How were World War I and World War II truly world wars Essay

How were World War I and World War II truly world wars - Essay Example These to countries had massive control in the affairs of different countries and they used their power to influence much of the political happenings in these countries. The major players of the wars put all their industrial, economic and person capabilities on the war. This impacted heavily on the economies of the countries involved in the wars (p.21). Most of these countries were major world powers and their economies affected the economic situations in other countries. When the economy slumped during the two wars, all countries in the world were affected in one way or another, even when they were not directly involved in the war. The two world wars also changed the face of social relations of different people from different countries (p.26). Each of the opposing sides had allies who fought against the allies of another opposing group, thus creating tension where there were not supposed to be tensions. Reference Dowswell, P., Brocklehurst, R. and Brook, H. 2007. The Two world Wars: An introduction to the first and second world wars. New York: Educational Publishers.

Drama and audience Essay Example for Free

Drama and audience Essay Reverend Hales role in the play is to originally cure of find the illness of Betty. But instead he is described as stiring the witchcraft cauldron that is brewing in Salem Village. Arthur Miller uses words and phrases such as; narrowing his eyes, holding up his hands, surprised, quickly, grasping, rising exhilaration, kindly ect. This describes Reverend Hales character well, as he is a do-gooder within the village. Miller emphasises his importance, by making his character loud, expressive yet good hearted. He makes sure the audience is aware of Hales importance, by making him a figure to look up to, someone that people can see God in, and by making people confess to him he is showing the power he has. Parriss status within the community should be an example to others, but is slowly withering as the accusations of witchcraft within his village and family drag him down. The farmers Proctor, Putnam and Giles, are all below Parris in society. They are the main male characters in the play and because Parris is higher up in society, he remains the loneliest out of the four; this is significant as he knows he cannot cope with all the stress as a single parent and guardian, and a reverend Salem relies on. As previously written, Hale was confessed to by Tituba. She confessed to seeing Satin towards the end of Act 1. Her confession was dramatic and Miller emphasised this well by using language such as; weeps, sobbing in terror, falls to her knees, frightened, suddenly bursting out, in a fury ect. Influenced by the forgiveness given to Tituba, this is significant as she is setting an example and giving ideas to the girls. Abigail copies calling out accusations, as assumed and for example she shouts; I saw Sarah Good with the devil! ect. Scared and confused girls followed in Abigails actions and began calling out accusations as well. The girls soon figure that lying, pretending and accusing others, will take the limelight from them and they will soon be seen as victims and witnesses of Satin. In conclusion, Arthur Millers stage directions in the play, The Crucible, create drama and inform the audience about the nature of the society in Salem. He uses them effectively to create instant excitement and effect as well as defining the characters in detail. The characters are however Millers own creation and through his direction they add drama to the story. The language used in the play highlights the lack of communication in its simplicity and distances itself from the twenty first century. The people in Salem lived solely by their religion and were unable to accept anything that may defy their beliefs. It also showed the lies and deceit that people created to protect their own name and standing in society. Arthur Miller has managed to skilfully tell the story according to historic facts whilst adding his own portrayal of characters to attract audiences today.

The International Business Culture Business Essay

The International Business Culture Business Essay What is meant by the culture of a society, and why it is important for international managers to understand it. Do you notice cultural differences among your classmates. How do those differences affect the class environment or your group projects? Society mean by culture is a set of shared values, assumptions and beliefs that are learnt through membership in a group, and that influence the attitudes and behaviours of group members.   Culture is not innate it can be learned, and it may varies tremendously from society to society. We begin learning our culture from the moment were born, as the people who raise us encourage certain behaviours and teach their version of right and wrong. It is important for the international managers to understand it, to know how to respect towards one countrys culture. Once culture may not work well for the other country and can be interpreted as an insult. Thats why, it is really important to raise the awareness of cultural issues to the international managers to ensure efficiency and effectiveness. Some cultures are difficult to observe and measure; basically managers should be keen and knowledgeable  about it. Managers must develop cultural sensitivity to anticipate and accommodate behavioural differences in various societies. As part of that sensitivity, they must avoid parochialism-an attitude that assumes ones own management techniques are best in any situation or location and that other people should follow ones patterns of behaviour. The managers should know how to adjust and able to cope up with in a diverse cultural differences. Managers can use research results and personal observations to develop a character sketch, or cultural profile, of a country. This profile can help managers anticipate how to motivate people and coordinate work processes in a particular international context. And some cultures may put more emphasis on universal commitments while others put more weight on loyalty to particular people or relationships. Dealing with national culture differences requires not only knowledge adequate behaviours but also more importantly, an understanding of deeper level assumptions and values that explain why certain behaviours are more appropriate than others.   Time effort, reputation and even contracts can be lost to an international manager because of cultural ignorance. Yes I notice cultural differences among my classmates. It can affect group projects and as well class environments. It can affect the group projects in a positive and negative way. Negative: In any group activities we were not being able to express and communicate well. Theres a language barrier that hinders once idea or we cannot easily express what we feel. Different accents, different words having different meanings and connotation that somehow misinterpret. Some of us feel there is a Social Groups and Social Alienation inside the classroom, as each of us has a different culture towards beliefs values and common interests. We dont share similarities; some of my classmates feel isolated from the others. That somehow these dissimilarities create tension in the classroom discouraging them to be more aware and be tolerant to others. Positive: We allow ourselves to accept and adopt a culture. We gain different ideas and nurture these differences that each one of us has. These things can help us in the near future in dealing with various people who have a different culture.   We became knowledgeable in diverse language and culture. We students faced in a diverse classroom and we learn different cultures constantly. We became curious and may ask questions to classmates and we are encouraged to learn another language and culture. Question 2 Critically assess the types of operational conflicts that could occur in an international context because of differences in attitudes towards time, change, material factors, and individualism. Give examples to specific countries. Owners of a company and managing foreign stakeholders who has cultural differences may create managerial challenges.   Companys employing/recruiting people from other culture may arise in operational conflicts because of their differences.   Below are the examples to specific countries where operational conflicts occur in an international context: Time Timeliness in Appointments In US and most of the first world countries really value the time. Scheduled appointments are often treated like a general guideline and to some countries it should be strictly abide by. Failure to come on time may lead to conflict and misunderstanding. Some cultures are more time conscious than others. Punctuality really matters for European countries, as time for them is wealth.   In addition, whether you are in France or in China, your business partners will appreciate your efforts to make good impression if you arrived on time. But failure to do so may feel unlikely not interested or unwell prepared to attend the occasion and business meeting. In New Zealand, they are strict in the number of hours you can work, as they dont want to stress and let the employee feel that they are overworked. They provide certain amount of working time. Filipinos has the manana habit or attitude, instead doing a project/task as early before the deadline comes, they prefer to do it the day before the deadline or in a rush. The habit of saying/doing there will still tomorrow to finish a task.   Change Western Culture considers change as a positive business opportunity. Innovation comes to different type of business in Westernise countries. Business landscape for them is rapidly evolving, changing and transforming which used as a strategy to survive in a never ending changing business trends. Change for them is a good thing as this start of a new business opportunity, start of wealth and new product to market.   Meanwhile, Muslim culture is passive to change due to effect on the gender role and religious practice. They see that a man reflects a dominance of tough, values such as achievement, assertiveness, competition and material success. Religion is something to do with faith that changes are not applicable. That it was written in a book a long time ago and should be abided. In the Philippines or any countries, which Muslim resides, men provide food and work for the family. Muslim wives have nothing to do with it, men are over powered and overwhelmed that results to a conflict.   