Methods of Research Paper Example | Topics and Well Written Essays - 3250 words

Methods of - Research Paper Example Approximately 76% of firms in different geographical areas use social networking to achieve their marketing strategy. Retailers have achieved 133% increases in profit through the mobile market and thus they promote social media. An approximated 40% of United States shoppers usually use their Smartphone to buy products online and thus becoming a need than a want. There is a gap that exists while investing in social media marketing. Messages are shared in the social network concerning the brands and services offered by a certain firm and thus they are passed from user to user. This means that the company only posted once in the site for example, in the Facebook which has millions users. The messages and images of the brands are available to the third person without his or her request that he or she wants the brands but they are going to be posted. This means that the firm that posted the brands once does not need to keep on monitoring who has been interacting with their site. Through t he use of social media they can use the strategy of winning a prize or the first individual who can share and like the brands in the firm can win a prize or get the brand of his or her choice at a discounted rate. This is a gap that many companies have never thought about it but play a significant role in social media marketing. Based on the research done by Mangold and Faulds (2009), though investing in social media is costly, it plays a significant role in marketing for example, brand awareness is attained. Social media is a tool that creates competition in the market since different companies use the technology to advertise their products through such media. For example the use of Facebook, YouTube, twitter, Google and LinkedIn among others. One of the notable aspects to note while educating an individual who want to use social media marketing is that it is generally expensive. However, in reality it plays a significant role in making sure that awareness of the

Laws and policies affect family life Essay Example for Free

Laws and policies affect family life Essay â€Å"Examine the ways in which laws and social policies affect family life† To start with a social policy is an initiative or plan that the government would put in place to try and fix a problem or to make a positive change in society. Various political and social groups have different opinions on social policies, for example in the UK conservatives are very right wing and as of the moment Mr Osborne is proposing to save  £10billion by making cuts across the board in its welfare fund. The Labour party however would be unlikely to make such drastic cuts if they were in office. This essay will explore marriage and divorce, the welfare state and domestic abuse policies. Marriage affect many families, the government has a number of laws to control people behaviour inside marriages for example marriages must be monogamous (You can only be married to one person at a time) Governments tend to encourage marriage as they believe the nuclear family is the ideal environment to bring up children, couples receive tax credits and other benefits this also discourages divorce, Marxists would believe that this is the governments way of supporting capitalism, by encouraging people to marry it means they remain a productive asset that they can continue to exploit. The new right would agree that the nuclear family is the best place to bring up a family but would not want to give tax credits or any other financial encouragement as they believe that its best to keep out of peoples affairs. Feminists would feel this is another way of oppressing women, by using financial means to discourage divorce the women may feel as though they are trapped in the relationship especially if they have to support outside the family. Divorces where first made legal in 1857 although at that time they where incredible hard to get however changes in divorce laws in the late 1960s made divorces much easier and since then divorce rates have been steeply rising. Functionalists and the New Right think that divorce is a bad thing and believe once there is marriage between two people this marriage should be permanent. Both perspectives see males and females as having different roles in the family, the male – earns the wages and the woman – Cares for and brings up the children on top of the housework whilst the man is working. These perspectives, believe that this is the right way for the family to be and that single parent families are wrong because they have not got one of the parental figures around, they feel single parent families are wrong because they lack the support you get from having 2 adults. Feminists  would disagree with this view and would say that women are exploited by men, both in the workforce and at home, and seen as figures in relationships who are there to please men’s needs after being at work. Marxist Engels states â€Å"The housewifes position is one of glorified prostitution Engels (1902)† Feminists see this as one explanation to the dramatic increases of divorce, they say women don’t want to be in a relationship where they are exploited. Feminists also believe that the government offer benefits that are not available to different types of couples such as cohabiting couples; they see this as the government’s way of encouraging marriage and discourage any other ways of living they feel this is causing less people to have a divorce even though they may not be happy. Welfare state, the welfare state is the system where benefits are given to those who are entitled or qualify for them, for example the job seekers allowance where the government gives you money if you are searching for a job. Marxists see this as supporting capitalism because if the proletariat are working for the bourgeoisie they are being actively exploited by being grossly underpaid for the services. This happens because the Bourgeoisie own the means of work. The welfare state appease the poor and makes the Proletariat feel as though they are being well treated but its just a smoke screen to stop them seeing the bigger picture, Its a tool used by the government to prevent class consciousness and revolution. The new right disagrees with this view and in fact sees it a weakening the family because they feel the families become over reliant on the generous benefits the welfare state grants them new labour although it has similar views as new right feels that the welfare system is a good way to support and encourage young people to work. Feminists have the independent view that the benefit system only supports the patriarchal nuclear family and neglects all other forms of family. When men get benefits they feel this weakens the women’s position because the man is in control of his wages and the benefit. However feminists also feel the benefits women do get â€Å"more maternity leave† and â€Å"control of child benefits† are trying to cement the view that women should be staying at home and looking after the children. The government has laws that are designed to protect all members of the family from domestic abuse, this is achieved by social services taking children out of dangerous families or the police will remove the violent family members, there are also various programmes and  counselling available to try and fix family problems to maintain stable family life. It is hard to depict how successful theses measures are as many domestic abuse cases go unreported due to fear, embarrassment and love. So even though the government provides services such as counselling and social services its unlikely we will ever know the true extent of domestic abuse because we don’t know what goes on behind closed doors. Liberal Feminists would believe that the safeguards put in place are a step forward to protecting women however Radical feminists would feel that it was not enough and moor should be done to help protect women. Marxists are not opposed to sanctions put in place to help protect the family. To conclude i would say social policies effect families in positive and negative ways, while the new right believe that social policies should favour the nuclear families while feminists and Marxists feel that the government need to recognize other family types such as cohabiting couples and gay couples and make laws which benefit them.

Societys Reactions To Walden :: essays research papers

When Walden was published during the nineteenth century, the reactions of people were exceedingly different than they are of modern society. These reactions were towards every aspect of Thoreau and altered with every change in time. The foremost reactions toward Henry David Thoreau occurred when he went to live on his own at Walden Pond. As strange as it may seem, some critics think that Thoreau’s choice to live at Walden Pond was simply because he was a hermit. However, his sheltered life was the result of his brother’s death, which promoted Henry to go to Walden Pond (Life 1). Henry explains in Walden, â€Å"I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived† (Life 1). As anyone may obviously see, Thoreau did not choose a life on the pond simply because he was a hermit. He left his nearby town of Conco rd for the life at the pond on July 4, 1845, which was Independence Day (Life 1). By leaving for Walden on July 4th Independence Day, Henry would have spent his first full day at Walden Pond on the anniversary of his brother’s birthday (Life 1). Although many believe Henry was a recluse, Henry was no stranger to society while he lived at the pond (Life 1). As he himself said, â€Å"I had more visitors while I lived in the woods than at any other period in my life; I mean that I had some† (Thoreau 119). These visitors Henry had at the pond included both his family and his friends, who he had, frequent dinners with (Life 1). The reactions of the people during Thoreau’s time were very diverse, some were positive while others were negative. John Burroughs was one of the few people who wrote frequently on Thoreau. He points out quite rightly that Thoreau was more interested in natural philosophy than natural science (Harding 87). In later years he forgot that and devoted most of his criticism to pointing out Thoreau’s many errors in scientific identification of species, and thus lost the broader concept of Thoreau’s work (Hendrick 87). Meanwhile, the reactions of Thoreau’s neighbors weren’t all that bad. In Thoreau’s Journal, Thoreau states, â€Å"How I love the simple reserved countrymen my neighbors who mind their own business and let me alone who never waylaid nor shot at me to my knowledge when I crossed their fields though each one has a gun in his house† (Harding 47).

Malaysia Airlines Essay

Malaysia airlines:   what they did in real life and outcome performance after their adjustment and solution? Malaysia Airlines reduces fuel costs Malaysia Airlines reduces fuel costs on 40 aircrafts, including their A380 fleet, with SITA’s FMS Wind Uplink service. Flight Management System (FMS) calculations are constantly updated by the new service, therefore the airline can adjust flight plans easily owing to adjusting wind and weather conditions. The system also let the aircraft using fuel more cost effectively. From trials results, Wind Uplink saved of up to 600 kilograms of fuel within one flight. Captain Izham Ismail, Director of Operations for Malaysia Airlines, said: â€Å"This new service from SITA delivers savings straight away. We have already trialed SITA Wind Uplink with great success in reducing our fuel costs. It has also helped improve our final fuel on board predictions and made our estimated time of arrival predictions more accurate. We are experiencing real business benefits following introduction of this service at Malaysia Airlines.† Katrina Korzenowski, Director, Aircraft Services, Asia Pacific, SITA, said: â€Å"Wind Uplink enables airlines to take advantage of beneficial changes in weather so crews can bring flights in on time and on budget, reducing fuel costs whenever possible. Due to high fuel prices, we anticipate increased demand for Wind Uplink in the future and are already in discussions with many other potential customers. In addition, because Wind Uplink is packaged as a single service, it can be up and running in just a few hours for SITA Flight Briefing Service and AIRCOM Datalink customers—without any capital expenses.† Resources http://www.sita.aero/content/malaysia-airlines-reduce-fuel-costs-with-sita-s-wind-and-weather-service Etihad presents solution to MAS Etihad developed a track record of partnership and investing with MAS. The reason is MAS would provide Etihad a stronger offline network in Southeast Asia. Etihad put its code on Garuda-operated flights in five offline Indonesian destinations from Jakarta to Singapore. MAS can also provide Etihad connection to Indonesia. Indonesia is the second largest international market for MAS. During the limited code share, Kuala Lumpur-Bali is also one of seven MAS-operated routes covered. http://centreforaviation.com/analysis/malaysia-airlines-considers-tie-up-with-etihad-as-restructuring-process-slowly-begins-172934

