Impact of internal auditing practices on the internal control system: pre- & postpandemic comparative study

Internal auditing is an impartial practice, which involves providing assurance and consulting services that are aimed at improving a company's business operations. The recent business malfunctions and increased fraudulent and corruption cases in both developed and developing countries have raised questions over the effectiveness of internal auditing practices. The key objective of this study was to assess the effect of internal auditing practices on the internal control system quality pre- and post-COVID-19 pandemic. This study proposes organizational independence, objectivity, audit work performance, scope of work, and professional proficiency as the solution for business operations. The study also advocates that risk assessment and control activities are essential elements of the internal control system to evaluate and enhance the quality of audit work. The data for this study were collected from 89 respondents from 31 Iraqi banks using a survey questionnaire technique. The data were analyzed using SPSS and Smart-PLS. The findings present that the organizational independence impacted the control activities and the scope of work impacted the risk assessment before the pandemic. Objectivity impacted control activities and objectivity, organizational and scope of work impacted risk assessment post COVID pandemic. Moreover, the multigroup technique was used for comparative analysis and the results also showed that only organizational independence showed significant impact on control activities. This study is unique in a way that this is the only study that compares the pre- and post-COVID pandemic impact of internal auditing practices on the internal control system.

COVID-19 and rural development in South Africa

The World Health Organisation declared COVID-19 a global health crisis within the two weeks of its emergence. The WHO's stance was indicative of the extent to which the COVID-19 could impact on the human life and global economy. South Africa as part of the world economy has experienced considerable influence of COVID-19 pandemic on the local people's health and economy. Whilst the impact of the COVID-19 pandemic has been felt on all aspects of life, the impact of the pandemic on rural economy in South Africa could be more severe considering the economic situation this pandemic found South Africa into. Hence, this article focuses on rural development in the era of COVID-19 in South Africa. Rural development has been negatively affected by the pandemic, and this comes against a backdrop of failing state interventions to drive rural development in South Africa since the start of democratic dispensation. This article is based on an exploratory research design and used a desktop research to examine rural development in the COVID-19 era in South Africa. The article argues that local government as the closet sphere of government to the people, working as part of a multidisciplinary team, ought to play a significant role in addressing the rural development implications of the pandemic.

Epidemiological control measurements at the business sector and impact of pandemic on business creation in the department of magdalena Colombia

This study aims to analyze the impact of the COVID-19 pandemic on the records of the creation of new companies in the department of Magdalena (Colombia), mainly between 2019 and 2020. In the same way, an analysis of epidemiology control measures is developed at the national and departmental levels to better understand COVID-19 containment initiatives. For the development of this study, the data on business creation of the last five years (2016 - 2020) in Magdalena was taken as a reference;as well as measures for epidemiological control at the national level (prevent, mitigate, and suppress), along with those adopted specifically for Magdalena were analyzed. Among the main findings, it was found that, when comparing the years 2019 and 2020, there was a 2.6% decrease in the creation of new companies in Magdalena, a percentage that represents 202 production units less than in 2019;This downward trend in the creation of companies came from 2019, the year in which there was a 0.8% drop in the establishment of new companies compared to 2018 -62 fewer companies-;the overwhelming drop in 2020 is a reflection of the disastrous effect of the appearance of COVID-19 on business dynamics in Magdalena;On the other hand, the business associations management measures were a key important factor. Additionally, the financial support to boost the economy in Magdalena, as well as a prudent chronology - in terms of epidemiological controls in the Territory.

The COVID-19 effect on LQ45 portfolio share: an event study

The purpose of this study was to analyze differences in optimal portfolios using the treynor index model a year before and after the announcement of Covid-19 entering Indonesia in the same period on the LQ45 index. This research method uses the treynor index and t test. The samples of this study were companies listed in LQ45. The results of this study shows the ratio of returns and risks faced decreases or gets worse (risky) due to Covid-19 for comparison portfolios before and after Covid-19 for one year. So, the existence of this Covid-19 study event in the formation of a stock portfolio has a meaningful change if an annual portfolio is formed and there is a decrease in the performance of the return to risk comparison.

