Auditing Assignment Example | Topics and Well Written Essays - 1500 words

Auditing - Assignment Example This report will discuss several audit problems which can impact the materiality of financial statements. Wentworth Brewster limited specializes with the manufacture of sports equipment. All the products are sold to specialist retailers and private member gym clubs. The company owns a large number of freehold premises than it generally requires. The surplus office is usually sub-let to three other businesses. All sales are on a credit basis and customers are authorized and credit checked by the credit controller before an account is being set up. Detailed records on stocks are also maintained. The audit risk areas for Wentworth relate to debtors, stocks, claims on damages and rent income. Debtors have been circularized and no evaluation on replies and follow ups on non-replies had been done. There was also a dispute from a particular debtor with regard to account balance. There were also slow-moving stocks whose valuation was questionable. Rental income had not been audited since it was argued that its amount was less than that of sales income. Finally, there were no provisions made for claims or contingency. The audit duration will be a period of one month and the audit team will from time to time visit the site to obtain information. Communication shall also be done via emails when necessary. Debtors The main purpose of circularizing debtors is to obtain evidence regarding the ownership, existence and value of debtors in the financial statement. Debtors are third parties and thus are considered to be an external source of information. Obtaining evidence from different sources or types especially from third parties increases the level of assurance (Kumar and Sharma 2006). Circularization is done by writing to debtors directly requesting them to confirm their account balances. Debtors’ circularization can either be positive or negative. In positive circularization, the debtors are required to respond whether they agree or disagree to the contents of the circular. In negative circularization, the debtor is required to respond whether they disagree with the contents of the circular. The major drawback of negative circularization is that in case the debtors fails to reply to the contents of the circular, the auditor assumes that he is in agreement with the contents of the circular. The auditor of Wentworth Brewster limited sent circulars to a sample of 30 debtors to confirm year end balances. There were replies and non-replies to the circular. Second request was done to non-replies where some debtors replied but five did not reply. One of the debtors who failed to reply had a zero balance while three of these debtors had balances ranging between ?5,000 and ?20,000. There were no follow ups done on these accounts. The fifth customer was a major customer, Multi-gym ltd and had a yearend balance of ?145,000. The audit senior had discussions with the credit controller of Wentworth with regard to this account as part of the follow up proce ss. According to the credit controller, Multi-gym limited had disputes on a number of invoices worth ?95,000. The amount related to a model of rowing machines bought from Wentworth and Multi-gym disputed that the machines were inefficient as they kept on jamming every time. Upon the receipt of replies, the

Single parenting and the effects it will have on children and they how Annotated Bibliography

Single parenting and the effects it will have on children and they how handle relationships - Annotated Bibliography Example ng child can be difficult, besides the obvious economic hardships there are many psychological effects resulting in depression and behavioral instability. Another reason for increase in number of single parent led families is outside or before marriage births and it is estimated that about 40 percent of the total births in America occur without marriage (Ablow). Research shows that the child subjected to a divorce or living alone with a parent since birth can have low self esteem, rebellious behavior and an overall negativity towards marriage and opposite sex (Coontz). The research takes into consideration a popular sitcom, â€Å"two and a half men† and investigates the core issues the child faces after parental divorce and the influencing factors in his life as well as the nature of relationships the child has with others. It would further compare popular research material based on single parenting recommending practical steps that can be taken to avoid negativity in a child. It shall furthermore explain different parenting styles including authoritative, permissive and authoritarian approaches and propose the most suitable style for such children. The sitcom Two and a Half Men revolves around three main characters; Alan Harper (Father), Charlie Harper (Uncle) and Jake Harper (Child). Alan is a dim wit and weak personality with childhood issues of his own, lives with his brother but has no say in the household matters. He has a tendency to be obnoxious, exhibits vindictive behavior towards her mother and sees his alcoholic brother as an inspiration. Jake is a lethargic child with low self esteem and no real ambitions, after his parent’s divorce he spends time with his mother and father but is more influenced by his father and uncle. He has low intelligence and no concern for personal hygiene but is aware of the norms prevalent in the house; norms set by Charlie. Charlie Harper is an alcoholic and sex addict on a self destructive pattern, a confident and self

