Examining the difference between a material weakness and a significant deficiency

Examining the difference between a material weakness and a significant deficiency The purpose of this memo is to summarize selected paragraphs of AS5 to form an understanding of how the top down approach is applied to an audit of internal controls. It is also to explain the difference between a material weakness and a significant deficiency by providing a list of indicators of material weaknesses, as well as an explanation of how both a material weakness and a significant deficiency will be communicated to the audit committee and on the auditors report. Top Down Approach The purpose of using the top down approach for an audit of internal controls is to allow the auditor to take a systematic approach to identify risks and select which controls to test. The top down approach begins with the auditor forming a general understanding of the entity and the industry in which it operates. This is accomplished by looking at the companys financial statements, and acquiring general business knowledge. The auditor then looks at the entity-level controls of the company to ensure that sufficient policies and procedures are implemented to recognize misstatements, due to error or fraud, in a timely manner so that material misstatements do not affect the financial statements. The two most important types of entity-level controls are those related to the control environment, and those over the period-end financial reporting process. Controls over the control environment should assess how management promotes ethical values and integrity, as well as whether or not the Board of Directors or the audit committee has assumed the responsibility of the accuracy and completeness of the financial statements and internal controls. Controls over the period-end financial reporting process should assess the methods used to enter information to the general ledger, how much IT is used in the financial reporting process, types of adjusting and consolidation entries, and the involvement of management, Boa rd of Directors, and the audit committee in the period-ending financial reporting process. Other entity-level controls that must be taken into account include controls over management override, the companys risk assessment process, centralized processing controls, controls that monitor operations, and controls that monitor other controls. It is important to understand that entity-level controls vary both in nature and precision. Some entity-level controls only indirectly affect the likelihood of detecting or preventing material misstatements, whereas others are specifically designed to monitor the effectiveness of the other controls. The more precise the control, the less tests the auditor must perform on those controls. Next, the auditor identifies any significant accounts and disclosures, and their relevant assertions. Relevant assertions are basically risky financial statement assertions. Financial statement assertions show that a transaction has occurred, is complete, is valued correctly, has transferred ownership to the company, and is properly presented on the financial statements. A relevant assertion, therefore, would be any of these financial statement assertions that are exceptionally vulnerable to having a misstatement and could cause the financial statements to be materially misstated. Significant accounts and disclosures that require more attention are those that are larger in size, are more susceptible to misstatements, are very complex, contain a larger volume of transactions during the period, have realized losses during the period, involve a high likelihood of related party transactions within the account, or there has been a significant change in the accounting methods used from las t year. It is beneficial for the auditor to go through the financial statements, and for each account and disclosure brainstorm all the ways it could have been misstated to identify as many risky areas as possible. Risk factors, as well as significant accounts and disclosures, and their relevant assertions will be the same for both the audit of internal controls as well as the financial statement audit. When auditing an enterprise with multiple business entities, the auditor should use the consolidated financial statements to identify significant accounts and disclosures. The next step is for the auditor to understand likely sources of misstatement. In order to do this, the auditor should achieve a series of objectives. These objectives include the auditor being able to show where there are vulnerabilities in a companys internal controls that could result in material misstatements to the financial statements, and what controls management has implemented to reduce these risks. The best way for the auditor to achieve these objectives is by performing walkthroughs. A walkthrough is when the auditor follows a transaction from its origination until it reaches the financial records, and makes sure that all of the control procedures were conducted properly. It is important that the auditor conducts these types of procedures him or herself and takes careful notes about what type of information technology is used, as well as what personnel is involved in each processing procedure. The final step in the top down approach is to select which controls to test. The auditor should test each control that is the most important in determining whether or not a particular risk has been sufficiently addressed. If two controls address the same risk, it may not be necessary to test both controls. Also, it may not be necessary to address two risks separately if one control sufficiently addresses both of them. Together, the tests of these internal controls will provide the auditor with a conclusion about the effectiveness of the internal controls over financial reporting. Material Weakness or Significant Deficiency The difference between a material weakness and a significant deficiency is simply that a significant deficiency is less severe. A significant deficiency