Britney Spears’ Promotes Potentially Abusive Relationships in Her Song,

Britney Spears’ Promotes Potentially Abusive Relationships in Her Song, Baby, One More Time In her Top 10 hit ". . . Baby, One More Time," Britney Spears posits the song’s persona as a passive naà ¯f. Continual references to blindness and hitting metamorphose the song from a teen-targeted summer pop tune into ideology enslaving young women into dangerous, constrictive views of relationships--and themselves. Using feminist and Lacanian theory allows us to see the speaker’s entrance into the Symbolic and the problems thereof. The speaker rues over a terminated "love" affair. She (although arguable, this critic finds the speaker’s notion of and adherence to gender roles distinctly "female") supplicates for a "sign" of his (again, heterosexuality is an assumption made for the sake of discussion) persevering proclivity. This sign is to come in the form of a "hit." References to the speaker’s death ("killing me") are frequent, as are other indications of mistreatment. The speaker begins addressing "baby," her lover. She claims ignorance of the troubled relationship, thus displaying her quiescent predisposition: "how was I supposed to know / that somethin’ wasn’t right here." Because of her passivity, she appears as an innocent victim. The poor, helpless speaker is not to be blamed for anything. One might picture a little girl shrugging her shoulders and asking, "what could I do?" when caught eating a whole cake. This denial of responsibility is commonly seen on The Jerry Springer Show when someone maintains, "I didn’t mean to have an affair. It just happened." Placing the locus of control outside oneself causes one to naturally become a victim. Yet the speaker seems apprehensive in her inveterate paralyzed role. She pro... ...song might create? By attempting to erase the "hit me," someone tried to cover up the overtones of violence. Yet simply changing the title cannot efface the masochism and vapidity of the song’s speaker. The speaker’s complete yield of self to a potentially abusive lover is deleterious for teens still forming an identity, especially those seeking guidance and advice about sexual relationships. The effects of Spears’ song remain to be seen; yet this critic feels that the message sent is a harrowing one. The speaker’s recognition of self-worth cannot eventuate too quickly. Works Cited Haywood, Susan. Key Concepts in Cinema Studies. Routledge: London, 1996. Spears, Britney. ". . . Baby, One More Time." . . .Baby, One More Time. Audio CD. BMG: 1999. Works Consulted Lacan, Jacques. Ecrits: A Selection. Trans. Alan Sheridan. Tavistock: London, 1977.

Tennessee Williams A Streetcar Named Desire :: A Streetcar Named Desire Literature Essays

Tennessee Williams' A Streetcar Named Desire The play, ‘A street car named desire’ was written by an author named Tennessee Williams. His real name was Thomas Lanier. He assumed the name ‘Tennessee’ in 1938 because he said, â€Å"the Williams fought the Indians for Tennessee.† Tennessee was born on March 26th 1911 in Columbus Mississippi. When he was a teenager he realised the life of a young writer was going to be something similar to the defence of the stockade against a band of peasants. A description reminiscent of Blanches battles with Stanley in the street car named desire is what Tennessee was trying to refer to his own life. The play was set in New Orleans which is named Elysian Fields and runs between the L&N tracks and the river. Elysian Fields is quite a poor and run down area but unlike most other American cities, it has a raffish charm. The houses mostly have a white frame, have a weathered grey colour with rickety outside stairs In scene 1-3 it is all about Blanche getting used to New Orleans. She finds it difficult to like and fit in because it is much different to where she lived before (Belle Reve). This is because Belle Reve was a very upper-class area where as New Orleans is more average, run down and has a mixed community. Blanche doesn’t like New Orleans or where Stella is living. She is very snobbish and thinks it is a dump. â€Å"I thought you would never come back to this horrible place.† this shows that Blanche does not approve of, or likes where Stella is living. Blanche is also implying that she is more superior by the way she is talking. â€Å" I didn’t mean to say that I meant to be nice about it and say – Oh. † this shows that Blanche knows it is a horrible place, but she didn’t want to be rude, so she was meant to say â€Å" Oh † to make it sound as if she likes the place that Stella and Stanley are living in. In scene 2 Stanley starts demonstrating his dislikes for Blanche. He does this because he thinks Blanche sold Belle Reve and kept the money for herself. â€Å"I think you have been swindled.† In scene 2 there is an argument between Stanley and Blanche about Belle Reve. Stanley is angry because he wants proof on paper that Belle Reve was not sold by Blanche for herself. Blanche ends up wining the argument by proving Stanley wrong about Belle Reve, that it was infact lost and not sold by Blanche.