Basel Accord Essay Example | Topics and Well Written Essays - 1000 words

Basel Accord - Essay Example The paper tells that the Basel Committee on Bank Supervision (BCBS) was originally established in the 1970s to tackle the new challenges of banking across international boundaries. It became apparent that the failings and collapse of one country's banks was now being felt in other countries all over the world. It was obvious that intervention and prevention was necessary. In the 1980s, the United States Congress, pushed domestic regulatory agencies to set and enforce standards, including a fixed proportion of capital a bank must hold, or capital adequacy. This is how the Basel Accords began. The accords have been adapted and expanded in attempts to meet needs and to speak to aspects that previous version of the accords may not have addressed sufficiently. In order to understand the Basel Accords better it is useful to review them individually in order to better compare and contrast the variations. The BCBS determined that bank capital would be organized into 2 separate tiers. Tier 1f ocuses on the higher-quality capital, those that represents items of the lowest priority of repayment and easiest to absorb when lost. Most of Tier 1 involves â€Å"core† capital, or common equity, which arises from actual ownership in the bank, like common stock, undivided profits, and surplus monies. Tier 2, also called supplementary capital, include certain reserves, and term debt. The capital under Tier 2 can be divided into 2 more sublevels; the upper focuses on maintaining characteristics of being continuous, like preferred capital, and equity. The lower level, is the least costly for banks to issue because it pertains to debts with a time of maturity of at least 10 years.(Eubanks, 2010) Basel I was the first attempt made to establish a standard of regulating international banking and it came under a great deal of criticism. Opponents felt that the Basel I Accord approach to â€Å"risk-weighing assets.† They claimed that this system is too broad and lacks the fin ite specialization to address all of the unique risks that apply to the differing assets held by the bank. As a response the BCBS released a revision to the accord called the â€Å"International Convergence of Capital Measurement and Capital Standards: Revised Framework,† which is, also, known as Basel II.(Larson, 2011) Basel II Basel II differs from Basel I in a distinct way. It introduced a section of â€Å"Pillars,† which intended to rectify the capital adequacy issues with Basel I. Pillar 1, specifically, deals with the procedures of calculating the required capital within banking organizations. This accord will determine risk potential based upon the totality of their credit risk, market risks, and operational risks. Pillar 2, ideally, was placed to increase, both, accountability and transparency with the banking system. Pillar 3 works to require banking institutions to disclose risk exposures, allowing for better assessment of the needed safety to help create a

Aspects of contracts Assignment Example | Topics and Well Written Essays - 1500 words

Aspects of contracts - Assignment Example 34). Offer is very important in contracts because it shows the willingness of parties to enter into an agreement. When a business entity offers its promise under certain conditions, the other party must accept the conditions and in turn give an offer in order to form a contract. Offers are very crucial because they create an avenue for contracting parties to enter into a legal relationship leading to acceptance (Emerson 2009, p. 34). Acceptance is another important element of a contract that makes parties agrees to the terms of the offer. When a business gives an offer to the suppliers through an advertisement, it shows that, the business accepts the contract (Emerson 2009, p. 35). If the suppliers do not accept the offer despite the favourable conditions associated with it, the contract is deemed invalid. Legal laws guiding acceptance of the granted offer requires that there should be proper communication so as to satisfy the both parties. In contracts, each party will feel considered if it gets something in return after giving its promise. Consideration is an important element of contracts because the contracting parties receive promises, which makes them feel represented in any agreement. Consideration for a promise makes legally binding contracts rather than gratuitous contracts that cannot be protected by the courts (Emerson 2009, p. 36). Contracting parties ought to be adults in order to form valid contracts. In addition, the parties should compose of people with full mental capabilities such that they are not mad (Emerson 2009, p. 36). Agreements between companies are considered certain when they are apparent to the basic terms of a contract. If the contracting parties are unaware of the legal requirements of contracts, they are likely to form invalid contracts, which are not easily enforceable (Emerson 2009, p. 37). Sales

Project Assignment Example | Topics and Well Written Essays - 250 words - 1

Project - Assignment Example This is because 64.1% of the male population and 63.8% of the female population strongly believe that everyone at Indiana State University cheats at some point in their courses. 66.9% of these scholars are from the upper level while 60.9% are from the lover level. 60.2% of the scholars reside on campus while 66.8% reside off campus. In addition, 46.2% of the male population and 45% of the female population know of a student who has used their phone to take a picture of an exam. 48.0% of these scholars are from the upper level while 43.6% re from the lover level. 46.4% of the scholars reside on campus while 45.4% reside off campus. Finally, 79.3% of the male population and 76.3% of the female population believe technology advances have made it easier to cheat. 78.6% of these scholars are from the upper level while 77.0% are from the lover level. 79.6% of the scholars reside on campus while 76.4% reside off campus (Punch