is, however, still risky enough for the auditor to let management know so that they may have a chance to get rid of the problem. If management does not sufficiently address the problem within one year, the deficiency becomes a material weakness. All material weaknesses must be communicated to both management and the audit committee as well as mentioned in the auditors report on internal controls over financial reporting. A material weakness is a problem with the internal controls over financial reporting that will most likely result in an important error on the financial statements that would alter creditors and investors opinions about the company. Indicators of Material Weaknesses Auditing Standard five mentions four important indicators of material weaknesses to help the auditor determine what deficiencies are considered material weaknesses. The first indicator of material weakness is if there is any evidence that shows there may be fraud present. The second occurs when management alters the financial statements to fix a material misstatement that they found. The third is when the auditor finds a material misstatement and informs management about the problem. The fourth is an assessment of the audit committee. If the audit committee is doing a poor job acting as oversight over the financial reporting process of the company, there may be an increased likelihood of a material weakness. If any or all of these indicators are present for a given deficiency, the auditor should compare the facts with what a reasonable professional would consider to be in accordance with GAAP. If this is determined not to be true, the auditor must consider this deficiency a material weakness and disclose it on the auditors report of internal controls over financial reporting. Communicating to the Audit Committee and on the Auditors report The auditor is required to report any and all deficiencies found to management in writing and tell the audit committee about this communication. If the deficiency has already been revealed to management through different means, the auditor does not need to repeat this communication. If a material weakness is discovered, the auditor must communicate it to management and the audit committee first, and then disclose it in the auditors report. If a deficiency is determined to be significant, the audit committee, as well as management, must be informed in writing. The auditor is not responsible to report control deficiencies he or she is not aware of, nor is he or she responsible to provide assurance that all deficiencies have been discovered. The top down approach is a systematic method of assessing risk that an auditor uses to locate specific areas of risk in a companys internal controls over financial reporting, and select the best tests to make sure these risks are sufficiently addressed. The top down approach requires the auditors to start by understanding a company and its industry, then moving down to the companys entity-level controls, then to significant accounts and disclosures and their relevant assertions, then double check that the auditor has a complete understanding of the risks, and then finally select the controls that are necessary to test to make sure that all risks have been addressed. The main difference between a material weakness and a significant deficiency is that a significant deficiency is less severe. Also, although both must be communicated, in writing, to both management and the audit committee, only a material weakness must be disclosed in the auditors report.

George Wells :: essays research papers

Amanda Sullivan   Ã‚  Ã‚  Ã‚  Ã‚  Herbert George Wells was born in 1866, in Bromley Kent. He was born into a poor family. His career as an author was fostered by an unfortunate accident as a child. He broke both of his legs and spent the mandatory rest period reading every book he could find. Wells was awarded a school scholarship and furthered his education at the normal school of science in London (discovering authors). It was at the normal school that Wells came under the wing of the famous biologist Thomas H Huxley. Wells was clearly influenced by his studies at the normal school and his interest in Biology (geocities.com). After graduating Wells wrote a biology test book and began submitting fiction to various magazines. Wells’s critical and popular reputation rests primarily on his early work of science fiction.   Ã‚  Ã‚  Ã‚  Ã‚  H G Wells gained fame with his first major work The Time Machine in 1895. Soon after the publication of this book, Wells followed with The Island of Dr.Moreau in 1985, The invisible man in 1897, and perhaps his most famous work The war of the worlds in 1898.(Science fiction stories) . These works were enormously popular at the time they appeared, most of them are acknowledged classics of the genre witch continued to be widely read and adapted into the other media (gale research). Wells’s science fiction is also noted for its sophisticated,satire of the author’s own culture and times (geocitites.com). Over the years Wells became concerned with the fate of human society in a world where technology and scientific study were advancing at a rapid pace. For a period of time he was a member of the Fabian Society, which was a group of social philosophers in London (geocities.com). Wells’s later works became less science fiction and more social critique. The accuracy of the science in His works has often been called into question. It is rumored that Wells and the French novelist Jules Verne actually criticized each other’s writings. Wells believed that â€Å"Verne couldn’t write his was out of a paper sack†, and Verne accused Wells of having â€Å"Scientifically implausible ideas† (geocities.com). The science may not be accurate, but the adventure and philosophy in his book makes Wells’s early science fiction fun and fascinating to read. Wells is best known as one of the progenitors of modern science fiction. His pioneering works in this genre foretold such development as chemical warfare, atomic weapons, and world wars (geocities.