Diary of Anne Frank

The Diary of Anne Frank: Literary Essay In The Diary of Anne Frank, we witness Anne mature much more quickly than a normal teenager would, an outcome of the conditions in which she is forced to live by. This is exemplified by her relationship with Peter, her confident knowledge in things unclear, and her patience when dealing with negativity enhanced by those surrounding her. When Anne first arrived in the Annex, she approached Peter with the enthusiasm of a child, excited about the prospect of meeting new people.Although Anne had taken notice that he was a boy of a similar age group, she did not consult it entirely, as it was not a matter to her concern. Later in the play, after Anne and Peter begin speaking as friends on a regular basis, Anne begins to see him as an individual and realizes that he really is an older and likeable male. Their discussions become more formal and the purpose for each day, as Anne fusses over her hair and Peter his outfit. Trapped in such close quarters with a boy, Anne begins to see the male population as more than just something to giggle over- she begins to see them as people, with principals, goals and morals.Peter gives Anne the opportunity to speak as an equal, to be listened to without prior-formed judgments and disregard due to her age. Anne speaks with passion and honesty, grateful and optimistic in her words, â€Å"When I think of the dearness of you, Peter†¦and the goodness of the people we know†¦Mr. Kraler, Miep, Dirk, the vegetable man, all risking their lives for us everyday†¦when I think of these good things, I’m not afraid anymore. † [84] Peter brings forth an unseen side of Anne, only witnessed in her diary.With their discussions, Anne is able to voice her thoughts, and her opinions do bloom: â€Å"I think the world may be going through a phase, the way I was with mother. It’ll pass, maybe not for hundreds of years, but someday†¦I still believe, in spite of everything, that people really are good at heart. † [84] With the help of Peter, Anne matures with unusual speed, as she is surrounded by adults and therefore impacted by their manner. Anne, being the youngest, has nothing to do but grow and learn, and her enthusiasm towards doing such further escalates her travels through adolescence.At this point in her life, Anne is on a journey to discover and shape her own character, beliefs and morals. All seems uncertain, and suddenly everything seems to way on ones shoulders. This is not an easy task or burden, not an easy period in ones life. Anne, however confused, takes it all in piece by piece, productively making her way towards adulthood. This takes years at a time, using around a tenth of a practical individual’s life. Anne, though, conquers many meaningful aspects in just a few years time.

Le Coq Sportif

Governance of le coq In 2005, a Swiss Holding buys the brand Le Coq Sportif. Indeed the results of the brands were well below the desired expectations. With the partnership of Sir Robert Louis Dreyfus, a great Swiss businessman who was leader of the group including Adidas, Le Coq sportif sees the opportunity for a fresh start with this strategic alliance for the future. Airesis immediately set up a plan to revive the brand that demonstrates the strong interest of the group to give new life to this legendary French brand.Here is a chart explaining the governance of the brand Le Coq Sportif since it creation (1882) until the takeover by the Swiss holding Airesis. Few words about Airesis: Historic part: HPI Holding AG is a name that marked the industrial history of western Switzerland since 1920, date of creation of the company. Hermes Precisa International (formerly Plants Paillard) has built its success on the production of typewriters Hermes known internationally. Since 1981, the hol ding company HPI has been used as an investment vehicle for investments in new technologies that have suffered damage in the industry with full force in early 2000.Currently, there are eight entries all together in the sub-holding A2I SA. In 2004, reducing the part value of its shares cleaned up the company. A capital increase of the arrival of four participants (the Boards & More group, the group Fidexpert, group and society Ouat Hazard Properties SA). These arrivals have been extraordinary for the group which has restored and a new life HPI Holding AG, which has since become Airesis. The majority shareholders (Sirs: Robert Louis-Dreyfus, Yves Marchand and Marc-Henri Beausire) then set up the new company strategy: active management of its investments in private equity and residential property.Today the group owns brands such as: * Le Coq Sportif * Fanatic * Ion * North Kite boarding * North Sails Windsurf Here we are going to explain few words about each brand, because most of them are unknown. Fanatic: In 1999, leaving his first kite a board, Fanatic has to believe in this new trend. With its history in windsurfing, the company was able Fanatic showcase its expertise to make its entry into the sport in the making. Ion: In spring 2005, Boards & More brand launches Ion.The technical skills of the mark are highlighted in the wet suits, neoprene accessories, harnesses, a range of clothes and carrying bags, all items used in sports on the water. North Kite boarding: Kite boarding world leader. North Kite boarding has entered the market in 2001 and became leader. This brand has a very good technical level recognized. North Sails Windsurf: The company specializes North Sails sailboat U. S. and world number 1 in this sector. Boards & More has acquired the exclusive license for the sail of surfboards since 1981.Its strategic axis is oriented technique and style. Since late 2005, Robert Louis-Dreyfus, former owner of Addidas and Yves Marchand, who was the boss of the three stripes for France, have gained a foothold in the business and have made some good seeds to make: 10 million euros through the Swiss investment fund Airesis. And some big marketers have been poached in market heavyweights such as Reebok, Nike, Puma and Quicksilver†¦ For example, the arrival of Antoine Sathicq, former CEO of Adidas, which was transferred to the head as general manager of Le Coq Sportif.After joining Adidas in 1997 as director of sales, this former Procter & Gamble, aged 44, joined a new team of Le Coq Sportif establishment since its acquisition by Airesis. A team already marked by the culture of this Adidas Swiss investment funds: Airesis is held by Robert Louis-Dreyfus, former CEO of Adidas France, Marc-Henri Beausire and Yves Marchand, former CEO of three stripes. The latter assumed the presidency of Le Coq Sportif, replacing Olivier Jacques, former majority shareholder. Antoine Sathicq therefore had the task of launching again the Coq Sportif.Porterâ⠂¬â„¢s Five Forces: Sportswear Industry Internal Rivalry – Fierce Competition Adidas,Reebok, Nike – Mature Industry – Mostly Non-Price competition – Differentiation strategy Threat of New entrants – Capital Intensive – Strong Brand Following Economies of scale – High R & D Costs – Industry in consolidation phase Supplier Power – Raw Materials are abundantly available – Cheap resources commodity items – Cheap labor on the East World. Buyer Power – Everything depends on Customer Preferences – Price sensitivity issues – Growing power of retail chainsSubstitutes * Other types of products from other brands * New brands that make the sport more ready to wear high-end (15 Serge Blanco, Eden Park †¦ ) * Entertainment brand to substitute to sport activities (Reading, video games†¦) Internal Rivalry – Fierce Competition Adidas,Reebok, Nike – Mature Industry – Mostly Non-Price competition – Differentiation strategy Threat of New entrants – Capital Intensive – Strong Brand Following Economies of scale – High R & D Costs – Industry in consolidation phase Supplier Power – Raw Materials are abundantly available Cheap resources commodity items – Cheap labor on the East World. Buyer Power – Everything depends on Customer Preferences – Price sensitivity issues – Growing power of retail chains Substitutes * Other types of products from other brands * New brands that make the sport more ready to wear high-end (15 Serge Blanco, Eden Park †¦ ) * Entertainment brand to substitute to sport activities (Reading, video games†¦) Explanation: 1. Internal Rivalry * Fierce competition: In effect in the sportswear industry, there are many competitors.Two leaders have the most important share value on the market (Nike and Adidas). The competitors are smaller than the two big groups, whic h have much money to invest in marketing investment, and can develop easily than the smaller. * Mature industry: In this market, it’s difficult to innovate much more than today. The innovation exists for sure but it comes from details. It’s really hard to find for the company the perfect innovation. However companies works hard and try to find the best innovation possible to increase their share value. Mostly non-price competition: In this market, the price war doesn’t exist. In effect the competition between companies comes from the marketing, brand image and innovation (sometimes) but not on the price. All the brand are close and cannot compete on the price. * Differentiation strategy: A differentiation strategy will pursue a unique position among your competitors. The aim of the strategy is for the business to become unique in the minds of its customers. For this reason, a small business needs to create a product offering that is somehow unique.Uniqueness can be achieved through different factors like design or brand image, technology, customer service or other attractive features. 2. Threat of new entrants * Capital intensive and strong brand: It is as very capital-intensive industry. Even though it would not be difficult for a new company to obtain the raw materials and the labor needed to produce shoes, there is almost no chance for them to gain popularity in such a mature industry with some of the strongest brand names in the world. Brand loyalty is extremely strong and it would be very hard for a new entrant to â€Å"steal† loyal customers from the already existent players. Economies of scales: Economies of scale play a huge role as well and the bigger players have an advantage of producing the products at a lower price than compared with newer entrants. As the output is bigger and the fixed costs of factories, machinery, marketing and R&D will be decreased per unit. Both marketing and R&D constitute high costs and since new entrants will not be able to take advantage of the economies of scale they will be less competitive. * High R&D costs: It means that it’s necessary to invest in R&D if they want to compete against others brands.It’s a survival question in this market. * Industry in consolidation phase: The industry itself is in a consolidation phase and only the big ones will survive. The large companies are strategically and constantly acquiring smaller companies. Some of the most popular acquisitions include Reebok by Adidas, Converse by Nike. Small companies are bought before they become a threat to the bigger ones and before they have a chance to gain market share. In other words, it is impossible to grow in this industry because someone will take over your company. . Substitutes * Other types of product from other brands: Each company has the same product (shoes, tee-shirts, socks†¦). If the customer is not satisfied with one product, it’s easy for him to go in anothe r brand and acquire something close to the first purchase. That’s why each company has to be aware of what it sells and what is the customer’s reaction. * New brand with different strategies: As said in the PORTER’s analysis, today there is some sport brand which are producing apparels but higher than the best known.For example the brand Quinze of Serge Blanco, famous in the rugby world is producing clothes which are expensive than Nike for example but not with the same quality. This kind of brand products with another savoir-faire and the price are not the same but the customer can be attracting to try it. * Entertainment brand: To have fun today and doing something else than working, the customer has plenty of substitution products. The customer can read and there are many brands, which allow reading. Video games are product to entertain people (Sony, Nintendo†¦) . Supplier power * Raw materials and cheap resources: Typically apparels and shoes are manufa ctured using major raw materials cotton, rubber, and foam. All of these materials are commodity goods. In other words, the suppliers do not have the power to bargain the price of their product, since there are numerous suppliers. Hence the supplier power is low. However, there has been some standardization of production in the industry due to growing concerns of labor practices of the suppliers and manufacturers.These practices have been damaging the image of some companies including Nike. Therefore, the big companies prefer to work only with approved manufacturers and suppliers that are known to follow these labor standards. Both Adidas and Nike have created a system to ensure that all the high quality of the product, the working conditions, and the distribution are at high standards. Therefore, suppliers are trying to establish themselves as reliable because once they gain Nike as a customer they know that they will request enormous volumes. However, to reach this level, the suppl ier needs to make investments in their facilities to improve working conditions and many suppliers cannot afford to do so. * Cheap labor: Many people works for â€Å"nothing† in the eastern countries, in Asia to be precise. Competition against the labor cost is impossible and many company delocalize the production abroad to reduce costs. 5. Buyer power: * Everything depends on customer’s preferences: The customer has the choice to buy product in retailing store with general brand or he could go to the special store, branding store as Nike store or Adidas store to get a product.It’s a question of desire and where the customer lives too. * Price sensitivity issue: In the general retailer store, prices are lower than official store. That’s why some customer prefers to go in retailer store and purchase product for lower price and maybe get more compare to the official store. * Growing retailer store: More and more retailer store open and sell apparels and sho es from all sportswear brand. The customer has a lot of choice today and can choose whatever he wants and with his own criteria.

