menkaure essays

menkaure essays The sculpture group of King Menkaure and His Queen is positioned in one of the basic types of Egyptian sculpture the Standing/Striding pose. The figure of Menkaure is rigidly frontal, although his head is slightly turned to the right. His left foot is slightly advanced, however the upper body does not respond to this uneven distribution of weight - there is no tilt in the shoulders, nor a shift in the hips. All movement of the figure is suppressed: his muscular arms hang down his athletic body, they are not flexed at the elbow and do not break through the front contour of his thighs. The body remains wedded to the block of stone from which it was carved. The artist does not remove the dead stone between the arms and torso and most importantly his advanced leg is not carved in the round, which contributes to the solid and majestic appearance of the statue. The Queen assumes the same rigidly frontal posture, however her left leg is less advanced than his, which alludes that she is a subordinate figure to her king in this stance she is just echoing the pharaohs decisive actions. She embraces the pharaoh with her right arm placing her hand around his waist; her left arm is bent at the elbow and covering her stomach rests on the kings left arm. There is a space of about couple of centimeters between the statues that widens towards the base, and which makes Menkaure appear standing independently from his female counterpart. In this frontal, striding forward posture the pharaoh looks confident and in control. ...

How to Write a Controversial Essay on Abortion Worldwide

How to Write a Controversial Essay on Abortion Worldwide When writing a controversial essay on abortion, you need to make sure the facts and statistics you use are supportive of your main argument. However, any good writer will present both sides to the argument and to do that, you need data from both sides. Before you start your research get some note cards and highlighters ready. These tools will help you to make notes as you go. Whenever you write something down, no matter how trivial or short it might be, note the corresponding bibliographic information including the page number. This will save you heaps of time later when you are reaching your deadline and trying to put together your reference page. Research With a controversial essay, it is imperative that you check the sources you plan to use and evaluate their merit. Do not use unreliable sources. Start with your school library. This is where you can find books and journal articles which are written by reputable sources. Of course, even reputable sources might have funding that raises some questions. Look for: the author or authors; what their degrees are; where they were received; what other peers have had to say in reviews about their work; what other work they published; who funded the study. With controversial topics like abortion, you should never just accept a statistic as pointed out by a single author. Check the original source for that statistic. Put the statistic into proper context. You need the complete picture before you cite that source. Turn to academic databases to find reputable sources. Read over the abstracts to see which ones best fit your topic and then open the entire article and read over that to gain a better perspective. You want to avoid the internet as a reliable source, especially sites that end in â€Å".com† as these are commercial websites, except in cases where you are simply reading some information about the background to inform yourself before you start the research. These are not meant to be sites that you use as sources. Writing With your notes ready, it is time to start writing. You want to either use the strongest to weakest order or weakest to strongest order for your presentation. This is a decision left to you, because neither is right or wrong. Tip: You can check the organization of your work by using an outline. Even a bullet point outline can help you to play around with the order of your work and find areas where the content might flow better or worse. With an outline, you can start drafting your thesis statement and your body paragraphs. Most students write the body paragraphs first, then turn to the introduction and the conclusion. This is useful because your introduction and conclusion both need the content from your body and if you try to write them before you have written the body, things will get very complicated very quickly. Read over the content for clarity and flow. Make any necessary edits and send it in.

Evolution of computer technology Essay Example | Topics and Well Written Essays - 1250 words

Evolution of computer technology - Essay Example The use of RISC overlaps many concepts in computer technology, with pipelining being one of the main characteristics of RISC (Cocke and Markstein, 2000). Pipelining typically refers to the improvement of the speed of processing instructions in a computer processor. In this concept, multiple instructions overlap in processing so that more instructions are processed. Instead of the computer processing one instruction at a time, many instructions are processed simultaneously. The processing of instructions is done in machine cycles, where one instruction is processed in one stage and moved to the next while another instruction is processed in the first stage. The main stages of pipelining include fetching the instruction, decoding, execution, memory access and write back (Cocke and Markstein, 2000). Similarly, superscalar processing improves the notion of pipelining in RISC. Earliest evolutions of RISC processors aimed to execute at the rate of one instruction per cycle, but with the in troduction of superscalar processors, this has been improved to more than one instruction per cycle. For the effective performance of computer technology, the memory that affects the speed needs to be effectively managed. According to Cocke and Markstein (2000), memory system management refers to the allocation and security of portions of computer memory to different programs. Memory system management helps in multitasking in the computer since it utilizes the concepts of pipelining and superscalar processing to ensure that computer programs