Accountants make mistakes in fraud cases

In Money
Thursday, 02 October 2003 00:00

Research on compliance with Regulation on Fraud Reporting

Prof. dr. Steven Maijoor investigated in cooperation with dr. Harold Hassink and dr. Roger Meuwissen how accountants deal with frauds they discover during statutory and voluntary audits. On the basis of extrapolation it was found that the top thirty of Dutch accountant firms established a total of 1.250 fraud cases between 1995 and 2002. In approximately thousand of these cases the accountants requested redress, which means rectification of the fraud. In the 250 other cases in which redress was not requested, the organization had probably already redressed the fraud itself. In most cases the accountants handled the fraud the right way. And yet, some mistakes were definitely made. In 310 of the thousand cases, for example, the fraud had only been reported to the company involved by word of mouth, whereas according to the Regulation on Fraud Reporting, this should be done in writing. Also, 26 frauds with material consequences (that were not redressed by the company) were wrongfully not reported to the National Police force. Steven Maijoor explains the results of the ‘fraud investigation’.

dr. Frank Moers investigates performance evaluation and reward systems

Frank Moers (30) is university senior lecturer in the department Accounting & Information Management of the Faculty of Economics and Business Studies of Universiteit Maastricht. For years already, he has been doing research into the effect of financial stimuli in business. Moers scientific career went remarkably fast. He was still a research trainee (AIO), when he rewrote his paper into an article. This article was immediately published in the top magazine Accounting Organizations & Society. This proved not to be a coincidence, because he was the first European to receive the first prize of the American Accounting Association for his doctoral research. "The key question of my research is how you can optimally use business information to stimulate employees, so that they will do what is expected of them. Reward systems always work, because people always respond to financial stimuli. The only problem is that they often do not react the way they were intended to."

More certainty for entrepreneurs

In Money
Wednesday, 21 May 2003 00:00

Tax lawyer offers solutions for providing fiscal subsidies

When the Dutch government offers tax incentives to enterprises, it is generally assumed that this is all right. However, that is definitely not always the case. In his thesis tax lawyer R.H.C. Luja points out the problems concerning the provision of fiscal incentives to enterprises. A subsidy can be completely legal according to the national law, but that does not mean that it complies with European law and the stipulations of the World Trade Organization (WTO). The fact is that fiscal support of companies can lead to unfair competition with other countries. In that case, the subsidy can be forbidden and will have to be recovered. In the Netherlands, however, there are no clear rules for that.

Efficiency wages persistent…

In Money
Wednesday, 21 May 2003 00:00

Even in times of recession

Efficiency wages are bargained between employer and individual employees at the company level on top of the Collective Labour Agreement (CAO) wage. The importance of these efficiency wages is very different for each branch and ranges from 0 up to 50% bonus on top of the CAO wage. The research of dr. Ralph Olhoff at Universiteit Maastricht shows that these efficiency wages, even in times of economic recession, are remarkably persistent. It is also remarkable that higher wages can, in certain cases, lead to profit maximizing. The research provides unions and government more insight in the process of wage-formation and proves that the recipe of collective wage restraint in times of recession can be a bit too drastic.

The end of the homo economicus?!

Prof. dr. P. Jean-Jacques Herings received a VICI fund of 1.25 million euro for his economic research at Universiteit Maastricht. His research focuses amongst others on the most modern micro-economic and game theoretical views. It particularly concerns the functioning of incomplete markets and the research that works with ‘limited rationality’. "The intention is that the research results in publications in economic top magazines such as ‘The journal of economic theory’."

Best-before date pension scheme expired?

In Money
Wednesday, 21 May 2003 00:00

Dutch pension scheme is under pressure, but it’s not about to collapse.

Bad weather for our pension scheme. Especially the disappointing investment revenues of the last years are responsible for that. It is clear that extra money is necessary. But who will pick up the check? An interview with prof. dr. Ruud Kleynen of Universiteit Maastricht.

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