This study examines the differences in the interpretation of ten in context verbal probability expressions used in accounting standards between native Chinese speaking and native English speaking accounting students in United Kingdom universities. The study assesses the degree of grouping factors consensus on the numerical interpretation of the probability expressions. Unlike previous studies, this study uses subjects who share a common language (English), respond to a survey written in the common language, and are being educated in that common language. The results show that native culture and language are not significant factors in explaining differences between accounting students in their interpretation of in context verbal probability expressions. Future research comparing Chinese students in China with Chinese students at English speaking universities would be useful in evaluating the extent that common language and cultural differences has on the results.

This paper will look at the weak-form efficiency of the foreign exchange market in thirty (30) Organization for Economic Cooperation and Development (OECD) countries. We employ Augmented Dickey-Fuller (ADF), Philip-Perron (PP) and Kwiatkowski-Phillips-Schmidt-Shin analysis to examine for the unit root. Using weekly data for the period 2000 to 2007, the results for weak-form efficiency using ADF and PP tests indicate that the exchange rates studied follow random walks. The current value of the exchange rate cannot be predicted using its past values. In addition, the OECD foreign exchange market consistent with the weak-form of the Efficient Market Hypothesis.

PurposeThis qualitative inquiry sheds light on using management accounting systems to address economic sustainability concerns in small and medium enterprises (SMEs) of Pakistan. Building on the dynamic capabilities (DC) theory, this research endeavors to address the recent calls on management accounting and economic sustainability in the context of SMEs.Design/methodology/approachQualitative research design was adopted in which 13 semistructured interviews were conducted with SME owners of Pakistan. The transcribed interviews were coded and thematic analysis was performed via NVIVO-12 to generate themes.FindingsBased on the DC theory, the findings revealed that SME owners in Pakistan use management accounting systems to ensure economic sustainability. The authors found that DC are a co-created phenomenon and refer to them as collective DC. Furthermore, the authors found the theme of accounting literacy which played a critical role in the exhibition of DC in a collective manner.Originality/valueThis is one of the earliest studies on management accounting systems that examine economic sustainability in Pakistani SMEs. This research provides novel insights into the use of management accounting systems in Pakistan from the perspective of DC. In Pakistani SMEs, dynamic capacities are co-created and contingent on accounting literacy.

The study paper mainly focuses on the financial fraud of the issue either auditors can act as a first responders or not. As first responders, their primarily responsible is to clarify the fraud, stabilize situation and prevent for further losses. Moreover, third parties are expected to act as first responders too, as when there are financial fraud or other illegal act is suspected during the audit. Hence, in conducting an audit, auditors play a role in practice guidelines that must be wary occurrence of financial fraud and other illegal acts. Any first responders must rely on electronic format and digital forensics to collect and identify such electronic information not the original printed documents.

We explore the awareness and practices of Islamic values in the setting of a Malaysian Small and Medium Enterprise (SME), and how the values have been treated by the Performance Measurement System (PMS). In particular, we are interested in whether the Islamic values existed or were practised by the employees as well as adopted by the management of the SME in measuring the performance of their employees. Furthermore, the information on the importance and possible effects of the Islamic values have been sought after to see whether the values could improve the PMS and eventually the whole organisation. We present evidence from fieldwork conducted in the workplace of one SME in Terengganu, Malaysia, undertaken through participantobservation, casual conversations and interviews with four employees. Our findings suggest that Islamic values do exist and are widely practised, and at the same time, informally adopted by the management to a certain extent in measuring their employees" performance. The management also reveals that there is a high hope in the future to see the practices of Islamic values improved among the employees, raising the possibility that it could eventually be officially adopted in their PMS.Contribution/ Originality: This study is one of the very few studies which have investigated the treatment of Islamic values by the Performance Measurement System (PMS) of a Small and Medium Enterprise (SME) in measuring the performance of their employees. The findings suggest that Islamic values are widely practised and informally adopted in the PMS of the SME.