are effectively managed. Memory system management is usually covered in four main concepts, with the main one being relocation. Cocke and Markstein (2000) indicate that virtual memory management should account for the storage of different parts of memory in different places, and also provide for the recalling of this memory. When a program is swapped in a pipeline, it is not placed in the original memory, which means that effective memory manage ment should tell where the program is stored for easy recall. The second concept is that of protection, where the different processes should be protected from each others’ references to avoid corruption (Carter, 2001). However, the different processes sometimes need to share memory, so memory system management should also be able to account for the sharing of information. Shared memory therefore forms part of inter-process memory, which effectively increases processing speed. Finally, memory system management should have effective methods of allocation of memory to different processes and programs in the computer. Logical allocations of the different modules in a program ensure that programs that need to share references are allocated effectively and others separated in other parts of memory. An example of effective memory allocation methods in memory system management is segmentation, where the memory is separated according to modules. One other concept that is used to incre ase the efficiency of processors is the use of caching. The use of cache memory is important since it is the bridge between the processor and the memory in a computer, so temporary instructions are usually stored in cache memory (Carter, 2001). Cache memory stores part or all of a program when it is being processed and also stores the data required by the processor for different factions. Some of the strategies used in caching to increase efficiency

A portfolio about Mary Walker Phillips(an artist), and discussing the Essay

A portfolio about Mary Walker Phillips(an artist), and discussing the meaning of the work, it's form, its context, its qualities - Essay Example Born in 1923 in Fresno, Phillips began as a traditional knitter in her childhood. But after high school, she got into studying design, and then learned weaving under the guidance of Marianne Strengell and Lola Saarinen at the Cranbrook Academy of Art situated in Michigan. Phillips followed that up with a stint as a weaver under designer Dorothy Liebes in San Francisco, which helped her discover her own potential as a textile designer. Her renown as a textile artist grew as she opened her studio in Fresno, and she had the privilege of working on the textiles for the much-renowned Arizona home of famed architect Frank Lloyd Wright. Phillips eventually finished her graduation by the year 1960, and it took her another three years to do a masters in fine arts, specializing in innovative textiles. But the turning point in her career came from the suggestion of a famous fabric designer and friend Jack Lenor Larsen, who urged her towards artistic expression through knitting. Phillips took up her old hobby once more, but this time she had qualifications in fine arts and innovative textiles, and her perspective had evolved from following pre-existing knitting patterns towards contemporary expression. Philips broke all knitting conventions in order to express herself, using un

Later Adulthood Development Essay Example for Free

Later Adulthood Development Essay During our life time it is inevitable that we will grow older. People 65 an older are living longer lives. This age group has been increasing over the years with the help of new technology. During this stage in life we will go through many life transformations. First we will change not only physically, but mentally, and emotionally, and socially. Our roles in life will change drastically and if not prepared it will not be a smooth transition. If a person was once very independent in their younger years and now will need to be dependent on others for assistance it could become a big problem. They may need help with basic daily health needs such as bathing, cooking or may need help getting around town. There are many assistant living facilities that will assist them if needed. Another issue in aging is they may become victims of crimes. Elderly people have physical limitations that will make it harder for them to defend themselves. Discrimination will now become another issue that they will have to face. It may be hard for them to land a job at this age because many companies might be worried that they will constantly be out of work or can’t physically do the job. Compare living accommodations such as accessibility and the need for health care: There are numerous nursing facilities for the elderly to live in. In the past these facilities were ran like institutions and less like a home. The new facilities are well equipped with everything they would have in their own homes. Facilities provide entertainment, social gatherings, everything you would need to enjoy your elderly years. Many elderly people would prefer to live and maintain their own households with their spouses and not have to resort to facility living. Health care is important to the elderly generation because they are more apet to have health problems. Because of the increasing cost of health care Medicare and Medicaid programs were put in place to reduce the cost of health care for this age group. Another medical issue for the elderly is that Physicians are primarily  trained in treating young people and the elderly does not receive the quality care they need. In that age group medical care is crucial for their survival because they are more frail and sick than the younger generation. The transition from work to retirement is a major part in anyone’s life. Mandatory retirement was once created for people age 65 an older, it was meant to abolish the oversupply of available workers. Congress eventually stopped this law because it was discriminating towards the elderly. Retiring is a major adjustment in life for those who worked there whole lives. One of the many adjustments are living on a smaller income, and no interaction from fellow coworkers. Social Security benefits is a financial