Homeschooling Pros and Cons Essay - 1009 Words

Homeschooling Pros and Cons Homeschooling is a rising alternative in children’s education. As with any other major movement there have been doubts and debates as well as support and promotion for this educational approach. Homeschooling was once the norm in society before there was a public school system. But the parents involved in homeschooling feel very strongly about the positive outcomes that it has brought about in the lives and success of their children. It has once again surfaced and become popular but there are several people who question the possible negative effects this option creates. Criticism of homeschooling is vast and there are several different aspects as to why it could be detrimental to the development of a†¦show more content†¦As aspiring teachers we have come to see the professional training that is required for certified teachers. Parents who homeschool are not necessarily certified and lack the teaching experience for which classroom teachers are trained. There is also a criticism with the idea of homeschooling as becoming another commercial industry. Rob Reich, a noted professor at Stanford, sees homeschooling as another part of an ever growing commercial society (Reich, 2002, p. 58) In homeschooling it is possible to create a specialized curriculum by choosing subject material specific to a child’s strengths. This allows for education to become more of a business than a growing process to build up a child’s weaknesses as well as his or her strengths. Also it is interesting to note that most of those who homeschool are white mid dleclass families who can afford to be single-income households (Lubienski, 2000, p. 209) Therefore homeschooling is not an available option to any who might be interested in this possibility. Supporters, however, find many positive aspects of the effects of homeschooling. One such example would be that homeschooled children generally score 15-30 points above public high school scores on standardized tests (Ray, 2002, p.51). Also studies show that that homeschooled students are doing well with socialization. Homeschooling organizations have been created so that these children can interact with each other, thus dealing with the fearShow MoreRelatedPros And Cons Of Homeschooling1383 Words   |  6 PagesHomeschooling is a phenomenon that has been there for a long time where parents pass knowledge and skills learned from a long times experience to the younger generations. This practice equipped the younger generations with skills that they would use in their lives guaranteeing their success in life. Since the time that this method began, many things have changed in different aspects involving education and social setting as well. It is a time that the homeschooling practice is re-evaluated sitingRead MorePros And Cons Of Homeschooling1126 Words   |  5 Pagesother kid from public school, they could all do well if they studied hard enough and put in the work. Isabel also stated â€Å"Homeschooling is becoming more popular every day, with a growth rate of 7 to 15 percent per year. There are about two million children currently learning at home† Also said by a research by National Home Education Research Institute (NHERI) in 2010, homeschooling is growing at a rate of 2-8% every year making it the fastest among different forms of education. This may seem like aRead MoreThe Pros and Cons of Homeschooling1182 Words   |  5 PagesHomeschooling has long been an alternate method for parents to educate their children. Homeschooling is a method where a child is being schooled at home by their parents, relatives or private tutors to educate their children from pre-k to 12th grade. Basically their whole childhood to their early adulthood. Homeschooling should be avoided by parents because it can cause their children to have a difficult time integrating into society because they have extremely limited interaction with their ownRead MoreThe Pros And Cons Of Homeschooling1331 Words   |  6 Pages Badr AlmutawaProfessor SpollenEnglish I24 July 2017Homeschooling: A Reasonable AlternativeHomeschooling is becoming an increasingly attractive alternative to other forms of schooling such as at public or private schools. homeschooling does seem to gain opponents from time to time and they might have good points. However, this movement has rendered satisfactory results and should continue to be legal and should be respected and aided by educators and the legal systemRead MoreThe Pros And Cons Of Homeschooling1022 Words   |  5 PagesWhile homeschooling is legal in all 50 states, federal courts have not settled the issue of whether homeschooling should be considered a fundamental right. This means that in the future, an anti-homeschooling state legislature could take away the ability to homeschool. To protect itself against efforts to suppress the homeschooling movement, Raley suggests that the homeschooling movement seeks to have homeschooling recognized as a f undamental right under the Fourteenth Amendment. If homeschoolingRead MoreThe Pros And Cons Of Homeschoolg And Homeschooling773 Words   |  4 Pagesfor success and improvement. Two controversial forms of education are public schooling and homeschooling. Though public schooling is beneficial, homeschooling has proven itself to be better in almost every area, including productivity, socialization, testing, cost, and flexibility. While in public school students are required to stay for countless hours, having no say in the curriculum. In homeschooling students have a flexible schedule; they can spend as much time as they want on subjects. Read MoreHomeschooling in the United States: Types, Pros and Cons Essay1988 Words   |  8 PagesIs Homeschooling A Good Educational System? Once a parent has child that is old enough to start school, the parent has to think about if they want to enroll their child in public school or homeschool them. Today, many parents are homeschooling their children. A U.S. Department of Education’s report shows that approximately 1.5 million children were being homeschooled in 2007 (Lips amp; Feinberg, 2008). This is almost 3 percent of all school age children (Lips amp; Feinberg, 2008). A privateRead MoreEssay On Homeschooling907 Words   |  4 PagesHomeschooling Many families are taking their children out of public and private school’s classroom to move the classroom to their homes. In both articles, the parents have different reasons for why they are choosing to homeschool instead of keeping their children in public or private schools. Homeschooling is not for everyone and cannot be taken lightly. There are many different reasons why families would rather