Auditing - Assurance and Compliance Involves Systematic Examination

Question: Describe about the Auditing, Assurance and Compliance for Involves Systematic Examination. Answer: 1 (a) Auditing is a procedure that involves systematic examination of the organizational documents, statutory records and accounting books to determine the true and fair view. Auditors are required to perform substantive and analytical procedures to check the accountability and transparency of the financial information of the organization for the benefit of stakeholders. Auditors occupy the reasonable responsibility to present the financial statements and other business records in true and fair view however the absolute responsibility lies on the management of the organization (Leuz and Wysocki 2016). Accordingly, the auditors are liable on presentment of the business information in transparent form but the auditors are nor responsible for wrong or unfair business decisions including the transactions with third parties. Auditors negligence is considered with respect to the presentment of the business information as per the courts decision in Candler v Crane, Christmas Co. According to the case decision, the judgment formed as liability of the auditors towards third party as well as third party solicitors being non- clients (Abed et al. 2016). In the given situation, King and Queen audit firm had been notified by the third party i.e. the solicitors of client companys financers on the grounds of inadequate measurement of provisions and decline in inventory value. It has been noted that Impulse Pty Limited suffered liquidity problems as well as the valuation of inventory declined, which was not considered by the auditor. Further, the company acquired big amount of loan from a financing company in order to accumulate additional working capital. According to the legal regulations of auditing, King Queen audit firm was responsible to verify the true and fairness view while reporting the debtors value, inventory value and other financial information. Disclosure of material discrepancies in the latest financial statements and other relevant business documents helps the users to measure the performance of the organization as well as the financial position (Baldauf, Steller and Steckel 2015). Considering the case of Hill v Van Erp (1997) 188 CLR 159, it had been opined that the duty of the auditor towards the third party or clients solicitor is reasonable subjected to the principles and professional standards. Since the appropriate disclosure of financial information provides impact on the organizational performance, investment decision, financing decision and other business decision is affected. In the present case, decision on acquisition of finance for working capital could not be the obligation of audit firm King Queen. How ever, appropriate disclosure liquidity problems, fall in inventory value and debtors value in the relevant documents by the auditors would have given a clear information to the finance company. Hence, it can be concluded that King Queen was not directly liable to EFL but the firm was reasonably liable for inappropriate and incomplete disclosure of companys financial information (Martin and Van Linden 2015). 1 (b) The financial statements of Impulse Pty Ltd for the financial year 2012 were audited by King Queen audit firm who provided an unqualified audit report. However, the organization had liquidity problems including the fall in debtors turnover and valuation of inventory. During the year 2012 the company had trading problems and acquired big amount of loan from EFL finance company to support the working capital. Unqualified report refers the opinion of auditor on companys financial statements to be true and fair including the appropriate disclosure and compliance of all the relevant accounting principles. The audit report of Impulse Ltd disclosed as unqualified report while the company was facing several financial problems in real (Chan, Lo and Mo 2015). Accordingly, disclosure of appropriate and material financial information affects several business and investment decisions by the users of financial statements. Similarly, in case of Impulse Limited the loan was provided by the finance company on the basis of audited report of the financial year 2012. The report was unqualified however, in actual the financial position of the company was not sound and appropriate. Further, according to the auditing standards and principles, auditor is responsible and liable to examine the financial information of the company to determine the true and fairness presentation for the benefit of stakeholders (Cheung 2015). Hence, in the present case, King Queen audit firm was held liable for performing and presenting the audit report with integrity and professional competence. Therefore, in case EFL had provided a written application for intending to provide loan to Impulse based on the financial report 2012, then King Queen would have had absolute obl igation. However, the liability of the audit firm had occurred only if the written form was accepted by King Queen firm for the purpose of reliance on the audited financial statements. Moreover, in general terms auditors responsibility on disclosure of companys financial statements is considered to be perceived independence and the users of such report utilize the same for making decisions. Hence, the answer would remain partially same on absolute responsibility of audit firm if EFL obtains the application on reliance on financial reports in the written form (Cohen et al. 2015). 