Auditing Reflection - 1208 Words

INTRODUCTION This report consists of 5 reflections related to auditing standards and each case was extracted from internet sources. The purpose of this report is to reflect and understand each case. REFLECTIONS First reflection is on China sky case for its non-compliances with SGX. Next is the case on corporate governance where new rules were proposed to improve risk management and risk control. Third will be the extracted information of executives’ compensation in Australian companies. Then, the forth reflection is talking about the famous McKesson Robbins scandal. Lastly, it was a reflection on China Shenghuo Pharmaceutical Holdings,Inc, a trade receivables fraud was detected by Cohen Milstein.†¦show more content†¦Hence, auditors will reduce reliance on substantive tests of transactions and account balances. 5 REFLECTION 4 a) The McKesson Robbins scandal was one of the famous financial frauds of the 20th century. In 1925, the company McKesson Robbins was taken over by Philip Musica in 1925 whose assumed name F. Donald Coster, to conceal his criminal record and true identity. He used his bootlegging profits from his another company Adelphi Pharmaceutical Manufacturing, to buy over McKesson Robbins and he was successful in expanding the company. With 2 brothers in-charge of McKesson Robbins shipping department and assistant treasurer, and the other brother placed outside the company, they have generated bogus sales documentation. Despite the success, the bogus sales were then discovered by its treasurer. The Securities and Exchange Commission opened an investigation and Musica committed suicide before he was arrested. b) The company had a fictitious asset of 19milion, which consists of inventories, accounts receivable, and cash. This was largely due: i) Inadequate procedures in performing bank reconciliation of significant accounts like inventories. ii) Management override of controls iii) There was little or no segregation of duties within a significant account. iv) Ineffective designed internal control over the preparation of financial statements being audited. v) Those charged with governance was unable toShow MoreRelatedThe Sarbanes Oxley Act ( Sox )1526 Words   |  7 PagesUniversity â€Æ' Introduction The Sarbanes-Oxley Act (SOX) of 2002 was implemented to deter fraudulent activities amongst companies by monitoring and auditing financial activities as well as set up internal controls to aid in the safeguard of company funds and investor’s interest. SOX also regulates the non-audit tax services (NATS) that can be performed by an auditing firm. 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In essence the severity of deficiencies identified in internal control also infers material flaw which applies to materiality which has a direct reflection on provisional and annual financial statement. Additionally, while providing auditing services auditors are required to place emphasis on detecting dificiencies thus, in order to efficiently report internal control deficiencies, auditors are required to exercise judgment (Newton, PersellinRead MoreA Day in the Life of Brent Dorsey Essay799 Words   |  4 Pagestime Pro: â€Å"Eating time† will mean a lot of extra â€Å"off-line† work for Brent, but he will come in under budget and he may be as a true asset to the company. Con: â€Å"Eating time† will create inaccurate and tighter budgets in the future and a poor reflection of the actual cost of doing an audit. This may result in poor decisions at higher levels of management, especially if management is unaware of the time being eaten. * Do the job diligently but do it right and record how long it takes regardlessRead MoreHow Does Internal Auditing Maintain Its Independence and Objectivity2190 Words   |  9 PagesTable of Contents I. Introduction II. The purpose of internal auditing III. Profession guidance on independence and objectivity IV. Consulting services: a challenge to audit independence? V. Independence vs. Objectivity VI. Conclusion VII. Bibliography I. 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Therefore the important question is what does the actual auditing look like in this big data world? The answer to this question is very simple but different indeed. The quantity of data available to companies and as per the production, replacement of the paper trails with the records of IT and cloud storage is affecting the process of auditing but on the same side, big data is bringing them all together at the same time. This is the reason why today

