Sports Role in Your Life free essay sample

What role do sports play in your life? An athletic activity requiring skill or physical prowess and often of a competitive nature To the typical person this Is what a sport Is; however I have a different Interpretation of the word. Throughout the years of my life sports have transformed from an extra curricular activity to a way of life. What sport you play defines who you are as a person and enhances your credibility in a social setting. Also it demonstrates certain traits that you have acquired through the experience.Intellectual, endurance, determination, competition, dedication, cohesion, pride and hope Are inspirational words I would use to define what a sport means. Each definition has a direct relation to my experiences playing the sport of field hockey and soccer. Being enrolled as a young child has given me the opportunity to be exposed to a productive way to have a healthy lifestyle. We will write a custom essay sample on Sports Role in Your Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Today the world Is a competitive place -sports taught me to strive and compete for what I want out of life.By being Introduced to competition at a young age, I am able to pursue my dreams and prepare me for pot secondary education. This makes me a stronger person by giving me the skills to prosper in todays society. Being healthy is a big part of my life. In my youth sports was essential contributor to mum lifestyle of exercise and eating right. As well as introducing me to alternative ways to stay fit. Sports have not only influenced me physical but spiritually also.If you re satisfied with yourself on the outside it influences you to have a positive outlook of yourself on the inside. This can lead to finding true happiness. Stress Is a mall contributor to casualties In North America. The highest proscribed medicine In Canada Is Anta Depressants such as Approach. These types of drugs are highly proscribed to teens. For me I use sports as my anta depressant. Being able to control each executed move on the field and by being given a challenge calms my soul.

Import Export Financing Essays

Import Export Financing Essays Import Export Financing Paper Import Export Financing Paper IMPORT FINANCING Background Like other developing countries, Pakistan’s import bill exceeds exports. Therefore, it faces scarcity of foreign exchange to meet its import requirements. According to daily â€Å"DAWN† dated 18th November 2012, Pakistan’s foreign exchange reserves were USD 13. 84 Billion at the week ended as on 9th November 2012. Gap between the import and export bills is partially covered by regulations, controls and measures exercised by State Bank of Pakistan and partially by the international credit, aid, loan agencies like International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB). State Bank of Pakistan keeps control at a time, over this imbalance by imposing cash margin restrictions on import of general items from time to time. This is done in order to restrict imports and to allow import of only necessary items to fulfill genuine requirements and to discourage import of non-commercial and luxury items. CASE STUDY: On 1st February 2012, restriction on import of CNG cylinders and kits was imposed by Government of Pakistan in view of government policy to discourage use of CNG as a fuel due to its short supply and ever rising demand. No importer is allowed to import CNG cylinders kits up till now which is being restricted by SBP custom authority. Foreign trade involves many risks because of different locations /countries of importer and exporter. Both the parties are doing their businesses in different countries where different laws regulations apply and it is difficult to settle any dispute regarding goods quality and payment settlement between importer and exporter. For safeguarding interest of both importer and exporter, banks involve in these transactions for smooth settlement between the parties. IMPORTERS Any body who imports the required goods into the country is called an importer. The importer has to pay the exporter for the value of goods in foreign exchange. Importers are classified into three categories: i) Commercial sector importer i-e. a firm, institution, organization, person or group of persons registered as an importer is called commercial importer. ii) Industrial sector importer i-e. any industrial unit which is registered as importer comes under this category. iii) Public sector importers i-e. the organizations owned by the government which import capital / consumer commodities as per their requirement. Usually, these organizations are not registered as regular importer and their requests for opening letter of credit is routed through SBP. Letter of Credit (L/C) Letter of Credit is a written undertaking by a bank given to the seller/exporter (beneficiary) at the request and instructions of the buyer/importer (applicant) to pay at sight or at a determinable future date a stated sum of money against the required documents. The documents include commercial invoice, certificate of origin, transport document relating to the mode of transport used (Airway Bill, Bill of