Budgeting in Public Organizations: Planning, Management, and Audit

Rujittika Mungmunpuntipantip — 2024-09-03

This article aims to provide comprehensive information on the budgeting process in public organizations in Thailand. It covers various aspects of budgeting, including planning, management, and audit. By understanding the essential concepts and practices of budgeting, public organizations can effectively allocate and utilize their resources to achieve their mission and goals. This article comprises five sections: Budgeting in Public Organizations, Planning the Government Budget, Proposal and Approval of the Budget Plan, Budget Management in Public Agencies, and Monitoring and Evaluation of Budget Implementation.

Understanding the Basics of Law and Contracts

Pathum Sookaromdee — 2024-09-03

This article provides an overview of the fundamental principles of law and contracts, with a focus on construction contracts. It covers the types of construction contracts, the documents involved in a construction contract, and the basics of contract performance.

Promoting Child Justice and Criminology: A Process of Ensuring Equitable Outcomes

Rujittika Mungmunpuntipantip — 2024-09-03

This article explores the critical process of promoting child justice and criminology to ensure fair and equitable outcomes for children involved in legal proceedings. It highlights the importance of legal reforms, specialized approaches, and proper interventions to address juvenile delinquency effectively. The article also emphasizes the need for fair trials and offers recommendations to strengthen the criminal justice system's response to juvenile offenders.

The Public Perception of Factors Influencing the Fall of the Futures Exchange (FTX) in Nassau, Bahamas

Widline Toussaint — 2024-09-03

Introduction: In 2021, American consumers lost over $5.8 billion due to financial fraud, which escalated to $8.8 billion in 2022. The Federal Trade Commission (2022) reported a 70 per cent increase over 2020, underscoring the urgency of understanding the factors behind the downfall of investment institutions like the Futures Exchange (FTX) in Nassau, Bahamas. This study delves into the public’s perception of these factors, a crucial aspect in the aftermath of such financial crises.

Objectives: This study seeks to 1) assess the current level of consumer confidence in investment securities in The Bahamas following the downfall of FTX; 2) identify factors that contributed to FTX’s downfall;3) propose measures that will prevent the recurrence of FTX; and 4) understand how certain perceived factors can lead to mass withdrawals of deposits from financial institutions when customers believe a financial institution is on the brink of insolvency.

Methods and materials: The researchers adopted a phenomenological case study perspective to delve into the current topic. The case study design involved a comprehensive exploration of the experiences of various stakeholders affected by the FTX downfall. This included selecting specific cases (regulators, banks, securities traders, FTX investors, and regular Bahamian citizens) and gathering data through interviews, observations, and analysis of relevant documents.

Findings: About 33.33 per cent of replies to the question “How did you become knowledgeable about FTX?” are similar, meaning that people mostly learned about it from various media outlets or internet resources. Due to FTX’s prominence in the cryptocurrency market and its engagement in government activities in the Bahamas, this knowledge has grown. Searches on the internet, investing news, and educational environments like commerce classes in high school were used to find information about FTX. 37.5 per cent of respondents perceive the current policies as adequate and positive.” One respondent stated, “I perceive them as enlightening and helpful, especially for a first-time investor”. Respondents express confidence in the existing regulatory framework, recognising its effectiveness in safeguarding investors and providing guidance on risk tolerance, asset allocation, and strategies. “I have confidence in the regulator”, stated another participant. 12.50 per cent of respondents mentioned the lack of transparency within FTX regarding its financial operations. This includes concerns about FTX operating with minimal transparency regarding its financials and lax oversight within its organisation. Although headquartered in The Bahamas, FTX appeared to conduct most of its business elsewhere. One of the respondents mentioned that this lack of transparency could make it difficult for regulators to identify potential risks. The other respondent stated that lack of accountability concealed risky practices and poor financial decision-making.

Conclusion: Weak verification and auditing processes and a lack of thorough audits can create doubts about the accuracy and reliability of financial information provided by institutions like FTX. Therefore, adequate research on companies like FTX should include the required auditing and financial reporting processes that should be taken. More research is needed when applying companies’ operations, and a lack of policies and regulations suggests a failure to identify and address potential risks early. Customers may perceive these shortcomings as indicative of broader systemic issues, leading to mass withdrawals as a precautionary measure.

International Journal of Public Finance, Law & Taxation (Online ISSN: 2581-3420)

Budgeting in Public Organizations: Planning, Management, and Audit

Understanding the Basics of Law and Contracts

Promoting Child Justice and Criminology: A Process of Ensuring Equitable Outcomes

The Public Perception of Factors Influencing the Fall of the Futures Exchange (FTX) in Nassau, Bahamas