Financial Management Statement - Free Essay Example

Sample details Pages: 4 Words: 1054 Downloads: 10 Date added: 2017/06/26 Category Management Essay Type Argumentative essay Did you like this example? Question: SAS No. 31, Evidential matter, identifies five management assertions that underlie a set of financial statements. Which of these assertions should have been of most concern to Price Waterhouse regarding the large period-ending adjustments AMRE recorded during the fourth quarter of fiscal 1989? AMREs fourth-quarter write-offs were large adjustments accepted by Price Waterhouse before issuing the unqualified opinion on the 1989 financial statements. These write-offs where fictitious assets that were written-off as losses or expenses in attempt to end the fraudulent activities that had been taking place. Don’t waste time! Our writers will create an original "Financial Management Statement" essay for you Create order SAS No. 31 on evidential matter obtained from an auditor provides a greater assurance of reliability than from an internal source. The auditor is an independent and unbiased collector of the evidential matter versus an internal source that may not be. There are five management assertions that underlie a set of financial statements. The auditors must have evidence to support the information in the financial statements that supports the existence or occurrence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure. The evidential matter is obtained through inspection, observation, inquires and confirmations. The measure of the validity of such evidence for audit is the auditors judgment. The relevance, objectivity, timeliness, and the existence of the evidential matter lead to the auditors conclusions. This evidential matter is the underlying data for the auditor to make their decisions. The first assertion about existence or occurrence relates to the verification of the assets and liabilities exist at a given date. They verify that the transactions have for the assets and liabilities have been recorded during the correct period. An example is the inventories included in the balance sheet need to be verified by observing the physical inventory counts. The records need to be reviewed for the inventory, production, and purchasing. This existence assertion should have been of most concern to the Price Waterhouse auditors. Since there was a large period-ending adjustment being done by AMRE, the auditors should have first done an existence assertion to verify assets exist. The assets being written off should have been physically verified which should have shown that they were fictitious. Given that the assets being written-off were fictitious and the auditors didnt verify the existence of these assets, the fraud was not discovered during the audit. Assertions about completeness relate to the verification of all the transactions and accounts are correctly represented in the financial statements. An example is that the inventory quantities need to include all products, materials and supplies. The quantities owned by the company that are in transit or stored at outside locations need to be included. This assertion applies for the auditors in the AMRE case but should not have been of most concern. The auditors could have verified all of the transactions and accounts are in the financial statements but the issue in the AMRE case was that there were fictitious assets written-off. Verifying the transactions and accounts being in the financial statements may not have uncovered this fraud. Assertions about rights and obligations relate to the verification that the assets are owned by the company or that have the rights to the asset. Similarly, it verifies that the liabilities are obligations of the company. Auditors need to examine the vendor invoices, consignment agreements, and contracts. This assertion should not the highest concern for the auditors but it does apply. The year-end write-offs should have been verified that the AMRE had rights to the asset by verifying the invoices. This may have uncovered that the assets were fictitious. Assertions about valuation or allocation relate to the verification that the assets, liability, equity, revenue, and expenses have been included in the financial statement with the correct amounts. An example is that the inventories must be stated at the lower of cost or market. Auditors also need to review the direct labor and standard overhead rates. They need to review the inventory turnover and look at industry trends. This assertion should not have been of the most concern to the auditors in this case but is an important one. If the auditors would have done a valuation assertions to verify that the assets were included in the financial statements were the correct amount, they should have under covered that they were incorrectly stated or fictitious. I believe that the existence assertion is of most concern but this assertion would be the next most important concern related to the yearend adjustments. Assertions about presentation and disclosure relate to the verification that the components of the financial statements are properly classified, described, and disclosed. Auditors need to compare the disclosures in the financial statements to the requirements of GAAP. This assertion was not an issue in the AMRE case. There was no mention of issues found with the financial statements being properly classified, described or disclosed. In the AMRE case, Price Waterhouse auditors didnt apply any of these auditing procedures to review the large losses from the elimination of the Decks divisions. Instead, they accepted the clients explanations for these write-offs. The staff auditor inquired why the large number of unset leads was being dropped. The response from the AMRE accountant was that the unset leads had been improperly recorded. Given this, the staff auditor didnt inquire any further and concluded that it was an isolated incident. A key factor that influenced the auditors was their former colleague being the CFO. The auditors should have followed the auditing procedures in understanding these large write-offs and should not have been changed their auditing methods because they knew the CFO. In conclusion, the existence or occurrence assertion should have been of most concern to the AMRE auditors Price Waterhouse regarding the large period-ending adjustments recorded during the fourth quarter of the fiscal year 1989. The evaluation or allocation assertion would be the next highest concern because it relates to the verification that the assets and expenses have been included in the financial statement with the correct amounts. But the existence assertion relates to the verification of the assets and liabilities exist at a given date. If the auditors would have followed this, they should have found that fictitious assets that were written-off did not exist. References Contemporary Auditing Real Issues Cases by Michael Knapp Auditing Management Assertions: The Impact of SAS No. 106 by Deborah Archambeault at https://www.tncpa.org/Journal/articles/Auditing_Management_Assertions.pdf

