Diversity in the Business World Essay Example | Topics and Well Written Essays - 750 words

Decent variety in the Business World - Essay Example racteristics and encounters, for example, correspondence style, profession way, beneficial experience, instructive foundation, geographic area, salary level, conjugal status, military experience, parental status and different factors that impact individual points of view. As a rule workforce decent variety is seen as an upper hand and a business opportunity. Assorted variety is likewise about decent variety of thought and thoughts. Truth be told a decent planned business is just conceivable if the organization taps these assorted varieties (CHUBB, 2006). Customary organizations are entirely unexpected from the current day organizations. Not on account of the impermanent monetary downturn, or the innovation driven move in business practice. Or maybe, globalization has dominated and business has gotten fundamentally worldwide in scope and with this change, the very substance of business has modified. Business today isn't only the property of a couple of special individuals as on account of customary frameworks. Business today is led by and takes into account people of each possible foundation and culture. Staff of each ethnicity are once in a while additionally distanced by ordered decent variety workshops, which endeavored to show them how to coexist with their associates. Altogether, these were beast power ways to deal with ordering assorted variety and, however now and again effective in inducing an increasingly delegate staff, did little to pass on the genuine advantages of decent variety either to representatives or to the organizations client bases. Subsequently, really enduring change has been delayed to come. Managing change can be troublesome. Be that as it may, with change comes opportunity, and this is the key guideline of powerful organizations - having the ability and deftness to remove the best from polymorphic business. Organizations today have come to perceive the numerous advantages of an assorted methodology, which is encouraged by a differing workforce. Today, globalization has assumed control over business. As the global and residential shopper base

INTERMED MACROECON Essay Example | Topics and Well Written Essays - 1750 words

INTERMED MACROECON - Essay Example It essentially gauges yield and in this manner is an entirely unexpected idea from GDY (Gross Domestic Income) on the grounds that the last estimates wages. Likewise, just residential creation is included in GDP and no remote or abroad yield. The computation of GDP is encouraged by the utilization of value files whereby current costs are estimated against the cost of a base year and in this manner, changes in the degree of yield are estimated each year. Yield and GDP changes are decidedly corresponded. Gross domestic product isn't straightforwardly affected by an adjustment in the degree of costs and loan costs however in a roundabout way, they realize changes in work levels and in this manner, GDP is in a roundabout way influenced by these factors. Gorilla (Aggregate Planned Expenditure) APE is the proportion of all out merchandise and enterprises requested by all the divisions in a nation. Since it is the interest which makes GDP in local market, APE in all actuality likewise incor porates imported products which will in general increment the APE. So as to show up at the genuine APE, all imports (F) are deducted from the whole of family unit utilization (C), business speculation (I), government buys (G) and fares (X). Scientifically, it is meant by the accompanying recipe: APE= C + I + G + X â€F Variables influencing the APE are GDP and the financing cost levels. For GDP, the change is sure, solid and speedy while for loan costs, it is moderate, negative and frail. Be that as it may, APE isn't legitimately influenced by value level changes. ASF (Aggregate Supply of Funding) To gauge and characterize ASF, it is first fundamental to comprehend the significance of speed of cash (V). V is the quantity of time a dollar is utilized to buy merchandise or administrations inside a year. Additionally, assets in a nation can be ordered in cash and coins (CC) and financial records adjusts (CA), the total of which gives us the cash gracefully (M). While M increments wit h the expansion in bank loaning, V increments with the increment in non-bank loaning. All things considered, ASF comes out to be: ASF= (M * V)/p where p= value record Consequently, change in ASF is straightforwardly corresponding to an adjustment in financing costs while it is conversely relative to change in value levels. ADF (Aggregate Demand for Funding) Concept of ADF sneaks in when we set up balance among APE and GDP. If there should arise an occurrence of APE practically equivalent to GDP, ASF bolsters the subsidizing of creation just as deals. Be that as it may, when APE is not as much as GDP, makers and agents need extra incomes to repay their bills and expenses. It in this way follows ADF rises to APE when APE approaches GDP. Notwithstanding, ADF rises to GDP when APE < GDP. Section 2 Plotting GDP on a chart When plotting the macroeconomics factors of GDP, APE, ASF and ADF, the vertical pivot is the loan fee level (I) and the other three are appeared on the flat hub. Sin ce loan cost level has no immediate effect upon GDP level, the GDP line goes vertical unaffected. It just moves right or left by the measure of progress in GDP. Adding APE to the diagram To plot APE line on the chart, utilization of the accompanying recipe is done which has just been talked about above: APE= a + b (GDY) †ci. The incline of the APE line is consistently to one side and upwards in light of the fact that ascent in loan costs means fall in APE. A different line called IS which isn't an estimating unit, portrays all the blend of financing cost levels and GDP at which GDP rises to APE. The Macroeconomic Coordination Process tends the three lines to cross at regular focuses whether they move to one side or left

Activity 1_ Historical Context and a Closer Look at Setting Essays

Unit 3: A Struggle for Freedom Action 1: Historical Context and a Closer Look at Setting July 29, 2019 1. Topography a) Louisiana is a state situated in the southeastern piece of the United States of America. Louisiana is encircled by Mississippi and Gulf of Mexico in the east, Texas in the west, Arkansas in the north, and the Gulf of Mexico in the south. http://voterlist.electproject.org/states/louisiana This is the place Louisiana is found. (in United States of America) b) From my home/neighborhood to Rosedown Plantation State Historic Site in Louisiana (12501 LA-10, Saint Francisville, LA 70775-4531) it would take 20hr 37min to arrive via vehicle and it is 2,140km far. As indicated by Mapquest c) Louisiana and Toronto have many differentiating contrasts. Regardless, Louisiana is situated far south of the United States of America. All things considered, there is an undeniable atmosphere contrast. Because of the reality, Louisiana is nearer to the equator in contrast with Toronto, the climate is significantly more sultry and the winters are not as brutal. Truth be told, in Louisiana it is amazingly uncommon to see snow not at all like Toronto where it snows intensely in the winter season. 2. African American Rights in the U.S. an) On January 1, 1863, President Abraham Lincoln proclaimed the Emancipation Proclamation. This official report requested captives of specific states were to be free. As it expressed it in unique archive that all people held as slaves inside the defiant states seem to be, and henceforward will be free. b) The Civil Rights Movement basically started in 1950's to 1960's in the United States. The goal of the development was for African Americans to increase equivalent rights under the law in the United States of America. 3. Setting an) According to https://en.wikipedia.org/wiki/Plantation A ranch is the huge scope home implied for cultivating that works in real money crops. The yields that are developed incorporate cotton, espresso, tea, cocoa, sugar stick, sisal, oil seeds, oil palms, elastic trees, and natural products. b) A ranch is noteworthy spot in the Southern United States since it was utilized to authorized work captives to gather produce for fare and exchange. c) Segregation is partition in various racial gatherings in a network, nation or foundation. d) Segregation in schools and temples were advocated in the Southern United States in view of a law that was passed on 1896. This law expressed: the U.S. Preeminent Court decided that racially independent offices, if equivalent, didn't abuse the Constitution

