Audit - Assurance - and Compliance Trimester

The company, Bio Sustainable Feeds Ltd of Australia Is mainly engaged in the research and development process related to different eco-friendly products including fish feed. So far the case study says, the engagement of Bio Sustainable Fish Feeds Ltd in the research of fish feed had faced early setback when their effort towards research of exploring new range of fish feed with the ingredients of earthly items like canola, corn, soya-bean, sunflower, etc. could not be able to produce desired result. To hour their effort with constant endeavor to excel in the field of environmental friendly fish feed had been recognized by Commonwealth Scientific and Industrial Research Organization or CSIRO by extending a grant of AUD 500 million with specific terms and conditions of spending the money in the activity of research on the eco-friendly fish feed  (Morgan, 2015). The company had engaged themselves with further research in this filed of fish feed by exploring the scope of deploying ingredients like wood chips, cane residue or captured methane gas from different sources, which had seen some success in the respective field in the context of feed products increasing the weight of the valuable fishes like salmon, tuna, trout with reasonable satisfactory standard. The respective company will undergo a audit program by a professional audit agency who will undertake the assignment after verifying certain issues like the detection of audit risk, the financial accounting documents and with the context of certification of the claim of the company related to their exclusive patent right and TBL as per GPFS of BSF ltd. As per the standard procedure, the audit firm has to set steps of audit before the assignment is to be started. There are different opinions of fixation of steps of audit for any assignment which is depending upon the volume of documents to be checked and assessing the gravity of the situation which is needed for concluding part through generation of audit report. Steps are basically framed in macro level with planning of audit, conducting audit and conclusion of the audit activity. These steps are divided micro level of activities to be compliant of audit purpose  (Asic, 2016). These steps will be discussed as follows to understand the utility of these steps and the respective outcome these steps can produce to make the final audit report for the stakeholders of the company. The basic requirements of an audit program is to be entertained with the steps of audit program and these preliminary steps are more essential to ensure the accuracy of the audit process and ultimately to provide with the best possible audit report to the process owner and other stakeholders of the company  (Penn, 2016). Planning of audit is divided into different micro aspects which are being appended below: To plan any audit assignment, first to derive by the auditor is to ascertain of the assignment is suitable for the auditors. The identity of an auditor for any assignment is unique and in any case auditor should not get involved with any such assignment which is of material interest. The auditor has to ensure that he is not at all attached to the company by any means with some material interest and except for the purpose of audit, the auditor should not get involved in any sort of such activity which is directing towards any sort of interest of the auditor with the company or any such activity which is related to company other than of audit process. It is also advised to introduce fresh personnel in the audit process to have fresh outlook on the process  (Penn, 2016). To ensure the above point, the auditor and his team should involve themselves in the derivation of the size of the audit process along with the scope of the audit work. To ensure this, there should be an homework to ascertain how the members of the audit team will get involve in the process with the specific time limit to be fixed related to this assignment.   Also it is to be noted if any special investigation is to be done any specific issues which is related to work-intensive. These elements can make the leader of the audit team about fixing the number of team members for successful completion of audit assignment  (Acca, 2016).  Ã‚   Prior to staring the audit process, the team leader should assess the probable areas which may produce potential mistakes which will be caused due to misstatement in the reports of financial accounting system of the company. The right spade of ding this is the highly professional and experienced background of the team leader. This identification process can be done though the knowledge of the company with the past financial statements and as because this is of subjective nature; the team leader should depend upon his self-judgment.   Post the introductory assessment, the auditor has to fix the strategy of undertaken audit assessment by segregating different activities to be done which should include identifying the critical area of interests depending upon which the task assignment is to be made with the factor of time limit by which the job is to be done  (Asic, 2016). It is the execution part of the audit assignment which includes different micro activities like advance intimation, verification of concerned documents, like financial accounting statement and relevant documents, compliance of statutory obligation, reviewing of the audit process and making of draft audit report. It is the first step of conducting audit to place the intimation to the company in which the audit process is to be taken care. The intimation should be in black and white and will contain the start date of the audit process with proposed completion date,   checklist of documents and records pertaining to the financial accounting to be made available for the purpose of audit, well in advance for the period specified for which the audit process will take place  (Mediacongo, 2015). The basic criterion of any audit process is to ensure proper verification of financial accounting documents and records in the form of receipts, payments and the respective entries in journal and ledger. The main job of auditing is to verify the documents provided by the company with proper checking. The documents such ought to be verified are statements, registers and records. While checking the application of mind with the professional knowledge is required for checking and subsequent derivation of judgment. The documents and records are to be substantiated with the respective journal and ledger entries which are instrumental for the process of finalization of accounts; hence this is the most discrete part of the entire audit operation  (Mediacongo, 2015). The statutory obligations for any company arise from the implication of several taxes payable by the company through the generation of business. It is the obligatory part of the company to ensure the payment of taxes and other statutory compliance within specified period; otherwise the company will face liability by penalty and interest, being a defaulter. Hence it is one of the important areas to find out by auditor that the compliance in the said field is properly ensured by the company.   