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Users’ risks in audited financial statements
Kmoch, Štěpán ; Müllerová, Libuše (advisor) ; Roubíčková, Jaroslava (referee) ; Šebestíková, Viola (referee)
The financial statements represent a comprehensive and standardized document including financial information about the company. The companies need to publish this document in the Collection of Deeds, and since the documents are submitted to the Collection of Deeds in electronic form and are subsequently freely available, any financial statements are generally available to a wide range of potential users. Users of the financial statements can be divided based on their relation to the financial statements and based on level of their knowledge of accounting. The confidence of users in information disclosed in the financial statements is higher, in case the financial statements were subject to audit. The user of the financial statements does not have a possibility of detailed verification of the information presented in it (he cannot inquire the management of the company, inspect the original accounting documents, etc.). In this case, the audit represents ensuring correctness of the information presented in the financial statements and also assurance that the financial statements were subject to the independent verification. These facts enhance the degree of confidence of intended users in the financial statements and this is also the purpose of an audit as defined by the International Standards on Auditing. In accordance with the International Standards on Auditing the auditor expects that the user of the financial statements has reasonable knowledge of accounting and is willing to study the financial statements with reasonable effort. Auditor performs his testing based on certain materiality level that does not have to agree to the materiality level of the user. The risk represents in this case the situation, when the materiality level of the user is lower than the materiality level determined by the auditor. The user of the financial statements has limited possibilities to verify the information in it, however, he is able to verify the link among information presented in different parts of the financial statements and confront the financial statements with other relevant information available. My dissertation consists from theoretical and practical part. In the theoretical part, there are possible verifications described that can be performed by the user of the financial statements and in the practical part, there are the mentioned procedures applied to financial statements of four domestic companies. The subject of my research was financial statements for the years 2006 to 2009. The aim was not only the identification of the risks in the financial statements from the users' point of view, but also monitoring of the development of financial statements in time. The subject of the dissertation was also the verification of the formal correctness of audit reports issued to the selected financial statements (I am registered as Czech statutory auditor by the Chamber of Auditors of the Czech Republic and therefore I am able to perform this verification). The subject of the dissertation was not the verification of the factual correctness of the audit report, this verification is in principle not possible without possibility to look into the audit file. During analysis of selected financial statements I have identified several areas that represent risk of misstatement in the financial statements from the users' point of view. It related mainly to going concern issues, issues relating to completeness of reserves and provisions and risk of possible overvaluation of finance investments and related receivables to subsidiaries. The user of the financial statements should for his better understanding therefore look for other information relating to the company from freely available resources and perform comparison with financial statements of other companies in the same industry. The risks mentioned above were not sufficiently commented in the notes to the financial statements and that subsequently gives a rise to questions on financial statements users' side and lowers his confidence in information presented in the financial statements. I think that there is a change in the audit approach necessary, it should not be enough just that the financial statements are free from material misstatement; the financial statements should not give a rise to additional questions from their users.
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Multilateral trade liberalisation at the beginning of the new millenium (international organizations` view)
Jusko, Radoslav ; Neumann, Pavel (advisor) ; Šaroch, Stanislav (referee) ; Kosír, Igor (referee) ; Sipko, Juraj (referee)
Multilateral trade negotiations are widely influenced by various forms of cooperation among countries and by international organizations. There is a wide spectrum of differences in cooperation between the Uruguay and the Doha round of multilateral trade negotiations. Multilateral forums of developed countries are not able to provide sufficient impetus for negotiations, views of developing countries must be considered. There are differences in formation of coalition of countries, which are more wide-spread and more influential, though mainly by setting the negotiations agenda. There has been even a shift in policies of multilateral organizations; their direct and indirect influence is more noticeable. Though financial crisis led to diversion from multilateral trade issues, changed some positions, since 2009 there are signals, that there might be a shift in negotiations leading to successful conclusion of the Doha negotiations.