homeschool instead of sending their children to public schools. According to parentsRead MoreWhy I Homeschool : The Answers Change Almost As Fast As My Kids1084 Words   |  5 Pagesor so she thought. Amy Thornton–Kelly explains the many reasons why homeschooling is the best decision she has made. First, she explains that once her husband and her considered homeschooling â€Å"the floodgates opened† to the many benefits of homeschooling. It alleviates stress, allows her kids to learn in a healthier environment and allows her to teach her kids in a more profound way. Second, Thornton-Kelly states that homeschooling allows her kids to better master subjects, unlike in public schoolsRead MoreThe Effects Of Homeschooling On Children And Public Schools895 Words   |  4 PagesIntroduction: Homeschooling is becoming much more common now than it was years ago. Parents are now preferring to homeschool their children over public school due to many reasons such as religion, safety, academic quality travel, family togetherness, separation of government and school, mastery over grades, expenses, and focusing on learning plans made for the student. Public schools are institutions, which are funded by tax revenues from the government. Schools have boundaries to then figure

Alcohol and Tobacco in Sports - 914 Words

With sports becoming more and more commercialized, sponsorships have taken over professional sports. In this paper, Alcohol and Tobacco sponsorships will be the issue of this paper. Sports sponsorship has become an important marketing tool for advertiser’s because of the flexibility, broad reach, and high level of brand or corporate exposure that it affords, (Krapp, 49). Yet some sponsors have created an uproar with in the society, these are namely alcohol and tobacco products. These two make up about half of the sponsorship in professional sports today. Sports sponsorship has been around since the creation of professional sport in the late nineteenth century. It is not a new topic, but it has become some what of a controversial issue in†¦show more content†¦This enables them to present product images that they hope will counteract other negatives in the culture, (Coakley, 381). This is why you will see more alcohol advertisements than sports drink advertisements. The alcohol and tobacco companies want to be incorporated with sports since they are considered good for a person, and they are not great for a person. It makes them good by association with the sports that they sponsor. Cigarette ads were banned from television in the United States in 1971 and in many other countries including Canada and Australia. A key benefit of sports sponsorship is that it provides a legal loophole for circumventing the ad ban, (Krapp, 51). Tobacco products have also been sponsors of sporting event’s for more than a century. With brands of chewing tobacco sponsoring the majority of baseball teams and making baseball cards with their brand name on the card since professional baseball sprung up in America. Tobacco companies have recently taken a lot of fire on their advertising to the youth of America. A study in Australia found that the brands that were most popular with children, aged 12 to 14, are the same brands that sponsor the state’s major league football competition,(Krapp, 52). My opinion on this topic is that the money that both alcohol and tobacco advertising pulls in for each of the professional sports is good for those sports. On the other hand, is that money worth the corruption of the youth of America by the constant bombardmentShow MoreRelatedNew Belgium Brewing1433 Words   |  6 Pagesvigorously contend that companies that sell alcoholic beverages and tobacco products cannot be socially responsible organizations because of the nature of their primary products. Do you believe that NBB’s actions and initiatives are indicative of an ethical and socially responsible corporation? Why or why not? People will purchase alcohol and tobacco products regardless of who is manufacturing it. Just because a company manufactures alcohol, which is legal, does not make them irresponsible. The consumersRead MoreEssay on Drug, Alcohol, and Tobacco Testing in Schools740 Words   |  3 Pages â€Å"Drugs, Alcohol, and Tobacco Testing† nbsp;nbsp;nbsp;nbsp;nbsp;The procedure of testing student for drugs, alcohol and tobacco before every school day should be allowed. The fact that the subject of drug testing has even been brought up is a sign that illegal substances have become troublesome in high school environments. Therefore, school officials should be allowed to use any means necessary to discourage the use of these illegal substances, even if it means that the school officials couldRead MoreThe Impact of Alcohol Sponsorship of Sporting Events on Consumption of Alcohol Amongst High School Students: a Research Proposal2213 Words   |  9 PagesThis research project is designed to determine the effects on the perceptions of alcohol amongst Australian high school students caused by alcohol sponsorship of sporting teams and events. Aims The aims of this research are to determine: †¢ How young Australians perceive alcohol and what effects sport sponsorship has on these perceptions †¢ Attitudes towards alcohol consumption and how these are effected by sport sponsorship Significance While research has been conducted internationally thereRead MoreEssay about Why the Drinking Age Should Be Lowered to 18872 Words   |  4 Pagesage to 18 would make more sense. It would be better for the teens that drink on college campus. The drinking age should be lowered to 18 because you can vote at eighteen, buy tobacco, it’ll reduce the thrill of breaking the law, evidence supports that early introduction of drinking is the safest way to reduce juvenile alcohol abuse, and college people that are not 21 drink also. If teenagers that are now turning 18 can vote, then they should be able to drink at the age of 18. If teens are 18 andRead MoreComparing The Procuress By Johannes Vermeer Essay1394 Words   |  6 PagesThroughout history, drinking, transportation, apparel, and even tobacco use has changed overtime, which is shown through different paintings and visuals. There have been many similarities in culture and beliefs, as well as many differences in culture and beliefs. This all goes to show how history progresses and change overtime. In â€Å"The Procuress† by Johannes Vermeer was an early visual created in 1656. In this visual, you see three men and a woman having drinks. One of the men has his hand on theRead MoreThe Ban On Tobacco Advertisements941 Words   |  4 PagesMy thoughts and reasoning may not be that of a business intent but more from a personal aspect, as