2 (a) Independence of auditors means the independence of internal auditor of the organization or statutory auditor of the organization against the financial interest in the audited company. It involves the integrity and ethical behavior in performing the process of audit including the maintenance of objectivity, due diligence and confidentiality of the auditing company. Actual independence refers to the independence that is followed by the auditors in performing audit procedures in order to examine the accountability, transparency and true and fairness of the financial information disclosures. On the contrary, perceived independence refers to the independence deemed to be followed by the auditors while auditing the companys financial and statutory records. It involves conducting of auditing procedures by means of integrity and confidentiality of the auditing company as per the requirements of auditing standards (Earley 2015). Both actual and perceived independence forms essential part of the auditors independence in order to achieve the independence targets. In general, actual independence means the independence of auditors state of mind in order to deal with the particular situation. It refers to the capability of the auditor to make decisions independently stating the accountability of the organizations financial statements and other statutory documents. On the contrary, perceived independence means the consideration of independence by the auditors during the compromising situation by maintain the professional integrity (Funnell, Wade and Jupe 2016). Independence of auditors is important while performing the audit procedures for the organization in order to form the audit opinion against the examination of the financial statements and other documents. Independence of auditors is essential so the opinion and judgments of the auditors are not influenced by the relationship between the auditors and the management of the client company. Independence should be followed to form unbiased and direct judgment on the verification of the books of accounts for the benefits of the stakeholders. Since financial statements are prepared and presented for the use of organizational stakeholders, it is important to disclose all the material information with true and fair view. Therefore, the auditor of the organization is responsible to form independent opinion for the accountability of the financial information. Further, auditing also requires as due diligence for the purpose of business acquisition, diversification hence the auditor is required t o have independence to form correct valuation and honest opinion of the business activity. Additionally, independence of auditors refers to the charge of audit fees irrespective of any substantial interest and there should not be any collection of audit fees as a part of clients business income (Parida et al. 2015). In case of first situation, independence of auditor with respect to copying the financial information of the client company for completion of assignment has been maintained since the auditor the companys references. In the second situation, Wendy performed the duties of company secretary due to absence of the organizational secretary, which does not affect independence of the auditor if the duties are performed by maintaining integrity. It is important follow the independence while performing the audit work for the auditing company. As the secretarial work involves several confidential work of the company, it is the auditors duty to perform the work independently and maintain the confidentiality (Rikhardsson and Dull 2016). 2 (b) Auditing standards forms requirements of principles and ethical standards to perform the audit procedures by maintaining integrity and professional ethics. Australian Auditing Standards provides principles for the auditors that are required to be followed from the audit engagement, examination of books of accounts, statutory books and financial statements. There are several standards that have been established by the auditing boards to review on audit engagements, assurance engagements and audit on related services, which were issued before 1 July 2004 (Soh and Martinov-Bennie 2015). In the first situation, Bob, an audit assistant as well as a university student utilized the financial information of the auditing company Club Casino in order to complete the university assignment. However, Bob used the information by removing the references of the auditing company to maintain the confidentiality. According to Auditing Standard 102 on Compliance with ethical requirements when performing audits, reviews and other assurance engagements, auditor is required to maintain the independence, professional ethics and confidentiality for verification of financial information and other documents. The auditor is required to follow the conceptual framework to maintain the quality control and other regulatory compliance by following professional competence (Therisa and Sony 2016). It states that the auditor should not disclose the clients financial information or any other organizational details that affects the confidentiality and personal information. In the present case, even t hough Bob did not use the companys reference he is said breach the auditing standard on 102 as well as 200 on objectives of the Independent auditor. This is