22.0945 165.2533 INV 38452 77.2140 70.0499 59.3042 6.8692 166.6171 AP 38371 97.8090 57.3568 93.8075 24.5344 174.9668 CCC 38371 76.3117 90.6413 64.7704 -19.6907 190.2017 ASSETS 38464 6955.1090 4461.3940 13308 2718.5 5541 SGROW 32674 0.1299 0.3105 0.0862 -0.0928 0.3492 DEBT 35237 0.2474 0.1839 0.2306 0.0098 0.5021 GDPGR 38464 0.0366 0.0075 0.0420 0.0240 0.0430ConclusionsWorking capital management is particularly important in the case of small and medium-sized companies. Most of these companies’ asset s are in the form of current assets. Also, current liabilities are one of their main sources of external finance. In this context, the objective of the current research has been to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. For this purpose, we collected apanel consisting of 8,872 SMEs covering the period 1996-2002.According to previous studies focus on large firms (Shin and Soenen, 1998; Deloof, 2003), the analyses carried out confirm the important role of working capital management in value generation in small and medium-sized firms. We find a significant negative relation between an SME’s profitability and the number of days accounts receivable and days of inventory. We cannot, however, confirm that the number of days accounts payable affects an SME’s return on assets, as this relation loses significance when we control for possible endogeneity problems.Finally, SMEs have to be concerned with working capital management because they can also create value by reducing their cash conversion cycle to a minimum, as far as that is reasonable.So urce: Pedro J. García, Pedro Martínez,2007. “Effects of Working Capital Management on SME Profitability ” . Inter national Journal of Managerial Finance. Vol. 3, No. 2.pp. 164-177.译文：营运资金管理对中小企业盈利能力的影响摘要这里提供的研究的目的是提供有关营运资金管理对示例的中小型西班牙公司盈利能力的影响的实证证据。
中小企业财务管理：以韩国为例外文文献翻译2014年译文哪3500字
中小企业财务管理：以韩国为例外文文献翻译2014年译文哪3500字This paper examines the financial management practices of small and medium-sized enterprises (SMEs) XXX 150 SMEs to investigate their financial management practices。
including financial planning。
financial control。
and financial n-making。
The results show that XXX in financial management。
including limited financial resources。
lack of financial expertise。
and difficulty in accessing external financing。
The study also findsthat SMEs with better financial management XXX and growth potential。
The findings XXX to the success of XXX.n:Small and medium-sized enterprises (SMEs) play a crucialrole in the economy of South Korea。
accounting for more than 99% of all businesses XXX for more than 88% of the workforce (KoreaSmall Business Institute。
2013)。
Despite their importance。
XXX in financial management。
企业内部审计文献
企业内部审计文献（中英文版）Task Title: Internal Audit LiteratureInternal audit is a crucial function within organizations, providing independent assurance to management and the board that risk management, control, and governance processes are effective.The internal audit literature encompasses a wide range of topics, from the theoretical underpinnings of internal auditing to practical guidance on how to conduct audits and implement internal controls.企业内部审计是一个组织中至关重要的职能，它为管理层和董事会提供独立保证，确保风险管理、控制和治理流程有效。
企业内部审计文献涵盖了一系列广泛的主题，从内部审计的理论基础到关于如何进行审计和实施内部控制的实际指导。
One of the foundational texts in the field is the "International Professional Practices Framework" (IPPF) published by the Institute of Internal Auditors (IIA).This provides a comprehensive set of guidelines for internal auditors, covering areas such as audit planning, execution, and reporting.Another key resource is the "Code of Ethics" established by the IIA, which outlines the ethical principles that internal auditors should adhere to in their work.在该领域，国际内部审计师协会（IIA）发布的《国际专业实践框架》（IPPF）是一个基础文本，为内部审计员提供了一套全面的指导原则，涵盖审计计划、执行和报告等领域的内容。
内部审计外文文献翻译
外文文献及原稿原稿IntroductionInt ernal a ud it ef fe ctive n e s s, t h e ext e nt t o whic h an inte r nal a udit offic e me e ts i ts ra ison d'êt re, i s a r guably a result o f the i n t e rpla y a mong four fa c tors: in t erna l audi tq uali t y; management support; or gani z at i onal sett i ng; and attributes of the audi t or.An i nt ern al audit func t ion's capabil i ty to provi de us eful a udi t findi ngs and re commendations w oul d help ra isemanagement'sintere s ti n it s re c omm e ndation s.T he m a na gementsupportw i thresourcesandc om mi t me nt to i mplement t heinternal a udi t reco m me nd ationsi s essenti a l in attainingaudit e ffec t ive ne s s.A l s o,the o rganizati o nals et ting i n w hi c h i ntern a laudit ope rat e s,i.e.t he or ga nizatio na ls t at us ofth eof fi ce,i t si nt erna lor ganizatio n andthepoli c ie s andpr oc edure s applyi ng t o eachaudi t o r, sho ul d enable smooth audi t s t ha t l ea d to reaching us e f ul a udi tfindings.Furth e r,thecapab i li t y,at t itudesandl e velofcoopera t ionoftheaudi t or i mpacton t heeffec t ive ne ss ofaud i ts.T herefore, internal audit ef fe ct i veness s houl d be vie w e d as a dynamicprocessthat is c ontinuously s ha ped by t h e interac t ions among t he fo ur factors me ntionedabove.Thi s s t udy e xami n ed,u singcasestudyan a lysis,t heint e rnala udi ts e rvic eof ala rgepublicsectororganization.Thepaperisstructuredasfollows.Thenextsectionpresents a review of the related literature; introduces a model for analyzingauditeffectiveness; and provides the research question. The third section presentstheresearch methodology; fourth section provides empirical analysis based on acasestudy; and fifth section presents a summary of the findings. The paperthensummarizes the conclusions, noting limitations of the study and suggesting avenuesfor futureresearch. InternalauditeffectivenessThe Instituteof Internal Auditors (IIA, 1999a) defined internal auditing as:an independent, objective assurance and consulting activity designed to add valueandimprove an organization's operations. It helps an organization accomplish itsobjectives by bringing a systematic, disciplined approach to evaluate and improvetheeffectiveness of risk management, control, and governanceprocesses.This definition signifies that internal audit has undergone a paradigmshift froman emphasis on accountability about the past