Bow Hunting Kite Hunter Essay - 2161 Words

Bow Hunter Two new deer hunters decided to separate to increases their chances. â€Å"What if we get lost?† says one of them. â€Å"Fire three shots up in the air, every hour on the hour† says the other. â€Å"I saw it on TV.† Sure enough, one of the hunters gets lost, so he fires three shots up into the air every hour on the hour. The next day the other hunter finds his friend with the help of the Forest Ranger. â€Å"Did you do what I said?† asked the hunter. â€Å"Yes, I fired three shots up into the air every hour on the hour, until I ran out of arrows.† Bow hunting has been around for many years. Bows have evolved over the years, so much that it is easier to bow hunt now than it was years ago. Everyone should try bow hunting at least once in their lifetime. Bow hunting can be a challenging sport, an exciting sport, and a relaxing sport. Hunting whitetail deer can be an exceptional challenge when you’re using a bow and arrow. It is a prov en fact that if you’re using a bow a deer must be a great deal closer for the arrow to actually kill them because the arrow is so light weight that it drops quickly where the bullet from a rifle will travel farther before it drops. Odds are always on the deer’s side, because they have a wonderful sense of smell, their hearing is so much better, and eyesight is one hundred times more powerful than our very own. A deer can hear a twig snap from hundred yards or more away, and can tell exactly where it came from. The deer can smell our human scent no matter howShow MoreRelatedIgbo Dictionary129408 Words   |  518 Pageson to boiled pieces of yam or cocoyam, sometimes with vegetables added, and stirred and rolled thoroughly with other ingredients pepper, oil, etc. - and served) A. a warlike people living to the north of the á »Å'hafá »â€¹a, who traditionally acted as head-hunting mercenaries to the Nike and the Ará » ¥ B. a feast, celebrated to commemorate a victory o f Onitsha North people over the Ada, in which large numbers of small masquerades throw sticks and stones at people a fall fall; fall down (usually of persons ( -dà  

