Friday, February 21, 2020

Materiality in Auditing Essay Example | Topics and Well Written Essays - 250 words

Materiality in Auditing - Essay Example Due to economic turmoil, every company has become more conscious about financial statements and auditing. The mission of the financial audit is to offer credible information for the effectiveness of the decision making process. In auditing function, materiality is an important concept. As per the Council for International Accountancy Standard (IASB), materiality is defined as a â€Å"general code for drawing up and presenting financial statements† (Maria & Franca, n.d.). Materiality is regarded as a financial misstatement. The variation is amid the budgeted and actual cost on the basis of the material purchased. Varied financial institutions and organizations have used materiality to make auditing report perfect (Fields, 2011). Therefore, Financial Accounting Standard Broad has renounced quantitative guidelines for determining materiality in auditing. In general auditing of a company is to provide a fair image of the financial statement. Nowadays, every private organization us e materiality to maintain secrecy in financial accounting statements. With the help of auditing systems financial institutes has minimized materiality in company’s financial statements (Baietti & et. al., 2012). It has been minimized by implementing the concept of materiality in the planning as well as final process. Materiality relies on various aspect of element considering situations of erroneous omission or presentation. The objective of this paper is to highlight materiality importance in auditing. Moreover, this study also highlights recent audit regulation, changed audit practice in relation to disclosure of materiality. The audit represents a professional reasoning that can be applied in any domain. The main purpose of discrepancies reported is to control some corrective measures necessary for reduction or elimination of identified discrepancies. The materiality concept depends upon dimension of element or an error

Wednesday, February 5, 2020

Kite Runner of Khaled Hosseini Essay Example | Topics and Well Written Essays - 750 words

Kite Runner of Khaled Hosseini - Essay Example Comparison between Amir and Hassan The comparison between Amir and Hassan shows that Amir is a jealous person as opposed to Hassan. This is because, whenever Amir sees his father loving Hassan more than him, he gets jealous. As a result, he seeks methods aimed at attracting his father’s affection by trying hard and winning the local kite-running tournament. To ensure that he remains alone with his in their home, he frames Hassan as a thief by planting some money and a watch under his mattress so that when his father finds out Hassan is a thief, he will force him out of the family. In addition to jealousy, Amir is cold and a coward. For instance, when Hassan takes long after going to look for the blue kite, he goes searching for him and when he finds him in the hands of Assef who bullies Hassan and sexually abuses him, he does not help him (36). Besides, he hides and watches helplessly but thinking if he does get the blue kite to his father, he will approve him. In the other en d, Hassan is a true successful kite runner. Hassan is also a brave boy and loving friend. For instance, when Assef tries to attack Amir, he steps forward to defend Amir simply because he is brave and a caring friend for he defends his closest friend Amir. Similarities between Amir and Hassan The novel portrays Amir and Hassan as closest friends despite Hassan being a Hazarajat and therefore not allowed to stay close to Amir traditionally. The novel gives a number of similarities between Amir and Hassan. For example, within the context of their close friendship just as portrayed in part of the novel, it is deducible that both Amir and Hassan are friendly (44). Hassan is a Hazarajat and their tradition does not approve of his friendship with Amir. On the other side, Hassan does many things to help Amir due to their friendship. He defends him from bullies and helps him win the local kite-running tournament (59). All this happens because they are both friendly. When Amir returns to Paki stan after Rahim Khan who is ailing calls him, he establishes something that portrays another similarity between him and Hassan. Khan tells Amir that, for all that time he was not aware but as of that time, he knows. Khan is certain that Ali was not the true father of Hassan; his real father was Baba, Amir’s father. On that note, Amir finds out that Hassan was his half brother and they both shared the same biological father. This shows that, apart from being closest friends, they are also brothers. It is therefore agreeable that Amir and Hassan have another thing in common which is, they share the same father (64). Furthermore, both Hassan and Amir have talents. The novel portrays Hassan as a talented kite runner while Amir has talent in locating where the kite will fall even without looking. Thus, their talents are also part of the similarities that they share. How do their differences ruin their relationship? Amir and Hassan relate as friends and share the same home. Howeve r, they are not relatives. Baba, Amir’s father is rich and Amir gets almost everything that he wants. Hassan on the other hand ails from a poor family and can only get what is necessary. Since Amir feels that his father does not love him as much as he loves Hassan, he resolves to do things that ruin his relationship with Hassan. For examp