Lading, Railway Receipt, Truck Receipt, etc. and other documents required as per terms of letter of credit. Parties to Letter of Credit In documentary credit operations, maximum number of parties involved are as under: i) Applicant (Opener of L/C): The applicant of a credit is an importer or buyer who requests his bank to issue documentary credit in favor of the seller /exporter. ii) Issuing Bank (Opening Bank): The issuing bank is also called importer’s bank. At the request of the applicant, this bank issues the credit in accordance with the instructions of the applicant in favor of the exporter. The letter of credit is sent to the bank in the exporter/seller’s country. ii) Advising Bank: Advising bank is also known as transmitting or correspondent bank in the seller’s country. Issuing bank forwards the advice of the credit by mail or by any means of tele-transmission (i-e. cable, telex, SWIFT, etc. ) to a correspondent bank where the beneficiary business exists. Normally, all L/Cs are sent via SWIFT i-e. Society for Worldwide International Financial Transactions. iv) Beneficiary (Seller or Exporter): The person or body receiving the letter of credit from the importer and/or in whose favor letter of credit is issued is called beneficiary. v) Confirming Bank: Confirming bank is the bank which at the specific request of the issuing bank adds its confirmation to a letter of credit. Adding confirmation constitutes a definite undertaking of the confirming bank, in addition to that of the issuing bank. vi) Negotiating Bank: Negotiating Bank is the bank which receives the documents against letter of credit as authorized bank. This bank has to give value for drafts and/or documents under L/C conditions. Negotiating Bank may or may not be the Advising Bank. This bank examines the documents against L/C, and if found in order, negotiates the documents and makes payment to the seller. The negotiating bank dispatches the documents to the Issuing Bank claiming reimbursement from the bank as mentioned in the L/C and as agreed between the two banks. The Negotiating Bank should ensure before lodgment of reimbursement claim that all terms of letter of credit have been complied with. vii) Reimbursing Bank: Reimbursing bank is the bank which, on behalf of the opening bank, honors the reimbursement claim lodged by the Negotiating Bank. MODES OF PAYMENT OF L/Cs There are four modes of payments of letters of credit as detailed under: (i) L/C available by Negotiation: If L/C provides for negotiation to pay without recourse to drawers and/or bonafide holders in terms of credit. Negotiation means the payment of value for draft(s) and/or documents by the bank authorized to negotiate complying with the terms of L/C. (ii) L/C available by Acceptance: In case the credit calls for a usance draft and is available by acceptance on the issuing bank, and the seller submits all the documents including usance bill of exchange to a nominated or another bank complying all the terms and conditions of the credit, the seller receives acceptance of the payment at maturity date. However, under a separate arrangement, he may get his usance draft discounted by the bank in order to meet his cash flow requirements. In such case, seller has to bear discount charges. (iii) L/C available by Sight Payment: If the beneficiary of letter of credit is to obtain payment immediately on presentation of stipulated documents, it is the sight letter of credit. In this case the exporter draws a sight or demand draft payable at the counters of the advising bank or the bank specified in the letter of credit. The draft is paid on presentation provided that all the other terms of L/C have been complied with. (iv) L/C available by Deferred Payment: In this case, L/C opening bank has to effect payment after a period specified in the L/C, calculated as to the number of days after the date of presentation of documents or after the date of shipment. Such L/C does not require drafts to be drawn or presented alongwith other documents. RETIREMENT OF DOCUMENTS When the documents are received from foreign bank, L/C opening bank affixes â€Å"Dak Received† stamp and enters the same in â€Å"Dak Received Register†. The duplicate set of documents, received by the bank, is kept with original set of documents and duplicate should be separate from the original. The bank verifies that all the documents are received as specified in the forwarding schedule of the negotiating/exporter’s bank. While scrutinizing the documents, it is also ensured that all the documents have been received as per terms of L/C. The retirement of documents can be made by the following means: Through debit to the customer’s account Through Trust Receipt Facility (FTR) offered by the bank. Through Finance against Imported Merchandise (FIM) THROUGH DEBIT TO CUSTOMER’S ACCOUNT In case customer/importer has sufficient funds to settle the bill, Cost Memo is prepared and amount in foreign currency is converted into Pak Rupees at Selling TT OD rate of exchange. Any foreign correspondent charges and service charges are added to it. Customer issues cheque / authority letter to debit his account for bill amount plus mark-up and other charges. After