Effects of Globalization Essay

Globalisation has been the most debated topic among businesspeople, economists and politicians in the recent years. Globalisation is defined as â€Å"the shift towards a more integrated interdependent world economy† (Hill, Cronk, & Wickramasekera, 2008). The trend towards greater globalization has been driven by two macro factors. The first factor is the declining trade and investment barriers that have occurred since the end of World War 2 (Hill, Cronk, & Wickramasekera, 2008). The next factor is the dramatic technology developments in recent years in communication, information processing and transportation (Hill, Cronk, & Wickramasekera, 2008). The following research will focus on the positive and negative impacts of globalisation on jobs, wages, the environment, working condition and national sovereignty. Jobs Benefits Heckscher-Ohlin theory asserts that more abundant a factor, the lower its cost (Hill, Cronk, & Wickramasekera, 2008). High population countries like China and India, which provide abundant labours in low cost, can attract more investment from overseas. Hence, globalization can boost greater employment opportunities in less developed countries (Ghose, 2000). For example, the rapidly expanding rose industry in Ecuador generates US$240 million in sales and supports tens of thousands of jobs in Ecuador (Thompson, 2003). Apart from that, India’s computer-software and service, which is undertaking the outsourced office functions for companies based in United States, Australia and the United Kingdom, has employed 1.3 million people in 2006 (Bhattacharjee, 2006). In addition, Accenture, which is a large US management consulting and information technology firm, has recently created 5000 jobs opportunities in software development and accounting in Philippines (Birnbaum, n.d.). Procter & Gamble has also employed 650 professionals who prepare the global tax returns for the company in the Philippines (Engardio, Bernstein, & Kripalani, 2003). The ANZ bank in Australia decided to increase 1100 employees in its Indian Information Technology operations based in Bangalore (The Sydney Morning Herald, 2005). Logitech as one of the world’s largest producers of computer mouse, has employed 4000 workers to assemble mouse in its own factory in Suzhou, China (Chief Executive, 2003). Costs However, globalization critics argue that technological change in globalization that favored skilled workers may have further depressed the demand for low-skilled workers (Goldberg & Pavcnik, 2007). Nissanke & Thorbecke (2008) also claim that new technology is heavily biased in favour of skilled and educated labour. Globalization is a threat for jobs losses to countries with lower cost structures due to lack of regulation or inadequate enforcement of labour, health, safety and environmental standards (Foley, 2006). For example, over 350 workers were retrenched in Australia and New Zealand as the manufacture plant of the iconic boot maker, Blundstone, would be shifted to Asia (Barlow, 2007). Apart from that, the Bank of America cut nearly 5000 jobs from its US-based information technology workforce and transferred some of these jobs to India since the work that costs $100 an hour in the United States can be done for $20 an hour in India (Engardio, Bernstein, & Kripalani, 2003). Apply the mercantilism theory, the ANZ bank’s step to increase employees in Bangalore will cost job loss in Australia while trying to save cost for the bank. Wages Benefits Workers in less developed countries can earn higher wages as a consequence of globalization (Brunner, 2003). Lustig’s study (1998) also shows that wages of skilled workers increased by more than 15 percent. For instance, a worker in Ecuador earns the equivalent of US$210 a month which is substantially above the country’s minimum wage of US$120 a month (Thompson, 2003). Levi Strauss & Co favours to do business with partners who provide wages and benefits that fulfill the applicable laws and match the prevailing local industry practices under the Global Sourcing and Operating Guidelines of the company (Levi Strauss & Co, n.d.). Costs On the other hand, globalization has reduced the wages of unskilled labor relative to high skilled labor in Latin America (Wood, 1997). According to Lustig (1998), wages of unskilled workers fell by 15 percent as a result of free trade. Environment Benefits Although there are many cases that show multinationals have caused many severe environmental damages, there are also multinationals that help preserve the environment. One of the examples will be The Body Shop. The company uses as little packaging as possible in order to conserve natural resources and reduce waste (Bartlett, Elderkin, & McQuade, 1991). Customers are encouraged to bring old containers to the shop to refill as a consequence in getting a discount on the next purchase by doing so (Bartlett, Elderkin, & McQuade, 1991). The Body Shop has made an agreement with the Kayapo Indians, who harvest Brazil nuts in the Amazon rain forest. One of the goals of the agreement is to protect the plants in the Kayapo Indians harvest in the rain forest (Bartlett, Elderkin, & McQuade, 1991). The company is now introducing plastic bottles made from 100 % recycled material. It replaced all its carrier bags with 100 per cent recycled and recyclable paper bags in 2008. It a lso increased the recycled content in the gift packaging (The Body Shop, 2009). Starbucks is another good example to show its corporate ethic in preserving the environment. For example, Starbucks is using the U.S. Green Building Council’s LEED ® certification program as a benchmark in constructing their high performance green buildings. (LEED ® is short for Leadership in Energy and Environmental Design) (Starbucks, 2010). Starbucks offers a 10-cent discount in the U.S. and Canada to encourage customers to use their own mugs or tumblers for their beverages. Starbucks introduced Grounds for Your Garden in 1995, which offers its customers complimentary five-pound bags of used coffee grounds to enrich garden soil (Starbucks, 2010). Costs Environmentalists believe that globalization can threaten the planet’s ecosystems (Jabbra & Dwivedi, 2004). They argued that the world is facing severe environmental challenges such as global warming, water pollution and acid rain (Jabbra & Dwivedi, 2004). For example, California winemaker Robert Mondavi planned to invest in a project in France to produce high quality wine that would be sold in Europe. However, the plan had been objected by the local environmentalists since they argued that the plan would destroy the ecological heritage of the area (Henley, 2001). The formation of the North American Free Trade Agreement (NAFTA) between Canada, Mexico and the United States in 1994 was opposed to allow US manufacturing firms to freely pollute the environment after moving to Mexico (Chaote, 1993). A BHP majority-owned mine was responsible for discharging the by-products from mining into the pristine Ok Tedi river in Papua New Guinea which can cause severe environmental damage. There was a dislocation of the local villagers as a result of the severe pollution (Lafitte, 1995). Shell as one of the largest oil producers in the world has been criticised for causing major oil spill incidents which results in the death of most agriculture and the contaminated of the farming land in Nigeria (Hinman, 1993). The solution to the problem is not to roll back the globalization efforts that have led to economic growth. In fact, it is to get all the nations of the world to set higher limit standard on pollutions. Working Condition Benefits Evidence indicates that foreign ownership improves the working conditions in the process of raising wages (Brown, Deardorff, & Stern, 2002). For instance, some responsible growers in Ecuador have joined a voluntary program aimed at helping customers to identify responsible growers. The growers have distributed protective gear, trained workers in using chemicals, and hired doctor to visit workers at least a week (Thompson, 2003). Under the Global Sourcing and Operating Guidelines of the company, Levi Strauss & Co favours partners who utilize less than sixty-hour work weeks and will not use contractors who require in excess of a sixty-hour work week (Levi Strauss & Co, n.d.). Levi Strauss & Co will only do business with partners who provide workers with a safe and healthy work environment (Levi Strauss & Co, n.d.). Business partners who provide residential facilities for their workers must provide safe and healthy facilities. For instance, Levi Strauss & Co terminated a long term contract with one of its large suppliers after discovering it allegedly forcing 1200 Chinese and Filipino women to work 74 hours per week in guarded compounds on the Mariana Islands (Donaldson, 1996). Unilever has a code of ethics to provide safe and healthy working conditions for all employees. Unilever implemented a coordinated response across all its operations to combat the outbreak of the Influenza A (H1N1) virus around the world. For instance, Unilever provided clear guidelines to its operations on how to respond to the pandemic, posted materials across the office and factory, highlighted the simple steps individuals could take to protect themselves and made sanitizers available in appropriate locations (Unilever, 2010). Unilever requires all its professional drivers worldwide to have regular medical check-ups to ensure their fitness to drive and have also banned the use of mobile phones while driving (Unilever, 2010). Unilever has globally launched a campaign named Lamplighter which involves coaching employees individually on their exercise, nutrition and mental resilience, and monitoring their progress through an initial check-up and six-monthly follow-ups (Unilever, 2010) . Costs According to Schaeffer (2003), globalization has contributed significantly to the poor working condition of workers. Some critics also state that globalization has a deleterious effect on working conditions of workers in most of the developing country (Frenkel & Kuruvilla, 2002). For example, workers in Ecuador always fumigate roses in normal clothes without any protective equipment (Thompson, 2003). Some scientists state that many employees in the industry have serious health problems as a result of exposure to toxic chemicals (Thompson, 2003). A study from the International Labour Organisation claimed that female employees in the industry had more miscarriages than average and 60% of the workers suffered from headaches, nausea, blurred vision and fatigue (Thompson, 2003). Apart from that, Nike has always been accused for violating the employees’ right in the workplace. In 2001, the Panorama team uncovered occurrences of child labour and sweatshop working conditions in a Cambodian factory used by Nike. They work seven days a week, often up to sixteen hours a day (Kenyon, 2000). Workers reported that they were punished to clean toilets or run around factory grounds as a penalty for being late (BBC News, 2001). There were also reports of workers being coerced into sex and being fondled by managers (BBC News, 2001). Workers still work in dangerous conditions such as inhaling toxic chemicals and losing fingers in cutting machines (BBC News, 2002). While auditing 569 factories in 2003 and 2004, Nike found that up to 50 percent of the contract factories restrict workers’ access to toilets and drinking water during the work day (MSNBC, 2005). National Sovereignty Cost Economic globalization has caused the loss of national sovereignty as the inability of national governments to control their citizens (Allison, 2000). Schaeffer (2003) also claims that globalization has prompted a nation to have limited sovereignty. This is because increasingly interdependent global economy shifts economic power away from national government and towards supranational organizations like the World Trade Organisations (WTO), the European Union (EU) and the United Nations. WTO can instruct a member state to alter trade policies that violate GATT regulations. If the violator refuses to do so, the WTO allows other states to impose trade sanction on the transgressor. The European Union (EU) lost its national sovereignty while banning the imports of hormone-treated beef from the United States that might lead to health problem. This is because EU ban was not allowed under the General Agreement on Tariffs and Trade (GATT) of World Trade organization (WTO) (Hill, Cronk, & Wickramasekera, 2008). However, EU refused to comply with it and US government imposed 100% tariff on imports of certain EU products (Hill, Cronk, & Wickramasekera, 2008). It shows that EU’s decision is bind under GATT. Nigeria has lost its national sovereignty in the oil industry since the government is afraid to harm the nation’s economy. Not only do the multinationals take all the profits, they also give all valuable positions to foreign specialists brought in. This only leaves bad, low-paying jobs to the locals. As a result, the country does not receive any profit it should for natural resources found on its land. (Combating the exploitation of workers in developing nations by multinational corporations, n.d.). Conclusion Last but not least, it is not surprised to learn the fact that there are winners and losers in the process of globalisation since the costs and beneï ¬ ts of globalization are not equally distributed (O’Hara & Biesecker, 2003). However, â€Å"globalisation has brought more benefits than costs† (Gunter & van der Hoeven, 2004). Globalization is an extremely powerful movement and it is impossible to stop it (Cummins & Venard, 2008). Thus, all countries should involve in free trading in order to enhance the world economy.