Tuesday, January 28, 2020

Strategic Management And Decision Making

Strategic Management And Decision Making When the benefits of actions are predictable, when the forces or variables that drives the firm are known and move in deterministic manner, when the deviations arent high , one can easily use standard decision making optimization techniques. But when the situations are unpredictable, forces are unknown and move in unpredictable and non-linear manner, and then optimization principles will not help much. And this is what we are facing today. The utter necessity of tactical, operational and strategic approach is the solution to such dynamic situations that can be achieved through making important decisions strategically. CHARACTERISTICS AND APPROCHES TO STRATEGIC DECSION MAKING Unlike routine decisions, strategic decisions are highly substantial and significant that has pervasive and long term effect on an organization life. Such decisions must have following characteristics to be considered as a direction for future actions throughout an organization, these are: Rare: Strategic decisions are rare and unusual and do not have any example or model to follow. Consequential: Since strategic decisions are substantial, therefore its demands lot of dedication from people at all levels. Percussive: Good strategic decisions serve as a role model and set standards for upcoming decisions in future. Also as stated by Cyert and March(1963) that in established organization, the scope for decision making is limited by prior decision, either explicit or implicit, as well as being limited by morally committed to resources and departments etc. According to Thompsons (1967) decisions has 2 major dimensions i.e. preference about possible outcomes and cause and effect relations. And the degree of certainty and uncertainty is defined by causation and outcome preference, as shown in figure below: Fig.1 Situation Certainty Uncertainty Certain Computational Compromise Uncertain Judgmental Inspirational Computational Decision Making: Computational decisions are the outcomes of linear relation between causation and preferred outcomes. For examples, if company wishes to increase its sales by 2%, it must increase its advertisement by 4% , and for 4% sales, it must increase advertisement by 8%, knowing linear relation exists between cause and effect. Thus increasing advertisement increase sales by double and this is called programmed decisions by Simon(1997). Judgmental Decision Making: It occurs when cause and effect relation is uncertain, but outcome preference is certain. For examples a company targets to increase its sales by 2% for the coming year, but is uncertain about how to much increase advertisement to reach such target. So some kind of experienced powerful individual of committee with high intuition is required for effective decisions. Compromise Decision making: Compromise decisions are the outcomes of situations where there is certainty about causation and uncertainty about preferred outcomes. From previous examples, if company knows from its historical data that for every 2% increase in sales, the advertising must be increased by double, this is causation certainty, but there is uncertainty about achieving desired goals with respect to increase in sales. Inspirational Decision Making: Such decisions are the outcomes of both uncertainty about cause and effect as well aS preferred outcomes. For an instance, a company isnt sure that how much advertising percent be increased to get certain percent of sales increment. So for such cases a entrepreneurial mode or well planned mode is required to make careful decisions. Because of uncertain business environment, decision makers face difficulty matching probability with outcomes, having many decision tools in hand. However, again despite of having such tools, lack of accuracy is also one of the biggest obstacles in making decisions strategically. In short we can summarize typical problems involved in strategic decision making are: Uncertainty: Dealing with excessive complexity and rapid changes Self-fulfilling prophecies: Coping with situations that external factors arent fixed, but are affected by decisions. Fragmentation: Working to connect regional functional groups. According to Mintzberg, there are different approaches to making strategic decisions, that could be done by one person or by team. Entrepreneurial Mode The strategy is developed by one individual with strong entrepreneurial capabilities, supported by the owners vision of direction. It is a good example of availing the available opportunities. Example AOL, Amazon.com. Adaptive Mode Unlike entrepreneurial mode, adaptive mode is the focus on the threats posed by external conditions, rather than search for opportunities. Planning Mode Planning mode is the combination of both entrepreneurial mode and adaptive mode, which consist of proactive search for opportunities and reactive solutions to current problems. It is a typical form of decision making where set alternatives strategies are presented and the best are chosen and implemented. Logical Incrementalism This philosophy of decision making is characterized by achieving organizational objectives by disseminating large organizational objectives into small