Future of Retail Stores for Omni Channel-myassignmenthelp.com

Question: Discuss about theFuture of Retail Stores for Omni Channel. Answer: Introduction In the present business scenario, retail stores will have to initiate various contemporary means in order to stay ahead in the competition. The key competitions of the contemporary retail stores are will the online marketplace. This due to the reason that, the taste and preference pattern of the customers are rapidly inclining towards the online shopping. Thus, it is important for the retail stores to enhance their online presence. Coles is one of the leading supermarkets in Australia having product portfolio for consumer goods. In the recent times, they have also opened their own online stores in order to enhance the customer convenience and to stay ahead in the competition. However there are various other means to initiate in order to secure the future of the retail stores. Importance of Omni channel marketing According to Piotrowicz and Cuthbertson (2014), Omni channel retailing is one of the most effective means of surviving in the present competitive retail scenario. This is due to the reason that, currently a major portion of the customers still prefer the offline retail markets over the online market. According to the authors, initiation of only the online market will therefore deprive the retail store in catering to this customer segments. One the other hand, online shopping is becoming a trend recently and it is covering more number of audiences and thus it is also important for the retail stores to have their online presence also. Thus, according to the authors, the future of the retail stores such as Coles is depending on how effectively they are maintaining their Omni channel retailing to cater to both customer segments. Initiation of innovation According to Aubrey and Judge (2012), using of internet should not only limit to the online marketplace only, rather the internet should be use in enhancing the innovation in the existing offline retail stores. According to the authors, initiation of online payment, credit payment and garnering the feedback from the customers through the use of online marketing techniques such as social media marketing will help to enhance the competitiveness of the retail stores. Thus, according to the authors, innovation is also one of the key aspects in securing the future of the retail stores. Recommendations Thus, in the case of Coles, they are already having their own online marketplace along with their retail stores. However, availability of their product in the third party online market place will further enhance the penetration of their online presence. Moreover, it will cater to more number of customers along with increase in the visibility of their products being available in their offline stores. Another recommended step should be initiation of online payment facilities and social media marketing in their offline stores (Rose et al. 2012). It will help them to enhance the convenience of their customers opting for their offline stores. Moreover, initiation of the social media marketing will further help to effectively determine the trend and requirement of the market along with identifying the feedback of their service and product delivery (Erdo?mu? and Cicek 2012). This will help them in modifying and enhancing the existing customer service. Reference Aubrey, C. and Judge, D., 2012. Re-imagine retail: Why store innovation is key to a brand's growth in the new normal, digitally-connected and transparent world. Journal of Brand Strategy, 1(1), pp.31-39. Erdo?mu?, ?.E. and Cicek, M., 2012. The impact of social media marketing on brand loyalty. Procedia-Social and Behavioral Sciences, 58, pp.1353-1360. Piotrowicz, W. and Cuthbertson, R., 2014. Introduction to the special issue information technology in retail: Toward omnichannel retailing. International Journal of Electronic Commerce, 18(4), pp.5-16. Rose, S., Clark, M., Samouel, P. and Hair, N., 2012. Online customer experience in e-retailing: an empirical model of antecedents and outcomes. Journal of Retailing, 88(2), pp.308-322.