for the ban on tobacco ads being shown in the country by the Indian Government 02/06/2001. Not only for health purposes such as lung cancer, chronic obstructive pulmonary disease, heart disease, stroke, asthma, reproductive affects in women, diabetes, premature, low birth weight in babies, blindness, cataracts, or age related macular degeneration. With India being a nation with war, as well as lotsRead More Smoking and The Human Body Essay examples1467 Words   |  6 Pagesyears who smoked 21+ cigarettes a day could only cover 2188 meters4. These results show how performance decreases the more a person smokes in their lifetime. An experiment performed by Robert C. Klesges et al. found that although smokers did fewer sports, and leisure time activities, they did the same amount of anaerobic activities5. The study also found that smokers had the same energy intake as non-smokers, indicating that eating habits were not a factor in the fitness levels. Smokers average 30-35Read MoreEssay about Legalizing Marijuana Is our Solution 1396 Words   |  6 Pagesand suffering, especially for those who are critically ill and might otherwise benefit from this unique herbal medicine. Lastly, we get into how marijuana has no real heath risks when compared to alcohol or tobacco when just at the house or during physical/daily activities. Alcohol and tobacco actually produce more a risk then marijuana ever could to your health. Shouldn’t there be safer and less addictive activities to do besides smoke a cigarette or drink a beer? â€Å"Nearly all medicines haveRead MoreDrinking Is A Rite Of Passage For Teenagers1110 Words   |  5 PagesUniversity of Southern Denmark showed that fifty percent of girls, and fifty-seven person of boys had been drunk by the age of fifteen. It is legal for parents to purchase alcohol for minor children, but majority of parents follow the age sixteen limit guidelines for allowing their children to drink. There are no known alcohol awareness programs in the school systems in Denmark. Conservapedia sites that in 2005, Denmark was ranked the third most atheistic country in the world with the highest beliefRead MoreEssay on Argu ments For and Against a Smoking Ban1426 Words   |  6 Pages Tobacco is one of the most widely-used recreational drugs in the world; mainly in the form of cigarettes, but also in cigars and pipes, and in combination with cannabis and marijuana in joints. Although most countries put age restrictions on its use, over a billion adults smoke tobacco legally every day, and supplying this demand is big business. As well as having serious health consequences for smokers themselves, the pollution of other peoples atmospheres with cigarette

Audit Delay Free Essays

string(263) " audit committee play an important role in effectively monitoring the timeliness of audit report\? This study contributes to the corporate governance and audit literature by examining association of corporate governance; audit committee and the audit report lag\." Pg1Pg1 International Bulletin of Business Administration ISSN: 1451-243X Issue 10 (2011) EuroJournals, Inc. 2011 http://www. eurojournals. We will write a custom essay sample on Audit Delay or any similar topic only for you Order Now com Audit Report Lag and the Effectiveness of Audit Committee Among Malaysian Listed Companies Ummi Junaidda Binti Hashim Universiti Sultan Zainal Abidin E-mail: junaidda@udm. edu. my Tel: 609-6653760; Fax: 609-6669220 Rashidah Binti Abdul Rahman Accounting Research Institute, Universiti Teknologi Mara Shah Alam E-mail: shidah@salam. uitm. edu. my Tel: 603 55444745; Fax: 603 55444921 Abstract The purpose of this study is to examine the link between audit committee characteristics and audit report lag among 288 companies listed at Bursa Malaysia for a three year period from 2007 to 2009. The characteristics of audit committee examined are audit committee independence, audit committee diligence and audit committee expertise. In this study, audit report lag refers to the number of days from the company’? s year end (financial year) to the date of auditor’? s report. The results of this study show that audit report lag for the listed companies in Malaysia ranges from 36 days to 184 days for the three year period. The results of this study also show that audit committee independence and audit committee expertise could assist in reducing audit report lag among companies in Malaysia. This study however could not provide any evidence on the link between audit committee diligence on audit report lag. Overall, the findings in this study provide some evidence supporting the resource based theory, whereby characteristics of the audit committee as the resources and capabilities could improve companies’? performance as well as corporate reporting. Keywords: Audit Committee, Audit Report Lag 1. Introduction Financial reporting in general will provide useful information and assist users in decision making as capacity of capital providers in companies. Particularly users rely on the audited financial reports in their assessment and evaluation of companies’? performance. The audited financial reports will increase its reliability and users will feel affirm on the reports verified by the auditors and would be able to make decision wisely (FASB, Concepts Statement 2). Timeliness itself will enhance the usefulness of the information. There are many ways to define timeliness. Commonly known that timeliness is the reporting delay from the company’? s accounting year end to the date of the audit report completed (Chambers and Penman, 1984). Audit report lag would lead the shareholders and potential shareholders to postpone their transaction on shares (Ng and Tai, 1994). This in turn, would provide negative effect to the company. 50 Pg2Pg2 Bursa Malaysia1 has demanded for timely financial reporting through the provision of Chapter 2 and Chapter 9 of the Listing Requirements (2009), Bursa Malaysia Securities Berhad. Bursa Malaysia listing requirement under chapter 9. 