A Market Economy And In A Command Economy Economics Essay

Construction Economics is a nucleus topic to Quantity Surveyors which will use the cognition of it for future profession judgements. Quantity Surveying is besides known as Building Economist. Therefore, application of Economics is compulsory in building sector specially to be a qualified Surveyor. base replies larning will assist to cover important sum of capable country which I believe more effectual. The format of this assignment will follow the same inquiry order as given in the appraisal standard and some subheadings were added to presentation intents to better the quality of the reply.1. Question ONEQ1.i – Briefly explicate how scarce resources are allocated in a Market Economy and in a Command Economy. A market economic system is an economic status in which the production and distribution of goods and services takes topographic point through the mechanism of free markets led by a free monetary value system. It is reciprocally good and exchange between consumers and Producers. Market economic system is besides known as free market economic system and free endeavor economic system Typically a bid system is connected with a socialist or communist economic system. Largely, scarce resources are owned by authorities or province of the society. The authorities allocates sets resources, rate of growing and marks of production inA to people ‘s wants.A The authorities will make up one's mind the distribution of concluding income and wealth. The market monetary values are minimum alteration and queuing rations for scarce goods can be expected from such a system. Scarcity is kind of tenseness between our limitless wants & A ; demands and the limited resources in the planet. Insufficient production from limited resources to carry through the human wants and demands are take a firm standing for this planetary issue. Production of goods, ingestion of goods and services in return for money is the basic construct of an economic system. Scarcity of resources shall non depend with the type of the economic system. In a bid economic system if a commercial value of such resources can be pre determined, it would be low-cost to everyone. However, the monetary value of such resource would be really high in a market economic system. Q1.ii – See the undermentioned demand and supply informations of Product X. Price ( Rs. ) Demand Quantity ( Units ) Supply Quantity ( Units ) 10 900 80 20 800 180 30 700 280 40 600 380 50 500 480 60 400 580 70 300 680 80 200 780 Table 1 Use a graph paper to pull the demand and supply curves for Product X and find the followers Market equilibrium monetary value – Rs.51.00 Market equilibrium measure – 490 units Graph 1 Q1.iii – Explain the consequence of subsidies and revenue enhancements utilizing the demand and supply curves Effectss of subsidies: – Price $ /unit Supply Curves Consumption Demand Curves S Sub P s ‘PhosphorusP s Q s ‘QSecondGraph 2 Supply curve will switch to the right in Subsidies on production until the perpendicular distance between the 2 curves is equal to the per unit subsidy. This will diminish monetary value paid by the consumers and increase the monetary value received by the manufacturers, when other things remain equal. Otherwise, demand curve will switch to the right a subsidy on ingestion. This will diminish the monetary value paid by consumers. Besides it will increase the monetary value received by manufacturers by the same sum as if the subsidy had been imposed on the manufacturers, when other things remain equal, Although in this instance, the new market monetary value will be the monetary value received by manufacturers. The terminal consequence, once more, is that no affair who is subsidized, the monetary values manufacturers and consumers face will be the same. The analysis of the consequence of a subsidy is basically similar to enforcing a revenue enhancement. A subsidy is simply a negative revenue enhancement. Subsidy consequence will switch the supply curve downward by the sum of the subsidy. Efficaciously this causes an addition in supply. Effectss of revenue enhancements: – Impact of a 50 cents Tax Levied on Buyers Supply – S1 Monetary value of Ice Cream Cone Measure of Ice Cream Cone Equilibrium without revenue enhancement Equilibrium with revenue enhancement $ 3.30 $ 3.00 $ 2.80 Monetary value purchasers pay Monetary value without revenue enhancement Monetary value Sellerss receive 0 90 100 D1 D2 Graph 3 Taxs are used to raise money for the authorities Taxs are discourage market activity When a good is taxed, the measure sold is smaller Buyer and Sellerss portion the revenue enhancement load Who bears the load of revenue enhancement the most Q1.iv.a – Briefly explain the undertaking appraisal method of Net Present Value ( NPV ) method The Net Present Value of a undertaking is the amount of present values of discounted benefits and costs ( A negative value can anticipate as the cost here ) In general it is the difference among hard currency flows in present and future. Once the all future hard currency in subtraction, present hard currency out of the undertaking, the terminal consequence would give the NPV. NPV is a cardinal tool in discounted hard currency flow analysis to measure long-run undertakings and besides it is a standard method for utilizing the clip value of money. 