assistance program for retired people 65 and up but it was never intended to make a person financially independent. It is impossible to live comfortably just off of social security checks alone. About 95 percent of older adults receive Social Security; for 18 percent of them, Social Security is their only income. Americans who did not prepare themselves finically will need to work for the rest of their lives. Those who did not prepare themselves for retirement will have to worry about money and possible have to rely on government assistance. Those who did prepare themselves financially will not have to worry about money an can enjoy their leisure time and enjoy the many things that they weren’t able to do while working such as traveling, golfing, etc. Many people at this stage will get bored an unfulfilled without a job to go too. Volunteering their time and possible a part time job are a few ways an elderly couple can do to stay productive and be a contributing citizen. Older people volunteering their time can also lead to a higher feel of worth and self-esteem. Many changes go in in marriage, family, and peer relationships when we grow older. Older people are married they are happier than the non-married ones. When we age we will have to understand that one spouse will have to take care of their spouse. The caretaking spouse will get frustrated, angry, overwhelmed with caring for their spouse. When a spouse is ill this can drain the family savings and add more stress over finances. When a spouse dies it can be very emotional for the spouse that is left behind they will begin to experience loneliness’, depression and will have more things to take care of on their own. The surviving spouse will have to be emotionally ready to move on with life without their mate. Peer relationships will also change beca use  friends are sick and dying and reminds them that the end is near. This can lead to elderly people staying in the house and distancing themselves from other people and family. Some elderly begin to live with family and like the idea that they are around their loved ones. Others do not want to put a burden on to their family and decide to move into a nursing facility instead. Living with someone else can become a major shock because they are used to living on their own. The social policies that affect the older adults are Medicaid, Medicare, social security benefits, and the older Americans act of 1965. Medicare was created to assist older people with the cost of health care. Everyone 65 and older will be eligible for this service. Everyone in the United States is eligible for some sort of social security benefit after retirement age if they worked. This Money is paid into the social security system from taxes from employees and employers. It is a certain amount of money given every month to offset the cost of living. Some elderly people live off just social security alone because they did not plan correctly for the future. If a person does not have any pensions, savings and other income it will not be enough to live comfortable off of. . The Americans Act of 1965 is a law and its amendments and they are the basis for federal aid to states and local communities to meet the needs of the older generation. This law assists with an adequate income, physical and mental health, housing, employment opportunities. The final service made for the elderly is Medicaid. It provides services for low income families, and those who need public assistance. Each state is different with the Medicaid benefits. When we age we will all change mentally, physically, physically and socially it’s all a part of this life cycle. With proper planning and research growing older can be a smooth transition in life. Financial planning, family support, resources are all positive can contributions to everything an older adul t needs. References Dale, O., Smith, R., Norlin, J. M., Chess, W. A. (2009). Human behavior and the social environment: Social systems theory (6th ed.). Boston, MA: Pearson.

The Empty pillow :: essays research papers

Using the theory of reason action-Fishbein and applying it on a 5 min. scene of the movie by: AlomaniQ8 THE EMPTY PILLOW This is a love story that it’s events occur, in Egypt, in the fifties, where there were strict traditions about love between non married lovers, and where the word of the parents rules the lives of their sons and daughters. In that movie, a young man (salah) who is still a student falls in love with a beautiful girl (Sameha), whom she is also an eighteen years old student, they are both college students, that get supported by their families. The scene begins, when Salah asks his father that he wants to be married, but his father laughs, and asks him if he is able to support himself or her. Salah’s father suggested that he should wait until he graduates and gets a job, so he could marry her. Salah refuses, saying that she would get married to someone else, and her parents will not wait for me until I graduate. Unfortunately a doctor proposes to her an d asks her hand to be his wife. Sameha’s father and mother agree instantly, without giving Sameha any notice, only thinking of the position and the how they would guarantee a wonderful future for their daughter with this doctor, adding that he is a very nice man and have great reputation. Sameha says that she is young to be married, and disagree. Sameha’s father say’s â€Å"no doughtier of mine argues with me in such matters, you will do as I say† Consequently, Sameha stop arguing. And shows yielding. She think about the hard time choosing between the two, the one she loves! or the fine rich physician, which her parents ergs her to marry. In order to prevent the marriage, Salah meets her in the desert where they used to meet. He starts convincing her to run a way with him. Sameha refuses, saying that her parents might have a heart attack, then she will not forgive herself. Salah remembers, what one of his friends suggested to him, and that he should rape her, and in this way she would be his according to the traditions. Consequently he tries to do so. She cries and begs him to let her go. But he refuses, until he notices the ring that she is still wearing, which he brought to her as a token of their love.