Apple International Marketing Essay

1. If you would be working for Apple (Ipad or Iphone) what strategies would you pursue in order avoid situation like what is happening today to Nokia Apple Inc. has already had a spectacular break-through in the technological race when it firstly released Iphone in 2007. Since when, there was a revolution in the technology field especially, in the Personal Computer (PC) industry involves: smartphone and tablet computer. If I worked for Apple Inc., in order to retain as well as to enhance the position of Apple in Today’s market, I would apply, deploy and develop the Relationship marketing with â€Å"Differentiation† strategies based on 4P includes: Product-Price-Promotion-Place. Product Firstly, people have to admit the truth that the present success of Apple was built on the brilliant products. Compared to Nokia, Apple already created a key competitive advantage that raises company to a new level. The failure of Nokia was a cost lesson for others mobile phone manufacturer in the world. The main reasons leading Nokia to this moment situation is company already missed a valuable opportunity in smartphone revolution as well as its products. Even though, later on Nokia unveiled smartphone Lumia but it did not satisfy the consumers’ demand and expectation. Nokia product’s designs are not attractive and fashionable as Iphone. In addition, the products are outdated interface, lack of applications and outdated technologies compared to Apple’s products. Consequently, Nokia loose its leading brand value in the mobile phone industry. Meanwhile, Apple realized and took that opportunity then turned it into huge success. Hence, Apple should continue the product differentiation strategy. It mainly focuses on investing more in creating and developing the new and innovative technologies, which are totally different from competitors’. The products should be usually updated and upgraded in both its particular outlook (thinnest, most lightweight, unique, fashionable and outstanding) and functions (convenient, ease-use, support applications and service etc.). This is the only way to make company continue keep its crown as innovator in the intensive technological competition. Price Secondly, despite the Apple is assessed as â€Å"the tech industry’s high-price leader† with Premium price, people are still willing to purchase its products at a particular price. The main point is price set based on the â€Å"product Differentiation strategies†. Therefore, in order to exist and grow in the price war, the company not only retain the same price strategy but also use more the pricing Skimming and Reference strategies: launching a same product line but in different price points depending on the features and drive capacities. It may be better for Apple than using the penetration pricing strategies by suddenly decreasing the price to expand or approach new market. Promotion In order to get the large impact from media and society, one key in the Apple’s marketing is its traditional promotion strategies by creating hype and excitement before the launch of products. Apple is considered as â€Å"Phenomenon† and each marketing communication relating to â€Å"Word of mouth† created huge impact on consumer behavior. Organizing significant campaigns with special slogan to introduce and get emotional response about the new products, which concentrate on the consumer psychology: the curiousness, self-esteem, desire and passion in new technologies Place Finally, expanding and opening new multi-distribution channels with high sales volume (retail store chain and online sales). Simultaneously, more creating the strong relationship with worldwide retail partners. In conclusion, Relationship Marketing based on â€Å"Differentiation strategies† focusing on customer retention and satisfaction, which in order to enhance, increase customer loyalty and sustainable development. Apple Inc. has to understand the market dynamic to keep its track as market driven by inventing the unique and creative product lines as well as innovation technology. 2. On the other hand, if you would be working for a competitor of Apple (Tablet or mobile), what strategies would you adopt in order to compete against Apple Apple (Iphone and Ipad) is considered as the biggest rival in the PC industry of Samsung (Galaxy S), Nokia (Lumia), Google (Nexus), Amazon (Kindle Fire). Even though, Apple has been dominating the PC industry but its target market selection is â€Å"Market specialization†. The weakness of Apple is the limited market share because of the premium price and most Apple content can only run on its selected devices. If we are competitors of Apple, we can use the Apple’s strategies to compete against it. It means we should also apply the â€Å"Differentiation strategies† to provide more perceived value to consumer. Every time, Apple releases new product or any application, we might prepare to create and unveil our amazing different products with adding more value proposition. Take for instances, to accompany with product, we can offer new innovative or free (or low cost charge) applications, software, movies, TV shows, games, e-books, cloudy computing or even more drive capacity etc. Although, we do not have as strong customer loyalty as Apple has, our competitive advantage is offering the same product’s quality with a competitive price which is less than Apple’s but still not too low to confirm our position in the market. In addition, as some Apples’s competitors (eg: Kindle of Amazon) did, they used the bundle pricing strategies combine two or more products and sell these at a reduced price or offer programs: buy once but easy to access content on other devices ipad, iphone, tablets . Then little by little getting the expansion international scale with â€Å"Full market coverage† (different product lines suitable for every customers) through different market entries, distribution channels and marketing communication campaigns. 3. Make a SWOT analysis for Apple (Ipad and Iphone) Apple’s SWOT analysis a. Define what are the biggest threats and opportunities for Apple in the future Threats Nowadays, the high technology industry seems to be in the â€Å"Saturation† but in the future, people still believe there would be remarkable changes. In the future, the most threats that Apple may face is the intensive and high level in technology competition. The threats might be coming from both existing and emerging competitors. The growing in the market share leads to the consequence that there growth in perception and needs/demands of customers. In addition, there are more and more counterfeit and fake products overflowing market that affect directly to the company image and sales. If Apple cannot find the solution, soon company is surpassed by others competitors. Opportunities: Ranking as a top leading innovator brings many open-opportunities for Apple. The biggest opportunity of Apple is changes in technology offer new and innovative products. The company can even get and deploy from the outsourcing for its research and development. Creating the technology revolution and changing desire of information age affecting to most generations. As one of the most famous philosophies of strategic marketing pioneer – Regis McKenna: â€Å"Markets for new innovative products do not exist, they have to be created, and defined†. Therefore, creating and expanding the product/service lines by Apple could help them define its market, raise sales and increase their product portfolio. b. Define what are the biggest strengths and weaknesses of Apple today Strengths In 2012, this is the second time when Apple is ranked the world’s most valuable brand according to â€Å"The 2012 BrandZ Top 100 Most Valuable Global Brands†. It is said that the Apple’s brand success is driven by three elements confidence, competence and customers. Might be the reason why people purchase Apple’s product because they just care about its brand and image. As the David Haigh stated in the annual report on the world’s most valuable global brands: â€Å"Brands are the most valuable assets in business today. They drive demand, motivate staff, secure business partners and reassure financial markets. Leading edge organizations recognize the need to understand brand equity and brand value when making strategic decisions† – David Haigh, CEO, Brand Finance plc. Apple is successful in creating its identity and emotional branding that all most the whole world can recognize. Long term brand building will engage consumers on a variety of touch points that create the high loyalty. Weaknesses Entering the Niche market with the premium price strategies, which can considered as Apple’s weakness. The price wars between competitors will also affect to Apple’s profits. Moreover, the company’s target market selection is â€Å"Market specialization† then it quite limits the market share cause products provided by Apple meet the demand of middle/ upper class and people are interested in innovation technology. Reference Mr. Francois Simon’s lecture and materials http://www.tutor2u.net/blog/index.php/business-studies/comments/nokia-and-strategic-change-the-essential-a2-business-case http://theapplephenomenon.blogspot.fi/ http://www.brandfinance.com/images/upload/bf_g500_2012_web_dp.pdf http://www-sul.stanford.edu/mac/mckenna.html http://www.wpp.com/wpp/press/press/default.htm?guid={92b52c53-fc68-45e0-aaea-34fe6fbd769b} http://www.amazon.com/gp/feature.html?ie=UTF8&docId=100071977 http://www.saleschase.com/blog/2012/04/03/little-known-secrets-of-apples-pricing-strategy/ http://www.saleschase.com/blog/2012/03/13/the-best-of-apples-marketing-strategies/ http://blog.openviewpartners.com/apples-marketing-strategy-history-repeats-itself/ http://blogs.gartner.com/eric-knipp/2009/09/28/cost-leadership-and-differentiation/ http://www.slideshare.net/kaushiik10/apple-inc-marketin-and-distribution-strategy

Water of Crystallization Definition

Water of Crystallization Definition Water of crystallization is  defined as water that is stoichiometrically bound into a crystal. Crystal salts containing water of crystallization are called hydrates. Water of crystallization is also known as water of hydration or crystallization water. How Water of Crystallization Forms Many compounds are purified by crystallization from an aqueous solution. The crystal excludes many contaminants, however, water can fit within the crystalline lattice without being chemically bonded to the cation of the compound. Applying heat can drive off this water, but the process typically damages the crystalline structure. This is fine, if the goal is to obtain a pure compound. It may be undesirable when growing crystals for crystallography or other purposes. Water of Crystallization Examples Commercial root killers often contain copper sulfate pentahydrate (CuSO4 ·5H2O) cyrstals. The five water molecules are called water of crystallization.Proteins typically contain even more water than inorganic salts. A protein may easily contain 50 percent water. Water of Crystallization Nomenclature The two methods to denote water of crystallization in molecular formulas are: hydrated compound ·nH2O - For example,  CaCl2 ·2H2Ohydrated compound(H2O)n - For example,  Ã‚  ZnCl2(H2O)4 Sometimes the two forms are combined. For example, [Cu(H2O)4]SO4 ·H2O may be used to describe the water of crystallization of copper(II) sulfate. Other Solvents in Crystals Water is a small, polar molecule that is readily incorporated into crystal lattices, but its not the only solvent found in crystals. In fact, most solvents remain, to a greater or lesser extent, in the crystal. A common example is benzene. In order to minimize the effect of a solvent, chemists typically try to remove as much as possible using vacuum extraction and may heat a sample to drive off residual solvent. X-ray crystallography can often detect solvent within a crystal. Sources Baur, W.H. (1964) On the crystal chemistry of salt hydrates. III. The determination of the crystal structure of FeSO4(H2O)7 (melanterite) Acta Crystallographica, volume 17, p1167-p1174. doi:10.1107/S0365110X64003000Greenwood, Norman N.; Earnshaw, Alan (1997). Chemistry of the Elements (2nd ed.). Butterworth-Heinemann. ISBN 0-08-037941-9.Klewe, B.; Pedersen, B. (1974). The crystal structure of sodium chloride dihydrate. Acta Crystallographica B30: 2363–2371. doi:10.1107/S0567740874007138

The Apprenticeship of Duddy Kravitz--Words or Whip Essays

The Apprenticeship of Duddy KravitzWords or Whip Essays The Apprenticeship of Duddy KravitzWords or Whip? The whip that a lion-tamer uses is the single most important tool that will assists him in successfully taming the lions. To demonstrate his point clearly to the beasts, he must thrash the lions with his blood-sucking whip whenever they perform an incorrect act. This is the only way that he can communicate with these low-intelligence animals, because lions cannot even understand the most indecent word in the English language. But as for humans, most of us are able to understand the language that the people around us speak. Therefore whipping, caning, strapping, or any kind of corporal punishments are not necessary they are reserved for animals only. Not too long ago, teachers at school and parents at home use various forms of corporal punishment on their students and children there are also several techniques associated with each of them. But as our society becomes more civilized, these savage acts are now looked upon with disdain and contempt. What used to be considered as corporal punishment is now considered as physical abuse. It should be thought of that way long ago. Physical abuse as penalty surely works. It arouses resentments and bitterness, but it works. If a student does something wrong and gets a whipping for it, he or she will cease doing the same erroneous act again. Though it will not change the way he or she thinks, but it WILL work. The student will not understand why he or she should not behave in that particular manner, and will continue to think that he or she is right, but physical abuse can stop them from doing it again it definitely works. But in long-term, some people are inclined to rebel against the authority who impose corporal punishments on them. Once they can overpower the authority, they will challenge their masters. Others, like Duddy Kravitz, they get used to their punishments and cannot care less for them. Duddy gets strapped so often that he virtually asks Mr. MacPherson for it. "So when he led Duddy Kravitz into the Medical Room that afternoon, breaking with a practice of twenty years, the actual blows were feeble, and it was Duddy who emerged triumphant, racing outside to greet his classmates." Duddy also excitedly announced to his peers: "Hey, look! Look, jerkos! Ten on each. Mac strapped me. Mac, of all people." Obviously, Duddy is no longer intimidated by strapping. Strapping or any kind of corporal punishment is not an effective way to change human behaviour because it simply cannot change peoples minds. Humans, unlike animals, should be taught with words. If a student has done something wrong, instead of giving him or her a good strapping, a nice little chat would be more appropriate. The teacher must make the student understand what he or she has done and why it should not have been done. The teacher must make the student feel that he or she is wrong. That way, the awful act is unlikely to recur. Mr. MacPherson should be praised for his virtue of not strapping any boy. It is very good of him to understand the futility of corporal punishments. It is quite unfortunate that he gives up this virtue when finally can not stand the pressure of his wifes death and Duddys agitation.

