فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 77 (بهار 1402)

Public Sector Internal Audit, by delivering reliable and consulting services in line with improvement and eliminate challenges can support organizations to achieve goals and provide better services. The purpose of this study is to provide a model for the establishment of internal audit in the public sector entities in Iran. The approach of the research is based on qualitative method by using fuzzy Delphi model. The statistical population consisted of 85 experts and elites in the internal audit who were selected as the expert group of the research by using non-probability sampling technique.Finally, after the consensus of the experts, we establish the framework internal audit in public sector by considering external environment and our country criteria. This framework can assisting ministers and heads of state agencies in promoting the level of performance and evaluation of financial and operational accountability in addition to growth and improvement of the financial oversight system and the increase of efficiency, effectiveness and economic scale in the public sector.

In this research, operational budgeting was investigated in the form of four groups of contextual factors, structural factors, human factors and other factors on operational and research budgeting with analytical model, balanced evaluation method. The statistical population of this study is all executive bodies subject to Article (5) of the Civil Service Management Law. Data were obtained using 182 questionnaires and analyzed using structural equation method and Smart PLS software. In this model, the balanced evaluation method was adapted to the three-part cycle of performance management and a three-part model of performance management, based on balanced measurement, is obtained. The results showed that the identified structures in operational budgeting have a positive and significant effect on the performance of executive agencies. The structures of "structural factors", "human factors" and "other factors affecting the implementation of operational budgeting (including personality, acceptance and ability)" have a positive and significant effect on performance, but the structure of "underlying factors" has a significant effect. It does not affect the performance of executive agencies. Also, meanwhile, the balanced scoring technique in each of the three stages of the model affects the relationship between operational budgeting and the performance of executive agencies. Also, operational budgeting explains 60% of changes in the performance of executive bodies. These findings confirm the theoretical foundations of operational budgeting, especially structural factors, human factors, contextual factors and other influential factors.

The earnings forecasts report is considered as one of the most important and effective reports in investors' decision-making. The purpose of this study is to present an earnings forecasts reporting framework in Iran's capital market. To achieve this research goal, the earnings forecasts reporting framework was identified first by studying the theoretical foundations and the background of the research, as well as interviewing 21 experts using the snowball method and the theme analysis method. Then, through the implementation of the fuzzy Delphi method and solicitation of opinions from 183 experts using a questionnaire and targeted judgmental sampling method, a consensus was reached on the reporting framework, resulting in the presentation of the earnings forecasts reporting framework in Iran's capital market. The research population included university faculty members, employees in regulatory organizations, investors, auditors, and providers of financial information. The research results showed that out of 122 detailed themes extracted through theme analysis, categorized into six main themes and 14 sub-themes, 97 detailed themes obtained the consensus among the Delphi group, thereby forming components of the earnings forecasts reporting framework. The main elements of the earnings forecasts reporting framework encompass generalities, environmental fields, characteristics, consequences, challenges, and evaluation. The findings of this research can serve as a guide for developing financial reporting standards and modifying procedures and regulations.

The management forecasts earnings is one of the disclosed information outside the financial statements, which reflects the management's forecast about the future prospects. This report is one of the most important sources of information for companies in the capital market. Corporate management possesses considerable information advantages about contingencies related to future profitability. Management disclosures are considered a valuable and potential source of information for investors. Investors are interested in estimating the future benefits of their investment so that they can assess receiving future cash earnings as well as the value of their shares. Therefore, the expected earnings from companies are important for investors and beneficiaries to make investment decisions.
How to present the earnings forecast report has been a challenging issue in recent years. Therefore, in the current situation, examining the framework and reporting method of earnings forecasting in the Iranian capital market using the opinions of experts is regarded as an essential need.
Considering the importance of earnings forecast reporting for investors, the problem of the current research is: What is the earnings forecast reporting framework in Iran's capital market? Additionally, what are the components of this framework based on the country's economic and capital market conditions?