23 (a) provides that a public listed companies must submit its annual report to Bursa Malaysia within six months after the company’? s year end. To prevent companies from late submission of their audited financial reports, Bursa Malaysia in consultation with Securities Commission has imposed penalty to public listed companies for failure to disclose the material facts such as the annual report within the time frame. However, despite the penalty being imposed, there are companies that could not meet the submission deadline. This current scenario as reported in Bursa Malaysia website 2010 (www. bursamalaysia. com). Many professional and regulatory bodies have taken various actions to identify the factors that hinder companies in delaying the submission of financial reports. Bursa Malaysia highlighted that corporate governance mechanisms which is audit committee would play a significant role in the company to ensure that the objective of Bursa Malaysia on timely reporting can be achieved. The amended Bursa Malaysia Listing requirement in 2009 provides that the members of audit committee must not be less than 3 persons. All members of the audit committee must be non-executive directors, with a majority of them being independent directors and at least one member is a member of the Malaysia Institute of Accountants (MIA). If the member of the audit committee is not a member of MIA, the member must have at least three years of working experience. Malaysian Government has recommended Malaysian Code on Corporate Governance (MCCG, 2000) which was later revised in 2007. The revised code recommends that member of audit committee to comprise of fully non-executive directors, be able to read, analyse and interpret financial statements. This is to ensure that they would be able to effectively discharge their functions. Since audit committee has a close working relationship with external auditors, the audit committee would able to assist the level of audit coverage and assurance. This could be done by employing knowledgeable members in the audit committee (Abbott et al. 2003), thus, would improve timeliness and reduce audit report lag. Past studies that have examined the determinants of audit report lag among companies focused only on company’? specific variables such as company size, (Al-Ajmi, 2008), profitability (Ahmad and Kamarudin, 2003), year end (Ahmed, 2003); leverage (Owusu-Ansah and Leventis, 2006), industry type (Jaggi and Tsui, 1999), audit opinion (Ng and Tai, 1994), and type of auditor (Afify, 2009). However, these studies did not examine corporate governance mechanisms in relation to audit report lag. Afify (2009) and Tauringana (2008) examined the impact of corporate governance mechanisms on au dit report lag. Both studies were conducted in a non-Malaysian setting. Within the Malaysian context, studies that have examined the issue of timeliness using firm’? s specific variable include those by Ahmad and Kamarudin (2003) and Che-Ahmad and Abidin (2008). These two studies did not examine the issue of timeliness in relation to corporate governance mechanism. The current study extends the corporate governance literature by examining the issue of timeliness of annual reports in the Malaysian market by incorporating corporate governance, firm’? s specific variables in relation to audit report lag. The aim of the current study is to examine whether the existence of audit committee could assist in reducing audit report lag. Such examination is important since the audit literature has identified the role of audit committee in reviewing the financial statement. This study aims to answer the following research question: â€Å"? Could audit committee play an important role in effectively monitoring the timeliness of audit report? This study contributes to the corporate governance and audit literature by examining association of corporate governance; audit committee and the audit report lag. You read "Audit Delay" in category "Papers" The findings of the study would have policy implications for MCCG. It provides supporting evidence on whether the development of corporate governance could significantly increase the timeliness of annual reports among companies in Malaysia. This study could assist Malaysian Institute of Corporate Governance 1 Bursa Malaysia was previously known as Kuala Lumpur Stock Exchange. 51 Pg3Pg3 (MICG) to provide best practice in order to enhance corporate governance mechanisms. The findings could also assist external auditors in evaluating the effectiveness of the audit committee in their audit planning. Such assistance would assist the external auditors in identifying the best time to be allocated for their audit engagements in terms of effort such as whether to reduce or increase effort and the amount of fees to be charged. The remainder of the paper is organized as follows. First, it discusses on literature review and hypotheses development. Next, it describes on research design to conduct the study. It further provides the results of the analysis and discussion. The final part concludes and provides suggestions for future research. 2. Literature Review and Hypotheses Development Within the corporate governance mechanisms, audit committee plays an important role in the monitoring process as well as its reporting role in companies. These members would reduce auditors’? task complexity and increase timeliness. Therefore, arguably, audit committee would be able to reduce audit report lag. This is because the appointment of audit committee are in line with the agency theory (Jensen and Meckling 1976) where agents act on behalf of principles in ensuring the company is performing well and provides quality annual reporting. The following sections develop three hypotheses to meet the objectives of the study which are related to the characteristics of audit committee. 2. 1. Audit Committee Independence According to the agency theory, the independent members in audit committee could help the principals to monitor the agents’? activities and reduce benefits from withholding information. This is because audit committee with more independent directors is considered as being a more reliable group other than board of directors in monitoring the company. The effective role provides by audit committee would be appropriate to represent the rights and privileges for all stakeholders. An independent audit committee enhances the effectiveness of monitoring function since it serves as a reinforcing agent to the independence of internal and external auditors in a company. Menon and Williams (1994) posits that an audit committee must comprise entirely of independent directors in order to be more effective. Klein (2002) shows that independent audit committees reduce the likelihood of earnings management, thus improving transparency. Carcello et al. (2000) found that audit committee independence have positive significant relationship with audit fees. This provides evidence that independence of the audit committee would lead to higher quality of financial report. Further, Ismail et al. (2008) found that the independence of audit committee would not influence the quality reporting of the companies. They argue that this is due to the companies only fulfilling the requirements, rather than the impact of the requirements. In contrast, Ali Shah et al. 2009) found that companies in Pakistan are having good corporate governance through having independence of audit committee. Bursa Malaysia Listing requirements (2009) and MCCG (2007) have highlighted that the audit committee might institute stronger internal control and good monitoring of financial reporting process in a company. The strong internal control managed by audit committee would lead to auditors reducing their work on the company’? s accounts because of their reliance on the internal control of the company. This would subsequently lead to the decrease in audit delay. Therefore, the first hypothesis is developed. H1: There is negative relationship between the audit committee independence and audit report lag. 52 Pg4Pg4 2. 