Financial Market In Sri Lanka Accounting Essay

The purpose of this chapter is to put the phase and reexamine the fiscal market in Sri Lanka and to discourse the audit market with particular accent on the Big 4 audit houses. The demand and supply of companies and the general audit patterns used by companies are discussed subsequently. The background to the research further explains the ordinances on external audits while foregrounding both professional and legislative guidelines. Some characteristics of the external audit fees are discussed later.Fiscal market in Sri LankaSri Lanka ‘s fiscal system continues to stay stable and resilient underpinned by strong domestic economic growing in the face of increased hazards from the planetary macro-financial environment. This stableness is instrumental in making a favorable environment for depositors and investors, while promoting fiscal establishments and markets to work efficaciously and expeditiously, advancing investing and economic growing. Financial system stableness requires a stable fiscal and economic environment within an effectual regulative model and a safe and robust payment and colony system. The local fiscal landscape can be divided into the Money Market and the Capital Market severally. The Money Market where short-run interest- bearing assets with adulthoods of less than one twelvemonth, such as exchequer measures, commercial paper, and certifications of sedimentations are traded and ease the liquidness direction in the economic system. The Capital Market on the other manus is the market for trading in assets for adulthoods longer than one twelvemonth, such as exchequer bonds, private debt securities ( bonds and unsecured bonds ) and equities ( portions ) . Its intent is to ease the elevation of long-run financess. The Financial Market can be besides be classified harmonizing to instruments, such as the debt market and the equity market. The debt market is besides known as the Fixed Income Securities Market and its sections are the Government Securities Market ( exchequer measures and bonds ) and the Private Debt Securities Market ( commercial paper, private bonds and unsecured bonds ) . The fiscal system consists of the Central Bank, as the apex fiscal establishment, regulative authorization, fiscal establishment, a payment and colony system and a legal model. The fiscal system carries out the critical fiscal intermediation map of borrowing from excess units and loaning to shortage units. The Central Bank through its behavior of pecuniary policy influences the different sections of the Financial Market in changing grades. The Central Bank ‘s policy involvement rates have the greatest impact on a section of the Money Market called the inter-bank call money market and a section of the Fixed Income Securities Market, i.e. the Government Securities Market. The Central Bank may besides step in in the inter-bank Foreign Exchange Market, which is closely connected to the Money Market. One of the most of import maps of the fiscal system is to guarantee safety and efficiency in payments and security minutess. Fiscal substructure refers to the different systems that provide for the executing of both large-value and small-value payments. Payment and colony systems enable the transportation of money in the histories of fiscal establishments to settle fiscal duties between persons and establishments. ( Fiscal System Stability Review – Central Bank 2011 )Audited account market in Sri LankaThe Institute of Chartered Accountants of Sri Lanka ( CA ) plays a critical function as the state ‘s exclusive authorization in explicating Accounting and Auditing Standards while adhering to the International Financial Reporting Standards ( IFRS ) . The Sri Lankan audit landscape is chiefly dominated by the Big 3 audit houses which are Pricewaterhouse Coopers, Ernst & A ; Young and KMPG. These audit giants account for the bulk of audit services across the listed companies. In add-on to these major participants BDO Partners, B. R. De Silva & A ; Company, Amerasekera & A ; Company, SMJS Associates, De Zoysa Associates, R N Associates, Nandimuttu & A ; Co, Ranwatta & A ; Co are some of the other auditing houses that compete in the general audit industry of Sri Lanka. These participants largely are involved in scrutinizing companies that are non listed on the Colombo Stock Exchange.The game of Big 4 & A ; Non Big 4 audit housesThe largest web for accounting professional services identifies the Big 4 audit houses as the ‘Final four ‘ which is responsible for a bulk of audits for publically traded companies. This is largely due to the market portion of those four houses where other little houses could non vie with the top terminal work and besides that they are non dependable as hearers to big administrations. However in Sri Lanka it is noted that Deloitte Touche Tohmatsu is non a outstanding participant and merely the other three audit houses are important within the industry. The stableness, credibleness and planetary presence that these companies offer are in fact significant. In a Sri Lankan context these companies have an border and go a formidable rival for about all the listed companies. Firm Gross Employees Fiscal Year Headquarterss Pricewaterhouse Peter coopers $ 29.2bn 169,000 2011 United Kingdom Deloitte Touche Tohmatsu 28.8bn 182,000 2011 United States Ernst & A ; Young 22.9bn 152,000 2011 United Kingdom KMPG 22.7bn 145,000 2011 Nederlands Table: Financials of the Big 4 Audited account Firms Mention: Company Financials ( PWC 2011, E & A ; Y2011, KMPG 2011, Deloitte 2011 )Demand and SupplyIn footings of geographics, the American part histories for a 40 % and worsening portion of planetary combined grosss. From 2010 to 2011 nevertheless, the American part had a strong public presentation growing of 9.9 % . Europe has 44 % of combined house grosss and increased 5.4 % from 2010 to 2011, turning the slowest due to regional uncertainness. Asiatic grosss have more than doubled from $ 7 billion in 2004 to $ 17 billion in 2011, and grew a dramatic 17.4 % from 2010 to 2011. ( The 2011 Big Four Firm Performance Analysis ) Harmonizing to employee statistics, indicated in the Big 4 Performance analysis study for twelvemonth 2011 the four houses jointly employ staff of more than 65,000 across the Earth with 35,000 spouses. It besides indicates that the net employment increased by 36,000 from 2010 to 2011. This gives an indicant of how important these companies are and to what extent they dominate the full audit landscape.Regulations on external auditingAll listed companies should set up formal and crystalline agreements with regard to the concern monitoring patterns, typically overseen by the audit commission, and involves the application of accounting policies, fiscal coverage patterns, supervising guidelines, build relationships with the company hearers. Once this is finalised a listed company should obtain the services of a professional audit house. To this consequence the company must make out to the model on Sri Lankan Auditing criterions. The Companies Act of 2007 besides has a series of ordinances that need to be adhered to when choosing and commissioning the services or an external hearer. This is besides applicable in the event of altering the bing audit house. It is obligatory for listed companies to follow with the Sri Lankan Accounting Standards every bit good as the Listing Rules of the Colombo Stock Exchange when fixing audited fiscal statements which are included in their Annual Report. Consequently, one-year studies normally include audited fiscal statements of the Company, Director ‘s study and the revelations required by regulation 7.6 of the Listing Rules and must be circulated to stockholders before the termination of five ( 5 ) months from the terminal of the fiscal twelvemonth. This is one of the chief considerations that the listed companies must run into in order to follow with the demands mandated by the Securities and Exchange Commission and the Colombo Stock Exchange.Professional guidelinesThe Sri Lankan Auditing Standards are created on the International Standards on Auditing ( ISA ) published by the International Auditing and Assurance Standards Board ( IAASB ) of the International Federation of Accountants ( IFAC ) , with little alterations to run into local conditions and demands. It sets out the basic rules and related patterns and processs that apply to audits of fiscal statements. Hence this confirms conformity in all stuffs respect to the International Standards on Auditing. Under the Sri Lanka Accounting & A ; Auditing Standards Act No. 15 of 1995, conformity with these Standards is ineluctable when transporting out the audits of entities specified in the said Act. This Act non merely places the duty of following with these Standards on the Auditors entirely, but besides places a corresponding duty on the entity ‘s direction to take all sensible stairss to guarantee that these Standards are complied with in the behavior of the audits of their histories.Legislative guidelinesWhen analyzing the legislative model for the listed companies, it is the duty of the audit commissions of listed companies to find the audit procedure both internal and external. Audit commission duties in companies are to be enriched harmonizing to the Sri Lanka subdivision of the Association of Chartered Certified Accountants which will make an extra bed of administration and answerability. This will guarantee that naming audit houses to carry on external audits will now rest in the custodies of these audit commissions which will supervise and supply transparence to the audit procedure. Stairss are taken to guarantee that all listed companies provide information publically on hearer independency. This corporate revelation has enabled more transparence into the audit procedure. Therefore hearers are bound to present comprehensive information on their independent study and hazard and internal control reappraisals. In the aftermath of important disagreements in corporate revelations in listed companies it is of import to observe that hearers merely give an sentiment of the true and just position of the fiscal statements taken as a whole, in footings of materiality, which is termed as a sensible confidence and non an absolute confidence, in conformity with the international accounting criterions.Features of external audit servicesAn external audit is a reappraisal of the fiscal statements or studies of an entity, normally a authorities or concern, by person non affiliated with the company or an bureau. External audits play a cardinal function in placing fiscal mistakes of concerns and authoritiess because they are conducted by outside persons and hence supply an impartial judgement. External audits are normally performed at regular intervals by concerns, and are typically required annually by jurisprudence for authoritiess. External audits are performed to confirm that the fiscal statements of an entity are right presented with a true and just position. They do non affect an existent accounting of a concern ‘ fiscal histories, but instead external audits are an independent rating of fiscal paperss provided to the party, that carries out the audit. For a private-sector concern, an external audit will typically include a reappraisal of the company ‘s quarterly or monthly fiscal studies every bit good as statements on grosss and expenditures to guarantee they are right presented. For authoritiess, an external audit will include a reappraisal of the budget, the distribution of financess and the disbursals to guarantee the budgeted grosss and disbursals were right compiled and used. An external audit will have a study sketching the hearer ‘s findings. This will by and large be a sum-up of the overall cogency of the fiscal statements and paperss as presented by the company or authorities which is normally presented as the Statement of Auditors in the Annual Reports. Should the external hearer uncover disagreements between the statements presented by the company and his findings, these will be noted in the study as good. The audit will frequently include fiscal suggestions for the entity as ways to better its overall fiscal standing and accounting patterns. The more of import characteristic of an external audit is the decision of the hearer. A favorable decision is indifferent grounds that the entity is describing fiscal informations right while a negative decision is a ruddy flag for hapless accounting patterns.DrumheadThe stableness of the fiscal market in Sri Lanka is a cardinal driver of economic growing and nutriment. Similarly the capital markets provide a gateway for foreign investing and excite growing flights. The Sri Lankan Auditing Standards board and the Institute of Charted Accountants are the top government organic structures that guarantee good patterns and transparence in the industry. In drumhead it was revealed that in Sri Lanka a bulk of the listed companies prefer to seek the services of three of the Big4 audit houses, viz. , Ernst & A ; Young, KMPG and Pricewaterhouse Coopers. There are some smaller audit houses that are non so important in supplying services to the listed companies. This chapter discusses the ordinances on external audits while emphasizing the importance of both professional and legislative guidelines. Appraisal of the external audit fees, its composing and services offered have been discussed from a Sri Lankan position.