After the audit is over, the generation of financial review report is compulsory with the view of the auditor. The same report is to be forwarded to the management of the company for required clarification in different issues which are found not abiding by the system and the process of the company. Post all these activities, the auditor has to furnish the recommendation which will guide the company to make their strategies to be reviewed or fixed as per the constitution of the company. Violation on any issues must be highlighted with the preferred recommendation of the auditor to get rid of such instances. After all activities related to audit process is over, the auditor ahs to handover the necessary copies to the respective stakeholders with signature. The report is to be signed by the director of the company simultaneously as a token of acceptance of the facts revealed in the audit. With all the above steps to be completed, the audit process comes to an end for any specific financial period of the company concerned. The audit report will be elementary for the company to find out the lacuna of the system adopted by the company with clear and transparent recommendation to avoid those in future so far accounting standard is concerned. When the auditor will take the assignment of BSF Ltd. Preferably these steps will be adopted for a professional audit of the company. Audit risk is a regular feature for determining if the assignment is to be taken or not. There are three types of risks prevalent in this segment- inherent risk, control risk and detection risk. It is that type of risk which is inherent in nature within the culture of the company due to misstatement of subject appearing in the financial statement of the company. Inherent risk is featured in the high range where it s found that high level of judgment is involved to encounter complex transactions observed in the process  (Accounting-simplified, 2010). This risk is generated from the activities which are arising out of the lesser –practice of internal control which subsequently leaves the scope of high level of material misstatement. To mitigate control risk, high level of multi-layer internal control check is to be implemented with the professional knowledge in the respective field of accounting and finance. This risk arises when the auditor can not detect the focus area and put highlight on the areas which are not so important, and at the same time ignoring the areas which are of more importance is status. This situation arises when the auditor is getting confused with the issues arising during the process of audit  (Unifr, 2016). The acceptable model of risk assessment determination is practiced with the below formula:- Audit risk= Inherent risk x control risk x detection risk   In this case the assumed audit risk is derived with the coefficient provided in case of BSF Ltd.:- Inherent risk = 90%, control risk =5% and detection risk = 80% Thus audit risk derived is = 90% x5% x 80% or 0.036 This audit is risk is reasonable, if the audit firm is accepting. Otherwise the audit firm has to follow the specified benchmark they follow for derivation of audit risk  (Unifr, 2016). Following is the audit program for BSF Ltd.: The Assigned audit firm has to assess the audit risk and then serve a notice to the management of BSF Ltd with the time limit and the requirement of the financial documents of BSF Ltd. along with acceptance of the assignment. To start with the process, schedule of audit is to be made containing the detailed program and the time limit with assigned members of the audit team. The plan of audit is the next step which should emphasize on the objective, scope and detection of critical area of the audit to be made on BSF Ltd. Management of audit process is the most vital step of audit program which is the responsibility of the team leader who will concentrate on the schedule and ensure compliance of audit plan. Submission of the draft audit report to the management for further discussion on the gray areas of observation is the next step with highlighting the discrepancies found during the course of audit(Cag, 2011).    Spent on research 1 st installment   Expense on procurement of fixed assets for research   Spent on research 2 nd    installment   Spent on research 3 rd and final   installment Observations of the journal entries related to CSIRO grant and R & D expenses: CSIRO grant had been booked properly in the books of financial accounting. R & D expenses are booked as per expenses made with the conditions applied as per CSIRO TBL or Triple Bottom Line concept endorses the concept of compliance of any organization by exposing their concern about social environmental and economical bottom line. As per BSF Ltd. they are claiming their compliance of TBL through GPFS and they need the certification of the same from the auditor. So far their activities of research with the eco friendly ingredients are proved, and with their endeavor to serve the society through their efforts they are substantially comply the same along with the economic bottom line of profit generation. Hence the claim may be certified with true and fair observations from the auditor. It is found that BSFR had acquired the patent of the product which is the result of their effort exploiting the environment friendly bacterial based resource. Their patent is being allowed on the subject with the product they have explored. But the entire field of bacterial based feeds technology can’t be their claim area as patent. Hence the claim such placed may not be allowed by the auditor keeping in mind the said factor of covering entire range of that technology  (Acca, 2016). Acca. (2016, May 31). Planning an Audit of Financial Statements. Retrieved September 22, 2016, from accaglobal: https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/audit-financial-statements.html Accounting-simplified. (2010). Audit Risk Model Inherent Risk, Control Risk & Detection Risk. Retrieved September 20, 2016, from https://accounting-simplified.com/audit/risk-assessment/audit-risk.html Aicpa. (2006). Audit Risk and Materiality in Conducting an Audit. Effective for audits of financial statements for periods beginning on or after December 15, 2006. Earlier application is permitted; https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00312.pdf , 47 (107), 1647-1662. Asic. (2016). Are you a large or small proprietary company. Retrieved September 17, 2016, from https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/preparers-of-financial-reports/are-you-a-large-or-small-proprietary-company/ Cag. (2011, March 31). Audit Plan. Retrieved September 22, 2016, from Cag: https://dgace.cag.gov.in/pdf/AMG-III-Audit-Plan.pdf Mediacongo. (2015, April 15). ToR Audit BSF-IA Final. Retrieved September 17, 2016, from mediacongo: www.mediacongo.net/docs/jobaof/2015/wv_tdr_anglais_20150418.docx Morgan, H. (2015, December 07). CSIRO fund to support Australian start-ups. Retrieved September 22, 2016, from Csiro: https://www.csiro.au/en/News/News-releases/2015/CSIRO-fund-to-support-Australian-start-ups Penn, S. (2016). Six-Step Audit Process. Retrieved 09 17, 2016, from https://smallbusiness.chron.com/: https://smallbusiness.chron.com/sixstep-audit-process-17816.html Unifr. (2016). Risks (Audit Risk Formula). Retrieved September 20, 2016, from https://www.unifr.ch/controlling/assets/files/Noesberger2016/3-audit-risk-formula.pdf With a decade's experience in providing essay help,