Company Auditing

Group Assignment – HBC614B Company Auditing PART 1 THE INTERNATIONAL AUDITING STANDARDS BOARD AND ITS IMPORTANCE TO THE DEVELOPMENT OF AUDITING STANDARDS IN AUSTRALIA AND NEW ZEALAND The International Auditing and Assurance Standards Board (IAASB) is an independent standard setting body within the International Federation of Accountants (IFAC). Established in 1978, originally known as International Auditing Practices Committee (IAPC), it changed its name to IAASB in early 2001 and was then reformed by IFAC in 2003.IAASB puts public interest first and aims to improve the quality and uniformity of practice throughout the world and to strengthen public confidence in the global auditing and assurance profession by facilitating the convergence of international and national standards. IAASB is committed to achieve its objectives through the following works: †¢ Developing Standards – establish high quality auditing, review, other assurance, quality control and related ser vices standards, such as International Standards on Auditing (ISAs). Global Acceptance & Convergence – promote the acceptance and adoption of IAASB pronouncements throughout the world and support a strong and solid international accountancy profession by coordinating with IFAC member bodies, regional organisations and national standard setters. †¢ Communication – encourage debate and present papers on a variety of audit and assurance issues and increase the public image and awareness of the activities of the IAASB. To date, the IAASB has earned increasing recognition for the quality of its standards and the credibility of its standard setting process.This has contributed to the increasing use of its standards worldwide. Over 100 countries are now using or are in the process of adopting ISAs into their national auditing standards. For investors in international capital markets, the quality of audit reports and audit opinions on financial reports are crucial when th ey make decisions about capital allocation. Audits, working within internationally accepted auditing standards, increase the credibility and reliability of the financial information provided in the financial reports.As Australian capital markets are increasingly linked with overseas markets, it is important to have a globally standardised financial reporting framework that is supported by globally accepted auditing standards. The Australian Auditing and Assurance Standards Board (AUASB) made the compliance with IAASB standards easier via a long-standing policy of convergence and harmonisation with ISAs. The AUASB uses ISAs as a base to develop Australian Standards on Auditing (ASA).For any revision and enhancement of ISAs initiated by the IAASB, the AUASB will make appropriate consequential amendments to ASA. The AUASB and IAASB generally issue an exposure draft of a proposed auditing and assurance standard concurrently for consideration by interested parties. In New Zealand, New Ze aland Auditing Standards (AS) and Audit Guidance Statements (AGS) are also based on ISAs and International Auditing Practice Statements (IAPS). The New Zealand auditing authority adopts the IFAC documents and amends them only as necessary to achieve its – 1 of 11 –Group Assignment – HBC614B Company Auditing objectives. Amendments to the IFAC documents may be made to reflect specific New Zealand legislative requirements or to reflect specific audit practising arrangements within New Zealand. As we can see, for years since IAPC or IAASB was established, it has played a very important role in enhancing and standardizing the quality of auditing and assurance services around the world. ============================= – 2 of 11 – Group Assignment – HBC614B Company Auditing PART 2 CO-REGULATION OF AUDITING PRACTICE IN AUSTRALIAIn most developed countries, including Australia, the auditing regulatory framework is provided, at least to some extent, by government through legislation and government agencies. In the past, however, the auditing profession in Australia was largely self-regulated through the rules and requirements self-imposed by the principal players in the field, i. e. auditing firms and auditing professional bodies. As a result of the Corporate Law Economic Reform Program (CLERP) 9, the Auditing and Assurance Standards Board (AUASB) became a statutory (government) body.Since April 28th 2006, the Australian Auditing Standards (ASAs), which have been released by AUASB for purposes of section 336 of Corporation Act 2001, have Force of Law. The Financial Reporting Council (FRC), a statutory body under the Australian Securities and Investments Commission Act 2001 (ASIC Act), is responsible for providing broad oversight of the process for setting accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia.Yet the control and enforcement mechanism of these sta ndards is also supported by the auditing profession represented by two primary professional accounting organisations: CPA Australia and the Institute of Chartered Accountants in Australia (ICAA). Although the membership in these two organizations is voluntarily, it is still a necessary condition to get registration as a Company Auditor or a Liquidator. Some methods of control of quality of the auditing services imposed by these professional organisations include peer reviews, continued professional development and periodical rotation of the auditors.There are also disciplinary procedures in place to encourage improved ethical behaviour and quality of service provided. This particular model of co-existence of government regulation and industry self-regulation in Australia is called ‘co-regulation’ of auditing practice. Co-regulation provides ‘interactions that produce pressures for the refinement of regulatory structures in terms of openness, consultation, independ ence and speed of response to urgent accounting problems’ [Malcolm C. Miller]. ============================= – 3 of 11 – Group Assignment – HBC614B Company Auditing PART 3 QUESTION 6. 