As well failing to acknowledge the status of Muslim within a business/work or to greet them without respect can leave a bad impression. Material Factors US are considered as materialistic culture. They tend to spend lots of money and invest on material products that sometimes affects to a certain  business opportunities. They are overwhelmed with the money that they have earned and spend it. Lifestyle is very different.   On the other hand, Asian culture valued their natural resources (air, sea, land) sometimes it was misused that result to a conflict.  They give value on natural environment and make new services or products with the natural sources they possess. Individualism Western Culture is highly individualistic like US, Sweden, UK and Germany. They are very confident, independent, have recognition of personal initiative and achievement. Conflicts that UK experience, that they maintain loose social structure, they cant control a person, they more likely to be aggressive and tend to have their own way. While Asian culture  promotes cooperation and teamwork that sometimes they are very dependent to one another. Relying to each other to finish a certain task or project. In the Philippines, conflicts arise when people tend to pass their work and rely to the help of their subordinates or co-workers that results to delayed of a certain task. Without knowing the operational conflicts in an international context may result in some costly blunders in business marketing and management, it also can affect seriously the success of international business negotiations. Question 3 A.) Jo Barnes and Monsieur Hulot are both managers of Port Philip Pharmaceuticals are based in two different countries. Jo Barnes is an Australian International manager who oversees the operation in France under the management if Monsieur Hulot, a French national. Describe and Compare how each of these managers deals separately with the management issue that is affecting the operation of  Port Philip Pharmaceuticals? Jo Barnes is an Austrailan International manager, shes educated, confident, independent woman. Jo Barnes belongs to a country of an individualistic culture,  culture that shows a relative preference for the individual in a contrast to the group. This social structure are characterised by independence, the importance of individuals rights and recognition of personal initiative and achievement. The first approach of Jo was very self-centred that it became obvious that any idea of her running the training programs in testing techniques and quality control was not likely to be well received.   Meanwhile, Monsieur Hulot is a French Manager, which has an element of specialisation, unity of command, and unity of direction, with a hierarchical line of authority, initiative, and esprit de corps. All of the characteristics describes a Collectivist culture, these culture clearly distinguish between in-groups and out groups and expected to subordinate their individual interests for the benefit of their in- groups.   Two countries with different culture, one has been overpowered by being independent and educated (Jo) and the other focused on the benefit of all his subordinates (M. Hulot). They were not able to deal immediately the issues but Jo Barnes was able to adjust to the French culture that makes M.   Hulot be proud of her. B.) One of the challenges of international business in different countries is the different forces of International environment that impacts the role of management of multinational organisations. Evaluate any of the international forces that have affected Port Philip Pharmaceuticals in their operation and its management in France? International force that affects  Port Philip Pharmaceuticals in their operation and its management in France are the following: P3 in France are members of a collectivist, in whom they clearly distinguish between in groups and out groups and are expected to subordinate their individual interests for the  benefit of their in-groups like family and organisation. And value the overall good of loyalty to the group. They became dependent on each other, and trust everyone in their respective work that sometimes not well, as they rely on each other. With a relatively high power distance (uneven distribution of power). Hand in hand with a focus on individual rights and personal achievement. They are concern about their status differences and show proper respect to their superiors. This status difference exist within P3 may be based on age, social class or family role. P3 employees had high opinion for themselves and have professional knowledge. Power distance exists based on education and wealth too. P3 also possess high uncertainty avoidance, they prefer structure and predictability that results in explicit rules of behaviours and strict laws. They do not want changes. Not risk takers. They limit themselves into new ideas or innovation.   Language barrier was also became an international force to P3s management and operation. One of the hindrances that they encounter dealing that not most of them cannot speak English. Translations as well can have different meanings or connotations.   C.) A multinational company like Port Philip Pharmaceuticals deals with many constituents. Evaluate the management approach of Jo Barnes in dealing her constituents in Philippines and France. Jos management approach in the Philippines just worked very well. Filipinos were known to be hospitable. She doesnt find any hard time in dealing with them. As Filipinos knows how to respect and deal with different kinds of people. Filipinos with a high degree of Power Distance tends to accept and give importance of a cultures position (Australia) along a certain cultural dimension. They know how to accept and adopt once culture. Jo was taken out for a dinner in a wonderful restaurant, every day and night she was entertained, wined and dined. While during working hours Filipinos had listened respectfully to Jos suggestions for improvements. On the other hand, when shes in France her situation was different from the Philippines. Her first approach just failed as she tends to be an individualistic (independent, self-centred, personal initiative and  achievement) person, she was informed that her qualifications to be inadequate. As a result of this approach, the French chemists had high opinions of themselves and their professional knowledge was not prepared. It became obvious that any idea of her running training programs in testing techniques and quality control was not likely to be well received. On the next day, Jo remembered how Filipinos treated her. Jo adopted a new strategy. She made a little speech thanking M. Hulot for his courtesy in inviting her to visit the company and congratulated everybody on its fine reputation, back home on Brisbane, for the high quality of its products and the creative innovations it had made to the pharmaceutical industry. And compliment how proud she is to have French Connection.   Jo Barnes, knew already to adjust and adapt to the French Culture (new sense of respect and able to know French commitment to their areas of specialization) She was able to cope up with them. She was able to put smiles on their faces and was able to start her training with everyones listening. She set aside first her educational background, her status in Australia and her personal achievement. Instead she extends her hand to help French P3. She was able to impress everyone. She showed that she was part of the group (Collectivist) person. They have one objective and goal as a group. Thats the time brainstorm arose, with everybody contributing ideas.  Everything just went well. A solution to the problem had been found and she was confident it would be implemented without a delay.   Question 4 Today, international business people must think globally about production and sales opportunities. Many global managers will eventually find themselves living and working in cultures altogether different from their own. Many entrepreneurs will find themselves booking flights to places they had never heard of. What do you think companies can do now to prepare their managers for these new markets? What can entrepreneurs and small business with limited resource do? In order for the companies prepare their manager for the upcoming new markets. They should act global and should practice globalism. Creating a closer ties or bond to other countries by way of exchange of goods and services. Through globalisation managers may increase their interdependency and may bridge between two countries. It can also innovate ideas and can easily be implemented.   The company must start to train their managers by involving themselves in the movements of ideas, information images and people. Company should provide remuneration and rewards. Provides health and safety insurance. Treating employees as assets of the company. International managers should pay attention to trends in the global industry. Able to predict globally hot topics, products and services that the new market will be interested. Managers should develop niche expertise; their skills, knowledge and abilities should be nurtured and embraced through training. The international business environment influences how firms conduct their operations in both indirect and direct ways. Managers of globalization are causing the flows of trade, investment, and capital to grow and  become more entwined-often causing firms to search simultaneously for production bases and new markets.   Companies today must keep their finger on the pulse of the international business environment to see how it may affect their business activities Each national business environment is composed of unique cultural, political, legal, and economic characteristics that define business activity within that nations borders. This set of national characteristics can differ greatly from country to country. But, as nations open up and embrace globalization, their business environments are being transformed. Globalization can cause powerful synergies and enormous tensions to arise within and across various elements of a society. Company managers must be attentive to such degrees, adapting their products and practices as needed. International firm management is vastly different from managing a purely domestic business. Companies must abide by the rules in every market in which they choose to operate. Therefore, the context of international business management is defined by the characteristics of national business environments. Because of widely dispersed production and marketing activities today, firms commonly interact with people in distant locations within the international business environment. Finally, managers and their firms are compelled to be knowledgeable about the nations in which they operate because of the integrating power of globalization. Businesses should try to anticipate events and forces that can affect their operations by closely monitoring globalization, national business environments, and the international business environment Know how to market. The concept of personal branding that suggests individuals should think of them as a brand and market their skills.  