Hammurabis Code and the Babylonian Economy Essay

Hammurabis Code and the Babylonian Economy - Essay Example The Code showed the importance of agriculture as the major livelihood of the citizens. It should be noted that various laws mention major crops such as corn, grains, and wool. The heavy punishment to be administered to anyone stealing and causing poor harvest indicates the importance of these commodities. It is also notable that the agricultural economy of Babylon is supported by quite complicated infrastructures to ensure a good harvest. The Hammurabi's Code mentions the presence of dams and dikes which prevents flooding agricultural areas. Animal husbandry is another major livelihood during the Babylonian Empire. It should be noted that the Code set out provisions regarding the robbery of major livestock. Within that civilization, it is remarkable how the citizens were able to raise a number of animals such as cattle, sheep, ass, pig, or goat. The importance of animal husbandry in the economy cannot be overestimated. For an individual steal any of the aforementioned animals and has nothing to pay for it, he will need to give his life as a payment. Though the above two industries represents the two major activities in the Babylonian economy, it should be noted that the civilization also features extensive trading network,

Business Law Assinment Essay Example | Topics and Well Written Essays - 1000 words

Business Law Assinment - Essay Example Additionally, being of the age of 17 years he did not have the legal capability to enter into a contract as he was a minor. Therefore, given the circumstances of the case the contract between John and the car dealer was invalid from the onset because john did not have the capability to enter into a contract. Secondly, the car that John bought was not a necessity, but a luxury as his friends had cars according to what he believed (Mann & Barry 34). Therefore, the outcome of the case would be that although John did not have the capacity to enter into the contract the car dealer relied on his word that he would make the repayments and for the reason he should pay the $500 down payment because he used the car. In the case of the car dealer, the only more he would get is the down payment as promised by the John. However, the other three installments cannot be retrieved as the contract was invalid as he enter into a contract with a minor. Entering into a contract with person who lack capacity to contract makes the contract invalid. An illegal agreement under contract law is a contract that the courts will not enforce because the reason for the agreement or the contract will not achieve a legal end. Additionally, the illegal end must also result from the performance of the contract itself. Therefore, a contract of installing a fuel tank in the lorry for putting illegal drugs not meet the legal standards of enforceability. In the case of Bovard V. American Horse Enterprises (1988) the court of Appeal in California refused to enforce a contract for the payment of promissory notes that were used to purchase a company that manufactured drug paraphernalia. Therefore, any contract that will have an illegal end is not enforceable under contract law. In the case of Jack and the mechanic, the contract was illegal because when Jack entered into the mechanic shop he told him the true intention of the extra gas tank. For that reason, he did bot mislead him into believing

Marketing strategy and management Coursework Example | Topics and Well Written Essays - 500 words

Marketing strategy and management - Coursework Example However the pricing strategy based on the experience curve effect of the production process should not be infinite. This means that the pricing strategy should not be based on the maximum production level. This is mainly because at the maximum level of production, the company will not be able to increase its output. Price should thus be set on a production capacity that is reasonable, for example 70 or 80%. There are very many reasons why a company would chose to use the experience curve effect for its market pricing strategy. This is because of the various implications it has on such strategies. The experience effect helps a company to attain a larger market share and this enables the development of a cost advantage. By using this curve to develop a marketing strategy, the company sets a price that it deems fit to the product and that will offer competition to other products in the market .The use of this curve also forces a company to improve its efficiency and effectiveness so as to reach the production level from which the experience effect has been calculated. There are however few discrepancies that are associated with the use of the experience curve. For example, the curve effects apply to real costs and prices only. This means that in situations where this curve is used, an index or notation must be formulated. This particular index renders prices and costs exhibited at different time periods on a platform or a basis that is comparable. The consequence of this is that the index may consume a significant portion of the profits accumulated after production and in the process; the experience effect is washed out. The second argument against the use of the cumulative curves is that it does not apply to calendar time but only to the cumulative experience. The company should therefore take into consideration all these factors when determining whether to use the experience curve effect in its

Strategic Management Essay Example | Topics and Well Written Essays - 2500 words - 3

Strategic Management - Essay Example It is the process through which organizations follow a certain path to achieve desired short term and long term goals and can maintain a desired level of output. A proper strategic planning can help an organization to develop a clear long term vision and would help the management to visualize where the organization would be after five to ten years or may be even more than that. Strategic Planning can be treated as a milestone for each and every organization. Without strategic planning, the organization can actually never identify the present position in the industry and cannot develop a strategic guidance for the future (Henry, 2008, p. 89). This study has been conducted with a motive to develop a strategic plan for Tesco, one of the large retail supermarkets in the U.K. The study looks to focus all the aspects related to the development of a strategic plan of an organization including the assessment of the mission and vision statement, situation analysis and final development of the strategy to gain competitive advantage over the competitors. Here it needs to be mentioned that the although Tesco is a global retailer, but still the study has been conducted with respect to the UK market as it happens to be the home country and largest market of Tesco compared to other markets in the world. Getting Ready Choosing Organization Tesco PLC. Developing Organizational Profile Tesco PLC is a multinational retail grocery retailer and general merchandiser. The company is headquartered in Chest Hunt, UK. It happens to be the largest retailer in the United Kingdom and the third largest retailer in the world after Wal-Mart and Carrefour. The company was originally founded by Jack Cohen in 1919. As on April 2012, Tesco had 6,351 stores all over the world. The company has 2,975 stores in UK market. According to annual financial report of 2012 the total revenue of the company is ?64.539 billion. Specific issues to be addressed Over the past few years the retail business in the UK has seen a lot of changes. One of the key issues to look for while developing the strategic plan would be the effect of the changes external environmental factors and the impact of those on the company’s day to day business activity. The present industry scenario also plays a major role in the development of the business strategy and hence this has to be taken into account. Along with the external environment assessment, the internal environmental factors would also be reviewed as it would help the company to identify the core competencies, strengths as well as the weaknesses (Kolb, 2008, p. 92). Key Information to be collected To understand the impact of the external environmental changes, political, economic, social and technological factors need to be assessed. Also to understand the present market scenario especially market competitiveness, Porters Five Forces will be analysed. It consists of bargaining power of the buyers and suppliers, industry

Immigration Essay Example | Topics and Well Written Essays - 250 words - 8

Immigration - Essay Example The public of the Americans have been against large scale immigration. Majority of them prefer living with the familiar than getting an experience of working with this new group of people whom they fear may not adapt to the American way of life. They do this independent of considering the positive impact made by the immigrants. However, the opposition has been more on some groups and less on others. This has been majorly based on the risk of the Americans losing their jobs and privileges to the immigrants. They fear that the immigrants will take their places in the sectors like the workforce since the immigrant’s engagement has brought significant changes in America’s wages (The National Voter, 2007). According to The National Voter (2007), majority of the immigrants go for economic opportunity. This does not mean that they take societal resources. They equally contribute to the growth of the resources since they take part in economic development (The National Voter, 2007). They take up jobs regardless of the pay, which Native Americans cannot