Development of the real sector of the economy in the conditions of the coronavirus pandemic

The article examines the factors and measures taken to support and develop the real sector of the economy in the context of the coronavirus pandemic.

The backward art of slowing the spread? Congregation efficiencies during COVID-19

Were workers more likely to be infected by COVID-19 in their workplace, or outside it? Although both economic models of the pandemic and public health policy recommendations often presume that the workplace is less safe, economic theory predicts that group cooperation significantly increases the per capita demand for public goods. Disease prevention may also have scale economies in supply. The available data from schools, hospitals, nursing homes, warehouses, grocery stores, food processing plants, hair stylists, and airlines - covering more than a million employees and students - show employers adopting mitigation protocols in the spring of 2020. Coincident with the adoption, infection rates in workplaces typically dropped from well above household rates to well below. When this occurs, the sign of the disease externality from participating in large organizations changes from negative to positive, even while individuals continue to have an incentive to avoid large organizations due to the prevention costs they impose on members. Rational cooperative prevention sometimes results in infectious-disease patterns that are opposite of predictions from classical epidemiology.

Trends in the development of Ukraine's foreign trade in goods in the context of the COVID-19 pandemic

The article discusses and analyzes the volumes of Ukraine's foreign trade in goods in 2019-2020. A positive trend regarding the foreign trade balance on trade in Ukrainian goods is allocated. It is found that there was a decrease in exports and imports of goods during the researched period. The commodity structure of Ukraine's foreign trade is analyzed. Changes in the commodity export structure in 2020 compared to 2019 have been identified. The main groups of goods that Ukraine exports and imports the most when trading with foreign countries are allocated. The groups of goods whose export and import volumes have undergone the greatest changes in 2020 and as compared to 2019 are allocated. The geographical structure of foreign trade in Ukrainian goods is analyzed. Changes in the geographical structure of exports in 2020 compared to 2019 are determined. It is specified, which countries are the largest importers of Ukrainian goods and from which countries Ukraine imports the most goods. The countries in terms of the largest changes as to the foreign trade with them in 2020 compared to 2019 are allocated. It is determined that the most important reason for changes in the volume of foreign trade in Ukrainian goods in 2020 compared to 2019 was the COVID-19 pandemic. The global impact of the coronavirus pandemic on the world economy and human life in general is noted. The main changes in the economy and society, which caused changes in the volume of foreign trade in Ukrainian goods, as well as the main reasons for the change in supply and demand, which are typical for all countries of the world, are allocated. The main directions of the State's assistance to increase the volume of exports of goods from Ukraine in the context of the COVID-19 pandemic are defined. The negative and positive changes in Ukraine's foreign trade caused by the coronavirus pandemic are characterized.

Critical etnography of micro PPKM policy in the COVID-19 pandemic: a study based on the perception of micro entrepreneurs

In an effort to limit the spread of Covid-19, the Indonesian government through the provincial and district or city governments implemented the Micro PPKM policy which was implemented in almost all sub-districts and remote villages. This condition certainly brings positive and negative implications for society both economically and socially. This study aims: first, to find out the reality of the cultural theme of the impact of the implementation of the Micro PPKM policy that is currently happening. Second, a critical review of government policies related to Micro PPKM based on John Rawls' justice perspective. This type of research is included in the critical paradigm, while the research design is critical ethnography, which combines James Spradley's realist ethnographic approach and John Rawls' theory of justice. The results of the analysis of cultural themes indicate a decrease in the sense of community awareness, a decrease in the value of distributive justice related to the provision of incentives in the context of empowering MSMEs, a decrease in the income of micro business actors during Micro PPKM, strengthening the justification that the nature of the micro business sector is informal. Meanwhile, John Rawls's theory of justice analysis shows that based on the social values adopted by the Indonesian people, micro-enterprises operating in the afternoon until the evening demand equal treatment regarding the distribution of incentives as compensation for the impact of the implementation of Micro PPKM.