2. Audit Committee Diligence Ismail et al. (2008), measure audit committee diligence based on actual number of audit committee meetings held in a year. Audit committee meetings are considered as an important tool in ensuring audit committee members are fulfilling their responsibilities towards the company. Audit committee must carry out activities effectively through increased frequency of meetings in order to maintain its control functions (Bedard et al. 2004). Abbott et al. 2000) in their examination found that audit committee that meets at least twice annually is subjected to less exposure of sanction by the authorities. This is because regular meetings conducted would indicate that the audit committee discharges their duties in a well manner as an agent in the company. They also noted that audit committee that is wholly indep endent is also active by way of having meetings. Dechow et al. (1996) argue that audit committee is an integral part of a company that emphasises high level monitoring. Moreover, the monitoring function would be more effective in terms of financial reporting. American Bar Association posits that an audit committee which holds less than 2 meetings annually is considered not committed to their duties. This indicates that the audit committee is unable to contribute to the internal control in that situation. Auditors who really monitor the internal control function of the company would reduce their works. However, Ismail et al. (2008) found that frequency of audit committee meeting could not influence the quality reporting of the companies. They argue that this is due to the companies only fulfilling the requirements, rather than the impact of the requirements. Razman and Iskandar (2004) found Malaysian companies that have good reporting meet more frequent than poor reporting companies. This is because, during the meeting, they can monitor the management activities. Of consequence, this will lead to the decrease time taken on auditing by the auditors and reduce the reporting lag. Therefore, following hypothesis is developed. H2: There is negative relationship between audit committee diligence and audit report lag. 2. 3. Audit Committee Expertise Audit committee expertise is important in order to deal effectively with external auditors. This is because audit committee typically acts as the mediator between the management and the auditors. DeZoort et al. (2003) note that audit committee members with experience in financial reporting and auditing especially those who are CPAs would understand auditors’? tasks and responsibilities. They would become more supportive of the auditors compared to audit committee members who do not have similar experience. Audit committee members who are experts are more ‘? friendly’? with the auditors, comprehensible, logical and coherent when they are discussing with the auditors regarding the financial reporting of the company. Audit committee with more expertise would be more concerned about the financial reporting quality of the company. DeZoort (1998) contends that an audit committee with more internal control experience makes decisions or judgments similar to auditors compared to those audit committee members who are without experience. This reflects that experience in the accounting, internal control or auditing is fundamental to enable the audit committee to understand and cater on the problematic issue on the financial reporting system of the company. They would also realise the benefits of producing financial statement on time at the market. It is also identified that audit committee with financial expertise are going to facilitate each other. As discussed in resource based theory, the resources and capabilities that audit committee posses with financial expertise may assist in improving the firm performance. Listed companies in Malaysia that have financial literate members of audit committee would have ability to end up with good financial report (Razman and Iskandar, 2004). This is because audit committee who has knowledge in accounting and auditing is able to demonstrate their ability in monitoring of internal control and reporting. Strong internal control also would lead the auditors in 53 Pg5Pg5 reducing their work because of their reliance on the credibility of the internal control. Therefore, the following hypothesis is developed: H3: There is negative relationship between the audit committee expertise and the audit report lag. 3. Research Design Sample covered in this study are among 288 companies listed at Bursa Malaysia for three years from 2007 to 2009. The samples are chosen randomly from 806 of the population. Table 1: Total number of companies and sample based on industry IndustryPopulationSample of companiesPercent Construction49197 Consumer1395318 Hotel521 Industrial2658830 Infrastructure731 Property883111 Plantation43166 Technology29124 Trading services1816422 TOTAL806288100 The companies listed at Bursa Malaysia are selected for this study because they are governed by the rules and regulations imposed by MCCG and Bursa Malaysia Listing Requirements. The companies selected include consumer, industrial products, trading and services, construction, infrastructure, hotel, property, technology and plantation. Table 1 provides the number of companies selected from each of the sector. There are seven operational variables which comprise of one dependent variable, three independent variables and three control variables as describe in Table 2. Table 2: Variables Measurements VariablesDefinition Dependent ARLAudit report lag Independent ACINDAC independence ACMEETAC meeting (ACdiligence) ACEXPAC expertise (AC experience) Control SIZECompany size AUDIT TYPEType of audit firm PROFProfitability Measurement Represents the number of days elapsing between the end of the fiscal year of the company to the completion of the audit for the current year for each individual firm (the audit report date) Percentage of non-executive directors to the total of audit committee members Number of audit committee meeting No of audit committee member with background experience in financial reporting (such as MIA,MICPA) to the total of audit committee members. Natural log of year end total assets Dummy variable, ‘? 