Risk in Public - Private Partnership Mechanisms in Malaysia - Free Essay Example

Sample details Pages: 6 Words: 1929 Downloads: 9 Date added: 2017/06/26 Category Economics Essay Type Research paper Level High school Did you like this example? RISK IN PUBLIC- PRIVATE PARTNERSHIP MECHANISM IN MALAYSIA CHAPTER 1: INTRODUCTION Background of the study Since the era of 1980s, privatization policy was introduced under the 4th Malaysia Plan to address the deficiencies in infrastructure development in Malaysia. The privatization policy that aimed to reduce the funding of government has later motivate the government to implement the Private Finance Initiatives (PFI) and Public Private Partnership (PPP) under the 8th and 10th Malaysia Plan respectively. PPP is seen as a derivative of privatization, even though some of their characteristic sound the same but the structure and design of the mechanism different in such a way that causes PPP gaining its popularity and forms around the worlds. CIDAC (2007), had compared the differences between the privatization and PPP mechanism, it shows that the design of PPP in contract structure result in varying levels of private participation instead of private ownership. Besides that, it also promote sharing of risk, responsibility between the private and public sectors making PPPs mechanism more preferable compare to Privatization method which has only sole responsibility in general for the private sector. In Malaysia, the PPP mechanism has include Key Performance Indicator (KPI) in the contract, where the payment for services is based on private sector performance. Tan, Allen and Overy (2012), viewed PPP is an off-balance sheet method to finance and deliver the public asset by the private sector in providing and maintaining public facilities which reduce the upfront cost that need to be provided by the government. Next, the private sectors are normally better in risk management, competitive and innovate which brings greater efficiency and value for money in delivery the public structure development (Robinson, 2010). As a conclusion, PPPs are a long-term contractual agreement between the government and private sectors for the financing, developing, operation or managing of projects in providing a public asset or service to increase the efficiency in delivery public i nfrastructure (WBI PPIAF, 2012). In Malaysia, as an initiative to strength the investment of private sector in construction industry there are quite a numbers of mega infrastructure projects that delivered using PPP such as West Coast Highways, extension of Damansara-Ulu Klang Expressway (DUKE) highways, Kuala Lumpur Outer Ring Road (KLORR) highway, Second Penang Bridge, UiTM education buildings, Penang port, and hospitals (UKAS, 2015). Dato Sri Ir Dr Judin Bin Abdul Karim,Chief Executive of CIDB mentioned that the government has allocate a budget of RM230 billion expenditure and 60% or RM138 billion for physical infrastructure development in the 10th Malaysia Plan. In 2010, there are 53 projects with RM 63 billion value was announced to be implemented under PPP agreements. The Public-Private Partnership Unit in the Prime Ministers Department (UKAS) has approved 137 projects and mobilized RM 115 billion in private sector investment in between year 2010 to 2013(Belgian Foreign Tra de Agency, 2014). In 2014, it was estimated that the government has allocated up to RM 2.7 billion under the facilitation fund for PPP (BFTA, 2014). Don’t waste time! Our writers will create an original "Risk in Public Private Partnership Mechanisms in Malaysia" essay for you Create order Statement of the research problem PPPs mechanism were said to be share and transfer risk to the parties which better in handling risk. In order to make sure the work carried out complied to the requirement, incentives and performance requirements to achieve value for money throughout the procurement process, the design and arrangement of PPP need to be set out clearly for the ease of control of stakeholder consultation, allocate the risk to the correct parties to achieve the aim of development of these mechanism. However, the complexity of the infrastructure projects in technical, legal, political, economic and the range of constituencies involved, it is not easy to set up a good PPP contract (Ng, Martin Loosemore, 2006). One of the case in UK, the PPP were set up to renovate and maintenance the London underground railway system. The project were awarded to two private company Metronet and Tubelines, which worth over  £17 billion. Transport for London (TfL) and the UK government was forced to terminate the con tract following Metronet failure to manage the work within the budget which ran up a deficit over  £1 billion. Metronet went bankrupt after TfL refused to provide subsidy to cover the loss. In conjunction with the collapse case, it was estimated had cost the taxpayer between  £170 million and  £410 million. The main reason for the failure are because of the poor management, ineffective cost control, poor planning and inefficient fiscal management of Metronet (PSI, 2012). In Malaysia, the Batu Pahat Bus Station which redevelop through PPP direct negotiation between the Batu Pahat Municipal Council (BPMC) and the private developer is consider as a failures as disputes happens between BPMC and the developer. The agreement took place with the condition that, the complex will be managed by the developer, and sharing of profits between the two parties. After 60 years, the council will take over the complex. However, in 1996 the council did not pay the management fee to the develo per where causes the contractual problem started to occur. To manage the expenses, the developer refused to pay assessment tax and then offered BPMC to take over complete complex and manage themselves. However, BPMC refused and took a legal action against the developer in 2008. Finally, the council took charge of BPMC and bared administration and maintenance expense of the complex. The major failure of this PPP project was the consortium partner was not selected through open bidding process (Singaravelloo, 2010). Besides that, there are also argument on that the