COVID-19 and rural economic development in Canada: insights on impacts, responses, and recovery. (Special Issue: COVID-19 and rural Canada: rural impacts and resilience.)

The COVID-19 global pandemic has disrupted economies around the world, and rural Canada is no exception. In this paper, the researchers explore the economic development impacts of the pandemic on rural communities across Canada. The researchers seek to provide a deeper and more comprehensive understanding of how rural communities have responded to this crisis and the extent to which they are able to build long-term rural resilience through their responses and plans for recovery. To do so, the researchers draw upon novel data derived from a survey of rural economic development practitioners from across Canada. Our findings are structured around three main themes: economic development and business impacts, economic development responses, and resources needed for recovery. The study highlights the geographic unevenness of impacts, responses, and resource needs to address the challenges introduced by the COVID-19 pandemic. Overall, our research underscores the importance of capacity and context as rural economic development practitioners and other rural leaders have responded to these challenges. Finally, this research provides important insights into the tools and strategies that could build long-term rural resilience.

Addressing COVID-19 challenges through multi-sectoral collaboration: the rural rebound case studies. (Special Issue: COVID-19 and rural Canada: rural impacts and resilience.)

In early 2020, after the World Health Organization (WHO) characterized Covid-19 as a pandemic, several regional directors of this organization called all sectors of society to work together in supporting Covid-19 responses. In the past year, governments, businesses, not-for-profits, and citizens have been collaborating to mitigate the impacts of the pandemic. These impacts look different in rural areas than in large cities. The Rural Rebound case studies included in this paper highlight the experiences, learnings, and recommendations from selected stakeholders in rural Ontario, Canada, reflecting multi-sectoral collaboration. The underlying approach of the Rural Rebound Initiative, developed by the Rural Ontario Institute, is promoting peer-to-peer learning so other rural regions responding to similar concerns can take ideas from the case studies and adapt them to their own context. Multi-sectoral collaboration is not new or exclusive to Covid-19 responses, but it is a critical element that contributes to overcoming any crisis. The case studies, although different in nature, concurred on the importance of this type of collaboration to build on each other's knowledge and generate solutions that respond to actual needs. Multi-sectoral collaboration also allows optimizing resources such as time, funds, and expertise. More than a year has passed since the pandemic started and there is still uncertainty about the future. Rural stakeholders, as do others, need to keep collaborating, working in partnerships, adapting, innovating, and learning from each other in order to navigate through the uncertainty.

How important are health and education in boosting sub-national economic growth?

Development of the global economy is marked by increasing attention towards the health sector due to Covid-19 outbreak. This research contributes by examining how important is health and education for provincial economic growth, and connect it with foreign direct investments, and infrastructure spending. Taking Indonesia as a case study, and employing GMM and Fixed Effects methods, the analysis found that improving health and education outcomes are key for sub-national economic growth. However, foreign direct investment, domestic direct investment and public spending on infrastructure failed to support growth in the sub-national level. The finding is robust against alternative specifications. For policy suggestions, in order to dampen the negative economic effects of Covid-19 and to boost growth at post-pandemic period, government at all levels must maintain or even increase public spending in health and education which directly target improvements of health and educational outcomes. To ensure the improvements, public spending must be directed to provide good quality health and educational services;services which enhance health outcomes and develop students' cognitive skills. In addition, good quality health and educational services must be evenly distributed across sub-nationalities. This is aligned with achieving the UN Sustainable Development Goals number 10;reducing inequality within a country.

How was the corona pandemic perceived by the Romanian business environment?

The Covid crisis has hit all national economies, with some areas of activity being more severely affected than others. Trade credit/supplier credit mechanisms were very common on the market due to the weak capitalization of the economy. Many companies have faced serious financial difficulties, some of which have had to fundamentally restructure their business.