Postmodernism in the Arts, Architecture and Cinema Essay

Postmodernism in the Arts, Architecture and Cinema - Essay Example The essay "Postmodernism in the Arts, Architecture and Cinema" analyzes postmodernism and gives a review of modernism. This is a driving force that enabled humans to improvise and structure their environment according to their necessities. Modernism has revolutionized each and every aspect of human being. This melioration in environment was a direct consequence of science and technology. Modernism can be best described as a movement, an optimistic movement that covers the cultural and artistic domains. This movement had come into effect in the late nineteenth century and the early twentieth centuries. Modernism is a renaissance for art, architecture, music, literature, applied sciences, philosophy and so on. Modernism influenced people to substitute the existing system with an intention of achieving progress at a rapid pace that could not be achieved by the traditional means. Modernism is retrospection in arts, sciences and music in order to add a new flavor, another dimension for th e existing thought and facts. In this period the modernist thinkers rejected the traditional forms of arts and treated them as being outdated and old fashioned. The years 1890-1910 mark the beginning of modernism. A strange way of thinking crept in the minds of people who discouraged revising past knowledge for present day applications but they preferred having an entirely new set of rules that decide. Art, physics, Industrialization and social sciences had major backbone changes that challenged the traditional methods.

The financial impact upon Menzies Hotel Dissertation

The financial impact upon Menzies Hotel - Dissertation Example Financial Ratios 36 Financial Impact of the Takeover 38 Chapter 6: Conclusions and recommendations 42 Bibliography 45 Appendices 51 Appendix A. Ten people crimes and Organisational result 52 Appendix B. Key Issues to Address in Post-Merger Integration 53 Appendix C. Trompenaars' Theories on culture 54 Appendix D. Survey Questionnaire 55 Tables 57 Table 1.1. Financial Ratios of Menzies Hotels PLC as of January 2005 58 Table 1.2. Financial Highlights Queens Moat Hotels Ltd. as of December 2004 59 Table 2. Criteria on Interviewee Selection 60 Table 3. Summary of responses to Interviews 61 Table 4. Summary of Secondary Data on Relevant Theories 63 List of terms Acquisition: When one business takes control of another, this is known as an acquisition. Investment banks and other financial institutions often have mergers and acquisitions (M & A) departments, to provide financial and other forms of support for these activities. Some acquisitions, like Daimler Benz's of Chrysler in 1998, are disguised as a merger for political reasons. Due Diligence: An internal analysis by a lender, such as a bank, of existing debts owed by a borrower in order to identify or re-evaluate the risk; an independent analysis of the current financial state and future prospects of a company in anticipation of a major investment of venture capital or a stock-exchange flotation; a Venture Capitalist firm's examination by its lawyers and auditors of the records, accounts and any legal documents of an existing business. Four-Star hotel: Stars are used to give the traveller an indication of the very least they can expect from the hotel. A four-star hotel is fully en-suite, with a Restaurant for cooked breakfast and dinner, often smallish with 50-80 bedrooms and friendlier places to... This discussion talks that people-related risks and liabilities have a substantial effect on the acquisition value - and the price. These need to be discovered with due diligence before the deal is closed. Suggests using a 360-degree due diligence to give the buyer a complete look at value and risk.Examined benefits accruing to target shareholders in the five-year period after the combination and recommend getting paid in cash, favor investing in acquirers that use tender offers, and that stock payments be used if overpriced. Target shareholders who receive cash must buy acquirer stock. Shows three ways to determine the value of something through financial valuation: an income approach, a cost approach, or a market approach. Companies that pay attention to revenues and delivering on total return to shareholders instead of focusing exclusively on cost cutting are more successful at acquisitions. Problems with receivables can eat into the cash flow - and future revenues - of a newly fo rmed company. Buyer must ensure all supporting documentation on receivables sent as fast as possible to the new company's consolidated credit group. Should pooling of interests accounting be allowed In essence, when two firms combine, there are two methods that can be used to account for the combined value of the firm? They are the purchase method and the pooling of interests method. In most cases, they yield radically different outcomes - with pooling resulting in a much better-looking income statement for years to come.

Law of International Trade Essay Example | Topics and Well Written Essays - 2500 words

Law of International Trade - Essay Example Denny knows nothing of the prior sale to Benny. The three contracts existing in this case are, first one is between Sammy with the carrier that who carry the 1000 tons of sugar, second is among Sammy and Benny and third contract is between Sammy and Denny. The contract becomes valid only if it fulfills the entire legal requirement. It will come under the Sales of Goods Act 1979. â€Å"A bill of lading is a type of document that is used to acknowledge the receipt of a shipment of goods. A transportation company or carrier issues this document to a shipper.† (What is a bill of landing? 2010). Bill of trading offers safety to each and every party in the global trade. In these particular case three Bills of lading is offered to Sammy. And also Denny is enabled to ask for all these three Bill of lading from Sammy at the time of receiving 1000 tons of sugar. If Sammy is not giving all these three Bills of lading to the Denny he can neither refuse to carry on with the contract or he can claim financial compensation for the fraudulent contract. Denny has to admit the two of the three Bills from the Sammy or else, Denny has the right to refuse the bills for the reason that Sammy takes action in bad faith. He should bind with various responsibilities that he must obey. Primarily, he should provide a shipped moveable fresh Bill of Lading to the purchaser. Secondly, Sammy has to offer an agreement of Marine Insurance for the commodities which is constantly concerned by insurer. Thirdly, Sammy must offer a profitable invoice to the purchaser. Denny had to admit the Bills and recompense for the 1000 tone of sugar if Sammy accomplish his responsibilities by tendering fresh Bill of Lading, assurance plan, and profitable invoice. In this case, there is agreement among Sammy and shipping so that the carrier must be followed by certain responsibilities under the Hague

Article Critique Genetically Modified Food Essay Example for Free

Article Critique Genetically Modified Food Essay The article by Amin, Jahi and Nor was conducted in Malaysia to find out the stakeholders attitude to genetically modified foods and medicine (1). In particular, the investigators were interested to know the attitude towards GM insulin/medicine, GM palm oil and GM soybean. They designed the study as a survey with 1017 respondents. They found that the Malaysian stakeholders are cautious about the genetically modified foods. They agreed that genetically modified foods have perceived benefits but at the same time they were concerned about the moral aspects and risks associated with the GM Foods. A closer analysis revealed difference stakeholders attitudes towards GM foods. Title The title â€Å"stakeholders attitude to genetically modified foods and medicine† was precise and clearly thought out. Readers are well informed of what to expect as they engage with the study findings. However, the title missed on the study area. A good title must inform readers where the study is conducted. Abstract The researchers adopted non structure abstract. They were able to point out the background leading to the study, the purpose of survey, research approaches they used trough the study and the findings. With regard to this they managed to give a brief overview of the research Jones 2 and further letting readers know what their study entailed and what they found out. A structured abstract would have been more desirable as it enlists each of the study sections. However, depending with the journal requirements and authors’ interests they preferred non structured abstract to one that is structured. Purpose of the Study The investigators clearly pointed out the aim of the study. They assessed and compared the attitudes of the Malaysian stakeholders living in the Klang Valley towards genetically modified insulin, palm oil and soybeans. This was influenced by the findings from the other studies. For instance, other studies revealed that the advancement in technology led to increased production of GM Foods. In addition, they found that biotechnology is one of the five major technologies that are planned to speed industrialization in Malaysia. However, owing to the divisive debate on genetically modified foods, the researchers saw the need for this study. Therefore, it has clear cut intent of telling where Malaysians attitudes leans and what measures should be put in place to better their attitude. Research Approaches The investigators adopted a well defined research approach. They designed the study as a survey which was conducted from June, 2004 to February, 2005. The sample size was 107 respondents above 18 years. They were selected through stratification sampling which enabled the generalization of the findings and minimized biased that could result from sample selection. In addition, they collected the data through administering questionnaire and ensured that reliability and validity of the study are all accounted for. However, the researchers did not tell the readers how they met the ethical principles, especially principles of ethics of beneficence and Jones 3 justice. They didn’t point out whether they consulted any ethical institution or whether they sought consent before recruiting the respondents. Results The study findings were consistent with the objective. The findings centered on six dimensions of the stakeholders attitudes including moral concerns, perceived benefits, familiarity, encouragement, risk acceptance and perceived risks. From the findings it was clear that majority of the stakeholders were not familiar with the three GM products. It was more surprising when the findings indicated that biology students were more familiar with the GM palm oil and GM soybeans than religious scholars. The findings further established that stakeholders are moderately concerned with the moral aspects of the GM products, moderately perceive the products as risky and moderately perceive the GM products as beneficial. All the same they encouraged the use of the three products, with most stakeholders supportive of GM palm oil. These findings were consistent with the other studies. For instance, in China, study by Zhang et al. (19) indicated that consumers were not familiar with GM products yet domestic consumption of GM soybeans was about 18% of the interviewees that were consuming soybeans. In addition, the findings were consistent with earlier studies by ISAAA-UIUC (14-15) which found that Asians accept GM foods but at the same acknowledge the risks they pose to health. Based on these consistencies, the study met the rigor of trustworthiness, applicability and reliability. The conclusions were drawn from the study. The investigators concluded that the Malaysian stakeholders’ attitude on GM products was cautious. Indeed, this is in tandem with the findings that the stakeholders moderately perceive the GM products as both beneficial and Jones 4 detrimental to health. In addition the implications of the study were reported in the conclusion. They noted that the biotechnologists should assess the moral aspects, risks and benefits of the GM foods and thereafter engage the public on acceptance of the products before considering commercialization of the products. However, the researcher failed to point out the limitations of the study as well as the areas that need further research. Work Cited Amin, Latifah; Jahi, Jamaluddin and Nor Abd. â€Å"Stakeholders attitude to GM foods and medicine. The Scientific World Journal. 2013. Jones 5 International Service for the Acquisition of Agri-biotech Applications (ISAAA) and University of Illinois at Urbana Champaign (UIUC), â€Å"The social and cultural dimensions of agricultural biotechnology in Southeast Asia: public understanding, perceptions, and attitudes towards biotechnology in Phillipines†. ISAAA. Publications. Zhang, Xi; Huang, Jin; Qiu, Ha and Huang, Zheng. â€Å"A consumer segmentation study with regards to genetically modified food in urban China†. Food Policy. 35:5. 2010.

