Puritanism essays

Puritanism essays The discovery of the New World by Christopher Columbus brought many changes through out the European continent. Many nations seized the opportunity in hopes of improving their economies and expanding their territory through out the Americas. For the English in particular, it led to settlement and eventually colonization of much of the Eastern American coast. From the time of settlement, New England and the Chesapeake, both colonies of English origin had developed rather differently and had formed distinct societies by 1700. The variations in development of these colonies occurred because of the differences in the religious ideals and social structure. The Puritans, one of the first group settlers in New England, strived to create a society that was based on their religion. They tried to lead useful and hard-working lives and attributed all their successes to God. Through the religious ideals, the clergy and the government were intertwined and worked with each other to maintain the piety and the creation of a close-knit Christian society (Doc. A). This society was based so much on religion that it also helped resolve many problems that would occur. Many economical problems of the time were solved by assessing the morality of it according to Christian ideals (Doc. E). The Christian religion was so important that no other religion was allowed to practice in New England. People of different views on religion than the Puritans were asked to conform or leave the area. The Chesapeake settlers, however, were the least concerned with establishing a society that emphasized religious ideals. They were very secular and were primarily conce rned with economical gain. For example, in Maryland the Calverts allowed all Christian people to practice the faith, regardless of denomination. The reason for this was more economical than religious: to attract settlers to occupy land, therefore increasing profits. Many of the problems that rose due to eithe...

Loanwords From French, German, Latin, and Spanish

Loanwords From French, German, Latin, and Spanish On the eve of the First World War, an editorial in the Berlin Deutsche Tageszeitung argued that the German language, coming direct from the hand of God, should be imposed on men of all colors and nationalities. The alternative, the newspaper said, was unthinkable: Should the English language be victorious and become the world language the culture of mankind will stand before a closed door and the death knell will sound for civilization. . . .English, the bastard tongue of the canting island pirates, must be swept from the place it has usurped and forced back into the remotest corners of Britain until it has returned to its original elements of an insignificant pirate dialect.(quoted by James William White in A Primer of the War for Americans. John C. Winston Company, 1914) This sabre-rattling reference to English as the bastard tongue was hardly original. Three centuries earlier, the headmaster of St. Pauls School in London, Alexander Gil, wrote that since the time of Chaucer the English language had been defiled and corrupted by the importation of Latin and French words: [T]oday we are, for the most part, Englishmen not speaking English and not understood by English ears. Nor are we satisfied with having begotten this illegitimate progeny, nourished this monster, but we have exiled that which was legitimateour birthrightpleasant in expression, and acknowledged by our forefathers. O cruel country!(from Logonomia Anglica, 1619, quoted by Seth Lerer in Inventing English: A Portable History of the Language. Columbia University Press, 2007) Not everyone agreed. Thomas De Quincey, for example, regarded such efforts to malign the English language as the blindest of human follies: The peculiar, and without exaggeration we may say the providential, felicity of the English language has been made its capital reproachthat, whilst yet ductile and capable of new impressions, it received a fresh and large infusion of alien wealth. It is, say the imbecile, a bastard language, a hybrid language, and so forth. . . . It is time to have done with these follies. Let us open our eyes to our own advantages.(The English Language, Blackwoods Edinburgh Magazine, April 1839) In our own time, as suggested by the title of John McWhorters recently published linguistic history*, were more likely to boast about our magnificent bastard tongue. English has unashamedly borrowed words from more than 300 other languages, and (to shift metaphors) theres no sign that it plans to close its lexical borders any time soon. French Loan Words Over the years, the English language has borrowed a great number of French words and expressions. Some of this vocabulary has been so completely absorbed by English that speakers might not realize its origins. Other words and expressions have retained their Frenchnessa certain je ne sais quoi which speakers tend to be much more aware of (although this awareness does not usually extend to actually pronouncing the word in French).   German Loan Words in English English has borrowed many words from German. Some of those words have become a natural part of everyday English vocabulary (angst, kindergarten, sauerkraut), while others are primarily intellectual, literary, scientific (Waldsterben, Weltanschauung, Zeitgeist), or used in special areas, such as gestalt in psychology, or aufeis and loess in geology. Some of these German words are used in English because there is no true English equivalent: gemà ¼tlich, schadenfreude. Latin Words and Expressions in English Just because our English language doesnt come from Latin doesnt mean all our words have a Germanic origin. Clearly, some words and expressions are Latin, like ad hoc. Others, e.g., habitat, circulate so freely that were not aware theyre Latin. Some came into English when Francophone Normans invaded Britain in 1066. Others, borrowed from Latin, have been modified. Spanish Words Become Our Own Many Spanish loanwords have entered the English vocabulary. As noted, some of them were adopted into the Spanish language from elsewhere before they were passed on to English. Although most of them retain the spelling and even (more or less) the pronunciation of Spanish, they are all recognized as English words by at least one reference source.