For the entrepreneurs and small business with limited resources can do is to expand their business with new target market and customers that are not too costly. They would be able to identify their local and global potential markets. Able to determine their needs and desires. Not only discover the prospects want, but why and how they want it. It is crucial, but they should meet their wants and needs. International trade specialists can help small businesses locate and use federal, state, local, and private-sector programs. They are also an excellent source of market research, trade leads, financing, and trade events. The Trade and Development Agency also helps small and medium-sized firms obtain financing for international projects. Even if you have small business yet you think BIG that would be their competitive advantage. Making sure that their business takes the maximum advantage of those areas represent their strengths of small companies. Create a constant improvement and listen to the customers. Market driven. Listen. Act. Respond to customers needs. Maximise employee productivity. Question 5 What are the claims of those who say globalisation eliminates jobs, lower wages, and exploits workers? Some societies find globalisation as a dominating concept. That it may affect their lifestyle. A country has a complex cultural conditions such as they see exploiting people on the ground of race, gender or class, people will really try to get rid such society or country. People in a certain country feel they are being over powered with foreign workers. Just like in the views of developing countries, globalisation increase phobia of inequality. It eliminates jobs from local nationality; they somehow prioritise foreign workers because they were paid at a lower wages or labour fee. Or they have lots of job opportunities but then the wages were too low, claims are they see the potential of the foreign worker or a country that offers a cheap labour. Conflicts arise and instability.   A country can outsource cheap labour and sell it on their country in a higher price. Local manufacturers feel that they are dominated by imported products. Lots of subcontracting that reduces job opportunities.   Competition became higher and risky for local workers and labourers as international dominate their working environment.   They criticize the practice of sending good-paying manufacturing jobs abroad to developing countries where wages are a fraction of the cost for international firms. It is argued that a label reading Made in China translates to Not Made Here. Although critics admit that importing products from China (or another low-wage nation) lowers consumer prices for televisions, sporting goods, and so on, they say this is little consolation for workers who lose their jobs. When a manufacturing job is lost in a wealthy nation, the new job (assuming new work is found) pays less than the previous one. Some evidence does suggest that a displaced manufacturing worker, especially an older one, receives lower pay in a subsequent job. Those opposed to globalization say this decreases employee loyalty, employee morale, and job security. They say this causes people to fear globalization and any additional lowering of trade barriers. Because of these claims above mentioned, it may cause  issues like chauvinism, fundamentalism, and religion, ethnic and racial hatred in controversy. Question 6 A.) One strategy Yahoo! Could use to deal with the Chinese government is to allow its local joint venture partner, Beijing Founder Electronics, to deal with the government. What are the benefits and risks of doing so? The benefits of Beijing Founder Electronics (joint venture partner of Yahoo!) in dealing with Chinese government, it can produce mutual gains and clear distinction of operational freedom. It is legalise and recognised by the authority. The process of hiring and remuneration will be authenticated. There will be a secure patent and copyright protection supported by the government.   The risks/influences that the government implies to Beijing Founder Electronics: There will be levels of taxation and restrictions on profit repatriation. Have controls on risks limits and observance of professional standards. Some rules to be followed and should abide. There will be labour union rules to obey. Foreign firms should regulate it.   In such way there will be benefits and risks to consider in a local joint venture of two organizations. There might be an effect and impact but still its necessarily to address it in a legal way. B.) How does a strategic alliance differ from a joint venture? Explain the pluses and minuses of such alliances? Strategic alliance (called in a government perspective) is a form of collaboration between two or more companies that can take on many forms such as: Technology transfer, Purchasing and distribution agreements, Marketing and promotional collaboration and Joint product development While Joint Venture (called in a business man perspective) involves a potentially long term of investment of funds, facilities and resources by two or more companies to a combined venture which benefits all companies. All involved will have an equity stake in the new venture. It may be formed to: Run production facilities in another country, establish a marketing distribution presence, use complementary technologies held by each participant and Joint venture can also be used to get around country trade barriers.   Advantages or Pluses of these alliances: Forming a business relationship with a partner, or partners, may provide you with a number of advantages. You may be able to access technologies or patented processes owned by the other partner. You may be able to access their distribution network. Enable firms to share costs and risks of the research and development of new products and process. International alliances serve to avoid import barriers (Free flow of goods). Licensing requirements and other protection legislation. Disadvantage or Minuses of these alliances: Global alliances are usually slow in the making, but in a highly competitive they present a faster and less risky route of globalisation. It is not easy to negotiate and finalise an argument, but if both parties have approved the agreement everything will be fast. Problems and challenges that alliance may encounter:   Shared ownership (risks of shared assets), differences in national cultures (cultural differences; national and organisational culture), difficulties with integration of different structure and systems, distribution of power (may dominate one partner when it comes to process/ideas/outcome), competition within partners, conflicts between relative centres of decision and control. Disclose confidentiality of information, usage of patented technology or intellectual property rights, difficulty on collaborative efforts that lead to mistrust and secrecy. All the advantages and disadvantages mentioned above are inevitable in having alliances. Alliances may work and may not work well. So alliances, should consider their strengths and weaknesses. Ideal partnership takes advantage in their both core competencies that will strengthen weaker areas of a company business.   Question 7 A.) Evaluate the management strategy used by Brandon in order to finalise the deal of the Yokohama parts with Mr. Kumatsu and how it led to success or failure of the deal? The management strategy used by Brandon to finalise the deal of the Yokohama parts with newly appointed Japanese executive, Mr. Kumatsu was based on direct coordination which decision making is based on the merits of the individual situation. It should not treated that way as Japanese have a high uncertainty avoidance which pertains to dislike of any changes (resistance to change) and want the process in a prefer structure and predictable as Japanese company always look for a long-term goal. It also give least common approach that gives more pressure to Yokohama parts and able not to coordinate well. From the above mentioned strategy Brandon used, it led him to be unsuccessful with the deal. The complexity and interdependence of both parties decrease the needs to think parallel and drawn up to a contract. B.) Design an effective management strategy for Brandon to successfully achieve a good international dealing with their companys suppliers in Japan. For Brandon to successfully achieve a good intetrnational dealing with their company suppliers in Japan, the effective management strategy should be managing resistance to change. This strategy will change raises anxiety over fear of the following: Economic loss, basically Japanese company look after their economic status if the deal/opportunity is worthy to grab and if it will be beneficial to the company as well to the country. Inconvenience, they want to reduce the cause of trouble or problem. They more likely want to have an easy access. They want to be more convenient and efficiency. Uncertainty, basically Brandon must prove that theres no doubt in their business negotiations and be certain enough. Break in status-quo, Brandon must prove that it will be a breaking through deal, that he will have no fear in making it through a good negotiation and provide a quality service for Mr. Kumatsu. In using the above management strategy, it would be a successful deal as it leverages distinctive mix of orientations and strategies. It is global technological competence with unique product development. It also focuses on quality and leveraging of foreign distributor competencies. Brandon should also adapt to the demands of its new environment and culture as it remains the most effective way of maintaining a lasting competitive advantage. http://www.prenhall.com/behindthebook/0131746170/pdf/Deresky_CH03.pdf http://money.usnews.com/money/blogs/outside-voices-careers/2012/09/19/3-things-to-do-now-to-prepare-for-the-new-job-market http://catalogue.pearsoned.co.uk/assets/hip/gb/hip_gb_pearsonhighered/samplechapter/0273752634.pdf International Strategic Management (Strategic Formulation and Implementation) Hodgetts, Luthans and Doh, International Management: Culture, Strategy and Behaviour, 6th Edition (New York: McGraw-Hill Irwin, 2006)

Media System and Press Regulation of Philippines