Media Prima and Astro Malaysia: Staff Management

Media Prima and Astro Malaysia: Staff Management 1.0 Introduction Media Prima is the biggest listed media group in Malaysia, owning all main private television stations and having approximately 54 percent of Malaysian television viewers, with its closest rival, the pay-television satellite operator, Astro, which offers over 100 channels or stations, controlling a market share of roughly 29 per cent. RTM controls 17 per cent of the market. Media Prima wholly owns TV channel like TV3, NTV7 and TV9 and holds a 99.5 per cent interest in 8TV. TV3, Media Primas flagship television station and the number one free-to-air television station in the country, finished the 2007 season dominating the years top 20 programmes (The New Straits Times, 4 January 2008). TV3 recorded a 33 per cent share of viewers in 2007 among over a hundred channels available on satellite and FTA TV (The New Straits Times, 4 January 2008). The group also controls radio stations Fly FM and Hot FM, with a combined listenership of 3.5 million. Besides that, Media Prima has a 43 per cent stake in the equity of The New Straits Times Press, which has four newspapers in its stable. Media Prima is said to reach 22 million Malaysians daily: about 11 million television viewers, seven million newspaper readers and four million radio listeners. Malaysias population is a little over 25 million. Astro All Asia Networks Plc, the group that has the monopoly over Malaysias subscription television operation, reaches about 10 million viewers in some two million homes representing a penetration rate of approximately 38 per cent of Malaysias TV households in 2010. (Astro Annual Report, 2010) Astro began operating in 1996 and today offers over 100 channels with a wide mix of foreign and local programmes. Its sister company Airtime Management Programming runs the eight radio stations in its stable, include Hitz, Mix, Light Easy, Era, My, Xfresh, THR, and Sinar. 2.0 Training and Development Conduct a Training and Development in an organization is essential where it needs is identified during each employees annual career development review. From this process, the acquisition of new skills, competencies, attitudes and knowledge will lead the employees to changed behaviour from reactive to proactive, greater maturity and critical thinking. In Astro, employee satisfaction survey was carried out to complement existing communication channels. Opinions of 3,054 employees were collated through online survey forms. The survey sought employees views on 13 major categories covering various aspects of their jobs. (Appendix B) The total favourable for Training and Career Development where employees think about Astro is doing are 65 percent. This figure is considered moderate where it should take further action to improve. Thus, in 2009, Astro convened two full-scale Town Hall meetings to share latest developments and discussed the Companys direction, 48 training seminars on topics ranging from leadership courses to safety and health trainings as well as introduce new high definition service which is branded as Astro B.yond. Information that had transpired was recorded in DVDs, and will send to Astro offices across the country in future for training and development purposes. Realities in economic and advances in technology cause the availability of jobs in TV station have changed rapidly. Therefore, there were several training initiatives designed to increase the number of skilled people in Media Prima. In 2009, the organization invested about RM1.14 million for staff training which involved 3,615 man-days in total in the organization. A summary of the organization training breakdown for 2008 and 2009 is shown in Appendix C. The majority of the training is provided to technical staff which conducted at the organization itself. This is to ensure that the organization maintain the best quality and keep up to date with the latest technology and techniques available in media production. Although both organization utilize Training and Development, but the ways of conduct is very different. Astro adopt an audiovisual method where used of DVDs for training and development will helps the organization to reduce cost, manpower and not time consuming. On the other side, Media Prima utilize apprenticeship training where the employees enter the skilled trades given through instruction and experience in the practical and theoretical aspects of work. When employees face problems in workplace, they can solve it based on their experience gained during the training. 3.0 Performance Management System A new performance evaluation system in Astro consists of a 360Â ° feedback mechanism to get a balanced assessment of the employee own peers. The need for this balance is also reflected in a revised Performance Review Form. One significant aspect of the new performance evaluation is the Relative Ranking Rating which rewards high performing employees in a transparent manner. Employees who fall under the lowest of the three-tier scale will be coached and guided via a Low Performance Management Process (CAP) system. (Appendix D) At Astro, employees are given clear expectations of the accomplishments desired of them as well as the ways to perform and achieve these expectations. This is done through the Performance Management System (PMS) under which periodic performance evaluation exercises are conducted to review employees performance. With this system, employees are aware of their strengths and also given ample room to work on improving their performances. The reviews run in 2 cycles in the span of the financial year; a year end review in January followed by a midyear review in July. Media Prima has introduced a 360 degree feedback system which is also referred to as the multirater or multisource feedback. It provides employees with performance feedback from supervisors, co-workers, peers, customers and reporting staff. It also includes self-assessment. We implemented this system as we take human capital management and development very seriously. 360 degree assessment is a process whereby the company takes stock of its capability once every two to three years to meet business challenges. The process begins with the company putting in place a competency framework which is aligned to the business direction of the company. The competency framework is used as a guide to recruit, develop, assess and compensate the employees based on performance and capabilities. In the case of Media Prima, an external consultant was hired to conduct the data collection process as well as the feedback and the follow up process. 4.0 Compensation and Rewards The Group operates a performance based bonus scheme for all employees, including the executive directors. The criteria for the scheme is dependent on the achievement of key performance indicators (KPI) set for the Groups business activities as measured against targets, together with an assessment of each individuals performance during the period. Bonuses payable to the executive directors are reviewed by the Remuneration Committee and approved by the Board. Employees compensation is determined by their performance which is measured across various Key Performance Indicators (KPIs). Media Prima uses a point-based system which ranges from 2 to 5 in determining the weight of the bonus (5 being the highest performing). This process is used to assess all employees (100%). The percentage of employees achieving each performing level and the entitlement of each level is listed in Appendix E. Exploring the Four Stages of the Audit Process: Case Study Exploring the Four Stages of the Audit Process: Case Study Internal Audit is an independent function that provides an objective assurance and consultancy activity to improve and add value on an organizations operation. The auditors aim to help the Merami Berhad accomplish its objectives by evaluating the effectiveness of its risk management, control, and governance processes by bringing a discipline, systematic approach. The audit process is divided into four stages which are Planning (Preliminary Review), Fieldwork, Audit Report, and Follow-up Review. One of the main key objectives to carry out an audit is to minimize the time and avoid disrupting ongoing activities. As we are a public accounting firm for Merami Berhad for the past five years. Meramin Berhad is a public listed company, whose sales for the year 2009 were over RM 25 million. The audit fees we normally charge to Merami Berhad are RM 50,000. Before an audit is assigned to staff, the auditor must consider a few matters such as the size of the company to be audited. If it is a Public Listed Company, 3 or 4 staff will be required. Besides that, the budget is very important as the auditor are always advised to stay within the budget so that the audit fees is sufficient to cover all the cost incurred especially the disbursements. The auditor should also consider about the deadline. An audit assignment usually has very tight deadlines and therefore staff must ensure that the Audit Report is submitted to the Partner of Review on time so that the signing of accounts is not delayed. When the audit manager assigns a job to the senior, the first thing the senior does is to meet with his team members to discuss about the job and to delegate duties to the respective members. The audit assistant will normally be asked to retrieve the previous years file of the company from the filling room. The previous year file is always used as a guide only. Staff must always tailor-make the audit for the year according to the events that occurred during the year. Once the last years file is retrieved, a new file will be opened for the current years audit. STAGE 1: PLANNING (PREMILIRARY REVIEW) Planning is essential as this is the first time we understand Merami Berhad business and their controls in the company. During the planning stage of the audit, the auditorwill contact the client to notifythem of an upcoming audit and to schedule a time during the year that is most convenient for the audit to commence and take place. The auditor will send them a preliminary checklist. This is a list of documents (e.g. organization charts, financial statements) that will help the auditor learn about their unit before planning the audit. After reviewing the information, the auditor will plan the review, conduct a risk workshop primarily to identify key risks and raise risk awareness, draft an audit plan, and schedule an opening meeting. Engagement Letter Merami Berhad is informed of the audit through anannouncement or engagementletter from the Internal Audit Director. This letter communicates the scope and objectives of the audit, the auditors assigned to the audit, the audit methodology used in the audit and other relevant information. This letter serves as a contract which outlines the responsibilities of the auditor and client to prevent any unnecessary misunderstanding of what is expected or required of the other party. The auditor and the client must also agree on the terms of the engagement. Opening Conference Nearer the start of the audit, the auditor will arrange a meeting with Merami Berhad to discuss the scope and objectives of the audit. The opening conference should be held to gather information about the mission, critical processes, and control procedures of the unit to be used in the preliminary survey process. The opening meeting should include senior management and any administrative staff that may be involved in the audit. Merami Berhad describes the unit or system to be reviewed, the organization, available resources (personnel, facilities, equipment, funds), and other relevant information. The audit senior usually discusses with the client about the companys performance for the year in terms of increase or decrease in profitability. This may due to factors ranging from launching of new products during the year to high-position staffs leaving the company. These will all be documented in the Business Understanding Document. The internal auditor meets with the senior officer directly responsible for the unit under review and any staff members he wishes to include. It is important that the client identify issues or areas of special concern that should be addressed. The time frame of the audit will be determined, and we should discuss any potential timing issues (e.g. vacations, deadlines) that could impact the audit. The opening conference is an important step in a regular audit. It is an opportunity to establish the proper tone and to begin building good relationships. Preliminary Survey In thisphasethe auditor gathers relevant information that they have gained from the opening conference is used in conjunction with other relevant information about the unit in order to obtain a general overview of operations. He talks with key personnel and reviews reports, files, and other sources of information. This may include information on budgets and strategic plans as well as past audit reports. There are certain risks that the auditor will always review to ensure that they are being adequately controlled and managed these include financial transactions, local risk management and business continuity planning. Internal Control Review All of this information is then used to make a preliminary assessment of the risks and controls for Merami Berhad unit. The auditor will review the units internal control structure, a process which is usually time-consuming. In doing this, the auditor uses a variety of tools and techniques to gather and analyze information about the operation. The review of internal controls helps the auditor determine the areas of highest risk and design tests to be performed in the fieldwork section. In the interests of quality and consistency, the Head of Internal Audit reviews this work and agrees the scope of work to be carried out. Audit Program Preparation of theaudit programconcludes the preliminary review phase. The audit program establishes theproceduresnecessary to complete an efficient and effective audit. It includes a detailed plan of the work to be performed as well as the steps required to achieve the audit objectives. There should be sufficient detail for less experienced staff to perform the steps however it should not be overly detailed whereby it might cause auditors to execute steps routinely and override their judgment. STAGE 2: FIELDWORK Transaction Testing Revenue Cycle Sales procedure and cash receipt transaction are the 2 checking procedures under revenue cycle. Sales Procedure A sales quotation provides a pre-sales processing environment which allows prospective buyers to examine the costs involved for a completion of work. A sales quotation typically consists of information like quantity, item and its description, unit prices and etc. Many businesses cannot have an upfront price for the service they provide. Thus, sale quotation should be provided by companies to its customers to give them an estimate of the cost involved. In addition, a delivery order is written directions from a consignor or shipper of a shipment to a carrier or freight forwarder to release the shipment to the named delivery party in freight-prepaid shipment. It allows direct delivery of goods to the carrier or warehouseman. Invoices are essentially a detailed bill left by vendors and outside supplier for goods or services rendered to a company under sales procedure. The document may be called a Sales Invoice, from the point of view of the vendor, or a Purchase Invoice by the buyer. A typical invoice might list the quantity of each item, prices, billable hours, service description and a contact address for payment. While some expenses may be paid through an accounts payable department by the posted due date. Besides, cash sale can be used in several different contexts. A cash sale has to do with the purchase of goods or services and involves the immediate possession of the new owner, without any delay in time between purchase and assuming full ownership in just about every situation. In the world of finance and in retail situations, people are engage in cash sales on a delay basis, Segregation of duties is critical to effective internal control. It reduces the risk of both erroneous and inappropriate actions. The handling of cash receipts and accounting for such receipt need to segregate. This is to reduce the likelihood that errors will remain undetected by providing an accounting check over the receipt of cash. For example, those who handle cash receipts would not have the authority to prepare or sign cheques, would not have access to accounting records and would not be involved in reconciling bank accounts. If a person has access to both the cash receipts and the accounts receivable records, it is possible for cash to be diverted and the shortage of cash in the accounting records to be covered which can result in theft of the entitys cash. In the other hand, for those who perform sales activity including those who maintain contact with customers and issue sales orders, would not perform any credit approval, billing, shipping, credit memo, cash receipts and a ccounting activities. Cash Receipt Transaction Most business customers pay by cheque or electronically. Cash receipts are only given to acknowledge cash payments; which are rarely made by business customers. Cash register and lockboxes are often used as safeguards here. In order to prevent fraud and error, different employees should be responsible for receiving and recording cash collections here. The purpose of preventing fraud and error is the validity, completeness, timeliness, authorization, valuation, classification, posting and summarization. Its very important to the cash receipt transaction. The auditor can check monthly bank reconciliation to prevent any recorded cash receipts not deposited in order to ensure the validity of the cash receipt transaction. For instance, misstatement in sales that may occur includes fictitious sale being recorded in the account o f a regular customer. Expenditure Cycle There are two checking procedures under expenditure cycle, which are purchasing procedure and cash disbursement transaction. Purchasing Procedure A purchasing transaction normally begins with a purchase requisition generated by a department or support function. A purchasing order is then the purchase of goods or services from a supplier. As soon as the goods and services have been rendered, the entity records a liability to the supplier and pays later. Basically, there are three types of for purchase transactions which are the purchase of goods or services on cash or credit, payment of the liabilities arising from such purchases and return of goods or services. The second type is cash disbursement transaction to clear liabilities resulting from purchase of goods or services. The final type is a purchase return transaction which involves the return of goods previously purchased to supplier for cash or credit. Good segregation of duties must be done in order to prevent embezzlement or any fraudulent activities. Firstly, a purchaser who orders should not be the person who receives goods. This can prevent the purchaser from placing excessive orders and keeping the rest of goods. Next, a person who purchases items should not be the person who writes the cheques for it. This can avoid the person from creating orders and make payments to fictitious companies. Then, the person who writes cheques should not handle the reconciliation. This is because nobody will aware even if he writes cheques to himself or relatives. Cash Disbursement Transaction Cash disbursement can be defined as paying out of funds in a discharge of a debt or expense. Transaction Related Audit Objective (TRAO) is used here to evaluating the existence and quality of controls. The auditors transaction-related audit objectives follow and are closely related to management assertion. That is because the auditors primary responsibility is to determine whether management assertions about financial statements are justified. These transaction-related audit objectives help the auditor accumulate sufficient competent evidence required by the standard of fieldwork and decide proper evidence to accumulate for classes of transactions with a framework. In order to ensure the validity of the cash disbursement transaction, the auditor tests the validity of purchase transactions whether there is any fictitious or non-existent purchases may have been recorded in the clients records. Assets or expenses will be overstated if fraudulent transactions are recorded. As for Completeness, auditor must ensure that purchase that has been made in recorded accordingly. If fail to do so will lead to understating of assets or expenses, and the corresponding accounts payable will also be understated. As for Timing, a timing error occurs if transactions are not recorded on the dates the transaction took place. As for Authorization, the person who has authority to approve purchase should not have access to cash disbursement for the purchase. As for Valuation, appropriate methodology is used to calculate transactions and to review various reconciliations. The valuation of accruals depends on the type and the nature of the accrued expenses. As for Classifications, the major issues related to the presentation and disclosure assertions are identifying and reclassifying any material debits contained in accounts payable. For instance, segregation of purchasing and cash disbursement journal is crucial to ensure that correct amount would be allocated properly. If purchase transactions are not properly classified, assets and expenses will be misstated. As for Posting and summarization, control tools should be used to reconcile vouchers to the daily accounts payable listing or else the daily postings to the purchases journal should be reconciled to the accounts payable subsidiary records. Income Statement or Profit and Loss Account First of all, the auditor should determine and try to find out the major changes or the modification that would affect the normal relationship has been made in the production and sales area. Audit assistant are responsible to handle on detect the significant adjustment in the policies of company that would affect the item stated in the income statement. After analyze on such adjustment to ensure that no material error is found then it will continue proceed to the final stage of the audit section. For example, significant changes in employee benefits might affect salaries and employee compensation and have an effect on the income statement. Other than checking in the income statement of a company, the auditor would also look into the balance sheet on the assets and liabilities. Before the auditor start to work on it, a copy of clients balance sheet should be prepared to working papers. There are procedures of carrying out an audit on assets and liabilities. Auditors should categorize each item in the balance sheet accordingly to the audit checklist. Assets All of these are the components of assets. For Cash in Bank To ensure the information that stated in the column of the balance is complied what it really had in the bank, a confirmation request letter will be sent to all the related bank which the entity had dealing with within the financial period. In addition to get confirm to relevant bank that the balance in the bank of the company, the auditors also can get an opportunity to request the bank to provide other information such as the securities that the company held in the safekeeping. The response from the bank give the company a gold evidence to prove that cash at bank that stated in the balance sheet is complied with the real amount in bank at the balance sheet date. With the cooperation of bank, the confirmation of cash on deposit provides evidence to the existence of cash at bank and as to rights and obligations. If the balance per bank statement is different, bank reconciliation would have to be done by the audit assistants. For Account Receivable A details list of account receivables balances of the customer should be obtain before the auditor and access to the balance. The auditor will trace totals to comparative summary of accounts receivables balance and randomly select customers account from the listing to send itemized statements to get the response or confirmation of the balance. Review the confirmation replies letter from them and test accounts where there are no replies. Keep track with the potential bad debts to be written off, if exist, check the opening balances again. For Inventories When inventory is material to the financial statements, the auditor is required to attend the entitys physical inventory counting unless it is impracticable. Examine clients physical inventories