scholarly journals Responsibility and role of internal and external statutory auditors in extraordinary operations

2018 ◽  
Vol 15 (3) ◽  
pp. 66-79 ◽  
Author(s):  
Maurizio Rija
Keyword(s):  
Internal Control ◽  
Supervisory Board ◽  
External Control ◽  
Critical Periods ◽  
Commercial Law ◽  
Civil Responsibility ◽  
History Of ◽  
The Law ◽  
Accounting Control ◽  
Work Done

In the current work, the figures and functions of the external statutory auditor and internal statutory auditor are analysed. Before examining this subject, the historical and critical periods which have characterized the history of the subjects concerned is recalled; from the beginning will be shown the historical and regulatory process of auditing rules (activities engaged in by these subjects). From the dedicated and practical study of several documents, it is shown that with the progress of time, internal control carried out by the supervisory board is supported by an external control by the auditors or an audit firm. Until the mid-70s, auditing control was voluntary and the companies, without any impositions, believed it preferable to remain anchored to a purely internal control rather than an audit company. The law 136/1975 which made the external accounting control by an auditing company compulsory is under control of the Consob and the Draghi law clearly distinguishes the roles carried out by the auditors and work done by the supervisory board. After alluding to the reform of the commercial law, which took place in 2003, the law 39/2010 is analysed, modified by the recent law 135/2016. Successively, civil, criminal and administrative responsibility of the external and internal statutory auditors are analysed since with the EU Recommendation of 2008 (2008/473/EC) the state members are encouraged to limit the civil responsibility making the auditors no longer unlimitedly and jointly responsible but responsible relatively to the damage caused in the first person. Finally, in a comparative context, a study is carried out on the effects of the recommendation in other European countries pointing out any dissimilarities/similarities from both the criminal and administrative aspect.

The Law of Commerce and Trade

2019 ◽  
pp. 241-262
Author(s):  
Lawrence M. Friedman
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
The United States ◽  
Marine Insurance ◽  
Commercial Law ◽  
History Of ◽  
Commercial Paper ◽  
International Body ◽  
The Law ◽  
Law Merchant

This chapter discusses the history of American commercial law covering the admiralty and general commerce, sale of goods, bankruptcy and insolvency, and contract. American commercial law was deeply and persistently in debt to England. Theoretically, even national sovereignty was no barrier. The laws of admiralty, marine insurance, commercial paper, and sale of goods were not, supposedly, parochial law, English law; they were part of an international body of rules. The law of sales of goods developed greatly in the first half of the nineteenth century. Many, if not most, of the leading cases were English and were adopted in the United States fairly rapidly. Two strains of law—contract and the law merchant—each with a somewhat different emphasis, were more or less godparents of the law of sales.

The Law Merchant and the Common Law Before 1700

1979 ◽  
Vol 38 (2) ◽  
pp. 295-322 ◽  
Author(s):  
J. H. Baker
Keyword(s):  
Canon Law ◽  
Common Law ◽  
Roman Law ◽  
Commercial Law ◽  
Legal Doctrine ◽  
History Of ◽  
The Common ◽  
The Law ◽  
Law Merchant ◽  
Ius Gentium

In 1845 a master of English commercial law wrote that there was “no part of the history of English law more obscure than that connected with the maxim that the law merchant is part of the law of the land.” Since then there have been detailed studies of the medieval law merchant and of the later development of English mercantile law, but the precise status of the law merchant in England and the nature of the process by which it supposedly became fused with the common law remain as obscure as they were in 1845. The obscurity begins with the very concept of the “law merchant,” which has been differently understood by different writers and continues to be used in widely divergent senses. Some have regarded it as a distinct and independent system of legal doctrine, akin in status to Civil or Canon law, and perhaps derived from Roman law. Others have supposed it to be a particular aspect of natural law, or the universal ius gentium, and as such akin to international law.

scholarly journals Corporate management: Ownership, control and shareholders' rights

2005 ◽  
Vol 48 (3-4) ◽  
pp. 211-229
Author(s):  
Marija Djordjevic
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Internal Control ◽  
Supervisory Board ◽  
External Control ◽  
Shareholder Rights ◽  
Concentrated Ownership ◽  
Tier System ◽  
Dispersed Ownership ◽  
Ownership Control

In spite of extent of economy development in one country, every corporation faces up with same problems connected with corporate governance. Problems are ownership, shareholders rights and control. The way to acquire ownership is by buying shares of company. Ownership is connected with making essential decisions in corporation like changing statute of firm, allowing new stock market flotation, etc. There are two types of ownership: widespread or dispersed ownership and concentrated ownership. Dispersed ownership is characteristic of Anglo-Saxon countries (United Kingdom and United States) where one-tier system is representative model of corporate governance. Dispersed ownership means that every single packet of shares is smaller than 20% of total shares in corporation. On the other hand concentrated ownership characterizes presence of ultimate owner(s) in company. Ultimate owner is person who holds more than 20% of shares in firm. If shareholder holds more than 50% of shares he is major shareholder what means that he has control over company. Concentrated ownership is characteristic of continental Europe and Japan where is presented two-tier model of corporate governance. Law and other institutional rules, like rules for listed companies of stock market, must guarantee the shareholder rights. Today, every country accepts Principles of Corporate Governance published by the Organization for Economic Cooperation and Development. Further more, the transitional countries, as Russia, must pass and respect laws, which protect shareholders rights. Control of management is one of the ways to protect shareholder rights. Control could be internal and external. Audit or Supervisory board is main part of internal control. Independent external auditor who is in relation with company does external control by contract of giving services. It is important that all auditors (internal of external) be independent of management of corporations. In this paper, we try to adduce main problems of modern corporate governance as ownership control and shareholders rights.