receiving the amount, title documents are endorsed by two authorized signatories and the same are delivered to customer against proper acknowledgement. In case, importer has not sufficient funds to settle the bill, he can avail finance from bank to settle the claim. Credit facilities available to the importer are explained hereunder: A. FUND BASED FACILITIES 1. FINANCE AGAINST TRUST RECEIPT (FATR) If customer desires to retire the documents through Trust Receipt facility, a request letter to this effect is obtained from him. In this case, bank releases documents of the goods to importer so that he may clear the goods from custom authorities. Payment is settled by the bank and reimbursement is made to foreign bank. The bank has lien on receivables in this case and importer repays the bank finance after sale of the goods. Trust Receipt should not be allowed against Usance L/C unless specific approval from the authority is held. Following documents are obtained before releasing the documents on Finance Against Trust Receipt: ? Letter of Request from the customer / importer ? Bill of Exchange duly accepted by the party ? Demand Promissory Note ? Trust Receipt ? Collateral (if any) as per limit approval ? Invoice ? Agreement of Mark-up The Trust Receipt facility can only be extended upto 45/60 days or as per terms of sanction. . FINANCE AGAINST IMPORTED MERCHANDISE (FIM) This is a sale transaction at a price mutually agreed upon between the bank and the importer. The sale price consists of value of goods or documents of title to goods and margin of profit. The sale price is payable by the buyer on deferred payment basis either in part or in lump sum. This facility is granted for a period of 60 days or as per sanction advice. Following documents are obtained from the party: ? Letter of Request from the customer / importer ? Demand Promissory Note ? Letter of Indemnity for clearance of consignment ? Letter of Pledge ? Agreement of Mark-up This type of facility is against pledge of imported stocks and its process / transaction flow is similar to that of Self-Liquidating Inventory Finance. TRANSACTION FLOW: Goods imported through L/C, when reach the port in importer’s country, there is a process of releasing the goods from custom authorities. For this purpose Clearing Agents on the panel of bank. The clearing agent after clearing the goods, transports the same via Goods Transport Companies to the destination of the importer. At importer’s business premises / factory, etc. Bank Muccadam is available to take over the custody of the goods as soon as these are received at the site. These goods are kept under pledge arrangement and bank takes effective control possession of the imported goods. B. NON-FUND BASED FACILITIES 3. USANCE LETTER OF CREDIT This type of letter of credit is issued with a condition that payment will be made after some specified period of time i-e. 180 days, 365 days, etc. The bank undertakes to pay the exporter for the value of goods at some later date in order to facilitate the importer to arrange funds for settlement of the transaction. Usance letter of credit is very useful facility in which importer not only avails the opportunity of time available to pay his liabilities but also he saves borrowing costs due to difference of LIBOR and KIBOR. At present KIBOR is upto 10% whereas LIBOR is ranging from 0. 5% to 1% for the last two to three years. In case of Usance L/C, the importer will have to pay the value of goods alongwith some additional profit/surcharge levied by the exporter (which is included in the Invoice Value) for allowing repayment period to importer. Exporter will calculate this additional profit on transaction on the basis of LIBOR (0. 70%) instead of KIBOR (10%). In case importer avails the credit lines to settle the import bill from his local bank, he will bear the borrowing/financing cost on the basis of KIBOR which is far above than LIBOR. 4. SHIPPING GUARANTEE The shipping guarantee is issued in favor of the local shipping agents for obtaining delivery order to clear goods from port / customer authorities in the absence of original shipping documents of L/Cs. This guarantee is issued on prescribed from provided by the shipping company. This guarantee is signed by the importer and counter-signed by the bank. Following documents are required from the customer at the time of issuance of shipping guarantee: ? Letter of Request from the customer / importer ? Copy of Invoice ? Copy of Bill of Lading / transport document ? Format of the shipping guarantee to be issued ? Counter guarantee in favor of the bank duly signed by the customer ? Letter of undertaking regarding exchange rate fluctuation ? Undertaking to accept the draft in case of usance L/C ? Undertaking to accept all discrepancies in the documents Liability under the shipping guarantee shall be reversed only after the surrender of the original bill of lading against which guarantee has been issued and the receipt of original guarantee from the shipping company. On receipt of original bill of lading, this is forwarded to the shipping company alongwith request to return the original guarantee. This facility is very short term nature normally 