How to Say And in Mandarin

How to Say And in Mandarin Some English words have several possible Mandarin Chinese translations. Knowing when to use the correct word is one of the main challenges for both beginner-level Mandarin students and professional translators alike. For example, the English word for can has at least three possible Mandarin translations: èÆ' ½ (nà ©ng), Ã¥  ¯Ã¤ » ¥ (kÄ› yÇ ), and ä ¼Å¡ (huà ¬). Another English word with multiple translations is â€Å"and.† You may think that there can be no possible variations for and, but there are many different meanings for this word. It depends on the subtle nuances of the speaker or writers meaning or the context in which this conjunction is used. Joining Nouns In sentences that combine nouns or noun phrases, there are three ways to say and. All three of these connectors are interchangeable and commonly used. They are: Hà ©Ã¢    : å’Å'Hn⠁   : å’Å'GÄ“n⠁   : è ·Å¸ Note that hà © and hn use the same character. The hn pronunciation is most commonly heard in Taiwan. The example sentences are given first in English, followed by a transliteration in Chinese called  pinyin,  a Romanization system used to help beginners learn Mandarin. Pinyan  transcribes the sounds of Mandarin using the Roman  alphabet. Pinyin is most commonly used in Mainland China for teaching school children to read and it is also widely used in teaching materials designed for Westerners who wish to learn Mandarin.  The sentences are then listed in Chinese characters in traditional and simplified forms where appropriate. He and I are colleagues.WÇ’ hn tÄ  shà ¬ tà ³ngshà ¬.我å’Å'ä »â€"æ˜ ¯Ã¥ Å'ä ºâ€¹ Both pineapple and mango are good to eat.Fà ¨nglà ­ hà © mngguÇ’ dÃ… u hÄ›n hÇŽo chÄ «.(traditional form) é ³ ³Ã¦ ¢ ¨Ã¥â€™Å'芒æžÅ"éÆ' ½Ã¥ ¾Ë†Ã¥ ¥ ½Ã¥ Æ'(simplified form) å‡ ¤Ã¦ ¢ ¨Ã¥â€™Å'芒æžÅ"éÆ' ½Ã¥ ¾Ë†Ã¥ ¥ ½Ã¥ Æ' She and mom went for a walk.TÄ  gÄ“n mÄ ma qà ¹ gung jiÄ“.Ã¥ ¥ ¹Ã¨ ·Å¸Ã¥ ª ½Ã¥ ª ½Ã¥Å½ »Ã©â‚¬â€ºÃ¨ ¡â€"Ã¥ ¥ ¹Ã¨ ·Å¸Ã¥ ¦Ë†Ã¥ ¦Ë†Ã¥Å½ »Ã©â‚¬â€ºÃ¨ ¡â€" This pair of shoes and that pair of shoes are the same price.Zhà ¨ shuÄ ng xià © gÄ“n n shuÄ ng xià © jiqian yà ­yng.這雙鞋è ·Å¸Ã©â€š £Ã©â€ºâ„¢Ã©Å¾â€¹Ã¥Æ' ¹Ã©Å' ¢Ã¤ ¸â‚¬Ã¦ ¨ £Ã¨ ¿â„¢Ã¥ Å'éž‹è ·Å¸Ã©â€š £Ã¥ Å'éž‹ä » ·Ã©â€™ ±Ã¤ ¸â‚¬Ã¦   · Joining Verbs The Mandarin Chinese character ä ¹Å¸ (yÄ›) is used to join verbs or verb phrases. It translates as either â€Å"and† or â€Å"also.† I like to watch movies and listen to music.WÇ’ xÇ huan kn dinyÇ ng yÄ› xÇ huan tÄ «ng yÄ «nyuà ¨.我åâ€"Å"æ ­ ¡Ã§Å"‹é› »Ã¥ ½ ±Ã¤ ¹Å¸Ã¥â€"Å"æ ­ ¡Ã¨  ½Ã©Å¸ ³Ã¦ ¨â€šÃ¦Ë†â€˜Ã¥â€"Å"æ ¬ ¢Ã§Å"‹ç” µÃ¥ ½ ±Ã¤ ¹Å¸Ã¥â€"Å"æ ¬ ¢Ã¥  ¬Ã©Å¸ ³Ã¤ ¹  He doesn’t like to go for walks and he doesn’t like to exercise.TÄ  bà ¹ xÇ huan gung jiÄ“ yÄ› bà ¹ xÇ huan yà ¹ndà ²ng.ä »â€"ä ¸ Ã¥â€"Å"æ ­ ¡Ã©â‚¬â€ºÃ¨ ¡â€"ä ¹Å¸Ã¤ ¸ Ã¥â€"Å"æ ­ ¡Ã© â€¹Ã¥â€¹â€¢Ã¤ »â€"ä ¸ Ã¥â€"Å"æ ¬ ¢Ã©â‚¬â€ºÃ¨ ¡â€"ä ¹Å¸Ã¤ ¸ Ã¥â€"Å"æ ¬ ¢Ã¨ ¿ Ã¥Å  ¨ Other Transition Words There are a few Mandarin Chinese words that can be translated as â€Å"and,† but which more accurately mean â€Å"furthermore, â€Å"moreover,† or other such transition words. These words are sometimes used to show a cause-and-effect relationship between the two phrases. Chinese transition words include: Ér qiÄ› - è€Å'ä ¸â€: additionally  Bà ¬ng qiÄ› - ä ¸ ¦Ã¤ ¸â€ (traditional) / Ã¥ ¹ ¶Ã¤ ¸â€ (simplified): and; moreoverRn hà ²u - ç„ ¶Ã¥ ¾Å' / ç„ ¶Ã¥ Å½: and thenYÇ  hà ²u - ä » ¥Ã¥ ¾Å' / ä » ¥Ã¥ Å½: and afterHi yÇ’u -  Ã©â€šâ€žÃ¦Å"‰ / è ¿ËœÃ¦Å"‰: even more; on top of thatCÇ  wi -  Ã¦ ­ ¤Ã¥ ¤â€": furthermore Ér qiÄ› è€Å'ä ¸â€ additionally Bà ¬ng qiÄ› ä ¸ ¦Ã¤ ¸â€ (traditional)Ã¥ ¹ ¶Ã¤ ¸â€ (simplified) andmoreover Rn hà ²u ç„ ¶Ã¥ ¾Å'ç„ ¶Ã¥ Å½ and then YÇ  hà ²u ä » ¥Ã¥ ¾Å'ä » ¥Ã¥ Å½ and after Hi yÇ’u é‚„æÅ"‰è ¿ËœÃ¦Å"‰ even moreon top of that CÇ  wi æ ­ ¤Ã¥ ¤â€" furthermore Sentence Examples of Transition Words As noted, the particular form of and that you use in Mandarin Chinese depends heavily on the context and meaning of the word. It can be helpful, therefore, to peruse some example sentences to see how the different forms of and are used in various contexts. This is a very good movie and (moreover) the music is very nice.Zhà ¨ bà ¹ dinyÇ ng hÄ›nhÇŽokn à ©rqiÄ› yÄ «nyuà ¨ hÄ›nhÇŽo tÄ «ng.這éÆ' ¨Ã©â€º »Ã¥ ½ ±Ã¥ ¾Ë†Ã¥ ¥ ½Ã§Å"‹è€Å'ä ¸â€Ã©Å¸ ³Ã¦ ¨â€šÃ¥ ¾Ë†Ã¥ ¥ ½Ã¨  ½Ã¨ ¿â„¢Ã©Æ' ¨Ã§â€ µÃ¥ ½ ±Ã¥ ¾Ë†Ã¥ ¥ ½Ã§Å"‹è€Å'ä ¸â€Ã©Å¸ ³Ã¤ ¹ Ã¥ ¾Ë†Ã¥ ¥ ½Ã¥  ¬ This knapsack is very practical and (furthermore) the price is reasonable.Zhà ¨gà ¨ fngshuÇ  bÄ“ibÄ o hÄ›n shà ­yà ²ng bà ¬ngqiÄ› jigà © hà ©lÇ .這個é˜ ²Ã¦ ° ´Ã¨Æ'Å'Ã¥Å'…å ¾Ë†Ã¥ ¯ ¦Ã§â€ ¨Ã¤ ¸ ¦Ã¤ ¸â€Ã¥Æ' ¹Ã¦   ¼Ã¥ Ë†Ã§ â€ Ã¨ ¿â„¢Ã¤ ¸ ªÃ©Ëœ ²Ã¦ ° ´Ã¨Æ'Å'Ã¥Å'…å ¾Ë†Ã¥ ®Å¾Ã§â€ ¨Ã¥ ¹ ¶Ã¤ ¸â€Ã¤ » ·Ã¦   ¼Ã¥ Ë†Ã§ â€  We can first go have dinner and then see a movie.WÇ’men xiÄ n qà ¹ chÄ « wÇŽncÄ n rnhà ²u zi qà ¹ kn dinyÇ ng.我們先åŽ »Ã¥ Æ'晚é ¤ Ã§â€ž ¶Ã¥ ¾Å'å† Ã¥Å½ »Ã§Å"‹é› »Ã¥ ½ ±Ã¦Ë†â€˜Ã¤ » ¬Ã¥â€¦Ë†Ã¥Å½ »Ã¥ Æ'晚é ¤ Ã§â€ž ¶Ã¥ Å½Ã¥â€  Ã¥Å½ »Ã§Å"‹ç” µÃ¥ ½ ± Eat dinner, and then you can eat dessert.ChÄ « wn wÇŽncÄ n yÇ hà ²u jià ¹ nà ©ng chÄ « tin diÇŽn.Ã¥ Æ'Ã¥ ®Å'晚é ¤ Ã¤ » ¥Ã¥ ¾Å'Ã¥ ° ±Ã¨Æ' ½Ã¥ Æ'ç”Å"é »Å¾Ã£â‚¬â€šÃ¥ Æ'Ã¥ ®Å'晚é ¤ Ã¤ » ¥Ã¥ Å½Ã¥ ° ±Ã¨Æ' ½Ã¥ Æ'ç”Å"ç‚ ¹Ã£â‚¬â€š Im cold because I didnt wear enough clothes, and on top of that its snowing now.WÇ’ lÄ›ng yÄ «nwà ¨i wÇ’ chuÄ n bà ¹gà ²u yÄ «fà º, hi yÇ’u xinzi xi xuÄ›le.我å† ·Ã¥â€º  Ã§â€š ºÃ¦Ë†â€˜Ã§ © ¿Ã¤ ¸ Ã¥ ¤  Ã¨ ¡ £Ã¦Å" Ã©â€šâ€žÃ¦Å"‰ç  ¾Ã¥Å" ¨Ã¤ ¸â€¹Ã©â€º ªÃ¤ ºâ€ Ã£â‚¬â€šÃ¦Ë†â€˜Ã¥â€  ·Ã¥â€º  Ã¤ ¸ ºÃ¦Ë†â€˜Ã§ © ¿Ã¤ ¸ Ã¥ ¤Å¸Ã¨ ¡ £Ã¦Å" Ã¨ ¿ËœÃ¦Å"‰çŽ °Ã¥Å" ¨Ã¤ ¸â€¹Ã©â€º ªÃ¤ ºâ€ Ã£â‚¬â€š Lets quickly go see the cherry blossoms. The weather is nice today, furthermore it will rain tomorrow.WÇ’men kui qà ¹ kn yÄ «nghuÄ . TiÄ nqà ¬ hÄ›n hÇŽo, cÇ wi mà ­ngtiÄ n huà ¬ xi yÇ”.我們å ¿ «Ã¥Å½ »Ã§Å"‹æ « »Ã¨Å  ±Ã£â‚¬â€šÃ¥ ¤ ©Ã¦ ° £Ã¥ ¾Ë†Ã¥ ¥ ½Ã¦ ­ ¤Ã¥ ¤â€"明å ¤ ©Ã¦Å"Æ'ä ¸â€¹Ã©â€º ¨Ã£â‚¬â€šÃ¦Ë†â€˜Ã¤ » ¬Ã¥ ¿ «Ã¥Å½ »Ã§Å"‹æ ¨ ±Ã¨Å  ±Ã£â‚¬â€š Ã¥ ¤ ©Ã¦ °â€Ã¥ ¾Ë†Ã¥ ¥ ½Ã¦ ­ ¤Ã¥ ¤â€"明å ¤ ©Ã¤ ¼Å¡Ã¤ ¸â€¹Ã©â€º ¨Ã£â‚¬â€š

Psychosocial Impact of Coronary Heart Disease Essay

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Behavior Modification Project Research Paper Example | Topics and Well Written Essays - 1000 words

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Organ Donor Essay Example | Topics and Well Written Essays - 1000 words

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Road Transport Directive Coursework Example | Topics and Well Written Essays - 6750 words

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Process of Preparing an Electronic Portfolio Essay

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Road Transport Directive Coursework Example | Topics and Well Written Essays - 6750 words

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Regulatory Effects on the Transportation Industry Essay Example for Free