to improving future outcomes tohelpauditors operate more effectively and efficiently (Nagy and Canker, 2002; Stern,1994;Goodwin, 2004). Since, the definition equally serves both the private and thepublicsectors (Goodwin, 2004), it is used in this study as a basis to analyze publicsectorinternal auditeffectiveness.Internal audit is effective if it meets the intended outcome it is supposed tobringabout.Sawyer(1995)states,“…internalauditor'sjobisnotdoneuntildefectsarecorrecte d and remain corrected.”Van Hansberger (2005) explains that internalauditeffectiveness in the public sector should be evaluated by the extent to whichitcontributes to the demonstration of effective and efficient service delivery, asthisdrives the demand for improved internal audit services. Based on the results ofaconsultative forum that focused on improving public sector internal audit [1],VanHansberger (2005) identified perceptionsandownership; organizationandgovernance framework; legislation; improved professionalism; conceptualframework;and also resources as factors influencing internal audit effectiveness.Effectiveinternal audit undertakes an independent evaluation of financial andoperatinginformation and of systems and procedures, to provide useful recommendationsfor improvements asnecessary.The effectiveness of internal audit greatly contributes to the effectiveness ofeachauditor in particular andthe organization at large (Dittenhofer, 2001).Dittenhofer(2001) has also observed that if internal audit quality is maintained, it will contributeto the appropriateness of procedures and operations of the auditor, and therebyinternal audit contributes to effectiveness of the auditor and the organization asawhole. Using agency theory, Dingdong (1997) explained the role that internalauditplays in an economy and points out that internal audit has an advantage over externalauditin obtaining information quickly and finding problems at an earlier stage; and Sparkman (1997), applying the theory of transaction cost economics, demonstratedhow internal audit recommendations are important to the management ofgovernmentorganizations.Priorliteraturerelatingtointernalauditeffectivenesshaseitherfocusedontheinternal audit's ability to plan, execute and objectively communicate usefulfindings(Dingdong, 1997 Sparkman, 1997;Dittenhofer, 2001); or taken a broader viewandincluded factors that transcend the boundary of a single organization (VanHansberger,2005). This paper attempts to introduce a new perspective for evaluation of internalaudit effectiveness by identifying factors within an organization that impact onauditeffectiveness. A model, which assumes that there is a common interest to achieveorganizational goals for auditor management, top management and internal audit,isused for analysis of this case study. Since, audit effectiveness fosters theachievementof a common goal; there would be a natural incentive in an organization to improveit.The model considers four potential factors –internal audit quality,managementsupport, organizational setting, and auditor attributes to explain audit effectiveness,and shows how the interaction of these factors improves audit effectiveness.Internal audit quality, which is determined by the internal audit department'scapability to provide useful findings and recommendations, is central toauditeffectiveness. Internal audit has to prove that it is of value to the organization and earna reputation in the organization (Sawyer, 1995). Internal audit has to evaluateitsperformance and continually improve its service .audit quality is a function ofthelevelofstaffexpertise,thescopeofservicesprovidedandtheextenttowhichaudits areprope rlyplanned,executedandcommunicated.Audit findings and recommendations would not serve much purposeunlessmanagement is committed to implement them. Adams (1994) used agency theorytoexplain that it is in the interest of management to maintain a strong internalauditdepartment. Implementation of audit recommendations is highly relevant toauditeffectiveness (Van Hansberger, 2005) and the management of an organization isviewed as the customer receiving internal audit services. As a result,management'scommitment to useaudit recommendations and its support in strengthening internalauditis vital to audit effectiveness (Sawyer,1995).Organizational setting refers to the organizational profile, internal organizationand budgetary status of the internal audit office; and also the organizationalpoliciesand procedures that guide operation of auditors. It provides the context inwhichinternal audit operates. Thus, organizational setting can exert influence on the levelofeffectiveness that internal audit could achieve. The auditor attributes relate tothecapability of the auditor to meet its intended objectives. Auditor attributeswithimplications on audit effectiveness include the auditors' proficiency to efficientlyandeffectively meet organizational sub-goals; their attitude towards internal audit; andthelevel of cooperation provided to the auditor .Since, the four factors discussed aboveare intricately linked, audit effectiveness is a dynamic process that results fromtheeffect of each factor and the interplay among all. audit quality andmanagementsupport strongly affects audit effectiveness. Better audit effectiveness, in turn, hasapositivebearingonthesetwofactors.Ifinternalaudit enhancesqualitytotheextent itelicits management's interest, management support would be a natural quid proquobecause the management would realize the contribution of internal audit totheachievement of organizational goals. This would positively reflecton auditqualityand enhance audit effectiveness. The management's commitment to implementauditrecommendations improves the operation of the auditor, as a result of whichtheauditor attributes would improve to the benefit of audit effectiveness.Further,management retains the authority to improve the organizational setting andinfluencethe auditor towards a positive effect on audit effectiveness, whichin turn,benefitsauditquality.ConcludingcommentsThis study investigated the internal audit service of a large public sectorhighereducational institution, to identify factors influencing