Literature Review:

There are several reasons for disclosing the information of managers and publishing the earnings forecast report. One reason for this is agency theory, which refers to the conflict of interests between managers and owners. In addition, we can refer to the Signaling theory, Expectation adjustment hypothesis, and Legal liability hypothesis.
The primary framework of earnings forecasting reporting includes the purpose, users, limitations, environmental fields, characteristics, and consequences.
Hirst et al. (2008) provided a framework regarding management earnings forecasting. They categorized earnings forecasts into three components including antecedents, characteristics, and consequences. They concluded that earnings forecasting characteristics are less explored in both theoretical and empirical research, despite managers having the most control over this component.
Preussner and Aschauer (2022) synthesized the literature on management earnings forecasts and adaption mechanisms, combined existing theories into a unifying framework. Overall, the literature review provides strong support for a positive correlation between the extent and credibility of management earnings forecasts, on the one hand, and stock returns, share liquidity, and analyst coverage, on the other hand. Earnings forecasts tend to be optimistically biased, with a positive correlation with forecast uncertainty, earnings flexibility, financial distress, investor sentiment, and the share price dependency of managers' remuneration. Firm growth, legal liability, and litigation risk are significantly associated with forecast pessimism.
Until 2017, listed companies in Tehran Stock Exchange published an independent report titled earnings forecasts report. The Securities and Exchange Organization announced in a notification that since January 2018, the Issuers are not allowed to publish earnings forecasts report. Instead, they are required to prepare and disclose the management's interpretive report alongside the interim and annual financial statements. Recently, as of July 2021, the return of the earnings forecast report was announced with a new procedure for five industries.

To achieve the goal of the research, the primary framework was first identified by studying the literature review and theoretical background. Semi-structured interviews were then conducted with 21 experts using the snowball sampling method. The data from the interview was analyzed using the theme analysis method and the earnings forecasts reporting framework was extracted according to the country's environmental characteristics. Finally, the fuzzy Delphi method was implemented and opinions were gathered from 183 experts through a questionnaire and targeted judgment sampling method to reach a consensus on the earnings forecasts reporting framework.
The statistical population of the research included university faculty members, employees in regulatory organizations, investors, auditors, and providers of financial information.

The research results showed that out of 122 detailed themes extracted through theme analysis, which were categorized into 6 main themes and 14 sub-themes, 97 detailed themes obtained consensus from the Delphi group and were identified as components of the earnings forecasts reporting framework. The main themes of the framework are generalities, environmental fields, characteristics, consequences, challenges, and evaluation. Each main theme consists of sub-themes. For example, the generalities theme includes sub-themes such as purpose, users, and limitations. The environmental fields theme covers aspects related to the forecast environment and company characteristics. The characteristics theme encompasses the method of publishing, features, text of the report, and assurance. The consequences theme addresses the consequences of publishing and non-publishing. The challenges theme explores the challenges in the environment and the company. Lastly, the evaluation theme focuses on the evaluation of the disclosure procedure.

The findings of this research can serve as a valuable guide for developing financial reporting standards and modifying procedures and regulations.
The paper has some limitations. The use of questionnaires, which is common in humanities research, is inherently limited, and this research is no exception. The time limitation, the diverse knowledge base of the experts, and their interest in the research topic may have influenced the quality of the experts' responses to the questionnaire.

This research has presented the earnings forecasts reporting framework in Iran's capital market, consisting of 6 main themes. The results of this study can help Iran's Accounting Standards Development Committee in developing standards. Furthermore, the Securities and Exchange Organization can use the framework, particularly for the evaluation theme to modify and present regulations related to earnings forecasting reporting. Additionally, investors can use the results of this research to enhance their understanding about the earnings forecast report and make more informed investment decisions. Issuers can also use the framework to improve information disclosure and prepare reports.