steps for better focus. Though it is time consuming, but offers greater flexibility. STEPS IN STRATEIC DECISION MAKING PROCESS One of the distinguishing factor of strategic decisions from other decisions is context in which decision is made. The figure below represents this context in 3 Cs form i.e. Company, Competitor and Customer. This means that managers ( company) make decision within organizational context ,with influence from other players like customers and competitors .Thus we can say that managerial strategic decision is outcome of number of players like manager himself, customers, competitors, public, media etc. As we can also see from figure that many factors, both external and internal are involved in strategic decision making. There are modifiers, influencers, and controllers and so on that decides the viability of decision making. As mentioned before that most appropriate approach to strategic decision making is Planning mode, because it is more analytical, flexible in dealing with complex and changing environment, and consist of presenting set alternative strategies in response to solution for existing problems or looking for new opportunities. Following are the steps involved in strategic decision making process, shown in fig. 4 Evaluate current performance result: The first step in decision making is (a) evaluating current performance of the company in terms of various measuring tools of decision making i.e. NPV, ROI, profitability etc and (b) evaluating the current mission, vision, strategies and policies of the organization. Review corporate governance Assess the performance of the organizations board of directors and top management, and agency head. Scan and assess the external environment Analyze the external environment. i.e. Societal and Task environment, for opportunities and threats and weigh external strategic factors. Scan and assess the internal environment Analyze the internal environment i.e. organization Culture, Structure and Resources for example programs, IT needs, constraints and weigh strategic factors in terms of strengths and weaknesses. Analyze strategic (SWOT) factors Consider strategic factors in light of current department situation and review and revise the firms mission, vision, strategies and objectives. Generate, evaluate and select the best alternative strategy Keeping in view the previous step of analyzing strategic factors, operate and evaluate strategic alternatives and options and choose the best feasible options. Implement selected strategies Once the strategies are chosen, the next important step is to implement them keeping in considerations factors like budget, resources etc. Evaluate implemented strategies This is a very important step in decision making to check for any deviation from actual desired and pre- planned outcomes. CONCLUSION Strategic management is one of the very important areas in business environment and making decisions strategically is one of the biggest challenges in todays rapidly changing and complex environment. Strategic decision making is a process of generating alternatives and choosing the best feasible alternatives for achieving long run objectives of the organization. Good strategic decisions are rare, consequential and directive, that set standard for future actions. The context in which the decisions are made is very important, as mentioned; it is external players like customers, competitors, media etc along with internal input from managerial efforts that effect quality of decisions. And also it is very important to know how these factors influences the quality and effectiveness of strategic decision making and be proactive to convert threats into opportunities, rather than being re-active in finding solutions to current problems. REFERENCES http://www.dol.gov/cio/programs/ITStrategicPlan2006/decisionmakingprocess.jpg http://www.stratrisk.co.uk/about/execSummary/fig3x470x345.jpg http://en.wikipedia.org/wiki/Strategic_management http://books.google.ae/books?id=c35YVifvGekCprintsec=frontcoverdq=strategic+decision+makingsource=blots=EPD5PfXGS-sig=WcXC9bk8R0bxKf1TZpZriuic-Ashl=enei=kLUhTKazFsaLONHUiTosa=Xoi=book_resultct=resultresnum=1ved=0CBYQ6AEwAA#v=onepageqf=false Raghbir S. Basi, University Professor of Management and Glenn and Eva Olds Professor of International Understanding, Alaska Pacific University, Anchorage, Alaska, Administrative decision making: a contextual analysis http://en.wikipedia.org/wiki/Strategic_management#cite_note-79 Understanding Managers Strategic Decision-Making Process, WILIAM BOULDING ~ Fuqua S «hool of B «Ã‚ «siness, Duke Universitv Box 90121, Durham, NC 27708-1020 Retrived from URL : http://www.springerlink.com/content/rg6770h0148641l7/fulltext.pdf (Mulcaster, W.R. Three Strategic Frameworks, Business Strategy Series, Vol 10, No1, pp68 75, 2009) Our book Wheelen T.L ( ) and Hunger J. D Strategic Management and Business Policy Strategic decision making : Applying The Analytical Herarchical Process Navneet Bhushan and Kanwal Rai Retrieved from URL http://books.google.ae/books?id=c35YVifvGekCprintsec=frontcoverdq=strategic+decision+makingsource=blots=EPD5PfXGS-sig=WcXC9bk8R0bxKf1TZpZriuic-Ashl=enei=kLUhTKazFsaLONHUiTosa=Xoi=book_resultct=resultresnum=1ved=0CBYQ6AEwAA#v=onepageqf=false