56bdc7353b83add5f8b9bf9ab910465e.png When, t = the clip of hard currency flow, one = price reduction rate, Rt = net hard currency flow Q1.iv.b – A building company wishes to put aside adequate money today in an involvement bearing history to hold $ 100,000 five old ages from now for the purchase of a replacing piece of equipment. If the company can have 12 % involvement on the investing, how much should be set aside now to accrue the $ 100,000 five old ages from now? F = P ( 1 + I ) N P = F / ( 1+i ) N P = 100,000 / ( 1+0.12 ) 5 = $ 56,742.69 Q1.iv.c – What is the one-year sedimentation that has to be made at the terminal of twelvemonth if Rs. 500,000 is to be accumulated after 15 old ages at a bank where involvement rate is 7 % per annum? A = F { i/ [ ( 1 + I ) n-1 ] } A = 500,000 { 0.07/ [ ( 1 + 0.07 ) 15-1 ] } A = Rs. 19,897.312. QUESTION TWOQ2.i – Briefly explain the four market constructions you have studied. There are four classs of market construction exist in an economic sciences. Perfect Structures Monopolistic Competition Oligopoly MonopolyPerfect StructureThis is a conjectural economic system in which no consumer or manufacturer has any market power to take a firm stand the monetary values described perfect construction. This sort of market based on six premises. Atomicity. Homogeneity. Perfect and complete information. Equal entree. Free entry. Individual purchasers and Sellerss act independentlyMonopolistic CompetitionMonopolistically Competition house acts like a monopolizer. The house will be able to act upon the market monetary value of its merchandise by altering the production rate of the merchandise. There are four sub features of a Monopolistic Competition market. Many consumers and manufacturers in a given market Non-price differences among the rival ‘s merchandises can be preserved by consumers. Barriers to entry and issue to the market. Degree of control over monetary value to manufacturers The features of monopolistically competitory market are about the same as in perfect competition, with the freedom of heterogenous merchandises, and that monopolistic competition involves a great trade of non-price competition.OligopolyMarket or industry is dominated by a little figure of Sellerss in an Oligopoly market. The determination of one house influence, and are influenced by the determination of other houses. This involves higher hazard of collusion in markets and industries.MonopolyMonopoly exists in an economic system when a specific person or endeavor has sufficient control over a peculiar service or merchandise. That will do to find the footings on which other persons shall hold entree to it significantly. Largely, in monopoly economic system, the authorities statute laws restrict to come in in to the monopoly market. In Sri Lanka, there was a period, where Shell gas had a monopoly control over domestic gas monetary values which the demand side suffers lot due to monetary value hiking. Q2.ii – Do you believe a monopoly is good for the society? In what peculiar state of affairs a monopoly would be appropriate? Discuss Monopoly economic system will non give a competitory monetary value for clients for a good or service. This happen specially the control over the monopoly Markss retain with private sector. Therefore, clients largely suffer if the monopoly is under private sector control. However, an economic system over public sector control would do different status towards clients. Such organisation will stand as none net income organisations. The purpose is established towards public satisfaction. Railway section, postal service, toll roads are illustrations for monopoly services provides by the authorities for the low-cost value. Q2.iii – The undermentioned tabular array gives the labor input per twenty-four hours and the end product per twenty-four hours of a certain undertaking carried out by a Contractor. Complete the following table demoing the contractor ‘s economic costs. Assume the day-to-day pay rate per worker is ?50 Labour per twenty-four hours Output per twenty-four hours Fringy Merchandise Variable Cost Average Cost Fringy Cost 0 0 1 5 5 50 10.00 50 2 12 7 100 8.33 50 3 20 8 150 7.50 50 4 31 11 200 6.45 50 5 40 9 250 6.25 50 6 46 6 300 6.52 50 7 50 4 350 7.00 50 8 52 2 400 7.69 50 Table 2 Pull the graph of variable cost curve Graph 4 Pull the graph of fringy and mean cost curves ( on one graph ) Graph 53. QUESTION THREEQ3.i – In what manner does the building industry differ from the fabrication industry? Explain your reply with appropriate illustrations. Manufacturing tends to do the same merchandise over and over called as line production. But building makes a alone merchandise, one at a clip. Soap Manufacture would bring forth 100s of soaps per twenty-four hours and it would go on. But building a edifice is alone and a one end of 100s yearss attempt. Once the building work is completed, it moves to following location in a certain clip period. But Manufacturing is go oning in a lasting topographic point like mills, workshops or paces which will non alter the location clip to clip under normal fortunes. Builder will travel to new site after passing over the old undertaking to its proprietor. A undertaking for today could be in Galle whilst the following undertaking in following twelvemonth in Kandy to the same contractor. The building merchandise would devour a long clip before it reaches to concluding result. But fabricating is required short clip. To finish the southern freeway it took 12 old ages from Galle to Colombo. But to fabricate vehicle suites to go in main road may merely take few hours in a large Fabrication pace in Japan The building industry is more consequence oriented. The client concern and ever insist to keep the consequence in to his demand. In fabrication industry, the client or end-user engagement is really rare. The fabrication industry is more with procedure oriented. The workers purpose is to keep the procedure, efficiency and efficaciously towards what they produce. Construction of a land grade edifice, client will name his squad to do certain the undertaking is being delivered in to his demand. But in fabricating a computing machine, no 1 knows who is the terminal user or who is traveling to have it. So the quality is fixed and end-user must follow with available quality. Potential change can be happened during building. But in fabrication is pre defined. So no alterations would go on unless otherwise, bring forthing a new merchandise with different marks. Typical house contraction, the proprietor may wants to