Question 1. Impact of Language and cultural Diversity on Ammerica's Essay

Question 1. Impact of Language and cultural Diversity on Ammerica's Pluralistic Society - Essay Example By definition, a society is composed of a group of people who shares the same beliefs, values, interests, and activities. It can be an ethnic group, a community, or a country. In relation to this, there are also different types of society that exists and co-exists. One of these societies is the pluralistic type of society where power is distributed within the sub-groups in the society. Aside from distribution of power, a pluralistic society is also diverse such as the American society (Carroll and Buchholtz 6-8). In relation to this, the diverse languages present in the American pluralistic society had greatly affected the education system of America. The differences of language brought by studying within a majority culture bring difficulties to students that enter the American educational system. There have been an increasing number of students who speak other languages other than English which causes these students to be inarticulate in the English language. Also, due to the increa se of multilingual or non-English speaking students, the educational system must provide instructions in line with the mother language of the students. In this manner, the educational system must be reevaluated in order to provide the necessary instructions for all students. Also, the cultural diversity affects the American educational system because most of the time, the minority groups are continued to be taught with the curriculum that is not based on their culture. This is because the instruction materials, as well as the teachers, continue to teach through the usual American educational system. As a result, the student will eventually be affected in terms of his or her cultural behavior (Hardman, Drew, and Egan; Naylor 99). In relation to the business industry or the corporate world of America, the presence of language and cultural diversity also means that the workforce will be made up of different types of people. These differences encompass the different beliefs, cultural or ientation, gender, race, and ethnicity. Due to this, corporate America had used the term workplace diversity in order to cite such differences. Workplace diversity also plays a vital role in the manner of managing and handling employees from top to bottom. Also, workplace diversity, if managed properly, is an advantageous way of opening a company or an industry to a more diverse clientele. In order to gain optimum advantage of workplace diversity, managers have been trained with different diversity programs. Some of the few advantages of workplace diversity include acquisition of resources, advantage in the branch of marketing, and the ability to complement bilingual skill with the orthodox skills (Pride, Hughes, and Kapoor 252-254). There were also changes in America’s mass media during the time when the American society became more and more pluralistic. Many of the media outlets conceded that it was important to act upon the continuing pluralistic society of the United Stat es fairly. In this manner, changes were done in the attitude of the media in stereotyping. In the early 1980, many of the minority groups in America were represented falsely in movies, television, and even in novels and books. However, as the increase of language and cultural diversity occurred in the United States, many media outlets had employed and changed the perspectives on minority

A Short Analysis Of Articles About Teachers Essay

A Short Analysis Of Articles About Teachers - Essay Example The article highlights the importance of technology in bringing out the leadership role of teachers. The authors have used data based on the survey of well-known schools, to know how teachers and leaders collaborate to bring up the best leadership using technology.  As an educational leader, I can use this knowledge to encourage my staff to learn competencies to become teacher-leaders, who can use technology to enhance learning in their classroom settings. It is very important if we want our teachers to be able to spread learning through the most modern and sophisticated way.  Gunn, T.M., & Hollingsworth, M. (2013). The implementation and assessment of a shared 21st century learning vision: A district-based approach. Journal of Research on Technology in Education, 45(3), 201-228.  The study is based on changes that a school district went through when it conducted a professional development study focusing technological advancements in the area of learning. Teachers participated in the professional development study, and the number of hours that they had undertaken in the study showed how willing they were in embracing teaching by technology.  As an educational leader, I will use this information to start many such seminars and programs that aim at spreading awareness about teaching by technology. I would like to inform schools and teachers that teaching through technology is the greatest demand of the time. I would make my staff participate in authentic professional development courses and programs, o that they learn how to incorporate information and communication technology in their teaching process.  This study was conducted in 17 final year secondary school classes for Applied Information Technology course in Australia. The schools initially used assessment through traditional pen and paper system.

Wiccan traditional covens Essay Example for Free

Wiccan traditional covens Essay Wiccan traditional covens are formed thru male-female pairs thus making an obstacle for single members. The traditional practice do not however make any moral judgments about homosexuality according to Sanders (1987). The traditional covens criticize male-male or female-female pairings that is often seen as dangerous, in producing a mutually productive balance and is viewed as outside the mainstream Wicca. The understandable criticisms of traditional wiccans on the radicalism attached to gay members practicing wicca spins around the roles of a traditional heterosexual family as related by Curottt (2005). Traditional craft says that there is impossibility in working magic for two men in a gay relationship according to Salomonsen(2002). Though homosexuals cannot be barred from wicca, traditional values bar them from high ranks on the basis of sexual orientation. This contrast is an apparent reason for members to shy away from the pressures brought about by their own original group and join others or start a solitary practice. Like other religious denominations, the wiccan practice has formed dissenting opinions from other members and groups. This is highly conceivable considering the group’s lack of a centralized organization that commands a theological doctrine as a guideline for every practitioner. Like other religions, those who do not conform to the standard form their own sub-groups in order to liberalize them from the restrictions created by their own