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Audit

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Investment Grade Quality
(Inversión de calidad de grado)

La crisis financiera del 1907 impulso la creación del Sistema de la Reserva Federal, e integro la importancia de la información de los mercados el cual implantó el análisis de la calidad crediticia de bonos. No fue hasta la década 1930, cuando el mercado estaba en crecimiento, donde las instituciones bancarias y los nuevos inversionistas deseando una mayor transparencia, provoco la aprobación de nuevas leyes, entres ellas la divulgación obligatoria para los emisores y la creación del SEC. Ya en el 1936, un nuevo conjunto de leyes se introdujeron, prohibiendo a los bancos invertir en “valores de inversión especulativos” (bonos basura). Los bancos solo se les permitió mantener el “Investment Grade” siguiendo los criterios de las tres grandes agencias crediticias: Moodys, Standar & Poors y Fitch. Ya para el 1975, la SEC modifico sus requerimientos mínimos de capital para los agentes de la bolsa, mediante clasificaciones como una medida.[1] Aunque en la actualidad se habla de tres agencias crediticias la realidad es que existen otras pero las mencionadas han tomado dominio en el mercado financiero. Aunque el propósito de cada una de ellas es poder evaluar y otorgar su “Investment Grade” aunque de manera diferente. Estas juegan un papel clave en el mercado de valores, como proveedores complementarios de análisis de crédito para los bancos y otras instituciones financieras para evaluar el riesgo de crédito de valores particulares. Como hemos mencionado anteriormente el “Investment Grades” o el Grado de Inversión, es la calificación crediticias en las cuatro categorías superiores, y es utilizado por las agencias reguladoras para identificar valores que son aptos para la inversión. [2] La calificación de crédito es un indicador financiero a los inversionistas potenciales de la deuda de valores tales como bonos. Por ejemplo, un titulo calificado como “AAA” representa la máxima calidad crediticia. No obstante, una nota “D” representa a los títulos en situación de incumplimiento. Entre estos dos extremos, las calificaciones se dividen a su vez en dos sub-grupos o categorías: calificaciones AAA hasta BBB que se consideran “Investment grade”, en tanto entre BB y C son emisiones de “grado especulativo o non investment”. En la Figura 1.1 se detalla el IG o las calificaciones de las agencias, donde comenzamos hablando de Moodys el cual su “Investment Grade” se da Aaa (considerada como la más alta calidad y el más bajo riesgo crediticio) hasta Baa3 (aceptable capacidad para pagar la deuda a corto plazo), Grado Especulativo se da Ba1 (tiene elementos especulativos y un riesgo de crédito significativo) hasta C (considerado como la más baja calidad por lo general en incumplimiento y baja probabilidad de recuperación de capital o interés) [3]. Sin embargo, a diferencia de Standard & Poors y Fitch su “Investment Grade” es de AAA (representa una capacidad muy fuerte para cumplir con sus compromisos financieros) hasta BBB (tiene capacidad adecuada para cumplir con sus compromisos financieros), Grado Especulativo se da BB (más propensos en los cambios en la economía) hasta un CC (muy vulnerable, bonos muy especulativos). El IG no es estático, por lo que cualquier circunstancia de mercado o de la corporación o país puede provocar una revisión. Así la agencia puede anunciar un downgrade (bajada de nota), upgrade (subida), Outlook (perspectiva de futuro para el emisor, negativa, positiva o estable) o watching list (emite vigilancia, lo que normalmente es negativa, aunque en teoría no tiene porque).
Figura 1.1
|Moody |Standard & |Fitch Fitch |Credit worthiness [ 4 ] [ 5 ] Crédito dignidad [4] [5] |
| |Poor's | | |
| |Standard & | | |
| |Poors | | |
|Aaa Aaa |AAA AAA |AAA AAA |An obligor has EXTREMELY STRONG capacity to meet its financial commitments. Un deudor tiene una |
| | | |capacidad extremadamente fuerte para cumplir con sus compromisos financieros. |
|Aa1 Aa1 |AA+ AA + |AA+ AA + |An obligor has VERY STRONG capacity to meet its financial commitments. Un deudor tiene una |
| | | |capacidad muy fuerte para cumplir con sus compromisos financieros. It differs from the highest |
| | | |rated obligors only in small degree. Se diferencia de los mayores deudores clasificados sólo en |
| | | |pequeño grado. |
|Aa2 Aa2 |AA AA |AA AA | |
|Aa3 Aa3 |AA- AA- |AA- AA- | |
|A1 A1 |A+ A + |A+ A + |An obligor has STRONG capacity to meet its financial commitments but is somewhat more susceptible |
| | | |to the adverse effects of changes in circumstances and economic conditions than obligors in |
| | | |higher-rated categories. Un deudor tiene una capacidad fuerte para cumplir sus compromisos |
| | | |financieros, pero es algo más susceptible a los efectos adversos de los cambios en las |
| | | |circunstancias y condiciones económicas que los deudores en categorías más altas. |
|A2 A2 |A La |A La | |
|A3 A3 |A- A- |A- A- | |
