PL EN


2011 | 27 | 52-80
Article title

AUDIT AS A TOOL FOR DETECTING ADVERSE IMPACT OF DERIVATIVES ON THE COMPANY (Audyt jako narzedzie detekcji niekorzystnego wplywu instrumentów pochodnych na przedsiebiorstwo)

Authors
Selected contents from this journal
Title variants
Languages of publication
PL
Abstracts
EN
High-amplitude of changes in foreign exchange markets had often a negative impact on the financial results of Polish exporters in 2008-2009. The design of adopted financial instruments and the height of the security show insufficient internal control over the implementation of the exchange rate risk protection policy in public entities, where financial loss has repeatedly exceeded the expected benefits. Most of the serious irregularities in this aspect came out of speculative transactions of senior or middle management staff and errors caused by faulty estimates, or insufficient knowledge about the design of derivatives. The text refers to the above situation, resulting from the need to thoroughly verify the current level of risk by the amount of securities derivatives in the company. The author's is to remind the regulations which would significantly reduce risk and demonstrate a mechanism whereby members of the internal audit committee under the board and external auditors, and the government of the company to protect the examined subject from the risk from improper use of the potential which undoubtedly are given by currency options. Support for active security policy is the indicator presented in Chapter 2. Extremely important is the fact that the meter will indicate the risk ex ante, before the consequences in the form of financial losses and an increase in long-and short-term debt
Keywords
Year
Issue
27
Pages
52-80
Physical description
Document type
ARTICLE
Contributors
  • Kowalski Pawel, Katedra Marketingu Miedzynarodowego Uniwersytetu Lódzkiego, 90-131 Lódz, ul. Narutowicza 59a, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
11PLAAAA102812
YADDA identifier
bwmeta1.element.12a1542e-9d22-398f-a70b-81bfc10906b9
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