because Bob used the financial information of the company to complete the university assignment, which would be circulated out of the companys premises and without the knowledge of organizational management. Second situation represents the divergence of auditors work in the company that involves performance of company secretarial duties. Wendy performed the secretarial duties because the secretary of the Ace Company was not retired and the company took six months time to replace the position. According to the Auditing standards 210 on audit engagement states that certain services that an auditor can perform other than the audit work of the company. However, such services should not include the day to day business or if the services involves confidential information (Williams 2015). Moreover, Wendy was engagement partner in the Ace Limited audit hence, there was no breach of standards performed on conducting the secretarial services. Third situation involves the audit work of the individual for a firm, Precision Machinery Limited in order to test the internal controls of the cash payments system. The auditor was a temporary auditor and was the eldest son of the factory foreman. As per the auditing standards, audit work or audit procedures are conducted by professional auditors or by the audit assistant working under the auditors (Ismail and Mustapha 2015). Accordingly, Leo is eligible to conduct internal control test only if he either is a professional auditor or employed as an audit assistant of the firms auditor. In the fourth case, default in audit fees for three years have been paid by the company to the auditors Chan and Associates in terms of new office furniture which was worth 50% of the balance. According to the standards on auditing for discharge of audit fees, it states that the audit fees should not form part of organizational products and organizational issued shares. Further, the outstanding audit fees is required to be paid in full as well as in the form agreed while forming the audit engagement. In the given case, the dues of audit fees were paid in the form of companys products as well as the value was not paid in full along with the payment of issued shares. An auditor is not entitled to acquire the companys shares by any means therefore the regulatory requirement is said to have breached (Grimm, Hofstetter and Sarkis 2016). Reference List Abed, S., Abed, S., Al-Najjar, B., Al-Najjar, B., Roberts, C. and Roberts, C., 2016. Measuring Annual Report Narratives Disclosure: Empirical evidence from forward-looking information in the UK prior the financial crisis.Managerial Auditing Journal,31(4/5), pp.338-361. Baldauf, J., Steller, M. and Steckel, R., 2015. The Influence of Audit Risk and Materiality Guidelines on Auditors Planning Materiality Assessment.Accounting and Finance Research,4(4), p.p97. Chan, K.H., Lo, A.W. and Mo, P.L., 2015. An empirical analysis of the changes in tax audit focus on international transfer pricing.Journal of International Accounting, Auditing and Taxation,24, pp.94-104. Cheung, J.C., 2015. Professionalism, profession and quality assurance practitioners in external quality assurance agencies in higher education.Quality in Higher Education,21(2), pp.151-170. Cohen, J., Ding, Y., Lesage, C. and Stolowy, H., 2015. Media bias and the persistence of the expectation gap: An analysis of press articles on corporate fraud.Journal of Business Ethics, pp.1-23. Earley, C.E., 2015. Data analytics in auditing: Opportunities and challenges.Business Horizons,58(5), pp.493-500. Funnell, W., Wade, M. and Jupe, R., 2016. Stakeholder perceptions of performance audit credibility.Accounting and Business Research, pp.1-19. Grimm, J.H., Hofstetter, J.S. and Sarkis, J., 2016. Exploring sub-suppliers' compliance with corporate sustainability standards.Journal of Cleaner Production,112, pp.1971-1984. Ismail, H. and Mustapha, M., 2015. Auditing the Auditors: The Audit Oversight Board and Regulating Audit Quality in Malaysia.Journal of Modern Accounting and Auditing,11(3), pp.138-142. Leuz, C. and Wysocki, P.D., 2016. The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research.Journal of Accounting Research,54(2), pp.525-622. Martin, R. and Van Linden, C., 2015. Big Dreams and Little Money for Speech Recognition: Revenue Generation by Outsourcing Research and Development.Journal of the International Academy for Case Studies,21(6), p.309. Parida, A., Kumar, U., Galar, D. and Stenstrm, C., 2015. Performance measurement and management for maintenance: a literature review.Journal of Quality in Maintenance Engineering,21(1), pp.2-33. Rikhardsson, P. and Dull, R., 2016. An exploratory study of the adoption, application and impacts of continuous auditing technologies in small businesses.International Journal of Accounting Information Systems,20, pp.26-37. Soh, D.S. and Martinov-Bennie, N., 2015. Internal auditors perceptions of their role in environmental, social and governance assurance and consulting.Managerial Auditing Journal,30(1), pp.80-111. Therisa, K.K. and Sony, M., 2016. Enhancing impact of ergonomics in educational institutions: theoretical foundations and practical viewpoints.International Journal of Process Management and Benchmarking,6(2), pp.133-146. Williams, J., 2015. Does a neurodevelopmental movement program affect Australian school children's academic performance? Unlocking Potential: A report.Australian Journal of Child and Family health Nursing,12(2), p.12.