Regulatory Effects on the Transportation Industry Essay Economic effects on freight and passenger services Transportation Management, to the government, is the agency oversight of the movement of people and goods. That includes oversight of the economic practices of the companies that perform these services. The economic effect of such regulation is complex. Service industries, which include the various forms of transportation of freight and passengers, are subject to a wide array of regulations. These regulations affect the economies of transportation services in differing ways. Regulations are imposed on these industries to achieve various social and economic goals. Whether they achieve these aims is a separate question. The most obvious effects of regulation are economic. Well-crafted, appropriate regulations can be an asset both to industry and the consumer. They can move resources toward socially productive uses and away from negative ones. They can also ensure public safety and foster competition. Over regulation, however, can have the opposite effect. Transportation, like any industry, is resistant to regulation. Evidence exists that shows the negative economic effects of regulation. Over regulation or regulations that are poorly written can unnecessarily stunt economic activity in situations where the free market could have regulated more effectively. It is up to policy makers to find a balance that achieved social aims yet allows business to thrive. The freight transportation industry and the passenger transportation industry have some similar concerns about regulation. There are also regulations that are distinct to each industry; therefore the economic effects will likely differ. Regulation can result in a higher cost of doing business which is passed down the line to consumers. This is true in both the freight and passenger sectors. The increased price to consumers has a ripple effect on the economy on the whole. Each sector contains complex economies, though, in which the effects of regulation may not always be clear. Oversight-The mission, in general Federal oversight of both the freight and passenger industries is managed by the General Services Administration. It is concerned with both regulatory cooperation and promoting the economic heath of the industries involved. The GSA works collaboratively with businesses to develop flexible regulatory policies and incentives.In both sectors, the GSA is working to smooth the process to electronic forms of transportation. The GSA is working to support the initiatives put forward in the President’s Management Agenda (PMA). They include: the expansion of electronic government, the integration of performance and budget, strategic management of human resources and improved financial performance. The Economic Theory of Regulation The creation of governmental bodies to oversee and regulate certain industries has prompted efforts to measure the effects of such regulation on the overall economy. In 1971, George Stigler proposed the Economic Theory of regulation, or ET, for short. This model measures regulatory effects on the supply chain, prices and costs, among other factors. Elements of this theory have been used to develop some of the more recent regulatory efforts. The model has since been revised. Critics of this model argue that it is successful for academic purposes, but is incomplete in an always changing business environment. Comparing economic effects directly between the freight and passenger transportation industries is difficult because of the differing nature of regulation. Creating regulations for these industries, or removing them, is a trial and error process. The Freight Industry Regulation in the freight industry traditionally has focused more on business structure than in the safety and price conscious passer industry. As in passenger service, the trend in freight has been toward gradual deregulation. Monopolistic practices have been a concern, particularly in the United States, since the beginnings of the modern transportation industry. The question is to whether assertive government regulation is better than the free markets alone for creating competition. The Interstate Commerce Commission (ICC) was created after the Interstate Commerce Act was signed into law in 1887. This organization exercises broad regulatory powers over surface transportation industries. The ICC can not only review rates upon complaint, it can replace them with new rates. Many passenger and freight service companies protested, or tried to evade altogether, the reach of the ICC. Regulation introduced an unnecessary variable into the theory of consumer behavior, they felt. If prices are not solely the function of demand and cost, the outcome for the business is unpredictable. Regulation, they feared, would also make market entry more difficult. Competition could be reduced and the consumer could suffer in the end. Early actions of the ICC benefited producers of raw materials and goods. At the same time, their actions hurt manufacturer and decreased national economic efficiency. Rate manipulation by the ICC prompted factories to locate closer to final markets in order to minimize transportation costs. Railroads also challenged the ICC in court or found ways around the regulations. Even if it is not specifically quantifiable, it is obvious that regulations affected the economy. The reverse is also true. Changes in the overall economy have prompted changes in regulation. The Great Depression and its negative effect on the rail industry prompted the appointment of a Federal Transportation Coordinator and the passage of the Motor Carrier Act of 1935. A 1960 report by the United States Senate highlighted the effect of over regulation of the freight industry. It stated that the railroads and other transportation industries under direct federal regulation were at a distinct economic disadvantage to those that were not. The rail industry, in particular, was unable to set competitive rates under ICC control. Meanwhile, the less regulated motor carrier industry prospered. As that industry became more regulated, efficiency began to drop. In response, deregulation of both industries began in the late 1970’s and early 1980’s. As carriers were allowed to eliminate unprofitable activities and set their prices based on demand, revenue and investment increased. In the mid-1980’s, the ICC was replaced by the Surface Transportation Board, a regulatory agency that is reduced in size and scope. Today’s oversight of the industry has changed in nature. Security and safety concerns are paramount after the events of 9/11. Freight carriers are incurring more expenses for security either directly because of regulation or on their own. These costs are passed down the line to consumers. The question has arisen as to whether economic reregulation is necessary as the number of railroad companies shrinks. It appears as if that is not likely in the short term. As long as the motor carrier industry is competitive, it will serve to hold rail rates down. Market entry, however, is more difficult for railways. Opening that market may be a goal of future regulation. Security has become a primary focus of government regulation. There is a great deal of pressure for companies to do more thorough screening of cargo and implement more stringent security practices. This will inevitably increase cost to both the industry and consumers. The shipping industry is inherently international. Many laws exist, to protect domestic carriers and to ensure safety and security. Domestically, all goods must travel on approved U.S. flag vessels. Separate restrictions apply for HAZMAT or classified materials. For all shipments, the shipper must check for any contracts or rate tenders that may apply. In selecting a provider, the shipper must demonstrate no preferential treatment toward any one provider. Insurance may also be required. Incentives may exist for selecting a provider that uses alternative fuels. In that sense, regulation indirectly benefits the alternative fuel industry. The government can mandate that certain international shipments be performed by a U.S. flag carrier. Cargo preference laws regulate the international shipment of property by water. In this situation, a U.S. flag carrier must be used whenever available. Waivers can be obtained, but they must be approved in advance. The Maritime Commission is the agency that monitors compliance to these and other laws. These laws, and similar ones by other countries, limit the amount of competition and may affect the efficiency of domestic businesses. The Passenger Industry Air travel is the most popular non-automotive mode of travel in the world. In recent years there has been a drive toward deregulating the industry. Service agreements have been liberalized, especially in the United States. Open Skies agreements loosen restrictions on market entry and airport usage between the U.S. and other countries. Price and route scheduling in the air industry are for the most part deregulated but other parts of the industry are not. Deregulation of the air industry began in 1979. Since then, there has been vast growth in the industry. Competition has also increased, allaying the fears of some that monopolies would develop. Prices, adjusted for inflation, have also fallen since the 1980’s in the United States. They have remained constant in Canada and other more regulated economies. Competition has not benefited every consumer but, on average, it has had a positive effect. Demand has increased to an all-time high, even as airlines continue to recover from the effects of 9/11. The basic structure of the airlines has changed since deregulation. Most airlines have instituted a â€Å"hub and spoke system† in which a traveler can travel efficiently through â€Å"hub† cities to their destination. This also allows airlines a more cost-efficient organization of their fleet. As airlines eliminated non-profitable destinations, other specialty carriers have moved in to meet demand in those cities. A significant amount of study has been done on the economic effect of regulation on the airline industry. It should be noted that determining exact cause and effect is not a straightforward process. Prices and industry efficiency are dependent on regulation and a multitude of other factors. Profits fluctuate wildly in passenger industries. A deregulated environment is effective for such industries because the fluctuations attract new investment and can actually facilitate market entry. The airline industry is inherently global, and regulation has global effects. In this sense, the passenger industry has to deal with economic realities that most surface freight industries do not. For example, United States regulations allow Canadian airlines to land or pick up at U.S. airports. They cannot, however, have both ends of the flight within the U.S. This reduces competition because Canadian air cannot form a complete hub and spoke system to efficiently serve passengers. This may have the end result of raising prices for consumers in certain markets, or, it may prompt other airlines to enter in order to serve that market. In this regard, the effect of regulation is somewhat uneven and unpredictable. Another source of regulation fro the passenger industry is the issue of foreign ownership. Theoretically, allowing foreign ownership of U.S. airlines could create more competition and lower prices. However, officials fear that allowing foreign ownership could create a situation where airlines are less accountable to regulatory power. An emerging focus of regulation in the passenger industry is security. Many new measures affecting airlines, airports and surface carriers are in the process of being implemented. The economic effect of these measures has not been studied and is not yet well known. Some of the expense is being absorbed by the federal government, such as in the case of the federalization of airport screeners. In the passenger ship industry, restrictions are fewer regarding international ownership and usage of U.S. ports. There is pressure on congress, however to provide greater oversight of this industry. It is unclear at this point if regulation will increase and what effect it will have on the economy of that industry. Deregulation Theory and the Critics In the passenger service industry, the seemingly successful deregulation of the airlines has prompted deregulation efforts in other sectors. The theory behind deregulation is simply that free markets work. Free markets will solve most of the problems that regulation seeks to remedy, as long as there is a competitive market. Demand, or lack of it, will control prices and force healthy competition. The Herfindahl index is a measure of industry concentration in certain markets. Proponents of deregulation in the air industry, for instance, cite that the Herfindahl has remained relatively stable since the initial shake-out of firms after the 1979 deregulation. In other words, competition is healthy and the consumer is being served at reasonable prices. Some of the effects that critics feared have apparently not come to pass. In the airline industry, research shows no significant decline in safety levels, and no decreases in service to smaller communities sine deregulation. Past experience shows that there is a negative linkage between regulation, market structure and service. There are some concentrated markets, proponents concede, but this is not necessarily bad. Some concentration allows the airlines to create bigger, more complete networks that serve more consumers. Regulation in both the freight and passenger industries now focuses away from business structure and price control. Regulations are more directed toward safety and security issues. Oversight in the freight industry still has a somewhat wider scope. Deregulation is not without its critics. Some point to the power industry as an example of deregulation gone too far. In the wake of deregulation, huge entrepreneurial companies such as Enron surfaced. Monopolistic practices were ushered in, and ultimately the needs of the consumers were not fulfilled. Deregulation proponents in the transportation industry, however, do not see this as a relevant example. The corruption at Enron was not created by deregulation, and economic factors in transportation are not the same. Conclusions The economic effects of regulation on both the freight and passenger service industries are many and varied. Difficulties exist in quantifying exact effects. Government attempts to regulate price, in particular have not always produced the intended result. The lack of knowledge on exact economic effects of regulation can be improved upon. More comprehensive studies can be undertaken in future years to clarify how these restrictions help or hurt the economy. Sophisticated technology is in development that can replicate various scenarios, a tool officials need before attempting to write policy. Regulations on transportation affect not only the transportation industry itself, but also any company that uses that industry. It is estimated that for the average company, transportation accounts for 3% to 7% of the total company costs. Therefore, regulation can have a significant effect on the economy as a whole. For the individual business, regulation can have ripple effects that influence inventory control, warehousing, accounting, customer service and a host of other area. It is not necessarily a negative effect, though. Efficient business combined with well thought out policy can provide a positive result for the economy. The way business is conducted is undergoing a rapid overhaul. New technologies are being introduced at a blinding pace. Future regulatory efforts will have to take this into account. A well-intentioned regulatory action could have the effect of slowing down a business in a climate where fastest is best. The safety and security measures that are necessary in the 21st century will inevitably have an economic effect. The money, however, is well spent. In future years, companies with good track records on security and safety will reap the financial benefits. For the freight and passenger industries, the trend has been toward deregulation in the economic sphere. The government will still take action if it perceives that there is a constraint on competition. It still holds veto power over large mergers, for example. Comparison of the economic effects of regulation between the passenger and freight industries suggests that a limited regime of regulation is necessary for safety and, to a lesser extent, for the economic health of the industries themselves. There are different regulatory focuses for each industry. What they all share is that they all produce a ripple effect that branches out to all sectors of the business, the consumer, and the larger economy. That effect can be negative, or, with well written policy, it can be positive.