3 – ASA 315 UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT – HOMECHEF PTY LTD. A first and very important step of the audit process involves the auditor gaining an early understanding and knowledge of the client’s business. In fact, ASA 315 requires that this step is carried out during the audit planning stage. The auditor must obtain or update their understanding of the client’s operations and circumstances, including its organisational structure, management policies, the company’ position in its industry, the economy and its legal obligations.ASA 315 provides extensive guidance on matters related to obtaining an understanding of the entity and its environment, which may be classified into thr ee main categories: (1) Internal control / organisational structure (2) Operational and legal structure (3) Industry and economic conditions An understanding of these three elements helps the auditor assess the client’s business risk and identify the events, transactions and practices that may have a significant effect on its financial report. This report presents a recent review of the operations and circumstances of one of our clients, HomeChef Pty Ltd. in accordance with the requirements of ASA 315. The main objective was to identify the events and developments at HomeChef which may have a significant bearing on the company’s business risk and consequently affect our audit. This understanding will help us plan and perform the audit more efficiently and effectively and will ultimately improve the services we provide to our client. HomeChef Pty Ltd has been the market leader in the boutique food and beverage industry for the last two years.The company manufactures, su pplies and retails quality ingredients for use in the home kitchen and small restaurant market. During the review our audit team identified a number of major events/transactions that may have a significant impact on the business and affect our audit process. Below is a brief discussion on each of these events/transactions: 1) New products and services: Recently, HomeChef introduced ‘pre-packaged’ meals suitable to be served at a dinner party. Preparation of the ‘ready to serve meals’ would require extra steps to produce the final product.This would involve more processing facilities, more staff and more advertising. One potential related business risk might be the increased product liability. There may be extra compliance requirements from the Food Safety Regulators. There could also be risk that the demand has not been accurately estimated. The company’s capital and current expenditure may increase significantly because of the launch of the new prod uct. This situation tends to increase our audit risk. The auditor, therefore, should carefully consider how this changing operating characteristic may affect his/her auditing process.For example, he/she may need to review some Food Safety Regulation requirements to assess that correct amounts of expenditure is attributed to this particular type of compliance; or refer to some industry literature to get a better understanding of the niche market for this type of product. Reviewing – 4 of 11 – Group Assignment – HBC614B Company Auditing sales figures and sale forecasts may also help to assess to what degree the company’s business risk may be affected by this new development. 2) New lines of business: HomeChef has recently opened a number of small cafe where customers can sample the s company’s product range.By doing so, the company is venturing into unfamiliar territory. In addition, the notes of HomeChef’s draft financial report reveal that t he company has entered into agreements for building and developing a new entertainment complex. These events indicate not only changes in the company’s operational structure, but also those relating to its environment. New opportunities bring new risks. As this is HomeChef’s first venture into a new business area, lack of expertise and experience could be a real concern. The hospitality industry operates quite differently from the food manufacturing.There could be many more competitive forces and regulations in place. This move could change the organisational/operational structure of the company drastically. For example, new divisions may need to be established and the company hierarchy changed. Apart from the potential risks of increased product liability and inaccurate demand estimates, similar to the case of all new products, this could introduce new risks associated with the company’s internal control. Also, the company’s potential business risk would increase its inherent risk. In general, this event is likely to increase our audit risk.It is very important that the auditor familiarises him/herself with the company’s new operational structure, the industry conditions and regulatory environment related to this new line of business. Reviewing the hospitality industry publications and significant industry legislation may assist with basic understanding of how the company business risk is affected by this move. Aggressive marketing and acquisition strategy – Rapid growth: Over the last two years HomeChef has acquired a number of smaller competitors and become the market leader in its industry.This is an indication of the company’s aggressive approach to expansion and growth. In such situations, it is often noticed that a company’s infrastructure is likely to lag behind in the process. In a hurry to expand, the organisational structure of the company may be changing too fast. There could be staff members with insufficient experience, the IT system may not cope well under the new conditions as new procedures and processes are added in. This significant and rapid expansion of operations could create strain and increase the risk of a breakdown in controls.The auditor needs to discuss with the senior management and gather evidence from the company’s documents to assess this risk. He/she may need further understanding of the current cycle in the industry, to assess how this ‘acquisition spree’ could affect HomeChef’s business risk, and consequently the audit risk. Reviewing government statistics, trend forecasts, trade journals and financial newspapers may help improve the auditor’s understanding of the industry in general and the business in particular.Changes in key personnel: The departure of a key executive (HomeChef’s finance director), probably with a significant loss of corporate history and experience, may also have an impact on the busine ss. The new finance manager has been with the company for less than a month and may take some time to gain the knowledge and understanding of the business. He may have a different focus or 3) 4) – 5 of 11 – Group Assignment – HBC614B Company Auditing understanding of the company’s internal control.The auditor should take this factor into account when assessing the risks of misstatements associated with the company’s financial report which, possibly, has been prepared under the instructions of the new finance director. 