Black Death Essays (689 words) - Plague, Second Plague Pandemic

Dark Death In the 1340's, roughly 33% to one a large portion of the number of inhabitants in Europe was cleared out by what was called ?The Black Death?. The individuals of the time were equipped with next to zero comprehension of why and how the plague occurred and how to control it; and this took into account the huge devastation that happened in minimal over three years time. The starting point of the pandemic has, with little uncertainty, been distinguished as Lake Issyk-Koul in what is presently a piece of Russian Central Asia. A flood, or some other cataclysmic event, drove different rodents from their living spaces around the lake; and with them they conveyed insects contaminated with the plague. A types of wild rodents regularly detached from mankind spread the plague to the more typical dark rodent, which has been riding on board dispatches since man initially set sail. The plague at that point followed the exchange courses all over Europe. ?Boats showed up from Caffa at the port of Me ssina, Sicily. A couple of biting the dust men clung to the paddles; the lay dead on the decks... Boats that conveyed the pined for merchandise of the legendary East currently additionally conveyed passing. The Pestilence had gone to the shores of Europe? (Wark). The records of the plague recount the side effects being ?tumors in the crotch or the armpits' and ?dark irate spots on the arm or thigh', run of the mill indications of Bubonic plague. Be that as it may, Bubonic plague typically takes a few days to kill, and numerous records recount casualties falling dead inside one day of getting the malady. The difference in the instances of the Black Death are the operations of three strains of the plague: the plague appropriate; a pneumonic (air-borne) rendition, portrayed by the heaving of blood; and a septicaemic variation, equipped for killing in a few hours, before run of the mill side effects can even create. The individuals the plague undermined knew neither the wellspring of the sickness, nor how to shield themselves from it. ?It was said that the reason for the Pestilence or The Great Mortality - fourteenth century names for the virus - was an especially vile arrangement of the planets, or a foul breeze made by late seismic tremors. Dif ferent hypotheses existed. ?Looks,' as per one medieval doctor, ?could execute' ? (Wark). They accepted their best plan of action for maintaining a strategic distance from the plague, was to run from it. At the point when flight was impossible, they endeavored to clean the air by consuming fragrant woods and powders. They stayed latent, practically vegetative, squatted in their homes; in the event that one needed to move, he should move gradually. Love, outrage, and hot showers were to be stayed away from; and, in view of the conviction that awful drove out awful, potential casualties would spend a half-hour day by day squatted over a lavatory to develop their obstruction. When one gotten the plague, demise was just an issue of time. Doctors quit visiting the decrepit out of dread and the undeniable purposelessness of their endeavors. They guaranteed the plague must be discipline from God, and accordingly outside their ability to control. Cleric despite everything came to convey the last rights, and subsequently, they kicked the bucket in huge numbers. The impacts of the plague went a long ways past the conspicuous loss of life, into the spirits of people. ? ?A few people insensitively kept up that there was no better or more strong cure against a plague than to flee from it. Influenced by this contention, and saving no idea for anybody however themselves, enormous quantities of people relinquished their city, their homes, their family members, their bequests and their possessions, and set out toward the open country. They kept up that a reliable method of warding off this horrifying malice was to drink vigorously, appreciate life without limit, circumvent singing and fun, satisfy the entirety of one's longings at whatever point the open door offered, and disregard the entire thing as one tremendous joke.' - Giovanni Boccaccio, The Decameron? (Wark). In any case, a few people took an alternate perspective on the circumstance. Germany was the middle for two wonders generated by the plague the Flagellant development, and a flood of h ostile to Semitism. The Flagellants accepted that by berating themselves they could deflect the fierceness of European History

Free Essays on Samuri

Samurai and Bushido: What You Didn’t Know It is genuinely regular for individuals to have known about samurai. It obliges a great deal of thoughts related with Japan and their way of life. Individuals consider glorious warriors from quite a while in the past. Be that as it may, many individuals, such as myself, are curious about the word bushido. There is a tremendous relationship among samurai and bushido. Bushido was the route by which samurai were guided throughout everyday life. Samurai were a colossal piece of the Japanese human progress for a few hundred years. In this paper, I will cover the historical backdrop of the samurai and the standards by which they experienced their lives. Albeit a warrior class had existed for many years in Japanese society, the samurai didn't develop until the twelfth century C.E. (Corridor, 8). The word samurai was gotten from the word saburai, which means â€Å"to serve. â€Å" The primary notice of the term was seen at some point in the eighth century, yet in reference to workers (Turnbull, 16). In spite of the fact that eminence lived luxuriously, there were warlords and renegades continually testing their position and causing a worry for their wellbeing. Incapable to depend on their regal gatekeepers, they put their children and workers under the administration of warrior-boss notable for their battling capacity. The gatherings of warriors offered their administrations to masters in return for insurance and an offer in the goods caught. The connection between the master and warrior was intense. The warrior was relied upon to commit his life to the administration of the master as an end-result of specific prizes. Towards the finish of the twelfth century, the opponent tribes, Taira and Minamoto, helped the ruler in controlling his adversaries. In any case, after the scene the groups betrayed one another and started battling. In the end the Minamoto tribe won and the pioneer of the faction announced himself shogun, or military pioneer. The situation of shogun was ordinarily transitory, however the pioneer of the Minamoto made it a stable situation, taki... Free Essays on Samuri Free Essays on Samuri Samurai and Bushido: What You Didn’t Know It is genuinely regular for individuals to have known about samurai. It obliges a great deal of thoughts related with Japan and their way of life. Individuals consider grand warriors from some time in the past. Be that as it may, many individuals, such as myself, are curious about the word bushido. There is an enormous relationship among samurai and bushido. Bushido was the route by which samurai were guided throughout everyday life. Samurai were an enormous piece of the Japanese human advancement for a few hundred years. In this paper, I will cover the historical backdrop of the samurai and the standards by which they experienced their lives. Albeit a warrior class had existed for many years in Japanese society, the samurai didn't rise until the twelfth century C.E. (Corridor, 8). The word samurai was gotten from the word saburai, which means â€Å"to serve. â€Å" The main notice of the term was seen at some point in the eighth century, yet in reference to hirelings (Turnbull, 16). In spite of the fact that eminence lived richly, there were warlords and dissidents continually testing their position and causing a worry for their security. Incapable to depend on their regal gatekeepers, they put their children and hirelings under the initiative of warrior-boss notable for their battling capacity. The gatherings of warriors offered their administrations to masters in return for assurance and an offer in the goods caught. The connection between the master and warrior was intense. The warrior was relied upon to commit his life to the administration of the master as a byproduct of specific prizes. Towards the finish of the twelfth century, the opponent groups, Taira and Minamoto, helped the head in suppressing his foes. In any case, after the scene the tribes betrayed one another and started battling. In the long run the Minamoto group won and the pioneer of the faction broadcasted himself shogun, or military pioneer. The situation of shogun was ordinarily impermanent, yet the pioneer of the Minamoto made it a stable situation, taki...