Media System and Press Regulation of Philippines According to Raul Pertierra (2012), Philippine media is one of the oldest and having the most freedom in Asia. The â€Å"freest in Asia†, this is what Philippine called itself as and it means the media system are full with protection of press freedom which result Philippine as libertarian in media system. (Bisikleta productions, 2009) The aggressive character and lack of respects of its leading journalists is one of the things that known characteristics of Philippines press. For example, the prominent newspaper of Philippine which is Philippine Daily Inquirer often writes on the political affair and even the oppositional opinion. Besides that, The Daily Tribune also features in writing to attack the current government of Noynoy Aquino. (Raul Pertierra, 2012) According to Friedrich-Ebert-Stiftung (2011), Philippines features one of the freest and most boisterous media in Asia and is partially because of the strong protection of the freedom of media and expression from the Malolos Constitution of 1899 until the current Constitution. Under the Bill of Rights the Constitution, it assurances the freedom of expression and press freedom even encourages the right of every Filipinos to access to any information and documents in the possession of Philippines government agencies . The government seldom censors the media even though it was known during President Estrada to remove advertising provision for newspapers critical of its policies. However, there is still a comparatively strict libel laws that restrain reporters from covering provocative issues. (Raul Pertierra, 2012) The meaning of libel under libel law in Philippines is not defined by the writer itself. The jurisprudence which has conduct the test to determine the meaning has conclude it as â€Å"words calculated to induce suspicion are sometimes more effective to destroy reputation than false charges directly made. Ironical and metaphorical language is a favored vehicle for slander. A charge is sufficient if the words are calculated to induce the hearers to suppose and understand that the person or persons against whom they were uttered were guilty of certain offenses, or are sufficient to impeach their honesty, virtue, or reputation, or to hold the person or persons up to public ridicule.†( Abogadomo.com, 2011) The Philippine media has a multi-layered which harmonies existent of government and also private owned media. However, few large privately owned groups have dominated media ownership of Philippines. There is a network of state owned radio stations, many private radio and television stations and inevitably a large number of internet providers. For the printed media, the tabloids which published in Filipino language have accommodated a larger audience population. On the other hands, there is still broadsheets that are generally published in English and mainly read in Metro-Manila and some secondary cities. The national newspapers for Philippines are published in English and owned by prominent families with powerful connections to broad sectors of society. They are generally conservative. Regional newspapers are published in English or in the vernacular and mostly restrict themselves to local events and personalities. There are several popular tabloids written in Filipino and therefore more accessible to the ordinary citizen but they rarely comment on serious national matters. There are no major Left wing publications apart from partisan pamphlets. Generally, the print media, while highly regarded, is limited to middle class urban readers. Due to the variety of media owned by government or private sector, there is hard for either Private Public Relations Practitioners or Government Public Relations Practitioners who responsible to communicate with public to have a 2-ways communication. Tools that used to communicate with target audience is very important, however Philippines has a complex system that consists of two different ownerships. Although the Philippines media is free but it is also highly committed to a political party. Politicians with interests to get public support make sure that they have contact to media reportage even using the tactics such as direct ownership or through political or economic means. For public, reading diverse newspapers always giving the feel of referring to different realities. The government would not contribute any effort to help increase the regional distribution of newspapers which means they are not agree with the aim of supporting a diverse media landscape. Moreover, there is low level of government investment and subsidy for public sector broadcasters and they are prohibited of publishing advertising as the sources of their revenue. In Philippines, radio is the most dependable channel for disseminate news, information and entertainment especially in rural area. However, television has a large popularity in the prosperous place such as towns and cities. The satellite function increases the coverage of the television in rural areas and signals are less affected by the mountainous topography. But, the government owned radio station and television relatively low audiences even though private broadcasting and radio station showing growing in the Philippines. For newspaper, there is no authoritative and regularly published newspaper circulation figure and the most popular national dailies, such as the Philippine Daily Inquirer claim to sell more than 250,000 copies each. â€Å"Many newspapers were founded by journalists with a political and nationalist agenda. However, most have been taken over by powerful families linked to strong commercial interests.† ( Infoasaid, 2014, pg 18) Clearly the battle for a truly free press continues in the Philippines, although with dozens of publications, radio stations, broadcast entities and their staffs in operation, the Philippines appears to have one of the better media climates in Southeast Asia. Although the Philippines Constitution guarantees freedom of the press, that ideal has been subject to various forms of censorship throughout the history of the nation. Perhaps the most obvious example of censorship which took place during the United States time in the Philippines which is through the use of libel laws. The result of that case was the closing of a newspaper some considered legendary. The press freedom gives the pros and cons for the Public Relations Practices. The pros include Public Relations Practitioners are not restraint for the works they want to disseminate to their public. However, the quality of media has destroyed because too many ownership. In addition, government status affected because the free to discuss political matters. It directly affects the status of government public relations practitioner. In conclusion, there are clearly media characteristics of Philippines which are libertarian but under some control by laws and regulations implemented by government and multi-layered which harmonies existent of government and also private owned media. These two characteristics have shown a big influence toward the practice of Public Relations in Philippines. References Pertierra, R. (2012). The New Media, Society Politics in the Philippines. Retrieved  from http://www.fesmedia-asia.org/uploads/media/PHILIPPINES_2012.pdf Abogadomo.com. (2011). Libel Laws of the Philippines. Retrieved from  http://www.abogadomo.com/law-professor/law-professor-archives/libel-laws-of-the-philippines Mikeeesportuno. (2013). Libel in the Philippines. Retrieved from  http://www.studymode.com/essays/Libel-In-The-Philippines-1489264.html BBC News. (2013). Philippines profile. Retrieved from http://www.bbc.com/news/world-asia-15527446 Friedrich-Ebert-Stiftung. (2011). Asian Media Barometer. Retrived from  http://library.fes.de/pdf-files/iez/08746.pdf Infoasaid. (2012) Philippines Media and Telecoms Landscape Guide. Retrieved from  file:///C:/Users/Swen/Downloads/Media%20%20Telecoms%20Landscape%20Guide%20-%20Philippines%20(1).pdf Bisikleta productions. (2009) Dissecting The Philippine Mass Media Today. Retrieved  from http://bisikletaproductions.blogspot.com/2009/09/dissecting-philippine-mass-media-today.html

Mining In Canada :: essays research papers fc

The Importance of Mining Industry The importance of mining is definitely significant to Canada. Mining, is an important industry, and Canadians are very advanced in their mining technology, but during the mining process, there is certain level of pollution produced. The Canadian government and the mining companies have very good plans and controls toward this problem, while ensuring the smooth running of the industries, and also helping to create strong economy and employment. The world of today could not exist without mineral products. Canada produces about 60 minerals and ranks first among producing countries1. As well, Canada is the largest exporter of minerals, with more than 20 per cent of production shipped to world markets2. In a typical year, the mining industry is responsible for almost 20 per cent of Canada's total export earnings3 (See Appendix A). As for the employment rate, over 70 per cent of the mines are owned by Canadians and approximately 108,000 Canadians are directly employed in the mining industry4. Mining is very important in Canadian life. Not only do the products power the family car and heat the family home, the manufacturing sector, the high tech industries and even the better known resource industries are all dependent, in some way, on the mining industry. The mining industry will continue to be an important support to the economy. Mining is taking full advantage of the quick expansion of computers and microelectronics. These technologies are found in nearly every aspect of mineral development activity - from exploration methods, through production, mineral processing and even marketing. Computers and related equipment now have a lot of different applications in geophysical logging, geochemistry, geological mapping and surface contouring5. At the mine planning stage, the job of designing a mine is now greatly simplified by automation. Through the use of advanced software, geological models can be produced from drill hole data. Computers are also being used to develop plans for mine expansion, develop mining schedules for yearly, quarterly and in some cases, weekly operations. At the operating stage, this new technology is everywhere6. Both in research and operational applications, automated mine monitoring systems now determine immediate information on the status of equipment in underground or remote locations. Canada produces its 60 mineral products from roughly 300 mines across the country7. Before these products can make the trip from mines to the marketplace, they must be searched for, staked, tested, analyzed, developed.

