Understanding General-to-Specific Order in Composition

The Failure Of The External Audit Function - 2628 Words

Q1 Accounting firms have evolved during the last three decades to the point where they become so diversified and generated more earnings as opposed to what they have traditionally offered in basic services. This development carried their culture toward profit maximization and cost efficiency, they started to operate similar to every other business where competition and customer satisfaction and retention are paramount. Business ethics, individual ethics, and public interest orientation were declining to a certain extent due to the pressure caused by the previously mentioned financial orientation. The circle of people including the auditors knew or should have known that Enron’s glittering surface masked a different reality. (Satava, 2006) It was obvious that the whole system of corporate governance back then had major issues where Enron s collapse was in a way the wakeup call which triggered major reforms left, right and centre by governments and other key stakeholders. Having said that, the scope of the topic is too multidimensional to cover the lot and we will be concentrating in the answer on the failure of the external audit function by highlighting couple of readily available diagnosis of Duncan s behavioural conduct and try to apply remedies from the ethical perspective using two dimensions, philosophical theories of ethics and from the Accounting Professional and Ethical Standards. David Duncan whose partners debated dropping Enron as a client few months beforeShow MoreRelatedWorld Com Case Essay1081 Words   |  5 PagesWorldCom: internal audit lessons to be learnt On June 9 2003, the U.S. Bankruptcy Court of New York issued a report on the WorldCom accounting fraud that expands on the courts earlier findings of mismanagement, lack of corporate governance, and concern regarding the integrity of the companys accounting and financial reporting functions. Supervised by former U.S. Attorney General Richard Thornburgh, the study was commissioned by the court to investigate allegations including fraud, mismanagementRead MoreThe Case Of Enron And Worldcom1490 Words   |  6 Pageswould still prefer statutory audit if they were exempt because the benefits of external audit offset the cost. This paper begins with the definition and brief description of statutory audit. It will then go on to address main issue by critically discuss whether the statutory audit still serves a purpose. The evidence that agree with this statement would be audit has emerged as powerful key to ensure the accountability and transparency of financial statement. Moreover, audit is frequently prescribed forRead MoreThe National Health Care Billing Audit Guidelines1708 Words   |  7 Pagesauditors have a heavy role and responsibility in performing audits, preventing major accounting errors, and following (GAAP) guidelines. Several duties comprise the role of interna l and outside auditor to follow specific protocol and ensure ethical standards are priority. The National Health Care Billing Audit Guidelines are relevant to address as well as why audit failures happen. Finally, how internal vary from external audit and why audits are overall important to health care organizations. It’sRead MoreTHE NEED FOR AN INTERNAL AUDITOR REPORT TO EXTERNAL STAKEHOLDERS TO IMPROVE GOVERNANCE TRANSPARENCY956 Words   |  4 Pagesï » ¿ Quistions on Academic Research Case The need for an Internal Auditor Report to External Stakeholders to Improve Governance Transparency Naimah AlBaharnah Prof. Liotta, Joseph P AC629, Contemporary Issues In Auditing June 19, 2014 What is the issue being addressed in the paper? †¨ Sarbanes Oxley mandates requires all public companies to establish internal controls and procedures for financial reporting. 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It is difficult to achieve ‘independent’ for auditors as there is the fact that the client pays the audit fee. In this essay, we will focus on the independence of internal audit. Internal audit plays an important role in a company. According to the IIA (1999), â€Å"Internal auditing is an independent, objective assurance and consulting activityRead MoreEssay on Worldcom1595 Words   |  7 Pagescontinued separation of the CEO and chairman, an improved meeting schedule reflecting a minimum of 8 meetings per year, two of which were offsite away from the headquarters and to be lead by the non-executive chairman. Breeden also outlined the functions of board committees, the committee composition and also set director compensation at a flat rate in an effort for the directors to take their roles more seriously. The benefits of these changes would be to conserve the experience of the board butRead MoreImportance of External Auditors1110 Words   |  5 PagesThe aim of this essay is to study the function of external auditors in order to analyze why it is important to be independent. The primary mission of external auditors is to review and evaluate all the financ ial records of a company or corporation. They provide an objective opinion on the organization’s financial statement and effectiveness of the accounting polices in order to help management to make decisions. If the independence of the external auditors is impaired, the public will doubt the qualityRead More Security Risk Management SRM and Auditing Essay1033 Words   |  5 Pagesyour company from the most severe threats to critical IT systems and operational processes. SRM helps your organization understand its assets and analyze the vulnerabilities it must address. Security risk management also facilitates internal and external compliance initiatives. It enables your organization to enforce policies that relate to the integrity of customer data, the configuration of corporate applications and databases, and the accuracy of financial reports. Companies that take a systematicRead MoreInternal Controls And Internal Control System1580 Words   |  7 Pages(IC) and Audit? The numerous financial scandals have highlighted considerable ï ¬ duciary responsibilities of charitable organisation managers, including the relatively weak regulatory oversight of the not-for-proï ¬ t sector. This claim reflects the list of events included in the Charity Scandal Timeline in Appendix 5. There has been an overwhelming demand for charities to adopt a more rigorous corporate governance practices to improve internal control practices, (ACCA, 2013). The failure of an improper