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Ukraine’s Position in Eurasian Transport of Oil and Natural Gas
Ruban, Andriy ; Vošta, Milan (advisor) ; Jeníček, Vladimír (referee) ; Wahla, Arnošt (referee) ; Terem, Peter (referee)
The thesis focuses on theoretical and empirical analysis of oil and natural gas flows in Eurasia and maps Ukraine's transit position in the regional oil and gas supply chain. The aim of the thesis is to objectively evaluate possibilities of Eurasian energy integration by enlargement of the European energy market further to the East and to prospect Ukraine's involvement into a new geopolitical energy alliance, driven by EU. This dissertation builds up on economical, geographical, historical and political premises of markets integration as well as system approach of energy alliances development. It argues that (i) energy integration on contrary to traditional economic stream can be explained by system approach and geopolitical stream of energy expansionism; (ii) EU infrustructural oil and gas projects imply deeper integration of EU member-states with involed non-members and (iii) Ukraine's oil and gas transit status within Eurasian region facilitates its growing involvement into EU energy intiatives guided by the European rules. The thesis is organized into three chapters. The first one is predominately theoretical and seeks to summarize current theoretical approaches towards integration and trends of energy markets in Eurasia. The second chapter introduces the role of oil and gas transport capacities and Ukraine's transit status in resolving disparities of Eurasian energy supply chain. The third chapter describes condition of Ukrainian oil and gas infrastructure and tackles issues for reformation of national oil and gas transit pipelines. Securing access to energy supplies has been a driving factor of global development since the industrial revolution. Increasing demand for oil and gas has undermined energy and economic security of world centers. In Eurasia Europe and Asia has been competing for fossil fuels originating from Russia, Middle East and Central Asia. Since recently Eurasian energy security problem is being solved by development of new supply routes. These infrastructural projects are initiated by oil and gas consumers, suppliers and transitors competing over control in the infrastructure. Such competition destabilises Eurasian relations, leads to energy "wars", political conflicts and increases supplies disruption risks. To secure stability of energy supply chain producers, transitors and consumers of oil and gas resources should integrate, closely cooperate and jointly invest into improving the existing supply routes and efficiency of fuels consumtion, production and transportation. Oil and gas should be traded for technologies and capital securing control in the infrustucture of mutual interests. Development of further bilateral and multilateral tools of joint interest would also help in resolving energy related contradictions of the participating parties. The leading role in driving energy integration in Eurasia belongs to the EU being the most mature and advanced integration grouping in Eurasia. EU realises TEN-e projects and from recently a common foreign energy policy aimed to strengthen external cooperation with oil and gas suppliers and transitors, including Ukraine. Since 1970s Ukraine has been an important oil and gas transitor for Russian and Central Asian oil and gas to Europe. Ukrainian pipelines intermediate 10 % of oil and 50 % of gas imports of Europe. To counterbalance Russian energy diplomacy over Ukraine, EU is supporting Ukraine's efforts in such energy alliances as INOGATE or GUAM. Ukraine's recent accession to the South Eastern-European Energy Community should improve stability of gas and oil supplies to Europe and facilitate reformation of national transit capacities.
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Model Solutions to Energy Supply Local Transportation and Alternative Sources of Transportation
Krtička, Miroslav ; Pirožek, Petr (advisor) ; Mareš, Milan (referee) ; Žufan, Pavel (referee)
The Thesis are focused on the area of strategic management using the strategies selection and decision making processes, based on the Game Theory apparatus. The analyses of local energy sources potential and possible use in local transportation are the basis of the Thesis. The problems of energy maintenance and efficient utilisation have not decreasing its importance even in the situation of technology & technical improvements; there are no universally-suitable processes found in this area. One of the approaches should be in the philosophy of maximising the utilisation of local resources to minimise the expenses of the transportation of the energies itself. The Thesis are focused on the increased efficiency of local energy-resources utilisation combined with continuously increasing energy demands in the area of transportation area. The Target is to construct model, having proportionally characterised the suitable strategies to the decision -- making in the areas of local energies production and/or their utilisation in the area of the local transportation demand saturation. The Game Theory approaches creating the basis for the different interested groups; it allows to compare the advantages of different options / strategies of the progress, having respected counter-strategies of the other parties of the conflict situation. The recommendation of the most advantageous strategies for the individual interested groups of the conflict (transport companies, potential producers of energies from local resources, society) is the result of the process. The construction of the model, having the ability to compare the merits of different options -- related to the energies-utilisation (strategies) is the contribution of the thesis. There is specific approach given to allow finding the results suitable for both interested parties of the conflict situation (producers of the organic matter for the energy production, potential energy producers, local transporting companies). All the results are based mainly on the verified statistic data sources. Resulting model allow good and transparent comparison of different strategies of the different interested groups related to the energy resources. The results could work not only in the area of theoretical calculations, but also companies and interested parties strategies recommendations to their own decision-making processes.
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Design of the ECM management model in the context of informatics management
Lukašovská, Renáta ; Pour, Jan (advisor) ; Svoboda, Vít (referee) ; Molnár, Zdeněk (referee)
Práce je zaměřena na návrh procesů a služeb ECM, o které je rozšířen referenční model řízení podnikové informatiky katedry informačních technologií VŠE v Praze. Na strategické, taktické a operativní úrovni řízení jsou definovány procesy a služby ECM a k nim příslušné parametry a metriky s tím, že je respektována platná legislativa a požadavky systémů řízení jakosti. V aplikační části práce jsou uvedeny výstupy z ověření modelu řízení ECM v praxi a výsledky průzkumu zaměřeného na zjištění stavu implementace aplikací ECM v organizacích působících na českém trhu.