Thomas Jeff. Outline Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lenora Spahn   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  9/22/00   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thomas Jefferson I. Thomas Jefferson   Ã‚  Ã‚  Ã‚  Ã‚  A. Born- April 13, 1743 in Shadwell, Va.   Ã‚  Ã‚  Ã‚  Ã‚  B. Died- July 4, 1826 II. Background   Ã‚  Ã‚  Ã‚  Ã‚  A. Educational- College of William and Mary (1760-1762), 5 year apprenticeship   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   studying law under George Wythe.   Ã‚  Ã‚  Ã‚  Ã‚  B. Occupational-   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1. Began to practice law on his own: representing small scale planters from   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   western countries involving land claims and titles.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  2. House of Burgesses, elected 1768: Opposed all forms of Parliamentary   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   taxation and supprted nonimportation resolutions against British trade   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   regulations.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3. Committee of Correspondence, 1773: Served as a makeshift Central   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Government for colonies and advocated that colonies refuse to pay any duty   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   leveled by Parliament.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  4. Virginia Convention in ... ...  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   through congress.   Ã‚  Ã‚  Ã‚  Ã‚  F. The Non-Intercourse Act, 1809: basically just a moderate version of the Embargo Act. X. Major Conflict   Ã‚  Ã‚  Ã‚  Ã‚  A. The major conflict was foreign trade and the trade embargoes and naval troubles that   Ã‚  Ã‚  Ã‚  Ã‚   the United States had with Britain and France caused the most influential decisions   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   Jefferson was forced to make. XI. Major Inventions and Technological Advancements   Ã‚  Ã‚  Ã‚  Ã‚  A. Fulton’s Steamboat,1807: Robert Fulton's side-paddled, steam-powered riverboat   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   made its first commercial voyage in Clermont.   Ã‚  Ã‚  Ã‚  Ã‚  B. In 1806, David Melville attempted the construction of gas street lighting in Rhode   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   Island. XII. Overall rating of the President   Ã‚  Ã‚  Ã‚  Ã‚  Thomas Jefferson is one of the most eagerly embraced Presidents in American history due not only to his Thomas Jeff. Outline Essay -- essays research papers   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lenora Spahn   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  9/22/00   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thomas Jefferson I. Thomas Jefferson   Ã‚  Ã‚  Ã‚  Ã‚  A. Born- April 13, 1743 in Shadwell, Va.   Ã‚  Ã‚  Ã‚  Ã‚  B. Died- July 4, 1826 II. Background   Ã‚  Ã‚  Ã‚  Ã‚  A. Educational- College of William and Mary (1760-1762), 5 year apprenticeship   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   studying law under George Wythe.   Ã‚  Ã‚  Ã‚  Ã‚  B. Occupational-   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1. Began to practice law on his own: representing small scale planters from   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   western countries involving land claims and titles.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  2. House of Burgesses, elected 1768: Opposed all forms of Parliamentary   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   taxation and supprted nonimportation resolutions against British trade   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   regulations.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3. Committee of Correspondence, 1773: Served as a makeshift Central   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Government for colonies and advocated that colonies refuse to pay any duty   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   leveled by Parliament.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  4. Virginia Convention in ... ...  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   through congress.   Ã‚  Ã‚  Ã‚  Ã‚  F. The Non-Intercourse Act, 1809: basically just a moderate version of the Embargo Act. X. Major Conflict   Ã‚  Ã‚  Ã‚  Ã‚  A. The major conflict was foreign trade and the trade embargoes and naval troubles that   Ã‚  Ã‚  Ã‚  Ã‚   the United States had with Britain and France caused the most influential decisions   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   Jefferson was forced to make. XI. Major Inventions and Technological Advancements   Ã‚  Ã‚  Ã‚  Ã‚  A. Fulton’s Steamboat,1807: Robert Fulton's side-paddled, steam-powered riverboat   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   made its first commercial voyage in Clermont.   Ã‚  Ã‚  Ã‚  Ã‚  B. In 1806, David Melville attempted the construction of gas street lighting in Rhode   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   Island. XII. Overall rating of the President   Ã‚  Ã‚  Ã‚  Ã‚  Thomas Jefferson is one of the most eagerly embraced Presidents in American history due not only to his

Chapter 1 Modern Auditing

CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS, (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE, (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS, (D) DEGREE OF CORRESPONDENCE, (E) ESTABLISHED CRITERIA, (F) COMMUNICATING THE RESULTS, AND (G) INTERESTED USERS. 2.A financial statement audit involves obtaining and evaluating evidence about an entity's financial statements for the purpose of expressing an opinion on whether the statements are presented fairly in conformity with established criteria–usually GAAP. Thus, the nature of the auditor's report is an opinion on the fairness of the financial statement presentation. A compliance audit involves obtaining and evaluating evidence to determine whether certain financial or operating activities of an entity conform to specified conditions, rules, or regulations.A report on a compliance audit takes the form of a summary of findings or assurance regarding degree of compliance. An operational audit involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives. Reports on such audits include an assessment of efficiency and effectiveness and recommendations for improvements. 3. Independent auditors are individual practitioners or members of public accounting firms who render professional auditing services to clients. These services may involve financial statement audits, compliance audits, and operational audits.Internal auditors are employees of the companies they audit. They are involved in an independent appraisal activity, called internal auditing, as a service to the organization. Internal auditors are primarily concerned with compliance and operational audits. Government auditors are employed by various local, state, and federal governmental agencies. They ma y be involved in all three types of audits. 4. a. The financial statement audit is a form of an examination engagement in which the auditor provides reasonable assurance that the financials statements are free of material misstatement.The CPA might also perform an engagement to examine a forecast or a projection in which the auditor provides reasonable assurance that the forecast or projection reflects the underlying assumptions and that there is support reasonable for the underlying assumptions. A CPA might also perform an engagement to examine an assertion regarding compliance with laws or regulations in which the auditor provides reasonable assurance that the entity complied with laws or regulations. b.A review of financial statements is an engagement in which the CPA provides negative assurance that he or she is not aware of any material modifications that need to be made to the financial statements in order for them to be in conformity with GAAP. 5. Accounting and compilation s ervices provide financial statement users and decisions makers with relevant information. However, they are not designed to test the reliability of such information. The primary benefit received is information that may be relevant to a decision, even though evidence is not obtained about the reliability of such information. . The following table summarizes several assurance services provided by CPAs and explains the how they improve the relevance or reliability of information used by decision makers. |Assurance Service |How the service improves the relevance or reliability of information used by decision makers | |CPA Risk Advisory |Provides relevant information to management or the board of directors about business risks faced| | |by an entity.It ma also provide information about the reliability of management’s system for | | |identifying and monitoring business