The Positive Research Paradigm

The Positive Research Paradigm A paradigm can be defined as a set of shared assumptions about some aspect of the world. A research paradigm directs our approach towards research by defining the ontology and epistemology of our research. That is, a paradigm denotes its members shared premise regarding the nature of reality, the purpose of research and the form of knowledge it provides. (OATES, 2007:282; LEE, 2004:5) Lee (2004:5-6) notes that research paradigms can be separated by their various ontologies and epistemologies. A paradigms ontology encapsulates the researchers view of what the real world is. An ontology flows to one or more epistemology. Epistemology is the over-arching process by which a school of thought performs its logical and empirical work. Epistemologies are usually labeled to be either quantitative or qualitative. Again, and epistemology is divided into several lower levels of methodology which is he more specific manner in which research is conducted. The devices defined in each methodology are called methods. The positivistic research paradigm, or scientific method, is an approach towards research founded on the premise that our world is defined by a set of regular laws or patters, and that we can investigate these laws objectively (OATES, 2007:283). Lee (2004:8) defines the positivism paradigm as one in which theory is typically provided as a set of related variables express by some form of formal logic, proven empirically to be significant. Positivism is term used to characterize a specific research position in which scientific theory is grounded on objective empirical observation. Positivism offers predictions based on the knowledge of laws that connect specific outcomes with specific initial conditions. (ROMM, 1991:1). 2. Comte and Popper on positivism The positivistic school of thought can be found in early work of such as Bacon, Galileo and Newton (OATES, 1992:283). Auguste Comte and Karl Popper contributed significantly towards systematizing, clarifying and formalizing the arguments posed by earlier authors (ROMM, 1991:1; LEE, 1992:8). Comte was born in 1798, just after the French revolution which characterized a period of social and political revolt against aristocratic rule in European. At this time positivistic philosophy has already filtered down to the physical sciences but it was yet to reach the social sciences. Comte became concerned with finding theoretical and practical solutions to the social anarchy of the period. He argued that the social research will only be able to serve as moral compass if it was to become a science. (ROMM, 1992: 10-11) Popper, born in 1902, grew up in a socialist pre-Viennese society which was characterized by doctornistic views as opposed to critical thinking. Popper was intrigued by Einsteins approach to theorizing. Einstein regarded his own theory as plausible only if it failed critical tests. Popper became convinced that the only way to build strong theory was to define critical test that could refute the theory but never verify it. (ROMM, 1992: 28-29) ROMM (1992:9-97) defines positivism with reference to the original writings of Comte (1975) and Popper (1992). He discusses this philosophy on the grounds of its definition of knowledge, the logic that governs its investigation, the methods used in investigation and the practical utility of knowledge: 2.1. The definition of knowledge. Comte criticized theological and metaphysical view of the world. According to the theological view all abnormalities in the universe is the direct and conscious intervention of a supernatural agent, while the metaphysical view describes all phenomena as the reaction of some abstract forces, real entity or personified abstraction being invoked. Comte regarded this as untrue and incompatible with science. Comte defined phenomena as being governed by set natural laws which, if known, can be used to predict the outcomes. These natural laws state under which circumstance we can expect to encounter a certain outcome. We can learn these laws by analyzing the circumstances that produce an outcome and drawing inference to its succession. Only by asking questions about these natural laws can we create knowledge. Asking questions about first-and-final truths is futile, because this is beyond the reach of human comprehension. Popper agrees with Comte that a natural law is an unvarying regularity that defines the outcome that flows from a certain set of circumstances. Knowledge is added by uncovering theses laws operating in the respective fields of enquiry. According to Popper, scientist should not be sidetracked by the essentialist meaning of things (first-and-final truths) but rather in observing occurrences in the world in order to find true theories and descriptions of the world. Popper also adds that even the formulation and falsification of untrue theories advances knowledge, such that by discovering mistakes we better approximate truths. 2.2. Logic that governs its investigation. Comte argues that observed facts are the only basis for speculation. We should observe and reason about facts to form knowledge, rather than sterile empiricism. Sound theorizing should guide our observations; science therefore is a cycle of theorizing, observing and building theories. The process of building knowledge starts by deducing or inducing a hypothesis from general theory or specialized theory respectively. Induction is the logical formation of generalized theory form specialized consequences. For example, every life form we know of depends on liquid water to exist; all life depends on liquid water to exist. Deduction is the logical formation of specialized consequences from generalized theory. A popular example, all men are mortal; Socrates is a man; therefore, Socrates is mortal. Comte (1975) describes a hypothesis as the provisional supposition, altogether conjectural in the first instance with regards to some of the notions which are the object of enquiry. Simply put, a hypothesis states the anticipated result for undertaking a scientific enquiry. A hypothesis is valid if it is able to accurately predict what it is proposing given the initial set of circumstances. Science therefore is the activity of observing and disclosing the new observable consequences that confirms or invalidates our primitive supposition. We constantly incorporate new knowledge by making new observations or more profound meditations that either refute or confirm our hypothesis. Through repeated scientific endeavors knowledge comes to approximate reality. Poppers definition of a hypothesis is similar to that of Comte, but he differs in his approach of validation a hypothesis. Popper criticize Comte arguing that our experience can only falsify our theories not validate them. He postulates that a statement can only be verified as not being untrue as opposed to being true. He argues that theories can never be validated, but only corroborated. A theory is corroborated if we are, based on experience to date, unable to falsify a theory. The strength of a hypothesis lies in its openness to be tested on observations made. Popper describes science then to be the formulation of testable theories which cannot be falsified through experience. Poppers work also introduces an additional idea of probability statements which is hypothesis with some form of probability of outcome attached. Logically these statements can never be proven to be untrue. Popper argues that this hypothesis can be corroborated if they reasonably present all possible outcomes and if they cannot be falsified given reasonable and fair samples. Unlike Comte, Popper does not follow the notion that theories can be induced from specialized facts. With reference to the work of David Hume (1748), Popper argues that induction cannot be justified rationally. We should not go from fact to theory, but rather deduce our hypothesis into lower level statements which are individually testable hypothesis, which when falsified proving our original hypothesis wrong. Popper argues that we should ensure purity and objectivity in our research by subjecting our decision (on whether our most basic lower level statements should be accepted) to peer criticism. Through criticism science will become unbiased and detached from individuals. 2.3. The methods used in investigation. Compete argues that we should test our hypothesis by observing how they hold in reality. Direct observation is when we look at phenomena before our eyes. As example, in astronomy we observed that planets are elliptical with flat ends on both sides. Observation by experiments is when we observe how phenomena react to artificially modified circumstance. As example, in physics we experiment with gravity by having different particles fall to the ground. Comparison is when we observe a series of analogous cases in which the phenomena is more and more simplified. As example, imagine the comparison of the same chemical fluid under different combinations of pressure and temperature. Popper also distinguishes between experiments and observations as the two main positivistic methods of research. He does however disagree that comparison is a methods on its own, but argues that it is inherent to the other two methods. In an experiment, as example, a researcher compares the artificially induced results with the results under normal conditions. Both Popper and Comte both (referencing Francis Bacon) argue that empirical methods are superior as they provide objectivity to researchers that untimely removes bias from the science. They do however mention that observation should take place in all five senses, and though it might be possible to objectively measure an observed distance, it might be less possible to objectively measure smell. Qualifying these abstract observations should be done in a way that is unambiguous. For example, the distinct rotten-egg smell of H2S is widely cited in modern scientific literature. 2.4. Practical utility of knowledge. Comte theorized that once we know a certain outcome will always occur given conditions presented we are able to produce the outcomes we want. Theories formed for truly scientific purposes will result in knowledge to be acquired, and eventually lead to practical uses. If science is able to furnish the theoretical basis for practical action, Comte hoped, we will be able to direct social outcomes. We are able to use the knowledge of the laws that govern society to correct the negative externalities in the world. Popper argues that knowledge allow us to predict on the basis of engineering the initial conditions. With the knowledge that science provide we can plan to make their society a better and more reasonable one. We should use piece-tinkering (as termed by Popper for policy that is aimed at singular results) to mitigate unavoidable results of change rather than striving towards ideal. 3. Discussion of positivism Ramm (1991:55) defines positivism as the belief in logico-deductive theory as the idealized conception of scientific theory. Many researchers do accept the principles of the positivistic approach without explicitly noting positivism as there ontology. Positivistic research tries to find cause and effect relationships between dependent and independent variables in order to make predictions about our reality. According to the positivistic paradigm science should seek to find all the regular laws or patters in our universe. These laws and patterns in our world exist independently of any individual cognition. We can carry out experiments or observe reality to determine cause and effect relationships and test hypotheses regarding these relationships. Aim of science is to explain the variation in the dependent variable with reference to the variation in the independent variable. (Ramm, 1992:57; Lee, 2004:8; Oates, 2007:284) Our hypotheses can either be refuted by empirical investigation or corroborated. Some hypothesis will seem to be true for all observations made, and after reasonable peer review we can accept them to be true. If something is found to be false just once, it is false. In the positivistic ontology theories and explanations should be seen as the best knowledge that approximates reality at the current time. (Ramm, 1992:52; Oates, 2007:285) Modern positivism is seen as the cycle between induction and deduction (Ramm, 1992:61). o Derive hypothesis from more general statements o Test these hypothesis through observation o Generate empirical generalizations o Induce theoretical principles which should again be tested. Our observations should be tested empirically. Ramm (1992:60) notes that data collected should not be treated as formless mass; neither should theoretical categories be imposed on the data a priori. Theoretical notions become grounded in empirical observation, and data is offered theoretical treatment. Oates (2007:288) refers to this in terms of internal validity external validity. The data generated should be designed to provide the necessary insight into the research topic under observation as well as be applicable in a more general context. According to Oates (2007:285) the techniques that lie at the center of positivistic research are: Reductionism: breaking complex things into smaller things that are more easy to be studies Repeatability: researcher dont rely on the results of just one experiment, they repeat the experiments many times to be sure that their first set of results was not just a fluke Refutation: If other researchers cant repeat an experiment and get the same results as the original researchers they refute they hypothesis. The more a hypothesis can stand up to test designed to refute it, the stronger it is Oates (2007:33) lists the following possible research strategies: survey, design and creation, experiment, case study, action research, ethnography and interviews. Ramm (1992:67) suggest that the experiment and the survey are the favored methods to observe within the positivistic epistemology. The research paradigm in question is not determined by the research strategy used but rather on the shared assumptions about how to view the world. Oates (1992: 286) names five characteristics of the positivistic research ontology: The world exists independently of humans: Physical and social world exist independently from individual how the world works. Measurement and modeling: Researcher discovers this world by making observations and measurements and producing models of how it works Objectivity: the researcher is neutral and objective and impartial to observer Hypothesis testing: Research is based on the empirical testing of theories and hypotheses lead to confirmation or refutation of them Quantitative data analysis: Research often have a strong preference for mathematical modeling and proofs and statistical analysis Universal laws: A researcher looks for generalizations universal laws patterns or irrefutable facts that can be shown to be true regardless of the researcher and the occasions. Furthermore Oates (2007:287) characterizes quality positivistic research as being, Objective: Research needs to be free of bias and individual preferences. Reliable: The research instruments used need to be neutral, accurate and reliable. Repeated use of the same instrument should yield the same results. Internally valid: The research methods well chosen and designed to provide the necessary insight into the research topic under observation. Externally valid: The research should be applicable in a more general context. Positivism should not be confused with qualitative research, it does tend to follow apply quantitative research methods; but it should be distinguished on the grounds of its ontology (Oates, 2007:287). The Oxford (2010:1198) dictionary distinguishes quantitative research as being characterized by assigning values, measures or numbers to variables representing the entity under observation, whereas qualitative research describe entities in terms of adjectives. Both Popper (1992) and Comte (1975) mentions that empirical methods provide objectivity to researchers. Qualitative methods are not excluded from positivistic research though; they can be included in positivistic research if they are done in an objective, neutral and repeatable fashion. Furthermore, Oates (1992) distinguishes between four data generation data generation methods: observation, interviews, questionnaires and documents. These methods fall under the ontology of positivism when they meet the characteristics listed above. In most cases interviews are not objective and repeatable, but this research method to can be applied in the framework of positivistic research. As example, physiological ink blob tests/interviews are conducted in an objective and repeatable fashion and responses modeled and evaluated empirically. Documents can fall inside or outside the positivistic ontology as well. They can directly provide quantified facts and measures or they can be analyzed objectively. For example, Google search engines use heuristic measures to objectively measure the relevance of internet pages. Observation and questionnaires can also fall within or outside the scope of the positivistic ontology depending on how the research approaches are designed. Questionnaires with open ended questions falls under the interpretive approach, while questionnaires that require respondents to rate options or provide short true-false yes-no responses are positivistic. Whether observation falls within the scope of positivistic research again depends on whether this research instrument is objective and repeatable. 4. Conclusion The essence of the positivistic approach is systematic skepticism. The proper approach is to disprove that which researcher believe is actually true. Empirical testing can never proof without a doubt a hypothesis. Science is a method by which theories are formulated and tested repeatedly and objectively against appropriate observations. It is therefore the continuous process of deciding how to observe, code and analyses our observations, and in the light of these observations we decide to temporally accept or reject the postulated hypothesis. Primary Sources: OATES, B. 2006. Researching Information Systems and Computing. London: Sage. 341 p. ROMM, N.R.A. 1991. The Methodologies of Positivism and Marxism. A sociological Debate. Hong Kong: Macmillan. 208 p. LEE, A. 2004. Thinking about Social Theory and Philosophy for Information Technology. 26p. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.137.3685rep=rep1type=pdf Date of access: 20 Feb 2010. OXFORD. 2010. Oxford dictionary: International Students Edition. 8th ed. Oxford Press. 1888p. Significant Secondary Sources: COMTE, A. 1907. Auguste Comte and positivism edited by John Stuart Mill. 5th ed. London: Paul, Trench, Trubner. POPPER, K,R. 1992. The logic of scientific discovery. London: Routledge. 479 p. HUME, D. 1748. An Enquiry concerning Human Understanding. London

Innocence in The Boy in the Striped Pajamas by John Boyne :: John Boyne, The Boy in the Striped Pyjamas

"The Boy in the Striped Pajamas" explores the beauty of a child's innocence in a time of war: Bruno, an eight year old boy at the time of the war, is completely oblivious to the atrocities of the war around him - even with a father who is a Nazi commandant. The title of the book is evidence to this - Bruno perceives the concentration camp uniforms as "striped pajamas." Further evidence is the misnomers "the Fury," (the Furher) and "Out-With" (Auschwitz). Bruno and Shmuel, the boy he meets from Auschwitz, share a great deal in common but perhaps what is most striking is the childhood innocence which characterizes both boys. Bruno is unaware that his father is a Nazi commandant and that his home is on ther periphery of Auschwitz. Shmuel, imprisoned in the camp, seems not to understand the severity of his situation. When his father goes missing, Shmuel does not understand that he has gone to the gas chamber. However, there is another facet to this beauty: "Where ignorance is bliss, 'tis folly to be wise" - so says Thomas Gray. In reference to this novel, it means that the people that lived in the vicinity of the concentration camp claimed to not know what was going on in the camp, so they could be "blissfully ignorant" of the Holocaust happening around them. This means that they did not have to live with the guilt of knowing what was going on and not doing anything. That is why they would be called "blissful". The quote means that if we are ignorant of something, we don't have to deal with it and are therefore happy. Remote African tribes, for example, are ignorant of the terrible wars going on elsewhere on their continent. So, they are happy. They are ignorant, and they are blissful. In the modern world, there are few places where this situation exists anymore, however. So, too, in World War II. We didn't have the Internet then, but there were other ways to find out what was going on in Nazi Germany. Do you think it is feasible that the Germans did not know what was going on? Do you think they were "blissful" because they were ignorant of the situation? A lot of them tried to claim this after the war was over. "We didn't know!" Most people do not buy this. How could they not know? Come on! The stench of burning bodies was everywhere.