Strategy and Organizational Structure Accounting

Question: Discuss about the Strategy and Organizational Structure Accounting. Answer: Introduction In this report, an attempt is made to apply the concept of Activity Based Costing system to solve th4 requirement of the case. In this, case the Genre Company is a manufacturer of two types of products advanced and basic. The aim of this report is to calculate the overhead rates using traditional methods. The product cost per unit and the price to be charged is also calculated in the report. Further, the cost per activity pool and the cost per unit of the products using ABC system is also used. Lastly in the report the benefits of the Activity Based costing System is also discussed. Analysis of the cost of the product The above tables shows the production costs per unit for the basic as well as advanced products as it is calculated by using traditional costing method and activity-based costing methods (Shields, 2013). In other words, the above calculated costs highlight the problems that take place because of improper overhead calculation. This is the reason why basic product costs arrives at $ 396.40 by using traditional costing method that is much lower as compared from the actual costs amounting to $ 504.30. This reveals the fact that the cost of products is understated. Advanced product, on the other hand is overstated than its actual cost by using activity-based costing method that arrives at $ 181.34 that is lower as compared under traditional costing method amounting to $ 202.92 (Krumwiede, 2014). Benefits of Activity Based Costing ABC (Activity-Based Costing) Method proves to be one of the vital overhead allocation methods that are used in and across the world (Gosselin, 2015). Addition to that, this method allocates the manufacturing overheads aligning with different product lines in a precise way after comparing it with traditional costing method. ABC Method involves the overhead costs that is classified under conducting activities whereby there is incur of costs by the individuals. Therefore, allocation of costs of products will be as per the proportions whereby products are connected aligning with specified activities (Shields, 2013). Some of the benefits of Activity-based costing methods are listed below: Accurate Costing- Activity-based costing method majorly focus on understanding the concept of cause and effects of cost whereby it allocates the overheads in an effective way. This method help in determining the total production cost in an accurate way after comparing it with traditional method of costing (Drury, 2016). Proper Computation of Selling Prices- As far as multi-products is concerned; it becomes difficult in predicting the selling price for each product. This is because of presence of many common overhead costs at the same time. ABC method lf costing help in allocating these types of common overhead from other products in accurate proportions as well as assist ways for computing the selling price in proper manner (Cooper and Kaplan, 2013). Control of Overheads- Activity-based costing will distribute the overhead allocation into various products or departments. In other words, this method is used by the departmental managers for controlling the overhead costs in the most effective way (Brimson, 2015). In this particular case, Genre Company involves in allocating the total overhead cost in terms of direct labor hours by using traditional costing method (Shields, 2013). This is where individual costs do not get related with the direct labor hours. In this, it is mentioned that production costs of basic as well as advanced products have less costs than the other method of costing. This will lead to scenario when management find ways in setting higher selling prices especially for advanced product. Therefore, in case the competitors use the products for selling at low rates then it will give rise to competition to the company (Gosselin, 2015). It is important to understand the fact that companies adopting traditional method will be able to sell their products at lower costs as well as compete with their competitors. On the contrary, Genre Company uses Activity-based costing that will help in reducing the cost of the product by way of cost allocation based on related activities as well as determining proper selling price. Therefore, Activity-based costing is beneficial for Genre Company as they can sell their products at lower rates as well as involve in intense competition at the same time (Shields, 2013). Conclusion The above report shows the calculation of cost under both tradition and ABC costing system. Based on the above discussion and understanding the benefits of ABC system it can be concluded ABC system is better than the traditional costing system. Reference List Ahadiat, N., 2013. In search of practice-based topics for management accounting education.Available at SSRN 2355853. Brimson, J.A., 2015. Activity accounting: an activity-based costing approach (Vol. 14). Wiley. Cooper, R. and Kaplan, R.S., 2013. Profit priorities from activity-based costing. Harvard business review, 69(3), pp.130-135. Drury, C., 2016. Activity-based costing. In Management and Cost Accounting (pp. 273-288). Springer US. Gosselin, M., 2015. The effect of strategy and organizational structure on the adoption and implementation of activity-based costing. Accounting, organizations and society, 22(2), pp.105-122. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Krumwiede, K.R., 2014. The implementation stages of activity-based costing and the impact of contextual and organizational factors. Journal of management accounting research, 10, p.239. Otley, D. and Emmanuel, K.M.C., 2013.Readings in accounting for management control. Springer. Quinn, M., 2014. Stability and change in management accounting over timeA century or so of evidence from Guinness.Management Accounting Research,25(1), pp.76-92. Renz, D.O., 2016.The Jossey-Bass handbook of nonprofit leadership and management. John Wiley Sons. Shields, M.D., 2013. An empirical analysis of firms' implementation experiences with activity-based costing. Journal of Management Accounting Research, 7, p.148.