organization. Naturally, the mainstream aspect of the practice is retained as evidenced by the unified stance of Mary Anne, Sheila, Cris and Carol who vehemently denied any incorporation of evil practices and witchcraft into the wiccan religion. I firmly believe that the Wiccan practice as a religion depends upon a person’s moral and religious convictions. Most practitioners are happy with their practice because they are afforded the freedom to entertain their beliefs. The mere intolerance for hatred which is liberally taught and positively interpreted in wicca as the acceptance of other individuals is an ethical basis that any religion should uphold. Most likely, the lack of a centralized organization mandating doctrines of practice enables a group or an individual to freely incorporate or deviate from their belief and rituals without the pain of ridicule. Further, the lack of a centralized body reaping the benefits acquired from religious practice prevents conflicts from escalating which often results in a major religious disintegration. Wicca, as a religious practice teaches acceptance, love for nature and life. We can always distinguish that other religious denominations despite a strong stance against wicca have incorporated the age-old neo-pagan practices of the wiccan culture in their own beliefs. We do not have to enumerate the similarities which certainly show that the wiccan practice has long evolved even before man learned to integrate religion and culture into their social lives. Works Cited Rountree, Kathryn. Embracing the witch and the goddess: Feminist Ritual-Makers in New Zealand. London: Routledge, 2004. http://kindredspirit.co.uk/

Rationale About Job Satisfaction

Rationale About Job Satisfaction Job satisfaction is an attitude people have about their jobs and it results from their perception of their jobs and the degree to which there is a good fit between the individual and organization. Job satisfaction has been influenced by many intervening variables, such as the rewards that an employee receives.  [1]  It has been said that job satisfaction has been related to many kinds of variables. It is a variable that is commonly influenced or commonly related to many variables that the other variable will be affected because of job satisfaction. Job satisfaction is the degree to which an individual feels positively or negatively about various aspects of the job.  [2]  The satisfaction of an individual in a job is either positive or negative; it depends upon the establishment that he/she is working with if they are offering more, enough, or less elements of satisfaction to their employees. Closely related to job satisfaction is the organizational commitment which is defined as the loyalty of an individual to the organization.  [3]  It has been overlooked that someone who sets his loyalty high to his organization would strongly take pride in considering himself a part of the organization. Employees of top corporations in the Philippines display the highest level of commitment and focus among workers surveyed across the Asia Pacific region, according to a study by global consultancy firm Watson Wyatt, the employees engagement score for the Philippines stood at 77%, up by four percentages from the previous survey in 2007.  [4]  It has been observed that the Philippine loyalty factor or the motivation of the employees towards the success of the company is very strong in which the rating has been said very high among other countries in Asia. Organizational commitment or Employee loyalty is very important in a company because employees who show loyalty will be able to encourage customers to feel loyal towards the company.  [5]   The University of the Philippines conducted a study on the loyalty of employees and the study shows that only 21% of Filipino employees feel fully committed to their employers and only 12% agree that their employers are fully committed to them.  [6]  Researchers have said that the level of commitment of the employees has something to do with the level of job satisfaction that the employees are experiencing. The researcher has chosen to study this issue because she personally experienced the 2 variables which are Job Satisfaction and Organizational Commitment in one famous establishment in which her co-employees job satisfaction are low, and there is a high turnover ratio happening in this establishment. The researcher as a worker of the said company also has experienced low job satisfaction which leads her to low organizational commitment. The researcher is interested in this topic so that managers/employers would know and understand that high turnover ratio and the trainings as well as the seminars that they are given to the newly hired workers costs high and useless if the employee will only spend 1 month to work and leave the company. Aside from that, if they will continue to dissatisfy their employees, the word of mouth is a virus that easily spread from one person to another person. Especially if you are a 5 star hotel, you must ensure that every word of mouth that comes from each individual, may it be employees or guest are positive because if its negative, it may deteriorate their good name. Employees will not consider themselves as a member of the organization and the services given by the employees to the guests may not be good enough to increase or maintain customer loyalty. STATEMENT OF THE PROBLEM The researcher attempts to answer the following question: Is there a significant relationship between job satisfaction and organizational commitment among hotel employees in Tacloban City? STATEMENT OF HYPOTHESES Alternative Hypothesis There is a significant relationship between job satisfaction and organizational commitment. SIGNIFICANCE OF THE STUDY It is significant to study whether employees are satisfied or dissatisfied, committed or not committed in their job because it has been proven that employees who are much more satisfied will more likely to show positive thoughts, feelings, and actions towards their job and it would increase their organizational commitment. It is also important to study the relationship between Job Satisfaction and Organizational Commitment because this may bring a huge benefit equally to employers and employees. Human Resource Management would be able to understand that the costs of hiring and training new workers are high. Therefore, the employers should try to treasure unchanging workforce, which also helps to lessen the risks of deterioration in services offered to customers. An employee who is committed with the organization may take pride in considering himself a member and would positively persuade the consumers to patronize the products/services offered by a company. Since satisfaction increas es commitment to organizational success, and if this satisfaction would be given from employers to workers, a lot of good factors such as good supervision by supervisors, good working conditions, good interpersonal relations, better policies and administration, better pay and security, challenging