internal audit effectiveness,using a model developed for the analysis. The model consisted of fourinterrelatedfactors: internal audit quality; management support; the organizational setting;andattributes of theauditors.The findings of the study reveal that the internal audit office of theorganizationstudied needs to enhance the technical proficiency of the internal audit staffandminimizestaff turnover so as to foster audit effectiveness. The organizational statusand internal organization of the internal audit office are fairly rated, butinternalaudit'slackofauthorityonbudgetsreducesitscontrolofresourceacquisitionandutil ization.The scope of internal audit services is limited to regular activities. Extendingthescopeofservicesbywideningtherangeofsystemsandactivitiesaudited,withappropr iateriskanalysis,wouldimprove auditeffectiveness. Management'scommitment in providing greater attention to internalaudit recommendations andstaffingtheofficewithwell-qualifiedemployeesdeservesattentioninthisstudy.Theinternalauditors,undertheimpressionthat theirreportsarenotsufficientlyutilizedbythe management, may not be encouraged to exert the maximum possible effort in their engagements. In addition, the lack of attention by management may send awrongsignal about the importance of internal audit services to the audited, which in turnadversely affects the auditedattributes.The study has shown that internal audit of the organization studiedneedsimprovement in the areas of audit planning, documentation of audit work,auditcommunications and follow-up of recommendations. Audit effectiveness couldbeenhanced by ensuring consistency in documenting audit work to enableimprovedreview of audit work; proper follow-up of the status of audit findingsandrecommendations; increased distribution of audit reports; and further improvementinthe quality ofreporting.The limitation of this study is readily apparent. As in all case studies,thegeneralisabilityof the findings and the conclusions drawn is limited, althoughthestudy does provide evidence of the problems internal auditors face in providinganeffective service to management. Further, research could be welcome tofullyunderstand the level of internal audit effectiveness in the Ethiopian public sectorvis-à-vis its private sector, with a view to highlighting differences, if any,andconclusively defining the variables affecting internal audit effectiveness inEthiopia.译文简介内部审计的有效性，在何种程度上满足了内部审计处其存在的理由，可以说是一个四因素之间的相互作用的结果：内部审计质量，管理支持，组织设臵，以及受审核方属性。
小企业会计准则文献综述及外文文献
本份文档包含：关于该选题的外文文献、文献综述一、外文文献Small and Medium Sized Entities Management's Perspective onPrinciples-Based Accounting Standards on Lease Accounting AbstractLease accounting is viewed as one of the top priorities for the International Financial Reporting Standards (IFRS) convergence. Small and medium sized entities are an important part of the economy, and this research investigates the management's perspective on the adoption of principles-based IFRS about lease accounting. This researcher interviewed four managers from three different small and medium sized entities, and found the management to be more concerned about their long-term business success than the change of accounting standards. Only when the entities have a loan with the bank, then the management focuses on the lease classification. The interview also suggests that the managers and business owners in the small and medium sized entities have limited knowledge and skills in accounting reporting standards. These firms outsource their accounting needs to local accountants rather than having their own in-house departments. The other aspect of focus for management of these firms is tax consequence of IFRS adoption. The research suggests other regulatory agencies, ., Internal Revenue Service, should also be involved in enhancing financial statement transparency and usefulness after the adoption of accounting standards.KeywordsInternational Financial Reporting Standards (IFRS), US General Accepted Accounting Principles (GAAP), Lease Accounting, Small and Medium Sized Entities (SME)1. IntroductionThis study examines small business managements' perspective on theconvergence of accounting standards to International Financial Reporting Standards (IFRS) from US Generally Accepted Accounting Principles (GAAP). As the world continues to migrate towards an interconnected economy, the market recognizes that it is easier to have one set of accounting rules to record economic transactions and facilitate cross-border capital flows. The Financial Accounting Standards Board (FASB) has been working closely with the International Accounting Standards Board (IASB) to improve and converge US Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) in the past decade. This study analyzes US GAAP and IFRS lease accounting's impact and the management's view on such implementation.The study uses the FASB definition of small and medium sized entities (SMEs), which are entities that are not subject to public accountability and do not have financial statements filed with a securities commission . SEC) or other regulatory agencies. Most businesses conform to this definition, and the study of SMEs is important to understand the impact of IFRS on the backbone of economy.The adoption of IFRS elicits many controversial debates regarding the costs and benefits of convergence. The main concern is the potential increase in management manipulation of financial statements since less specific principles-based accounting standards allow aggressive reporting opportunities. In addition, accounting principles that rely more heavily on managements' interpretation and accountants' judgment in principles-based accounting standards could decrease the comparability among the firms. Conversely, many also argue that the current rules-based accounting model has allowed management to exploit financial accounting engineering to achieve a preferred accounting treatment.Under GAAP reporting, accounting principles are clearly set into rules. Management and auditors are required to follow the "bright-line"definition. For example, the FASB's Statement of Financial Accounting Standards (SFAS) No. 13, Accounting for Leases, lists four