Problems And Difficulties In Capital Budgeting Accounting Essay Essay Example

Problems And Difficulties In Capital Budgeting Accounting Essay Paper There are several factors and considerations which make the capital budgeting determinations as the most of import determination of finance director. The relevancy and significance of capital budgeting may be stated as follows: Long term consequence: Possibly, the most characteristics of a capital budgeting determinations and which makes the capital budgeting so important is that these determinations have a long footings effects on the hazard and return composing of the house. These determination affect the future place of the house to a considerable extent as the capital budgeting determinations have a long term deductions and effects. By taking a capital budgeting determination, a finance director in fact makes a committedness into the hereafter, both by perpetrating to the hereafter needs of financess of the undertakings and by perpetrating to its future deductions. The masking characteristic between short term determinations and capital budgeting determinations is the clip. We will write a custom essay sample on Problems And Difficulties In Capital Budgeting Accounting Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Problems And Difficulties In Capital Budgeting Accounting Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Problems And Difficulties In Capital Budgeting Accounting Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Significant Committedness: the capital budgeting determinations by and large involve big committedness of financess and as a consequence significant part of capital financess are block in the capital budgeting determinations. More attending is required for capital is required for capital budgeting determination. In footings hence, more attending is required for capital budgeting determinations, otherwise the house may endure from the heavy capital losingss in clip to come. It is besides possible that the return from a undertakings may non be sufficient plenty to warrant the capital budgeting determination. Irreversible determinations: most of the capital budgeting determinations are irreversible determinations. Once taken, the house may non be in a place to return back unless it is ready to absorb heavy losingss which may ensue due to abandoning a undertaking in midway. Therefore, the capital budgeting determinations should be taken merely after sing and measuring each minute item of the undertaking, otherwise the fiscal effects may be far making. Affect the capacity and strength to vie: the capital budgeting determinations affect the capacity and strength of a house to confront the competition. A house may lose fight if the determination to overhaul is delayed or non justly taken. Similarly, a timely determination to take over a minor rival may finally ensue even in the monopolistic place of the house. Problems and Troubles in Capital Budgeting The job in capital budgeting determinations may be as follows: Future uncertainness: all capital budgeting determinations involve long term which is unsure. Even if every attention is taken and the undertaking is evaluated every minute item, still 100 % correct and certain prognosis is non possible. The finance director covering with the capital budgeting determinations, hence, should seek to be every bit analytical as possible. The uncertainness of the capital budgeting determinations may be mention to cost of the undertaking, hereafter, legal commissariats, political state of affairs etc. Time Component: The deductions of a capital budgeting determination are scattered over a long period, the cost and benefit of a determination may happen at different point of clip. as a consequence, the cost and benefits of a capital budgeting determination are by and large non comparable unless adjusted for the clip value of money. The cost of a undertaking is incurred instantly ; nevertheless, it is recovered in figure of old ages. These