|Baa1 Baa1 |BBB+ BBB + |BBB+ BBB + |An obligor has ADEQUATE capacity to meet its financial commitments. Un deudor tiene la capacidad |
| | | |adecuada para cumplir con sus compromisos financieros. However, adverse economic conditions or |
| | | |changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its |
| | | |financial commitments. Sin embargo, condiciones económicas adversas o cambios coyunturales más |
| | | |probable que conduzca a una capacidad debilitada del deudor para cumplir con sus compromisos |
| | | |financieros. |
|Baa2 Baa2 |BBB BBB |BBB BBB | |
|Baa3 Baa3 |BBB- BBB- |BBB- BBB- | |
|Ba1 Ba1 |BB+ BB + |BB+ BB + |An obligor is LESS VULNERABLE in the near term than other lower-rated obligors. Un emisor es menos|
| | | |vulnerable en el corto plazo que otros emisores con calificaciones inferiores. However, it faces |
| | | |major ongoing uncertainties and exposure to adverse business, financial, or economic conditions |
| | | |which could lead to the obligor's inadequate capacity to meet its financial commitments. Sin |
| | | |embargo, enfrenta constante incertidumbre y la exposición a cambios adversos, financieros, o de |
| | | |las condiciones económicas que podrían conducir a una capacidad inadecuada del deudor para cumplir|
| | | |con sus compromisos financieros. |
|Ba2 Ba2 |BB BB |BB BB | |
|Ba3 Ba3 |BB- BB- |BB- BB- | |
|B1 B1 |B+ B + |B+ B + |An obligor is MORE VULNERABLE than the obligors rated 'BB', but the obligor currently has the |
| | | |capacity to meet its financial commitments. Un emisor es más vulnerable que los deudores |
| | | |calificados como "BB", pero el deudor tiene actualmente la capacidad para cumplir con sus |
| | | |compromisos financieros. Adverse business, financial, or economic conditions will likely impair |
| | | |the obligor's capacity or willingness to meet its financial commitments. Condiciones comerciales |
| | | |adversas, financieras o económicas probablemente la capacidad de pago del obligado o voluntad de |
| | | |cumplir con sus compromisos financieros. |
|B2 B2 |B B |B B | |
|B3 B3 |B- B- |B- B- | |
|Caa Caa |CCC CCC |CCC CCC |An obligor is CURRENTLY VULNERABLE, and is dependent upon favourable business, financial, and |
| | | |economic conditions to meet its financial commitments. Un deudor es ACTUALMENTE VULNERABLE y |
| | | |depende de negocio favorable, financieros, y las condiciones económicas para cumplir con sus |
| | | |compromisos financieros. |
|Ca California |CC CC |CC CC |An obligor is CURRENTLY HIGHLY-VULNERABLE. Un deudor es ACTUALMENTE MUY VULNERABLE-. |
| |C C |C C |The obligor is CURRENTLY HIGHLY-VULNERABLE to nonpayment. El deudor es ACTUALMENTE MUY |
| | | |VULNERABLE-a falta de pago. May be used where a bankruptcy petition has been filed. Puede ser |
| | | |usado en una petición de quiebra ha sido presentada. |
|C C |D D |D D |An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it |
| | | |became due. Un deudor no ha pagado una o varias de sus obligaciones financieras (calificada o no |
| | | |calificada) cuando se haya devengado. |
|e, p e, p |pr pr |Expected |Preliminary ratings may be assigned to obligations pending receipt of final documentation and |
| | |Esperado |legal opinions. Calificaciones preliminares pueden ser asignadas a las obligaciones pendientes de |
| | | |la recepción de la documentación final y dictámenes jurídicos. The final rating may differ from |
| | | |the preliminary rating. La calificación final puede diferir de la calificación preliminar. |
|WR WR | | |Rating withdrawn for reasons including: debt maturity, calls, puts, conversions, etc., or business|
| | | |reasons (eg change in the size of a debt issue), or the issuer defaults. [ 2 ] Puntuación retirado|
| | | |por razones que incluyen: Vencimiento de la deuda, las llamadas, pone, conversiones, etc., o por |
| | | |razones de negocios (por ejemplo, cambio en el tamaño de una emisión de deuda), o los valores |
| | | |predeterminados emisor [2] |
|unsolicited no|unsolicited | |This rating was initiated by the ratings agency and not requested by the issuer. Esta calificación|
|solicitado |no solicitado| |fue iniciada por la agencia de riesgo crediticio y pidió no por el emisor. |
| |SD SD |RD RD |This rating is assigned when the agency believes that the obligor has selectively defaulted on a |
| | | |specific issue or class of obligations but it will continue to meet its payment obligations on |
| | | |other issues or classes of obligations in a timely manner. Esta calificación se asigna cuando la |
| | | |agencia cree que el deudor ha incumplido selectivamente sobre un tema específico o clase de |
| | | |obligaciones, sino que seguirá para cumplir con sus obligaciones de pago en otras emisiones o |
| | | |clases de obligaciones de manera oportuna. |
|NR NR |NR NR |NR NR |No rating has been requested, or there is insufficient information on which to base a rating. |
| | | |Ninguna opinión ha sido solicitada, o no hay suficiente información sobre la cual basar una |
| | | |clasificación. |