5) Newly-established internal audit group: HomeChef started using the service of an internal audit group for the first time this year. Generally, the existence and operation of an internal audit group indicate the commitment and serious consideration given to maintaining high standards of internal control by the management. This would normally reduce the control risk in a business and subsequently reduce the audit risk.In addition, th e external auditor could, to some extent, use the work of an internal auditor, after having gained knowledge of and satisfied with the scope of internal auditing and the audit team’s technical competence and professional care. However, in this case, as HomeChef’s audit team is new, careful considerations are required if the auditor is to rely on the internal team’s audit work. Installation of a significant new IT system related to financial reporting: HomeChef switched to a new computer system early this year. The system was installed by a professional computer company and the old and new systems were run parallel for 3 months.Some new functions/modules have been introduced in the new system, including the ability to process stocktake results, account payable invoices and payments at the store level. This event highlighted a major change in one of the company’s internal control components. It seems that the new system is rather reliable as a systematic te sting plan and an integrity checking process were carried out by the professional computer company and there have been no major problems with the system so far. The use of this new system could potentially decrease the company’s control risk. The audit strategy could focus on test of control.A proper and systematic testing plan on the new system is recommended, especially on the new modules for stocktake and accounts payable process. Significant amount of non-routine/non-systematic transactions: HomeChef’s draft Income Statement includes an ‘extraordinary item’ of $231 million without any notes or explanations attached to it. The existence of this ‘extraordinary’ loss would certainly have a significant impact on the business and would increase the audit risk considerably. This particular transaction requires a significant amount of attention by the auditor.Enquiries should be made to understand the nature and extent of all relevant details of this transaction. This would help the auditor assess if the transaction is legal, not dismissing the possibility of fraud, or errors, such as transactions recorded without substance, intentional misapplication of accounting policies, mathematical mistakes, oversight or misinterpretation of facts. The auditor should also examine if the valuation and allocation of the amounts have been done correctly. Company records and legal documents will need to be reviewed. An extensive substantive audit approach would be suitable for this particular area of the audit.Debt structure – Covenant agreement: Note (e) to the draft Financial Report reveals that a covenant agreement exists between HomeChef and its bank. The bank loans are secured against the company’s remaining property, plant and equipment. This agreement specifies that the company should maintain a 6) 7) 8) – 6 of 11 – Group Assignment – HBC614B Company Auditing positive net tangible asset ratio and a positive current ratio. Given the large amount at stake, there is a great incentive for the company to falsify, alter and manipulate figures to achieve these positive ratios at any cost.This situation would increase HomeChef’s business risk significantly and consequently increase our audit risk. The audit plan could focus on substantive testing of the accounts related to the current ratio and net asset ratio. The auditor must exercise reasonable care and skill and maintain an attitude of professional scepticism throughout the audit. Based on HomeChef’s financial ratios being adverse and the subsequent difficulty in complying with the terms of loan agreements, the auditor may need to raise a going concern issue.It would be necessary for the auditor to discuss this problem with HomeChef’s management so that appropriate measures could be taken by the company to overcome this situation. As a result of reviewing HomeChef’s operations and environment, includi ng its financial and marketing position, using the precepts of ASA 315, our audit team has been able to update our knowledge of the company’s situation and assess our audit risk accordingly. This understanding and assessment will direct the development of our strategy and plan for the audit of HomeChef. ============================ – 7 of 11 – Group Assignment – HBC614B Company Auditing PART 4 QUESTION 6. 22 – IMPACT OF BUSINESS RISK ASSESSMENT ON AUDIT STRATEGY This report presents a short case study of Weave Limited. The main purpose of the case study is to look at how Business Risk impacts on Audit Risk, and consequently, on Audit Strategy and Plan. Weave Limited is a closely held private company, manufacturing high-quality woollen cloth. It has been in operation for almost 60 years and the CEO of the company is also its major shareholder.Currently, the company is under a great financial stress due to increased competition and falling sales volu me. Three years ago the company was sued for dumping chemical pollutants into the local river. As a result, a settlement was signed with the Environmental Protection Agency providing that Weave construct a water treatment facility within five years. Our Audit Firm has been auditing Weave for the last ten years, and the current year interim audit revealed that there has been virtually no activity in the Water Treatment Facility Construction account in the current financial year.To prepare for this year audit we need to take the following steps: (1) review the company’s business risk i. e. the risk that Weave’s business objectives will not be attained due to the above-mentioned pressures and, ultimately, the risk associated with its profitability and survival. (2) assess the implications of the company’s business risk on our audit risk (3) develop our audit strategy and audit program in response to the assessed risks. In order to assess Weave’s business ris k, we felt that a PEST analysis would be the most appropriate approach.It involves identifying the political/legal, economic, social and technological influences on an entity. †¢ Environmental Protection Laws may have a heavy toll on the business. Compliance with these Laws (such as building a water treatment facility) may be very expensive, but non-compliance may actually have a suicidal effect on the company. †¢ Economic risk should also be taken into account. Increased competition and limited market for Weave’s high quality and possibly expensive products could pose a serious threat to the company’s profitability and ultimately its very survival. Social risk component is also present in this case. The surrounding area is poor and unemployment rate is