scholarly journals The budget control in the function of the civil and democratic control of the armed forces in the Republic of Serbia

Vojno delo ◽  
2021 ◽  
Vol 73 (3) ◽  
pp. 103-120
Author(s):  
Milena Knežević ◽  
Srboljub Nikolić ◽  
Aleksandar Neševski
Keyword(s):  
Internal Control ◽  
Armed Forces ◽  
The State ◽  
External Control ◽  
Free Access ◽  
Democratic Control ◽  
Military Expenditures ◽  
The Law ◽  
The Republic ◽  
The Military

One of the important indicators of democratization of each society is the constitutional and legal definition of the role of the military and the possibility of its control. The civil and democratic control of the Serbian Armed Forces primarily includes control of the use and development of the Serbian Armed Forces, internal and external control of the expenditures for the military needs, monitoring and informing the public about the state of preparations of the Armed Forces, providing free access to information of public importance and defining responsibilities for performing the military duties in accordance with the law. The instrument for financing the military expenditures in the Republic of Serbia is the state budget. During the drafting of the Law on Budget, the costs for the military needs are planned for the budget year and the following two years. Having in mind that the Law on Budget is passed by the highest legislative body - the National Assembly, the main principle of the democratic control of the military expenditure planning is provided. However, the budget execution implies the control over the use of the budget funds, whereby the Law on Budget System provides for several levels of control, organized as internal and external control. The internal control of the military expenditures, expressed in the budget of the Republic of Serbia, is carried out by the financial service bodies of the units and institutions of the Serbian Armed Forces, the Accounting Centre of the Budget and Finance Sector of the Ministry of Defence, the Defence Inspectorate, the Military Security Agency, the Criminal Investigation Group and the Internal Audit of the Ministry of Defence. The external control of the budget intended for the military needs is performed by the State Audit Institution and the Budget Inspection. The objective of the control is to determine whether the actions of the Serbian Armed Forces are in accordance with the position stipulated by the Constitution, as well as with the policy that the mentioned representative and executive authorities define in their acts.

An Examination of the Principles of Corporate Governance from an Islamic Perspective: Evidence from Pakistan

2011 ◽  
Vol 25 (1) ◽  
pp. 27-50 ◽  
Author(s):  
Aysha Shafat Ahmed
Keyword(s):  
Corporate Governance ◽  
Internal Control ◽  
Islamic Law ◽  
Supervisory Board ◽  
External Control ◽  
Control Mechanisms ◽  
Islamic Perspective ◽  
Finance Industry ◽  
Theoretical Approaches ◽  
The Subject

AbstractThis article attempts and establishes a positive and direct link between Islamic law and the principles of corporate governance, using practical examples from the banking and finance industry. Several theoretical approaches are implemented to analyse the subject of corporate governance. Commentators have previously linked theories to explain the elements of corporate governance and its essential principles, ranging from board activities to internal control mechanisms such as auditing. Once proven that there is a link, this research attempts to analyse how well or how this Islamic approach to corporate governance is enriched within organisations based in Pakistan. However, at the same time, despite the Islamic element involving accountability to God and individual responsibilities under Islam as a religion, one finds immense similarities to the types of internal and external control mechanisms. There is a similarity in the way an Islamic organisation is counselled by the Shariah Supervisory Board just as a conventional Board would perform their actions. Similar problems are associated in organisations implementing Islamic principles of corporate governance. The main difference unearthed by this research is the element of religious beliefs. Pakistan as a country exemplifies how the development of corporate governance code is more inclined towards the Anglo-Saxon model than towards the Islamic perspective, despite a strong Islamic law background. However, this does not mean that one perspective is better than the other. It just illustrates the flexibility of the subject of corporate governance and its principles. The task to choose the type of principles to adhere to is entirely up to the region, culture, and the corporate structure.

scholarly journals De 19e-eeuwse geschiedenis van de Nederlandse wetenschap van het burgerlijke recht? Helemaal niet!

2019 ◽  
Vol 87 (1-2) ◽  
pp. 163-207
Author(s):  
Jeroen M.J. Chorus
Keyword(s):  
The Netherlands ◽  
19Th Century ◽  
Private Law ◽  
Commercial Law ◽  
The Family ◽  
History Of ◽  
The Law ◽  
The 19Th Century

SummaryThis article reviews C.J.H. Jansen’s attempt to write the history of Private Law (except for Commercial Law) doctrine in The Netherlands during the 19th Century. Regrettably, Jansen’s book does next to nothing discuss academic and other scholarly writings on the Law of Property and of Obligations, and does not at all discuss such writings on the Law of Persons and the Family, of Juristic Persons and of Succession. It only deals with aspects of methodology, of sources of law and of extra-legal factors which inspired some authors, apart from pouring out over the reader lots of facts unconnected with Private Law doctrine. The book’s title is misleading.

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