Chapter 1 Modern Auditing

CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION – INTEGRITY OF FINANCIAL REPORTING |LEARNING CHECK | 1. SEVERAL COMMON ATTRIBUTES OF ACTIVITIES DEFINED AS AUDITING ARE (A) SYSTEMATIC PROCESS, (B) OBJECTIVELY OBTAINING AND EVALUATING EVIDENCE, (C) ASSERTIONS ABOUT ECONOMIC ACTIONS AND EVENTS, (D) DEGREE OF CORRESPONDENCE, (E) ESTABLISHED CRITERIA, (F) COMMUNICATING THE RESULTS, AND (G) INTERESTED USERS. 2.A financial statement audit involves obtaining and evaluating evidence about an entity's financial statements for the purpose of expressing an opinion on whether the statements are presented fairly in conformity with established criteria–usually GAAP. Thus, the nature of the auditor's report is an opinion on the fairness of the financial statement presentation. A compliance audit involves obtaining and evaluating evidence to determine whether certain financial or operating activities of an entity conform to specified conditions, rules, or regulations.A report on a compliance audit takes the form of a summary of findings or assurance regarding degree of compliance. An operational audit involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives. Reports on such audits include an assessment of efficiency and effectiveness and recommendations for improvements. 3. Independent auditors are individual practitioners or members of public accounting firms who render professional auditing services to clients. These services may involve financial statement audits, compliance audits, and operational audits.Internal auditors are employees of the companies they audit. They are involved in an independent appraisal activity, called internal auditing, as a service to the organization. Internal auditors are primarily concerned with compliance and operational audits. Government auditors are employed by various local, state, and federal governmental agencies. They ma y be involved in all three types of audits. 4. a. The financial statement audit is a form of an examination engagement in which the auditor provides reasonable assurance that the financials statements are free of material misstatement.The CPA might also perform an engagement to examine a forecast or a projection in which the auditor provides reasonable assurance that the forecast or projection reflects the underlying assumptions and that there is support reasonable for the underlying assumptions. A CPA might also perform an engagement to examine an assertion regarding compliance with laws or regulations in which the auditor provides reasonable assurance that the entity complied with laws or regulations. b.A review of financial statements is an engagement in which the CPA provides negative assurance that he or she is not aware of any material modifications that need to be made to the financial statements in order for them to be in conformity with GAAP. 5. Accounting and compilation s ervices provide financial statement users and decisions makers with relevant information. However, they are not designed to test the reliability of such information. The primary benefit received is information that may be relevant to a decision, even though evidence is not obtained about the reliability of such information. . The following table summarizes several assurance services provided by CPAs and explains the how they improve the relevance or reliability of information used by decision makers. |Assurance Service |How the service improves the relevance or reliability of information used by decision makers | |CPA Risk Advisory |Provides relevant information to management or the board of directors about business risks faced| | |by an entity.It ma also provide information about the reliability of management’s system for | | |identifying and monitoring business risks. | |CPA Performance View |Provides relevant financial and nonfinancial information to management or the boar d of directors| | |about the entity’s performance. It ma also provide information about the reliability of | | |management’s system for monitoring the entity’s performance. | 7. a.The audit provides reasonable assurance that financial statement information is free of material misstatements. Decision makers can uses financial information to anticipate business opportunities and to make business decisions based with reasonable assurance that the information set used to make decisions is reliable. b. A review of financial statements provides less assurance about the reliability of financial information than that provided by an audit. The CPA provides negative assurance that he or she is not aware of any material modifications that need to be made to the financial statements in order for them to be in conformity with GAAP.This service is focused on both the relevance and reliability of information used by decision makers. A compilation does not provide assurance abo ut the reliability of financial statement information used by decision makers. However, a compilation service may provide decision makers with relevant information that they would not otherwise have. c. The CPA risk advisory service may transform complex information into knowledge by helping management better understand business risks. The CPA risk advisory service may also provide assurance about the reliability of information produced by management’s system of evaluating business risks. . The origin of the company audit as we know it can be linked to British legislation during the industrial revolution in the mid-1800s. One or more stockholders designated by other stockholders initially performed company audits, but subsequent revisions in the legislation permitted the use of outside independent auditors, giving rise to the formation of auditing firms. The focus of these early audits was on finding errors in the balance sheet accounts and stemming the growth of fraud associ ated with the increasing phenomenon of professional managers and absentee owners.Several important milestones in the rise of the U. S. profession were (1) the passage of legislation (2) the stock market crash of 1929 which drew attention to deficiencies in financial reporting