Ethics and Business Management

Ethics in HR Management Creates Excellence for Stakeholders HR management is one of the most important processes that affect the development of the company. This is where ethics start as employees are exposed to the values and principles accepted in the company as well as in the business world (Weiss 2008).Advertising We will write a custom essay sample on Ethics and Business Management specifically for you for only $16.05 $11/page Learn More Admittedly, the ethical behavior of employees is beneficial for all stakeholders involved. Ethics in the workplace creates a positive atmosphere where employees respect and support each other. If a company has a set of specific ethical norms to follow, employees tend to act according to those rules. There is also clarity in actions as ethical norms help employees choose the right patterns for each situation (Weiss 2008). The company’s clients benefit from ethical HR management policies as they obtain qualifie d services. Clients also trust the company and feel secure, which is very important in business. Adherence to ethical norms also ensures the company’s safety as there can be no legal action against a company that follows ethical norms. Companies, where employees follow ethical conventions, can cooperate with each other as there are certain clarity and certainty in their activities. Therefore, it is possible to note that ethics in HR positively affects companies’ development. Ethics Is Useful in Business Adherence to ethical norms is important for business as it provides the business world with a certain kind of code of conduct. Ethics describes behavioral patterns in a variety of situations. Thus,the company’s actions to any situation can be easily predicted and assessed if the company follows ethical principles. Conducting in an ethical way helps the company create a positive image which will attract customers. Admittedly, people tend to address companies that have a favorable image, i.e. if companies conduct in accordance with major ethical norms.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Furthermore, the favorable image will also attract investors, which is very important for any company. The company that adheres to major rules can easily get investment as investors can easily predict the way the company will function in this or that environment. Finally, adherence to ethical principles helps the company create proper partnerships. Ethics can become a universal regulatory system which will prevent various cases of misunderstanding (Weiss 2008). Companies following ethical norms move in a similar direction as they have similar values. Thus, it can also help businesses avoid legal actions as ethical conduct helps avoid illegal operations. A Specific Role in Times of Economic Crisis It has been acknowledged that the crisis of 2008 was caused by underestimation of risks which was a result of unethical behavior of companies that provided distorted data (Peck 2012). Some companies did not follow ethical norms as they provided unchecked or even wrong data to analysts who came to wrong conclusions. The crisis became an example of what can happen when businesses are run without adherence to ethical principles. Moreover, it is possible to claim that ethics can help in the period of crisis. People can become more thoughtful of ways they use. People have experienced the outcomes of unethical behavior and they have learnt the lesson. Now companies try to employ only secured data as well as provide only checked information to other stakeholders. This makes companies reliable and they develop favorable images. Of course, companies do not simply pay more attention to the reliability of the information provided but they follow other ethical norms as it is clear that breaking rules can lead to disastrous consequences in the globalize d world. This, in its turn, attracts clients and investors.Advertising We will write a custom essay sample on Ethics and Business Management specifically for you for only $16.05 $11/page Learn More Therefore, compliance with ethical norms in the period of crisis can help a business develop and remain competitive in the contemporary business world. Transparency as a Compulsory and Unavoidably Rule in Human Resources HR managers are â€Å"on the front line† as they assist managers to hire professionals (Weiss 2008, p.60). Transparency should be a core value of HR managers as they should understand their role in the company, i.e. they select people to work in specific areas. Other managers should have complete information on the newcomers to understand what tasks should be given. The newcomers should also have the necessary data to be able to fit the company and complete the tasks given. Finally, HR policies should be based on principles of transpar ency as employees should make a unified team where each member of the team trusts other members. Lack of information can lead to misunderstanding and even hostility which will negatively affect the overall performance of the department and the company. Nonetheless, it can also negatively affect the company. For instance, transparency of salaries or bonuses can lead to an unhealthy atmosphere where some employees envy others. Transparency can be also harmful in the period of cutting manpower as unhealthy competition will negatively affect each employee’s productivity. Employees can start focusing on their salaries and bonuses and their images rather than on proper completion of tasks and development of the company. Recognition Recognition is a set of ways aimed at appreciating employees’ dedication and excellence that had a number of favorable affects for the company or can potentially lead to such effects.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Reference List Peck, S 2012, Investment ethics, John Wiley and Sons, Hoboken, NJ. Weiss, JW 2008, Business ethics: a stakeholder and issues management approach, South-Western College Pub, Mason, OH. This essay on Ethics and Business Management was written and submitted by user Justus Rowland to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Take Nothing for Granted

Take Nothing for Granted Take Nothing for Granted Take Nothing for Granted By Mark Nichol Just when you think you know everything, you’re reminded that subtlety and nuance are part of even the most mundane information. It’s been said that facts are inconvenient things, but they’re especially vexing for writers, because there are facts, and then there’s what really happened. I just read today that a fellow named Gustave Whitehead preceded the Wright brothers in heavier-than-air flight by more than two years and stayed aloft longer and at a higher altitude than Orville Wright in his inaugural flight. That’s the conclusion of Jane’s All the World’s Aircraft, the world’s most authoritative resource about aviation, which claims that Whitehead’s flight, and subsequent efforts preceding the 1903 launch of the Wright Flyer, have precedence. However, Whitehead’s claim is still in dispute, and most aviation authorities credit the Wrights, although their achievement is often qualified by references, for example, to â€Å"controlled, powered, and sustained flight in a heavier-than-air aircraft.† (They are also credited with being the first aviators to develop sophisticated flying instruments.) So, what is one to do when one seeks to write, perhaps merely in passing, about the dawn of flight? It is irresponsible, of course, to say that the Wright brothers invented the airplane, and neither did Whitehead. Nor were they, or he, the first to fly: The achievement of the Wright brothers was preceded by glider flights and powered but uncontrolled flights. Lighter-than-air manned (balloon) flight was first accomplished in 1783 dirigible (steerable) flight occurred the next year and historical accounts exist of working hang-glider-like contraptions built and tested (usually with disastrous results) hundreds of years ago. How, precisely, one qualifies such milestones depends on context and on the sophistication of the audience; a history of aviation directed at children will differ in its references from a technical treatise. But it’s the in between that counts for most writers: A newspaper or magazine article, or a trade book, that mentions the advent of manned flight must concisely acknowledge that the Wright brothers were aviation pioneers but do not deserve unqualified credit for priority. You may never have the occasion to mention flight in your writing other than a passing reference to the mode of travel to your recent vacation destination, but this lesson is scalable to any topic: Unequivocal claims of priority are hazardous to one’s credibility. Take care that such discussions are backed up by documentation and accurately expressed. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Writing Basics category, check our popular posts, or choose a related post below:Has vs. HadWhenever vs. When EverHyphenation in Compound Nouns