explicit criteria for lease classification. SFAS No. 13 was set down to avoid individual judgment in interpreting lease accounting and to have consistent applications across the firms [1]. One can argue that entities following precise standards are easier for comparison. However, the nature of the precision rules-based accounting standards provided incentive-consistent standard interpretation and achieved preferred accounting treatments [2]. In this case, firms were able to structure lease terms to prevent capitalization, which removed the lease liabilities from their balance sheets and improved their overall financial position [3]. Aggressive utilization of this method can be classified as "financial engineering" in the rules-based regime and manipulation of financial statements. Regulators and the overall market generally recognize that the classification of operating leases is one of the common forms of off-balance sheet financing for the lessee. The asset and liability are not recorded, so the lessee only needs to report the rental expense under the current GAAP standard. An operating lease does not impact any critical financial ratios, so it is a preferred classification for the firms that must report and operate under debt covenant restrictions. With all the above reasoning, the classification of the lease is an important topic for academic investigation.If a hypothetical lease were constructed precisely according to the SFAS No. 13 standard that does not fall under capital lease, the auditors would have no room to disagree. Auditors are generally reluctant to inquire for more information and use professional skepticism once the lease term fits the definition under SFAS 13. The principles-based standard classifies a capital lease as "(lease that) transfers substantially all the risks and rewards incidental to the ownership" (IAS 17). The auditors' judgmentis much more significant under IFRS since they would need to identify the circumstances and threshold that transfers "substantially" all the risks and rewards. Without a holistic understanding of the economic substance and good judgment, the auditors could not classify the lease to correctly reflect the economic reality. The adoption of IFRS is deemed to facilitate the reduction of asymmetric information in the market. As Daske et al. point out, the benefit of transparency and reduction of information asymmetry results in market liquidity and lower cost of capital [4]. This paper contributes to the literature by complimenting the understanding of the cost and benefits of IFRS from SMEs managements' perspective. Extensive studies show that implementation and audit fees would increase substantially at the public companies [5], but little is known regarding the SME managements' strategy to tackle the adoption of the accounting standards and the associated fees. Second, most SMEs are family-owned businesses, so the principle-agent model conflict is not as prevalent as it would be in public companies. SME's are generally more focused on survival in the long-term and passing down the business to heirs. Accounting standards and financial are lower on the priority list and management generally relies on external accountants to provide expertise [6]. This paper explores the field of self-managed businesses in IFRS adoption.The remainder of the paper is constructed as follows. Section II provides literature review and hypotheses development. Section III describes the interview questions and management response. Section IV provides the conclusion, implication, and suggestions for future research.2. Literature Review and Hypotheses DevelopmentThe proposed convergence of International Financial Reporting Standards (IFRS) has initiated numerous academic and policy debates. Opponents of IFRS argue that the less specific standards decrease the inter-firmcomparability and provide opportunities for financial statement manipulation. The switch to more principles-based IFRS might provide aggressive accounting reporting opportunities to some management teams since they can interpret the accounting rules with less precise standards [7]. However, studies show that with a strong audit committee and independent external auditor, principles-based standards not only helps to allay the comparability issue across-firms, but they also produce more meaningful economic and financial information [8] [9]. Compared to rules-based standards, principles-based standards generate higher quality financial statements that reduce earnings management, are related to more timely loss recognition and leads to more value relevant accounting measures. This suggests that principles based standards leads to less information asymmetry and aids investors in making informed and unbiased judgments [10] [11]. This results in positive abnormal return and reduction in the cost of capital [12]. Furthermore, Psaros and Trotman [13] found that it would be easier for foreign investment if businesses were reported under IFRS. Many major capital markets . London, Hong Kong) report under IFRS, reducing information asymmetry and increasing capital flows between borders. This eventually leads to a more efficient capital allocation, allowing both investors and firms to benefit.The auditors' assessment of the business entities and their underlying economics is important to the process of interpreting accounting standards and evaluating financial information quality. The underlying economic reality is important to assess a firm since it relates to borrowing cost, stock price performance, and other contractual obligations. Some of the common earnings management used to improve the firms' perception of their economic situation includes manipulating accruals [14], and liabilities [15], and lowering goodwill write-off [16]. An operating lease is one of the methods that some management will useto minimize liabilities through financial engineering. The management's perspective is an important piece of knowledge to the puzzle of how IFRS in lease accounting is going to impact capital markets. This paper attempts to close the gap of our knowledge between the management, auditors, and regulators. Table 1 summarized