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.