risks. | |CPA Performance View |Provides relevant financial and nonfinancial information to management or the boar d of directors| | |about the entity’s performance. It ma also provide information about the reliability of | | |management’s system for monitoring the entity’s performance. | 7. a.The audit provides reasonable assurance that financial statement information is free of material misstatements. Decision makers can uses financial information to anticipate business opportunities and to make business decisions based with reasonable assurance that the information set used to make decisions is reliable. b. A review of financial statements provides less assurance about the reliability of financial information than that provided by an audit. The CPA provides negative assurance that he or she is not aware of any material modifications that need to be made to the financial statements in order for them to be in conformity with GAAP.This service is focused on both the relevance and reliability of information used by decision makers. A compilation does not provide assurance abo ut the reliability of financial statement information used by decision makers. However, a compilation service may provide decision makers with relevant information that they would not otherwise have. c. The CPA risk advisory service may transform complex information into knowledge by helping management better understand business risks. The CPA risk advisory service may also provide assurance about the reliability of information produced by management’s system of evaluating business risks. . The origin of the company audit as we know it can be linked to British legislation during the industrial revolution in the mid-1800s. One or more stockholders designated by other stockholders initially performed company audits, but subsequent revisions in the legislation permitted the use of outside independent auditors, giving rise to the formation of auditing firms. The focus of these early audits was on finding errors in the balance sheet accounts and stemming the growth of fraud associ ated with the increasing phenomenon of professional managers and absentee owners.Several important milestones in the rise of the U. S. profession were (1) the passage of legislation (2) the stock market crash of 1929 which drew attention to deficiencies in financial reporting and produced a challenge to the accounting profession to provide stronger leadership, (3) adoption of a requirement by the New York Stock Exchange in 1933 that all listed corporations obtain an audit certificate from an independent CPA, and (4) passage of the Securities Act of 1933 and the Securities Exchange Act of 1934 which added to the demand for audit services for publicly owned companies.Three important changes in audit practice that evolved by the 1040s were (1) a shift from detailed verification of accounts to sampling or testing as the basis for rendering an opinion on the fairness of financial statements, (2) development of the practice of linking the testing to be done to the auditor's evaluation of a company's internal controls, and (3) deemphasis of the detection of fraud as an audit objective.In recent years, the profession has come under increasing pressure to reverse the deemphasis on detecting fraud as the public's expectation that the auditor will detect fraud persists. The quality of audits was questioned when a series of restatements of earnings from public companies such as Sunbeam, Waste Management, Xerox, Adelphia, Enron and WorldCom brought about a crisis of confidence in the work of auditors.By 2002 the collapse of Enron and WorldCom led Congress to pass the Sarbanes-Oxley Act of 2002. This act created the Public Companies Accounting Oversight Board (PCAOB) and gave it responsibility for setting auditing, ethics, independence, and quality control standards for audits of public companies. 9. Four factors that contribute to the need for independent audits are (a) conflict of interest, (b) consequence, (c) complexity, and (d) remoteness. Collectively these factors co ntribute to information risk. 0. Financial statement audits enable companies to (a) meet statutory and other regulatory requirements that must be satisfied in order to gain access to capital markets, (b) obtain debt and equity financing at a lower cost of capital, (c) deter inefficiency and errors in the accounting function and reduce the risk of fraud in the accounting and financial reporting process, and (d) make internal control and operational improvements based on suggestions made by the auditor as a by-product of the audit. 1. The limitations of a financial statement audit include the fact that an auditor works within fairly restrictive economic limits that impose time and cost constraints and necessitate the use of selective testing or sampling of the accounting records and supporting data. Also, the auditor's report must usually be issued within three months of the balance sheet date, which affects the amount of evidence that can be obtained.The availability of alternative a ccounting principles permitted under GAAP, and the impact of accounting estimates and uncertainties on the financial statements represent additional inherent limitations on financial statement audits. 12. Six public sector organizations include (1) the Securities and Exchange Commission, (2) state boards of accountancy, (3) the U. S. General Accounting Office, (4) the Internal Revenue Service, (5) state and federal courts, and the U.S. Congress. Five private sector organizations associated with the public accounting profession include (1) the Public Companies Accounting Oversight Board, (2) the American Institute of Certified Public Accountants, (2) State Societies of Certified Public Accountants, (4) Practice Units (CPA firms), and (5) Accounting Standard Setting Bodies — principally the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB). 3. The Securities and Exchange Commission regulates the distribution of securities offered for public sale and subsequent trading of securities on stock exchanges and over-the-counter markets. The SEC also has the authority to establish GAAP for companies under its jurisdiction, and it currently recognizes the pronouncements of the FASB as constituting GAAP in the filing of financial statements with the agency.In some instances, however, the SEC’s disclosure requirements exceed GAAP. Finally, the SEC also exerts considerable influence over auditing profession. The Sarbanes-Oxley Act of 2002 established a private sector, Public Companies Accounting Oversight Board to oversee the audit of public companies that are subject to securities laws. The PCAOB’s rulemaking process results in proposals that do not take effect until the SEC approves them. 14. a.The PCAOB has authority in five major areas (1) registering public accounting firms that audit the financial statements of public companies, (2) setting quality control standards for peer review of auditors of public companies and conducting inspections of registered public accounting firms, (3) setting auditing standards for audits of public companies, (4) setting independence and ethics rules for auditors of public companies, (4) performing other duties or functions to promote high professional standards for public company audits, and enforce compliance with the Sarbanes-Oxley Act of 2002. . Three important AICPA divisions, or teams, that have a direct impact on auditors are (1) the AICPA Practice Monitoring Program is responsible for quality control standards and peer reviews of firms that provide assurance services to private companies, (2) the Auditing and Attest Standards Team sets auditing and attest standards for audit, accounting, and review services provided to private companies, and (3) the Professional Ethics Division is responsible for setting and enforcing the AICPA Code of Professional Conduct. 15. a.A CPA firm may be organized as a proprietorship, partnership, Professional Corpo ration, or any other form of organization permitted by state law or regulation (including limited liability partnerships (LLPs) and limited liability corporations (LLCs)). b. CPA firms are often classified into the following four groups: (1) Big Four, (2) Second Tier, (3) Regional, and (4) Local. 16. a. The purpose of the profession's multilevel regulatory framework is to help assure quality in the performance of audits and other professional services. b. The four components of the profession's multilevel regulatory framework are: Standard-setting. The private sector establishes standards for accounting, auditing, ethics, and quality control to govern the conduct of CPAs and CPA firms. †¢ Firm regulation. Each CPA firm adopts policies and procedures to assure that practicing accountants adhere to professional standards. †¢ Self-or peer regulation. The AICPA has implemented a comprehensive program of self-regulation including mandatory continuing professional education, pee r review, audit failure inquiries, and public oversight. Government regulation. Only qualified professionals are licensed to practice, and auditor conduct is monitored and regulated by state boards of accountancy, the SEC, and the courts. 