30 days. B. EXPORT FINANCE In order to strengthen its position in the international markets, Pakistan has to strive for improving its balance of trade by increasing its exports. As such exports have been the top priority of the government’s agenda to improve the position of foreign exchange earning of the country. Banks have a very important role to play in trade activities of the country. Banks act as agents for both the importers and exporters and play important role in the development of country’s trade. While handling export transactions, Credit Manager and/or Export staff of the bank must always keep into consideration the following: ? Export Policy Order of the government for the financial year ? Guidelines/instructions of Export Promotion Bureau ? State Bank of Pakistan Foreign Exchange Circulars ? Bank’s Foreign Exchange Regulations and FEX circulars ADVISING OF EXPORT LETTERS OF CREDIT Letters of credit received from foreign banks are advised to the beneficiaries in Pakistan through L/Cs advising departments of the bank. All L/Cs received are carefully scrutinized for their authenticity adhering to the terms conditions and complying with our Foreign Exchange Regulations and International laws publications (UCP 500). FORM â€Å"E† No person can export any goods from Pakistan unless he is duly registered as an exporter with Export Promotion Bureau under the registration â€Å"Importer Exporter Order 1952†. Blank â€Å"E† Forms are issued to exporters, against written request, free of any charges. In order to export, the exporter will provide details on â€Å"E† form in respect of goods, quantity, invoice value of goods, terms of sale, destination and name address of the importer. This â€Å"E† form is the main document to calculate value of goods exported and is used to control the export of any item from Pakistan. CASE STUDY: During October 2012, Government of Pakistan allowed export of 200,000 tons of sugar from Pakistan with a condition that one sugar mill can export maximum upto 10,000 tons of sugar. This maximum quantity of sugar (10,000 tons) exported by any single sugar mill to be controlled by the â€Å"E† Form submitted by the exporting sugar mill. In case of any effort of sugar mill to exceed export from 10,000 tons, SBP can very easily trace this from the record of â€Å"E† form available in its record. In the following paragraphs, we will discuss the types of financing available to exporter. . FOREIGN DOCUMENTARY BILLS PURCHASED AGAINST L/Cs This type of financing is referred to as Foreign Bills Purchased (FBP). Only those documents are purchased which are negotiable and which conform to the terms of letters of credit. The documents are forwarded to the L/C opening bank and payment is received through bank’s foreign correspondents maintaining NOSTRO account in v arious currencies. Following documents are submitted by the exporter for negotiation: ? Original Letter of Credit (L/C) ? Documents of title to goods (Bill of lading, Airway bill, etc. ? Bill of Exchange (B/E) ? Commercial Invoice ? Certificate of Origin ? Packing List ? Insurance Policy ? Any other document as per terms of L/C FBP is practical example of â€Å"Factoring† in which bank purchases the receivable of the client/exporter after making payment and takes the responsibility of collection of the receivable at its own end. The exporter transfers all rights of ownership of the documents to the bank and authorization to claim reimbursement from the L/C opening bank. This transaction is to be handled with extreme care, vigilance and diligence. All the financial and commercial documents are scrutinized as per terms conditions of L/C. Documents after careful scrutiny are forwarded to the L/C opening bank and claim of reimbursement is made as well. On realization of the bill, FBP is settled /adjusted. 2. FOREIGN DOCUMENTARY BILLS FOR COLLECTION Financing against foreign bills is made on export bills which are drawn under Letter of credit and are sent for payment under documentary collection. This is a sale transaction at a price mutually agreed upon between the buyer (bank) and seller (exporter). The documents are sold to the bank and sale proceeds will be credited in the account of seller (exporter). This type of export finance is termed as â€Å"Finance against Foreign Bills† (FAFB). All other procedures of FAFB are similar to FBP except that under FAFB in the event of non-payment of the bill by L/C opening bank or importer, the exporter undertakes to repurchase the same documents at bank’s marked up price. FAFB is the practical example of â€Å"Lien on Receivables†. 3. FINANCE AGAINST PACKING CREDIT (FAPC) Packing Credit is a sort of pre-shipment or pre-export finance, extended to prime valued customers (exporters) against valid letter of credit / firm contract order. The finance is provided to the exporter for the following: ? Purchase of goods ? Freight charges ? Clearing forwarding charges ? Export duty, etc. ? Packing requirements Finance against packing credit is granted for 180 days or upto the period the shipment of goods is affected whichever is earlier. Lien is marked on the Letter of Credit / Firm Contract in order to prevent negotiation of documents.