Research In Physical Education - Free Essay Example

In comparing and contrasting qualitative and quantitative research, the following conclusions may be reached. In terms of purpose, qualitative research aims to understand interpret social interactions, while quantitative research seeks to test a hypothesis, look at cause and effect, and make predictions. In addition, qualitative research utilizes smaller, not randomly selected groups, as well as attempting to identify patterns. On the other hand, quantitative research focuses on numbers, instead identifying statistical relationships. As far as results, qualitative research generates specialized findings, while quantitative research produces results in generalizable findings, applicable to other populations. The focus of a qualitative study is wide reaching, examining the depth of the problem, while in quantitative research the focus is narrow, testing a specific hypothesis (Johnson, Christensen, 2008). In contrast, the distinction between qualitative and quantitative research is considered by some to be abstract and general, and therefore of limited value. The argument used to deem this distinction as unreliable are the similarities of different standpoints on important issues among qualitative researchers. In addition, the overlap between many features of qualitative and quantitative research often makes it difficult to separate qualitative and quantitative research (Allwood, 2012). Research plays a key role in pedagogy, as evidenced by the multitude of teaching methods and techniques available to physical educators. While the stereotype of monotonous and strongly regimented physical education classes were mostly true in the past, nowadays physical educators all over the world are pursuing the latest trends in P.E. in an effort to make their classes more appealing to students; resulting in increased motivation and participation. The days of calisthenics in a gymnasium filled with unmotivated students seem to be long gone, giving way to exciting developments such as the increased use of technology and interdisciplinary collaboration. With the advent of common core, P.E. teachers are finding new ways to incorporate literacy, as well as other subjects to their students (Jones, Brown, Holloway, 2012). Research undoubtedly plays a key role in discerning which trends in physical education are valuable and are here to stay, and which amount to nothing more than a passing fad. Physical educators rely on properly conducted research to determine how to best present a topic to their students, bearing in mind their developmental, physiological and psychological characteristics and needs (Longmuir Tremblay, 2016). Physical educators today rely on research and, more precisely, on empirical evidence to help guide decision making, which ultimately helps shape the curriculum. It is important to realize research is not exclusively confined to experts in the field, but rather it is accessible to anyone who is interested in gaining more knowledge on a particular subject. The importance of research cannot be understated: It is absolutely crucial in helping broaden knowledge in pedagogy as it introduces educators to more effective teaching practices (Jones, Brown, Holloway, 2012). In the field of pedagogy, applied research may be preferred. This is because applied research seeks to find solutions to practical problems, as opposed to basic research, which sometimes does not have a clear and immediate application. Physical educators benefit from applied research because it involves testing theoretical concepts in a practical environment; namely their groups of students (Armour MacDonald, 2012). Within applied research, the qualitative methodology is appealing to some, as it is based on extensive observations and interviews, not solely on data collection. Another reason why this type of research is more conducive to pedagogy is because it may be conducted in a natural setting, such as a classroom. The constructionist perspective states meaning and reality are situational specific, with no meaning necessarily more valid than another. Within this research perspective, the qualitative method tends to be more non-linear, allowing for more flexibility in terms of research methods. (Baumgartner Hensley 2013) Another common research method in physical education is descriptive research, aimed at gathering information from a subject group. This type of research first determines the way things are and then moves on to describe and define what it is in the present. Likewise, descriptive research utilizes a wider variety of methods to collect data (Thomas, Nelson Silverman, 2015). Descriptive research is well suited to studies seeking to identify the attitudes or opinions of various groups of individuals. Examples of descriptive research are opinion polls, surveys and questionnaires in which participants are asked about their opinion on a variety of subjects. Another descriptive research technique involves observational studies, which is a descriptive technique in which behaviors are observed in the participants natural setting, such as a classroom or play environment (Baumgartner Hensley, 2013) In conclusion, the writer analyzed a dissertation titled On-task student behavior on days with and without structured physical education by Kayla Byrd of Eastern Oregon University. The goal of this dissertation was to examine the effect of physical education instruction in the on-task behavior of students in the classroom. The study was quantitative in nature, with the author observing the on-task behavior of twenty-nine students on days with and without physical education. Students were observed twice throughout the six observation times for fifteen minutes each. An extra observation day was scheduled due to student absence on a physical education observation day, which increased the number observation days to seven. To document on-task behavior the researcher used the Davis School District Observation Form, marking on-task behaviors by making a slash in the ten second interval box and off-task behaviors by placing a letter code in the ten second interval box (e.g.: T= talking out/n oise: Inappropriate verbalizing or making sounds with object, mouth, or body, O= Out of seat: Student fully or partially out of assigned seat without teacher permission, I= Inactive: Student not engaged with assigned task and passively waiting, sitting, etc., N= Noncompliance: Breaking a classroom rule or not following teacher direction within fifteen seconds, and P= Playing with object: Manipulating objects without teacher permission). The data was then analyzed using a two paired T-test and descriptive analysis. There were numerous threats to the validity of the study. Firstly, the students were observed by a single observer. The lack of observers limited the diversity of what was considered to be on-task behavior. The observer determined each day what was on-task behavior and what was off-task behavior. In order to limit the variability, the observer wrote down what was to be considered off-task during the various activities prior to each observation beginning and followed the same structure for each observation and each activity. Secondly, activities varied during observation times. Though the observational visits occurred at the same time each day the activities were different on each observation period. Lastly, each student was only observed twice throughout the study, once on a physical education day and once on a non-physical education day. These validity concerns generated results showing there was no significant difference between physical education and student on-task behavior, with the author recommending more research to be done on the amount and quality of physical education in addition to the effect physical education has on student on-task behavior. As far as methodology, the writer suggests a considerably larger number of subjects, accompanied by additional observations conducted by more than one observer. The fact different activities were observed with each observation possibly contributed to the underwhelming results of the study, with the author unable to make an accurate correlation between physical education and the students behavior in the classroom. In summary, the writer would like to further examine the link between physical fitness levels and academic achievement by proposing a research study on the relationship between performance in the physical fitness test (FITNESSGRAM) and academic achievement in fifth-grade students. A possible research hypothesis is fifth-grade students who demonstrate aptitude on the physical fitness test will score higher in standardized academic tests than students who perform poorly on the physical fitness test. Another possible study would focus on the development of methods to monitor the motivation, confidence, knowledge and understanding of the components of physical literacy. Such a study has increased importance in light of the current obesity and inactivity crisis affecting our youth. Physical education develops physical competence so all children are able to move efficiently and effectively, while understanding what they are doing. The desired outcome of effective PE instruction is physical literacy, creating an essential basis for their full development and achievement. A physically literate young person has the skills, confidence and understanding to continue participation in physical activity throughout the life span. In terms of methodology, such a study would be qualitative in nature given its scope. Additionally, there would be a necessity to make use of a large number of subjects in a comprehensive attempt to gather as much information as possible on their experiences in physi cal education over their lifetime. Though time consuming, the results of such a study could prove to be extremely beneficial to physical educators in their efforts to raise a more physically literate generation.

Website That Writes Essays For You On Leader’s Flaws

BLOG In: Services We will highlight the major reasons to buy custom essay on our website. Star-writers.com is a team of professionals that provides full-fledged support for our customers. First of all, the papers we deliver are written by professional writers with huge experience and sufficient level of skills to write even Ph.D. papers. Our online chat works 24/7 to answer the questions of our customer. Feel free to contact us should you have any questions about our company or our services. Our support agents are obliged to provide all the necessary information and help in case if you are confused with an order form. If you need essay rewriting for cheap, our websites that write papers for you can meet all your requirements. Also in this section: Essay Help From The UK: Personal Time Management Write My University Essay On Attention Theories Editing College Admissions Essays At Star-Writers.Com Best Term Paper Writing Service: Stimulation Of Creativity College Essay Editing Online: Apathy Treatment Take My Online Class On What Is Social Attitude For Me Pay Someone To Do My Assignment In The UK Write My Term Paper On Why Patience Is A Virtue A website that writes essays for you also provides interesting blog posts on various topic and this one about major leaders mistakes is one of them. We all make mistakes from time to time but leaders mistakes caused a lot of problems for them directly and the subordinates. Every mistake is an experience allowing to eliminate the same mistakes in the future. However, most people do not pay much attention to the reasons for making these mistakes and it is worth noting the most propagated mistakes of the leaders to be able to eliminate them. Lack of feedback According to the Ken Blanchard Company study, lack of feedback is a common mistake of the leaders. Thus, they cant fulfill the lack of experience of the subordinates and they inevitably make mistakes. In other cases, feedback can be provided in the form of criticism but without providing the effective ways to avoid these mistakes. That's why feedback is an important feature of every leader who deals with subordinates. If you experience lack of social skills, these ten tips on communication skills development will help you to become a perfect collocutor. Disregard your team Obviously, both the head and the subordinates have certain duties but the leader should also pay attention to each member of the team and provide his/her piece of advice or aid when they are confused since the leader is more experienced and diligent and able share his/her experience. Disregard micromanagement If your team has to deal with a serious project you need to follow each step it takes since they might misunderstand your commands and fail to meet your requirements. Micromanagement is considered to be one of the worst approaches since it seriously limits the freedom of the employees since according to this theory the leader should not pay attention to the details. Due to the fact that your reputation might be put at risk, it is better to keep abreast of all the details. Being too friendly It is important to have positive relationships with the colleagues but being too friendly means to be inattentive. When emotions take control, it is difficult to make decisions especially when it comes to dismissing. Moreover, a polite and friendly leader can't be respected since he or she is considered to be a friend but there is no place for friendship in this case. Goals are uncertain Any leader should be straightforward and clearly understand what measures should be taken to achieve goals but if goals seem to be uncertain it significantly complicates elaboration of possible ways to attain them. Thus, the objectives should be clear and comprehensive in order not to cause problems and misunderstandings. Misunderstanding of motivation How to motivate your employees properly? Usually, financial reward is used as a means of motivations but soon enough money becomes the only way to coerce the employees to work. Most psychologists are positive that such type of motivation is destructive since the subordinates blindly follow the orders without enjoying the process. Thats why if you still use such type of motivation you need to change the approach since soon enough it will become ineffective. Hasty decisions concerning personnel There is no need to hurry to hire somebody since you might cause serious problems for the company and the colleagues as well. First of all, you should make a list of personal and professional qualities that should be met by the future candidate and carefully select each one in order not to make mistake. Usually, both sexual and racial prejudice influence their choice. Read more about it in order not to lose a good employee Do not become an idol Remember that one you appear among the employees they will start looking at you even if you want to make some coffee. They subconsciously copy the leader's behavior and gestures. However, it happens only if the leader is respected by the employees. Even your emotional state is also copied by the subordinates and if you are angry or irritated they will be as well. Any leader is like a hero for the subordinates and you should meet all the stated requirements to be one Do not delegate responsibilities Unwillingness to delegate work or duties usually means that the leaders dont trust the employees and consider them to be unable to complete a certain type of work. Thus, due to the constant fear a person experiences an emotional breakdown. In order to avoid such aftermath, one should trust the subordinates to delegate certain responsibilities since it is impossible to cope with the large amount of work all alone. Thats why a good leader should be aware of all the skills and capabilities of the employees and benefit from them. Misunderstanding of your role Imagine you got a promotion and now you have a certain number of subordinates. At this point, you should understand that you need to change both your behavior and mindset let alone schedule and relations with subordinates. This position has plenty of branches and responsibilities and it wont be enough just to delegate certain responsibilities to others. You need to teach them, to guide them when they are confused. This is the main purpose of the leader. These are major qualities of the leader so you could be aware of all of them and meet the stated requirements. 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Ethical Delemis - Brain Death - 1632 Words