Si discutimos la noticia del periódico Desarrollo Peruano enfatiza la importancia de la calificación crediticia en Latinoamérica, con respecto al IG. Se puede observar que en un momento en estos países muchos se encontraba en grado especulativo, lo cual impulso a trabajar fuertemente para mejorar su IG a nivel mundial. No obstante, ellos tienen la certeza que una opinión de (Moody’s, S&P y Fitch), les dará la oportunidad de acceder fácilmente y en mejores condiciones al mercado de inversiones y al crédito internacional. Un ejemplo, son los bonos soberanos, el cual un país bien cualificado tiene mayor probabilidad de atraer a los inversionistas, y colocar sus papeles a menores tasas y a plazos más largos. Observando que Chile en la actualidad se encuentra como el más destacado comparandolo con Alemania, Noruega y Suiza que son países desarrollados y económicamente estables. Mientras tanto otros países de Latinoamérica siguen en su deseo por salir adelante, como lo es Uruguay, Panamá y Perú.[4]
[pic]

Otro ejemplo, en el IG se encuentra Puerto Rico quien en el día de ayer 13 de diciembre de 2012, la Moodys bajo el nivel crediticio cerca del grado de especulativo (bono basura) Baa3. Según la tabla IG quiere decir:”Un deudor tiene la capacidad adecuada para cumplir con sus compromisos financieros. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.Sin embargo, condiciones económicas adversas o cambios coyunturales más probable que conduzca a una capacidad debilitada del deudor para cumplir con sus compromisos financieros”. A pesar que se han tomado medidas fiscales para poder reducir el gasto y el endeudamiento masivo, aun así esto muestra un descontento con la falta de progreso en las persistentes debilidades económicas y fiscales de la isla. O sea que para mantener el mercado tranquilo y generar confianza de que el gobierno puede reactivar la economía, y sobre todo, demostrar que no va a permitir que toda esta situación se salga de control. El gobierno entrante tendrá que: reforzar la capacitación del IVU, mantener el impuesto a corporaciones foráneas, suspender el recorte de tasas contributivas, poner a muchas personas que dependen del gobierno a trabajar, y quizás aumentar las tarifas de varios servicios a los ciudadanos[5]. Es importante entender que la clave de éxito o la caída de una empresa, banco o país se deben a su grado de inversión “Investment Grade”. El objetivo de obtener o mantener un alto IG es poder atraer aquellos inversionistas para que puedan contribuir a la economía. La calificación crediticia básicamente es una manera de medir la confianza para pagar sus deudas. Cuando un país o empresa, tiene demasiados compromisos, los inversionistas pueden empezar a dudar de la capacidad de pago. Esto puede resultar en calificaciones crediticias bajas. Si una agencia de calificación determina que existe un elevado riesgo de impago, la calificación crediticia puede ser disminuida. Cuando una evaluación se reduce, se conoce como una calificación degradada. Y en el momento que el riesgo ha pasado, y la situación financiera se ha estabilizado, la valoración puede volver a subir. En pocas palabras un IG por lo general es uno de los factores utilizados para determinar si una inversión es buena. En conclusión es sorprendente ver la importancia del IG como afecta la economía, no solo de una empresa sino de un país completo. En la actualidad son muchos los países que están poniendo un gran empeño en poder elevar su nivel crediticio. Es impresionante ver como en Latinoamérica países tales como: Chile, Perú, Panamá entre otros ha logrado un buen desempeño fiscal y crecimiento en producción. Esto ha sido un indicador que marca el inicio de atraer nuevos inversionistas a pesar de la incertidumbre internacional. Colocando como objetivo el tomar la posición de países desarrollados que en su presente están al precipicio de bajar su IG. No podemos dejar a un lado nuestro Puerto Rico que en la actualidad se encuentra en jaque nuestro IG. Es tiempo de plantar estrategias económicas y fiscales que brinden seguridad a inversionistas y a las casas acreditadoras, pero sobre todo que fomente el desarrollo económico que puedan ser soluciones a largo, mediano y corto plazo. Nuestro IG puede ser de excelencia, pero para lograrlo tendríamos que tomar medidas que quizás afecte a miles de personas pero a la larga podamos ver los resultados. No sea que por estar señalando las faltas de otros, no contemos con soluciones concretas y nos reflejemos en el espejo de Egipto, España y Portugal como indica la Moodys. ¿Qué pasara próximamente con S&P y Fitch el tiempo nos dirá?