Theogony And The Biblical Book Of Genesis, Hesiod And Genesis

At first glance, the story of how it all began in Hesiod’s Theogony, and in the Biblical book of Genesis reveals certain similarities that I picked up on. Hesiod and Genesis share the same order of events: mankind exists in alongside heavenly beings in utopia where there is just; a woman is introduced into this utopian world; the actions of the woman produces the loss of before said utopia. This pattern is used by both works of literature to better explain the presence of problems such as chaos and turmoil in human existence, and both Hesiod and Genesis credit the first woman with these problems. In a journal article Published by The Johns Hopkins University Press, the author declares that â€Å"It is especially striking that the biblical†¦show more content†¦(Genesis 3.16) But despite these similarities, Eve and Pandora are characteristically different. Unlike Pandora, Eve is not naturally evil. She was created from one of Adams’ ribs, making Eve of the same material and nature as her husband. Pandora, conversely, is basically different from man. I figured this because Hesiod does not give a significant story of how man came to be in these sections, but Pandora’s attributes from the gods, including both her beauty and her deceitfulness, marks her as a separate individual. However, Eve is meant to be a companion for Adam, to say that Pandora was a gift is plainly ironic. This inconsistency is at the difference between the women. Pandora is a punishment for man. Theogony exposes this, by calling her evil for man or through the instance with the jar, which is an indicator of her deceitful nature. Neither work specifies if Pandora actually undergoes suffering alongside man. Eve, however, is a victim of her actions as much as Adam is, and the se two suffer together, if not wholly in the same way. Despite their inherent differences, I do believe they are similar in how they are portrayed as the â€Å"less significant† sex. Despite Eve being created from Adam, she was not created of an entirely new framework such as Adam, as if she was not important enough to do so. Both Pandora and Eve were created secondly-bothShow MoreRelatedCompare and Contrast the Biblical Creation Myths with Other Creation Myths from Greece and the Ancient Near Eas2116 Words   |  9 PagesCompare and contrast the Biblical creation myths with other creation myths from Greece and the Ancient Near East. This essay will compare and contrast the Biblical creation myths with other creation myths from Greece and the Ancient Near East. It will first discuss the initial creation of the universe followed by the creation of mankind and finally the recreation of man whilst drawing parallels to Sumerian and Babylonian texts, The Old Testament and Hesiods Theogony. In paying particular attentionRead MoreComparing Roman And Greek Mythology1354 Words   |  6 Pagesessential part of Greek culture. Acknowledged as national epics, the Iliad and the Odyssey were taught in schools by the fifth century B.C.E. By the sixth century B.C.E., the Theogony of Hesiod, the explanation of the conception of the universe and the generations of the gods, was to the Greeks as the biblical book of Genesis was to Jews, Christians, and Muslims. Another example of the vast influence these myths had on Greek culture is the Greek temples. They were adorned with intricate friezes thatRead More Beowulf and Grettirs Saga Essay3715 Words   |  15 PagesSaga in the 14th century. Chickering asserts Grettirs Saga and Beowulf, go back independently to a common original (254), and are not evolutionary partners. The plot outlined above illustrates the many close parallels of books 64 to 67 of Grettirs Saga and the first book of Beowulf. However, the underlying religious tenor shifts significantly from work to work. Grettirs Saga immediately identifies itself as a Christian tale through the introduction of a priest who, after becoming the strangers