development, bidding and ongoing costs in PPP project are likely to be greater than the traditional government procurement processes. The long concession contracts for PPPs project causes high waste rework and transaction cost due to its complexity to produce the pre and post tender work in order to secure the risk of the public sector (Ng Loosemore, 2006). For example, the Second Penang Bridge construction faced a nine- month delay and rising costs of building materials due to construction issue such as land acquisition, design issues (Zurairi, 2014). Objective To identify the key risk factor associated in PPP. To determine the potential solutions to minimise the risk. To develop a strategies to manage risk in PPP. Scope and limitations The scope of this research focuses on the Public Private Partnership mechanism implemented in Malaysia. It focuses on the risk associated in the PPP mechanism in delivering infrastructure projects in Malaysia. The study will be carry out based on theory of the success and failure PPP project in Malaysia, to find out the potential solution to minimise the risk and develop an implication or strategy to manage the risk. Research Design Data will be collected through interview, case studies and observation. The target interviewers will be the government agencies, developer, contractors, financier which has been in charge in running and working on these mechanism. The secondary sources of information such as online newspaper, articles, organisation website and books will be used for case study. Table 1.0: Table of Research Design including the types of data, sources of data and method of collection OBJECTIVE TYPE OF DATA SOURCE OF DATA METHOD OF COLLECTION 1) To identify the key risk factor associated in PPP. The problem faced in PPP projects. Type of risk Public Private Partnership Unit Malaysia (UKAS) Interview Case studies 2) To determine the potential solutions to minimise the risk. Solution and strategies to overcome or minimize the risk. Risk Analysis Public Private Partnership Unit Malaysia (UKAS) Interview Case studies 3) To develop a strategies to manage the risk. Risk management Public Private Partnership Unit Malaysia (UKAS) Interview Case studies Importance of the research findings The expected findings comprise the key risk factors associated in PPP in Malaysia. This study will analyses the hidden risk and issues in the implication of PPP in Malaysia and other countries which determine the success and failure factors for PPP. Study the possible risk and problems that might arise and need to be considered when using this mechanism. Through case studies, to determine the potential solution and thus minimise the risk and problem. The research will then concludes with a series of recommendations and strategy from the case studies on how manage the risks in PPP projects. Structure of the Thesis The report is logically organized into five (5) chapters: Chapter one is composed of background and general information, which give an overview of the working mechanism of Public Private Partnership in infrastructure project. It includes the risk, issues that associate in the mechanism which causes arise of problem in using these mechanism in Malaysia and around the world causes these mechanism less favourable. Chapter two comprises of literature review, and various related works done in this area of study. Chapter three describes in detail the methodology followed in this research study. Chapter four contains the analysis of the information gathered through the interview and case studies to identify the key risk and issues in Public Private Partnership in Selangor, Malaysia. Determine the potential solution to minimise the risk and develop a strategies to manage the risk. Chapter five provides the conclusions and recommendations of the study. CompletedIn Progress 1.8 Research Program Chart Activities Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1. Forming research ideas Explore opportunities and funding for research study topics Discuss with supervisor 2. Submission of research topic Formulate problem statement and objective Discuss with supervisor 3. Prepare research Proposal Developing the content and structure of the research Discuss with supervisor 4. Submission Chapter 1 : Introduction Proposed Working Program Chart for each Semester 5. Finding information, collecting journal articles Reading around the topic Summarize, analyse and evaluate the published work 6.Literature Review Writing Submit Chapter 2 : Literature Review (Draft) Discuss with supervisor and make amend to improve 7.Submission Chapter 2 : Literature Review Discuss with supervisor and amend to improve Table 1.1: Program Chart for Semester 5 Outstanding 1.8 Research Program Chart Continued Activities Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1. Conduct Research Methodology Method used collect data Discuss with supervisor 2. Data Collection and Analysis Evaluate and Analyse collected data Discuss with supervisor 3. Data Presentation Overview Discuss with supervisor 4. Producing the thesis Developing the content and structure of the research Discuss with supervisor Make correction and amendment to improve 5. Draw a conclusion for research paper Revising final draft Draw a conclusion, Preface, Appendix, Reference writing Check overall organisation, paragraph level and sentences level concern Documentation (Consistent use of format) 6. Final submission Prepare for examination Get ready for viva, oral and thesis defence Table 1.2: Program Chart for Semester 6 References: A.Ng, Martin Loosemore, Risk allocation in the private provision of public infrastructure, International Journal of Project Management (2006), doi:10.1016/j.ijproman.2006.06.005. Herbert Robinson, Governance and Knowledge Management for Public-Private Partnerships. Chichester, U.K.: Wiley-Blackwell, 2010. at p. 4. Singaravelloo K. PPP: The Right Marriage between Local Government and the Private Sector in Malaysia. International Journal of Institutions and Economies 2010;2(2):142-166 World Bank Institute, PPIAF (2012).Public-Private Partnerships : Reference guide version 1.0. World Bank, Washington, DC.  © World Bank. [Website] Retrieved from: https://openknowledge.worldbank.org/handle/10986/16055 Belgian Foreign Trade Agency, BFTA (2014). Construction Sector in Malaysia [Website] Retrieved from: https://www.abh-ace.be/nl/binaries/BFTA%20-%20Construction%20Sector%20in%20Malaysia%20LD_tcm448-253807.pdf Prof. Dr StÃÆ' ©phane SAUSSIER, An Economic Analysis of the Closure of Markets and other Dysfunctions in the Awarding of Concession Contracts [Website] Retrieved from: https://www.europarl.europa.eu/RegData/etudes/note/join/2012/475126/IPOL-IMCO_NT%282012%29475126_EN.pdf CIDB (2014) Keynote Address : Y.Bhg. Datoà ¢Ã¢â€š ¬Ã¢â€ž ¢ Sri Ir Dr Judin Bin Abdul Karim, Chief Executive, CIDB Malaysia for International Construction Conference 2013[Website] Retrieved from: https://www.cidb.gov.my/cidbv4/?option=com_contentview=articleid=554:keynote-address-y-bhg-dato-sri-ir-dr-judin-bin-abdul-karim-chief-executive-cidb-malaysia-for-international-construction-conference-2013catid=40Itemid=279lang=ms Public Services International: Why Public-Private Partnership (PPPs) donà ¢Ã¢â€š ¬Ã¢â€ž ¢t work [Website] Retrieved from: https://www.world-psi.org/sites/default/files/documents/research/psiru_ppps_case_studies.pdf Zurairi Ar. Longest bridge in Southeast Asia opens today in Penang. [Website] Retrieved from: https://www.themalaymailonline.com/malaysia/article/longest-bridge-in-southeast-asia-launches-today-in-penang1

Global Warming Is One Of The Greatest Problem Facing The...

Global warming is one of the greatest problems facing the earth. The topic has been one of the most current and widely discussed factors and it holds a fundamental threat to all living things on earth. It has a great influence on biodiversity and climatic conditions that we are facing today. Several recent trends clearly illustrates that global warming is directly influencing on the melting of icecaps, rising sea levels, and most importantly worldwide climate changes. The release of harmful gases such as carbon dioxide makes it difficult to maintain the natural environmental conditions. The most harmful gas, carbon dioxide, absorbed by seawater is released which causes the decreased in the temperature of the water. We are witnessed†¦show more content†¦Most scientific community agrees that global warming is caused by the increase of greenhouse gasses. The most serious problem in the world arises of burning fossil fuels. The use of petrol and diesel help to release m ore carbon dioxide into the air. The earth’s upper atmosphere directly caused by burning of fossil fuels, farming, industrial process, and deforestation. The four main contributors of the greenhouse effect are carbon dioxide, water vapor, methane and ozone. Mining for coal and oil releases methane in the atmosphere and the leakage from natural gas fields and landfills adds additional source of methane. Another major factor causing global warming is cutting down more and more trees. When carbon dioxide is stored and oxygen is released by the green plants, it causes a decreased to increased concentration of carbon dioxide that leads to increased greenhouse effect. Humans are directly responsible for global warming. Our lives involve the emission of theses dangerous greenhouses (Bushnell 25). Carbon dioxide has increased to 381 parts per million in the last century. Heavy usages of Coal, petroleum, and natural gas release greenhouse gases into the atmosphere. Every day we use these fossil fuels to meet our power, heating and transportation needs. Vehicles account for about 20% of the world’s carbon dioxide emissions. Deforestation has also affected great deal towards higher greenhouse gas level.Show MoreRelatedGlobal Warming Is the Greatest Threat to Our World Today.1206 Words   |  5 Pagesmore are all problems we are facing in our everyday lives due to global warming. â€Å"The warnings about global warming have been extremely clear for a long time. We are facing a global climate crisis. It is deepening. We are entering a period of consequences.† Said Al Gore in a speech at the National Sierra Club Convention in 2005. Many would agree with Gore in taking the side that global warming is the greatest threat to our world today. Global warming has a chain reaction effect, causing one thing whichRead MoreClimate Change : A Changing For A Brighter Future1485 Words   |  6 PagesA Changing For A Brighter Future About 4.543 billion years ago, planet earth was created. As the years went on, the earth was starting to support life. Anything from bacterias, insects, animals and humans were starting to prosper and this was becoming a problem for the earth. As the earth was starting to support new forms of live, many of it resources were being used up and as a result, problems were arising. Problems such as is there enough water, food and resources were questions of the pastRead MoreGlobal Environmental Issues1118 Words   |  5 PagesEnvironmental issues are a major problem in our world, and all people need to recognize the need for our social obligations. The effect of humans on our planet has increased significantly over the years. Not only is the population constantly growing, there is â€Å"new technical power to dig deeper, cut faster, build larger, and traverse more quickly great distances in automobiles, trucks, and planes† (Brown, 2001). Severe environmental issues have app eared throughout the world as a result. It isRead MoreEssay on Tundra: The Coldest and Harshest Biomes of the World 564 Words   |  3 Pages In the northern part of the earth and the upper slopes of all mountains all over the world, a unique biome called tundra exists. Tundra is one of the coldest and harshest biomes of the world. The winters are long and cold, and the summers are short and cool. Tundra is far from the equator; therefore, Tundra soil is generally poor in nutrients. Since the biome is covered in snow throughout the year, the arctic tundra doesn’t seem like a place where plants and animals can survive. Yet, plantsRead MoreGlobal Warming Is The Greatest Challenge That Our Planet Essay1393 Words   |  6 PagesIntroduction: Global warming is the greatest challenge that our planet is facing today. The continuous rise in the