PreCalc PARAMETRIC PROJECT Essay Example | Topics and Well Written Essays - 500 words

PreCalc PARAMETRIC PROJECT - Essay Example hand, each of the hyperbolas of parametric curves (5), (6), and (7) consists of two regions that reflect each other’s opposite courses of motion (clockwise and counter-clockwise). Apparently, a parametric motion is governed by equations where a third variable ‘t’, known as the parameter, is introduced. One discovers and comprehends that, in dealing with problems involving parametric motion, the concept of working with parametric equations is quite impressive in the sense that these equations are plotted as a single graph designed to illustrate movement along the ‘x’ and movement along the ‘y’ (Dawkins). To this extent, there emerges clearer understanding of the motion of a point particle as it occurs in two dimensions simultaneously. No wonder parametric motion has been applied widely in kinematics or in other similar fields that require the scheme of observing point particles in terms of their displacements, velocities, and elapsed time (t) of travel. As such, a typical kinematic problem is parametrically characterized by a projectile whose parabolic (or semi-elliptical) trajectory depicts the object’s velocity a nd displacement (on 2-D xy-plane) as a function of

Sugary Drinks or Diet Drinks Essay Example for Free

Sugary Drinks or Diet Drinks Essay Abstract Better beverage choices can help fight and prevent obesity and diabetes. Water, of course, is the best beverage option. It delivers everything the body needs—pure H2O—with zero calories. But for some tastes, plain water is just too plain—and it may be unrealistic to ask everyone to kick the sugar-water habit overnight. We must instead work to retrain the American palate away from sweet drinks. Cutting our taste for sweetness will require concerted action on several levels—from creative food scientists and marketers in the beverage industry, as well as from individual consumers and families, schools and worksites, and state and federal government. Sugary Drinks or Diet Drinks? What’ the Best Choice? Soft drinks are the beverage of choice for millions of Americans. Some drink them morning, noon, night, and in between. They’re tasty, available everywhere, and inexpensive. They’re also a prime source of extra calories that can contribute to weight gain. Once thought of as innocent refreshment, soft drinks are also coming under scrutiny for their contributions to the development of type 2 diabetes, heart disease, and other chronic conditions. Diet soft drinks, made with artificial sweeteners, may not be the best alternatives to regular soft drinks. The term â€Å"soft drink† covers a lot of ground. It refers to any beverage with added sugar or other sweetener, and includes soda, fruit punch, lemonade and other â€Å"ades,† sweetened powdered drinks, and sports and energy drinks. In this section of The Nutrition Source, we focus on non-alcoholic sweetened drinks. Drunk every now and then, these beverages wouldn’t raise an eyebrow among most nutrition experts, any more than does the occasional candy bar or bowl of ice cream. But few people see them as treats. Instead, we drink rivers of the stuff. According to figures from the beverage industry, soft drink makers produce a staggering 10. 4 billion gallons of sugary soda pop each year. That’s enough to serve every American a 12-ounce can every day, 365 days a year. The average can of sugar-sweetened soda or fruit punch provides about 150 calories, almost all of them from sugar, usually high-fructose corn syrup. That’s the equivalent of 10 teaspoons of table sugar (sucrose). If you were to drink just one can of a sugar-sweetened soft drink every day, and not cut back on calories elsewhere, you could gain up to 15 pounds in a year. Soft Drinks and Weight Historians may someday call the period between the early 1980s and 2009 the fattening of America. Between 1985 and now, the proportion of Americans who are overweight or obese has ballooned from 45 percent in the mid-1960s to 66 percent today. (The Centers for Disease Control and Prevention has an online slide show that shows the spread of obesity in the U.S. ) There’s no single cause for this increase; instead, there are many contributors. One of them is almost certainly our penchant for quenching our thirst with beverages other than water. Once upon a time, humans got almost all of their calories from what nature put into food. That changed with the advent of cheap sugar, and then cheaper high-fructose corn syrup. High-fructose corn syrup has been fingered as one of the villains in the obesity epidemic, but in fact, table sugar and corn sweeteners likely have the same physiological impact on blood sugar, insulin, and metabolism. Sugar added to food now accounts for nearly 16 percent of the average American’s daily intake. Sweetened soft drinks make up nearly half of that. Dozens of studies have explored possible links between soft drinks and weight. It isn’t an easy task, for several reasons (read Sorting Out Studies on