17. The five elements of quality control are (1) independence, integrity and objectivity, (2) personnel management, (3) acceptance and continuance of engagements, (4) engagement performance, and (5) monitoring. 18. a. The key elements of the PCAOB inspection program includes: †¢ Inspecting and reviewing selected audit and review engagements of the firm. Evaluating the sufficiency of the firm’s quality control systems and the firm’s documentation and communication of that system. †¢ Performing such other testing of the audit, supervisory, and quality control procedures of the firm as are necessary or appropriate in light of the purpose of the inspection and the responsibilities of the board. The PCAOB conducts annual inspecti ons of firms that regularly provide audit reports for over 100 public companies.The PCAOB inspects the quality control activities of firms that provide audit reports for 100 or fewer public companies every three years. b. The purpose of the AICPA practice monitoring (peer review) program is to: †¢ Determine that a firm’s system of quality control for its accounting and auditing practice has been designed in accordance with quality control standards established by the AICPA. †¢ Determine that a firm’s quality control policies and procedures were being complied with to provide the firm with reasonable assurance of conforming with professional standards. Determine that a firm has demonstrated the knowledge, skills, and abilities necessary to perform accounting, auditing, and attestation engagements in accordance with professional standards, in all material respects. |Comprehensive Questions | 1. 19 (Estimated time – 20 minutes) a. Internal auditing is an independent appraisal activity performed by employees of the company being audited. The objective of internal auditing is to assist management in the effective discharge of its responsibilities.External auditing is done by independent, external auditors for the purpose of expressing an opinion on the fairness of the company's financial statements. Governmental auditing is done by government auditors to determine (1) fairness of financial reports, (2) compliance with applicable laws and regulations, (3) efficiency and economy of operations, and (4) effectiveness in achieving program results. b. The Public Companies Accounting Oversight Board and the American Institute of Certified Public Accountants, the Institute of Internal Auditors, and the U.S. General Accounting Office establish practice standards for independent, internal, and government auditors, respectively. c. The audits serve different purposes and are made by different types of auditors. Auditing only by internal auditing will not satisfy the requirements of stock exchanges and the SEC for independent audits by external auditors. Moreover, internal audits will not satisfy all government requirements for audits, particularly in the area of compliance with applicable laws and regulations.In sum, each type of auditing is necessary. 1. 20 (Estimated time – 30 minutes) |a. Type of Audit |b. Type of Auditor(s) |c. Primary Recipient(s) | |1. Financial statement (1) |Independent(1) |Stockholders, investors, regulatory agencies, and| | | |general public | |2.Operational (3) |Internal (2), Independent(1) |Senior Management | |3. Compliance (2) |Government – IRS (4) |IRS | |4. Operational (3) |Government – GAO (3) |Congress | |5. Financial statement (1) |Independent (1) |Creditors | |6.Operational (3) |Internal (2) |Management | |7. Compliance (2) |Government – GAO (3) |Congress | |8. Compliance (2) |Independent (1), Internal (2), |Congress | | |and Government – GAO (3) | | |9.Financial Statement (1) |Independent (1) |Citizens, taxpayers | |10. Operational (3) |Government – GAO (3) |Congress | |11. Compliance (2) |Independent (1), Internal (2) |Bondholders | |12. Compliance (2) |Internal (2), Independents (1) |Management | 21. Estimated time – 15 minutes) a. The first step in the accountant’s value chain involves capturing data about business events, such as data about sales and the collection of receivables. The second step involves developing an information set that communicates the total picture with integrity and objectivity. The relevant information set here might include information about sales, receivables and the calculation of inventory turn days. Transforming complex information into knowledge involves understanding how the client’s receivable collection period (58 days) compares with the rest of the industry.In this case the 75% of the industry collect their receivables faster than the client. Anticipating an d creating the opportunity involves recognizing that the client will improve its cash flow if it brings its collection days more in line with the industry median. This may further involve a study of specific customers that are delinquent and considering how to take steps to speed collection. The final stage involves management’s implementation of tighter credit policies, improved discounts for paying quickly, or charging interest for being delinquent. b.A financial statement audit is important as it provides reasonable assurance that the sales and receivables information that is being used to make business decisions is free of material misstatement. If the information supporting the calculation of accounts receivable turn days is materially understated, the company may not recognize that it needs to take steps to improve cash flows, and in turn, make poor business decisions. 22. (Estimated time – 20 minutes) a. The benefits of a high quality audit include the following : †¢ Access to Capital Markets.An audit allows companies’ access to public securities markets. In many cases, companies also need audits to support a lender’s loan decisions. †¢ Lower Cost of Capital. An audit often allows companies to obtain capital at a lower cost of capital, because of the reduced information risk associated with audited financial statements. †¢ Deterrent to Inefficiency and Fraud. Research has demonstrated that when employees know that an independent audit is to be made, they take care to make fewer errors in performing accounting functions and are less likely to misappropriate company assets.The fact that financial statement assertions are to be verified reduces the likelihood that management will engage in fraudulent financial reporting. †¢ Control and Operational Improvements. Based on observations made during a financial statement audit, the independent auditor often makes suggestions to improve internal control, to evaluate management’s assessments of business risks, to recommend improved performance measures, and to make recommendations to achieve greater operational efficiencies within the client’s organization.Your fellow business student is correct that these benefits are not achieved when an audit is not performed in accordance with professional standards. b. Even an audit performed in accordance with professional standard may not detect every material misstatement in financial statements. The following inherent limitations explain why an audit can only provide reasonable assurance that financial statements are free of material misstatement, not a guarantee that the financial statements are accurate. †¢ Reasonable Cost. Audits must be performed at a reasonable cost.Auditors use selective testing, or sampling, of the accounting records and supporting data. In addition, the auditor may choose to test internal controls and may obtain assurance from a well-functioning system of int ernal controls. Audits cannot audit every transaction. †¢ Reasonable Length of Time. The auditor’s report on many public companies is usually issued three to five weeks after the balance sheet date. This time constraint may affect the amount of evidence that can be obtained concerning events and transactions after the balance sheet date that may have an effect on the financial statements.Moreover, there is a relatively short time period available for resolving uncertainties existing at the statement date. †¢ Alternative Accounting Principles. Alternative accounting principles are permitted under GAAP. Financial statement users must be knowledgeable about a company’s accounting choices and their effect on financial statements. For example, there may be a material difference between the value of inventory using LIFO or FIFO. †¢ Accounting Estimates. Estimates are an inherent part of the accounting process, and no one, including auditors, can foresee the ou tcome of uncertainties.Estimates range from the allowance for doubtful accounts and an inventory obsolescence reserve to impairment tests for fixed assets and goodwill. An audit cannot add exactness and certainty to financial statements when these factors do not exist. 