I am grateful to all the esteemed professors and experts who helped me in this way. I would also like to express my gratitude to the staff of Allameh Tabataba’i University for their cooperation.

This article models the long-term performance of initial public offerings. For this purpose, the monthly data of 236 IPOs in the Iranian financial market during the years 2009 to 2021 have been selected and modeled by a combined approach in the stepwise method. At first, Modeling was done for 12 periods (including periods of 3 to 36 months) and then by analyzing and comparing the results, the most suitable periods were selected to explain the long-term performance of IPOs. The results showed that the return of the portfolios formed by initial offerings can be explained at a suitable level, and the main factor in explaining the return is market premium, and the profitability and its distribution ratio are also significant factors in explaining the return of initial offerings. The most suitable periods for use as a long-term period were determined as periods of 12, 21 and 27 months.. .

The public financial management system in developing countries is always facing challenges to ensure the compatibility of budget planning and discipline with macroeconomics and resource allocation in accordance with poverty reduction strategies and implementing programs and activities effectively and following up on results. This research was done in order to identify the challenges of the country's public financial management system. This study has a qualitative design and the content analysis method was used to analyze the data. The required information was collected and analyzed in 1400-1401 through semi-structured interviews with 15 experts. The challenges related to public financial management sub-systems which include tax system, treasury system, asset and debt management system, budgeting system, accounting and financial reporting system, audit system and performance evaluation system in four elements, financial resources and non-financial, management and governance system, institutional framework and support structures and in twelve dimensions including lack of financial resources, weak infrastructure and equipment, human resource problems, weakness in executive and operational processes, insufficient support of managers, influence and lobbying, Lack of accountability, weak rules and standards, lack of transparency, weak training, non-implementation of accrual accounting, weak performance budgeting were identified. Identifying these challenges can provide a framework for improving the financial management system and help those involved in reforming the public financial management system.

Considering the impact of CEO Power on a bank’s performance, CEOs can play a role in social responsibility and earnings management. Since earnings management in banks can have various effects on other industries and the economy overall, banks tend to practice earnings management more than non-financial organizations. Moreover, due to lack of transparency and information asymmetry, banks are required to answer to the society than other industries. Therefore, the current research studies the impact of CEO Power on the relationship between social responsibility and earnings management in banks. The research sample includes 16 banks enlisted in the Tehran Stock Exchange Market and Iran OTC between 2016 to 2021 to test the research hypothesis. The findings of the research hypothesis indicate that social responsibility has a significant negative impact on earnings management in banks, which means that increase in social responsibility may lead to decrease in information asymmetry and decrease in lack of transparency, and as a result decrease in earnings management. Also, the findings of the research showed that the CEO power does not play a role in adjusting the relationship between social responsibility and earnings management in banks.

In recent decades, there has been increasing pressure on governments to improve their performance, and in this regard, the importance of achieving sustainable performance has doubled. The effectiveness of the accounting information system in public sector institutions plays an important role in achieving sustainable performance. However, the effectiveness of accounting information systems cannot achieve sustainable performance alone due to rapid changes in the world economy. Based on this, there is a growing demand to create a framework of evaluation that is suitable with the characteristics of the public sector organization for directing, managing and evaluating performance towards achieving sustainable performance. Public scorecard for measuring performance, is a strategic, result-oriented and multi-dimensional model. This study was conducted with the aim of investigating the relationship between the adoption of the public sector scorecard, the effectiveness of the accounting information system and sustainable performance in the public sector. The statistical population of the research was the financial employees of the government offices of Bushehr city, which was determined using Cochran's formula as a sample of 168 people, 175 questionnaires were distributed, and finally 124 completed questionnaires were received and analyzed using structural equations. The findings showed that the adoption of the Public sector scorecard has a positive and significant effect on the effectiveness of the accounting information system, i.e. data input system, data processing system, data storage system and financial statement system. In addition, the effectiveness of the four components of the information system has a positive and significant effect on sustainable performance