Marketing Management Global Marketing and Advertising

Question: Discuss about theMarketing Managementfor Global Marketing and Advertising. Answer: Corporate Objectives The corporate objectives are one of the most important foundations which are the first step towards the creation of organizational strategy (Tricker, 2015). There should be two components in a corporate objective such as the identification of the customers and the core competency of the company. There should also be inclusion of the unique symbols and philosophies associated with the company. The corporate objective is concerned with the formulation of realistic goal as well as well-defined strategy which has major influence on the strategic decisions of the company (Tricker, 2015). There is also a time frame involved in the corporate objectives. The corporate objective would lead to greater performance and business results. The company selected for the purpose of the study is Coca Cola. The corporate objectives for the company are to be globally known as a business unit which conducts its business in a responsible and ethical manner (Coca-cola.com, 2016). This process of business execution would lead the company to witness sustainable growth. The company strives to refresh the world so that there are moments of happiness and optimism (Coca-cola.com, 2016). This is also reflected in their unique advertisements which are attractive to the target audience. Marketing Orientation There are different marketing concepts which are applicable for the organizations. The marketing concept, production concept and the selling concept are some of the important tasks in the marketing domain. The marketing concept identifies the wants or needs of the identified target market and the delivery of better value than the customers (Hollensen, 2015). This concept focuses on the pull strategy which ensures that the companies need to make a strong brand so that the customers are attracted to them. The production concept focuses on preference of the customers on the products that are inexpensive and widely available in the market (Slater, 2015). This concept is more inclined to the operations segment. The selling concept believes in the fact that the consumers would make purchases only if the concerned organization engages in aggressive promotion or the sales of the products (Tadajewski Jones, 2012). The marketing concept is being used by Coca Cola for greater promotion of their products. The target market of Coca Cola is based on the young generation as they are synonymous with the energy and youth nature of the brand (De Mooij, 2013). The brand also considers the older population as the co-target market. The company has formulated market positioning strategies and make sure that their products are widely available to the public (De Mooij, 2013). The distribution network has been strengthened by the company. They have made available sufficient freezers as well as coolers in the market, which implies that they provide sufficient infrastructure so that their products reach the customers easily. Coca Cola has also formulated local marketing strategies that cater to a wide range of target audience (De Mooij, 2013). They have focused on their product attributes such as taste, packaging, bottle sizes and others so that they gain competitive advantage. Coca Cola also engages in extensi ve promotional strategies which helps the company to increase the brand visibility. Core Marketing Strategy Coca Cola believes in the responsible marketing policy in which there are four principles such as choice, balance, honesty and exclusion of children (under 12 years of age) from their marketing campaigns (Coca-cola.com, 2016). The company uses independent auditors to check the compliance of the company principles with their corporate objectives. Coca Cola uses content marketing as their core marketing strategy (Coca-cola.com, 2016). The company uses content as the foundation of their marketing strategies. The innovative advertisements help the company to engage with the customers and connect with them on regular basis (Coca-cola.com, 2016). This is a new concept of the company and has been laid down in the new marketing campaign Content 2020 (Coca-cola.com, 2016). Both these strategies are included in the core marketing strategy of the company. There are both strengths and weakness of the current marketing strategy of the company. The responsible marketing strategy is beneficial for the company as it would help in strengthening the brand image of the company. This strategy excludes the children below 12 years of age which would create a good impression on the parents, who want to make the correct dietary changes in their children (Coca-cola.com, 2016). The weakness of this strategy is that there is limited scope for expansion of the marketing concepts. The content marketing is beneficial since it deals with unique methods of storytelling which conveys the message of the brand to the customers. The responsible marketing would help the company to perform the business in an ethical manner as well as responsible manner. The content marketing is intended for having sustainable growth for the company. References Coca-Cola Global: Soft Drinks Beverage Products. (2016).Coca-cola.com. Retrieved 25 November 2016, from https://www.coca-cola.com De Mooij, M. (2013).Global marketing and advertising: Understanding cultural paradoxes. Sage Publications. Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Slater, S. P. (2015). The Tasks of Strategic Market Management: The Role of Marketing. InProceedings of the 1989 Academy of Marketing Science (AMS) Annual Conference(pp. 667-667). Springer International Publishing. Tadajewski, M., Jones, D. B. (2012). Scientific marketing management and the emergence of the ethical marketing concept.Journal of Marketing Management,28(1-2), 37-61. Tricker, B. (2015).Corporate governance: Principles, policies, and practices. Oxford University Press, USA.