Monday, January 20, 2020

Domestic Violence in Canada Essay -- Violence Against Women Essays new

Violence has become prevalent within society; it is something the western world has learned to accept. With every minute that passes Canadians come face to face with certain acts of violence they may not have previously encountered (citation). Although, violence is not a subject that one can escape, women and children have unfortunately become the prime victims of violent acts. The media glorifies violence in other countries around the world it fails to address the presence of violence within Canada. Although violence is usually associated with gangs and guns, Canada experiences more violence related to bullying, sexual, verbal, cyber and domestic abuse (citation). Amidst the changing societal views towards treating women equally and eliminating objectification, of all these types of violence and abuse in our society, the most common still happens to be domestic abuse, which is mainly targeted at women and affects children. Domestic abuse is described as a form of abuse that takes pl ace in the confines of the household (Citation). Though 51% of Canadians have said to have experienced or witnessed domestic abuse only 20% of those cases related to domestic violence are ever reported (citation). Domestic abuse has become more prevalent in modern society; however, it is an issue that is left un-noticed simply because its effects are invisible outside the walls of ones home. In reality the effects of domestic violence have severe negative effects on women, children and the social structure of today’s society. Without any notification of domestic violence the re precautions of this abuse can be dire. When an individual thinks of domestic abuse, their ideas quickly relate back to women, simply because women are the usual and most common victims of domestic violence. And therefore is an issue that must be resolved rather than ignored. An abused woman is always faced with a number of different choices from which she may consider, with regards to seeking help or ending the relationship with a variety of alternatives, the woman knows each decision involves a variety of risks. Time after time, the common question arises, â€Å"why doesn’t she just leave?† This question can be answered by analyzing the psychological effects domestic abuse has on women. Many women are unable to cope with the emotional and psychological stress of domestic abuse and resort to violence and extre... ...mestic violence become homeless, their social economic status begins to decline. Going from a potentially middle class lifestyle they must resort to living in a shelter or on the street, simply because they are mentally or physically unable to find work due to the abuse they have experienced. As individuals lose their social economic status the social gap between the rich and the poor grows inevitably. The widening social gap can lead to discrimination and disparities such as growing food insecurities which can be described as the struggle for poor and homeless minorities to obtain food. The result of homelessness due to domestic violence will, negatively affect interaction between individuals, consequent to the social gap that will detach the victims of violence from their desired social economic status. In conclusion, the invisibility of domestic violence has caused numerous negative effects on women, children and the overall structure of modern day society. Women have been affected psychologically as well as socially. Children have been disadvantaged by the effects of domestic abuse within the school environment and in the latter parts of their lives. (worldly statement).