Mies van der Rohe architecture Term Paper Example | Topics and Well Written Essays - 1250 words

Mies van der Rohe architecture - Term Paper Example Mies is known for the spiritualization of technique and he was an architect with the special ability to reduce all the problems of his character to the essential simplicity of his architecture. Significantly, the modern style in architecture commonly referred to as High Modernism was introduced in United States of America mainly by Mies van der Rohe and Walter Gropius. Mies van der Rohe worked as the director of Germany’s most famous design school, Bauhaus, during 1930-33 and he started applying the Modern architectural style to his works. The liberal members of the Bauhaus such as Mies and Gropius found their way in due course to America when it was disbanded by the Nazis and they reworked the modernist architecture in the 1940s and 50s. As a proponent of the modern architecture, Mies defined interior spaces with modern materials like industrial steel and plate glass in his mature buildings. One of the characteristic features of his style of architecture is that it made use o f minimal framework of structural order and he is the most important architect of the modernist and late-modernist architecture. Significantly, Mies van der Rohe is highly recognized for his skin and bones style architecture and his modernist architecture is esteemed for its plain surfaces and straightforward rectangular shapes which was adapted to the corporate skyscrapers, apartments, and university buildings. As E. C. Relph maintains, â€Å"his plans were simplicity itself. All the buildings were arranged in lines and at right angles, and their basic form was that of a carefully proportioned cube expressing the structure of steel columns and beams as perfectly as possible. The slogan Mies invented to express his design philosophy was ‘Less is More’.† (Relph, 191) Therefore, it is fundamental to maintain that the modernist architecture style introduced by Mies has been noted for simplicity and the skin and bones style achieved grand success in modern architectu re. This paper makes a profound analysis of Mies van der Rohe architecture in order to realize how his work relates to ‘modernism’ we can appreciate today. Born as the son of a stonemason, Mies van der Rohe received practical experience in construction during the early stages of his life and his later architecture style proved to be the milestone in modernist architecture. Soon he became Germany’s most important architect of his time and severed as the director of Bauhaus where he applied his Modernist architectural principles to his works. Whereas his early designs as an independent designer show the influence of Schinkel, he rapidly grew into a Modernist architect with original designs and styles, and his concept of a transparent skyscraper marked a new step towards Modernism. However, due to the scantiness of material science and construction techniques, it took more time for him to establish as the leading proponent of High Modernism. In 1938, he became the h ead of the architectural school at the Illinois Institute of Technology in Chicago and he redefined Modern architecture with a string of important commissions in the following years. â€Å"The elevated glass cube of the Farnsworth House (1950) in Plano, Illinois, took ideas of open, simple interior spaces to their extreme. The pristine steel and glass tower of the Lake Shore Drive Apartments (1951) in Chicago were hailed as perfect new renditions of this building type, and the Seagram Building (1958) in New York was viewed as the prototypical new skyscraper.†

Annotated Bibliography Research Paper Example | Topics and Well Written Essays - 500 words - 1

Annotated Bibliography - Research Paper Example For prehending, students learn through a concrete experience. In transforming, students are geared more towards active experimentation. These two processes can be placed onto a quadrant in which each quarter contains a certain learning style. The learning styles used by Kolb are â€Å"Assimilators,† â€Å"Divergers,† Convergers,† and â€Å"Accommodators.† For this study, participants were chosen from the Taxes and Personal Finance course at the Lubar School of Business at the University of Wisconsin-Milwaukee. A total of 159 participants were given two versions of WBI that had the same content and were only different with the accessibility on the platform. The results found that for each WBI module, each learning style was balanced. For student reaction, the participants were given an eight question Likert-type scale ranging from Did Not Like (1) to Liked Very Much (4). The results of this survey found that there was little difference between participants o f both WBI modules. Overall, the study found that with WBI, there is not any difference between the learning styles of students and type of online instruction. When it comes to construction projects in Hong Kong, there are certain criteria that are used to determine the success of the project. However, the definition of the success of a project depends on the view of a number of stakeholders, such as clients, consultants or designers, and contractors. This study aims to compare the responses of all of these stakeholders based on a set of criteria used to measure a project’s success. After reviewing literature, nine specific performance criteria were chosen for this study: profit, time, no claims or contractual disputes, job satisfaction, quality, safety, environment, generation of innovative ideas, and effectiveness. The definition of performance criteria is given as a benchmark to evaluate

