Municipal financial reporting and the general obligation bond market: New York City, 1961-1975

Article Abstract:

The value of municipal accounting information to the municipal bond market is explored through a comparative analysis of the link between New York City bond yields and published accounting data and the association between City bond yields and accounting data adjusted to meet the generally accepted accounting principles (GAAP). Results show that while the City's accounting principles significantly overstated revenues and understated expenses, the primary bond market's assessment of the investment risk inherent in the City's general obligation bonds has been consistent with GAAP revenue and expenditure figures, which were not revealed in the City's financial reports.

Securities, New York, New York, Local finance, Municipal bonds

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Environmental regulations and incentives for compliance audits

Article Abstract:

Environmental regulations and incentives for firms' compliance audits have proven to be important aspects of environmental management. Analysis shows that legislative initiatives that aim to restrict the regulatory agency's right to access firms' compliance audits are counterproductive to effective environmental management, since it tends to decrease firms' environmental compliance. On the other hand, the planned implementation of penalty schedule is more likely to create favorable effect on the environment as it tends to increase compliance audits among companies.

Administration of Air and Water Resource and Solid Waste Management Programs, Reporting & Disclosure, Environmental Programs, Standards, Research, Analysis, Environmental policy, Environmental economics, Environmental auditing

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Municipal selection of a state or external auditor for financial statement audits

Article Abstract:

A study was conducted to evaluate charges made by state or private sector auditing firms for performing their services. The study focuses on audit fees and audit timeliness while specifying audit organization selection guidelines using samples from Ohio cities. Results show that private sector auditors charge higher fees and prepare more timely audits than their state counterparts.

Evaluation, Auditors, Financial statements

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