Running head: ETHICAL DILEMMA: BRAIN DEATH Ethical Dilemma: Brain Death Mike Baker University of Phoenix Introduction There has been an increase in the number of organs donated for transplantation since the development and acceptance of brain death. (Guidelines for the determination of death, 1981) The strict rules surrounding the diagnosis and the ability to develop individualized Policy and Procedures in the determination of brain death has removed the fear of law suite surrounding this definition of death. (Guidelines for the determination of death, 1981) Old vs. New Until brain death was introduced the diagnosis of death was the lack of cardiac function. Without a heart beat blood did not†¦show more content†¦In this case AMH has requested the SWOB to responded and recover organs for transplant. Once the brain death diagnosis is made the attending doctor does not have any more contact with the patient. This prevents the conflict of interest question from being raised. The responding organ bank, as well as the centers that receive the organs for transplant, provide on-call doctors to assist in the recovery process. The hospital however maintains control of the patient. This chain of command is for the protection of all involved in the recovery and transplant process. In this situation the organ bank was challenging the diagnosis of brain death made by a member of the professional staff of AMH. Not only was there a challenge but it was being made by some one other then a doctor. Only a doctor can pronounce a patient dead. So here was another dilemma in that there was a challenge to the doctor’s diagnosis being made by a nurse. This in it self goes against the State Nursing Rules for licensure. Nurses are not allowed to diagnosis nor practice medicine. The transplant coordinator nurse needed the support of the organ bank’s medical staff. The organ bank’s medical staff was not on scene and thus had to take the word of the transplant coordinator. In this case the transplant coordinator could have just continued with the recovery and not said anything. The coordinator could have

The Between Mccutcheon, Marx, And Nietzsche s Theories On...

Russell McCutcheon urges terms like â€Å"religion† and â€Å"religious† should not be used by scholars when referring to the study of religion. McCutcheon even suggests these words should be abandoned and removed from our vocabulary all together. He claims studying social sciences like anthropology, sociology, and psychology and using appropriate terminology will lead to a more accurate understanding of why we as humans are religious and how our religion ultimately affects our behaviors. Feuerbach, Marx, and Nietzsche all suspect the study of religion is not about God at all, but rather the people who believe or do not believe in God. In this essay, I will elaborate on the similar yet completely different ideologies of Feuerbach, Marx, and Nietzsche and compare them to the argument made by McCutcheon. In order to comprehend the connection between McCutcheon, Feuerbach, Marx, and Nietzsche’s theories on religion a few terms must be defined. Anthropology is the study of humans. Sociology is the study of social behaviors. Psychology is the study of behavior and the mind. These terms can all be used to explain the reasons behind why people study religion and they also justify the belief that the study of religion is about the people and not God. By studying the behaviors of humans we can psychoanalyze these behaviors and see how they relate back to their religious beliefs. Understanding why people act the way they do in accordance with their beliefs reveals religious traditions which

Analysis of the Communist Manifesto by Karl Marx and...

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A Parent s Role On Child Development - 804 Words

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Revenue Cycle Essay Example For Students

