Audit as a Tool for Preventing Bankruptcy Risks and Evaluating Development Prospects for Tourism Industry Companies
Abstract
The purpose of the study is to explore the possible courses for increasing the value of audits in preventing bankruptcies in the tourism industry. The key method of the study is the expert survey that 108 Kazakh companies working in the tourism and travel industry have taken part in. The results of the survey show that currently, the risk of bankruptcy among travel companies is fairly high. The results obtained indicate that currently, there is a significant demand from the tourism industry for a broader scope of the audit.
References
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[24] Shaposhnikov, V.A., Nechkin, O.S., Dorozhkin, V.E. and Tkacheva, O.N. 2017. Audit as obligatory form of surveying of legal entities' activities when carrying out financial analysis in course of procedures of cross-border bankruptcy. Eurasian Journal of Analytical Chemistry, 12(7): 1357-1365.
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[27] Law of the Republic of Kazakhstan of March 7, 2014 No. 176-V ЗРК “On Rehabilitation and Bankruptcy”. Available at: https://adilet.zan.kz/rus/docs/Z1400000176
[28] PwC. 2019. The future of audit: perspectives on how the audit could evolve. Available at: https://www.pwc.co.uk/who-we-are/future-of-audit/pwc-future-of-audit-report-july-2019.pdf
[29] UNWTO. 2020. The impact of COVID -19 on international tourism. Available at: https://webunwto.s3.eu-west-1.amazonaws.com/s3fs-public/2020-09/TMIC.pdf
[30] World Travel & Tourism Council. 2020. To Recovery & Beyond: The Future of Travel & Tourism in the Wake of COVID-19. Available at: https://wttc.org/Portals/0/Documents/Reports/2020/To%20Recovery%20and%20Beyond-The%20Future%20of%20Travel%20Tourism%20in%20the%20Wake%20of%20COVID-19.pdf?ver=2021-02-25-183120-543
[2] Arshad, M.A., Satar, R.A. Hussain, M. and Naseem, M.A. 2011. Effect of audit on profitability: a study of cement listed firms, Pakistan. Global Journal of Management and Business Research, 11(9): 8-12.
[3] Baird, D.G., Casey, A.J. and Picker, R.C. 2018. The bankruptcy partition. University of Pennsylvania Law Review, 166(7): 1675-1714.
[4] Boon, G.J. 2018. Harmonising European Insolvency Law: the emerging role of stakeholders. International Insolvency Review, 27(2): 150-177.
[5] Bratton, W.W., and Skill, D.A. 2018. New and old frontiers of bankruptcy. University of Pennsylvania Law Review, 166(7): 1571-1595.
[6] Buccola, V.S.J. 2019. Bankruptcy’s cathedral: property rules, liability rules, and distress. Northwestern University Law Review, 114(3): 705-750.
[7] Dun & Bradstreet Worldwide Network. 2019. Global bankruptcy report. https://www.bisnode.de/globalassets/germany/pdf-dokumente/studien/global_bankruptcy_report_2019.pdf
[8] Ege, M.S. 2015. Does the quality of internal audit functions restrain management's misconduct? Accounting Review, 90(2): 495-527.
[9] EY. 2018. How can the digital transformation of reporting build the bridge between trust and long-term value? Using data and technology to drive a new future for corporate reporting. Financial Accounting Advisory Services Fifth Global corporate reporting survey. Available at: https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/assurance/assurance-pdfs/2018-EY-Global-Financial-Accounting-Advisory-Services-Corporate-Reporting-Survey.pdf
[10] Gant, J.L.L. 2019. Book review of pre‐insolvency proceedings: a normative foundation and framework, by Nicolaes Tollenaar. International Insolvency Review, 28(2): 278-293.
[11] Gopalakrishnan, B., and Mohapatra, S. 2020. Insolvency regimes and firms' default risk under economic uncertainty and shocks. Economic Modelling, 91: 180-197.
[12] Hermes, E. 2020. Calm before the storm: Covid-19 and the business insolvency time bomb. Available at: https://www.eulerhermes.com/content/dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/publications/pdf/Final-2020_07_16_InsolvencyTimeBomb.pdf
[13] Kuznetsov, N.I., Ukolova, N.V. Monakhov, S.V. and Shikhanova, J.A. 2017a. Economic research of transfer of technologies for manufacturing high-tech production in Russia: bio-fuel. Journal of Environmental Management and Tourism, 8(3): 606-611.
[14] Kuznetsov, N.I., Ukolova, N.V., Monakhov, S.V. and Shikhanova, J.A. 2017b. Provisions for Effective Development of Regional Agricultural Systems in Russia’s Economy. Journal of Advanced Research in Law and Economics, 8(2): 490-495.