1. 23(Estimated time – 15 minutes) |1. |State boards of accountancy |10. |State societies of CPAs | |2. |FASB and GASB |11. |SEC, state and federal courts | |3. |AICPA |12. GASB | |4. |SEC |13. |AICPA | |5. |AICPA, state societies of CPAs, |14. |State boards of accountancy | | |and state boards of accountancy | | | |6. |FASB |15. |AICPA | |7. |State boards of accountancy |16. Practice units | |8. |SEC |17. |GAO | |9. |AICPA |18. |IRS | 1. 24(Estimated time – 20 minutes) a. The four sets of standards in the private sector and the standard setting bodies are: (1) accounting by the FASB and GASB, (2) auditing by the AICPA, (3) professional ethics by the AICPA, and (4) quality control by the PCAOB and th e AICPA. The other components of the regulatory framework are: (1) firm regulation that occurs within the public accounting firm through day-to-day monitoring of the actions of the firm's professional staff by the firm's management; (2) inspections and peer reviews that relates to the activities of professional entities outside the firm such as the PCAOB and the AICPA's Practice Monitoring (Peer Review) program; and (3) governmental regulation that occurs at both the state and federal levels through activities that range from positive enforcement programs to punitive actions.This type of regulation is done by state boards of accountancy, the SEC, and state and federal courts of law. 1. 25(Estimated time – 30 minutes) | | |Purpose of Policy / Procedure |Additional | |Policy/ |Element |(b) |Procedure | |Procedure |(a) | |(c) | |1. Personnel Management |Personnel should have the qualifications to |Establish qualifications necessary for | | | |fulfill responsibilities they may be called upon |each level of responsibility in the firm. | | | |to assume in the future. | | |2. |Engagement Performance |Work at all levels should be supervised to ssure |Establish procedures for reviewing working| | | |that it meets the firm's standards of quality. |papers and reports. | |3. |Personnel Management |Work is assigned to people who have the technical |Identify areas and specialized situations | | | |training for the assignment and personnel should |for which consultation is required. | | |seek assistance, when necessary, from persons | | | | |having appropriate expertise, judgment, and | | | | |authority | | |4. Independence, Integrity and|All professionals should be independent of |Monitor compliance with independence | | |Objectivity |clients. |rules. | |5. |Monitoring |Determine that procedures relating to the other |Provide for reporting inspection results | | | |elements are being effectively applied. |to appropriate management levels in the | | | | |firm. | |6. Personnel Management |Only individuals who possess the qualities of |Maintain a recruiting program to obtain | | | |integrity, competency, and motivation should be |new hires at the entry level. | | | |hired. | | |7. |Personnel Management |Personnel should have the knowledge required to |Provide Programs to develop expertise in | | | |fulfill assigned responsibilities. specialized areas and industries. | |8. |Engagement Performance |Personnel should have the technical training and |Permit partner in charge of engagement to | | | |proficiency required by the engagement. |approve assignments. | |9. |Acceptance and Continuance |The firm should not be associated with clients |Establish review procedures for continuing| | |of Clients and Engagements. |whose management lacks integrity. |a client. | 1. 6(Estimated time – 30 minutes) a. The PCAOB’s inspection program and the AICPA’s practice monitoring (peer review) program do not have a direct impact on individual memb ers. They are focused on a firm’s quality control activities. However, these programs may have an indirect effect on members who are involved in audits that are subject to inspection or peer review and all individuals in a firm may receive certain types of continuing professional education based on the findings of these programs. . The PCAOB is responsible for the inspection of audit firms that audit public companies. The AICPA’s practice monitoring (peer review) program is focuses on audit firms that audit private companies. The objectives of both programs focus on a firm’s adherence to quality control practices. c. The following table compares the objectives of the PCAOB’s inspection program and the AICPA’s practice monitoring (peer review) program. They both focus on a firm’s adherence to quality control practices. PCAOB’s inspection program |AICPA’s practice monitoring (peer review) program | |In conducting inspections, the Sarbanes-Oxley Act of 2002 states |The purpose of a peer review is to determine whether: | |that the PCAOB should: |The reviewed firm’s system of quality control for its accounting | |Inspect and review selected audit and review engagements of the |and auditing practice has been designed in accordance with quality | |firm. control standards established by the AICPA. | |Evaluate the sufficiency of the firm’s quality control systems and |The reviewed firm’s quality control policies and procedures were | |the firm’s documentation and communication of that system. |being complied with to provide the firm with reasonable assurance | |Perform such other testing of the audit, supervisory, and quality |of conforming to professional standards. |control procedures of the firm as are necessary or appropriate in |The reviewed firm has demonstrated the knowledge, skills, and | |light of the purpose of the inspection and the responsibilities of |abilities necessary t o perform accounting, auditing, and | |the board. |attestation engagements in accordance with professional standards, | | |in all material respects. | d. The primary activities of the AICPA practice monitoring program include providing peer reviews and issuing reports on a firm’s compliance with quality control standards. Professional Simulation | (Estimated time – 30 to 45 minutes) | |Research | | | | | | |Situation | |Communication | A student can perform the search of quality control standards in two ways. First, the student can do a key words search on â€Å"monitoring procedures. † Second, if a student looks at the way the Quality Control Standards are organized, he or she will note that QC Section 30 addresses Monitoring a CPA Firm’s Accounting and Auditing Practice.The relevant paragraphs are outline below. 1. Explain the monitoring procedures that should be performed by the firm. QC Section QC 30. 03 -. 08 2. Explain the factors that should be co nsidered by small firms with a limited number of management individuals. QC Section QC 30. 10 -. 11 | | |Communication | | | | | |Situation |Research | | To: Tom Meyers and Kenny Vaughn Re: Monitoring ProceduresFrom:CPA Candidate Based on a review of relevant quality control standards (QC 30. 03-. 09) the firm’s monitoring procedures should include the following: 1) Inspection procedures evaluate the adequacy of the firm's quality control policies and procedures, its personnel's understanding of those policies and procedures, and the extent of the firm's compliance with its quality control policies and procedures. These might include: a) Review of selected administrative and personnel records pertaining to the quality control elements. ) Review of engagement working papers, reports, and clients' financial statements. c) Discussions with the firm's personnel. d) Summarization of the findings from the inspection procedures, at least annually, and consideration of the systemic c auses of findings that indicate improvements are needed. e) Determination of any corrective actions to be taken or improvements to be made with respect to the specific engagements reviewed or the firm's quality control policies and procedures. f) Communication of the identified findings to appropriate firm management personnel. ) Consideration of inspection findings by appropriate firm management personnel who should also determine that any actions necessary, including necessary modifications to the quality control system, are taken on a timely basis. 2) Preissuance or postissuance review of selected engagements. 3) Analysis and assessment of a) New professional pronouncements. b) Results of independence confirmations. c) Continuing professional education and other professional development activities undertaken by firm personnel. ) Decisions related to acceptance and continuance of client relationships and engagements. e) Interviews of firm personnel. 4) Determination of any correct ive actions to be taken and improvements to be made in the quality control system. 5) Communication to appropriate firm personnel of any weaknesses identified in the quality control system or in the level of understanding or compliance therewith. 6) Follow-up by appropriate firm personnel to ensure that any necessary modifications are made to the quality control policies and procedures on a timely basis.