Revenue Cycle Essay AUDITING THE REVENUE CYCLE Audit procedures associated with the revenue cycle is the main point in this report. Basically, it is divided into three sections. First, it begins with a review of alternative technologies used in both legacy and modern system. The focus is on the key operational task performed under each technological environment. The second section discusses the revenue cycle audit objectives, controls and test of controls that an auditor would perform to gather evidence needed to limit the scope, timing and extent of substantive tests. The last section describes revenue cycle substantive tests in relation to audit objectives. OVERVIEW OF REVENUE CYCLE TECHNOLOGIES Technology and automation are integral to successful financial leaders strategy to offset rising expenses and improve operating income. The most efficient revenue cycle will use best practice processes enabled by highly optimized technology. By using this combination of process and technology, organizations may realize efficiencies driven by improved workflows; reduced manual intervention; and more relevant, reliable, and timely decision-support information. This section examines alternative information technologies used in the revenue cycle. The first of these is a sales order system that employs batch processing and uses sequential files for storing accounting records. This is an example of an early legacy type system. This approach characterizes the era of data ownership in which files were designed exclusively for the use of a single user. Second is a cash receipt system that employs batch processing and uses direct access files. This configuration is found in both modern systems and late-era legacy systems. The direct access file approach offers operational advantages over sequential file processing and permits limited data sharing. The final system is a modern real-time sales order entry and cash receipts system that uses database technology. Modern systems design embraces reengineering to radically reshape business processes and workflow. This process involves replacing traditional procedures with procedures that are innovative and sometimes very different from those that previously existed. Information Technologies Used in the Revenue Cycle I. Batch processing system using sequential files Batch processing using sequential files involves two procedures: ? Manual procedures ? Automated procedures Batch processing system using sequential files Manual procedures In this basic system, order taking, credit checking, warehousing and shipping are performed manually. The following discussion outlines the key features of the system. 1. Obtaining and recording the customers’ order The sales process begins in the sales department with the receipt of a customer order indicating the type and quantity of merchandise being requested. The primary objective of this step is to ensure that the relevant data about the transaction are transcribed into a standard format that can be processed by the selling entity’s system. The document prepared in this procedure is the sales order. The process begin as the sales order captures vital information such as the name and address of the customer; the customer’s account number; the name, number and description of the item sold; the quantities and unit prices of each item sold; and other financial information such as taxes, discounts and freight charges. In manual systems, multiple copies of sales order are produced to serve different purposes. After preparing the sales order, the sales clerk files one copy of it in the customer open order file for future reference. Since the process is done manually, filling the order and getting the product to the customer may take days or even weeks. 2. Approving Credit The next step in the revenue cycle is transaction authorization, which involves verifying the customers’ creditworthiness. The circumstances of the sale will determine the nature of the credit check. In our system, the credit authorization copy of the sales order is sent to the credit department for approval. The returned approval triggers the release of the other sales order copies simultaneously to various departments. The credit copy is filed in the customer open order file until the transaction is complete. 3. Processing Shipping Orders The final step is the processing of shipping orders. The sales department sends the stock release copy of the sale order to the warehouse. After picking the stock, the clerk initials the stock release copy to indicate that the order is complete and accurate. The clerk then adjusts the stock records to reflect the reduction in inventory. Updating the inventory accounting records is an automated procedure that will be discussed later. Batch processing system using sequential files Automated procedures This is an automated operation. The computer system described here is an example of a legacy system that employs the sequential file structure for its accounting records. Both tapes and disks can be used as the physical storage medium for such system. However the use of tapes has declined considerably in recent years. Most organizations that still use sequential files store them on disks that are permanently connected it the computer system and require no human intervention. The following are the main points of batch processing system using sequential files Automated procedures: 1. Keypunch/Data Entry The process begins with the arrival of batches of shipping notices from the shipping department. These documents are copies of the sales orders that contain accurate information about the number of units shipped and information about the carrier. The data processing clerk converts the shipping notices to magnetic media to produce a transaction file of sales orders. Typically this process is continual. Batch control totals are calculated for each batch on the file. 2. Edit run The edit program is the first run in the batch process. This program validates transactions by testing each record for the existence of clerical or logical errors. Later, these are corrected by an authorized person and resubmitted for processing with the next day’s business. The edit program recalculates the batch control totals to reflect changes due to the removal of error records. The clean transaction file is then passed to the next run in the process. 3. Sort Run The sort run physically arranges the sales order transaction file sequentially by account number, which is one of its secondary keys. To process a sequential transaction file, it must be placed in the same sequence as the master file that it is updating. 4. AR Update and Billing Run This procedure creates a new AR_SUB master file that incorporates all the changes to the customer accounts that are affected by transaction records. The original AR-SUB master file remains complete and unchanged by the process. The creation of new and separate master file is a characteristic of sequential file processing. 5. Sort and Inventory Update Runs The sort program sorts the sales order file on the other secondary key- Inventory Number. The inventory update program reduces the quantity-on-hand field in the affected inventory records by the quantity sold field in each sales order record. A new inventory master file is created in the process. In addition, the program compares values of the quantity-on-hand and the reorder point fields to identify inventory items that need to be replenished. 6. General Ledger Update Run Under the sequential file approach, the general ledger master file is not updated after each batch of transactions. To do so would result in the recreation of the entire general ledger every time a batch of transactions is processed. Firms using sequential files typically employ separate end-of-day procedures to update the general ledger accounts. Batch processing system using sequential files will generate a number of management reports. This may include sales summaries, inventory status reports, transaction listings, journal voucher listings and budget and performance reports. II. Batch Cash Receipts System with Direct Access Files Cash receipts procedures are natural batch systems. They are not continuously occurring throughout the day because they are basically discrete events. Checks and remittance advices arrive from the postal service in batches. Same as deposit of cash receipts in bank which usually happens as a single event at the end of the business day. Technology employed in this receipt system uses direct access files and batch processing which then is used to automate traditional procedures. The following discussion outlines the main points of this system: 1. Mailroom The mailroom separates the checks and remittance advices and prepares a remittance list. These checks and a copy of remittance list are sent to the cash receipts department. 2. Cash Receipts Department The cash receipts clerk reconciles the checks and the remittance list and prepares the deposit slips. The remittance list and one copy of deposit slip are then filed. At the end of the day, the clerk deposits the cash in the bank. 3. Accounts Receivable Department The accounts receivable clerk receives and reconciles the remittance advices and remittance list. Via terminal, the clerk creates the cash receipts transaction file based on the individual remittance advices. The clerk then files the remittance advices and remittance list. 4. Data Processing Department At the end of the day, the batch program reconciles the journal voucher with the transaction file of cash receipts and updates the AR-SUB and the general ledger control accounts. This process employs the direct access method described earlier. Finally, the system produces a transaction listing that the accounts receivable clerk will reconcile against the remittance list. III. Real-Time Sales Order Entry and Cash Receipts This system provides real-time input and output with batch updating of only some of the master files. It replaces manual procedures and physically documents with interactive computer terminals just like a reengineered sales order system. The main points of the system are the following: 1. Order Entry Procedure Sales Procedures Under real-time processing, sales clerks receiving orders from customers process each transaction separately as it is received. Using a computer terminal connected to an edit/inquiry program, the clerk performs the following task in real time mode: 1. Perform a credit check online by accessing the customer credit file 2. If credit is approved, the clerk then accesses the inventory master file and checks the availability of the inventory. 