high. The company’s management may feel a social pressure to provide employment at any cost. The obligation to build a water treatment facility could be very expensive and resource-consuming. It is not an easy task to estimate or to make provisions for the resources required to meet this obligation. It is even harder to estimate the costs of not meeting this obligation. This adds unusual pressure on the management.Potential incentives could arise for management to understate the company’s profit/cash flow to use as an excuse in an attempt to avoid fulfilling this particular liability. This situation is likely to increase Weave’s inherent risks. – 8 of 11 – Group Assignment – HBC614B Company Auditing In assessing the company’s control risks, certain observations and issues have come to our attention which suggest an unsatisfactory internal control system: †¢ The company’s CEO is also its major shareholder who seems to be a strong character that has the overriding authority and decision making power. The CEO does not seem to take the compliance with the conditions imposed by the Government’s Environmental Protection Agency seriously. He decided to stop work on the water treatment facility as he thought that the State would not fine or close the company down for non-compliance. †¢ The company does not seem to have any risk assessment policies or procedures for dealing with business risk. Based on the above findings, the audit team agreed that Weave’s business/inherent risks and control risks could be assessed as high.This conclusion has had an impact on our audit strategy and audit plan. As we believe that the control risks are high, an audit strategy of a predominantly substantive approach has been adopted. We do not plan to obtain a thorough understanding of the company’s internal control or to carry out tests of control. Instead, we plan extensive substantive audit procedures based on a low to medium acceptable level of detection risk (depending whether the assertions under examination are at risk).In response to the high level of inherent risks, we decided to assign more experie nced audit personnel and to conduct the audit with a heightened degree of professional scepticism. As mentioned earlier, an accurate assessment of the extent of liability related to the breach of the environmental laws is not easy to achieve. As the company’s management does not seem to recognise the seriousness of this risk or to respond to it properly, we decided to engage environmental and technical experts to assist by providing us with legal/environmental opinion and estimates.The engagement of an environmental consultant will be scheduled to happen before the year end audit. Weave’s increased inherent risk and control risk increase our audit risk. Some assertions in the company’s financial reports have been identified as the key audit assertions as they tend to be more at risk. These assertions will be examined closely (please refer to the matrix below) and more efforts will be focused on obtaining sufficient and appropriate evidence to test these assertio ns.Financial Acct Liability Acct (provision for water treatment facility) Contingent Liabilties Valuation of the provision Sales Acct (Income Statement Assertions) Completeness all sales recorded Accuracy of recorded sales amounts Correct accounting period cut-off Inherent Risk Control Risk Debtor's confirmation Assertions at risk (Balance Sheet Assertions) Completeness of all liabilities Inherent Risk Engagement of environmental expert/consultant Quotation / project estimations are recorded properly with appropriate amounts Audit Risk Procedures/Evidence 9 of 11 – Group Assignment – HBC614B Company Auditing To test if the liability account for the water treatment facility contains any material misstatement we will focus on whether the account has included all liabilities as per the environmental specialist’s advice and the amounts are properly estimated and recorded (completeness and valuation). We could do this by seeking confirmation from the environmental sp ecialist and checking estimates/quotations for the project.To support the company’s claim of ‘low sales volume’ and ‘low level of cash flow’, we will test if all sales transactions pertaining to the company have been included in the income statement (completeness) and all sales occurred during the current accounting period have been properly recorded with the correct amounts (accuracy and cut-off). Collecting debtors’ confirmations could be the approach to carry out this test. As our team has audited the company for the last ten years, it is assumed that there must be a certain degree of familiarity and complacency.However, due to the new developments in the company’ situation, more specifically, higher level of business risk, this year’s audit strategy and plan have been revised accordingly. Apart from additional audit procedures and probably a larger sample size, our team will need to maintain a higher level of professional sce pticism to make sure that the company’s accounts contain no material misstatements. It should be noted that had this audit been undertaken in the seventh year after the signing of the settlement with the Government’s Environmental Protection Agency, the situation would be different.As the condition of the settlement to build a water treatment facility would have been breached by now, there is an imminent threat of the company being closed down by the government. A ‘going concern’ assessment at the planning stage (as required by ASA 570) would provide the following going concern problem indications: (1) increased competition and falling sales, (2) noncompliance with statutory requirements, and (3) legal proceedings against the entity. In cases where going concern is related to cash flow or solvency problems, some mitigating factors could be considered (such as sale of assets or additional contributions by owners).However, in this case, it could be judged th at a going concern basis is not appropriate as the business is now subject to closure by government regulation enforcement. We, as the auditors, would need to discuss ways to deal with the problem with the company’s management. The possible outcomes could range from renegotiating the settlement agreement to making the decision to liquidate. In the latter case, the auditors would have to assess the impact that a forced sale of assets would have on the book values and the classifications of assets.The auditors would also need to assess the amount and classification of liabilities, including any provision for staff termination payments and other closing-down expenses. In any way, if going concern is an issue it should be adequately reflected (disclosed) in the Financial Reports. The Auditor’s Report should also include an ‘emphasis of matter’ [ASA701. 