entire returns may be more than the cost incurred, still the net benefit can non be ascertained unless the hereafter benefits are adjusted to do them comparable with the cost. Furthermore, the longer the clip period involved, the greater would be the uncertainness. Measurement Problem: sometimes a finance director may besides confront troubles in mensurating the cost and benefits of undertakings in quantitate footings. For illustration: the new merchandise produced to be launched by a house may ensue in addition or lessening due to other factor besides. Types Of Capital Budgeting Decisions The undertaking may besides be classified as gross bring forthing undertakings or cost reducing undertakings. In general, the undertakings can be categorized as follows: From the point position of firmaa‚Â ¬a„?s being: the capital budgeting determinations may be taken by a freshly incorporated house or by an already existing house. New Firm: A new integrated house may be required to take different determinations such as choice of a works to be installed, capacity use at initial phases, to put up or non at the same time the accessory unit etc. Existing Firm: A house which is already bing may besides be required to take assorted determinations from clip to clip to run into the challenges of competition or altering environment. From the point of position of determination state of affairs: The capital budgeting determinations may besides be classified from the point of position of the determination state of affairs as follows: Mutually Exclusive Decisions: Two or more alternate proposals are said to be reciprocally sole when credence of one alternate consequence in automatic rejection of all other proposals. The reciprocally sole determinations occur when a house has more than one alternate but competitory proposal before it. For illustration, choosing one hardship bureau to take attention of the promotional run out justly rejects all other competitory bureaus. Similarly, choice of one location out of different executable locations is a reciprocally sole determination. Accept-Reject Decisions: An Accept-Reject determination occurs when a proposal is independently accepted or rejected without respect to any other alternate proposal. This type of determination is made when proposal is cost and benefits neither consequence nor are affected by the cost and benefits of other proposals. Contingent Decisions: sometimes, a capital budgeting determination is contingent to some other determination. For illustration, cybernation of a bank subdivision may necessitate non merely air-conditioning but besides transportation of some staff member to other subdivisions. Similarly, put ining a undertaking at some distant location may necessitate outgo or development of substructure besides. Solution CALUCATION OF CASH FLOWS Particulars Sum Net income before revenue enhancement and depreciation ( PBT ) Depreciation ( w.note ) 2,00,000 -1,53,343 Net income before revenue enhancement Tax @ 50 % 46,657 23,329 Net income after revenue enhancement ( PAT ) 23,328 Cash influx ( each twelvemonth ) = Net income after revenue enhancement ( PAT ) + depreciation = 23,328 + 1,53,343 = Rs.1,76,671 Terminal influx in the 7th twelvemonth = Rs.30,000 ( trash value ) Working NOTESaa‚Â ¬ : Calculation of depreciation = Cost of works + installing cost aa‚Â ¬ bit value Economic life = 11,00,000 + 3,400 aa‚Â ¬ 30,000 7yrs = Rs.1,53,343 CALCULATION OF NET PRESENT VALUE Year hard currency influx PVF ( 10 % , N ) Entire PVF ( Rs. ) 1 1,76,671 0.909 1,60,594 2 1,76,671 0.826 1,45,931 3 1,76,671 0.751 1,32,680 4 1,76,671 0.683 1,20,667 5 1,76,671 0.621 1,09,713 6 1,76,671 0.564 99,643 7 1,76,671+30,000 =2,06,671 0.513 1,06,022 Sum of influxs 8,75,250 Less: hard currency escape ( at clip 0 ) -11,03,340 ( Plant cost +installation charges ) NPV ( 2,27,975 ) NPV = PRESENT VALUE OF CASH INFLOW PRESENT VALUE OF CASH OUTFLOW Decision Since the NPV of the proposal is negative, the proposal needs to be rejected.