the difference specification for both US GAAP and IFRS. The GAAP has very specific threshold to differentiate between operating lease and capital lease, which is subject to the criticism of financial engineering. While IFRS guideline is too general, and some people disapprove its comparison ability between different firms.The principles-based accounting standard enables management to apply accounting rules with more flexibility to reflect the economic substance of situations. On the other hand, management can also take advantage of this to report aggressively. The external auditors would potentially have more disagreement over the application of the accounting standard under a principles-based regime. The auditors have more negotiation power when the accounting issues are complex [17]. Auditors are conservative since the damage from loss of reputation is irreparable and litigation costs are onerous, leading them to favor a less aggressive reporting methodology under principles-based standards.This paper focuses on lease accounting since it is one of the important topics in the convergence of both standards. Management generally prefers to classify leases as operating leases since no lease liabilities are recorded under this designation. This improves debt covenant ratios, facilitates incremental debt capacity, and enhances the financial appearance of the firms. If, under IFRS, the auditors certify management's aggressive accounting practices without additional due diligence, the potential costs of litigation and loss of reputation are high. Auditors will therefore tend to be more conservative in their practices underprinciples-based IFRS standards than under comparable GAAP standards. Consequently, contrary to the management's preference, the auditors are more prone to classify the lease as a capital lease. However, management might disagree with the auditors' conservative attitude. In order for the management and the auditors to agree upon on the classification of the lease, the auditors need to understand the underlying economic substance. It is only after performing more substantive testing will auditors understand the substance of the transactions instead of just following numbers and ratios without further questioning. The additional work will result in better understanding of the underlying economic substance for the auditors. Thus, the classification on the financial statements would accurately reflect the "true and fair view" of the lease.Under IFRS, information disclosure is more robust, including management's assumptions and estimation. Studies show the mandated adoption of IFRS brings comparability and enhances the usefulness of accounting data and improves forecast accuracy [18]. The financial information is perceived to reflect current economic conditions and up-to-date expectations of the future and recognize news in a timely manner [19]. IFRS is substance over form, and the perceived risk is lower, resulting in a potentially lower cost of capital [11].3. Interview Questions and ResultsThe research includes four interviews from four different managers from three distinctive firms. The mangers are from retail industry, which is representative of typical small and medium size firm population. Unlike financial institutions, retail industry has a combination of capital and operating lease, which is a relatively relevant industry for this research. The gross revenue of the subject manager companies ranged from $3million to $28million, with 7 to 56 full time employees. These firms are considered typical small and medium sized entities under IFRS since the corporationsare privately owned and do not have accountability to the public. These firms do not have to file with regulatory agency to ensure the general public has access to fairly presented financial statements. The most common governmental agency for which these firms have to present financial information is the Internal Revenue Service in the form of tax returns, though this information is not disclosed to the general public.The researcher questioned the management of the subject companies on if they would change lease terms for their companies if the accounting standards were to be implemented by IFRS. Since most SMEs are familyowned, and the firms' financial statements are not typically available to external financial users other than regulatory agencies, most typically is the Internal Revenue Service, the management is generally concerned with their long-term profit. "We want our business to continue for the next 20 years, so when we make plans, we plan long term," said one of the interviewees. The same interviewees also prefer to purchase plant and machinery rather than entering into leases. One entity has capital leases on its copy machine and two vehicles and an operating lease for its administrative office space, which is minimal compared to the size of the entity. "The entity also gets a tax deduction if the corporation purchase certain qualified equipment, so I buy most of my machines whenever possible," the manager continued. The management did not intend to use operating lease to leverage financial ratio for this particular entity. Some of the typical interview questions and response are shown in Table 2. Another manager admitted that the entity preferred operating leases since the corporation has a loan with the bank subject to debt covenants. Debt to asset ratio must be less than 40%; otherwise an additional 5% interest is imposed on the loan balance. The current ratio is about 36%, and the management prefers not to increase any liabilities if possible. This manager is more concerned about the classification of a leasecompared to the manager mentioned above. When this manager was questioned about future expansion of the business, he stated his preference to construct the terms to conform to an operating lease if a purchase is not possible. The manager intended to pay off the bank loan before any major expansion of the business. The manager relied heavily on the accountant's advice on any major purchase for the business since he is very careful about the company's debt covenant. When questioned whether the change of the