[15] Kuznetsov, N.I., Ukolova, N.V., Monakhov, S.V. and Shikhanova, J.A. 2018. Public-private partnership in the agriculture of Russia and the European Union: economic problems and prospects for development. Journal of Advanced Research in Law and Economics, 8(8): 2475-2482.
[16] Lee, S.-H., Yamakawa, Y., Peng, M.W. and Barney, J.B. 2011. How bankruptcy laws affect entrepreneurship worldwide? Journal of Business Venturing, 26(5): 505-520.
[17] Linna, T. 2019. Insolvency proceedings from a sustainability perspective. International Insolvency Review, 28(2): 210-232.
[18] Madaus, S. 2018. Leaving the shadows of US Bankruptcy Law: a proposal to divide the realms of insolvency and restructuring law. European Business Organization Law Review, 19(3): 615-647.
[19] Mironiuc, M., Robu, I.-B. and Carp, M.2012. The use of survival analysis for obtaining audit evidence in assessing companies' ability to continue as a going concern Innovation and Sustainable Competitive Advantage: From Regional Development to World Economies. Proceedings of the 18th International Business Information Management Association Conference, 2: 1017-1035.
[20] Murzaliyeva, A., Dosberdiyeva, G., Karshalova, A. and Mirzhakypova, S. 2018. Introduction of the model for the management accounting of the outpatient care quality based on internal audit. Espacios, 39(41): 31.
[21] Peng, M.W., Yamakawa, Y. and Lee, S.-H. 2010. Bankruptcy laws and entrepreneur-friendliness. Entrepreneurship: Theory and Practice, 34(3): 517-530.
[22] Sánchez, C.P., De Llano Monelos, P. and López, M.R. 2012. La evaluatión de la probabilidad de fracaso financiero. Contraste empírico del contenido informacional de la auditoría de cuentas [Evaluation of the likelihood of financial failure. Empirical contrast of the informational content audit of accounts]. Revista Espanola de Financiacion y Contabilidad, 41(156): 565-587.
[23] Sattar, U., Javeed, S.A. and Latief, R. 2020. How audit quality affects the firm performance with the moderating role of the product market competition: Empirical evidence from Pakistani manufacturing firms. Sustainability, 12(10): 1-20.
[24] Shaposhnikov, V.A., Nechkin, O.S., Dorozhkin, V.E. and Tkacheva, O.N. 2017. Audit as obligatory form of surveying of legal entities' activities when carrying out financial analysis in course of procedures of cross-border bankruptcy. Eurasian Journal of Analytical Chemistry, 12(7): 1357-1365.
[25] Sukkur, M. 2012. Bankruptcy systems and economic performance in different countries: some empirical evidence. European Journal of Law and Economics, 33(1): 101-126.
[26] Wang, R., Zhou, S. and Wang, T. 2020. Corporate governance, integrated reporting and the use of credibility-enhancing mechanisms on integrated reports. European Accounting Review, 29(4): 631-663.
[27] Law of the Republic of Kazakhstan of March 7, 2014 No. 176-V ЗРК “On Rehabilitation and Bankruptcy”. Available at: https://adilet.zan.kz/rus/docs/Z1400000176
[28] PwC. 2019. The future of audit: perspectives on how the audit could evolve. Available at: https://www.pwc.co.uk/who-we-are/future-of-audit/pwc-future-of-audit-report-july-2019.pdf
[29] UNWTO. 2020. The impact of COVID -19 on international tourism. Available at: https://webunwto.s3.eu-west-1.amazonaws.com/s3fs-public/2020-09/TMIC.pdf
[30] World Travel & Tourism Council. 2020. To Recovery & Beyond: The Future of Travel & Tourism in the Wake of COVID-19. Available at: https://wttc.org/Portals/0/Documents/Reports/2020/To%20Recovery%20and%20Beyond-The%20Future%20of%20Travel%20Tourism%20in%20the%20Wake%20of%20COVID-19.pdf?ver=2021-02-25-183120-543
Published
2021-09-30
How to Cite
ALIMBEKOVA, Gaukhar et al.
Audit as a Tool for Preventing Bankruptcy Risks and Evaluating Development Prospects for Tourism Industry Companies.
Journal of Environmental Management and Tourism, [S.l.], v. 12, n. 6, p. 1617-1626, sep. 2021.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/6440>. Date accessed: 23 apr. 2024.
doi: https://doi.org/10.14505//jemt.12.6(54).17.
Section
Article
Copyright© 2023 The Author(s). Published by ASERS Publishing 2023. This is an open access article distributed under the terms of CC-BY 4.0 license.