work, achievement, recognition, growth and development can benefit employees. If this study shows that job satisfaction and organizational commitment are correlated, employers would only need to increase one variable and that is job satisfaction to achieve the affirmative organizational commitment of workers. CHAPTER III METHODOLOGY This chapter contains the discussion on the methods and procedures used in the study. It includes research design, locale of the study, respondents of the study, research instrument, data gathering and statistical measures used in hypothesis testing with their corresponding formulas and assessment scales. The purpose of the research work was primarily to assess with utmost objectivity. Any relevant data will be useful for the derivation of accurate insight. RESEARCH DESIGN This study is a descriptive research method using a questionnaire as the principal instrument in gathering data where there will be a real investigation on the job satisfaction and organizational commitment as evaluated by the employees. The answers will be tallied in order to measure/ quantify the 2 variables. LOCALE OF THE STUDY The study will be conducted within the City of Tacloban. The researcher would like to include Magsaysay and Paterno Street as the locale of the study. It was limited to the investigation on the job satisfaction and organizational commitment among hotel employees in Tacloban City. RESPONDENTS OF THE STUDY AND RANDOM SAMPLING The respondents of this study were the employees of different hotels who are presently working here in Tacloban City. Leyte Park Resort Hotel has a total population of more or less 70 but only 20 out of 70 are the respondents who participated the survey. Royal Suite Hotel has a total of 7 and Primrose Hotel has a total of 4 populations. So the researcher has decided to take 100% from the total population to be used for the sample. RESEARCH INSTRUMENT A set of survey questionnaire carefully prepared and will be distributed to the respondents for the purpose of gathering the necessary data. The questionnaire measures on the significant relationship between job satisfaction and organizational commitment. The researcher has found numerous questionnaires regarding job satisfaction and organizational commitment. Of all the questionnaires, the researcher has chosen to use the test for job satisfaction that is based on the research carried out by Cooper and the researcher has chosen to use the research study carried out by the student of Professor S. Cote and Professor P. Heslin for organizational commitment. In order to determine whether the questionnaires were correct and valid, the questionnaires were submitted to the instructor for verifications, corrections and improvements. The research instrument is composed of 2 sets, the Questionnaire 1 and Questionnaire 2 which both gather information to employees. It can be answered by putting an (x) mark in the appropriate parenthesis. Questionnaire 1 includes questions on the job satisfaction of hotel employees such as the job itself, inter-personal relationship, organization itself, personal growth and the quantity of work. Answers scoring is as follows: Excellent 5 points Very Good 4 points Satisfactory 3 points Below Ave. 2 points Poor 1 point Interpretation of data would be this way: the higher the score is, the better is the job satisfaction. Questionnaire 2 generally includes questions about the level of commitment of employees to their company as a whole. Answers scoring is as follows: Always 5 points Often 4 points Sometimes 3 points Seldom 2 points Never 1 point Interpretation of gathered data in questionnaire 2 would be this way: the higher the score is, the better is the organizational commitment will be. DATA GATHERING The researcher will gather her data by first, giving a letter of request asking permission to the hotel manager to include their company in her research. She has spoken to a variety of persons with different positions to allow her to conduct a survey in their establishment. These persons were Ms. Anafe C. Harina, front desk agent of Asia Stars Hotel, Ms. Jedah Vivas, accounting officer of Leyte Park Hotel, Mr. Julius, front desk agent of Hotel Alejandro, Ms. Jasmin V. Ron, front desk agent of Royal Suite Hotel, Ms. Rebecca Villanueva a front desk clerk in Primrose Hotel, and to Ms. Pearlie Corneso, a front desk agent of Manhattan Inn. Second, if ever approved, the researcher will distribute 2 sets of survey questionnaires which both are for their employees. These questionnaires tackle particularly on the job satisfaction and organizational commitment and it can be evaluated by simply taking the score of each number according to weights and add the total score over the total number of weights. Below half of the total score would mean low. Mr. Cooper and Professor S. Cote and Heslins student had contributed a big help to the researcher because she was able to borrow their questionnaires to conduct a survey and gather data. Out of 6 hotels that the researcher has talked with, only Ms. Jedah Vivas, accounting officer of Leyte Park Hotel, Ms. Rebecca Villanueva a front desk clerk and Ms. Jasmin V. Ron a front desk agent with the approval of his manager Mr. Roy Salinas are those who had confirmed and assisted her to gather the necessary data. STATISTICAL TREATMENT With the purpose of identifying the relationship between the job satisfaction and organizational commitment among hotel employees in Tacloban City, the responses will be tallied, classified and tabulated in appropriate table for analysis and a pie graph will be used for interpretation. To describe the profile of the respondents in terms of job satisfaction and organizational commitment, descriptive statistics particularly percentages will be employed. Null Alternative Hypothesis There is no significant relationship between job satisfaction and organizational commitment. The Pearson Product Correlation Coefficient (Pearson r) This was used to test the significant relationship between job satisfaction and organizational commitment. Formula: N (ÃŽÂ £XY) (ÃŽÂ £X) (ÃŽÂ £Y) r = _________________________________ ____________________________ à ¢Ã‹â€ Ã… ¡ [NÃŽÂ £X ² (ÃŽÂ £X)  ²] [NÃŽÂ £Y ² (ÃŽÂ £Y)  ²] Where: N = total number of respondents ÃŽÂ £XY = is the summation of product X and Y ÃŽÂ £X = is the summation of the independent variable ÃŽÂ £X ² = is the summation of the square of X ÃŽÂ £Y = is the summation of the dependent variable ÃŽÂ £Y ² = is the summation of the square of Y Verbal descriptions of computed coefficients of correlations are as follows: Value Percentage Interpretation r Degree of relationship 0.0 to  ± 0.20 0% 20% Negligible Correlation  ± 0.21 to  ± 0.40 21% 40% Low or Slight Correlation  ± 0.41 to  ± 0.70 41% 70% Moderate Correlation  ± 0.71 to  ± 0.90 71% 90% High Correlation  ± 0.91 to  ± 0.99 91% 99% Very High Correlation  ± 1.00 100% Perfect Correlation

Global savings Essay -- essays research papers