Kinship System and Culture Research Paper Example | Topics and Well Written Essays - 500 words

Kinship System and Culture - Research Paper Example A study on the kinship system of the San reflects that they belonged to a nuclear family comprising of father, mother and children. The kinship connection in relation to both mother and father is important among the San’s. This particular kinship system is referred to as the bilateral kinship system. Because of the bilateral kinship system among the San, there is a presence of relative in every band living nearby.   The San’s are prohibited to marry their second cousins or marrying someone close in relationship to the person. San girls oppose marriage at an early age. The women in the San culture are highly responsible for the gathering of their foods.   Women generally collect fruits, lemons, nuts, while the no vegetarian food is collected by the men.   The San families work together as a group.   The kinship system they had helps them to survive in disasters.   If one family is unable to collect food for a day, they move to other families and take the foods from them. San people live in large number of groups and a group may consist of more than 30 members. The groups are connected by marriage and kinship and help them in providing safety and comfort. During scarcity of food and other needs they move on to other camps and take their help. Marriage between inter band members strengthens the harmony among the groups. The kinship system actually affects the thought process of the San. It is because of their necessity to live in dependence of the group, for which the inter-group marriage has become popular.

Obesity Discourses and Physical Education Essay

Obesity Discourses and Physical Education - Essay Example Lesser than 18.5 is considered to be underweight, while 30.0 up to 34.9 BMI is considered to be overweight. Plotted next is 22 year-old Tom's BMI. His 58.2 BMI corresponded into class 3 obesity or what the narrator classified as morbidly obese. Less than 39.1 up to 35.0 is class 2 obesity and lesser than 34.9 which is up to 30.0 is class 1 obesity. Narrator cited that factors of his irregular BMI into fats, sugars, and salt. These are the ingredients that are rampant in to the common food that Tom had been eating combined with lack of exercise, "it resulted into a one chubby Tom," he said. Obesity is a serious disease. Organs are affected when one is overweight, much more if he is classified with obesity. One of the most in the affected organs is the heart, due to the possible artery blockage. (Medline Plus, 2008) According to the U.S. Surgeon General in their work Call to Action to Prevent and Decrease Overweight and Obesity (2001), "overweight and obesity result from an energy imbalance. This involves eating too many calories and not getting enough physical activity". In it they also cited that "body weight is the result of genes, metabolism, behavior, environment, culture, and socioeconomic status." (Medline Plus, 2008) Along with these claims, they provided that in state of obesity, one is more likely prone to have diabetes, stroke, arthritis, and some cancers. In direct medical definition, obesity means having too much body fat, which is different from being simply overweight, it weighs beyond that. (Medline Plus, 2008) What is alarming is the report of the rapid increase of obesity case in the United States of America and in Australia. Baker Heart Institute reported in their study, Australia Future Fat Bomb (2005) that there are 14,000 adults in Australia that is obese. (Medindia, 2008) In the estimation, there are 70 percent of men 60 percent of women. Ages are ranging from 45 to 65 years old, having the BMI of 25 and greater. The estimation of the statistics outweighed even the United States of America. (Medindia, 2008) In United States a dramatic increase took place during the past 20 years. It was cited that "thirty states had prevalence equal to or greater than 25%; thereof these states (Alabama, Mississippi and Tennessee) had a prevalence of obesity equal to o greater that 30%." (Medline Plus, 2008) U.S. Surgeon General also added that "behavior and environment play a large role causing the people to be overweight and obese. These are the greatest areas for prevention and treatment actions." (Medline Plus, 2001) Similarly to the medical experts, the "obesity crisis" received wide spread attention from sport educators, researchers, health experts and the media and they