3. The system automatically transmits an electronic stock release record to the warehouse and a shipping notice to the shipping department, and records the sale in the open sales order file. Warehouse Procedure The warehouse clerk’s terminal immediately produces a hard copy printout of the electronically transmitted stock release document. The clerk then picks the goods and sends them along with a copy o the stock release document to the shipping department. Shipping and Billing The shipping clerk reconciles the goods, the stock release document, and the hard copy packing slip produced on the terminal. The clerk then selects the carrier and prepares the goods for shipment. From a terminal, the clerk transmits a shipping notice containing invoice, date, and carrier information to create a shipping log of the event. The transaction record is removed from the open sales order file and added to the sales invoice file. Finally, drawing from data in the customer file, the system automatically prepares the customer’s bill. 2. Cash Receipts Procedure In this system, each invoice is billed and paid individually. Cash from customers may be received and processed as just described or may be sent directly to a bank lock-box. In either case, the remittance advices are sent to the accounts receivable function, where the clerk enters them into the system via a terminal. Each remittance record is assigned a unique remittance number and is added to the remittance file. Placing the remittance number and the current date in the respective fields then closes the corresponding open invoice record. Features of Real-Time processing This system is a departure from traditional accounting. A central feature of the system is the use of an events database. Traditional accounting records may not exist per se. In theory such system does not even need a general ledger because sales, sales returns, accounts receivable-control and cost of goods sold can all be derived from the invoices in the events database. Most organizations, however, prefer to maintain a separate general ledger file for efficiency and as a cross check of processing accuracy. The four advantages which make this approach attractive option for many organizations are the following: 1. Real-time processing greatly shortens the cash cycle of the firm. 2. Real-time processing can give a firm a competitive advantage in the market-place. 3. Manual procedures tend to produce clerical errors, such as incorrect account numbers, invalid inventory numbers and price-quantity extension miscalculations. 4. Real-time processing reduces the amount of paper documents in a system. REVENUE CYCLE AUDIT OBJECTIVES, CONTROLS AND TEST OF CONTROLS Input controls Input controls are designed to ensure that the transactions are valid, accurate, and complete. Control techniques vary considerably between batch and real time systems. The following input controls relate to revenue cycle operations: Credit Authorization Procedure The purpose of the credit check is to establish the creditworthiness of the customer. Only customer transactions that meet the organization’s credit standards are valid and should be processed further. In batch systems with manual credit authorization procedures, the credit department is responsible for implementing the firm’s credit policies. Testing Credit Procedures Failure to apply credit policy correctly and consistently has implications for the adequacy of the organization’s allowance for uncollectible accounts. The following tests provide evidence pertaining to the valuation/allocation audit objectives and to a lesser extent, the accuracy objective. The auditor needs, therefore, 1. to determine that effective procedures exist to establish appropriate credit limits; 2. ommunicate this information adequately to the credit policy decision makers; 3. review credit policy periodically and revise it as necessary; and 4. monitor adherence to current credit policy. The auditor can verify the correctness of programmed decision rules by using either: ? Test Data ? Integrated Test Facility This testing is easily accomplished by creating several dummy customer accounts wit h various lines of credit and then processing test transactions that will exceed some of the credit limit. The auditor can then analyze the rejected transactions to determine if the computer application correctly applied the credit policy. The integrity of reference data is an important element in testing credit policy controls. A correctly functioning computer application cannot successfully apply credit policy if customer credit limits are excessively high or can be changed by unauthorized personnel. Substantive Tests traditionally follow test of controls because the results of test of controls because the results of test of controls are used to determine the nature, timing, and extent of the substantive tests. In this case, however, substantive tests may be the most efficient way to verify if credit policy is being properly applied. Data Validation Controls In the batch system, data validation occurs only after the goods have been shipped. Extensive error logs, error correction, and transaction resubmission procedures characterize such systems. General Types of Validation Tests that are relevant to the revenue cycle includes: ? Missing Data Checks ? Numeric-Alphabetic Data Checks ? Limit Checks ? Range Checks ? Validity Checks ? Check Digit Testing Validation Controls Data entry errors that slip through edit programs undetected can cause recorded accounts receivable and revenue amounts to be materially misstated. The audit procedures described provide evidence about the accuracy assertion. The central audit issue is whether the validation programs in the data editing system are functioning correctly and have continued to function as intended throughout the period. Testing the logic of a validation program, however, represents a significant undertaking. The auditor may decide to rely on the quality of other controls to provide the assurance needed to reduce substantive testing. Batch Controls Batch Controls are used to manage high volumes of transaction data through a system. The objective of batch control is to reconcile output produced by the system with the input originally entered into the system. While initiated at the data input stage, batch control continues through all phases of data processing. An important element of batch control is the batch transmittal sheet which captures relevant information about the batch, such as the following: ? A unique batch number ? A batch date ? A transaction code ? The number of records ? The number of records in the batch ? The total dollar value of a financial field ? The total of a unique nonfinancial field Testing Batch Controls Hesters Story EssayIn most organizations, this means that sales are recognized only when the products are shipped. The auditor should review the shipping log for the following period to determine if the missing invoice numbers are recorded there. If so, this would indicate that the merchandise was shipped after the cutoff period. It may be necessary to adjust the sales and accounts receivable balances accordingly. Review Line Item and Inventory Files for Sales Price Accuracy Evidence from testing the product prices charged to customers supports the audit objective of accuracy. Sometimes sales are given limited authority to negotiate prices with customers. Significant discrepancies between the suggested retail price and the price actually charged, however, may indicate incompetence, clerical errors, or sales personnel exceeding their authority. Auditors would verify pricing accuracy by comparing sales prices on the invoices with the published price list. But because of the physical effort involved with this approach, it could be done only on a sample basis. Therefore, out of thousands of sales records, perhaps only one or two hundred would be tested. ACL allows the auditor to compare the prices charged on every invoice in the file for the period under review. Testing for Unmatched Records There are two possible causes for unmatched records: ? First, the value of the item number field in the line item record is incorrect and does not match an inventory record. Since the operational assumption is that the inventory master file is correct, then any line item records in the unmatched file are errors. The presence or absence of such errors is evidence that refutes or corroborates the accuracy assertions. ? Second, the inventory file. The presence of inventory records in the unmatched file means that there were no corresponding records in the line item file. This result is not an error; it means that these products did not sell during the period. After adjusting for any seasonal influences on sales, such evidence may refute the valuation assertion. The auditor may require that the inventory be written down to reflect its market value. Testing the Existence Assertion One of the most widely performed tests of existence is the confirmation of accounts receivable. This test involves direct written contact between the auditors and the client’s customers to confirm account balances and transactions. Statement on Auditing Standards No. 7, the Confirmation Process, states that auditors should request confirmations of accounts receivable except in the following three situations: 1. accounts receivable are immaterial; 2. based on a review of internal controls, the auditor has assessed control risk to be low; or 3. the confirmation process will be ineffective. Because of the way some organizations account for their liabilities, they may be u nable to respond to requests for confirmation. Government agencies and large industrial organizations often use an open-invoice system for liabilities. Under this approach, invoices are recorded individually rather than being summarized or grouped by creditor. In this environment, no accounts payable subsidiary ledger exists. Each invoice is paid as it comes due. For financial reporting purposes, total accounts payable is calculated simply by summing the open invoices. Determining the liability due to a particular creditor, which may consist of multiple invoices, is not such a simple task. The auditor should not assume that an organization using this approach would invest the time needed to respond to the confirmation request. Under such circumstances, the confirmation process would be ineffective. Selecting Accounts to Confirm Selecting accounts receivable for confirmation involves processing data that are contained in both the customer and the sales invoice files. Each customer record is associated with one or more sales invoice records. The sales invoice file provides the financial information needed for the confirmation requests, and the customer mailing information is contained in the customer file. Obtaining a set of accounts for confirmation requires three steps: 1. CONSOLIDATE INVOICES. ACL’s classify command allows the auditor to set a filter to select only the open sales invoices and to summarize the invoice amount field for each record based on the customer number. The summarized records are then passed to a new file called classified invoices. 