Question 1: (i) Briefly, what is the issue? What impact does it have on different regions’ GDP, prices, exchange rates and Interest rates? The issue is an unprecedented level of world surplus savings (especially in the Asian economies) that faced with weak investment opportunities serve to fund a growing US current account deficit which creates dangerous world imbalances. The Euro-zone and Japan have slow GDP growth and their savings increase due to a lack of confidence in both financial and social security systems as well as the inability of the private sector to find investments. Also we see increasing fiscal deficits, very low real interest rates and low inflation. The Euro appreciated vs. USD, creating loss of export competitiveness that added up to a weak demand. The yen has been down in real terms (to avoid deflation). Therefore, most of the countries (specially Asia and specifically China) are using this surplus to lend money to the US, thus making the US both borrower and spender of last resort (to finance mainly US consumption, its current account deficit and to some extent its fiscal deficit). Furthermore, any FDIs from Europe and the US into developing Asian economies are recycled (although the Asian countries keep the technology) into Asian Central Banks’ purchase of US Treasuries. The banks also use this as a mechanism to maintain export competitiveness by fixing their currency against the USD, which increases their foreign reserve accumulations. Tight monetary and fiscal policies as well as direct interventions in credit markets have helped to sustain this high domestic savings. China’s economic growth rate is 9%, due to: increasing exports & spending in capital goods and construction; very low interest rates; increasing (but still low) inflation and real exchange rate depreciation. (ii) Why does it put the world economy at high risk? What is the worst possible outcome? The US current account deficit has increased to 6.5% of GDP, because of low and falling savings as well as private spending rising faster than disposable income. The US net external liabilities have also increased to levels that had never been seen before. Thus, in order to achieve a growth of output in line with full employment, US domestic demand needs to grow more than GDP (since imports grow also 6% more than exports). Therefore the US has increased its current ac... ...sp;  Ã‚  Ã‚  Ã‚  Depreciation of the dollar: necessary but not sufficient. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Decrease US fiscal deficit: i.e. increasing taxes and decreasing government expenditure. Increase in domestic savings (for instance by increasing interest rates) is paramount. Increase exports would also be of help. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Expansionary policies in Asia: decrease their excess savings and stimulate domestic spending (through structural reforms in financial system) and favor internal lending. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Allow a real exchange rate appreciation of Asian currencies: a new competitiveness policy would have to be based in productivity than current exchange rate intervention. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Euro-zone should create new investment opportunities: structural reforms like social security, labor legislation, tax system, public sector services and enterprises, should allow the creation of new investment opportunities in Europe. Also EUR would appreciate vs USD, causing exports to US to reduce; but a depreciation against Asian currencies could be a gain in competitiveness for export oriented countries such as Germany.

Short Story evaluation template

A good short story includes the following: Interesting & appropriate title plot Theme / message Narrative style: telling a story Structure: Introduction, development, conflict, climax, resolution / conclusion Strong Introduction & conclusion: Introduction hooks the reader, conclusion leaves a lasting Impression on the reader. Conflict/ Issue / problem: Introduced & resolved. Suspense: The story must hold the reader's Interest.The problem presented early In the story Is developed steadily so that the reader's curiously Is stimulated; the reader then becomes more and more Involved In the story. Suspense reaches the highest point at the climax: this is the point where the problem Is resolved In some way. This then leads to the resolutions of the story. Tense: clear and consistent Distinctive tone: formal, informal, chatty, lively, exciting etc.. Strong, interesting and varied characters Narrator: who tells the story?Clear point of view: first / third person Paragraphs Good punctuation, spelling & grammar Setting: time & place Varied range of expression: adjectives, verbs, similes, metaphors, sensual images language, color, varied sentence length (short & long: allows description and creates tension & suspense) Dialogue: gives a good insight into characters, life styles, personalities, relationships Proof read: have you answered who, what, when, where, why & how questions Resolution: open or closed ending.

Assurance Hand Note in Kl

Mahedi 01914919285 Subject: Assurance Level: Knowledge Chapter: 1 (Concept of & Need for Assurance) Assurance: a conclusion of an opinion designed to enhance the degree of confidence of the intended users by evaluating or measuring of a subject matter. Assurance engagement: is a process by which a practitioner can obtain the authority to express a conclusion opinion about the outcome of the evaluation or measurement of a subject matter against criteria to enhance the degree of confidence of the intended users. Key elements of assurance engagement: †¢ †¢ †¢ †¢ †¢ Three parties A subject matter Suitable criteria Sufficient criteria ReportReasonable assurance: is the high but not absolute level of assurance, depends on evidence obtaining during the time of audit. Importance and benefits of assurance: †¢ †¢ †¢ †¢ †¢ †¢ Independent professional opinion Confidence Prevention of error and fraud Acceptance Recognition/reliability Credibi lity True: that id factual, confirmation and reality Fair: free from discrimination and bias Assurance never be absolute: assurance provider never obtain the absolute level of assurance due some limitations. So assurance never be absolute. Limitations of assurance engagement: †¢ †¢ †¢ †¢ †¢ †¢ Over see the preparation of F.S. Inherent limitation Evidence obtain Test basis checking Estimates Nature of assurance report Tarek 01712-049032 †¢ †¢ Short time Shortage of man power Assurance engagement process: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Obtaining the engagement Continuous risk assessment Engagement acceptance Scope of the engagement Planning the engagement Obtaining evidence Evaluation the result of assurance work Concluding and reporting on the engagement Reporting to the engagement parties Keeping record Audit: the objective of an audit of F. S. is to enable the auditor to express an opinion whet her the F. S. re prepared, in all material respects, in accordance with an applicable financial reporting