count determine whether the clients counting methods are effective. The purpose of inventory attendance is to enable the auditor to obtain audit evidence regarding the existence and condition of the inventory and consider if there is any obsolescence in it. The auditor may select a sample of inventory items from the client count records and trace them to the perpetual inventory records for checking purposes. For Prepayment expenses Randomly choose the official receipts or documents that can support prepayment expenses and test on it. Then, send conformation letter to conform the amount due. For Non Current Assets The auditor should obtain a list of fixed assets expenses that register under the clients company such as depreciation charges, loss or gain on the disposal of the fixed asset, net book value, revaluation amount and etc. The revaluation done should be back by the evidence or documentation authorized by the professional. Check to invoice and agree to the description, price, date and etc. The physical existence and the condition of the assets should be check and determine whether it is located at companys premises. As for disposal of fixed assets, ensure that there is proper authorization and that profit or loss on disposal is properly recorded. Liabilities For Short Term Notes Payable A bank conformation letter should be sent out to inquire loan balance status of the company. Auditors have to calculate the principal and interest paid to check whether it comply with the figure in the balance sheet. For Long Term Debts Review the loan agreement and direct the attention to the relevant information to acquire the accurate interest charged based on the nominal interest rate calculation and auditor have to be ensuring that the interest rate stated in the income statement same with the result of calculation. For Income Tax Account The documentation of the transaction of the company is required to keep for minimum 7 year required by law. Client is required to show documentation and support for every aspects of companys tax return. For example, if the client claims itemized deductions, receipts for those deductions must be produced. In addition, to justifications for why the taxpayer felt that those deductions were legitimate. Besides that, taxpayers must open their accounting methods to inspection and demonstrate that all of their income was in fact properly documented and claimed on the tax return. This can be done through proper recording and classification for provision for taxation and deferred taxation. Advice Informal Communications As the fieldwork progresses, the auditor discusses any significantfindingswith the client. Hopefully, the client can offer insights and work with the auditor to determine the best method of resolving the finding. Usually these communications are oral. However, in more complex situations, memos and/or e-mails are written in order to ensure full understanding by the client and the auditor. A lot of information is shared via e-mail, of course, but there is more face-to-face conversation.Other than that, I would like to mention for this communication question is language. Most communications with a greater group of people (and formal meetings) are held in English; however it depends a lot on who is speaking if you will understand that person. Also if it is only me and, says, two other Indians, it is very likely that they switch to Hindi or Kannada (local language) without noticing. I then sometimes have to remind them to stay with English. Distinguishing between first and surnames is als o impossible for me, same with deciding if a name is male or female I just have to guess or find some neutral ways to address or ask for people. In particular cases, we may also provide drafts of organizations charts, proposed forms or modifications to forms, financial data or other statistics, or drafts of findings and recommendations that later may be incorporated into the formal audit report. These are all considered informal communications between the auditor and the client. Their purpose is to promote constructive communication and avoid misunderstandings. Our goal: NO SURPRISES. Audit Summary / Financial Monitoring Upon completion of the fieldwork, the auditor summarizes the audit findings, conclusions, and recommendations necessary for the audit report discussion draft. Write a summary memo to document the results of fieldwork. Conclude as to whether the information reported by the state agency in the Section 1512 reports is accurate, reliable, and timely. The audit summary gives an overview of all work done sheets according to their topics. The audit summary template gives the title, the audit number, the topic of the summary and of the work done sheets, and the creation date. In addition to the work done sheets, the audit summary also contains a summary of the observations and findings as well as an overall assessment and conclusion of the audit result. Before writing the audit summary, auditors should agree the working papers on which the summary is based with their audit lead. Working Papers Working papers are a vital tool of the audit profession. They are the support of the audit opinion. They connect the clients accounting records and financials to the auditors opinion. They are comprehensive and serve many functions. The result of audit activities must be documented truthfully, consistently, clearly, and completely, with a comprehensible description of all material details. This involves both the contents of a fieldwork activity and the procedure itself. This documentation of fieldwork activities is referred to as working papers to express its connection with the work results. The basic requirements for proper documentation apply to all types of fieldwork activities, although there are different types of documents, depending on the nature of the audit. In addition to the working papers which are mandatory, other documents can be created as optional extras; they contain information beyond the minimum information requirement. The working papers are an indication of the audit quality in general. This needs to be considered because queries by different groups of addresses or their requests for information may often require access to this documentation. Accordingly, the working papers may serve as discussion or evidence documents, for example for queries from the Board, the unit requesting the audit, Internal Audit Management, the Audit Committee, or the external auditors. The preparation of working papers is subject to certain organizational requirements. Each auditor always has the main responsibility for preparing the documents, both during and immediately after fieldwork. Even though the audit lead and Audit Manager have ultimate responsibility for quality assurance, each auditor has to prepare and maintain the working papers with the necessary attention to detail. Working papers may be compiled by hand or entered directly into a system (which is normally more expedient, because it makes it easier to access the information again). STAGE 3: AUDIT REPORT The third stage of carrying an audit is to prepare an audit report. After all the evidence for each of the item in the financial statement have been collected and proven, the senior audit and the audit assistant is going to check the closing balance amount of the balance sheet and the trial balance with the ledger account whether they are compatible with each other and to ensure that each figure is agreeing with the previous year audit account in order to prepare a working trial balance and the working paper. After this all procedure has been done, our audit assistant will prepare an audit report which expresses the opinion of the auditor, evidence of audit and recommendation for the information improvement. Discussion Draft In order to implement this process, first the auditors will discuss to prepare a draft for internal audit report to outlining the audits work, recommendation for the information that should provided and the timeframe to complete the report. The draft that prepared by the management department will show that who will responsible to implement the job, the action to be taken and the timeline to do the job. After the draft has been discussing, a meeting among the auditor will be held in order to assign the job to the person selected for preparing the report and meanwhile the draft will be sent to the particular auditor. Formal Draft The report will become the final report if the response of the management is integrated with the audit report draft. The important information that present in the report includes the title of the report, the duty of the management and the auditor in preparing the report, the scope paragraph that show the evidence of the examination and the accounting principles use to prepare the report, the opinion paragraph which expresses the opinion of the auditor and whether the financial statement is complying with the statutory requirement and the name, signature and address of the auditor who preparing the report. This is to make sure that if there is any fault present in the report, it is the responsibility of the particular auditor to in charge with the case. Final Report After that, the auditor will present the final report to the audit committee and the copies of the report will sent to the senior auditor, the management department of the audit firm and our client, Merami Berhad to review and get the approval. Client Response In our report, we could include or attached the client response in the audit finding prior to issuance of the final report. The client should highlight how report findings will be determined and include an implementation timetable in the response. However, some managers may likely to make a decision which not to implement an audit recommendation and to accept the risks that might occur with an audit finding. For example, the treasury balances are reconciled monthly instead of reconciled daily. The differences are out of the way and have been controlled since that date. The adjusting entries are made with proper documentation and review. Client Comments In our report, we always include the clients comment on our Internal Audits performance as it is part of the Internal Audits self-evaluation program. The feedback has proven to be very beneficial to us as we improve our procedures due to clients suggestion. STAGE 4: FOLLOW-UP Followed-Up Review These required certain actions taken to resolve the audit report findings may be tested to ensure the desired result were achieved. For each item included in the follow-up, review status information provided by management to determine if information addresses all parts of finding and if a corrected date or revised due date has been provided. During this stage, we will contact unit management to obtain any missing information. We also evaluate action reported as taken in response to each finding to see whether the finding has been satisfactorily corrected. If necessary, develop audit tests to prove that the finding has been corrected based on the nature of the finding and responses. The Director of Internal Audit or the auditor in charge of the follow-up review will prepare a memorandum for senior management that notifies them that audit activities are underway and describes the follow-up process. This memo should include timeframes for the project, a copy of the outstanding findings relating to areas reporting to that senior manager, a request that they distribute the findings to these areas and ask the managers to provide Internal Audit with the information requested, a statement that these comments were previously distributed as part of an audit report or close-out letter, and notification that the results will be reported to the Chancellor and Board of Trustees. Followed-Up Report In the follow-up report, it lists all of the actions taken by the client to resolve the original report findings. Unresolved findings will also appear in the follow-up report and will include a brief description of the finding, the original audit recommendation, the client response, the current condition, and the continued exposure to board of company. A discussion draft of each report with unresolved findings is circulated to the client before the report is issued. The follow-up review results will be circulated to the original report recipients officials as deemed appropriate.