Technological Developments For The Field Of Art And Design Case Study

Technological Developments For The Field Of Art And Design - Case Study Example The different developments in the field of art and design have enhanced the level of designs developed and created more complicated designs that were originally not possible. Considering the different efforts and thoughts that are invested in designing, the complexity of the subject makes it mandatory and challenging for the designers to satisfactorily develop designs that they desire. The development of these designs in a manual manner creates difficulties and errors that may result in poor works and poor designs. It is therefore of vital essence to have technology applied in the field of art and design to create better designs that can have sophisticated compositions that can create a good product that matches the needs of the current technological world. The area of art has for years since its earlier developments relied heavily on bare talent that may not sustain the ideas of the developer for long. The consideration of technology into the field creates an avenue for the designers to feature more in the field and continuously produce products for a longer period without failures. The content of this paper discusses the different approaches that technology has enhanced in the field. Among the many aspects, that the world has had to do away with to pave way for technology is the association of life aspects to culture. Many of the developments and resistance that technology faced during the years was related to cultural associations that originally centered in all aspects from the way we perceive art and the different designs. Embracing culture in all these aspects makes it difficult for technology to develop better results, make the field of art, and design more successful. The resourcefulness of the field has also slowly has transformed the field with other changes that have seen to the development of better designs and more enhanced.

Summary of a chapter Essay Example | Topics and Well Written Essays - 250 words - 1

Summary of a chapter - Essay Example Brown’s God and Igbo gods but Mr. Brown responds as if he does not feel the need to support the claim. This response shows that he believes community’s religion does not require an explanation and is just correct. For instance, when Akunna says: â€Å"†¦or Chuckwu (Whittaker and Msiska, pg 129). He appoints the smaller gods to help him because his work is too much for one person.† which Mr. Brown replies angrily and becomes disrespectful to Akunna. Hence, Mr. Brown’s disrespectfulness is not intentional but to persuade the people to change to Christianity. The villagers do not understand the Christian faith since they did not know more about the white men.This happens Okonkwo is resistant to the onset of the missionaries as they tend to undermine the community’s life long culture to please it gods and ancestors. This feeling of absolute betrayal is seen in Okonkwo when his son Nwoye transfers and joins the missionaries. This is evident by the quote, â€Å"The white man is very clever. He came quietly and peacefully with his religion. We were amused at his foolishness and allowed him to stay. Now he has won our brothers and our clan can no longer act like one. He has put a knife on the things that held us together and we have fallen apart† (Whittaker and Msiska, pg129), Nwoye however, sees the whites as more compassionate so he finds understanding them easy. Therefore, the new converts are seen as outcasts and that lack of understanding between the remaining people of the tribe is seen as the matter holding the community apart. If both groups were willing to agree and comprehend one another then there would be more improvement (Whittaker and Msiska, pg129). But this cannot happen since; both the tribe and the missionaries have diverse perceptions on the one true god. Eventually, the clan has a big problem in understanding the Christian beliefs because they have conformed to untouched tribal existence for a long time. In