and produced a challenge to the accounting profession to provide stronger leadership, (3) adoption of a requirement by the New York Stock Exchange in 1933 that all listed corporations obtain an audit certificate from an independent CPA, and (4) passage of the Securities Act of 1933 and the Securities Exchange Act of 1934 which added to the demand for audit services for publicly owned companies.Three important changes in audit practice that evolved by the 1040s were (1) a shift from detailed verification of accounts to sampling or testing as the basis for rendering an opinion on the fairness of financial statements, (2) development of the practice of linking the testing to be done to the auditor's evaluation of a company's internal controls, and (3) deemphasis of the detection of fraud as an audit objective.In recent years, the profession has come under increasing pressure to reverse the deemphasis on detecting fraud as the public's expectation that the auditor will detect fraud persists. The quality of audits was questioned when a series of restatements of earnings from public companies such as Sunbeam, Waste Management, Xerox, Adelphia, Enron and WorldCom brought about a crisis of confidence in the work of auditors.By 2002 the collapse of Enron and WorldCom led Congress to pass the Sarbanes-Oxley Act of 2002. This act created the Public Companies Accounting Oversight Board (PCAOB) and gave it responsibility for setting auditing, ethics, independence, and quality control standards for audits of public companies. 9. Four factors that contribute to the need for independent audits are (a) conflict of interest, (b) consequence, (c) complexity, and (d) remoteness. Collectively these factors co ntribute to information risk. 0. Financial statement audits enable companies to (a) meet statutory and other regulatory requirements that must be satisfied in order to gain access to capital markets, (b) obtain debt and equity financing at a lower cost of capital, (c) deter inefficiency and errors in the accounting function and reduce the risk of fraud in the accounting and financial reporting process, and (d) make internal control and operational improvements based on suggestions made by the auditor as a by-product of the audit. 1. The limitations of a financial statement audit include the fact that an auditor works within fairly restrictive economic limits that impose time and cost constraints and necessitate the use of selective testing or sampling of the accounting records and supporting data. Also, the auditor's report must usually be issued within three months of the balance sheet date, which affects the amount of evidence that can be obtained.The availability of alternative a ccounting principles permitted under GAAP, and the impact of accounting estimates and uncertainties on the financial statements represent additional inherent limitations on financial statement audits. 12. Six public sector organizations include (1) the Securities and Exchange Commission, (2) state boards of accountancy, (3) the U. S. General Accounting Office, (4) the Internal Revenue Service, (5) state and federal courts, and the U.S. Congress. Five private sector organizations associated with the public accounting profession include (1) the Public Companies Accounting Oversight Board, (2) the American Institute of Certified Public Accountants, (2) State Societies of Certified Public Accountants, (4) Practice Units (CPA firms), and (5) Accounting Standard Setting Bodies — principally the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB). 3. The Securities and Exchange Commission regulates the distribution of securities offered for public sale and subsequent trading of securities on stock exchanges and over-the-counter markets. The SEC also has the authority to establish GAAP for companies under its jurisdiction, and it currently recognizes the pronouncements of the FASB as constituting GAAP in the filing of financial statements with the agency.In some instances, however, the SEC’s disclosure requirements exceed GAAP. Finally, the SEC also exerts considerable influence over auditing profession. The Sarbanes-Oxley Act of 2002 established a private sector, Public Companies Accounting Oversight Board to oversee the audit of public companies that are subject to securities laws. The PCAOB’s rulemaking process results in proposals that do not take effect until the SEC approves them. 14. a.The PCAOB has authority in five major areas (1) registering public accounting firms that audit the financial statements of public companies, (2) setting quality control standards for peer review of auditors of public companies and conducting inspections of registered public accounting firms, (3) setting auditing standards for audits of public companies, (4) setting independence and ethics rules for auditors of public companies, (4) performing other duties or functions to promote high professional standards for public company audits, and enforce compliance with the Sarbanes-Oxley Act of 2002. . Three important AICPA divisions, or teams, that have a direct impact on auditors are (1) the AICPA Practice Monitoring Program is responsible for quality control standards and peer reviews of firms that provide assurance services to private companies, (2) the Auditing and Attest Standards Team sets auditing and attest standards for audit, accounting, and review services provided to private companies, and (3) the Professional Ethics Division is responsible for setting and enforcing the AICPA Code of Professional Conduct. 15. a.A CPA firm may be organized as a proprietorship, partnership, Professional Corpo ration, or any other form of organization permitted by state law or regulation (including limited liability partnerships (LLPs) and limited liability corporations (LLCs)). b. CPA firms are often classified into the following four groups: (1) Big Four, (2) Second Tier, (3) Regional, and (4) Local. 