Computer Networks And The Domain Name System Information Technology Essay

Computer Networks And The Domain Name System Information Technology Essay Also popularly known as DNS which is the abbreviation for Domain Name System is a hierarchical naming system and an internet service that translates domain names into IP addresses. Alphabetic nature to these domain names makes us easier to understand while IP address with numbers and points can be difficult to remember. But Ultimately IP address is needed on the internet, therefore the DNS service translates the domain name into the corresponding IP address every time we use the domain names. Example: If the Domain name is www.example.com It contains the domain name example.com It might translate to:- 198.105.232.4 The emails address also carries the domain name such [emailprotected] How important is Domain Name Server to the Internet? It wont be wrong if we say that Internet would shut down very quickly without DNS, it is by far the largest, most active and efficient distributed databases in the planet. Domain name servers, or DNS, are an incredibly important but completely hidden part of the internet. If we spent any time of internet surfing, sending mails we are actually using domain name servers without even realizing it. Importance of DNS: The Domain Name System was Created in 1983 by Paul Mockapetris . It is the domain name system through which the World Wide Web, hyperlinks and internet contact information remain consistent and constant even if the arrangement of internet routing changes or the person uses another device such as mobile. People take advantage of this technique when they use meaningful Uniform Resource Locators (URLs) and e-mail addresses without having to know how the computer actually locates them/translates them, making it a hidden feature on the internet. DNS Server: Domain Name Server is a server that stores the DNS records, such as:- address (A) records, name server (NS) records, mail exchanger (MX) records for a domain name And then responds with answers to queries against its database. The Mechanism! The Domain Name System is basic requirement for the internet as it provides a worldwide, distributed keyword-based redirection service. The Domain Name System also stores other types of information, such as the list of mail servers that accept email for a given Internet domain. Domain Name System distributes the responsibility of assigning domain names and mapping those names to IP addresses by designating authoritative name servers for each domain. Authoritative name servers are assigned to be responsible for their particular domains, and in turn can assign other authoritative name servers for their sub-domains. This mechanism has made the DNS distributed and fault tolerant and has helped avoid the need for a single central register to be continually consulted and updated. The Domain Name System also defines the technical underpinnings of the functionality of this database service. For this purpose it defines the DNS protocol, a detailed specification of the data structures and communication exchanges used in DNS, as part of the Internet Protocol Suite. Domain Name Formulation: Domain name is divided into one or more parts, which is technically called labels that are conventionally concatenated, and delimited by dots, such as example.com The right most labels tell us the top-level domain like in www.example.com belongs to the top level domain com. The hierarchy of domains descends from right to left; each label to the left specifies a subdivision, or subdomain of the domain to the right. For example: the label example specifies a subdomain of the com domain, and www is a sub domain of example.com. This tree of subdivisions may consist of 127 levels. Each label may contain up to 63 characters. The full domain name may not exceed a total length of 253 characters. In practice, some domain registries may have shorter limits. DNS names may technically consist of any character representable in an octet. The characters allowed in a label are a subset of the ASCII character set, and includes the characters a through z, A through Z, digits 0 through 9, and the hyphen. This rule is known as the LDH rule (letters, digits, hyphen). Domain names are interpreted in case-independent manner. Labels may not start or end with a hyphen . A hostname is a domain name that has at least one IP address associated. For example, the domain names www.example.com and example.com are also hostnames, whereas the com domain is not. Operations: Before understanding the Operation first we should know what is DNS Resolver, it is the client-side of a DNS. It is responsible for initiating and sequencing the queries that ultimately lead to a full resolution (translation) of the resource sought, e.g., translation of a domain name into an IP address. Now lets focus on the Operation which uses the address resolution mechanism in which Domain name resolvers determine the appropriate domain name servers responsible for the domain name in question by a sequence of queries starting with the right-most (top-level) domain label. The process entails: 1. A system that needs to use the DNS is configured with the known addresses of the root servers. This is often stored in a file of root hints, which are updated periodically by an administrator from a reliable source. 2. Query one of the root servers to find the server authoritative for the top-level domain. 3. Query the obtained TLD DNS server for the address of a DNS server authoritative for the second-level domain. 4. Repeating the previous step to process each domain name label in sequence, until the final step which would, rather than generating the address of the next DNS server, return the IP address of the host sought. Protocol details: DNS primarily uses User Datagram Protocol (UDP) on port number 53 to serve requests. DNS queries consist of a single UDP request from the client followed by a single UDP reply from the server. TCP protocol which stands for Transmission Control Protocol is used when the response data size exceeds 512 bytes, or for tasks such as zone transfers. Conclusion: Doing the Research for this term report I was able to know about the DNS which is essential part of the internet functionality but is hidden from us, it has made our life easier as we dont need to remember the IP address and we just have to recite the alphabetical name and DNS itself translates it to the IP address. This Mechanism has surely made things more easier and efficient.

Herman Melvilles Billy Budd - Innocence is More Important that Wisdom :: Billy Budd Essays

Herman Melville's Billy Budd - Innocence is More Important that Wisdom  Ã‚  Ã‚  Ã‚  Ã‚   In Billy Budd, the author, Herman Melville, presents a question that stems directly from the original sin of ouAdam and Eve: Is it better to be innocent and ignorant, but good and righteous, or is it better to be experienced and knowledgeable?   Through this work, Billy Budd,Melville is telling us that we need to strike some kind of balance between these two ideas; we need to have morality and virtue; we need to be in the world, but not of the world.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To illustrate his theme, Melville uses a few characters who are all very different, the most important of which is Billy Budd.   Billy is the focal point of the book and the single person whom we are meant to learn the most from.   On the ship, the Rights-of-Man, Billy is a cynosure among his shipmates; a leader, not by authority, but by example.   All the members of the crew look up to him and love him.   He is "strength and beauty.   Tales of his prowess [are] recited.   Ashore he [is] the champion, afloat the spokesman; on every suitable occasion always foremost"(9).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Despite his popularity among the crew and his hardworking attitude, Billy is transferred to another British ship, the Indomitable.   And while he is accepted for his looks and happy personality, "...hardly here [is] he that cynosure he had previously been among those minor ship's companies of the merchant marine"(14).   It is here, on the Indomitable that Billy says good-bye to his rights.   It is here, also, that Billy meets John Claggart, the master-at-arms.   A man "in whom was the mania of an evil nature, not engendered by vicious training or corrupting books or licentious living but born with him and innate, in short 'a depravity according to nature'"(38).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Here then, is presented a man with a personality and character to contrast and conflict with Billy's.   Sweet, innocent Billy immediately realizes that this man is someone he does not wish to cross and so after seeing Claggart whip another crew-member for neglecting his responsibilities, Billy "resolved that never through remissness would he make himself liable to such a visitation or do or omit aught that might merit even verbal reproof"(31).   Billy is so good and so innocent that he tries his hardest to stay out of trouble.   "What then was his surprise and concern when ultimately he found himself getting into petty trouble occasionally about such matters as the stowage of his bag.

Sorting Through the Terms :: Technology Electronics Essays

Sorting Through the Terms With new technological advances everyday, and variety of features on competing products, it is difficult to decide which make or model of a product to buy. The average consumer is overwhelmed with information provided by the manufacturers and retailers. Digital video cameras are a great example of a product with constantly changing features that often leave potential buyers confused and paying for features they will not use. Terms like Hi-8, stabilizer, mega pixels, or LCD screen size get lost in the mix. By breaking down the various features, and how much they affect the final product, can help consumers maximize their dollar. Once gaining a better understanding of how the various features affect the performance, the perspective buyer can compare cameras and make a more informed decision. After a brief description of some of the more important features on these video cameras, I am going to look at two similar cameras, the GR-D93US by JVC and Panasonic’s VDR-M50. These are similarly priced, but differ somewhat in the technology. The first thing to consider when purchasing any new electronic is what the intended use is. Many people want a camera to archive memories. Some are interested in recording and editing the video into a more sophisticated film---possibly for company promotions or very low-budget films. A select few may have a serious interest in this area and want to put quite a bit of money into this, but for our purposes, we will assume not. There are hundreds of models out there which can range from $300 to over $3000, but the truth is the average person is not in the market for the high-end camera, so we will look at the more popular hand-held cameras and what effect all the features have on the price. Digital Zoom vs. Optical Zoom: The numbers associated with zooms can often be misleading. Advertisers try to entice the buyer with large digital zooms, when in fact these numbers should not impact your decision. With simple computer editing, a digital zoom can be achieved, and in fact using the digital zoom on the camera can often make the video quality worse. The important quality to consider with zoom is the optical zoom. This describes the amount that the actual lens can zoom in on the subject.

The Black Lace Fan my Mother Gave me Essay examples -- English Literat

The Black Lace Fan my Mother Gave me Commentary on â€Å"The Black Lace Fan my Mother Gave me† by Eavan Bolland The Black Lace Fan my Mother Gave me by Eavan Bolland reflects on the last of a love life of a couple during pre-war Paris using a symbol, a ‘Black Lace Fan’. Bolland achieves this through the use of weather imagery, the changing of his tense from past to present, and using literary features such as simile, metaphor, personification and repetition. In the first stanza of the poem, Bolland disconcerts the reader by using the diction â€Å"it† twice, though representing different things. The first ‘it’ represents the lace and the second ‘it’ is used to substitute the climate of the setting. â€Å"It was stifling. /A starless drought made the nights stormy.† This quotation starts building up the tension in the reader’s mind because of the suffocated feeling the poet creates by mentioning the word â€Å"stifling† in a short sentence that creates a frustrated tone. The metaphor describing the stormy night also produces a sense of insecurity through the weather imagery by expressing anxiety through contradicting dictions like â€Å"drought† and â€Å"stormy†. The first two lines of the second stanza have a repetition of the word â€Å"they† as the first word of each line. This repetition is used to create a rhythm and to describe the routine of the man and woman meeting in cafes and the woman always being early. â€Å"They met in cafes. She was always early. / He was late. That evening he was later. / They wrapped the fan. He looked at his watch.† The syntax of this quotation produces a tone that is frantic because the sentences are short and the reader tends to read that part of the poem fast, and with a jerk at the middle of each... ... express that the man was lost and was unheard of, though what happens to the man next is left to the reader’s imagination. The last stanza completely changes subject and describes the actions of a blackbird in a summer morning. The weather once again is a factor in this poem and the climatic conditions are described using the diction â€Å"sultry† and â€Å"heat†. The last sentence, â€Å"Suddenly she puts out her wing – the whole flirtatious span of it† is a personification that is used to express the symbolism of the black lace fan. Finally, this poem reflects upon the story of a loving couple and the significance of the black lace, in the woman’s life, who loses her man. The poem is expressed by the use of weather imagery, the changing of tenses from past to present, and also the use of literary features such as metaphors, simile, personification and repetition.