Study on the effects of the pandemic COVID-19 on the sectors of the national economy

The Covid-19 pandemic has hit all national economies;its effects were different from state to state, depending on the ability of each to take measures to counteract the effects of this crisis. Some sectors of the national economy were more affected than others. What the researchers all noticed was that some have developed amazingly, as has been the case in the IT and pharmaceutical industries. The HORECA sector was one of the most negatively affected this time. There were also sectors that were not influenced, such as agriculture.

Study on the evolution of the insurance market between January and September 2020

The whole year of 2020 was mainly dedicated to the management of the crises, generated by the COVID-19-pandemia, which entertained during the whole year a state of uncertainty in almost all countries, which had a major impact upon the macroeconomic and financial development on European and global level. Even in this atypical context, the insurance marked has retained its positive evolution, accommodating to the new market conditions. The value of the written premiums subscribed has increased with 4,8% in the period between January-September 2020, in comparison with the value registered in the same period of the year before, reaching an amount over 8.5 billion Ron, according to the report published by the Financial Supervision Authority.

Next generation E.U. program - an opportunity for Romania

In this paper, the authors analyze the proposal of the European Commission and European Parliament concerning the European Union recovery plan, to repair the damages caused by the SARS-CoV-2 pandemic. The leaders of the European Union have designed this program to help EU member states get through this crisis more easily and to lay the foundations for a modern Europe, that is more resilient to current and future challenges. The budget allocated for this program will be 750 billion euros, and, together with the European Structural and Investment Funds, the budget for the financial year 2021-2027 will total 1824 billion euros. This analysis is necessary because the distribution of European funds is the subject of difficult, often contradictory, discussions between Member States, due to different priorities from one state to another.

Analysis of cash flows registered by the Romanian commercial bank in the context of the COVID-19 pandemic

This research is aimed at analyzing the cash flows, in structure and dynamics, registered by the Romanian Commercial Bank, in the period 2019-2020. Cash flows from operating activities, investment and financing activities are analyzed in evolution at the beginning and end of the reporting period. The macroeconomic impact and the estimated economic contraction, due to the Covid-19 crisis, influenced the bank's activity and financial indicators. The paper also highlights the impact that Romanian Commercial Bank has on the economy, as well as the cost of risk and the quality of the bank's assets. The Covid-19 pandemic put the Romanian banking system in front of unprecedented challenges.

COVID-19 impact on trade activity in an economic entity

Given the current situation caused by COVID-19, by closing the HO.RE.CA domain, schools and kindergartens, companies have come to own a large number of food stocks. In today's highly volatile economic and social circumstances, it is necessary to manage the entity's assets in the most efficient and effective manner possible so that it can survive and achieve its profit goals. In this article, the researchers will analyze the impact of the virus on the food trade, its consequences and how to prevent risks. The study will also be based on annual financial statements that provide greater credibility to the research. At the same time, the researchers will present the SMART objectives and the SWOT analysis of the entity, with the help of which the researchers will describe the forecasts about the economic risk, new promotion strategies and what can be done in a period of the financial crisis.

Fiscal reform in Romania compared to Bulgaria

The Bulgarian tax authorities, which have successfully implemented a modernization program with the support of the World Bank, a program that Romania abandoned after six years of postponements and extensions, have clearly superior results to the domestic tax authorities in terms of increasing collection. Even if the crisis caused by the covid-19 pandemic forced the Ministry of Finance to speed up the digitalization of the fiscal system, the statistical data show that the researchers are still far from the EU average in terms of the degree of tax revenue collection. In this paper the researchers aim to analyze Bulgaria's tax reform and to identify how the neighboring country has managed to increase its tax revenues collected from the state budget so as to provide a model of good practice that can be implemented in the case of Romania's fiscal system, given the fact that our country is among the last in the EU in terms of revenue collection efficiency.