16. a. The purpose of the profession's multilevel regulatory framework is to help assure quality in the performance of audits and other professional services. b. The four components of the profession's multilevel regulatory framework are: Standard-setting. The private sector establishes standards for accounting, auditing, ethics, and quality control to govern the conduct of CPAs and CPA firms. †¢ Firm regulation. Each CPA firm adopts policies and procedures to assure that practicing accountants adhere to professional standards. †¢ Self-or peer regulation. The AICPA has implemented a comprehensive program of self-regulation including mandatory continuing professional education, pee r review, audit failure inquiries, and public oversight. Government regulation. Only qualified professionals are licensed to practice, and auditor conduct is monitored and regulated by state boards of accountancy, the SEC, and the courts. 17. The five elements of quality control are (1) independence, integrity and objectivity, (2) personnel management, (3) acceptance and continuance of engagements, (4) engagement performance, and (5) monitoring. 18. a. The key elements of the PCAOB inspection program includes: †¢ Inspecting and reviewing selected audit and review engagements of the firm. Evaluating the sufficiency of the firm’s quality control systems and the firm’s documentation and communication of that system. †¢ Performing such other testing of the audit, supervisory, and quality control procedures of the firm as are necessary or appropriate in light of the purpose of the inspection and the responsibilities of the board. The PCAOB conducts annual inspecti ons of firms that regularly provide audit reports for over 100 public companies.The PCAOB inspects the quality control activities of firms that provide audit reports for 100 or fewer public companies every three years. b. The purpose of the AICPA practice monitoring (peer review) program is to: †¢ Determine that a firm’s system of quality control for its accounting and auditing practice has been designed in accordance with quality control standards established by the AICPA. †¢ Determine that a firm’s quality control policies and procedures were being complied with to provide the firm with reasonable assurance of conforming with professional standards. Determine that a firm has demonstrated the knowledge, skills, and abilities necessary to perform accounting, auditing, and attestation engagements in accordance with professional standards, in all material respects. |Comprehensive Questions | 1. 19 (Estimated time – 20 minutes) a. Internal auditing is an independent appraisal activity performed by employees of the company being audited. The objective of internal auditing is to assist management in the effective discharge of its responsibilities.External auditing is done by independent, external auditors for the purpose of expressing an opinion on the fairness of the company's financial statements. Governmental auditing is done by government auditors to determine (1) fairness of financial reports, (2) compliance with applicable laws and regulations, (3) efficiency and economy of operations, and (4) effectiveness in achieving program results. b. The Public Companies Accounting Oversight Board and the American Institute of Certified Public Accountants, the Institute of Internal Auditors, and the U.S. General Accounting Office establish practice standards for independent, internal, and government auditors, respectively. c. The audits serve different purposes and are made by different types of auditors. Auditing only by internal auditing will not satisfy the requirements of stock exchanges and the SEC for independent audits by external auditors. Moreover, internal audits will not satisfy all government requirements for audits, particularly in the area of compliance with applicable laws and regulations.In sum, each type of auditing is necessary. 1. 20 (Estimated time – 30 minutes) |a. Type of Audit |b. Type of Auditor(s) |c. Primary Recipient(s) | |1. Financial statement (1) |Independent(1) |Stockholders, investors, regulatory agencies, and| | | |general public | |2.Operational (3) |Internal (2), Independent(1) |Senior Management | |3. Compliance (2) |Government – IRS (4) |IRS | |4. Operational (3) |Government – GAO (3) |Congress | |5. Financial statement (1) |Independent (1) |Creditors | |6.Operational (3) |Internal (2) |Management | |7. Compliance (2) |Government – GAO (3) |Congress | |8. Compliance (2) |Independent (1), Internal (2), |Congress | | |and Government – GAO (3) | | |9.Financial Statement (1) |Independent (1) |Citizens, taxpayers | |10. Operational (3) |Government – GAO (3) |Congress | |11. Compliance (2) |Independent (1), Internal (2) |Bondholders | |12. Compliance (2) |Internal (2), Independents (1) |Management | 21. Estimated time – 15 minutes) a. The first step in the accountant’s value chain involves capturing data about business events, such as data about sales and the collection of receivables. The second step involves developing an information set that communicates the total picture with integrity and objectivity. The relevant information set here might include information about sales, receivables and the calculation of inventory turn days. Transforming complex information into knowledge involves understanding how the client’s receivable collection period (58 days) compares with the rest of the industry.In this case the 75% of the industry collect their receivables faster than the client. Anticipating an d creating the opportunity involves recognizing that the client will improve its cash flow if it brings its collection days more in line with the industry median. This may further involve a study of specific customers that are delinquent and considering how to take steps to speed collection. The final stage involves management’s implementation of tighter credit policies, improved discounts for paying quickly, or charging interest for being delinquent. b.A financial statement audit is important as it provides reasonable assurance that the sales and receivables information that is being used to make business decisions is free of material misstatement. If the information supporting the calculation of accounts receivable turn days is materially understated, the company may not recognize that it needs to take steps to improve cash flows, and in turn, make poor business decisions. 