Human Resource Management Southen Food

Question: Discuss about the Human Resource Management Southen Food. Answer: Introduction The report provides a critical analysis about the Human Resource Issues at Southern Foods Limited (SFL). The company in order to strengthen the overall production has to increase the overall production. In order to make sure the steadiness and excellence the company needs to impose firm standards on both the employee behaviors and production process. Due to the demanding and unstable relationship between customer and supplier the company needs to keep costs down and to reduce the staff to the minimum. The report provide with suggestions to meet out the contingencies caused due to imbalance in between the production unit and Human Resource Practices. Situational analysis As per the current scenario the board of directors has figured out a method to increase the production instead of a purchase of machinery. They have decided to operate for 24 hours a day. According to them one of the three machines should be dedicated to promotional relishes. The purpose is to improve the overall production and to improve efficiency in labor costs. Comprehensive and critical review Running a unit for 24 hours will create a burden on the employees. Management has asked to eliminate the slow production. Moreover the case study reflects that the management doesnt want to hire more than 6 labors to cover up the additional requirements. In case if the whole process of Unit B is closed the employees will shift to the previous structure. Key HR issues Excess burden on the employees due to 24 hours of shift. The productivity of employees will be hampered due to current proposal(Storey,2007). Training and development of employees is a problem in order to develop skills. Health and safety regarding the new process is questionable. Recruitment of fewer employees against the required (Boxall Purcell, 2011). Employees retrenchment Reduction in the cost per case and increasing the output per head (Noe,Hollenbeck, Gerhart Wright,2007). Employees queries are not addressed properly Issues in respect of employee relations and training The staff dedicated to the Unit B is considered to be the most efficient in thr whole unit. This is due to the specialized nature of training and development which has increased the burden on the company. Recommendations To discuss the current issue with the employees in order to meet the requirements. They should hire part time employees in order to meet needs. To provide employees with efficient training and development. To create awareness among employees about the whole process. Need to restrict employees retrenchment in order to hold their faith. Focus need to be paid on employees and industrial productivity (Bratton Gold, 2012). Effectual implementation of policies in mutual concern. Management need to find an effective policy to meet the purpose. Conclusion The report examines the human resource issue undergone by the company Southern Foods Limited (SFL) due to significant change in the Human Resource policies. The report describes the key human resource issues in the organization. Recommendation regarding the current issue is given in the report to ascertain the effectual remedies. References Storey, J. (2007).Human resource management: A critical text. Cengage Learning EMEA. Boxall, P., Purcell, J. (2011).Strategy and human resource management. Palgrave Macmillan. Noe, R. A., Hollenbeck, J. R., Gerhart, B., Wright, P. M. (2007).Fundamentals of human resource management. Boston, MA: McGraw-Hill/Irwin. Bratton, J., Gold, J. (2012).Human resource management: theory and practice. Palgrave Macmillan.