earth s temperature has been a current and widely discussed topic in today s world. Roland Emmerich s sci-fi thrillers The day after tomorrow and 2012 and scientific documentaries such as Leonardo DiCaprio s The 11th hour and Davis Guggenheim s An inconvenient truth aim to raise public awareness about the dangers of global warming and calls for immediate action to curbRead MoreEnvironmental Crsis on Earth Essay1102 Words   |  5 PagesThe earth is facing an environmental crisis on a scale unprecedented in human history. This crisis is due to high levels of human pain and, if it continues, the human life on the planet disappears. People often say that the reason that the world is in its current state is because there are too many people or because of modern technology. Global pollution growth has led to increasing pressure on worldwide natural resources including air, water, land, and raw materials; and modern societies have generatedRead MoreGlobal Warming Is The Greatest Challenge Facing Our Planet1314 Words   |  6 PagesGlobal warming is the greatest challenge facing our planet. It is, in fact, the incre ase in the temperature of the earth’s neon- surface air. It is one of the most current and widely discussed factors. It has far-reaching impact on biodiversity and climatic conditions of the planet. Several current trends clearly demonstrate that global warming is directly impacting on rising sea levels, the melting of ice caps and significant worldwide climate changes. In short, global warming represents a fundamentalRead MoreGlobal Warming Is An Issue That Scientists And All People Should Be Concerned With The Environment1548 Words   |  7 PagesMany folks have heard of global warming which is also known as the Greenhouse effect, but don’t know if it’s real or not, well the answer is that it is real and hopefully by the end of reading this people will understand why. There are numerous thoughts about whether global warming is truly an issue that scientists and all people should be concerned with. Some people feel that climate change is not a threat at all, b ut at the same time others feel that global warming is a huge threat to people andRead MoreThe Issue Of Global Warming1605 Words   |  7 Pagesof global warming is controversial and there are people claiming that global warming is only a fiction instead of a fact. However, research from scientists found that at the beginning of 2000, unprecedented warming was recorded and the Arctic ice has melted to the lowest levels in the recorded history. Moreover, the sea level has also risen by eight inches since 1870 (â€Å"The Scientific Truth about Climate Change†). Although natural forcing mechanisms alone cannot explain the formation of global warmingRead MoreAnalysis Of The Poem Easter s End By Jared Diamond1293 Words   |  6 PagesGlobal warming is the greatest issue facing our planet and it has been acknowledged and discussed by many scientists throughout the world, yet ignored and unresolved. It has created a catastrophe and has produced immutable destruction to the envir onment and society. For years, global warming was a scientific theory that was not taken seriously, except by scientists, but now many are being aware that the temperature of the earth is increasing due to negligent acts of society. Society has now started

Planning And Audit Of Financial Statements â€Myassignmenthelp.Com

Question: Discuss About The Planning And Audit Of Financial Statements? Answer: Introducation Before starting any type of the audit, whether it is statutory audit or the internal audit or the limited review or the special audit, the auditor is required to make the plan. This preparation of the plan is required to make the audit team understand as to how the audit will be pursued. The basic premise of the audit plan is to consider the various procedures as to how the audit shall be conducted, the number of members who will conduct the audit with their names and designation, what type of procedures and tests will the auditor apply and so on. There are two important concepts in audit planning. One is the analytical review and other one is the judgment of the materiality of the items present in the financial statements. These two concepts are followed through the analysis of the trial balance, balance sheet and the income statement for the last two years of Fucshia Enterprises. First Step - Analytical Review It is regarded as the first step in planning of the audit and is referred to as the adoption of the analytical review procedures. These procedures entail the designed and systematic review of the financial statements of the company and helps in explaining the relationship and the comparison of the various items present therein. The relationship can be based on the two items of the same year or one item for different financial years but the comparison is made by using the financial data of the company for the last two years. In the given case, the trial balance, balance sheet and income statement of Fucshia enterprises have been analytically reviewed. As per the requirement, seven accounts out of the accounts as stated in the financial statements have been selected for the purpose of the analysis. It includes loan obtained from bank, interest income earned, miscellaneous expense, accounts receivable, interest expense, inventory and the depreciation. The amount of the aforesaid seven accounts is duly compared with the figures of the previous financial years. For instance, the accounts receivable has been increased from $103585 as on 30th of June 2016 to $109850 as on 30th of June 2017. The increase in respect to sales has been from 42.37 % in the year 2016 to 47.22 % in the year 2017. It depicts that the companys policy for collecting the amount from the debtors has weaken or the companys liquidity management is weak which needs attention of the management. Second instance that has been noticed is the unchanged balance of the loan obtained from the bank amounting to $240000 over the past two years irrespective of the payment of int erest expense. Other accounts have also shown significant change which requires deep verification (ACCA, 2016). Second Step - Preliminary Judgment Of Materiality The second step in the audit planning is to judge the materiality of the items stated in the financial statements. The materiality is judged by the analyzing the impact of the particular item stated in the financial statements of the company. The concept of materiality is very much important in the field of accounting and auditing and also when the management wants to take an effective and efficient decision the materiality of the items concerned is checked and verified. The concept in terms of auditing entails the three important things nature of the audit evidence obtained, its timely detection and the extent of the same. The judgment done preliminary basically involves the analysis of the extent at which the particular item can lead to misstatement of the financial information and which is material too. For instance the depreciation has been increased from $15738 in the financial year ending 30th of June 2016 to $32583 in the financial year ending 30th of June 2017 without the respective increase in the amount of the property plant and equipment of the company. The difference is almost 100% plus. It will have the effect on the Profit before tax as stated in the statement of income. Similarly, the inventory has been decreased from $174000 as on 30th of June 2016 to $164500 as on 30th of June 2017. The decrease in the level of the inventory is approximately 5.46% which is quite significant while analyzing the financial statements of the company and the effect of each item therein. The cost of sales which includes the figure of the closing balance of the inventory has also been decreased by $ 9466 and h as led to decrease in the figure of cost of sales to approximately 14.89% and which is quite significant. The company has not provided any limit as to above which item shall be considered as the material and which item shall be considered as immaterial. Due to lack of the information in this regard, the auditor has issued the opinion which is totally unqualified (Ullah, 2014). Rationale For Selection The basis for selection of the head of the bank loan from the financial statement is that the amount has been changed over the past two years. It is has been increased to $288000. The bank loan has been grouped under the major head of noncurrent liability (PCAOB, 2017). Item 2017 2016 Bank Loan $ 288,000 S 240000 Assertion And Explanation The assertion made under this head is the completeness and the accuracy. The completeness has been included because the company has incurred the interest expense during the year but the corresponding loan has not been reduced rather it has been increased. It depicts that the amount of bank loan is not complete and is therefore not accurate. Recommended Audit Procedure The auditor shall verify the amount of bank loan with the sanction letter of the bank and with the repayment schedule of the bank stating the amount of installment to be paid for setting off the bank loan. Rationale For Selection The income earned as interest has been decreased from $50 in the financial year ending 30th of June 2016 to $44 in the financial year ending 30th of June 2017. The decrease is 12%. It has affected the balance of retained earnings. Though it is not material in actual terms but has material effect in absolute terms as 12%. Item 2017 2016 Change Percentage Decreased Interest Income $ 44 S 50 Decrease $6 12% Assertion And Explanation The assertion is the accuracy. The interest income is earned on the amount deposited in banks. The amount of the cash and cash equivalents has been increased over the year from $83000 to $107700. Thus, the question of having the decrease in interest income does not arise and hence the figure is not accurate. Recommended Audit Procedure The auditor shall check the amount of interest with the voucher prepared by the finance department along with the bank statement detailing the amount of interest. The auditor can also obtain the interest certificate from the bank. Rationale For Selection The company has incurred the miscellaneous expense of $1320 in the financial year ending 30th of June 2017 and has not incurred any expense under this head in the previous financial year ending 30th of June 2016. The second rationale for selection is that the increase has affected the retained earnings of the company. Item 2017 2016 Change Percentage Increased Miscellaneous Expense $ 1320 S 0 Increase $1320 100% Assertion And Explanation The assertion is the accuracy and the reliability. The sudden creation of the expense in the head of miscellaneous expense for the year ending 30th of June 2017 is questioning the reliability of the expense and the amount of $1320 is exhibiting the accuracy of the expenses. The auditor is required to check each voucher of the miscellaneous expenses along with the supporting bills and invoices and also check the payment with the bank statement. Rationale For Selection The amount of the accounts receivable has been increased from $103585 in the year 2016 to $131820 in the year 2017. The increase is 27.25% and corresponding increase in sales is 3.78%. It has affected the current ratio of the company including the cash balance and the retained earnings. The companys collection procedure is required to be checked. Item 2017 2016 Change Percentage Increased/ (Decreased) Accounts Receivable $ 131820 S 103585 Increase $28235 27.25% Sales $ 194525 $ 187450 Increase $7075 3.78% Assertion And Explanation The assertion is the reliability. As the increases in the amount of debtors have been received this shows that the amount stated in the financial statements is not reliable for taking the effective decision. Recommended Audit Procedure The auditor shall verify each sale invoice with the accounting voucher and shall obtain the balance confirmation from each of the party mentioned in the accounts receivable. Rationale For Selection The expenditure on interest has been decreased by $500 over the past two years. The rationale for selection of this account is that the corresponding loan account balance has not been changed. The amount of interest expense would have been increased due to non repayment of bank