Financial audit Essay Example for Free

Financial audit Essay Generally, ethics refer to moral principles and values. Random House Webster’s College Dictionary notes that ethics are â€Å"the rules of conduct recognized in respect to a particular class of human actions or governing a particular group, culture, etc. † An individuals ethics generally define what that individual believes to be right and wrong. Professional ethics are typically expressed by a code of conduct adopted by an organization that represents a profession. Professions adopt such codes to encourage moral conduct among their members. Following is a list of the individuals involved in the AMRE case: Robert Levin, Chief Operating Officer Dennie Brown, Chief Accounting Officer Walter Richardson, Vice President of Data Processing Steven Bedowitz, Chief Executive Officer Mac Martirossian, Chief Financial Officer Edward Smith, audit engagement partner Joel Reed, senior audit manager My experience has been that students differ markedly in their assessments of the ethics of these individuals. In particular, students generally have difficulty arriving at a consensus assessment of Martirossian’s conduct in this case. I believe that the lively debate typically produced by this exercise is healthy for students since such debates allow them to begin developing or fleshing out their attitudes regarding important ethical issues and concepts. 2. The executives involved in the AMRE fraud agreed in a consent order to refrain from violating federal securities laws in the future. In addition, Robert Levin and Dennie Brown forfeited funds they realized from sales of AMRE stock during the fraud. Levin also paid $1. 8 million to the federal government, including a $500,000 fine for insider trading. Finally, Levin and Steven Bedowitz contributed approximately $9 million to a settlement pool to resolve a large class-action lawsuit. Most students conclude that the AMRE executives who participated in the fraud were appropriately punished. Their actions were motivated by greed and self-interest and they paid a heavy price for their indiscretions. The two auditors involved in this case, Edward Smith and Joel Reed, were prohibited from being assigned to audits of SEC registrants for nine months. Again, students typically find that this punishment was appropriate given the apparent mistakes made during the AMRE audits. These mistakes included failing to adequately test the computerized lead bank, allowing AMRE personnel to observe certain inventory sites, accepting client explanations without applying sufficient audit procedures, and failing to require the client to disclose large and suspicious period-ending accounting adjustments in the financial statements. The SEC issued a separate enforcement release criticizing Martirossian for his failure to take appropriate measures upon learning about the fraud. Students frequently disagree with the SEC’s criticism of Martirossian. Many of them view him as an ethical person who just happened to be in the wrong place at the wrong time. It is important to point out to students that it is not unusual for accountants to find themselves in these types of ethical dilemmas. Martirossian’s experience provides an excellent example of the potential consequences an accountant may face if he or she violates the Code of Professional Conduct. 3. Among the alternative courses of action available to Martirossian were the following: a. Aid in the cover up of the fraud. b. Demand that the executives involved disclose the fraud to the auditors. If they refused to comply, report the fraud to the SEC. c. Report the fraud to the auditors and to the Board of Directors immediately. d. Secretly report the fraud to the auditors. e. Resign his position with AMRE, Inc. Probably the best course of action for Martirossian would have been to demand that the executives disclose the fraud to the auditors. If they refused, Martirossian should have considered disclosing the fraud directly to the SEC. This action would have resulted in Martirossian upholding his professional responsibilities as a CPA. Although he may have lost his job, he would have avoided being sanctioned by the SEC. Most important, this course of action would have prevented innocent parties, such as potential AMRE investors and creditors, from being harmed by the fraudulent scheme. 4. The relevant accounting concept in this context was the matching principle. The matching principle requires that expenses be matched with the revenues they produce. A cost can be deferredtreated as an assetwhen it is expected that the cost will produce future economic benefits (generally, revenue). It seems reasonable that a portion of AMRE’s advertising costs benefited future periods and, thus, could be appropriately deferred. Nevertheless, AMRE’s policy of deferring all of the advertising costs related to unset leads was very aggressive and probably resulted in the booking of assets that would provide no future benefits for the company. 