Auditing Self Regulation and Government Regulation

The first goal states is to “establish and maintain an effective regulatory environment that promotes

In this essay I will discuss a few terms and how their relationships apply between regulation and market structures, as well as how regulation policies affect the market.

is duty bound to follow regulations and laws to ensure the safety of consumers by

This necessitated the need for development of regulatory measures for the industry. Bank regulation is a legal structure by which all financial

Following rules and regulations is important for institutions and any type of establishment to maintain organization and most importantly provide safety for those involved. For the organization and safety of everyone involved, it is important to comply with particular criteria.

While nothing is perfect, I think regulatory agencies are both necessary and good in creating balance in a growing and changing society. For the most part, regulatory agencies are good because they protect the public from unfair business practices, discrimination, and to ensure safety practices amount many other things. For example, the U.S Equal Opportunity Commission regulates and ensures businesses comply with federal laws that make it illegal to discriminate.

I come to this conclusion with a heavy heart. If it was my choice I think governmental regulation or oversight should be used for all of the industries listed in Part B. Really any industry I choose I can come up with a thousand reason why they should be regulated. Retail is less important simply because it is kind of self-regulated by supply and demand (unless we are talking about food). Once consumers find out something about a retailer they show support by buying or lack of support by not purchasing products.

This also means that our political leaders that should be concerned about the effects of regulation. In my opinion, there advantages and disadvantages to regulation. The advantages are the Government should be regulating certain things to make life safer and to make America stronger, and better place to live. The disadvantages are, the government should be regulating with more common sense. What I'm saying is the government should consider the costs and the benefits of what they're regulating. Unfortunately, if the Government does not, Americans run the risk of some kind of regulation that can't be explained by anyone except a bunch of lawyers which is going to cost the taxpayers more

1. The elimination of potential regulatory gap or overlaps arising from member regulation and market regulation

Likewise, "Enlightened Regulatory Capture" by David Thaw, contributed alternative views of the role of interest groups and exterior actors in the public policy making process. This will be a beneficial component of literature because it will express how the regulatory process must, inevitably, have active outside players to run effectively. When addressing the issues of regulatory capturing in the industry and executive agencies, it will be important to consider balancing the role of outside players.

Furthermore, these regulations also act as a standard for the aviation regulators to issue certificates, licences, registrations and permits that is related to the aviation industry. This is to ensure that the particular holder meets the safety requirement in all the aspect that is included in the regulations and hence, making the airspace safer. To maintain high standard of aviation safety, safety education and training programs should be provided by the aviation regulators

Regulation is defined as a set of rules that is designed to control and govern conduct by authority (Deegan 2009, p.59). On the basis of this definition, Deegan (2009, p.59) has defined regulations relating to financial accounting as rules that are developed by independent authoritative body to govern the preparation of financial statements which are accounting standards. Since decades ago, there have been arguments for and against the existence of accounting regulations. With a stance of pro-regulation, this essay is going to examine the reasons that financial accounting and reporting should be regulated and the merits of accounting regulations.

An initial objection uses the basic argument that a few cases of regulation successfully advancing the public interest does not undermine the public choice theory. This theory, known as the straw theory, puts forth the idea that regulation does not always end with interest groups receiving regulatory rents, but does enough times to draw attention to the efficiency of the regulation process. The theory should be able to incorporate these few cases. Croley responds in this case first by explaining the conceptual criticism of the theory would remain regardless of the analyses of the cases in this particular circumstance. Furthermore, if the theory were to “accommodate” those few successful examples of regulation it would not have “predictive” or “explanatory” power because of its inability to rule out any regulatory outcomes. In this case, the previous

For nowadays, maybe, these two texts are not up to date. However, in my opinion, they describe the importance of the regulator in the economy of the state. As the initial topic of this essay is how and why one should reform the global economy, it is important to understand that for

At the same time, the regulators should be as transparent as possible and fully accountable. The accountability and transparency of the regulator will increase the credibility of the regulator and in-turn benefit the regulated entity. Types of Financial Regulation Financial regulation in a country can be done either by a single body called a single regulator or multiple bodies co-existing and working together or in a hierarchy of entities known as multiple regulators. A regulator whether single or multiple does not determine the economic standing of a country or its financial strength. Many developed countries of the world follow either the system of single regulation or multiple regulations. Often in times of economic crisis or financial boom in the country’s economy the government of the nation will review its regulatory system and choose to expand or close down some of its regulatory bodies.