Elementary Argumentative Essay Samples

Elementary Argumentative Essay SamplesIn elementary argumentative essay samples, you will find five different types of examples. You can use this in your educational research and writing, or just for personal use. By the time you finish this lesson, you will be able to find a lesson that works for you.In the first type of argumentative essay, you will find an in-context example. This means that the writer is using one example of an activity to explain how a similar situation would work. It does not matter whether that activity is taking place in class, at a workshop, or out in the field.For instance, if you were to write an essay on two men, the following might work as an example: 'The above example is used as an illustration of what one man might do.' The writer is trying to prove something to you.Another way to use this type of essay example is to use it as a question type. For instance, you could use the question as a subhead for a subtopic in a larger argument. For instance, this could help you with your project on the famous painting 'The Scream'. 'Explain how a painting like The Scream could become popular despite the fact that it is an ugly picture of a screaming face.Finally, in the second type of essay, you will find an objective statement. This means that the writer is trying to convince you that the main argument is true, so that your response to the topic can relate to the topic.Here is an easy way to look at this type of essay. The argument will probably seem like it has some merit to it, but not everyone can agree with you. Therefore, the writer wants to show you that it is possible to disagree, and then explain how you will get past your disagreement.In the last two types of essays, you will find that the essay is going to explain a problem, or perhaps an issue that you are experiencing in your life. When you read this type of essay, it might seem easy to believe what is being said, but sometimes the writer is saying things that you do not agree with.It might be necessary to be more critical of the essay samples that you are given, or your results might not be what you expected. Remember, that every example that you will find is unique. There is no right or wrong answer when writing an essay on this topic.

English 303 /Logan Essays - American Film Directors, James Foley

English 303 /Logan Essay 4: Compare and Contrast Glengarry Glen Ross + 1; Poems Draft due:Tuesday, December 5. Bring 5 copies to class. Final Due:Thursday, December 7, 11pm, Extended: Friday, December 8, 11pm, via Canvas Length: 2000 words Value:300 points Choose one of the following topics for your essay 4. As always, your essay should argue a specific, debatable interpretation on the topic and not be merely a survey of that topic. Cite evidence from the works to support your claims, and use MLA format. (Glengarry Glen Ross, 1992, dir. James Foley, is available at the ARC Library, and is available for rental via Amazon streaming and YouTube.) Glengarry Glen Ross and The Great Gatsby present what seem to be very different versions of the American Dreambut are they truly so different? Define each work's vision of the Dream (success, failure, self-creation, freedom, and individuality), comparing and contrasting their treatments of this theme. Compare and contrast the gender roles and expectations dramatized in Glengarry Glen Ross and The Great Gatsby or Brokeback Mountain. Both Glengarry Glen Ross and "The Open Boat" depict a small group of men struggling for survival. Compare and contrast the challenges each group confronts, how they deal with them, and the camaraderie and conflict that ensue. (You may also write on this same topic about Glengarry Glen Ross and "The Things They Carried.") Though separated by more than a century, Glengarry Glen Ross and "Bartleby, the Scrivener" depict their respective eras' "common man" working lives. Compare and contrast their conditions, social codes, and values, as well as the price people pay to work in these worlds. Compare and contrast two Poems of the Week (Canvas Modules, analyzing their speakers, themes, and figurative language (metaphor, simile, symbols, et al.). You may also choose to create your own topic, provided it includes Glengarry Glen Ross and one other work from our syllabus. Email me ([emailprotected]) with your topic proposal for approval by Friday, December 1, 11pm, before proceeding.

gore essays

gore essays Vice President Al Gore is the Democrat candidate for president for this Tues. November 7,2000 election. Gore has many views on many issues, but his views on small businesses and minority small businesses are the following. Gore positions on small businesses are favorable. He supports the effort of the entrepreneur. He wants to make health insurance more affordable and more accessible for small businesses through a 25 percent tax credit for premium costs for each employee of a small business that decides to join a purchasing coalition. He also assists workers, up to $6,000, in obtaining training courses, or certification programs, that improve information technology skills. In the effort of support of small business Gore wants to provide a tax relief for stay-at-home-parents and expand family leaves for those working outside the home. He also wants to institute a Retirement Savings Plus Plan: Tax free savings accounts that will enable working Americans to build a retirement nest egg in addition to Social Security's guaranteed benefit. The Federal Government would match individual contributions with government contributions, with lower income workers receiving the largest contributions. These tax in centives will help small businesses to establish high-quality employee pension plans and proposals to simplify pension and improve portability. Al Gore belief is a strong believes in affirmative action and defends his position of the issue. Gore believes that Affirmative action is something that is still needed in America. He believes that the progress we've made in America toward civil rights in the 20th Century must be only the beginning of the progress we'll make in the 21st Century in the regard to racial equality. This ties in with minority owner small business by open doors for them. If elected president Gore will work to open up new doors of opportunity to neglected communities - with a third round of Empowerment Zones, t...