The Effect of PeerTutoring and Computer Assisted Tutoring on Thesis

The Effect of PeerTutoring and Computer Assisted Tutoring on Standardized Math Scores - Thesis Example The purpose of this action research study is to determine the value of tutoring strategies in augmenting mathematical studies for junior high school students. My purpose is to study the results of two types of tutoring programs used with adolescent groups. The two tutorial groups are computer assisted instruction and peer-tutoring. Raul Yzaguirre School for Success (RYSS) is an urban charter school with a majority-minority Hispanic student population. RYSS is a Title I school with 100% of the students receiving free and reduced lunch. I am currently teaching Language Arts for the eighth grade while obtaining my administration internship. The purpose of the study is to discover the best available strategy to aid RYSS students in the improvement of their standardized test scores for mathematics. The administrative team at RYSS has approved a tutoring program for summer school students. Tutoring fits into the larger context of education because (a) tutoring helps students who are struggling while allowing them to engage in a challenging, rigorous learning experience; (b) tutoring assists students in moving toward grade level achievement, and (c) tutoring builds successful students so that they move from success to succes

Globalisation and the State - Discuss Literature review

Globalisation and the State - Discuss - Literature review Example This term provides, in a nut shell, the idea of capitalist globalisation. The transnational capitalist class consists of four segments. These are the owners and affiliates of the transnational corporations that control the business objectives and activities of these corporations; politicians and bureaucrats from different nations; professionals working globally in different sectors and finally the consumerist elite class consisting of rich merchants and media professionals (Sklair, 2001). The transnational capital has become an important part of the capital endowment of the world. Different classes in the Marxist understanding refer to the divisions among workers all over the world on the basis of the relation they have with the social production function (Fouskas and Gokay, 2012). The translational capitalist class has no national boundaries and they are forerunners of the modern spree of globalization. This new bourgeoisie class is recognised as the capitalist class and they repres ent the transnational capital. ... However, recently, the concept of sustainable development has evolved and companies are now concerned about the sustainability of their business activities (Robinson, 2003). Great depression of 2008: Capitalism Perspective Various economists and researchers have studied the phenomenon of the global depression which was a consequence of the large scale financial crisis that occurred during 2007-2008. The global depression of the 2008 has been viewed by many scholars under the light of the global capitalist theory (Krugman, 2009). The rise of the transnational capital and transnational capitalist class has led to the emergence of a â€Å"globally integrated production and financial system† (Robinson, 2012). According to the reports published by commentators of events of economic and political significance in the world, the crisis has its roots in the sub-prime loan fiasco in the United States that had surfaced in mid-2007 (Jones, 2004). It has been emphasised that the financial debacle had been taking its shape for a long period of time even before it came to public notice in mid-2007. The overall global recession followed inevitably and remained effective over the next year. The original cause of the crisis lies deep in Marxist understanding. It can be stated with evidence that the crisis situation was a result of contradictions of state power and over-accumulation. Capitalism strives and progresses by the means of capital accumulation. However, over accumulation of capital restricts the direct productive involvement of human capital in the process of the production. Due to over accumulation, the economic system cannot expand. Marginalization of a considerably high portion of the working population from direct productive participation and downward pressure on wages