framework. There are many issues users want assurance on: * Value for money studies †¢ Circulation report †¢ Cost/benefit report †¢ Due diligence †¢ Review of specialist business activities †¢ Internal audit †¢ Report on website security †¢ Fraud investigations †¢ Inventories and receivables report †¢ Internal control report †¢ Reports on business plans or projections Examples of assurance engagement †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Local authority audit Bank audit Insurance audit Pension scheme audit Charity audit Solicitors audit Environmental audit Branch auditExpectation gap: difference between expectation level and practical audit performance. Tarek 01712-049032 Company Act: 1994 Chapter: 2 (Process of Assurance) Scope/step/process of assurance engagement: †¢ †¢ †¢ †¢ †¢ Source of information of new client Enquiries from other source Document review Previous auditor Review rules, regulation and standards Assurance engagement letter: 1. Starting: †¢ †¢ Flow of communication auditor Vs client Address- To responsible parties/client 2. Body: †¢ †¢ †¢ †¢ Introduction/reference Management and auditors responsibility to F. S. Scope of audit work-test limitation Other responsibilities . Conclusion: †¢ †¢ Audit fees and other charges Conclusion Para (depend on nature of business) Audit accepting an engagement: †¢ †¢ †¢ †¢ Proposed auditor must communicate with previous auditor (on the permission of client). If their audit engagement date is valid Refusal reasonable cause If any fraud/error in the client Assurance appointment considerations: †¢ †¢ †¢ †¢ Ensure professionally qualified Ensure existing resources are adequate Obtain reference Communicate with previous auditor. Tare k 01712-049032 ** Read interactive questions and self test from manual. Chapter: 3 (Planning and Assignment)Planning: is a process by which assignment will be performed in an effective manner. Audit plan: is a process by which auditor will perform all activities regarding audit in an effective manner. Audit strategy: is a technique which sets scope, timing and direction of the audit and guides the development of the audit plan. Importance/requirements of audit plan: †¢ †¢ †¢ †¢ †¢ †¢ Appropriate attention to important areas Identify potential problems and resolve timely Ensure the audit work done properly and organized way Assigned the audit work to the member of audit team Direction and supervision of audit work Facilitate review of workStructure of audit plan: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Ethical requirements Ensure team of engagement Establishing audit strategy Development audit plan including risk assessment proced ure/audit test Determining the relevant characteristics Discovering key dates for reporting & others Determining materiality & preliminary risk assessment Consideration team members availableTarek 01712-049032 Key elements of an overall audit strategy: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Understanding the entities environment Understanding the accounting & internal control system Risk and materiality Consequent nature, timing and extent of procedures Co-ordination, direction, supervision and review Other matters Budget and fees StaffingProfessional skepticism: An attitude of professional skepticism means the auditor makes a critical assessment with questioning mind, of the validity of audit evidence obtained and is alert to audit evidence that contradicts or bring into question, the reliability of documents and responses to enquiries and other information obtain from management and those charged with governance. Analytical procedure: means evaluation of f inancial information made by a study of possible relationship among financial and non-financial data.Sources for risk assessment by using analytical procedure: †¢ †¢ †¢ †¢ †¢ †¢ †¢ Interim financial information Budget Management information Non-financial information Bank and cash records VAT returns Board minutes Show ratio analysis formula (manual page 50) Materiality: relates to the level of tolerable error that affects the decision of users and accountant. Tolerable error: the maximum error that an auditor is accept in a class of transactions or balances in the F. S. Tolerable error percentage (%): On sales 0. 5-01% Gross profit 0. -1% Total asset 1-2% Net asset 2-5% Profit before tax 5% Profit after tax 5-10% Tarek 01712-049032 Audit risk: the risk is define, that auditors give an inappropriate opinion on the F. S. Audit risk: material misstatement risk (for co. ) + detection risk (for auditor) Material misstate risk = inherent risk + control r isk Inherent risk: the susceptibility of an account balance or class of transaction to misstatement that could be material individually or when aggregated with misstatements in other balances or classes assuring there where no related internal controls.Characteristics of inherent risk: †¢ †¢ †¢ †¢ †¢ Estimates of balances If co. is in trouble Seeking for fund raising Motivation of director/management (profit related issue) Choices of methods for financial transactions Control risk: the risk that a material misstatement would not be prevented, detected or corrected by accounting and internal control systems. Detection risk: the risk that, auditors procedure will not detect or misstatement that exits in an account balance or class of transaction that could be material.Steps for assessing the audit risk: †¢ †¢ †¢ †¢ Step 1: identify the risks throughout the process of obtaining and understanding the entity. Step 2: relate the risk to what ca n go wrong the assertion level. Step 3: consider whether the risks are magnitude that could result in material misstatement. Step 4: consider the likelihood of risk considering material misstatement. Chapter: 4 (Evidence and reporting) Documents: All information which obtain/gathered by the auditor during audit period is documents. Audit evidence: all information/documents gathered by the auditor and on which based auditor conclude the opinion.Tarek 01712-049032 Test of control: audit evidence obtains evaluating the effectiveness of controls in preventing/detecting and correcting material misstatement at the assertion level. Substantive procedure: test of details of classes of transactions account balance and disclosure substantive analytical procedure. Quality/source of evidence: †¢ †¢ †¢ †¢ †¢ external auditor entity written oral F. S. assertion level: A) Class of transaction †¢ †¢ †¢ †¢ †¢ Occurrence Completeness Accuracy Cut-off Classification B) A/C balance: †¢ †¢ †¢ †¢ Existence Rights and obligations Completeness Valuation and allocationC) Presentation and disclosure: †¢ †¢ †¢ †¢ Occurrence Completeness Classification and understandability Accurate and valuation Sufficiency: is the measure of quantity of audit evidence. Appropriateness: is the measure of quality or reliability of audit evidence. F. S. assertion: the presentations by management, explicit or otherwise that are embodied in the financial statement. Audit opinion: Tarek 01712-049032 A) qualified B) non-qualified Qualified opinion: 1. 