alter the original design clip to clip. But in fabricating paracetamal tablet will ne'er alter its ingredients. Manufacturing points are off the shelf but building is non. An point which has been manufactured can be purchased from a store. But building undertaking would non be available due to mainly the cost of making so. Q3.ii – Explain the importance of authorities intercession in the building industry with appropriate illustrations. Government intercession to the building industry is more of import due to Nemours grounds. In Sri Lanka, Institute for Construction Training And Development ( ICTAD ) has been established as the regulative organic structure for Construction Industry. So it will do a clear image how Sri Lankan authorities has intervened to the industry. To do certain the building would non harm the environment and pubic: – As a consequence of improper building behaviours and Acts of the Apostless, it would potentially foul the environment and injury to the public public assistance. To supervise or to modulate such from building activities, it is compulsory engagement of authorities for building industry. To do certain the building is suite with town program: – As a consequence of hapless planning, the metropolis country would be supplying best service choices to public convenience. Therefore, it is of import the building site to follow with town program. To avoid corruptness and to do certain the terminal user or client gets the best value for his money Construction is the most reasonable factor behind a development of a state. In the manner for development, the positive influence to promote the building by a authorities will do a important part towards a developed state. To do certain the authorities is gaining due revenue enhancements: – The chief income for a authorities is revenue enhancements. Every different industry, merchandise, or services, authorities will hold its ain part of income as revenue enhancements. To do certain the authorities is acquiring due revenue enhancements for the contraction, the intercession is of import. Particular grants: – In Sri Lanka, as an action to promote the building industry, authorities has non charged revenue enhancements against the contraction vehicles. Government ever to do certain the cement monetary value of the state to remain in a low-cost zone for the populace. Education degree and Construction Professionals: – By bettering the instruction system and increasing the Construction Profession in university plan is besides a good intercession by authorities to do the industry live in the state. Duties of Regulatory Body: – Contractors are registered in the ICTAD to make the trust on building clients. Price bulletin publish by authorities besides help to cipher the sum of existent monetary value escalation within a concern period.4. DecisionThis appraisal was significantly enhanced my cognition towards the Construction Economics topic. Some countries are really of import like for Net Present Value non merely merely for a Quantity Surveyor or Economist, but for any sensible adult male who make investing or do any minutess with a bank to set up or be after the investings efficaciously. I strongly believe that I will be able to use the cognition on the topic to confront future challenges on the profession. The all inquiries were answered and provided all sufficient information as required..5. RecommendationThe inquiry base reply format will be given a more specific testing of pupil ‘s cognition. The inquiries were asked in this appraisal have been covered more of import country of jurisprudence and contract. Knowledge and minimizing on some of import theories are of import to any profession. Therefore, I suggest adding the Economicss topics to other suited professional instruction systems.

The Representation Of Refugees Through A Political And...

Refugees are a prominent group of people in today’s society. ‘A refugee is someone who is outside his or her country of origin and is at risk of being persecuted if he or she returns’. The Convention Relating to the Status of Refugees ‘establishes the basic human rights to which refugees are entitled wherever they are’ (Dauvergne, 2012, p. 1445). Refugees are talked about and handled in certain ways within different discourses. Foucault’s defines discourse as the rules and practices that produce meaningful statements about a topic at a particular historical moment. He argues that it ‘constricts the topic’. (Hall, 1997, p.44). This essay will analyse the representation of refugees through a political and media discourse. A political discourse on refugees is explored in Rocco Fazzari and Denis Carnahan’s video ‘Stop the Boats (with cash) Tony’. The video highlights the political language for talking about refugees and the ways in which they are viewed by the Australian government. In comparison the media discourse will be examined through Nilufer Demir’s (2015) photograph of a drowned Syrian child refugee. The image stresses the pivotal role the media plays in constructing and circulating meanings (Hightower, 2014, p.336). By analysing refugees through these two texts, an understanding of the different representation and meanings produced by separate discourses on the same topic can be developed. A political discourse allows the government’s policies on refugees and theShow MoreRelatedSocial Media, Though Relatively New,Is A Growing Part Of1529 Words   |  7 Pages Social media, though relatively new, is a growing part of everyday life. The question one must ask is: what impact does this form of communication have on global politics?   Whereas social media is not always a reliable source, it serves to engage the global population in a casual manner, weaving politics into the fabric of everyday life. 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While many democracies do not live up to our expectations in regards to providing equality, there are explanations for this and methods