loan. Item 2017 2016 Change Percentage Decreased Interest Expense $ 11500 S 12000 Decrease $500 4.17% Assertion And Explanation The assertion placed is the completeness. The amount of the interest expense cannot be said as it is complete as the interest expense has been decreased irrespective of unchanged balance of loan. Recommended Audit Procedure The auditor shall verify the bank statement detailing the amount paid along with the repayment schedule and check whether the same amount has been entered in the books of accounts. Rationale For Selection The basis for selection of the inventory account is that the balance has been increased by 13.45% over the past year. It has affected the cost of sales and which in turn has affected the retained earnings of the company (Anastasia, 2015). Item 2017 2016 Change Percentage Decreased Inventory $ 197400 S 174000 Increase $23400 13.45% Assertion And Explanation The assertion placed in this case is the accuracy. The figures stated in the inventory account do not evidence the change in the working capital of the company. The auditor is required to check the method of valuation of the inventory along with the purchased bills for the year ending 30th of June 2017. He shall at first check the valuation of inventory along with the bills supporting the valuation. Secondly the auditor shall have the bin card so as to assess whether the company has been following the FIFO method or the weighted average method. Rationale For Selection The depreciation has been considerably increased from $15738 in the year 2016 to $35545 in the year 2017 without the corresponding increase in the figures of the machinery, motor vehicles and furniture. It has adversely affected the retained earnings by $19807 despite of its being the non cash item. Item 2017 2016 Change Percentage Decreased Depreciation $ 35545 $ 15738 Increase $19807 125.85% The assertion is the reliability. The depreciation amount has been increased by the higher amount and is not reliable in parlance with amount of the tangible assets. The auditor shall check the calculation sheet of the depreciation and check whether there has been any change in the method of depreciation. References ACCA, (2016), Analytical Procedures, available on https://www.accaglobal.com/vn/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/analytical-procedures.html accessed on 25-09-2017. Anastasia, (2015), Financial Statement Analysis : An Introduction available on https://www.cleverism.com/financial-statement-analysis-introduction/ accessed on 25-09-2017 PCAOB, (2017), Analytical Procedures available athttps://pcaobus.org/Standards/Archived/Pages/AU329A.aspx accessed on 25-09-2017 Ullah A, (2014), Planning and Audit of Financial Statements available on https://leaccountant.com/2014/12/08/asa-300-summary-planning-an-audit-of-financial statements/ accessed on 25-09-2017

The Mozart Years Essays - Mozart Family, Wolfgang Amadeus Mozart

The Mozart Years Through the hard times and financial insecurity of a musician in the 1700's, Mozart accomplished his dream of becoming a great musician. Coming from a talentsed family, he spent his life with music. All this started when he was old enough to walk. Wolfgang Amadeus Mozart was baptized in a Salzburg cathedral the day after his birth; January 27th, 1756. He was born to the Leopold Mozart, a musical author, composer, and violinist; and to his wife Anna Marie Pertl. Only Wolfang and his sister Maria Anna, or Nannerl, survived infancy. Wolfgang was the seventh born child, out of seven children. Wolfgang was baptized under the name Joannes Chrysostomus Wolfgangus Theophilus. He never used these names in his later life. He often went by Amadeus or Amade. Although he could not walk until the age of three, Mozart started to display musical talent at the age of four. He could also play any piano melody given to him. It is believed that Mozart's first music was composed shortly after his fourth birthday. At age five he could play the violin with perfect intonation. He injoined this attention that he was getting for being a gifted musician. He found great pleasure in learning and pleasuring his father. It took all of 30 minutes to master h is first musical composition. This was a scherzo by Georg Christoph Wagenseil, learned three days before his fifth birthday. Leopold began to neglect his court career and devote more time to Wolfgang and Nannerl's musical instruction. He then proceded to send his two children on tours to play in the courts of Europe. The family set out from Salzburg on September 18, 1762. At Linz, Wolfgang gave his first public concert. Among the audience was Count Herberstein and Count Heronymous. Both were astonished and hurried to Vienna to spread the reports of Mozarts talent. All of Vienna was anxiously awaiting the arrival of the prodigies from Salzburg. We are already being talked f everywhere,? Leopold reported to Lorenz Hagenauer, his friend landlord back home?(Nagel, 57). The children's appearance at Schonbrunn Palace on October 13 was judged by Leopold to be a smashing success. He wrote, ?Their Majesties recieved us with such extrodinary greatness that, wehn I shall tell of it, people will declare that I have made it up. Suffice it to say that Wolferl jumped up on the Empress' lap, put his arms round her neck and kissed her heartily? (Nagel, 58). With all of this, doors were opened and invitations to success poured in. Because each performance was rewarded -the empress sent an honorarium of 100 ducats- Leopold tried to arrange as many concerts as possible. ?The nobles send us their invitations four, five, six to eight says in advance, in order not to miss us? (Nagel, 59). The same pattern would repeat in major centers all over Europe. First, Wolfgang and Nannerl would perform at the most infuential local court, The private concerts wuld follow as the lesster nobility competed to entertain one another with an appearance by the ?miracle children? of Salzburg. Payment came in the form of hard currency or gifts. When private concerts didn't pay off the bills, public concerts were held. Either performance would last from one and a half to three hours. Two programs a day was the rule. Reading those details of those days in Vienna,? sighs biographer Erich Schenk,? we are inclinded to say ?poor children'? (Nagel, 60). From start to f inish, music was the family business. Wolfgang became ill with a rheumatic nodular eruption associated with tuberculosis, which was to believed to be scarlet fever. Within two weeks Wolfgang was well again, but this episode began more serious health problems in the future. Wolfgang started to ?cut a new tooth? just before his seventh birthday. The tours conitinued and led all the way to Paris. Music Essays