Adoption Rights for Gay Couples Essay Example

Adoption Rights for Gay Couples Essay Example Adoption Rights for Gay Couples Essay Adoption Rights for Gay Couples Essay Adoption Rights for Gay Couples Gay couples live lives just like any other couples, except with more limitations and challenges. Unlike straight couples, gay couples cannot marry, visit their ill partner in the hospital, or adopt children. This is outright wrong and unfair. Same sex couples have the potential to be just as adequate parents as straight couples, if not better. Ultimately same sex couples deserve the opportunity to adopt children. To start with, gay couples make great parents just like straight couples, and in some cases, even better parents. Still, regardless of a couple’s parenting abilities, they are less likely to be able to adopt children. Same sex couples are capable of giving love, making a living, providing a home, and all of the other aspects that a parent must obtain. It is downright wrong that same sex couples often get denied the privilege of adopting a child in need. â€Å"A growing body of scientific literature demonstrates that children who grow up with 1 or 2 gay and/or lesbian parents fare as well in emotional, cognitive, social, and sexual functioning as do children whose parents are heterosexual† (Perrin). There are so many children in the world needing a home and a loving family. It is horrible to think that same sex couples are believed to be incapable of providing just that. Generally, when a child has same sex parents, that child has the potential to be introduced to a much more diverse upbringing than most children. Gay couples face ridicule every day, knowing that they do not have the rights and privileges of straight couples, such as marriage and legal rights. They are a minority, making them more sensitive to diversity. Most same sex couples end up adopting children from foreign countries. Therefore, the children are often of a different race or religion. America is known as a â€Å"melting pot†, so then diverse families should be included. Gay couples have to face diversity challenges every day. So if their child witnesses what their parents go through, they are more likely to want to change that in their future. As a result, America would be a much more tolerant country, with less racism and other discrimination. With that in mind, it is obvious that same sex couples are discriminated against in adoptions. They are often turned down simply because they are homosexual. This is morally wrong and unfair. America has improved on discrimination immensely in the past, but we still need to come farther. People are being turned down because of their sexual orientation, which they were born with, and thus cannot change. African Americans were born with dark skin; yet, we allow them to adopt children. Gay couples are born homosexual, yet they are punished in so many different ways. We need to stop this hurt, and give them the same opportunities as everyone. Nevertheless, there are some people who propose reasons why same sex couples are denied the opportunity of adopting children. Those individuals would say that families are headed by a mother and a father, and same sex couples would not be able to offer that aspect of parenting. Also, they cannot be married, so the children would have unmarried parents, another common trait of a family. Although it is a valid statement, that does not mean that gay couples should be denied the ability to adopt. Regardless of the sex of the parents, the important thing to remember is that a child will have a home, with two loving parents. There is no legitimate reason why they should be overlooked and turned down for adoptions. In the long run, same sex couples are used to being treated unfair, and deal with diversity every day of their lives. If a gay man or woman is in a relationship with either the biological parent, or an adoptive parent, they have a better chance of being able to adopt their partner’s child; a same-sex couple has a very small chance of being able to adopt on their own (Cusick and Kranz 79). There is no logical reason why they should be denied the opportunity of adopting a child and having a family. Yes, a stereotypical family has a mother and a father; but stereotypes are broken often, as our society constantly changes from what our ancestors were raised in. â€Å"All of the research to date has reached the same unequivocal conclusion about gay parenting: the children of lesbian and gay parents grow up as successfully as the children of heterosexual parents. In fact, not a single study has found the children of lesbian or gay parents to be disadvantaged because of their parents sexual orientation† (Gay Adoption). There is absolutely no excuse to discriminate against these couples. Same sex couples deserve the right to adopt children just like any other couple. Gay Adoption. Political debates. You Debate. 8 Dec. 2008 lt; youdebate. com/debates/gay_adoption. htmgt;. Kranz, Rachel, and Tim Cusick. Gay Rights. 2nd ed. Vol. 1. New York City, NY: Facts On File, Inc. , 2005. 1-362. Perrin, Ellen C. Technical Report: Coparent or second parent adoption by same-sex parents. Pediatrics. Feb. 2002. American Academy of Pediatrics. 8 Dec. 2008 lt;http://pediatrics. aappublications. org/cgi/content/abstract/109/2/341gt;.