09 & ASA570], clearly stating that there is a significant uncertainty regarding a going concern problem. ==== ========================= – 10 of 11 – Group Assignment – HBC614B Company Auditing REFERENCES: 1. 2.Australian Auditing and Assurance Handbook, 2007 Edition, CPA Australia Australian Government’s Financial Reporting Council 2005, Australian Government’s Financial Reporting Council, viewed 20 May 2008, http://www. frc. gov. au/about 3. Brief History 2008, International Auditing and Assurance Standards Board, IAS Plus, Deloitte, viewed 18 May 2008, http://www. iasplus. com/ifac/iaasb. htm 4. Chris Pearce, Parliamentary Secretary to the Treasury, 22 November 2004, â€Å"The future of governance regulation in Australia, Address to the 21st National Conference of Chartered Secretaries Australia†, viewed 19 May 2008, http://www. reasurer. gov. au/DisplayDocs. aspx? doc=speeches/2004/001. htm=005=cjp=20 04=1 5. Gay & Simnett, 2007, ‘Chapter 6 Planning, Knowledge of the Business and Evaluating Business Risk’, Auditing and Assurance Serv ices in Australia, revised edn 3, McGraw-Hill Australia Pty Ltd. 6. International Auditing and Assurance Standards Board 2008, IFAC, viewed 18 May 2008, http://www. ifac. org/IAASB/ 7. James M. Sylph, January 14, 2005, â€Å"Global Convergence – Near or Far? †, American Accounting Association Auditing Section 2005 Mid Year Conference

Burts Bees Essay Example for Free

Burts Bees Essay A while back in 2007, Burts Bee’s was bought out by Clorox for $913 million. In buying Burts Bee’s Clorox is promising to go green. This was Clorox’s start in buying out other green companies to help them achieve their goal in going completely green. Mr. Shavitz and Ms. Quimby the original owners of Burt’s Bees had a huge fall out that began in the late 1990’s which has been going on ever since. (1) The reason that Clorox was willing to pay almost $1 Billion for Burts Bee’s because they see a big opportunity in the market to make their products green. The Burt’s Bess is really into the whole giving back to the community, and always helping. A few events they have done for the community is Urban Gardening when they teamed up with NEEM, to help make Durham, North Carolina greener, and help them plant more community gardens. Another event that they have done is help create green homes in North Carolina. As I was looking on the Burt’s Bees website on their most frequently asked questions someone asked how they can receive donations, and the answer the company gave threw me aback. â€Å"At this time, Burt’s Bees is not currently providing product or financial donations. We remain committed to supporting local community organizations committed to The Greater Good† (2) Personally in reading this I feel like if they want to help create that customer satisfaction, they should be willing to help everyone go green and not just the community. Since the buyout according to Clorox, their natural care products already account for over $6 billion in sales and is growing at a fast rate. The sales are climbing to a yearly rate of around 9%. As for the stalk holder Clorox states, they rose from $1. 69, 2. 8%. to $62. 69. This was a huge boost for the stockholders, and for people who wanted to buy into the stalk. As of 25th 2013, the stalks are at $83. 25. (3) This was also helping Clorox’s public relations by helping them get well known. Clorox does a whole bunch of press releases to help show that they have turned green. They also do press releases when they win an award or do contests for people to enter. When you go on the Clorox website they give you three options to choose from, Press Releases, Media Resources, and Press contacts. Since working together with Burt’s Bee’s, Clorox is also trying to get more involved in the community which they never used to do. On their website they state, â€Å"Clorox knows that it can’t do it alone and actively seeks partners and other affiliations to help us become a more sustainable company. Clorox also cares. In addition to our work to make Clorox a more sustainable company, we strive to make a positive eco impact beyond Clorox. † (4) Clorox donates nearly $1 million dollars to environmental causes. Some of things they do to help the community is they donate products to the Save the Frogs, and Save the California Oaks. They also have their own foundations to help Keep America Beautiful. Burts Bees. (2016, Oct 01).

Importance of maintaining balance to achieve wellness and academic Essay

Importance of maintaining balance to achieve wellness and academic success - Essay Example Striving to achieve balance between physical health, mental health, emotional health, and even spiritual health is key to be at an optimum level, so that one may also be able to achieve maximum success in different areas, such as in academics. Wellness is greatly related to achieving academic success because doing well in school requires one to be well physically, mentally and emotionally. For example, a student will not be able to concentrate and study well if his or her mental wellness is not being given proper care and concern. The brain is a powerful yet delicate organ, which requires tending and caring. Students must get enough of sleep in order to b able to focus on the lessons in school the next day, and to be able to retain the information that is being taught as well. We see that it is very common for many high school and college students who dont get enough sleep and rest, they have a hard time staying awake and alert for class the next day. It is also harder for them to st ay focused and to remember what they have just learned. For another example, it is also important to maintain physical health, because these aspects also greatly focus a person’s ability and potential to keep learning and improving in school. It is key for a student to eat the right kind and amount of food, and to also regularly exercise in order to be physically fit and well. Without this, students may get sick, which will prevent them from being able to go to school and be able to do all the required work that is assigned to them. This then will prevent them from achieving academic success. Of course, at every stage in a person’s lifetime, the needs of wellbeing are different. Kids, for example, need more rest and more fat as they are at the stage of maximum activity and continuous growing. Their body needs all the energy and nutrition that it needs for the cells to continue to grow healthily and properly. As we all grow older,