1’? if auditor is one of the former Big-4 audit firms, ‘? 0’? otherwise PROF = Return on asset, measured by net income divided with total assets 54 Pg6Pg6 4. Results 4. 1. Descriptive Statistic Table 3: Descriptive Statistics for Audit Report Lag (N= 288) YearNMinimumMaximumMeanMedian 2007ARL28840. 00184. 00103. 14110. 50 008ARL28840. 00146. 00103. 42111. 00 2009ARL28836. 00136. 00102. 46110. 00 2007- 2009ARL86436. 00184. 00103. 00111. 00 Notes: ARL = number of days between the end of the fiscal year to the date of completion of audit As shown in Table 3, the mean score of audit report lag for the pooled sample is 103 days with a maximum and minimum days o f 184 and 36 respectively. This indicates that on average, the companies took 103 days to complete their audit report. Using the pooled sample from period from period 2007 to 2009, the results indicate that the companies did comply with Bursa Malaysia listing requirements and he Companies act where they submit their report within six months except for one company which took 184 days to submit the report. It shows that companies are improving over the years on the number of days taken to complete the annual reports. The results of this study are somewhat similar to Afify (2009) that found the maximum and mean score number of days to complete the annual report was 115 days and 67 days respectively. The results indicate that the number of days that the companies took to complete the audit report has reduced from 2007-2009 by 48 days. Results on previous study show relative difference with the current study. Che-Ahmad and Abidin (2008) found that 442 days while Ahmad and Kamarudin (2003) reveal 273 days on the maximum of days to complete the annual report. Table 4: Number of companies and audit report lag for 2007 – 2009 Audit report lagNo. ofNo. ofNo. of ARL (within)companiescompaniescompanies Year / percentage2007Percent2008Percent2009Percent 1 month (30 days)00. 0000. 0000. 00 2 months (60days)227. 64206. 94258. 68 3 months (90days)4214. 584114. 244114. 24 4 months (120days)19868. 7521173. 2620872. 22 5 months (150days)258. 68165. 56144. 86 6 months (180days)00. 0000. 0000. 00 More than 180days10. 3500. 0000. 00 Total288100288100288100 Table 4 shows that for the three year period, no company has completed and submitted their annual report within a month. The results also show that for the three year period, 41 to 42 companies have completed and submitted their annual report within 3 months. None of the companies have submitted their audit reports exceeding 6 months except for one company which managed to submit their audited report only after 184 days in year 2007. The results in Table 4 shows that most companies reports way ahead the date stipulated by Chapter 9 (9. 3a) of Bursa Malaysia Listing Requirement that the annual report shall be issued and submitted within a period not exceeding 6 months from the financial year end of the company. Such results indicated that the companies are concerned and realised that audited reports are useful for users’? 55 Pg7Pg7 decision-making. The results support the notion that excessive delay in publishing finan cial statements would increase uncertainty in relation to investment decisions(Ashton et al. 1987; Ahmad and Kamarudin, 2003). Table 5: Descriptive statistic for Audit Committee Characteristics and Control Variables Independent VariableNMinimumMaximumMeanMedianStd. Deviation ACIND8640. 601. 000. 931. 000. 18 ACDIL8641. 0012. 004. 845. 001. 67 ACEXP8640. 001. 000. 400. 330. 19 Control variable SIZE TOTASSET (RM BILLION)8649 -336. 640. 790. 242. 86 TYPEAUD864010. 580. 000. 49 PROFITABILITY864-1. 8811. 0590. 030. 030. 40 Notes: ACINDP= percentage of non-executive directors to the total of audit committee members ACDIL= number of audit committee meeting ACEXP= no of audit committee member with background experience in financial reporting TOTASSET= total assets that the companies have at the end of the financial year. TYPEAUD= ‘? 1’? if audited by Big-4, ‘? 0’? if otherwise PROFITABILITY= net income divided with total assets Table 5 presents the characteristics of the audit committee among the listed companies. The results show that audit committee independence (ACIND) has a mean score 93 percent. The results also show that the listed companies minimum score of 60 percent of their audit committee member being represented by independent directors. The results indicate that the companies comply with the Bursa Malaysia listing requirement (2009) which requires a company to have majority of the audit committee members being ndependent directors. Although the requirement of Bursa Malaysia on the number of independent directors in a board of directors is different from MCCG’? s (2007) requirement, the requirement of Bursa Malaysia listing requirement prevails MCCG’? s requirements2. Table 5 also presents the results on the number of meetings held by the audit comm ittee. The results show that almost all audit committee in the listed companies discharge their duties appropriately in which on average 5 meetings were being held. The highest number of meeting held by the audit committee during the three year period was 12 times. MCCG (2007) provides that companies should have their audit committee meeting at least 4 times a year. Table 5 also shows the mean score of audit committee expertise (ACEXP) as 0. 4 (40 percent). Such results indicate that most audit committee in the listed companies have audit committee members with experience in financial reporting. Only 24 of the companies (2. 78 percent) formed their audit committee with members not having accounting qualification. The later results did not comply with requirements of Bursa Malaysia listing requirements and MCCG that states at least one member of the audit committee must fulfill the financial expertise requisite. In fact, two companies for the three year period have yet to comply with the requirement to have one of the audit committee members’? with financial expertise. 4. 2. Correlation Matrix Analysis Table 6 shows a non-significant value (0. 333) which is more than 0. 05, indicating data normality. Based on Kolmogorov-Smirnov and Shapiro Wilk tests, this study concludes that audit report lag is normally distributed. MCCG (2007) provides that, all members of the audit committee should be non-executive directors. 56 Pg8Pg8 Table 6: Normality Test for Audit Report Lag Kolmogorov-SmirnovaShapiro-Wilk StatisticdfSig. StatisticdfSig. NARL0. 