22. (Estimated time – 20 minutes) a. The benefits of a high quality audit include the following : †¢ Access to Capital Markets.An audit allows companies’ access to public securities markets. In many cases, companies also need audits to support a lender’s loan decisions. †¢ Lower Cost of Capital. An audit often allows companies to obtain capital at a lower cost of capital, because of the reduced information risk associated with audited financial statements. †¢ Deterrent to Inefficiency and Fraud. Research has demonstrated that when employees know that an independent audit is to be made, they take care to make fewer errors in performing accounting functions and are less likely to misappropriate company assets.The fact that financial statement assertions are to be verified reduces the likelihood that management will engage in fraudulent financial reporting. †¢ Control and Operational Improvements. Based on observations made during a financial statement audit, the independent auditor often makes suggestions to improve internal control, to evaluate management’s assessments of business risks, to recommend improved performance measures, and to make recommendations to achieve greater operational efficiencies within the client’s organization.Your fellow business student is correct that these benefits are not achieved when an audit is not performed in accordance with professional standards. b. Even an audit performed in accordance with professional standard may not detect every material misstatement in financial statements. The following inherent limitations explain why an audit can only provide reasonable assurance that financial statements are free of material misstatement, not a guarantee that the financial statements are accurate. †¢ Reasonable Cost. Audits must be performed at a reasonable cost.Auditors use selective testing, or sampling, of the accounting records and supporting data. In addition, the auditor may choose to test internal controls and may obtain assurance from a well-functioning system of int ernal controls. Audits cannot audit every transaction. †¢ Reasonable Length of Time. The auditor’s report on many public companies is usually issued three to five weeks after the balance sheet date. This time constraint may affect the amount of evidence that can be obtained concerning events and transactions after the balance sheet date that may have an effect on the financial statements.Moreover, there is a relatively short time period available for resolving uncertainties existing at the statement date. †¢ Alternative Accounting Principles. Alternative accounting principles are permitted under GAAP. Financial statement users must be knowledgeable about a company’s accounting choices and their effect on financial statements. For example, there may be a material difference between the value of inventory using LIFO or FIFO. †¢ Accounting Estimates. Estimates are an inherent part of the accounting process, and no one, including auditors, can foresee the ou tcome of uncertainties.Estimates range from the allowance for doubtful accounts and an inventory obsolescence reserve to impairment tests for fixed assets and goodwill. An audit cannot add exactness and certainty to financial statements when these factors do not exist. 1. 23(Estimated time – 15 minutes) |1. |State boards of accountancy |10. |State societies of CPAs | |2. |FASB and GASB |11. |SEC, state and federal courts | |3. |AICPA |12. GASB | |4. |SEC |13. |AICPA | |5. |AICPA, state societies of CPAs, |14. |State boards of accountancy | | |and state boards of accountancy | | | |6. |FASB |15. |AICPA | |7. |State boards of accountancy |16. Practice units | |8. |SEC |17. |GAO | |9. |AICPA |18. |IRS | 1. 24(Estimated time – 20 minutes) a. The four sets of standards in the private sector and the standard setting bodies are: (1) accounting by the FASB and GASB, (2) auditing by the AICPA, (3) professional ethics by the AICPA, and (4) quality control by the PCAOB and th e AICPA. The other components of the regulatory framework are: (1) firm regulation that occurs within the public accounting firm through day-to-day monitoring of the actions of the firm's professional staff by the firm's management; (2) inspections and peer reviews that relates to the activities of professional entities outside the firm such as the PCAOB and the AICPA's Practice Monitoring (Peer Review) program; and (3) governmental regulation that occurs at both the state and federal levels through activities that range from positive enforcement programs to punitive actions.This type of regulation is done by state boards of accountancy, the SEC, and state and federal courts of law. 1. 25(Estimated time – 30 minutes) | | |Purpose of Policy / Procedure |Additional | |Policy/ |Element |(b) |Procedure | |Procedure |(a) | |(c) | |1. Personnel Management |Personnel should have the qualifications to |Establish qualifications necessary for | | | |fulfill responsibilities they may be called upon |each level of responsibility in the firm. | | | |to assume in the future. | | |2. |Engagement Performance |Work at all levels should be supervised to ssure |Establish procedures for reviewing working| | | |that it meets the firm's standards of quality. |papers and reports. | |3. |Personnel Management |Work is assigned to people who have the technical |Identify areas and specialized situations | | | |training for the assignment and personnel should |for which consultation is required. | | |seek assistance, when necessary, from persons | | | | |having appropriate expertise, judgment, and | | | | |authority | | |4. Independence, Integrity and|All professionals should be independent of |Monitor compliance with independence | | |Objectivity |clients. |rules. | |5. |Monitoring |Determine that procedures relating to the other |Provide for reporting inspection results | | | |elements are being effectively applied. |to appropriate management levels in the | | | | |firm. | |6. Personnel Management |Only individuals who possess the qualities of |Maintain a recruiting program to obtain | | | |integrity, competency, and motivation should be |new hires at the entry level. | | | |hired. | | |7. |Personnel Management |Personnel should have the knowledge required to |Provide Programs to develop expertise in | | | |fulfill assigned responsibilities. specialized areas and industries. | |8. |Engagement Performance |Personnel should have the technical training and |Permit partner in charge of engagement to | | | |proficiency required by the engagement. |approve assignments. | |9. |Acceptance and Continuance |The firm should not be associated with clients |Establish review procedures for continuing| | |of Clients and Engagements. |whose management lacks integrity. |a client. | 1. 