What role does the coach play in developing athletes, and what Essay

What role does the coach play in developing athletes, and what importance does the Coach Athlete relationship have on performance - Essay Example The importance of the â€Å"coach-athlete† relationship on performance will also be discussed. Being a facilitator, a coach should ensure that an athlete is focused on improved performance. A coach should create the right conditions that will allow athletes to concentrate on improving their performance (Balague, 1999). Athletes need not be stressed by challenges that may be present in their professional life. They need to concentrate on how they will improve their performance. Concentration is crucial in the success of an athlete’s career. It is the role of the coach to create an environment that will make it easy for athletes to focus on performance (Huber, 2013). Coaches need to eliminate all possible distractions. This phenomenon is psychological in nature because an athlete will hardly concentrate if there are issues that are making it difficult for him to concentrate (Jowett & Chaundy, 2004). It is necessary for a coach to remain focused on his job as a coach. When he concentrates on his roles as a coach, he is able to execute them easily, thus maximizing the potential of the athlete. The coach needs to be in the right state of mind and focus on the athlete. The coach should concentrate on the wellbeing of the athlete (Jowett & Cockerill, 2003). A coach is an athlete’s manager. Control is a crucial in management. As a manager, a coach should have control over the athlete (Jowett, 2003). Control is the ability of the coach to direct, regulate, check, manage and positively influence an athlete. The coach has to make the athlete know that he is in control as his mentor and role model. If the coach is able to control the athlete, the athlete will have a positive attitude towards his own training and performance. Control entails a coach’s authority over an athlete. A coach should let his authority be felt so that the athlete can respect and adhere to the rules set by the coach (Kidman, 2005). As a planner,

Geography of water and energy resources Essay Example | Topics and Well Written Essays - 250 words - 5

Geography of water and energy resources - Essay Example ountries is $34.442 trillion while that of the Middle East OPEC countries is $ 2.1348 trillion, an indicator that the G7 countries are more productive, economically. This identifies mean GDP of $ 4.92 trillion for the G7 countries and $ 0.3558 trillion. This translates to a GDP per capita of $ 43, 132.88 for the G7 countries and $ 14,112.79 for the Middle East OPEC countries (Central Intelligence Agency, 2014). The G7 countries therefore have better production efficiency than the Middle East OPEC countries because even though the G7 countries have higher populations, their per capita incomes are far higher than per capita incomes of the Middle East OPEC countries. G7 countries are considered as economic giants in the world and this perception is consistent with the reality, based on the analysis. Gross domestic products of the Middle East OPEC countries are all below a trillion dollars while the lowest GDP among the G7 countries is above a trillion dollars. Higher average GDP and per capita GDP for G7 countries than for Middle East OPEC countries show