Hong Kong film Essay Example | Topics and Well Written Essays - 1250 words

Hong Kong film - Essay Example This research will provide you a ability to examine the workings and products of the creative and hugely accepted current Hong Kong film industry, contribution you the chance to investigate your interests about the connections among popular culture, national personality, and the commercial realities of filmmaking. All along the way we'll dissimilarity some Mainland Chinese film work with Hong Kong films to appreciate the complexities of the Mainland's sight of itself and of Hong Kong film industry. I have also focus to pursuing explore on the growing interface among the Hollywood and Hong Kong film industries, identifying and analyzing latest trends in mutually (moreover, the growing use of CGI in Hong Kong; the claim of Hong Kong construction methods to film series like the Matrix and Lord of the Rings trilogies), and will like tentative Hong Kong's advance to reinventing traditional accepted film genres. In this research I have argue a well-known question: what do we make of film as industrial product and film as cultural body For the purposes of this research on hong kong film culture I use 'film culture' in a limited sense to submit to film expenditure, or the globe of movement of the cinema between different audience groups. At the very beginning I hope to spot out that I create a number of statements, at times challenging ones, devoid of given that suitable clarifications or proof. This is suitable method to deal with hard problems. Though, It may be pardon for opting for the simple way out in the glow of the constraints of space. 'Kung Fu: Negotiating Nationalism and Modernity' According to the article writer movies, as a shape of art, too, exemplify the vision of its audiences. A few celebrate its charming originality; others derogate its delusive diversion. Whether optimistic or pessimistic, it is no doubt that cinematic vision possesses its exclusive meaning and its secure association by realism, mutually psychical and physical. In the late twentieth century, or to put it further exact, in the 70's, kung fu genre, pioneered by the unending star Bruce Lee, arose, moving a marvelous tempest in the movie industry. The vision of Bruce Lee's kung fu movies is clear, and has been discussed in numerous researches. For instance, David Desser, by analyzing "the heart of kung fu's fandom" in the United States, that is, "black youth in the inner city and the rural South", says that kung fu movies "was the genre of the underdog, the underdog of color fighting against colonialist enemies" . Or as experts has seen in Lee's kung fu globe, there exists the option of pol y-culturalism which "accepts the differences in cultural carry out" (Lee, Joanna Ching Yun,2002 , PP129-147). The desire, apparently an anti-colonial one, envisioned by Bruce Lee's kung fu movies is also one factor that contributes to its success. Though, as Joel Stein, the columnist of Time, scornfully comments on Bruce Lee's three free movies in America: one of which was unwatchably awful, the further two of which were watchably awful", the plot of kung fu movies is just droning, boring and unsurprising. In fact, what the audience actually loves concerning Lee's films is other than his thrashing up the Japanese or

The Effect of PeerTutoring and Computer Assisted Tutoring on Thesis

The Effect of PeerTutoring and Computer Assisted Tutoring on Standardized Math Scores - Thesis Example The purpose of this action research study is to determine the value of tutoring strategies in augmenting mathematical studies for junior high school students. My purpose is to study the results of two types of tutoring programs used with adolescent groups. The two tutorial groups are computer assisted instruction and peer-tutoring. Raul Yzaguirre School for Success (RYSS) is an urban charter school with a majority-minority Hispanic student population. RYSS is a Title I school with 100% of the students receiving free and reduced lunch. I am currently teaching Language Arts for the eighth grade while obtaining my administration internship. The purpose of the study is to discover the best available strategy to aid RYSS students in the improvement of their standardized test scores for mathematics. The administrative team at RYSS has approved a tutoring program for summer school students. Tutoring fits into the larger context of education because (a) tutoring helps students who are struggling while allowing them to engage in a challenging, rigorous learning experience; (b) tutoring assists students in moving toward grade level achievement, and (c) tutoring builds successful students so that they move from success to succes