6(Estimated time – 30 minutes) a. The PCAOB’s inspection program and the AICPA’s practice monitoring (peer review) program do not have a direct impact on individual memb ers. They are focused on a firm’s quality control activities. However, these programs may have an indirect effect on members who are involved in audits that are subject to inspection or peer review and all individuals in a firm may receive certain types of continuing professional education based on the findings of these programs. . The PCAOB is responsible for the inspection of audit firms that audit public companies. The AICPA’s practice monitoring (peer review) program is focuses on audit firms that audit private companies. The objectives of both programs focus on a firm’s adherence to quality control practices. c. The following table compares the objectives of the PCAOB’s inspection program and the AICPA’s practice monitoring (peer review) program. They both focus on a firm’s adherence to quality control practices. PCAOB’s inspection program |AICPA’s practice monitoring (peer review) program | |In conducting inspections, the Sarbanes-Oxley Act of 2002 states |The purpose of a peer review is to determine whether: | |that the PCAOB should: |The reviewed firm’s system of quality control for its accounting | |Inspect and review selected audit and review engagements of the |and auditing practice has been designed in accordance with quality | |firm. control standards established by the AICPA. | |Evaluate the sufficiency of the firm’s quality control systems and |The reviewed firm’s quality control policies and procedures were | |the firm’s documentation and communication of that system. |being complied with to provide the firm with reasonable assurance | |Perform such other testing of the audit, supervisory, and quality |of conforming to professional standards. |control procedures of the firm as are necessary or appropriate in |The reviewed firm has demonstrated the knowledge, skills, and | |light of the purpose of the inspection and the responsibilities of |abilities necessary t o perform accounting, auditing, and | |the board. |attestation engagements in accordance with professional standards, | | |in all material respects. | d. The primary activities of the AICPA practice monitoring program include providing peer reviews and issuing reports on a firm’s compliance with quality control standards. Professional Simulation | (Estimated time – 30 to 45 minutes) | |Research | | | | | | |Situation | |Communication | A student can perform the search of quality control standards in two ways. First, the student can do a key words search on â€Å"monitoring procedures. † Second, if a student looks at the way the Quality Control Standards are organized, he or she will note that QC Section 30 addresses Monitoring a CPA Firm’s Accounting and Auditing Practice.The relevant paragraphs are outline below. 1. Explain the monitoring procedures that should be performed by the firm. QC Section QC 30. 03 -. 08 2. Explain the factors that should be co nsidered by small firms with a limited number of management individuals. QC Section QC 30. 10 -. 11 | | |Communication | | | | | |Situation |Research | | To: Tom Meyers and Kenny Vaughn Re: Monitoring ProceduresFrom:CPA Candidate Based on a review of relevant quality control standards (QC 30. 03-. 09) the firm’s monitoring procedures should include the following: 1) Inspection procedures evaluate the adequacy of the firm's quality control policies and procedures, its personnel's understanding of those policies and procedures, and the extent of the firm's compliance with its quality control policies and procedures. These might include: a) Review of selected administrative and personnel records pertaining to the quality control elements. ) Review of engagement working papers, reports, and clients' financial statements. c) Discussions with the firm's personnel. d) Summarization of the findings from the inspection procedures, at least annually, and consideration of the systemic c auses of findings that indicate improvements are needed. e) Determination of any corrective actions to be taken or improvements to be made with respect to the specific engagements reviewed or the firm's quality control policies and procedures. f) Communication of the identified findings to appropriate firm management personnel. ) Consideration of inspection findings by appropriate firm management personnel who should also determine that any actions necessary, including necessary modifications to the quality control system, are taken on a timely basis. 2) Preissuance or postissuance review of selected engagements. 3) Analysis and assessment of a) New professional pronouncements. b) Results of independence confirmations. c) Continuing professional education and other professional development activities undertaken by firm personnel. ) Decisions related to acceptance and continuance of client relationships and engagements. e) Interviews of firm personnel. 4) Determination of any correct ive actions to be taken and improvements to be made in the quality control system. 5) Communication to appropriate firm personnel of any weaknesses identified in the quality control system or in the level of understanding or compliance therewith. 6) Follow-up by appropriate firm personnel to ensure that any necessary modifications are made to the quality control policies and procedures on a timely basis.