Solution to Auditing and Assurance Service: 1,12,B, 3

SOLUTIONS FOR REVIEW CHECKPOINTS 1. 1Business risk is the collective risk faced by a company that engages in business. It encompasses all threats to and organization’s goals and objectives. It includes the chance that customers will buy from competitors, that product lines will become obsolete, that taxes will increase, that government contracts will be lost, or that employees will go on strike. 1. 2The conditions of complexity, remoteness, time-sensitivity, and consequences increase demands by outside users for relevant, reliable (useful) information. They cannot produce the information for themselves because of these conditions. Company managers and accountants produce the information. 1. 3Information risk, in contrast to business risk, is the risk (probability) that the information (mainly financial) disseminated by a company will be materially false or misleading. This risk creates the demand for objective outsiders to provide assurance to decision makers. 1. 4Students can refer to the AAA and AICPA definitions in Chapter 1. Some instructors may want to extend the consideration of definitions to include the internal and governmental definitions (located in Module D). In response to â€Å"What do auditors do? ,† students can refer to Exhibit 1. 2 and respond in terms of: (1) obtaining and evaluating evidence about assertions management makes about economic actions and events, (2) ascertaining the degree of correspondence between the assertions and the appropriate reporting framework, and (3) providing an audit report (opinion). Students can also respond more generally in terms of â€Å"lending credibility† to financial statements presented by management (attestation). 1. An attest engagement is: â€Å"An engagement in which a practitioner is engaged to issue or does issue a written communication that expresses a conclusion about the reliability of a written assertion that is the responsibility of another party. † To attest means to lend credibility or to vouch for the truth or accuracy of the statements that one party makes to another. The attest function is a term often applied to the activities of independent CPAs when actin g as auditors of financial statements. 1. Assurance engagements are independent professional services that improve the quality of information, or its context, for decision makers. Since information (financial statements) are prepared by managers of an entity who have authority and responsibility for financial success or failure, an outsider may be skeptical that the information is objective, free from bias, fully informative, and free from material error, intentional or inadvertent. The services of an independent-CPA auditor helps resolve those doubts because the auditor’s success depends upon his independent, objective, and competent assessment of the information (e. . , the conformity of the financial statements with the appropriate reporting framework). The CPA’s role is to lend credibility to the information; hence the outsider will likely seek his independent opinion. 1. 7CPAs serve as independent intermediaries who lend credibility to information. Hence, assuranc e services are natural extensions of the well-regarded audit and attest services. CPAs can use their expertise in internal control and measurement methods. Assurance services are natural extensions of attestation services, which earlier evolved from financial statement audit services. Attestation and audit services are highly structured and intended to be useful for large groups of decision makers (e. g. , investors, lenders). On the other hand, assurance services are more customized and intended to be useful to smaller, targeted groups of decision makers. In this sense, assurance services bear resemblance to consulting services. 1. 8There are four major elements of the broad definition of assurance services: Independence. CPAs want to preserve their attestation and audit reputations and competitive advantages by preserving integrity and objectivity when performing assurance services. Professional Services. Virtually all work performed by CPAs is defined as â€Å"professional services† as long as it involves some element of judgment based in education and experience. Improving the Quality of Information or its Context. The emphasis is on â€Å"information†Ã¢â‚¬â€œ CPAs’ traditional stock in trade. CPAs can enhance quality by assuring users about the reliability and relevance of information, and these two features are closely related to the familiar credibility-lending products of attestation and audit services. â€Å"Context† is relevance in a different light. For assurance services, improving the context of information refers to improving its usefulness when targeted to particular decision makers in the surroundings of particular decision problems. For Decision Makers. They are the â€Å"consumers† for assurance services, and they personify the consumer focus of new and different professional work. They may or may not be the â€Å"client† that pays the fee, and they may or may not be one of the parties to an assertion or other information. The decision makers are the beneficiaries of the assurance services. 1. Accountants record, classify, and summarize (report) a company’s assets, liabilities, capital, revenue, and expense in financial statements. Auditors gather evidence related to the assertions management makes in financial statements and render a report. Accountants produce the financial statements; auditors audit them. 1. 10There are three major classifications of ASB assertions with several assertions in each c lassification: Transaction Assertions: Occurrence assertion: The objective is to establish with evidence that transactions giving rise to assets, liabilities, sales and expenses actually occurred. Key questions include â€Å"Did the recorded sales transactions really occur? † Completeness and cutoff assertion: The objective is to establish with evidence that all transactions of the period are in the financial statements and all transactions that properly belong in the preceding or following accounting periods are excluded. Completeness also refers to proper inclusion in financial statements of all assets, liabilities, revenue, expense and related disclosures. Key questions related to completeness include: â€Å"Are the financial statements (including footnotes) complete? and â€Å"Were all the transactions recorded in the right period? † Accuracy assertion: The objective is to establish with evidence that transactions have been recorded at the correct amount. Key questions relate to â€Å"where the expenses recorded at the proper dollar amount? † Classification assertion: The objective is to establish with evidence that transactions were posted to the cor rect accounts. Key questions relate to â€Å"was this expense recorded in the appropriate account/† Balance Assertions: Existence assertion: The objective is to establish with evidence that balance represents assets, liabilities, sales, and expenses that are real and in existence at the balance sheet date. Key questions relate to â€Å"does this number truly represent assets that existed at the balance sheet date? † Rights and obligations assertion: The objectives related to rights and obligations are to establish with evidence that assets are owned (or rights such as capitalized leases are shown) and liabilities are owed. Key questions related to this assertion include: â€Å"Does the company really own the assets? nd â€Å"Are related legal responsibilities identified? † Completeness assertion: The objective is to establish with evidence that all balances of the period are in the financial statements. Key questions related to completeness include: â€Å"Are the financial statements (including footnotes) complete? † Valuation assertion: The objective is to establish with evidenc e that balances have been valued correctly. Key questions include â€Å"Are the accounts valued correctly? † and â€Å"Are expenses allocated to the period(s) benefited? † Presentation and Disclosure assertion: Occurrence assertion: The objective is to establish with evidence that transactions giving rise to assets, liabilities, sales and expenses actually occurred. Key questions include â€Å"are we properly presenting and disclosing transactions that occurred during this period. Rights and obligations assertion: The objectives related to establishing with evidence the proper presentation of assets, liabilities, revenues and expenses to which the company has a legal right or a legal obligation Key questions related to this assertion include: â€Å"Has the company properly presented the assets in its possession? nd â€Å"Are related legal responsibilities identified and properly disclosed? † Completeness assertion: The objective is to establish with evidence that all balances of the period are presented and/or disclosed in the financial statements. Key questions related to completeness include: â€Å"Are the financial statements (including footnotes) complete? † Accuracy and valuation assertion: The objectives are to establish with evidence that balances presented and disclosed in the financial statements have been recorded accurately and have been valued correctly. Key questions include â€Å"Are the accounts valued correctly? † and â€Å"Are expenses allocated to the period(s) benefited? † Classification and understandability assertion: The objective is to establish with evidence that presentation and disclosures are properly classified on the financial statements and that financial statements including footnotes are understandable to the financial statement users. Key questions relate to â€Å"Is this account properly presented in the correct financial statement category† and â€Å"are the footnote disclosures presented to promote an understanding of the nature of the account† . 11The ASB’s assertions are important to auditors because they are the focal points for audit procedures. Furthermore, audit procedures are the means to answer the key questions posed by management’s assertions. The ASB assertions are in more detail than the PCAOB assertions and are categorized into transaction assertions, bala nce assertions, and presentation and disclosure assertions. They include the following additional assertions: cutoff, accuracy, valuation, classification, and understandability. Exhibit 1. 4 explains the difference between ASB and PCAOB assertions. . 12Holding a belief that a potential conflict of interests always exists causes auditors to perform procedures to search for errors or frauds that would have a material effect on financial statements. This tends to make audits more extensive for the auditor and more expensive for the client. The situation is not a desirable one in the vast majority of audits where no errors or frauds exist. However, errors and financial reporting frauds have happened too often. Users of financial statements and audit reports expect auditors to detect material misstatements. . 13Some examples of assurance engagements include: †¢ Internet Website certification (CPA WebTrust) †¢ Accounts receivable review and cash enhancement †¢ Third-party r eimbursement maximization †¢ Rental property operations review †¢ Customer satisfaction surveys †¢ Benchmarking/best practices †¢ Evaluation of investment management policies †¢ Fraud and illegal acts prevention and deterrence †¢ Information systems security reviews (SysTrust) †¢ Internal audit strategic review . 14Major areas of public accounting services: †¢ Assurance services (including audit services and other attestation engagements) †¢ Tax consulting services †¢ Consulting services 1. 15Operational auditing is the study of business operations for the purpose of making recommendations about the economic and efficient use of resources, effective achievement of business objectives, and compliance with company policies. The AICPA views operational auditing as a type of management advisory service offered by public accounting firms. 1. 6The elements of expanded-scope auditing include: (1) financial and compliance audits, (2) economy and efficiency audits, and (3) program results audits. 1. 17Compliance auditing involves a study of an organization’s policies, procedures, and performance in following laws, rules, and regulations. An example is a school’s policies, procedures, and performance in determining eligibility for a free meal program. 1. 18Other kinds of auditors include IRS agents/auditors, state and federal bank examiners, state insurance department auditors, and fraud auditors. 1. 9The purpose of continuing education is to ensure that CPAs in practice maintain their expertise at a sufficiently high level in light of evolving business conditions and new regulations. For CPAs in public practice, 120 hours of continuing education is required every three years, with no less than 20 hours in any one year. For CPAs not in public practice, the general requirement is 120 or fewer (90 in some states) every three years. 1. 20Everything cannot be learned in the classroom, and some on-the-job experi ence is helpful before a person is foisted off on the public as a licensed professional. Also, the experience weeds out some persons who do not want to take the trouble to be involved in accounting work. 1. 21State boards administer the state accountancy laws. State boards make physical arrangements to give the CPA examination, collect the examinations, receive the grades from the AICPA grading activity, and notify candidates whether they passed or failed. After satisfying state requirements for education and experience, successful candidates are awarded the CPA certificate by a state board. At the same time, new CPAs must pay a fee to obtain a state license to practice. Thereafter, state boards of accountancy regulate the behavior of CPAs under their jurisdiction (enforcing state rules of conduct) and supervise the continuing education requirements. 1. 22After becoming a CPA licensed in one state, a person can obtain a CPA certificate and license in another state. The process is known as reciprocity. CPAs can file the proper application with another state board of accountancy, meet the state’s requirements, and obtain another CPA certificate. Many CPAs hold certificates and licenses in several states. From a global perspective, individuals must be licensed in each country. Similar to CPAs in the United States, â€Å"Chartered Accountants† (CAs) practice in Australia, Canada, Great Britain, and India. Efforts are currently underway through NASBA to streamline the reciprocity process so that CPAs can practice across state lines without having to have 50 different licenses. SOLUTIONS FOR MULTIPLE CHOICE-QUESTIONS 1. 23a. IncorrectThis is an attestation to the prize promoter’s claims. b. IncorrectThis is an audit engagement to give an opinion on financial statements. c. IncorrectThis is an assurance engagement on newspaper’s circulation data. . IncorrectThis is an assurance engagement on the performance of golf balls. e. CorrectSince attestation and audit engagements are subsets of assurance engagements, all are assurance engagements. 1. 24a. CorrectThis statement characterizes professional skepticism. b. Incorrectâ€Å"Exclusively an auditor† is not an idea that seems to speak of â€Å"skepticism. † c. IncorrectProfessio nal obligations† is not an idea that seems to speak of â€Å"skepticism. † d. IncorrectThis is more an assumption of necessity than of skepticism. 1. 25a. Incorrect While work on a forecast is covered by the attestation standards, the auditors should give assurance or a disclaimer. b. Correct This is the basic definition of attestation–giving a report on reliability of an assertion one party makes to another. c. Incorrect Tax work is not an attestation service. d. Incorrect Litigation and expert witness services are not attestation services. 1. 26a. IncorrectThe objective of environmental auditing is to help achieve and maintain compliance with environmental laws and regulations and to help identify and correct unregulated environmental hazards b. IncorrectThe objective of financial auditing is to obtain assurance on the conformity of financial statements with generally accepted accounting principles. c. Incorrect The objective of compliance auditing is the entity’s compliance with laws and regulations. d. CorrectOperational auditing refers to the study of business operations for the purpose of making recommendations about the economic and efficient use of resources, effective achievement of business objectives, and compliance with company policies. 1. 27a. IncorrectWhile not the primary objective of an operational audit, auditors should still be concerned about compliance with financial accounting standards. b. CorrectThis statement is part of the basic definition of operational auditing. c. IncorrectAn operational audit does not focus on the financial statements. d. IncorrectAnalytical tools and skills are an important part of financial auditing. 1. 28a. CorrectThe proper reference is to the appropriate reporting framework. b. IncorrectThe AICPA does not refer only to the FASB for the appropriate reporting framework. c. IncorrectThe reference to the SEC is wrong. d. IncorrectThis is an abstract of the AAA definition. 1. 29d. CorrectWhile â€Å"complexity,† â€Å"remoteness,† and â€Å"consequences† are good answers, â€Å"skepticism,† or potential conflict of interest, generally drives the demand for audited financial statements. 1. 30d. CorrectSarbanes-Oxley prohibits the provision of all of the services listed in answers a, b, and c, therefore, d (all of the above) is the best response. 1. 31a. IncorrectAuditors do not reduce business risk. b. CorrectAuditors give some assurance that the information risk is low. c. IncorrectComplexity creates demand for accounting services, but is not an audit objective. d. IncorrectAuditors only indirectly control the timeliness of financial statements. 1. 32d. CorrectAnswers a, b, and c refer to a financial statement audit, an internal controls attestation engagement, and an operational audit, respectively. Compliance refers to following laws, rules, regulations, and policies. 1. 33d. CorrectWhile answers a, b, and c are true, experience, education, and successful completion of the Uniform CPA are all necessary to be licensed as a CPA. 1. 34d. CorrectThe mission of the U. S. Government Accountability Office is to ensure that public officials are using public funds efficiently, effectively, and economically. 1. 35b,d CorrectThe two categories of performance audits are economy and efficiency audit and program audits. 1. 36c. CorrectReview of credit ratings of customers gives indirect evidence of the collectibility (valuation) of accounts receivable. 1. 37a. IncorrectRhonda’s representations are not sufficient evidence to support assertions made in the financial statements. b. IncorrectDespite Rhonda’s representations, Jones must gather additional evidence to corroborate Rhonda’s assertions. . IncorrectRhonda’s representations are a form of evidence (albeit weak) that should neither be disregarded, nor blindly regarded without professional skepticism. d. CorrectRhonda’s assertions need corroboration. 1. 