Soft Drinks and Weight to learn why). Despite these research challenges, studies consistently show that increased consumption of soft drinks is associated with increased energy intake. In a meta-analysis of 30 studies in this area, 10 of 12 cross-sectional studies, five of five longitudinal studies, and four of four long-term experimental studies showed this positive association. A different meta-analysis of 88 studies showed that the effect appeared to be stronger in women, studies focusing on sugar-sweetened soft drinks, and studies not funded by the food industry: Studies in children and adults have also shown that cutting back on sugary drinks can lead to weight loss. On the surface, it makes sense that the more ounces of sugar-rich soft drink a person has each day, the more calories he or she takes in. Yet that runs counter to what happens with solid foods. People tend to compensate for a bigger than usual meal or for a snack by taking in fewer calories later. That’s how weight stays stable. This compensation doesn’t seem to happen with soft drinks. No one knows for sure why this happens, but there are several possibilities: Fluids may not be as satiating as solid foods. That means they don’t provide the same feeling of fullness or satisfaction that solid foods do, which might prompt you to keep eating. The body doesn’t seem to â€Å"register† fluid calories as carefully as it does those from solid food. This would mean they are added on top of calories from the rest of the diet. It is possible that sweet-tasting soft drinks—regardless of whether they are sweetened with sugar or a calorie-free sugar substitute—might stimulate the appetite for other sweet, high-carbohydrate foods. Use headings and subheadings to organize the sections of your paper. The first heading level is formatted with initial caps and is centered on the page. Do not start a new page for each heading. Subheading Subheadings are formatted with italics and are aligned flush left. Citations Source material must be documented in the body of the paper by citing the authors and dates of the sources. The full source citation will appear in the list of references that follows the body of the paper. When the names of the authors of a source are part of the formal structure of the sentence, the year of the publication appears in parenthesis following the identification of the authors, for example, Smith (2001). When the authors of a source are not part of the formal structure of the sentence, both the authors and years of publication appear in parentheses, separated by semicolons, for example (Smith and Jones, 2001; Anderson, Charles, Johnson, 2003). When a source that has three, four, or five authors is cited, all authors are included the first time the source is cited. When that source is cited again, the first author’s surname and â€Å"et al. † are used. See the example in the following paragraph. Use of this standard APA style â€Å"will result in a favorable impression on your instructor† (Smith, 2001). This was affirmed again in 2003 by Professor Anderson (Anderson, Charles Johnson, 2003). When a source that has two authors is cited, both authors are cited every time. If there are six or more authors to be cited, use the first author’s surname and â€Å"et al. † the first and each subsequent time it is cited. When a direct quotation is used, always include the author, year, and page number as part of the citation. A quotation of fewer than 40 words should be enclosed in double quotation marks and should be incorporated into the formal structure of the sentence. A longer quote of 40 or more words should appear (without quotes) in block format with each line indented five spaces from the left margin. 1 References Anderson, Charles Johnson (2003). The impressive psychology paper. Chicago: Lucerne Publishing. Smith, M. (2001). Writing a successful paper. The Trey Research Monthly, 53, 149-150. Entries are organized alphabetically by surnames of first authors and are formatted with a hanging indent. Most reference entries have three components: Authors: Authors are listed in the same order as specified in the source, using surnames and initials. Commas separate all authors. When there are seven or more authors, list the first six and then use â€Å"et al. † for remaining authors. If no author is identified, the title of the document begins the reference. Year of Publication: In parenthesis following authors, with a period following the closing parenthesis. If no publication date is identified, use â€Å"n. d. † in parenthesis following the authors. Source Reference: Includes title, journal, volume, pages (for journal article) or title, city of publication, publisher (for book). Appendix Each Appendix appears on its own page. Footnotes 1Complete APA style formatting information may be found in the Publication Manual. Table 1 Type the table text here in italics; start a new page for each table [Insert table here] Figure Captions Figure 1. Caption of figure [Figures – note that this page does not have the manuscript header and page number].