accounting standards is going to impact their decision on lease term, and the manager said: "We will rely on our accountants' expertise." The manager said they mainly focused on the growth of the business, but had little knowledge about accounting standards and the tax code. "The business has 12 employees, and we cannot afford to hire someone full time to manage our books. It is much cheaper for us to hire an accountant on a fee basis than to have a full time accountant or bookkeeper." The manager did not incorporate the cost of implementation of the new accounting standards change to the company's business operation, but he was more concerned about the immediate cost and benefits, such as interest rate and tax benefits.All managers are not very familiar with principles-based International Financial Reporting Standards, and they rely on the external accountants to provide expertise on the implementation of the new principles. Management is more interested in the tax benefits, such as qualified "section 179" equipment and property purchase to increase the immediate expense and reduce tax liability. Finally, management would consider the classification of the lease if the entity were subject to debt covenant. The research suggests the adoption of IFRS in lease accounting is not a major determinant for managements' consideration in business operation. Rather, they are generally more interested in potential tax liabilities since that impacts the cash flow in the foreseeable future. If FASB canincorporate IRS input for the new accounting standards, the fair presentation of financial statements can be more effective (Figure 1).4. Conclusions & ImplicationsThe research attempts to bridge the gap between the understanding between small- and medium-sized entities and the adoption of International Financial Reporting Standards. Many studies focus on the auditors' judgment, financial users reaction, and regulatory agency's cost benefit, but little is known about the management's perception. This research interviewed four managers and gained knowledge about the train of thoughts during the acquisition of plant and machinery. Most SMEs are family-owned business, and the corporations' principal-agent conflict model is at its minimal. The managers' goal is to survive and expand the firms, and pass down the business to their heir. The managers normally do not possess the accounting expertise, so they rely heavily on the accountant to assist them with financial statements and tax returns [20]. In order to improve the presentation of financial statement in accordance of IFRS, the accountants need to sharpen their skills and equip knowledge about the IFRS adoption.The managements are also interested in the tax consequences after the IFRS implementation. The current IFRS adoption does not incorporate any tax code changes. The SMES guard their cash flow carefully, one of which is tax payment. If FASB can work with IRS, the implementation of IFRS might go more smoothly. The cooperation between multiple departments would be the ideal environment to adopt, implement, and improve the convergence of accounting standards.二、文献综述我国小企业会计准则与税法的差异和协调文献综述摘要随着经济市场化的不断发展，一些小企业在世界经济中占领越来越重要的角色，发展的越来越突出。
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文献信息：文献标题：A Theoretical Discussion of Internal Audit Effectiveness in Kuwaiti Industrial SMEs（科威特工业中小企业内部审计有效性的理论探讨）国外作者：Awn Metlib AL-SHBAIL，Turki A.A.TURKI文献出处：《International Journal of Academic Research in Accounting, Finance and Management Sciences》, 2017,1(7):107-116字数统计：英文2221单词，12805字符；中文4184汉字外文文献：A Theoretical Discussion of Internal Audit Effectiveness inKuwaiti Industrial SMEsAbstract This paper aims to scrutinise the association between the internal audit effectiveness and the four factors associated with International Standards for Professional Practice of Internal Auditing (ISPPIA): independence of internal auditors, scope of internal auditors, management support, and audited cooperation. The relationship between these factors and Satisfaction of internal auditors is also examined. Further, the moderating effect on the relationship between these factors (if present) and the effectiveness of IA among industrial SMEs in Kuwait are investigated through satisfaction of internal auditors. By ascertaining the effectiveness of IA at the industrial firms via theories as well as variables, this paper broadens the available literature on the effectiveness of IA.Key words：Internal audit effectiveness, satisfaction of internal auditors, Kuwaiti Industrial SMEs1.IntroductionWithin the past few decades, internal audit departments have significantly contributed to organizational structure through value added services and thus, it hasbecome crucial part therein (Al- Twaijry et al., 2003; Arena and Azzone, 2009; Coram et al., 2008). Moreover, internal auditing has significantly increased in importance in the previous years, particularly in its consulting role inside the firm’s risk management. Owing to the widespread accounting scandals, and also the bankruptcy of firms, the internal audit (IA) function has been the focus of researchers and practitioners alike as a significant contributor of organizational effectiveness. More specifically, Abu-Azza (2012) contended that IA will contribute firm value through the provision of field services including operational audits and consulting management on various issues. Following the global financial crisis in 2008-2009, IA has transformed into a significant entity used to protect the rate of return on capital and to prevent wasted or devalued capital (Yee et al., 2008). Nevertheless, some studies in literature indicated that the effectiveness of IA function may not always be consistent (Abuazza et al., 2015). This is particularly true in developing countries, like Kuwait where firms may not be aware how much the IA concepts and practices are worth as acknowledged in the West.Moreover, Kuwaiti listed firms operate in an environment characterized with voluntary governance as Kuwait is considered to be among the Middle Easter nations that have not established a corporate governance code (Koldertsova, 2011). Moreover, such firms display high