0348640. 0210. 9988640. 333 a. Lilliefors Significance Correction Table 7 shows no correlation problem among the variables since the value is less than 0. 5. The variance inflation factor (VIF) indicates all variables have a value below two which is within the acceptable range of 10. Table 7: Correlation Matrix Table ARLACDILACINDACEXPLog_AssetTYPEAUDROA ARL1 ACDIL0. 096**1 ACIND-0. 68*0. 0301 ACEXP-0. 0190. 0220. 0131 LOG_ASSET-0. 170**0. 093**0. 078*-0. 0031 TYPE AUD-0. 170**-0. 088**0. 010-0. 0210. 195**1 ROA-0. 076*0. 0330. 029-0. 032-0. 0210. 0061 **Correlation is significant at the 0. 01 level (2-tailed). * Correlation is significant at the 0. 05 level (2-tailed) Notes: ACINDP= percentage of non-executive directors to the total of audit committee members ACDIL= number of audit committee meeting ACEXP= no of audit committee member with background experience in financial reporting LOG_ASSET= natural log of total assets (in billions of ringgit Malaysia) TYPEAUD= ‘? 1’? f audited by Big-4, ‘? 0’? if otherwise ROA= net income divided with total assets 4. 3. Fixed Panel Regression This section presents the results of the fixed panel regression using Eviews. The panel data analysis is an increasingly popular form of longitudinal data analysis among social and behavioral science researchers (Hsiao, 2003). A panel is a cross-section or group of people who are surveyed periodically over a given time period. In this study, the group is the listed companies selected and the time is the duration of the data collected, which is the three year period of 2007 until 2009. Since the data is bound to be heterogeneity, the panel data technique could take such heterogeneity explicitly into account by allowing individual specific variables (Gujarati, 2003). Normal regression does not adjust firm’? s specific effect which would lead to variables being omitted and mis-specified the model (Fraser et al. 2005). Fixed effect model could overcome such problem by adjusting the effects through firm’? s specific intercept by capturing immeasurable firm’? s specific characteristics (Fraser et al. 2005). Panel data provides more informative of data, variability and efficiency. Under the panel data, the model is generated as follows: ARL = 1ACINDP + 2ACMEET + 3ACEXP + 4SIZE+ 5AUDTYPE + 6PROF + it Table 8: Fixed Panel Regression Result VariableCoefficientProb. ACIND-0. 0217060. 001* ACDIL-0. 0098350. 899 ACEXP-0. 0400840. 001* LOG_ASSET-0. 1297820. 012* ROA-0. 0021460. 264 TYPEAUD0. 0025350. 294 C5. 7867340. 000 N864 57 Pg9Pg9 Table 8: Fixed Panel Regression Result – continued Adjusted R-squared0. 802562 F-statistic12. 811 Prob(F-statistic)0. 000 Notes: ACINDP= percentage of non-executive directors to the total of audit committee members ACDIL=number of audit committee meeting ACEXP= no of audit committee member with background experience in financial reporting LOG_ASSET= natural log of total assets (in billions of ringgit Malaysia) TYPEAUD= ‘? 1’? if audited by Big-4, ‘? 0’? if otherwise ROA= net income divided with total assets Adjusted R2= adjusted R2 coefficient determination F stat= indicate how much variation is explained by the regression equation. *significant at 1%. Table 8 shows that the audit committee independence (ACINDP) and audit committee expertise (ACEXP) are significant at 1% level. Thus, accepting hypotheses one and three respectively. On the other hand, the results show that there is no relationship between audit committee diligence and audit report lag. Therefore, hypothesis two is rejected. The results indicate that audit committee independence and audit committee expertise may reduce on audit report lag but audit committee diligence could not influence audit report lag. Carcello et al. (2000) found that audit committee independence and audit committee expertise have significant relationship with audit fee while audit committee diligence did not provide any relationship on audit fees. The results in this study shows significant relationship between audit independence and audit report lag which is similar to Klein (2002) that found that more independent audit committee members would effectively influence financial reporting quality. The results of this study support the view that audit committee with a simple majority of independent audit committee members are more likely to fulfill its duties effectively compared to an audit committee members that have no independent audit committee members. This is consistent with agency theory where independent members in an audit committee could assist principals to monitor the agents’? activities and reduce benefits from withholding information. They would have had provided more effective roles in monitoring the companies. Further, the number of financial experts on audit committee will reduce incident of fraud (Farber, 2005). A member with financial expertise demonstrate a high level of financial reporting knowledge and thus expected to lead the committee, identify and ask knowledgeable questions that challenge management and external auditor (He et al. 009). In practice, it is a general belief that more meeting and discussion of the committee would improve the performance of the company. However, similar to the study done by Uzun et al. (2004), the results in this study show that the number of audit committee meeting held is not significantly associated with audit report lag. More frequent meeting that the company has does n ot necessarily provide better achievement to the companies. Thus, the company needs to ensure audit committee member raised and resolved issues with management during the meeting, and as a result improve the quality of reporting. . Conclusion The results of this study show that audit committee characteristics: audit committee independence and audit committee expertise contribute as important factors that affect audit report lag of the companies. Such results correspond to the resource based theory where those characteristics of audit committee as the resources and capabilities that may improve companies’? performance as well as on the corporate 58 Pg10Pg10 reporting. These two characteristics represent the Bursa Malaysia listing requirement that require audit committee compose of not fewer than 3 members with majority of them being independent directors and requires at least one member of the audit committee to have financial expertise requisite. Audit committees with those characteristics could assist the companies to be timely in their annual reporting. Finally, this study could not find significant link between audit committee meeting to audit report lag. This study suggests