Referencias
Gonzalez, J. (2012, 12 14). Consumado el golpe al crédito boricua. El Nuevo Dia

www. wikipedia .com

www. desarrolloperuano.blogspot.com/2012/08/calificacion-crediticia-latinoamericana. html

www.moodys.com

-----------------------
[1] www.wikipedia.com/investmentgrade
[2] P33 Fundamentals of Financial Management 13th edition, Van horne and Wachowicz jr.
[3] www.moodys.com
[4] www.desarrolloperuano.com

[5] www.elnuevodia.com…...

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...International Science Press, examines the study of the relationship between internal audit and corporate governance with various argumentations of internal audit activities, attempting to sketch out their relationship. It analyses the contribution of internal audit to corporate governance. Based on what I found in the journal and my opinion, this journal have emphasized the importance of internal audit which is really compulsory for every company to follow as it improves the efficiency and effectiveness of the management and company. Moreover it also have mentioned that the relationship and communication between employer and management is important in internal control which is an effective idea on maintaining employer’s loyalty and reduce fraud. But this journal less focus on the disadvantage of internal control if it is not handled wisely which is really need to be considered before implementing internal audit control system. The journal have explained well on how the internal control benefits the company but as an auditor or a manager, one should also consider the disadvantage that might be faced by the company from internal audit control.  Internal audit control systems have a few weaknesses that business owners must address. First, broad application. Internal audit control systems can be very broad in their application and this can create a weaker internal audit control system. Business owners should attempt to develop a system that focuses on......

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Audit

...6-22 a. The function of the independent auditor in the audit of financial statements is expression of an opinion on the fairness with which they present, in all material respects, financial position, results of operations, and its cash flows in conformity with generally accepted accounting principles. The auditor's report is the medium through which he expresses his opinion or, if circumstances require, disclaims an opinion. In either case, he states whether his audit has been made in accordance with generally accepted auditing standards. These standards require him to state whether, in his opinion, the financial statements are presented in conformity with generally accepted accounting principles and to identify those circumstances in which such principles have not been consistently observed in the preparation of the financial statements of the current period in relation to those of the preceding period. The responsibilities of the independent auditor in the audit of financial statements are planning and performing the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. Because of the nature of audit evidence and the characteristics of fraud, the auditor is able to obtain reasonable, but not absolute, assurance that material misstatements are detected.   b. The responsibilities of the independent auditor for the detection of fraud is provide reasonable assurance of detecting......

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Audit

...ILLUSTRATIVE AUDIT ENGAGEMENT LETTER (Date) Name of Auditee Address Dear ________________ We are pleased to confirm our understanding of the services we are to provide you with under this engagement. Audit Scope. USAID’s applicable scope of work that was part of your RFP will be included or referenced to. Audit Objectives. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, the objective also includes reporting on: • Internal control related to the financial statements and compliance with laws, regulations, and the provisions of contracts and grant agreements, noncompliance with which could have a material effect on the financial statements, in accordance with Government Auditing Standards. • Internal control related to major programs and an opinion (or disclaimer of opinion) on compliance with laws, regulations, and the provisions of contracts and grant agreements that could have a direct and material effect on each major program in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Our audit will be conducted in accordance with generally accepted auditing standards established by the Auditing Standards Board (United States); the standards for financial audits......

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Audit

...JetBlue Audit Paper Name Institution Introduction JetBlue boasts to be a local low-cost airline in the United States having being incorporated back in 1998 with the delivery of services commencing in 2000. The incorporation of the airline occurred in Delaware in August, and many consider it a New York hometown carrier. Jet Blue had an approximately 32 million passengers in the year 2014 and the mean flights in a day were 825. Last year, the carrier number of passengers increased to 35 million with an average of 900 flights in a day. Moreover, it was the fifth largest carrier of travelers in 2015 with around 90 destinations in the USA. Considerably, JetBlue since the commencement of operations accomplished success in a duration of six years (JetBlue , 2016). Nevertheless, the company has various shortcomings in its procedures, and the evaluation of the corporation can provide more insights. JetBlue operating environment In the past years, the cost of fuel has continued to be low, and this has enabled JetBlue to have up surged revenues. The airline is also high with a considerable demand of customers as it has one of the best customer services. JetBlue management has over the years continued to monitor expenditures, and this has led to the success of the carrier. The revenue increment of JetBlue has tom some extent outperformed the airline industry by a mean of 6 %. JetBlue had a debt ratio of approximately 0.48 in 2015, which is at its lowest. Undeniably, this is......

Words: 2894 - Pages: 12