ownership concentration that may balance the weaker legal protection provided (Abu-Azza, 2012). Contrary to majority of developed nations, the Kuwait government mandates the appointment of a least two distinct auditors in firms, that are known as joint auditors or audit pairs. Despite the increasing importance of the IA function in organizations, the available literature in the domain has largely concentrated on external audit; other related authors indicated that IA function may not demonstrate consistent effectiveness (Al-Twaijry et al., 2003; Mihret et al., 2010; Mihret and Yismaw, 2007). More importantly, although some scholars examined IA effectiveness, as yet, there is no accepted universal guide to conduct such measurement (Arena and Azzone, 2009). Additionally, the literature reveals that no acknowledged approaches have been forwarded for the assessment of IA (Mihret et al., 2010) and as such, various approaches have been used in prior investigations of IAeffectiveness.2.Internal Audit in Kuwaiti Industrial SMEsSMEs are an integral part of numerous global economies particularly with respect to employment and their contribution to GDP. They have also played a significant role especially within certain GCC States including the United Arab Emirates (UAE). In UAE SMEs contribute to 30% of the overall GDP and 86% of the country’s employment. Comparably, in Saudi Arabia, SMEs make up 28% of GDP. On the other hand, Kuwait was late to appreciate the key role that can be played by SMEs enterprises in the economy. The private sector and SME contributions to employment lack lustre, and the government currently employs about 85% of Kuwait’s workforce (Alhabashi, 2015). However, Rampurwala and Marafi (2011), and Al Mutairi and Fayez (2015) suggested that, in Kuwait, local policies are fragmented and although several organizations see the benefit of SMEs in various sectors such as industrial, they are still in their beginning stages. This means that the launch of new industrial SMEs is likely to be weak, thus reducing their opportunity to contribute to the economy. In addition, Datta (2009) and Alhabashi (2015), point out that formal banks are usually loathed to lend to industrial SMEs because they suffer from failure to authenticate their information, such as accounting records and financial statements that reflect the efficiency and the capability of the project. Within the context of business market of Kuwait, 99% of firms consists of small and medium enterprises (SMEs) operating in the national economy institutions. Based on the distribution of SMEs in different sectors of Kuwait’s economic sectors, 11.7% of such firms operate in the industrial sector, 4% in the agricultural sector, 51% in the trade sector, 16% in the service sector, 0.3% in the mining sector, and the remaining 17% in other community services and social services sector.In Kuwait, industrial SMEs Law necessitates that the Kuwait Stock Exchange (KSE) listed companies to appoint two separate auditors to audit accounts. Additionally, this study shows the similarities and differences between audit services in the market in Kuwait and in other countries to enhance the knowledge of worldeconomy that is increasingly interdependent with accounting and auditing. Besides that, knowledge of the economies of auditing could also be increased (Shammari et al., 2008).3.Theoretical PerspectivesIn the context of IA research, the use of neoclassical economic theories like the agency theory (Adams, 1994) as well as the transaction cost theory (Spraakman, 1997) are not sufficient because they posit a developed a market economy environment characterized as having considerable transaction volume according to the economic development level throughout countries (Reed, 2002). Therefore, this confines the capacity of the theories to explain IA in extensive settings.Criticism of the above theories also stems from the institutional theories maintaining that individual behavior whether as product consumer or producer, cannot be delineated from the social context wherein the behavior occurs (Hula, 1984). Barley and Tolbert (1997) explained that the institutional theory acknowledges the significant value of cultural and social determinants as a significant impact upon the decision making (cited in Mihret et al. (2010)).Based on this premise, Mihret et al. (2010) made use of the institutional theory proposed by Dimaggio and Powell (1983), particularly circuit of industrial capital. Institutional theories primarily function as the base for examining organizational phenomenon integrated in extensive social, political and economic environments (Mihret et al., 2010). More importantly, they are capable of providing an insight into the IA practices as one element of organizational systems and shed light on the relationship between IA and the attainment of the objectives of the firms (Mihret et al., 2010).4.Research Model and HypothesesKing et al. (1994) illustrated a model to be an approximation, or a straightforward replica of the actual feature and in the current study. The primary objective is to investigate the present perceptions of IA directors, administrativeaffairs managers, financial affairs managers, CEOs and internal auditors concerning IA effectiveness through the determination of factors impacting the same. Additionally, several studies that examined this issue have employed various measures (Abu-Azza, 2012; Mihret et al., 2010; Mihret and Yismaw, 2007) but very few of them, as yet, has investigated the effect of internal auditors’ pay satisfaction on the effectiveness of IA. Five variables exist in the Model: Independence of internal auditors, Scope of internal auditors, Management support, Audited cooperation and Satisfaction of internal auditors.Independent variablesThis study aims to explore the critical factors influencing internal auditor effectiveness among industrial SMEs in Kuwait. In order to attain the research goals, the research hypotheses are proposed:I.Independence of Internal AuditorsIn terms of audit function, auditor independence has long been deemed to be a crucial driver as evidenced by the independence definition provided by ISPPIA (glossary) that described independence as the liberation from circumstances threatening objectivity or its appearance and that such objectivity needs to be managed through different levels (individual auditor, engagement, functional and organizational). Internal audit independence is a crucial element of corporate governance and the control system, and without it, the IA department becomes lost in the management group in that it will no longer provide an objective point of view (Al-Twaijry et al., 2003). Moreover, internal audit independence according to prior studies (Abu-Azza, 2012; Cohen and Sayag, 2010; Mihret et al., 2010), positively correlates with perceived effectiveness of IA. Regardless of its importance, independence of IA has received minimal attention from researchers. Accordingly, this study enriches the findings of the earlier studies as it looks into the association between internal auditor independence and IA effectiveness. Based on this discussion, the following hypothesis is proposed for testing;H1a: Independence of internal auditor positively impacts internal auditor’s effectiveness.H1b: Independence of internal auditor highly positively impacts internal auditor’s effectiveness mediated by satisfaction of internal auditors.II.Work Scope of Internal AuditorsThe work scope of the internal auditors is also a significant factor affecting IA effectiveness. IA throughout the years, has extended from the evaluation and measurement of internal control effectiveness to the delivery of consultation linked to organizational operations and system developments (Dittenhofer, 2001). Added to this, the IA scope covers services associated with consulting and assurance which include systematic review, reporting and appraisal of system adequacy in terms of finance, management, operations and budget control (Cohen and Sayag, 2010; IIA, 2016; Sakour and Laila, 2015).In a related study conducted by Mihret et al. (2010), the authors revealed a positive relationship between IA work scope and IA effectiveness and as such, it is only logical to examine such relationship in this research in the context of Kuwaiti firms.H2a: Work Scope of Internal Auditors impacts positively on internal auditor’s effectiveness.H2b: Work Scope of Internal Auditors highly positively impacts internal auditor’s effectiveness mediated by satisfaction of internal auditors.III.Management SupportManagement support and commitment have also been evidenced to impact IA effectiveness. In fact, successful IA function depends on the support demonstrated by the management on the process of auditing. It is important that managers acknowledge the fact that IA is a crucial process and activity like any other activities performed within the organization.In Mihret and Yismaw (2007) study, they highlighted the need to focus on IA recommendations and despite the well-prepared audit reports, the audit results in the past are not highlighted and consistently presented. Aside from this, the authors showed that audit evidence is linked with the reports indicating that the audit reports are physically bulky, which minimizes their readability. Also, the distribution of auditreports is restricted and thus, copies are not forwarded to senior management officers that relate to them. The authors reached to the conclusion that management support for internal audit determines internal audit effectiveness.H3a: Management Support impacts positively on internal auditor’s effectiveness.H3b: Management Support highly positively impacts internal audito’s effectiveness mediated by satisfaction of internal auditors.IV.Audited cooperationIn turn, auditee’s cooperation level impacts the degree to which IA properly attains its objectives (Al‐Twaijry et al., 2003; Mihret and Yismaw, 2007). Hence, auditee’s lack of cooperation can possibly obstruct the endeavour in attaining effective internal audit work. This is because full cooperation from auditee is necessary to allow internal auditors full access to all activities, records and properties (Ahmad et al., 2009). Within the companies in Saudi Arabia, Al‐Twaijryet et al. (2003) found low levels of auditee cooperation. This is especially true when the scope of audit is expanded outside of the traditional domains. Such situation, as argued by the authors, contributes to low levels of IA recommendations’implementation.H4a: Auditee cooperation impacts positively on internal auditor’s effectiveness.H4b: Auditee cooperation highly positively impacts on internal auditor’s effectiveness mediated by satisfaction of internal auditors.Satisfaction of Internal Auditors as a Moderating VariableThe pay satisfaction of employees is described by the level to which employees feel satisfaction towards financial rewards they obtain in terms of the level and process for the work they do (Shahnawaz and Jafri, 2009). It is one of the top crucial factors that measure the effectiveness of the organization (Heneman et al., 1997). Organizations having satisfied employees appear to display more effectiveness compared to their counterparts with dissatisfied employees (Shahnawaz and Jafri, 2009). In a narrower context of internal auditors, Shahnawaz and Jafri (2009) stated that majority of internal auditors were not satisfied with their jobs. This could result in lower productivity and performance. Abu-Azza (2012) supported this claim by his findings that showed the majority of internal auditors working for Libyan publicenterprises appear to be dissatisfied with their pay.H5: Satisfaction of Internal Auditors impacts positively on internal auditor’s effectiveness.5.ConclusionsThe aim of this research proposal is to look into the impact of the four factors that are linked to IA effectiveness moderated by satisfaction of internal auditors within the Kuwaiti industrial SMEs. This study contributes in the body of knowledge by expanding the already available literature on the IA effectiveness via the determination of the effectiveness of IA at the industrial firms employing the theories and variables that were previously identified and highlighted.中文译文：科威特工业中小企业内部审计有效性的理论探讨摘要本文旨在审查内部审计的有效性与国际内部审计专业实务标准（ISPPIA）有关的四个因素之间的关系：内部审计师的独立性，内部审计师的工作范围，管理支持和审计合作。