5. Listed next are key audit risk factors that were present during the 1988 and 1989 AMRE audits. a. AMREs management had a strong incentive and desire to maintain the companys stock price at a high level. b. AMRE’s unset leads increased dramatically during 1988. c. The company’s inventory also increased significantly during 1988 and increased much more rapidly than the company’s sales. d. The efforts of AMRE’s executives to influence important audit planning decisions should have been of concern to the auditors. e. The percentage-of-completion accounting method was an unusual method to apply to AMRE’s installation jobs since those jobs typically required only four to ten days to complete. f. AMRE had several large and unusual fourth-quarter adjusting entries in 1989. . Martirossian’s secret meeting with the AMRE auditors should have caused them to question the integrity of the client’s financial statements. When taken together, these items suggest that the overall audit risk for the AMRE audits was relatively high. Most of these risk factors were discovered by Price Waterhouse or were apparent to the audit firm. For example, the audit planning memo for the 1988 audit identified the large increase in inventory as a key risk factor and called for an increase in the number of inventory observation sites. Likewise, the AMRE audit partner originally requested that the company disclose the large period-ending adjustments in its 1989 10-K. Although the auditors identified these risk factors, it appears that they failed to adequately consider them during the performance of fieldwork. For example, company executives convinced the auditors to allow client personnel to observe several of the inventory sites selected for observation at the end of 1988. During the 1989 audit, client management persuaded the auditors not to require disclosure of the large fourth-quarter adjustments in AMREs financial statements. Why did the auditors apparently defer to AMRE’s executives in several situations and fail to adequately question their decisions in others? Possibly, the auditors simply succumbed to client pressure in each of these instances. During the 1989 audit, the auditors may have relied too their detriment on Martirossian, a former colleague, to inform them of any major problems in AMRE’s financial statements. Whether Price Waterhouse was justified during the 1988 audit in agreeing to allow client personnel to observe the physical counts at certain inventory sites is a matter of professional judgment. Apparently, members of the audit team did not believe that the client’s request posed a major problemthat is, did not result in a material scope limitation, otherwise they would not have agreed to it. Client management should not be allowed to influence key audit decisions such as sample size determinations, assignments of auditors to given areas of the audit, and the types of audit tests applied to specific accounts. Generally, any time a client request would prevent an auditor from satisfying the requirements of the third standard of fieldworkobtaining sufficient competent evidential matter to support his or her audit opinion, that request should be denied. 7. In most situations, the key management assertion for an expense item is the completeness assertion. That is, auditors are generally concerned that a client may attempt to understate expenses. However, in this case the fourth-quarter write-offs in 1989 were initiated by AMRE management. When management voluntarily recognizes a large and unusual expense item, an auditor may want to consider the possible motives underlying management’s decision. Certainly, an auditor in such a case will want to investigate the completeness assertion, but the existence/occurrence assertion should also be examined by the auditor in such circumstacnes. In recent years, many large firms have taken â€Å"big bath† write-offs to improve their chances of returning to a profitable or more profitable position in the near future. In fact, the management assertion of most concern to Price Waterhouse regarding the 1989 fourth-quarter write-offs may have been the â€Å"presentation and disclosure† assertion. This assertion â€Å"addresses whether particular components of the financial statements are properly classified, described, and disclosed† (AU Section 326. 08). The large year-end adjustments that resulted in AMRE reporting a net loss for 1989 were clearly not adequately described in the company’s financial statements. 8. Listed next are the key responsibilities an auditor assumes for quarterly financial information included in the footnotes to a clients audited financial statements. Refer to AU Section 722 for a more detailed discussion of these responsibilities. a. The auditor should apply â€Å"review† procedures to the interim financial information. (Such procedures consist principally of inquiries of client personnel and analytical procedures. ) b. The auditor should ensure that the quarterly data are presented as supplementary information and that each page of the data is clearly marked as unaudited. . If the results of the review procedures are satisfactory, the auditor does not need to modify his or her report on the audited financial statements to make reference to the review of the interim financial information. However, if the interim financial information does not appear to be in conformity with generally accepted accounting principles, including adequate disclosure, the auditor’s report should generally be expanded to address this issue.