Saturday, January 11, 2020

My Ophidiophobia Essay

I don’t think that I’ve never had a time in my life when I was not afraid of snakes. To me there is nothing more freighting than this crawling, scaly, unblinking reptile that man has abhorred since the beginning of time. The subfield that is primarily connected with phobia is psychoanalytical psychology, behavioral psychology and neuropsychology. According to our text, Psychoanalysis is a method of therapy based on Freud’s theory of personality, in which the therapist attempts to bring repressed unconscious material into consciousness (Baron& Kalsher, 2008). Behavioral psychology is a school of psychology that clarifies all mental and bodily activity in terms of reaction by glands and muscles to external factors (stimuli). Neuropsychology studies the structure and purpose of the brain as they transmit to fixed emotional processes and behaviors. It is seen as a clinical and experimental field of psychology that aims to study, assess, understand and treat behaviors directly related to brain functioning. The purpose of this paper is to discuss how biological bases of behavior have contributed to this fear. I also will analyze my reactions when I came into contact with the physical presence of a fake reptile. And, finally, discuss the role that learning has had on the fact that I fear and hate snakes. Our text states that anxiety is an increased arousal accompanied by generalized feeling of fear or apprehension. When this fear becomes excessive or debilitating, this is known as a phobia. Findings by Ohman and Mineska have suggested that we may possess a biologically determined module in our brains for fear of snakes because this fear is beneficial for our survival (Ohman & Mineska, 2001). The question has been asked, what are the origins of phobias? One possibility involves the process of classical conditioning. A stimulus is introduced that was not supposed to elicit strong emotional reactions, in my case came to do so. I will discuss this in my physical reaction section. It could be surmised that humans learned to fear snakes early in their evolution and the ones who distinguished the existence of snakes very rapidly would have been more likely to pass on their genes. It is painful to analyze my reactions to snakes because, even thing about them make it very difficult to type. I really have a deep fear of them. The most frightening experience that I remember is a very cruel joke that my cousin played on me. He knew I was afraid of snakes but one day I was over his house and he called me into his room because he was hearing sounds. I walked in his room and he had a rattling devise hidden in his room and I heard it but did not associate it to a rattlesnake because there was no reason for one of them to be in the room. He reached under his bed a pulled out a realistic replica of a diamondback rattler and I immediately urinated all over myself while frozen in fear. When he saw what I had done, He profusely apologized he help me clean up the mess that I had made. Since this incident I feel that I have post-traumatic stress disorder because sometimes a dream about snakes for no reason. I refused to watch the move Anaconda and never have been in the snake house at the public zoo. The impact of foundational learning about my fear of snakes helps to give me an understanding of some of the reasons why I hate snakes so much without never really coming in contact with any deadly one in my whole existence. I have learned the origins of my phobia may come from some deeply rooted repressions deep in my brain and that snakes may represent something other than the physical creature that I detest and utterly dread. According to this theory, my phobia may be based in anxiety reactions of the id that have been repressed by the ego. The currently feared object is not the original subject of the fear. Also, according to learning theories, phobias develop when fear responses are reinforced or punished. My experience with my cousin reinforced the idea that snakes are to be terrified of. The medical models of psychology states that mental disorders are caused by physiological factors Neuropsychologists have acknowledged that certain genetic factors that may play a role in the advance of phobias. Although the investigation is still in its early stages, it is recognized that certain medicines that affect the brain’s interaction are helpful in treating phobias (Ohman, Flykt, & Estevez, 2001). In conclusion, there seems to be numerous options available for me to seek help if I decide to address my ophidiophobia. If one takes the psychoanalytical approach, if may take years of psychoanalysis to delve deep into the recesses of my brain and pull out repressed memories that were the foundation of my fear of snakes. Next, from a learned behavior approach, I may be re-programmed not to experience the triggers that lead to the debilitating feeling that I have when I come in close proximity of snakes. Finally, if neuropsychology holds the answer to my problem, I may take the route of taking experimental medication to determine it helps my fear. I think that I am more afraid of experimental drugs than I am of snakes, so, if I had the resources, I would probably choose the first two alternatives.

Thursday, December 26, 2019

Dayless Ford Farm - 1415 Words

Daylessford Organic Farm Name: Nikita Patel Course: Marketing Management DSI # 01433731 Email:niks_pat87@yahoo.com Assignment: Week # 3 Create The Value. Professor: Dena Hale 1.Brief Description of the Daylesford Organic Farm Concept Daylesford Organic Farm have been serving since 30 years. It has won over 60 national and international awards. Their passion is to serve Real food straight from farm to the fork. All the vegetables come straight from garden market, bread from their bakery and cheese, milk and yoghurt from the creamery. All the products comes from artisan suppliers and maintains the same quality and sustainability. All the work is complete transparent and everyone is welcome to visit the farm and take a look at†¦show more content†¦For instance Florida. It is the fourth most populous state in United States with 18.8 million according to 2010 data and is expected to reach 25 million by 2025 (Keen 2006).Thus Florida can be a good state for introduction of organic food in restaurants. People from variety of ethnic, racial and religious background reside here including White people of all ethnicities present in all areas of the state. Emphasis on Ethics amp; Socially Responsible Actions. Every aspect of marketing involved in the introduction of Organic food will involve ethics amp; social responsibility issues. Managers will be encouraged to look beyond and simply do the right thing Following Acts will be taken into consideration. Federal Food and Drug Act (1906) | Created the Food and Drug Administration (FDA). It forbids the manufacture or sale of adulterated or fraudulently labeled foods and drugs. | Wheeler-Lea Act (1938) | Makes deceptive, misleading, and unfair practices illegal regardless of injury to competition. Places advertising of food and drugs under FTC jurisdiction. | Lanham Trademark Act (1946) | Protects and regulates distinctive brand names and trademarks. | Fair Packaging and Labeling Act (1966) | Provides for the regulation of the packaging and labeling of consumer goods. Requires that manufacturers state what the package contains, who made it, and how much it