Savings Bond in America Essay Example | Topics and Well Written Essays - 500 words

Savings Bond in America - Essay Example It can also be redeemed as early as one year after its purchase, making it a short-term investment. The bond holdings require no additional fees and "bond purchaser is not required to have a bank account to buy, hold, or redeem a bond and therefore is not subjected to the burdensome ChexSystem review" (Lopez-Fernandini). There are two types of bonds with which small savers can choose: the Series I U.S. Savings Bond which was introduced in 1998 or the newer Series EE bond introduced in 1980. The two bond options are available at the Treasury Department, at financial institutions, internet banking system, through the payroll savings plan while and through select employers with valid social security number (Lopez-Fernandini). Currently, the Treasury Department issues 8 denominations for the paper EE bonds - $50, $75, $100, $200, $500, $1,000, $5,000, and $10,000 denominations. There is also an introduction of the electronic EE bonds which can "be bought in increments of one penny for $25 or more" (Treasury Direct). A purchase limit of $5000 worth of EE Bonds for each calendar year was set by the government (Treasury Direct). "Savings bonds are backed by the full faith and credit of the United States government" (Vohwinkle). This makes U.S. Savings Bonds the safest investment. "The return on Series I bonds (5.64% in early 2009) is currently outpacing Treasury Bills, affirming bonds as a competitive and safe investment.

Historical and Theoretical Studies Essay Example | Topics and Well Written Essays - 2000 words

Historical and Theoretical Studies - Essay Example Inevitably, within this changing cultural climate, design took on new guises and performed new roles. During the early postwar period, which was one of economic, social and cultural reconstruction in the industrialized world, design played a crucial, although usually silent, role. It became an important factor within two areas of postwar life; the first as part of the need to create a national identity for products on the international market and the second in the formation of mass culture - both of them highly significant aspects of the world history of the post-1945 period (Bonsiepe, 1965). Within this economic rebirth the manufacture and trade of goods played a major role. The reasons for this resurgence were complex but the strongest stimulus, in addition to the numerous social and economic changes that occurred in these years, was the rapid development of technology. Many advances had been made during the Second World War, including the development of radar and work in aircraft production which, in Britain, was sustained into the 1950s. Perhaps the most significant development of the late 1940s, however, was that of the transistor which made possible the miniaturization of electronic equipment, including computers, which in turn were to play such a central role in the postwar period, both in the automation of production and in information retrieval (Stearn, 1968). As a result of the numerous social, economic and technological changes that... The lesson presented by the prewar USA example that 'design sells' was learnt and digested and became one of the major strategies in most countries' programmes of industrial reconstruction and within international trading in the postwar period (Rogers, 1946). Design in postwar Italy was quick to develop into a highly sophisticated marketing exercise. Because its products were aimed from the beginning at a small, wealthy, international market, Italy was able to focus on quality and aesthetic innovation as the two defining characteristics of its consumer goods. This inevitably placed a strong emphasis on the role of the designers, giving them the sole responsibility of finding the right visual formula for the product. For the most part, disillusioned with prewar Rationalism because of its associations with fascism, they took their cue from contemporary fine art incorporating into many of their designs sensuous curves directly inspired by the abstract, organic sculpture of artists like Henry Moore, Hans Arp, Alexander Calder and Max Bill (qq.v.). The Turinese furniture designer, Carlo Mollino (q.v.), took this expressive aesthetic to an extreme in what he called his 'streamline surreal' tables and chairs. As a result of this pioneering work Italy, in particular Milan, soon became a centre for debate and discussion about progressive attitudes towards design, and the postwar Triennales, three-yearly exhibitions of design which had been initiated in the 1920s (Huisman and Patrix, 1968). Mollino was the most idiosyncratic of the Italian postwar furniture designers. Based in Turin rather than Milan where most furniture designing went on, he developed a personal style