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Měnová politika a její synchronizace s fiskální politikou: vliv na hospodářský růst a inflaci
Řežábek, Pavel ; Schwarz, Jiří (advisor) ; Holman, Robert (referee) ; Komárek, Luboš (referee) ; Šimáček, Milan (referee)
The dissertation deals with the interplay of fiscal and monetary policy in face of uncertainty about the estimation of the true output gap. Theoretical framework of the dissertation set this interplay of monetary and fiscal policy into the realm of game theory, in particularly non-cooperative games of the Nash and Stackelberg equilibrium, respectively. The theoretical framework continued with a description of various methods used for estimation of potential output and output gap, with a special emphasis on methods used in both the Czech National Bank and Czech Ministry of Finance. In the applied part of the dissertation, I studied the interplay of monetary and fiscal policy in the case of Czech economy facing an uncertainty about the estimation of the true output gap. I studied the impact of this interplay on major macroeconomic variables and I tried to determine, which of these two policies plays the role of a leader and which plays the role of a follower in the case of Czech economic environment.
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Company restructuring by ROI
Matějka, Marcel ; Synek, Miloslav (advisor) ; Dvořák, Jiří (referee) ; Páleník, Radek (referee)
The fundamental problem of a company restructuring is the absence of a common criteria indicator when deciding among the product, process and source alternatives. The aim of the study is to solve the problem with new process metrics of capital and ROI and to describe the main areas of the practical use of the new solution.
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Essays on Economic Behaviour
Hudík, Marek ; Kadeřábková, Božena (advisor) ; Pavlík, Ján (referee) ; Boettke, Peter (referee)
The main thesis of these essays is that social phenomena are different from psychological phenomena and thus social sciences do not belong to behavioural sciences. Chapter 1 introduces the fundamental problem of the rational choice theory ("Macaulay's problem"): either the theory is empirical and false or it is without empirical content and true. Various suggested solutions to this problem are reviewed and criticized. It is argued that the problem is evaded once it is admitted that rational choice theory does not attempt to explain behaviour. It was developed to explain decreasing individual demand and its extension to behavioural sciences is illegitimate. In Chapter 2 the difference between the interpretation of rationality in choice theory and demand theory is shown. It is argued that choice theory must adopt the agent's point of view, while demand theory proceeds from the point of view of an observer. Chapter 3 applies the argument to the problem of indifference ("Nozick's problem"): it claims that choice theory must adopt strict ordering of alternatives because indifference is already accounted for in the description of the choice alternatives. The difference between the consumer perception and the objective price-quantity relation embodied in the demand function is further explored in Chapter 4 on the example of the Rothbardian demand theory. It is argued that the law of marginal utility defined in terms of subjective units (i.e. units relevant to the consumer) does not imply nonincreasing demand. Chapter 5 is complementary to the previous and attempts to answer the question, whether the concept of marginal utility is compatible with ordinalism. Finally, Chapter 6 discusses on the methodological level the difference between behavioural sciences and economics. It argues that the difference can be conveniently described with the help of Popper's concepts of 'World 2'and 'World 3'.
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Kvantitativní analýza interakcí fiskální politiky a reálné ekonomiky v České republice
Valenta, Vilém ; Hronová, Stanislava (advisor) ; Arlt, Josef (referee) ; Slačálek, Jiří (referee)
After many decades, macroeconomic effects of fiscal policy have returned to the centre of the economic policy debate. Both automatic fiscal stabilizers and discretionary fiscal stimuli have been used to support aggregate demand during the recent global economic crisis with a subsequent need for large-scale fiscal consolidations. In this context, a proper assessment of the size of automatic fiscal stabilizers and fiscal multipliers represents a key input for fiscal policymaking. This dissertation provides a quantitative analysis of the interactions between fiscal policy and real economy in the Czech Republic. The impact of real economy developments on public finances is assessed based on the methods of the OECD, the European Commission and the ESCB for the identification of general government structural balances, i.e. balances adjusted for effects of the economic cycle and net of one-off and other temporary transactions. I find that the underlying fiscal position, as approximated by the government structural balance, was mostly below the level stabilising the debt-to-GDP ratio since mid-1990s. An indistinct improvement in the structural balance can be identified in the period 2004--2007, which was subsequently reversed by the adverse structural impact of the world economic crisis. At the same time, dynamics of unadjusted fiscal balance was largely determined by one-off transactions in the past. The effects of fiscal policy on real economy are analysed using the structural VAR approach. I find that an increase in government spending has a temporary positive effect on output that peaks after one to two years with a multiplier of around 0.6. Tax multiplier appears to be small and, in contrast to standard Keynesian assumptions, positive. Government spending is supportive to private consumption, contradicting the hypothesis of Ricardian equivalence, but it crowds out private investment in the short run. The results should be interpreted with caution, as the analysis is complicated by rapidly changing economic environment in the period of the economic transition, relatively short available time series and a large number of one-off fiscal transactions.
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