2. 3. 4. modified scope of limitations adverse disclaimer Read self test and interactive question. Chapter: 5 (introduction to internal controlBSA 315: internal Control Internal control: is the process designed and effect by those charged with governance, management and other parts to provide reasonable assurance about the entities objectives with record to reliability of f inancial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations. Reason for internal control: †¢ †¢ †¢ Minimizing business risk Ensuring the continuing effective function of the company Ensuring Co. complies with relevant laws and regulations. Limitation of internal control: †¢ †¢ †¢ †¢ †¢ Expense Human elements Unusual transaction Management oversee Regular monitoringComponents of internal control: †¢ †¢ †¢ †¢ †¢ The control environment Risk assessment process Information system Control activities All system should be monitored Tarek 01712-049032 Control environment: the control environment includes the governance and management functions and the attitudes, awareness and actions of those charged with governance and management concerning the entities internal control and its importance in the entity. Audit committee: a subsection of the board of directors which has a p articular interest in the finance and accounting activities of the Co.Function/duties of audit committee: †¢ †¢ †¢ †¢ †¢ †¢ †¢ To review the integrity of the F. S. To review the Co. internal financial control Monitor the effectiveness of the Co. internal audit function To make recommendations to the board in relation to the external auditor Monitor the independence of the internal auditor To implement policy on the provision of non-audit service by the external auditor Entities risk assessment process: the process by which management in a business identifies business risk relevant to financial reporting objectives and decides what actions to take to address those risks.Business risk: The risks inherent to the Co. in its operations. It is risk at all levels of the business. Control activities: The policies and procedures that help ensure that management directives are carried. Business risk assessment process: †¢ †¢ †¢ †¢ Identif y relevant business risk Estimate the impact of risks Asses the likelihood of occurrence Decide upon controls Reporting objectives: includes the procedures and records designed to initiate, record, process and report entity transactions and to maintain accountability for the related assets, liabilities and equities.Types of control activities: †¢ †¢ †¢ †¢ †¢ Authorizations Performance review Information processing physical control Segregation of duties IT control: the internal control in a computerized environment includes both manual procedures and procedures designed to computer programs. Tarek 01712-049032 Application control: are manual or automated procedures that apply to the processing of individual applications to ensures that transactions occurred, are authorized and are completely and correctly recorded and processed.General controls: are policies and procedures that relate to many applications and support the effective function of application cont rols by helping to ensure the continued proper operation of information systems. General control examples: †¢ †¢ †¢ †¢ †¢ Development of computer applications Prevention or detection of unauthorized changes to programs Testing and documentation of program Controls to prevent unauthorized amendments to data files Controls to ensure continuity of operationsExamples of application control: †¢ controls over input: completeness †¢ controls over input: accuracy †¢ authorization control †¢ processing control †¢ control over master file and standing data Steps to recording of internal control: †¢ †¢ †¢ Narrative (short note, background information) Questioners/checklist Diagrammed (flow chart, organization chart, family trees and record of related parties) Internal control procedure: †¢ Initiative †¢ Authorization †¢ Accuracy †¢ Recording †¢ Documentation Tarek 01712-049032Chapter: 6 (Revenue System) R isk objective on selling goods: †¢ †¢ †¢ Order may be taken from customer who are not able to pay Order may be taken from customer who are paid after long time Order may not recorded properly Taking steps to prevent this risk: †¢ †¢ †¢ Goods and services are only supplied to customers with good credit rating Customers are encouraged to pay promptly Chapter: 9 (Internal Audit) Internal Audit: A monitoring activities established within an entity as a service to the entity.Its function includes, amongst other things, examining, evaluating and reporting to management and the directors on the adequacy and effectiveness of components of the accounting and internal control system. External Audit: An audit carried out by an external. The objective of an external audit of financial statements is to enable auditors to express an opinion on whether the F. S. is prepared in accordance with the applicable financial reporting framework. Difference between internal an d external audit: Subject Definition Reason Internal Audit †¦Ã¢â‚¬ ¦.Is an activity design to add value and improve an organizations operation Audit report to the board of director or audit committee Audit works relate to the operations of the organization He/they are the employees of the Co. except some exception External Audit †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. To express an opinion on F. S Reporting Relating to Relationship with the Co. Auditors report to the shareholder to Co. on the truth and fairness of the F. S Audits works to the F. S They are independent not the employee of the co. Internal Audit functions: †¢ Monitoring internal controlTarek 01712-049032 †¢ †¢ †¢ †¢ Examining financial and operating information Review of the economy, efficiency and effectiveness of operations Review of compliance with laws and regulations Special investigations, for instance into suspected fraud Operational Audit: Operational Audit is the review of operational process of the organization. They are also known as management or efficiency audit. Their prime objective is the monitoring if management performance, ensuring Co. policy is adhered to. Function of Operational audit: †¢ †¢ Ensuring policies is adequate Ensuring policies work effectivelyChapter: 10 (Documentation) Audit evidence: Working paper with relevant evidence to draw opinion and helping assurance provider for assurance report. Audit Documentation: Audit documentation is the record of procedures performed, relevant audit evidence obtained and conclusion related. Form and content/work of documentation: †¢ †¢ †¢ †¢ †¢ †¢ Procedure of audit Risk identification Judgment Significance Problem/expectation Audit methodology Automated working paper: Working paper package have been developed which can make the documenting audit work much easier.Advantages of evidence: Tarek 01712-049032 †¢ †¢ †¢ Risk and error reduce Key of analytical informat ion Less time consuming Permanent audit