38a. IncorrectAlthough there is a high level of risk associated with client acceptance, this phrase was created by the au thors. b. CorrectInformation risk is the probability that the information circulated by a company will be false or misleading. c. IncorrectMoral hazard is the risk that the existence of a contract will change the behavior of one or both parties to the contract. d. IncorrectBusiness risk is the probability an entity will fail to meet its objectives and, ultimately, fail. 1. 39a. CorrectCompleteness includes cutoff which refers to accounting for revenue, expense, and other transactions in the proper period (neither postponing some recordings to the next period nor accelerating next-period transactions into the current-year accounts). 1. 40d. CorrectThe objective related to rights and obligations is to establish with evidence that amounts reported as assets of the company represent its property rights and that the amounts reported as liabilities represent its obligations. . 41b. CorrectManagement’s existence assertion states that reported assets, liabilities, and equities actually exist. 1. 42a. IncorrectUnder Sarbanes-Oxley, professional service firms are prevented from acting in a managerial decision making role for an audit client. b. IncorrectUnder Sarbanes-Oxley, professional service firms are prevented from auditing the firm’s own work on an audit client. c. IncorrectUnder Sarbanes-Oxley, professional service firms may only provide tax consulting service to an audit client with the audit committee’s approval. d. CorrectSarbanes-Oxley prevents professional service firms from engaging in any of the above listed capacities. 1. 43 d. CorrectReciprocity refers to the process through which CPAs licensed in one state can obtain a CPA certificate and license in another state. 1. 44a. CorrectAuditing is a subset of attestation engagements that focuses on the certification of financial statements. b. IncorrectAuditing is a subset of attestation that provides higher assurance than that provided by an attestation engagement. c. IncorrectConsulting engagements focus on providing clients with advice and decision support. d. IncorrectAssurance engagements are designed to improve the quality of information, or its context, for decision makers. 1. 45d. CorrectAlthough auditing is a subset of attestation, and attestation is a subset of assurance, the focus of the engagements tends to be very specific. 1. 46d. CorrectCredibility, advancement, and monetary rewards are all reasons to become certified. SOLUTIONS FOR EXERCISES AND PROBLEMS 47. Audit, Attestation, and Assurance Services Students may encounter some difficulty with this matching because the Special Committee on Assurance Services listed many things that heretofore ave been considered â€Å"attestation services† (long before assurance services were invented). Maybe this is a good vehicle for discussing the considerable overlap between attestation services (attestation standards) and assurance services. †¢ Real estate demand studies — Assurance service (listed by SCAS but not in the textbook chapter) †¢ Ballot for awards show — Assurance service (listed by SCAS but not in the textbook chapter) [But PwC attested to the Academy Awards ballot results long before assurance services were invented] Utility rate applications — Attestation service (or maybe a consulting service; I’m somewhat surprised the SCAS did not list it as an assurance service. ) †¢ Newspaper circulation audits –Assurance service (listed by SCAS but not in the textbook chapter) [But this work has appeared in prior years in examples of attestation services] †¢ Third-party reimbursement maximization — Assurance service (listed by SCAS and listed in the textbook chapter) †¢ Annual financial report to stockholders — Audit service Rental property operations review — Assurance service (listed by SCAS and listed in the textbook chapter) †¢ Examination of financial forecasts and projections — Attestation service (but also listed by SCAS as an assurance service) †¢ Cus tomer satisfaction surveys– Assurance service (listed by SCAS and listed in the textbook chapter) †¢ Compliance with contractual requirements — Attestation service (but also listed by SCAS as an assurance service) †¢ Benchmarking/best practices — Assurance service (listed by SCAS and listed in the textbook chapter) Evaluation of investment management policies — Assurance service (listed by SCAS and listed in the textbook chapter) †¢ Information systems security reviews — Assurance service (listed by SCAS and listed in the textbook chapter) †¢ Productivity statistics — Attestation service (but also listed by SCAS as an assurance service under various descriptions) †¢ Internal audit strategic review — Assurance service (listed by SCAS and listed in the textbook chapter) †¢ Financial statements submitted to a bank loan officer — Audit service 1. 49 ASB Assertions PCAOB Assertion |Corresponding ASB ass ertion |Nature of assertion | |Existence or Occurrence |Existence |Balance | | |Occurrence |Transactions | | | |Disclosures | |Rights and Obligations |Rights and Obligations |Balances | | | |Disclosures | |Completeness |Completeness |Transactions | | | |Balances | | | |Disclosures | | |Cutoff Transactions | |Valuation and Allocation |Accuracy |Transactions | | | |Disclosures | | |Valuation |Balances | | | |Disclosures | |Presentation and Disclosure |Classification |Transactions | | | |Disclosures | | |Understandability |Disclosures | 1. 52Identification of Audits and Auditors The responses to this matching type of question are ambiguous. The engagement examples are real examples of external, internal and governmental audit situations. You might point out to students that the distinctions among compliance, economy and efficiency and program results audits are not always clear. The â€Å"solution† is shown below in matrix form, showing some engagement numbers in two or t hree cells. The required schedule follows. |Type of Audit | | |Financial Statement | |Economy, Efficiency |Program | |Auditor | |Compliance | |Results | |Independent CPA |2, 10 | | | | |Internal Auditor | |6, 8 |4, 8 | | |Governmental (GAO) | | |1, 3 |1, 3, 9 | |IRS Auditor | |5 | | | |Bank Examiner | |7 | | | |Proprietary school’s training expenses |Economy and Efficiency Program Results |Governmental (GAO) | |Advertising agency financial statements |Financial statement |Independent CPAs | |Dept. f Defense launch vehicle |Economy and Efficiency or Program Results |Governmental (GAO) | |Municipal services |Economy and Efficiency |Internal auditors | |Tax shelters |Compliance |IRS auditors | |Test pilot reporting |Compliance |Internal auditors | |Bank solvency |Compliance |Bank examiners | |Materials inspection by manufacturer |Compliance or Economy and Efficiency |Internal auditors | |States’ reporting chemical use data |Program goal |Governmental (GAO) | |Sports compl ex forecast |Financial statement |Independent CPAs | SOLUTIONS FOR REVIEW CHECKPOINTS 2. 1For independent (external) auditors of financial statements, practice standards are issued by the AICPA Auditing Standards Board (in the form of Statements on Auditing Standards) and the Public Company Accounting Oversight Board (in the form of Auditing Standards). Statements on Auditing Standards are appropriate for the audits of nonpublic entities, while Auditing Standards are appropriate for the audits of public entities. For governmental auditors, the Government Accountability Office issues Government Auditing Standards (also known as the â€Å"Yellow Book†). For internal auditors, the Institute of Internal Auditors issues Statements of Internal Auditing Standards (also known as the â€Å"Red Book†). For fraud auditors, the Association of Certified Fraud Examiners issues Professional Standards and Practices for Certified Fraud Examiners. For auditors in other countries, the IFAC International Auditing and Assurance Standards Board issues International Standards on Auditing and Assurance. 2. 2Generally accepted auditing standards are standards that identify necessary qualifications and characteristics of auditors and guide the conduct of the audit examination. Generally accepted accounting principles represent the requirements for the preparation and presentation of financial statements and accompanying footnote disclosures. These two types of standards are related to one another because a primary objective of a GAAS audit is to allow auditors to conclude whether an entity’s financial statements are prepared and presented in conformity with GAAP. 2. 3The three fundamental principles are: 1. Responsibilities, which involves having appropriate competence and capabilities, complying with relevant ethical requirements, maintaining professional skepticism and exercising professional judgment. 2. Performance, which requires auditors to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement by: (1) planning the work and properly supervising assistants; (2) determining and applying appropriate material levels; (3) identifying and assessing the risk of material misstatement; and, (4) obtaining sufficient appropriate audit evidence. 3. Reporting, which requires the auditor to express an opinion as to whether the financial statements are prepared in accordance with the applicable financial reporting framework. Auditing procedures relate to acts to be performed during the engagement. Auditing standards deal with measures of the quality of performance of those acts and the objectives to be attained. Auditing standards are less subject to change and provide the criteria for rejecting, accepting, or modifying auditing procedures in a given circumstance. An example of the relative stability of standards and procedures is found in the change from non-computerized information systems to computerized information systems. New auditing procedures were required to evaluate computerized information systems, but auditing standards remained unchanged and were the criteria for determining the adequacy of the new auditing procedures. 2. 4Independence in fact represents auditors’ mental attitudes (do auditors truly act in an unbiased and impartial fashion with respect to the client and fairness of its financial statements? ). Independence in appearance relates to financial statement users’ perceptions of auditors’ independence. Auditors can be independent in fact but not perceived to be independent. For example, ownership of a small interest in a public client would probably not influence auditors’ behavior with respect to the client. However, it is likely that third-party users would not perceive auditors to be independent. 2. Due care reflects a level of performance that would be exercised by reasonable auditors in similar circumstances. Auditors are expected to have the skills a nd knowledge of others in their profession (known as that of a prudent auditor) and are not expected to be infallible. 2. 6Professional skepticism is a state of mind that is characterized by appropriate questioning and a critical assessment of audit evidence. Professional judgment is the auditors’ application of relevant training, knowledge, and experience in making informed decisions about appropriate courses of action during the audit engagement. Auditors are required to demonstrate professional skepticism and professional judgment throughout the entire audit process. 2. Reasonable assurance recognizes that a GAAS audit may not detect all material misstatements and auditors are not â€Å"insurers† or â€Å"guarantors† regarding the fairness of the company’s financial statements. The following characteristics of an audit do not permit auditors to provide absolute assurance: †¢ Mistakes and misinterpretations may occur †¢ Management judgments an d estimates affect financial reporting †¢ Audit procedures cannot always be relied upon to detect misstatements †¢ Audit engagements must be conducted within a reasonable period of time and so as to achieve a balance between benefit and cost. 2. 8Three elements of planning and supervision considered essential in audit practice are: †¢ A written audit plan. †¢ An understanding of the client’s (auditee’s) business. Policies to allow an audit team member to document disagreements with accounting or auditing conclusions and disassociate him or herself from the matter. 2. 9The timing of the auditors’ appointment is important because auditors need time to properly plan the audit and perform the necessary work without undue pressure from tight deadlines. 2. 10Materiality is the dollar amount that would influence the lending or investing decisions of users; this concept recognizes that auditors should focus on matters that are important to financial statement users. Materiality should be considered in planning the audit, performing the audit, and evaluating the effect of misstatements on the entity’s financial statements. 2. 1Auditors obtain an understanding of a client, including its internal control, as a part of the control risk assessment process primarily in order to plan the nature, timing and extent of substantive audit procedures. A secondary purpose is because of auditors’ responsibilities for reporting on client’s internal controls under Auditing Standard No. 5. 2. 12As the client’s internal control is more effective (a lower level of control risk), auditors may use less effective substantive procedures (a higher level of detection risk). Conversely, when the client’s internal control is less effective (a higher level of control risk), auditors must use more effective substantive procedures (a lower level of detection risk). 2. 13Audit evidence is defined as the information used by a uditors in arriving at the conclusion on which the audit opinion is based. 2. 4External documentary evidence is audit evidence obtained from another party to an arm’s-length transaction or from outside independent agencies. External evidence is received directly by auditors and is not processed through the client’s information processing system. External-internal documentary evidence is documentary material that originates outside the bounds of the client’s information processing system but which has been received and processed by the client. Internal documentary evidence consists of documentary material that is produced, circulates, and is finally stored within the client’s information processing system. Such evidence is either not circulated to outside parties at all or is several steps removed from third-party attention. 2. 5In general, evidence that is completely external in nature is most reliable, because the client has not influenced its processing . In contrast, evidence that is completely internal in nature is least reliable, as it may represent a fictitious transaction created or modified by client personnel to enhance perceptions of the client’s financial statements. 2. 16As auditors need to achieve lower levels of detection risk, more appropriate evidence needs to be obtained. Thus, auditors should gather higher quality evidence (more reliable evidence). For example, auditors may choose to obtain evidence from external sources rather than internal sources. In addition, for lower levels of detection risk, auditors need to gather more sufficient evidence. Because sufficiency relates to the quantity of evidence, a greater number of transactions or components of an account balance should be examined. 2. 17A financial reporting framework is a set of criteria used to determine the measurement, recognition, presentation, and disclosure of material items in the financial statements. The financial reporting framework is related to auditors’ reporting responsibilities because this framework serves as the basis against which the financial statements are evaluated and the auditors’ opinion on the financial statements is expressed. 2. 18Four types of opinions and their conclusions: Type | |Conclusion | |Unqualified opinion | |Financial statements are presented in conformity with GAAP. | |Adverse opinion | |Financial statements are not presented in conformity with GAAP. | |Qualified opinion | |Financial statements are presented in conf ormity with GAAP, except for one or | | | |more departures or issues of concern. | |Disclaimer of opinion | |An opinion cannot be issued on the financial statements. | 2. 19The auditors’ report is dated at the point when all significant procedures have been completed by auditors and auditors have gathered sufficient appropriate evidence. This date is referred to as the audit completion date. 2. 20Public accountants should issue a report when they are associated with financial statements because users may mistakenly assume that an audit has been conducted and that the entity’s financial statements are fairly presented according to GAAP. 2. 21The purpose served by the attestation standards is to guide work in attestation areas and engagements other than audits of financial statements. 2. 22The major differences between attestation standards and generally accepted auditing standards (GAAS) lie in the areas of practitioner competence, materiality and the risk of material misstatement, and reporting. GAAS presume knowledge of accounting and require competence and capabilities as auditors (meaning auditors of financial statements). The attestation standards are more general, requiring training and proficiency in the â€Å"attest function† and knowledge of the â€Å"subject matter of the assertions. † The attestation standards have no specific requirement for determining materiality levels or obtaining and understanding of the entity and its environment to assess the risk of material misstatement. Because attestation engagements may cover information not confined to accounting and financial assertions, these activities may not be appropriate for all attest engagements. Reporting is different because attestations on nonfinancial information do not depend upon generally accepted accounting principles. In addition, GAAS do not address two reporting issues (stating significant reservations about the engagement and indicating that the report is only intended for specified parties) that are important reporting aspects for attestation engagements. 2. 23A system of quality control provides firms with reasonable assurance that the firm and its personnel (1) comply with professional standards and applicable regulatory and legal requirements and (2) issue reports that are appropriate in the circumstances. The six elements of a system of quality control are: . Leadership responsibilities for quality within the firm (â€Å"tone at the top†) 2. Relevant ethical requirements 3. Acceptance and continuance of clients 4. Human resources 5. Engagement performance 6. Monitoring 24. In deciding whether to accept or continue an engagement with a client, firms sho uld consider: †¢ The integrity of the client and the identity and business reputation of its owners, key management, related parties, and those charged with governance. †¢ Whether the firm possesses the competency, capability, and resources to perform the engagement. †¢ Whether the firm can comply with the necessary legal and ethical requirements. If firms decide to withdraw from an engagement, the firm should document significant issues, consultations, conclusions, and the basis for any conclusions related to the decision to withdraw. 