2. JOIN THE FILES. The join feature allows the auditor to select only relevant fields from each of the input files when creating the new file. 3. SELECT A SAMPLE OF ACCOUNTS. To assist the auditor in this task, ACL’s sample feature offers two basic sampling methods: random or record sampling and monetary unit sampling. The choice of methods will depend on the auditor’s strategy and the composition of the accounts receivable file. If the account balances are fairly evenly distributed, the auditor may want an unbiased sample and will thus choose the random sample approach. Under this method, each record, regardless of the size of the accounts receivable balance, has an equal chance of being included in the sample. If, on the other hand, the file is heavily skewed with large customer account balances, the auditor may select MUS, which will produce a sample biased toward the larger dollar amounts. ACL’s size command helps the auditor calculate sample size and sampling intervals based on the auditor’s desired confidence level, the size of the population being sampled, and the assessed materiality threshold. Preparing Confirmation Requests The confirmation requests contain the information captured in the AR-Sample file. The requests, which usually take the form of letters, are drafted and administered by the auditor, but are written in the client entity’s name. In a positive confirmation letter, recipients are asked to respond whether their records agree or disagree with the amount stated. These are particularly useful when the auditor suspects that a large number of accounts may be in dispute. They are also used when confirming unusual or large balances or when a large proportion of total accounts receivable arise from a small number of significant customers. A problem with positive confirmation is poor response rate. Customers that do not dispute the amount shown in the confirmation letter may not respond. The auditor cannot assume, however, that lack of response means agreement. To obtain highest response rate possible, second and even third requests may need to be sent to nonrespondents. Negative confirmations request the recipients to respond only if they disagree with the amount shown in the letter. This technique is used primarily when accounts receivable consist of a large number of low-value balances and the control risk of misstatement is considered to be low. The sample size for this type of test typically large and may include the entire population. Evidence from nonreturned negative confirmations selected from a large population provides indirect evidence to support the auditor’s expectation that accounts receivable are not materially misstated. Since the egative confirmations approach does not prove that the intended recipients actually received and reviewed the confirmation letters, evidence of individual misstatements provided by returned responses cannot be projected to the entire population. In other words, responses to negative confirmations cannot be used as a basis for determining the total dollar amount of the misstatement in the account. Suc h evidence can be used, however, to reinforce the auditor’s prior expectation that the account balance may be materially misstated and that additional testing of details is needed to determine the nature and amount of misstatement. ACL’s export features can greatly facilitate the physical task of inserting the relevant financial data for each customer into the individual letters. Using this option, the auditor can produce a text version of the AR-Sample file that can be integrated with the confirmation letter text using mail/merge feature of a word processing package such as Microsoft Word or WordPerfect. This facility greatly reduces the clerical effort traditionally associated with confirmation activities. Evaluating and Controlling Responses Evidence provided through confirmations is less reliable when contact between the auditor and the debtor is disrupted by client intervention. The auditor should take all reasonable steps to ensure the following procedures are observed: ? The auditor should retain custody of the confirmation letters until they are mailed; ? The confirmation letters, together with the self-addressed stamped envelopes, should be addressed to the auditor, rather than the client organization; and ? The confirmation request should be mailed by the auditor. If client mailroom personnel participate in the process, they should be adequately supervised. Nonresponses to positive confirmation also need to be investigated. SAS 67 requires auditors to use alternative procedures to resolve this issue. A commonly used procedure is to review the following period’s closed invoices to determine if the accounts were actually paid. Testing the Valuation/Allocation Assertion The auditor’s objective regarding proper valuation and allocation is to corroborate or refute that accounts receivable are stated at net realizable value. This objective rests on the reasonableness of the allowance for doubtful accounts, which is derived from aged accounts receivable balances. To achieve this objective, the auditor needs to review the accounts receivable aging process to determine that the allowance for doubtful accounts is adequate. . APPENDIX A. Batch Processing with Sequential Files B. Sales Order C. Bill of Lading D. Batch Processing with Sequential Files E. Real Time Sales Order Entry and Cash Receipts F. File Structure for the Revenue Cycle G. Relationship between Management Assertions and Revenue Cycle Audit Objectives H. Confirmation Letter FIGURE 9-1. Batch Processing with Sequential Files SALES CREDITDATA PROCESSING WAREHOUSE SHIPPING FIGURE 9-2. Sales Order CHARGE SALE INVOICE MONTEREY PENINSULA CO-OPINVOICE NUMBER_______ 527 River Road Chicago, IL 60612 (312) 555-0407 SOLD TO FIRM NAME______________________________INVOICE DATE__________ ATTENTION OF___________________________PREPARED BY__________ ADDRESS_______________________________CREDIT TERMS_________ CITY____________________________________ STATE_______ZIP________________________ CUSTOMER PURCHASE ORDER NUMBER________________________________SHIPMENT DATE________ DATE___________________________________SHIPPED VIA___________ SIGNED BY______________________________BOL NO. _______________ QUANTITY ORDERED |PRODUCT NUMBER |DESCRIPTION |QUANTITY SHIPPED |UNIT PRICE |TOTAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |TOTAL SALE | | | | |CUSTOMER ACCT. NO. | | | |VERIFICATION | FIGURE 9-3. Bill of Lading UNIFORM STRAIGHT BILL OF LADING-Domestic Monterey Peninsula Co-opDocument No. __________ 527 River Road Chicago, IL 60612 (312) 555-0407Shipper No. __________________________ Carrier No. ___________________________ Date________________________________ TO: Consignee________________________________________ Street____________________________________________ City/State Zip Code______________________________ (Name of Carrier) ____________________________________________________________ _________________________ Route: Vehicle____________ |No. Shipping units |Kind of packaging, description of articles, special marks and |Weight |Rate |Charges | | |exceptions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | TOTAL CHARGES $ | | | |The agreed or declared value of the property is herby |IF WITHOUT RECOURSE: |specifically stated by the shipper to be not exceeding: |The carrier shall not make delivery of this shipment | |$____________per___________________ |without payment of freight | | |_____________________________ | | |(Signature of Consignor) | | | | |FREIGHT CHARGES |Signature below signifies that the goods described above | |Check appropriate box: |are in apparent good order, except as noted. Shipper | | Freight prepaid |hereby certifies that he is familiar with all the bill of | | Collect |lading terms and agrees with them. | | Bill to shipper | | |SHIPPER Monterey Peninsula Co-op |CARRIER | |PER |PER DATE | (This bill of lading is to signed by the shipper and agent of the carrier issuing the name. ) CONSIGNEE FIGURE 9-4. Batch Processing with Sequential Files ____ MAILROOM ___ CASH RECEIPTS_______________ACCOUNTS RECEIVABLE ____ DATA PROCESSING CONTROLLER OFFICE_______ FIGURE 9-5. Real Time Sales Order Entry and Cash Receipts _____ CUSTOMER SALES DEPARTMENT____________DATA PROCESSING DEPARTMENT____ _______WAREHOUSE________SHIPPING DEPARTMENT_____ FIGURE 9-6. File Structure for the Revenue Cycle PK |Customer | Customer |Street |City |State |Zip |Credit | |Number |Name |Address | | |Code |Limit | Customer File PK SK Invoice | Customer |Invoice |Sales |Due |Closed |Remittance | |Number |Name |Amount |Date |Date |Date |Number | Sales Invoice File PK |Invoice |Item |Sales |Quantity |Extended | |Number |Number |Price | |Price | Line Item File SK PK |Item |Description |Warehouse |Quantity on | |Number | |Location |Hand | PK SK Management Assertions Revenue Cycle Audit Objectives | | | | | | | | | TABLE 1. Relationship between Management Assertions and Revenue Cycle Audit Objectives FIGURE 9-7. Confirmation Letter CLIENT LETTERHEAD (CLIENT NAME AND ADDRESS) (Name and Address of Client’s Customer) To Whom It May Concern: In accordance with the request from our external auditors, we ask that you confirm your outstanding account balance with our organization. Our records indicate that your account balances as of (end-of-period date) amounted to ($ amount). If your records agree with this balance, please indicate by signing in the space provided below and return this letter directly to our auditor’s using the enclosed envelope. Your prompt compliance with this request is greatly appreciated. If the amount indicated is not in agreement with your records, inform the auditors directly using the enclosed envelope. In your response, please show the amount owed according to your records and include full details of the discrepancy. Sincerely, (Name of the Entity) The amount stated above is correct: (Customer Name) Customer Customer order Receive customer order and prepare sales order File A Customer copy Credit copy Stock release Packing slip Shipping notice File copy Customer order Credit copy Check credit Credit copy Key strokes Sales order file Edit Edited file Errors Sort program Sorted SO file AR update and billing program Sales orders Sort run Sorted SO file Old AR files New AR files Sales journal Journal voucher Old GL file New GL file Sorted journal vouchers Sorted journal vouchers General ledger update Management reports Customer’s invoice Customer Management Shipping notice Master file update program Sort sales order file by customer account number Old inventory file New inventory file End of day BATCH process File copy Shipping notice Packing slip Stock release Reconcile documents and goods, sign shipping notice, and prepare BOL Shipping notice Stock release Pick goods and send to shipping Stock release A File copy Stock release BOL File BOL BOL Packing slip Carrier Shipping Log File Inventory File Carrier BOL BOL Stock release Packing slip Terminal Reconcile goods with packing slip and prepare bill of lading Packing slip Terminal Stock release Terminal Accounts Receivable Terminal Remittance advice Credit memo Inventory file Record sales invoice and shipment Sales invoices Existence or OccurrenceVerify that the accounts receivable balance represents amounts actually owed to the organization at the Balance Sheet Date. CompletenessDetermine that all amounts owed to the organization at the balance sheet date are reflected in accounts receivable. Verify that all sales for shipped goods, all services rendered, and all returns and allowances for the period are reflected in the financial statements. AccuracyVerify that revenue transactions are accurately computed and based on current prices and correct quantities. Ensure that the accounts receivable subsidiary ledger, the Sales Invoice file, and the Remittance file are mathematically correct and agree with general ledger accounts. Rights and ObligationsDetermine that the organization has a legal right to recorded accounts receivable. Customer accounts that have been sold or factored have been removed from the accounts receivable balance. Valuation and AllocationDetermine that accounts receivable balance states its net realizable value. Establish that the allocation for uncollectible accounts is appropriate. Presentation and DisclosureVerify accounts receivable and revenues reported for the period are properly described and classified in the financial statements. Transaction listing of AR update Cash rec journal Gen Ledger accounts Accounts receivable Master file update program Journal vouchers Cash Rec Trans file Date entry program B A File Bank File Transaction listing of AR update Review Remittance advice Remittance list B Terminal Update AR ledger Remittance advice Remittance list A Terminal Record cash receipt Deposit slip Deposit slip Deposit slip Remittance list Check Remittance list Check Remittance advice Check Remittance list Remittance list Remittance list Remittance advice Check Customer Inventory file Record sales invoice and shipment Customer file Open sales orders Check, credit and update inventory Inventory file Customer file Customer invoice Terminal Customer order Clerk reconciles deposit slip from bank and cash receipts remittance list Reconciles checks with the RA and prepares remittance list Deposit slip Bank Remittance list Management Management reports