filing: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Engagement letter Questioner Memorandum of Article and A/A Legal documents Detail history of business Board minutes of continuing relevant Previous F. S. Accounting system notes Current audit file: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ F. S. Checklist Management details Review notes Letter of representation Budget and summarized Management letter Notes of board minutes Communication with 3rd partiesWorking paper decoration: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Name of client Balance sheet date Name of the preparer Date of preparation Subject of the working paper Name of reviewer Date of review Object of the work done Source of information Sample size determine The work done The result obtained Analysis of error Other significant observation The conclusion dr awn Tarek 01712-049032 Tarek 01712-049032 Chapter: 11 (Evidence and Sampling) Evidence: All of the information used by auditor to drawn an opinion. Source to obtain evidence: †¢ †¢ †¢ †¢ †¢ †¢ †¢ Inspection Observation Inquiry Confirmation Re-calculation Re-performance Analytical procedureTest of control: Perform to obtain audit evidence about the effectiveness of controls in preventing or detecting and correcting material misstatement at the assertion level. Substantive procedure: Audit procedure to detect material misstatement at the assertion level test of details of transactions. * Account balance * Substantive analytical procedure Computer assisted audit technique: †¢ †¢ †¢ Dummy data Rent data Dummy data against verified copy Quality of audit evidence: †¢ †¢ †¢ †¢ †¢ External Auditor Entity Written OriginalTarek 01712-049032 Analytical Procedure – BSA 320 Audit reliability factors: †¢ Analyz ed †¢ Availability of information †¢ Accuracy †¢ Frequency †¢ Relevant of the information †¢ Comparability of the information †¢ Previous auditor Source of information about client: †¢ Interim financial information †¢ Budgets †¢ Management accounts †¢ Non-financial information †¢ Bank and cash records †¢ Sales tax returns †¢ Board minutes †¢ Client/3rd party Audit sampling: Involve the application of audit procedure to less then100% of the items within an account balance or class transactions such that all sampling units have a change of selection.Population: Is the [entire set of data from which a sample is selected and about which an auditor wishes to draw a conclusion. Statistical sampling: Is any approach to sampling that involves random selection of a sample, and use a probability theory to evaluate sample results, including measurement of sampling risk. Non-statistical sampling: Is a substantive approach to inference, in that mathematical terms are not used consistently in determining sample size, selecting the sample, or evaluating sample result.Error: Means either control deviations, when performing test of controls, or misstatements, when performing substantive procedure. Tarek 01712-049032 Expected Error: Is the error that an auditor expects to be present in the population. Sampling units: Are the individual items constituting in a population. Tolerable error: Is the maximum error in the population that the auditor would be willingly to expect. Random selection: Ensures that all items in the population have an equal chance of selection, e. g. y use of random number tables or computerized generator. Sequence or block selection: It may be used to check whether certain items have particular characteristics. Monetary unit sampling: This is a selection method that ensures that, every CU1 in a population has an equal chance of being selected for testing. Anomalous error: Means an error t hat arise an isolated event that has not recurred other than on specifically identifiable occasions and is therefore not representative of errors in the population.Sampling method: †¢ random selection †¢ systematic selection †¢ haphazard selection †¢ sequence block selection †¢ monetary unit sampling Name of some data analytical software for auditor: †¢ ACL (Audit Command Language) †¢ IDEA †¢ ESCORT computer audit †¢ Active data for Excel †¢ Top CAAT for Excel †¢ ACL service Ltd †¢ Case ware international †¢ Intra com IT service Tarek 01712-049032 †¢ †¢ Information active Inc Reinvent data Tarek 01712-049032 Chapter: 12 (Management Representation) Management: Means officer (director and Co. secretary) and others who perform senior managerial functions.Elements of management representation letter: †¢ †¢ †¢ Entity letter head To auditor and date Tarek 01712-049032 Chapter: 13 (Substantive Procedu re) Key issues/risk of non-current assets: †¢ †¢ †¢ †¢ †¢ Right and obligations assertion Existence assertion Completeness assertion Valuation assertion Presentation and disclosure assertion Source of information/observation matters: †¢ †¢ †¢ †¢ †¢ †¢ †¢ The non-current asset register Purchases invoices for assets during the year Valuation carried out by 3rd party Purchases deeds or receipt documents Hire purchases documents of assets Physical inspection Depreciation calculationIntangible non-current asset: means the assets which cannot touch or show but has a market value. Examples of intangible non-current assets: †¢ †¢ †¢ Goodwill Patent right License and development cost etc. Key issues and sources of information of intangible non-current assets is as like as tangible non-current assets. Key issues/risk of inventory: †¢ †¢ †¢ †¢ †¢ †¢ Existence Completeness Obsolete or damage goods Miscalculation Rights and obligations Cut-off dates Prevent risk of inventory: †¢ The Co. control over inventory countingTarek 01712-049032 †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Auditors regular physical counting Check inventory register Physical verification from warehouse Check purchases invoices Check work-in-progress records for inventory Post-year-end sales invoices for inventory Post-year-end price lists for inventory Post-year-end sales Sources of information for non-current assets: †¢ †¢ †¢ †¢ Invoices 3rd party valuation Auditors inspection Client schedule and calculation Source of information for inventory: †¢ †¢ †¢ †¢ †¢ Auditors attendance at count Invoices 3rd party confirmation Client control over count Clients production scheduleInventory count procedure/various types of inventory count: 1. organization of count: †¢ †¢ †¢ †¢ Supervision by senior staff Tidying and ma rking Restriction and control movement during counting Identification of damaged, obsolete, slow moving and returnable goods 2. Counting: †¢ †¢ systematic counting independence counting 3. Recording: †¢ †¢ †¢ †¢ †¢ Serial numbering Information count records Quality, controls and work in progress counting Inward and outward counting Reconciliation with recordsTarek 01712-049032 Key issues of receivables: †¢ †¢ Rights and obligations Valuation Source of information of receivables: †¢ †¢ 3rd party confirmation Cash payment after date Key issues of bank: †¢ †¢ †¢ †¢ Completeness Existence Rights and obligations Valuation Source of information about parties bank A/c: †¢ †¢ †¢ †¢ Confirmation from bank Bank statement Client schedule Reconciliation with cash book Payable key issues: †¢ †¢ †¢ Completeness Rights and obligations Correct valuation Source of information of A/P: †¢ †¢ †¢ Suppliers statements Payable ledger records Payment documentsKey issues of long term liabilities: †¢ †¢ †¢ †¢ Completeness Accuracy Disclosure Particular papers Source of information of long term liabilities: †¢ Loan documents Tarek 01712-049032 †¢ †¢ †¢ †¢ †¢ Statutory books Confirmations from lenders Client schedule Board minutes Client calculation Key issues of income statement: †¢ †¢ Completeness Accuracy Steps for observing long term liabilities: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Compare opening balances to previous years working paper Test clerical accuracyCompare balance to nominal ledger Check nominal ledger Trace additions and repayments to entries in the cash book Confirm repayments with loan agreement Examine cancelled cheques Verify the borrowing limits Examine sign of board minutes Obtain direct confirmation from lenders Verify inter est check Review any correspondence review minutes, cashbook and loan books. Chapter: 14 (Codes of Professional Ethics) Fundamental principles of code of ethics: †¢ †¢ †¢ †¢ †¢ Integrity Objectivity Professional competence and due care Confidentiality Professional behaviorIndependence of mind: The state of mind that permits the expression of a conclusion without being affected by influence that comprise professional, allowing an individual to act with integrity. Independence in appearance: Tarek 01712-049032 The avoidance of facts and circumstances that are so significant that a reasonable and informed 3rd party, having knowledge of all relevant information, including safeguard applied, would reasonably conclude a firms, or a member of the assurance teams, integrity, objectivity or professional skepticism have been compromised.Threats of code of ethics: †¢ †¢ †¢ †¢ †¢ †¢ Self interest threat Self interest threat Advocacy threat Familiarity threat Intimidation threat Management threat Safeguards of code of ethics: †¢ †¢ †¢ †¢ †¢ †¢ Ethical training and experience Continuing professional development requirement Corporate governance regulation Professional standards Regulatory monitoring and disciplinary procedure External review Chapter: 15 Integrity: Means that an accountant must be straightforward and honest. It implies fair dealings and truthfulness.Objectivity: State of mind that exclude bias, prejudice and compromise and that gives fair and imperial consideration to all matters that are relevant to the task in hand, disregarding those that are not. Independence: Is related to and underpins objectivity, it is freedom from situations and relationships. Self-interest threats are: †¢ †¢ Financial interests Close business relationship Tarek 01712-049032 †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Employment with assurance client Partner on c lient board Family and personal relationship Gift and hospitality Loans and guarantees Overdue fees Percentage and contingent fees High percentage of fees Low-ballingFinancial interest: Exits where an assurance firm has a financial interest in a client. Direct financial interest: Exits where an assurance firm has a directly financial interest in a client. Immediate family: means a spouse (or equivalent) or a dependent. Assurance team: means all member of the engagement team for the assurance engagement and all others within the firm who can directly influence the outcome of the assurance engagement. Safeguards from interest: †¢ †¢ †¢ †¢ Disposing the interest Removing the individual from the team if required.Informed the client audit committee of the situation. Using an independent partner to review work if necessary Close business relationship: will involve a commercial financial interest, which in addition to a self-interest threat, could cause an intimidation threat. Dual employment: means the same person being employed by both an assurance firm and a client is not permitted. Safeguard from dual employment: †¢ †¢ †¢ Modifying the audit strategy Involving an additional professional accountant Carrying out a quality control review of the engagementPartner on a client board: mean a partner or employee of an assurance firm is also serve on the board of an assurance client. This is not permitted. This can also cause of self-review threat or a management threat. Tarek 01712-049032 Close family: means parent, child or sibling who is not an immediate family member. Contingent fees: fees calculated on a predetermined basis relating to the outcome or result of a transaction or the result of the work performed. Safeguards from high percentage of fees: †¢ †¢ †¢ †¢ Discussing the issues with audit committee Taking steps to reduce the ependency on the client Obtaining internal/external quality control review Consulti ng a 3rd party such as ICAB Self-review threat: †¢ †¢ †¢ †¢ †¢ †¢ †¢ Service with assurance client Preparing accounting records an F. S Valuation service Tax service Internal audit service Corporate finance Other service Advocacy threat: †¢ †¢ †¢ Legal service Corporate finance Contingent fees Familiarity threat: †¢ †¢ †¢ †¢ †¢ Family and personal relationship with client Employment with assurance client Recent service with assurance client Long association with assurance client RecruitmentIntimidation threat: †¢ †¢ †¢ †¢ Close business relationship Family and personal relationship Assurance staff members move to employment with client Litigation The ICAB code sets out a framework that professional accountant can follow when seeking to resolve ethical problems. It states that the professional accountant should consider: Tarek 01712-049032 †¢ †¢ †¢ †¢ †¢ †¢ The relevant facts The relevant parties The ethical issues involve The fundamental principles related to the matter in question Established internal procedure Alternative course of actionChapter: 16 (Confidentiality) The following security procedures are probably wise to prevent accidental disclosure of information: †¢ †¢ †¢ †¢ †¢ †¢ Don’t discuss client matter with any party of outside Don’t discuss client matter in a public place Don’t leave audit files un-attendant Don’t leave an audit file in a car or unsecured place Don’t remove audit working papers from the office unless strict necessary Don’t work on electronic working papers on systems that do not have the requisite protectionInformation only be disclosed where consent has been obtained from the client, employer or other proper source: †¢ †¢ If there is a public duty to disclose If there is a legal or professional right or duty to disclose Safegua rds of confidentiality: †¢ †¢ †¢ †¢ †¢ †¢ Disclosure of the circumstances of the conflict Obtaining the informed consent of the client to act Establishing information barriers Regular review of the application of safeguards by a senior individual not involve with the relevant Ceasing to act Physical separation of teams. Show interactive questions and self-test. The End