that audit committee could prioritise important things that need to be resolved during the meeting in order to improve the performance of the company as well as in assuring audit report lag. This study is not without limitations. This study does not include other factors such as government policy or political issue that also might affect audit report lag. McGee (2007) noted that the influence of timeliness might be attributed by culture, political and economic system of the country. Secondly, covering a bigger sample would provide greater generalization on the Malaysian listed companies on audit report lag and corporate governance characteristics. Finally, this study only covers a three year period from 2007 until 2009. A longer period such as ten year period data would be more interesting as it can show the trend on audit report lag. For future research avenues, a possibility is to examine other corporate governance mechanisms; characteristics of board of directors in assuring audit report lag. Future research can also examine which parties are liable for the delay of annual report, either on the hands of the preparers or auditors. References [1] Abdul Rahman, R. and Mohamed Ali F. H. , 2006. â€Å"? 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Success is believing in yourself free essay sample

Most of your applicants went through school being told that they were the best, that they were intelligent, successful, talented.I went through school being told I was stupid.It began in first grade. My teacher told my mother that I needed extra help: tutors and summer programs for students behind in school. But here’s the truth — I didn’t have a learning problem. I just couldn’t see a thing. Whenever my teacher put a lesson on the board, it was blurry. And when I would ask the student next to me what it said, I was told I was disrupting class. Soon I stopped asking.In first grade, I was put in the remedial reading group along with Marco and Emilio, two brothers from Mexico who spoke no English but soon became my friends.I was the last of three brothers to pass through elementary school. My teachers, who had watched my brothers thrive, couldn’t figure out why I was so bad and my brothers so good. We will write a custom essay sample on Success is believing in yourself or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They made obvious their perception, that I was bad and stupid. And when I would look back at them, everything was a blur.At school, kids would hold their spelling test scores high over my head, bragging that they were smart and I was not. At home, my brother would taunt me by calling me the â€Å"bad-stupid boy† of the family. And as of then, I was. I felt stupid, and everyone seemed to agree.***Back then, I don’t remember trying to change people’s perceptions. But when you’re so young and you don’t know who you are other than what people tell you, you believe what they say. I believed I was bad and I believed I was stupid, and so I acted that way. I didn’t want glasses to see the board because making friends was all that I had. Cool kids didn’t wear glasses, and I needed to be cool.Teachers didn’t believe in me. But there was one teacher who was different, who looked at me and saw someone else. Mrs. Kirk, my sixth grade teacher, was the first person who believed that I was better. And there was one thing she said that righted the course of my academic ship.â€Å"You’re better than you think you are,† she said as she held me late in her classroom after school. â€Å"You’re better than you think you are.†And that was where my trouble ended. No one had believed in me, and I hadn’t believed in myself. But Mrs. Kirk helped change that. Mrs. Kirk had told me that I wasn’t bad and that I wasn’t stupid, and so slowly I began to play catch-up. My parents took me to the optometrist and I received eyeglasses. I entered the seventh grade, and for the first time, I could see the board. I took notes during class and there was no reason to zone out. At night, I had my parents quiz me on basic fundamentals I had never learned in elementary school.By the end of the year, I got my report card; I was on the honor roll. I continued to improve and challenge myself. I elected to join an eighth grade advanced history class that began an hour before school. By the time I started high school, I was all caught up. It was as easy as that — all I needed was a pair of glasses, some hard work, and a belief in myself.While my outlook had changed quickly, others had moved more slowly. I have not forgotten the reaction from the girl next to me when I took a seat in the first period of ninth grade — Geometry Honors.â€Å"What are you doing here?†To my peers, I was still not an academic. They couldn’t grasp the fact that I wanted to be a scholar, that I wasn’t bad or stupid. And it wouldn’t be easy to change their minds.I received my report card that year: 4.0.***If you look at my high school transcript, you would find no evidence that I was ever â€Å"stupid,† that I was ever an underachiever. And there is surely no evidence that anyone ever thought I was. Instead, you would have to look deeper, ignoring my grades and looking at my actions. Even though I have now excelled in school, being â€Å"behind† gave me the experience of feeling at a disadvantage—of knowing what it was like to have people think I was unintelligent. I have never forgotten my roots—the feeling of being lost in the classroom, the feeling of inferiority. I now strive in high school to share my good fortune, to raise awareness of educational inequality, and to mentor kids from disadvantaged backgrounds so that their confidence may grow.This year, I am a tutor for Sal and Heidi, two students who are seeking to become first-generation college graduates. Looking into their eyes through my well-worn glasses, I sense their fear. It is a fear of failure, and it is a fear of ridicule — which I once felt.â€Å"Well, some day you may fail a test,† I tell them, â€Å"and someone will call you stupid. †As I speak, I think of the times when I felt ashamed because I could not read.â€Å"But we will rise to try again,† I continue. â€Å"And this will make us better. With a belief in ourselves, we can succeed.†With this, Sal and Heidi smile. It may be a challenge for them to go to college, a goal that some perhaps have told them they cannot achieve. But I know they can. I know that they are better than they think they are.Sal and Heidi have not yet connected with their biggest advocates, the people who know that they will make it. And when they ask me who those people are, I tell them to start by finding a mirror — in order to succeed, they need to believe in themselves.