Tension in Do Not Go Gentle Into That Good Night Essay -- Do Not Go G

Tension in Do Not Go Gentle Into That Good   Night  Ã‚   Dylan Thomas’s poem "Do Not Go Gentle Into That Good   Night", is an urgent plea from Thomas to his dying father, and all men not to give in to death.   Thomas uses himself as the speaker to the make the poem more personal.   The message of the poem is very inspirational.   Throughout the poem, Thomas uses different imagery and language to illustrate the tension between action and inaction.   The first stanza helps summarizes the meaning of the poem, urging old men to fight death.   In the first stanza of the poem Thomas uses assonance, †Old age should burn and rave at close of day; / Rage, rage against the dying of the light.† (2-3) The use of age in the second line, and rage twice in the third depict assonance.   Here Thomas is trying to disprove the notion that old age is a time to rest, and a time to look back with wishful regrets on one’s experiences. The middle four stanzas are examples of various types of men, their trials of life and the whisper of death upon them.   In ...

Laptops in School Essay

Power on the new paper of the future. Students should be able to have a laptop for schoolwork instead of carrying a binder and using paper for everything they are assigned to do. First of all, homework would be more fun to do on a laptop. Students would be able to put more detail into their work as well as show their personality because of all the features and applications within a computer. Paper assignments on worksheets and bookwork don’t provide this opportunity. This would be fun as students would to be able to create, answer questions, and study if students had the access a computer brings. Secondly, students will find that turning in homework on time is easier with a laptop than traditional paper assignments. A college student said,† Using laptops will help students with their grades. † Once a student completes the assignment, he or she can simply email it to the teacher. Students will not have the excuse of losing the assignment, forgetting it or having a dog eat the homework. Using paper means cutting down trees. Laptops should be a student’s friend. Statistics prove a third point. Statistics show that using laptops in school increases students’ grades. Going more in depth in assignments is what students will do if they have laptops. Also, students have a better chance of turning in their work and therefore grades will improve. Teachers and parents continue to complain that grades drop because students are lazy and don’t remember to turn in homework when it is due. Statistics also show that today’s teens are so involved in every aspect of technology, they would embrace the opportunity to simply use their skills with computers and homework. A student at Brigham Young University who uses his laptop daily, said, â€Å" Laptops are required in college. When using laptops, assignments can be graded quickly because of automated grading done by the computer. Turning in homework through a computer would allow quicker feedback to students. The quick feedback would allow a teacher to see what students are struggling with. Plus, a laptop is better than using paper. Paper is a waste of trees. † About 144,000 trees get cut down each day. Cutting down trees is what is done to get paper. The less trees we have, the less oxygen we have. Finally, laptops will reduce that cutting down of trees in the future predicting a longer life for the earth. In college it is required for students to have laptops. So why not start using laptops now? Most of the work we do in middle school and high school is for college and life after college. The laptop will become a student’s best friend, mentor, helper, and environment saver.