Beowulfs Universal Appeal Essays - Beowulf, Hrothgar, Nowell Codex

Beowulf's Universal Appeal There are archetypal patterns in life. They reoccur and become familiar to people through all ages and ethnicities. Throughout history, few literary works have captivated audiences by incorporating these patterns. The epic Beowulf is one literary work that effectively incorporates timeless components. The epic poem relates the tale of Beowulf, a warrior who throughout his life overcomes evils. It has strong elements of Anglo-Saxon elements of bravery, strength and of religious tenets. Beowulf enjoys universal appeal primarily because of its elements of characterization, plot and theme that prove timeless. Beowulf's portrayal of human nature proves eternal. The protagonist Beowulf brashly lists his accomplishments before entering battle: ?But the truth is simple: no man swims in the sea as I can, no strength is a match for mine? other monsters crowded around me, continually attacking. I treated them politely, offering the edge of my razor-sharp sword,? (265-294). His boasts are symbolic of his personal insecurity. Beowulf seems scared of defeat and faliure. His boastful remarks are reminders to himself of his invincibility. Because he is insecure, Beowulf is an accurate representation of human nature. The poem also discloses social behaviors through Welthow, who portrays appropriate submissiveness of a wife. Women in society and position always are hot topics for discussion in any country and time period. She is subservient to her husband and ? [pours] a portion from the jeweled cup for each, till [she] had carried the mead-cup among [the guests],? (354-372). Jealousy is a accurately p ortrayed in the poem. is a human attribute that will apply to any time period anywhere. In the incident with Unferth, for example: ?angry that anyone in Denmark or anywhere on earth had ever acquired glory and fame greater than his own?(236-238) tries to belittle Beowulf's claims to bravery, and, by doing so, adds realistic qualities to his character. Belief Divine or supernatural notions are also tendencies of human nature. The poem reflects this ageless concern through references to ?that Shepherd of Evil? (432) and ?[sacrifices] to the old stone gods? (90). These are both conflicting allusions to the two prominent religions of the time. One pertains to Christian ideology; i.e. ?The Almighty God? (493), and ?the Almighty making the earth? (8), and the other relates to Anglo Saxon religious beliefs; i.e., ?the omens were good? (118) and ?fate will unwind as it must,? (189). The poem alludes to Christianity, a monotheistic religion that rejects ideas of fate. On the other hand, ther e are rudiments of Anglo Saxon philosophy, pagan on account of its elements of fate. The conflicts in the epic between the two opposite beliefs reflect human nature's fickle notions and uncertainty in the belief in the divine. Additionally, the main character's attributes and conflicts would classify him as a ?messiah,? an archetypal pattern. Like Jesus and Moses, Beowulf, the epic hero, comes at a time of need and chaos in Herot, thereupon ending the chaos and destruction by killing Grendel and his mother. He comes after ?twelve winters of grief,? (62) and avenges evil by ?[purging] Herot clean,? (508). Just as Moses who was reluctant to die without seeing the ?promised land?, and Jesus who also was reluctant to die, Beowulf is ?unwilling to leave this world,? (738) or complete the final task at hand. Thus, Beowulf's constituents of supernatural and religious notions and realistic portrayal of human nature create a universal appeal that proves timeless. The epic develops the nature of the universal and reoccurring battle that men fight against evil. The three battles that occur at different stages of Beowulf's life imply that the battle against evil is repetitious. Symbolically the three battles are fought with evil: one with Grendel, one with Grendel's mother, and the third with the dragon. Grendel is decidedly evil because he ?was spawned in that slime, conceived by a pair of those monsters born of Cain, murderous creatures banished by God,? (20-23). Thus his mother is also of the same origin. The dragon as well is a great evil, whose breath ?[was] burning hot, poison [poured] from his tongue,? (672-673). The three battles are fought at different times of Beowulf's life, to symbolize the perpetual war men fight against evil. Beowulf previously fights various

What to Do With a Low SAT

What to Do With a Low SAT/ACT Score SAT / ACT Prep Online Guides and Tips You got your SAT/ACT score back, and it isn't what you'd hoped it'd be. Even though the SAT and ACT are each just a few hours long, the score you get often counts for a third or more of college admissions and can therefore have a big impact on your future. The fact that you're looking for solutions is a good first step. It's important, now more than ever, not to freak out and to instead calmly plan the best steps forward. In this article, we go over our top four tips for what to do with a low SAT or ACT score. Tip 1: Take the ACT/SAT Again Unless you're taking the ACT/SAT in December or February of your senior year, chances are you'll have another opportunity to take the test. The earlier you are in high school, the more time you'll have to work on improving your test score. If you're reading this in the fall of your senior year and still want to try to raise your test scores before you apply to college, I suggest getting online right now and registering for the next SAT or ACT (but you should first confirm that its