25. Typically, firms that audit nonpublic companies have peer reviews conducted through the AICPA’s Center for Public Company Audit Firms Peer Review Program. While firms that are subject to PCAOB review requirements can elect to have peer reviews conducted under this program, most choose not to do so. 2. 26The PCAOB’s monitoring role for firms providing auditing services to public entities includes registering public accounting firms and conducting inspections of registered public accounting firms (similar to peer reviews). 2. 7The frequency of PCAOB inspections depends upon the number of audits conducted by member firms. For firms performing audits for more than 100 public companies, inspections are required on an annual basis. For those performing audits for fewer than 100 publi c companies, inspections are conducted every three years. SOLUTIONS FOR MULTIPLE-CHOICE QUESTIONS 2. 28a. CorrectGathering audit evidence is a component of the performance principle. b. IncorrectWhile reasonable assurance is related to gathering audit evidence, this is not one of the categories of principles c. IncorrectThe reporting principle relates to the contents of the auditors’ report d. IncorrectThe responsibilities principle relates to the personal integrity and professional qualifications of auditors. 2. 29a. IncorrectThis practice relates to accountants’ competence and capabilities, not due care. b. IncorrectThis practice relates to the reporting principle. c. IncorrectSufficiency of evidence relates to the performance principle and not due care. d. CorrectThese practices are a part of due care. 2. 30a. IncorrectGAAS relates to the conduct of audit engagements and not overall professional services. b. CorrectStandards within a system of quality control are firm- (rather than auditor-) related. c. IncorrectGAAP relates to accounting and financial reporting, rather than auditing practices. d. IncorrectInternational auditing standards govern the conduct of audits conducted across international borders. 2. 31a. IncorrectRelying more extensively on external evidence is related to the appropriateness (or quality) of evidence. b. IncorrectFocusing on items with more significant financial effects on the financial statements is related to materiality. c. CorrectProfessional skepticism is characterized by appropriate questioning and a critical assessment of audit evidence. d. IncorrectFinancial interests are most closely related to auditors’ independence. 2. 32a. CorrectAuditors study internal control to determine the nature, timing, and extent of substantive tests. b. IncorrectConsulting suggestions are secondary objectives in an audit. c. IncorrectInformation about the entity’s internal control is, at best, indirect evidence about assertions in the financial statements. d. IncorrectInformation about the entity’s internal control provides auditors with little opportunity to learn about changes in accounting principles. 2. 33a. IncorrectExternal evidence is considered to be relatively reliable. b. CorrectManagement representations should least affect auditors’ conclusions, as they have not been validated or corroborated by external parties. c. IncorrectAuditor-prepared evidence is considered to be the most reliable form of evidence. d. IncorrectAlthough a representation of a client employee, inquiry of the entity’s legal counsel is considered more reliable than that of entity management. 2. 34a. IncorrectInquiry of management should least affect auditors’ conclusions. b. IncorrectAlthough very persuasive, auditors’ personal knowledge (choice d) provides the most persuasive evidence c. IncorrectObservation of a client’s procedures provides evidence on the effectiveness of the client’s internal control, but not the existence assertion for newly-acquired computer equipment. d. CorrectAuditors’ personal knowledge provides the most persuasive evidence. 2. 35a. IncorrectInquires of client personnel are the least reliable form of evidence. b. IncorrectWhile more reliable than inquiries (choice a), inspection of internal documents is relatively low in terms of reliability. c. IncorrectWhile sales invoices are documents created by external parties, the fact that these documents were received from client personnel decreases their reliability. d. CorrectBecause the statements were received directly from outside parties, this is a more reliable form of evidence than choice (c). 2. 36a. IncorrectDocumentation of this nature would not be related to independence. b. IncorrectWhile the quality of the documentation and the conclusions included in the documentation might provide information about competence and capabilities, choice (c) is more appropriate. c. Correct Initials of the preparer and reviewer provide evidence that the documentation was reviewed, which relates to planning and supervision. d. IncorrectWhile the quality of the documentation and the conclusions included in the documentation might provide information about sufficient appropriate evidence, choice (c) is more appropriate 2. 37NOTE TO INSTRUCTOR: Since this question asks students to identify the requirement that is not included in attestation standards, the response labeled â€Å"correct† is not included in attestation standards and those labeled â€Å"incorrect† are included in attestation standards. a. IncorrectAttestation standards require adequate knowledge of the subject matter. b. CorrectAn understanding of the client’s environment (including internal control) is not required under attestation standards, because internal control may not always be relevant to the subject matter of the attestation. c. IncorrectAttestation standards require sufficient evidence to be gathered. d. IncorrectAttestation standards require independence in mental attitude. 2. 38NOTE TO INSTRUCTOR: Since this question asks students to identify the concept that is least related to due care, the response labeled â€Å"correct† is least related to due care and those labeled â€Å"incorrect† are more related to due care. a. IncorrectDue care requires the level of skills and knowledge of others in the auditors’ profession, which would require independence in fact. b. IncorrectSee choice (a) above. c. IncorrectDue care refers to the performance of a â€Å"prudent† auditor. d. CorrectDue care recognizes that mistakes and misinterpretations may occur during the audit. 2. 39a. IncorrectInternal documents are a relatively low quality of evidence. b. IncorrectManagement representations (and the related verbal inquiries) are the lowest quality of evidence. c. IncorrectWhile direct, external evidence is of reasonable quality, it is of lower quality than direct personal knowledge of the auditor (choice d). d. CorrectDirect, personal knowledge of auditors is the most appropriate form of evidence. 2. 40a. IncorrectWhile it may increase auditors’ knowledge about the client, obtaining an understanding of a client’s internal control does not directly influence auditors’ competence and capabilities. b. IncorrectObtaining an understanding of a client’s internal control does not directly influence auditors’ independence. c. IncorrectObtaining an understanding of a client’s internal control does not directly help satisfy the quality control standard about audit staff professional development. d. CorrectThe primary purpose of obtaining an understanding of a client’s internal control is to plan the nature, timing, and extent of substantive audit procedures on an engagement. 2. 41d. CorrectIndependence confirmations would ensure that all firm personnel are independent with respect to that firm’s clients, which is related to the â€Å"Relevant Ethical Requirements† element of a system of quality control. It would not relate to acceptance and continuance of clients (a), engagement performance (b), or monitoring (c). 2. 42b. CorrectGovernment auditing standards are issued by the Government Accountability Office (GAO). Governmental accounting standards are issued by the Governmental Accounting Standards Board. 2. 43a. CorrectConsultation with a specialist demonstrates due care if auditors do not have expertise in the area in question. b. IncorrectAuditors are experts in financial matters, not areas of art (and other collectibles) valuation. c. IncorrectGAAS applies to all audit engagements, including audit engagements for not-for-profit organizations. d. IncorrectSince (a) is correct, (d) cannot be correct. 2. 4NOTE TO INSTRUCTOR: Since this question asks students to identify the topic that is not been addressed in the auditors’ report, the response labeled â€Å"correct† is not addressed in the auditors’ report and those labeled â€Å"incorrect† are addresse d in the auditors’ report. a. IncorrectThe responsibilities of the auditor and management are provided in the introductory paragraph. b. CorrectAuditors provide reasonable (but not absolute) assurance in an audit engagement (this is noted in the scope paragraph of the auditors’ report). c. IncorrectA description of the audit engagement is provided in the scope paragraph of the auditors’ report. d. IncorrectThe auditors’ opinion on internal control over financial reporting is provided in the internal control paragraph of the auditors’ report. 2. 45a. CorrectAttestation standards differ from generally accepted auditing standards in that they apply to engagements other than those on historical audited financial statements. b. IncorrectAttestation standards require that the practitioner be independent. c. IncorrectAttestation standards may apply to prospective â€Å"what if† financial statements. d. IncorrectAttestation standards include requirements related to evidence. SOLUTIONS FOR EXERCISES AND PROBLEMS 2. 47Performance Principle The important elements of the performance principle and their relation to the C. Reis Company audit are: 1. Auditors must plan the work and appropriately supervise any assistants. Fulfilling this element would include the preparation of an audit plan for accounts receivable and reviewing it with the assistant prior to beginning the examination. These tasks were not done. Also, the completed audit documentation should have been reviewed to determine whether an adequate examination was performed. The illustration states that this procedure was followed. 2. Auditors must determine and apply appropriate materiality levels throughout the audit. This scenario did not address the process through which materiality levels were determined, so potential strengths and weaknesses related to materiality cannot be assessed. 3. Auditors must identify and assess risks of material misstatement. This element requires auditors to obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures. The case presented did not reference any work on the internal control. Complete reliance upon prior-year audit documentation in lieu of an evaluation of the existing internal control is improper, because changes may have been implemented to the system and controls by the client. 4. Auditors must obtain sufficient appropriate audit evidence. The assistant’s preparation of audit documentation, confirmation requests, and other procedures seem to fulfill the requirements of this standard if the audit work is properly performed and is of sufficient scope. 2. 48Time of Appointment and Planning From a theoretical viewpoint (and, in fact, from a practical viewpoint as well) such short notice of a request for an audit causes difficulties with planning the audit work, establishing staffing requirements, and reviewing the work; all of these features are important elements in the exercise of due care. The December 26 – January 20 period is a serious time constraint for an initial audit engagement. The greatest difficulties involve due care as well as the ability to appropriately perform the engagement (planning and supervision, determining materiality levels, identifying and assessing risks of material misstatement, and obtaining sufficient appropriate evidence). In view of the short notice and the time constraint, there may be some question as to whether an audit could be adequately completed by January 20. 2. 55Principles Case Study | | | | |Responsibilities | | | | | | | |1. Auditors are responsible for appropriate competence and | |1. It was inappropriate for Holmes to hire the two students to | |capabilities to perform the audit. | |conduct the audit. The examination must be conducted by persons | | | |with proper education and experience in the field of auditing. | | | |Inexperienced persons can assist, if they are supervised. | |2. Auditors are responsible for complying with relevant ethical | |2. To satisfy the independence requirement, Holmes must be | |requirements. |without bias with respect to the client under audit. Because of | | | |the financial interest in the bank loan, Holmes is neither | | | |independent in fact nor appearance with respect to the assignment | | | |undertaken. In addition, because of a number of actions (hiring | | | |unqualified individuals, failure to supervise those individuals, | | | |etc. ), Holmes did not appear to exhibit due care. | | | | | | | | | | |3. The fact that Holmes merely accepted the financial statements | | | |without questioning any evidence demonstrates lack of professional| |3. Auditors are responsible for maintaining professional | |skepticism (as well as a lack of good professional judgment). | |skepticism and exercising professional judgment throughout the | | | |planning and performance of the audit. | | | | | | |Performance | | | | | | | |1. The auditor must adequately plan the work and must properly | |1. This element recognizes that early appointment of auditors has | |supervise any assistants. |advantages for auditors and the client. Holmes accepted the | | | |engagement without considering the availability of staff. In | | | |addition, Holmes failed to supervise the assistants. The work | | | |performed was not adequately planned. | | | | | |2. The auditor must determine and apply appropriate materiality | |2. There was no discussion that appropriate materiality levels | |level or levels. | |were determined or applied for the audit by either Holmes or the | | | |two accounting students. Thus, compliance with this element is | | | |difficult to assess. | |3. The auditor must assess the risk of material misstatement based| |3. Holmes did not study the client’s internal control nor did the | |on the entity and its environment. | |assistants. There appears to have been no audit examination at | | | |all. The work performed was more an accounting service than it was| | | |an auditing service. | | | | | |4. The auditor must obtain sufficient appropriate audit evidence | |4. No evidence was obtained to support the financial statements. | |about whether material misstatements exist. | |The auditors merely checked the mathematical accuracy of the | | | |records and summarized the accounts. Standard audit procedures and| | | |techniques were not performed. | | | | |Reporting | | | | | | | |1. Based on evaluation of the evidence obtained, the auditor | |1. Because a proper examination was not conducted, the report | |expresses an opinion in accordance with the auditor’s findings, or | |should indicate that no opinion can be expressed as to the fair | |states that an opinion cannot be expressed, in the form of a written | |presentation of the financial statements in accordance with | |report. The opinion states whether the financial statements are | |generally accepted account ing principles. |prepared, in all material respects, in accordance with the | | | |appropriate financial reporting framework. | | | | | | | 2. 57System of Quality Control a. Leadership responsibilities for quality within the firm b. Engagement performance c. Human resources d. Monitoring e. Human resources f. Relevant ethical requirements g. Acceptance and continuance of clients h. Leadership responsibilities for quality within the firm i. Engagement performance SOLUTIONS FOR REVIEW CHECKPOINTS 12. Management prepares a report on the effectiveness of internal control over financial reporting. The auditors prepare reports on (1) the entity’s financial statement and other disclosures and (2) the effectiveness of the entity’s internal control over financial reporting. These can be presented as two separate reports or a combined report. 2. Management’s report on internal control over financial reporting consists of the following major components: †¢ A statem ent indicating that management is responsible for establishing and maintaining adequate internal control over financial reporting. †¢ A statement identifying the framework used by management to assess the effectiveness of the entity’s internal control. Management’s opinion on the effectiveness of the entity’s internal control, including an explicit statement as to whether the internal control over financial reporting is effective. †¢ A statement that the registered accounting firm auditing the financial statements (auditor) has issued an attestation report on the entity’s internal control over financial reporting. 12. 3The auditors’ report serves to communicate to users three specific statements with respect to the financial statements, the conduct of the audit, and the entity in general. First, the report indicates whether the financial statements are presented in conformity with GAAP. Second, auditors use their report to indicate any un usual aspects of the audit examination. Third, even if the financial statements are fairly presented and no problems were noted in the conduct of the audit, the auditors can use the report to communicate information useful to decision makers that may not appear on the face of the financial statements. 12. 4Nine important elements of the auditors’ standard report are: 1. Title. The title should contain the word independent, as in â€Å"Independent Registered Public Accounting Firm† or â€Å"Independent Auditors†. 2. Address. The report shall be addressed to the client, which occasionally may be different from the auditee. 3. Notice of Audit. A sentence should identify the financial statements and indicate that they were audited. This appears in the introductory paragraph. 4. Responsibilities. The report should state management’s responsibility for the financial statements and the auditors’ responsibility for the report. These statements are also in the introductory paragraph. 5. Description of the Audit. The second paragraph (scope paragraph) should declare that the audit was conducted in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) and describe the principal characteristics of an audit, including a statement of belief that the audit provided a reasonable basis for the opinion. 6. Opinion. The report shall express an opinion (opinion paragraph) regarding conformity of the financial statements with accounting principles generally accepted in the United States of America. 7. Internal Control. The report should reference the auditors’ examination, report, and opinion on the client’s internal control over financial reporting. 8. Signature. The auditors (partner of the audit team) shall sign the report, manually or otherwise. 9. Date. The report shall be dated using the date