Medication for Foster Children

Introduction Under the foster care system, many children and teenagers in the United States have been adopted and have been successful in gaining a permanent home. However, this process is not as smooth as it might sound since there are children who live with several families before finally getting a permanent home. Consequently, due to different backgrounds, lifestyles, and culture, some of these children find it difficult to cope with their new families.Advertising We will write a custom essay sample on Medication for Foster Children specifically for you for only $16.05 $11/page Learn More As a result, they experience physical and psychological stress that might result in the development of adverse behaviors that affect them and the individuals around them. To overcome this problem, psychiatrists have been using psychiatric drugs to suppress and cure disorders such as attention deficit hyperactivity disorder (ADHD), schizophrenia, and bipolar disorder. This has greatly increased the use of psychiatric drugs on children and adolescents since the 1990s (Vitielo and Jensen, 1997). Safety of Psychiatric Drugs According to Eig (2012), medication is an effective measure of treating psychiatric problems in children and teenagers. However, there are parents who are worried about the long-term effects that psychiatric drugs have on their. Under normal circumstances, only qualified physicians have the mandate to of prescribing antipsychotic. Moreover, such physicians should have the experience of dealing with mental illness in children and adolescents. Administration of these drugs should only be done after precise diagnosis have been made. This enables psychiatrists to determine the type of treatment that a patient might require. As a result, a psychiatrist will be in a position of developing a comprehensive treatment plan for the patient. At this point, a psychiatrist might decide to administer antipsychotic drugs to control and cure the condition that a patient is suffering from. It is the duty of psychiatrists to explain why they have administered antipsychotic drugs to their patients. Consequently, psychiatrists should inform their patients about the possible effects that the drugs might have on them. Different medications have different side effects. Some of these side effects are mild while others are severe. Therefore, to ensure that the administration of antipsychotic drugs achieves the desired goals, psychiatrists should always be in close contact with their patients. Consequently, parents should avoid switching from one psychiatrist to another. If antipsychotic drugs are administered in this manner, there are high chances that their effects will be beneficial to patients. However, if unqualified physicians administer these drugs without proper diagnosis, their effects might be detrimental to the health of the patients. Most importantly, it is advised that the administration of antipsychotic drugs should be supplemented by alternative modes of treatment such as psychological therapy.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Over Prescription of Antipsychotic Drugs Prior to the 1990s, a small proportion of children and teenagers were under the prescription of antipsychotic drugs (Szalavitz, 2012). However, this trend has changed since the numbers of children under prescribed antipsychotic drugs keeps on increasing. Despite this trend, many psychiatrists have admitted that there are physicians who overprescribe these drugs to children. All the children who were featured in the video were under more than one antipsychotic drug at any given time. For instance, when Mark met his father, he was using over five different antipsychotic drugs. His father later learned that he had been prescribed with over 26 different antipsychotic drugs in his life. These drugs had adverse effects on his physical and mental health since most of these drugs are administered without proper diagnosis. For instance, after being diagnosed with bipolar disorder, Mark was administered with five different antipsychotic drugs. However, it was later found that he was suffering from ADHD, a condition that only required one drug for treatment. It is through such negligence that antipsychotic drugs are prescribed to children when they might actually not need them. Who is Responsible? Due to negligence, physicians tend to prescribe antipsychotic drugs without proper diagnosis. Most physicians view the alternatives to antipsychotic drugs as energy and time consuming. Therefore, prescribing antipsychotic drugs not only eases their work but also ensures that they have more time to attend to other patients hence earning more money. Pharmaceutical companies on the other hand have launched marketing campaigns that have led to the successful introduction of second-generation drugs called atypical antipsychotics that are sold off the label in the market (PBS Video, n.d.). Once in the market, physicians can use these drugs to treat various mental illnesses such as bipolar disorder, schizophrenia, and ADHD. In 2009, the sale of these drugs earned pharmaceutical companies over $2 billion in revenue. Thus, over prescription on this ground is profit driven. Alternative Treatments Other than drugs, there are alternative treatments that can be used to control and cure mental illness in children and adolescents. Cognitive mental therapy, psychotherapy, and parent training are some of the alternatives that can be used to treat mental illness in children and adolescents (Vitielo and Jensen, 1997). Physicians are aware of these alternatives but because they are time consuming and do not earn physicians a lot of money, they are always avoided. This trend explains the increased consumption of antipsychotic drugs by children and teenagers in the United States.Advertising We will write a custom essa y sample on Medication for Foster Children specifically for you for only $16.05 $11/page Learn More References Eig, A. (2012). Psychiatric Medication and Young Children: Is There too Much Pill  Popping? Web. PBS Video (Executive Producers). (n.d.). The Medication for Foster Children. Need to Know, PBS Video.org. Web. Szalavitz, M. (2012). Antipsychotic Prescriptions in Children Have Skyrocketed: Study. Web. Vitielo, B. and Jensen, P. (1997). Medication Development and Testing in Children and AdolescentsCurrent Problems, Future Directions. Arch Gen Psychiatry, 54(1), 871-876. This essay on Medication for Foster Children was written and submitted by user Harvey Z. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.