scores will get to your schools in time). Taking the ACT/SAT is so powerful that, even if you don't prep much, your expected superscore can increase substantially (see here why superscoring means you should take it again). However, to make the most of a retake, you'll want to prep. To find out what the best way to prep is, check out our free book comparing SAT/ACT test prep methods. Tip 2: Take the Other Test If you've been taking only the ACT without having considered the SAT, try the SAT, and vice versa. The two tests actually have a lot of similarities these days, so you shouldn't have too much trouble switching to another test. If you're still not sure which test you'd be better at, take a look at our surefire "gold standard" technique to figure out the better test for you. Some students perform substantially better on one test;therefore, it's important to make sure you're taking the right test for you! Tip 3: Examine the Reasons You Did Poorly on the ACT/SAT It's important to analytically break down the reasons you did poorly on the ACT/SAT. For the SAT, you canrequest a copy of the test you took with your responses throughthe College Board's Question-and-Answer Service. This service lets you go over your incorrect answers and think about the reasons you might've got them wrong. This final tabulation can give you a clearer idea as to what you need to improve on a retake. If you took the ACT, you can request a Test Information Release (TIR). This service is similar to the SAT one above in that it lets you see your questions, answers, and an answer key. Once again, you can use this to your advantage by getting a better picture of your strengths and weaknesses. Once you understand what your weak points are on your test, you can target these more effectively using focused prep and official practice materials for the ACT and SAT. Tip 4: Get Stronger in Other Areas Good SAT/ACT scores are one of the quickest ways to bolster your admission chances. However, schools do look for other indications of your academic abilities and potential as well. In short, you can't just rely on your test scores alone! Here are some features that are certain to boost your chances of admission: A high GPA:To raise your GPA, you'll need to study hard for tests, do your homework correctly and turn it in on time, and pay more attention to your teachers during class. Quality recommendation letters:If you want solid recommendation letters for your college applications, you must take the time to develop strong relationships with your teachers over a number of years. Clubs: Extracurriculars can show that you're a committed and active student. But don't just join clubs- do well in them, too! Be aware that there is a catch, though. All of these qualities generally take years to develop, and if you have years, you might as well work on raising your SAT/ACT scores, too (which can improve substantially after intense, focused studying). If you don't have much time left before your applications are due, however, your two best options are as follows: Write a great admission essay:Pouring some extra time into your personal statement can leave a positive, lasting impression on the admission committee, even if the rest of your application isn't as strong. Word your application carefully:It's worthwhile to spend time making sure your overall application- especially any short responses- are the best quality possible. Ultimately, a lower SAT/ACT score doesn't necessarily mean that you won't get into the college of your dreams. Even if you don't make any big improvements on the ACT/SAT, you might still have a chance if you just pay a little more attention to other parts of your application! What's Next? What's a good SAT score? A good ACT score?Read our guides to learn what score you'll need on each exam to be considered good and great. Need more tips to help you get a great SAT/ACT score? Check out our comprehensive guides to learn the best SAT tips and ACT tricks out there. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Identify failures of the now discontinued brand Ralph Lauren Rugby and Essay

Identify failures of the now discontinued brand Ralph Lauren Rugby and propose a marketing strategy for the re-launch of that brand - Essay Example The company even uses various advertisement campaigns to position the brand in minds of the targeted audience. The store layout is also re-structured. The marketing strategy developed is proposed to Mr. Ralph Lauren in order to persuade him to re-launch the brand. The Ralph Lauren Corporation was incorporated in the year 1967 and was a world renowned clothing brand that defined the American lifestyle. Mr. Ralph Lauren started this company by selling ties which was completely different in design to the tradition design of ties used by men in America. His range of colourful ties gave birth to a brand called Polo. In the later years the product range of the brand widened which included footwear, luxury accessories, apparel, and home furnishings. The company comprised of various brands apart from Polo such as Pink Pony, Chaps, Club Monaco, Black Label, RRL and RLX, American Living, Purple Label, and Rugby. The brand Rugby was launched in the year 2004. Despite of the success of the company this Rugby brand failed miserably in the market place and finally the brand was closed in the year 2012. The common reasons for failure of a fashion brand are its incapability to maintain a leading edge or to remain as trendy in order to meet the demand of the customers. In the years when Rugby was launched there exist a lot of competition in the preppy brand market space. The high priced products had made the brand unable to capture the maximum of the market share. The preppy style of the brand was very fashionable from the starting years of its launch but somewhere the other offerings of the brand were really absurd even for its target market. The offerings of the brand were such as a pair of sweat pants with English style classic boating blazer or herringbone three-row-two sport jacket. The combinations offered by the brand were no doubt fashionable but at the same time they were not that much appealing