Auditing Theory and Practice Business Organizations

Question: Describe about the Auditing Theory and Practice for Business Organizations. Answer: 1. Risk is the situation under which organisation is exposed or vernacular to certain and uncertain danger present in internal and external environment. Woolworths Limited is the organisation which is undertaken for this report. In this report, inherent risk factors are discussed and how identification of same is done by auditor of the business organisation. On what basis, identified risk is can because material misstatement in the financial statements was also discussed in this report(Batta, Ganguly Rosett 2914). Inherent risk can be defined as the risk which exists in business because of environment and lack of control measures. Following are four inherent risk factors that Woolworths Limited has in its financial statements: Inherent Risk Factor 1: Market Risk Rapid change in exchange rates Describe the risk- Rapid change in exchange rates is the most crucial inherent risk factor that Woolworth ltd has. Since Woolworth ltd has its business operations all around the globe and operating its business in many different countries. This raises the concern of exchange rates and fluctuation in different currencies (Djassemi 2012). How risk create material misstatement in financial statements- Operating profits of Woolworth ltd can be seriously influenced from exchange rate different as sales revenue comes from different countries and at different point of time. Therefore audit plan of auditors shall include due consideration of Rapid change in exchange rates as inherent risk factor. Therefore in this manner, rapid fluctuation in exchange rates will influence income statement of Woolworth ltd. On the other hand, operating exposure to exchange rate fluctuation can made impact on financial statements as there are many foreign competitions in the market(Hasanov Baharumshah 2014). Woolworth ltd can face influence of inflation rate of different economy or countries on its sales revenue. Impact of exchange rate can either increase profitability or it can decreases profitability of Woolworth ltd. While auditing the financial statements of Woolworth ltd, auditors needs to make detail analysis of exchange rates and cor rect reflection of same while recording transactions in financial statements(Jans, Alles Vasarhelyi 2014). In this case of Woolworth ltd, accuracy assertion plays important role while auditing financial statements. As per accuracy assertion, transaction undertaken by Woolworth ltd shall be recorded at appropriate amount. Here appropriate amount means, exchange rate shall be correctly used while converting foreign current into home currency(Clikeman Diaz 2014). Therefore this has became most curtail area of concern for auditors that to check exchange rate at the time of transaction and other relevant adjustments had been made or not. Another assertion that shall take place while making audit plan is of classification. Classification assertion requires correct and appropriate classification and presentation of foreign transactions undertaken during the period in financial statements(Mainardi 2011). Profit or loss on foreign exchange transactions has been appropriately classified or not and fairly presented or not need to be check by auditor. Therefore while making audit plan inherent risk of rapid change or fluctuation in exchange rates shall be examined and verified by employing classification and accuracy assertions. Inherent Risk Factor 2- Critical Accounting Estimates and Judgements Describe the risk Another form of inherent risk that Woolworth ltd faces is of critical accounting estimates and judgements that managers and board of directors has to make time to time. Since business operation of Woolworth ltd has spread out in various sections therefore they are exposed to more inherent risk as propionate to business operations. While complying with groups accounting policies and business assumption, managers at different level and directors have to certain adjustment and estimates of amount that are presented in financial statements of Woolworth ltd. Accounting estimates, assumptions and judgements made by directors or mangers are based on their working experience, level of market influence and level of criticality of the transaction(Askary, Goodwin Lanis 2012). How risk create material misstatement in financial statements Since auditor has to examine and verify assets and liabilities of the Woolworth ltd that involve judgements and estimations of management. Therefore different estimation and adjustments can influence amount of transaction or item of financial statements(Leung, Coram Cooper 2015). Following are some transactions or items that involve complex or high level of significant risk: Value or amount of provisions presented in financial statements In case of Woolworth ltd, valuation of put and call options (under future or derivatives) Valuation of inventory and other assets Impairment of assets and charging impairment loss or profit in financial statements In terms of capital assets management has to estimate useful life of assets that shall last long Discontinue operations Above mentioned transactions and valuation are complex in nature and requires systematic accounting estimates, assumptions and judgements from management or accountant of Woolworth ltd. Therefore wrong estimation or judgement can put tangible effect on financial statement of Woolworth ltd during the reporting period. For example, if management estimates or make wrong assumption while estimating useful life of asset then whole process can lead to misstatement of financial statement(Report 2016). Relevant assertion in this can be accuracy under which auditor has to examine and verify that amount of transaction after estimations and assumption is accurately presented in the financial statement during the reporting period. Another assertion that shall be undertaken to examine this inherent risk is of classification. Auditor with the help of substantive procedures has to verify that transactions which require estimations and assumptions has been classified and presented appropriately(Liya Shufeng 2013). Inherent Risk Factor 3- Inventory Obsolete and Level of competition Describe the risk Since Woolworth ltd is engaged in FMCG or food or beverage industry, therefore it becomes important for manager to calculate appropriate amount of inventory. Although in Woolworth ltd, inventory management system has been employed but it can be observed that in this industry, inventory obsolete level is slightly high. Other factors that influence inventory level and is an inherent risk for Woolworth ltd is level of competition present in the market. There are many other supermarkets that are operating their businesses and has captured major share of market palace(Miller, Cipriano Ramsay 2012). Therefore any move of existing or new competitor of Woolworth ltd can influence its business operations. Therefore there is presence of inherent risk in the working environment of Woolworth ltd. How risk create material misstatement in financial statements For every business organisation and for Woolworth ltd also inventory covers majority of section in the financial statement. It has been analysed from the external and internal analysis of Woolworth ltd that they are largely dependent on their inventory(Wallace 2015). Woolworth ltd has high level of inventory obsolete level. Therefore wrong estimation of inventory and inclusion of obsolete items in the inventory can reflect wrong amount. Therefore auditor shall undergo physical verification of inventory during the audit. Another inherent risk that Woolworth ltd posses is of level of competition and its impact on inventory level. Since Woolworth ltd operates its business in uncertain business environment therefore auditor shall undertaken compliance procedure(Moraru, Grosu Franca 2013). In this case, classification assertion shall be used as obsolete inventory shall not be classified under inventory presented in financial statement. Another assertion shall be followed is of accuracy under which auditor shall examine and verify amount of inventory measured are reliable and accurate. Inherent Risk Factor 4- External Business Risk Factors Risk Description On the basis of initial environmental analysis conducted on Woolworth ltd; it can be observed that they are exposed to many business risk factors. Business risk factors can be defined as the risk of operating company which means risk of business undertaken business operations. Material business risk involve market risk which itself is vast area of concern in terms of inherent risk. Strategic risk is another business risk that Woolworth ltd can face while operating their business(Mohd Karim 2015). Level of cost structure can be increased as management plans to expand business operations and this shall be lead to inherent risk (i.e. increase in cost structure). Another inherent business risk that Woolworth ltd can face is of operational risk that can undertake in the form of failure of business operations as compared to standards. How risk create material misstatement in financial statements Under inherent business risk category there are various risks that is involved in it that auditor shall undertake while preparing audit plan. Most important inherent business risk that auditor shall emphasis on is of operational business risk. Auditor has to make appropriate plan for management of operational efficient Woolworth ltd. Industrial disputes, accidents, work strikes and many other operational inefficiencies has to be identify and examine by auditor during audit. From the annual report of Woolworth ltd, it can be analysed that Woolworth ltd has been involved in many disinvestment, divestment and acquisition activities. Therefore there are huge inherent risk involve in these types of transactions that Woolworth ltd has to control. There are some regulatory or regulatory risk also exists that Woolworth ltd has to face. Auditor has to analyse how these risk will made impact on financial statements. For example, litigation and legal cases against Woolworth ltd and cases in whi ch Woolworth ltd is favourable party. These transactions have to be examined in detail by auditor. In this type of inherent risk, occurrence assertion will be impacted. Occurrence assertion means auditor has to verify that transactions recorded in the financial statements shall be related to Woolworth ltd only. Accuracy is the assertion that needs to be checked by auditor during audit of Woolworth ltd. Accuracy assertion means auditor has to examine and verify that transactions recorded in the financial statements related to business strategic (merger, acquisition or disinvestment) or operations involves accurate amount. Legal and litigation expenses involved in legal cases and suits have been reliably calculated or not have to be examined by auditor. 2. Audit risk model can be define as the model that incorporate all the risk together and make analysis of overall risk of misstatement on financial statements. There are three main components of audit risk model is inherent risk, control risk and detection risk that were identified and analysed by auditor during audit. Inherent risk identify above, will increases the evidence base for audit of Woolworth ltd as inherent risk is at higher side. When inherent risk is at higher side then audit has to undertake substantive procedure. Substantive procedure are those procedure or activities that auditor undertake to detect material misstatement in the financial statements(Burk Hendry 2014). On the basis of above identified inherent risks in the Woolworth ltd, auditor has to do detail checking and has to undertake relevant assertions into account. In case of Woolworth ltd most important concern matter is of making estimation, judgements and assumption while measuring different aspects of financial statement. Following audit risk model that shall be followed by auditor while assessing level of risk involve in estimation, judgements and assumption: Inherent Risk Control Risk Detection Risk Action High Low Moderate In this situation, auditor shall have higher level of reliance on controls and shall perforate moderate level of substantive test. (Ruhnke Schmidt 2014) Potential amount of misstatement in the financial statement can be observe in the judgements and assumptions taken while calculating amount of impairment of assets, estimating useful life of asset and valuation of inventory. Management shall under take different aspect of assessing the impact of material misstatement of incorrect judgements and assumptions that they undertake. Valuations and judgements shall be based on expert opinion(Ruhnke Schmidt 2014). 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