Business Studies Essay Example | Topics and Well Written Essays - 250 words

Business Studies - Essay Example Teamwork, time management, personal organization, among others are examples of transferable skills. These activities may be a particular initiative in school, corporate leadership, volunteerism, supervisor ship, among others. A good work skill needed in my business career may include change in managerial technique and adoption of information technology in business management. A transferable skill in my business career would be ability to communicate effectively with managers and subordinates at workplace. Transferrable skills such as effective communication may be used professionally when communicating with customers. Transferrable skills are crucial for success in today’s world where competition is high and establishing professional niche is challenging. In addition, these skills are good as they are applicable from job to job. It is worthwhile noting that job related skills are unique (Â  Rothwell 323). More importantly, work related skills are unique to a particular work environment. However, it is imperative to integrate job related and work content skills in order to achieve more synergistic approach to

Global Company and Diversity and the Bottom Line Essay

Global Company and Diversity and the Bottom Line - Essay Example A concept of purpose and a sense of direction strengthen an organization’s ability to survive in changing circumstances and environment. In organizations, large numbers of people congregate under one roof in a joint pursuit of purpose. The organization then sets itself up to harness the creativity of the people for maximum effectiveness. A primary business objective is being profitable, and managers must explain and justify business performance and decisions in light of this objective (Toulmin, Rieke, & Janik, 1984). In this regard, there have been several studies which support that managing diversity in organizations contribute to profitability. diverse business situations will undoubtedly have effects on both the corporate bottom line and on one’s own career prospects†. It is in this regard that this essay is written primarily to evaluate theories and concepts surrounding diversity in organizations in terms of its effect or contribution to the corporate bottom line. Specifically, this paper aims to answer the following questions: (1) what specific aspects make an organization diverse? (2) What value does a diverse, versus a homogenous, organizational culture have to the bottom line? (3) What value does a diverse workforce offer individual workers? And finally, (4) what organizational policies and procedures need to be in place to create and support a diverse workforce? DiTomaso (1999) revealed that there are several factors which influence diversity in organizations, to wit: â€Å"(a) the changing demographic structure of the U.S., (b) the increased importance of globalization to profits and long-term survival in many companies, and (c) changes in the structure of how work gets done†. An organization, being composed of different people should take into account the following diversity attributes: race, ethnicity, gender, class, sexual orientation, physical abilities, age and generation, region, industry, occupation, function,

Cats Are Better Then Dogs Essay Example for Free

Cats Are Better Then Dogs Essay All of my childhood, I grew up with dogs.† A dog is man’s best friend.† That common saying may contain some truth, but dogs are not the only animal friend companionship people enjoy. For many people including myself a cat is their best friend. It wasn’t until I got my first cat that I realized how much better of a pet they are then dogs. Despite what dog lovers may believe, cats make excellent house pets as they are good companions, they are more civilized, and they are much easier to care for. First of all, many people enjoy the companionship of cats. Many cats are really affectionate. They will snuggle up and beg to be petted or scratch under their chin; as a result the cat will instantly start purring. Who can resist a purring cat? If they are not feeling affectionate cats are generally quite playful. They love to chase balls and feathers, or just about anything that dangles from a string. They especially enjoy playing when their owners are involved with game. Not to mention, cats are so much more independent. They can disappear for hours, having their own little adventures, and then pop up again just when you least expect it. Its like running into a long-lost friend on the street, but in your house. Also, it has been said that cats cannot be trained. I have a personally found this false and found that using rewards and punishments just like with a dog; in fact, a cat also can be trained to avoid unwanted behavior or perform tricks. Cats can and will even play fetch! Next, cats are civilized members of the household. Unlike dogs, cats do not bark or make other loud noises. I have never once heard of neighbors complaining about my cat’s loud meows; in fact, most cats dont even meow very often. They do not feel a need to share their opinions with everyone around them they keep quit and do not bother with meowing at strangers. If a friend or relative enters your house your cat will keep to himself. They generally tend to lead a quiet existence. The only time cats tend to make noise is when they need to be feed or watered. For example, if a dog is hungry he will not let you know he simply expects the owner to remember and if the owner accidentally forgets the dog will go hungry. Cats, on the other hand, will meow and purr constantly until their owner finally has enough and remembers that they have to feed their cat. Cats also dont often have accidents or if any. Mother cats train their kittens to use the litter box, and most cats will use it without fail from that time on. Even stray cats usually understand the concept when shown the box and will use it regularly. Cats do have claws and have been known to claw furniture; however, this is preventable with a scratch post, a scratch pad, or last resort the declawing of the cat. With these actions of owner the furniture will be left alone. Finally, one of the most attractive features of cats as house pets is their ease of care. Cats dont need anyone to get up in the middle of the night or in the wee hours of the morning to walk them. With a cat, owners have no need to leave their warm beds in 12 degree weather or heavy rain storms to take the cat for a walk and they do their business in the litter box. Owners find a great conveyance to cleaning the litter box as it is a quick, painless procedure. Cats also take care of their own grooming. Bathing a cat is almost never necessary because under ordinary circumstances cats clean themselves. Cats do not require baths due to the fact that cats clean themselves. For example, let’s say an individual has a busy day and when they come home and notice their dog smells horrific however they do not have time to bathe the dog so the individual is stuck with a smelly dog all day running around their house. Cats will simply lick themselves clean and do not do much to get smelly. Cats are more particular about personal cleanliness than what a lot of people are. In addition, cats can be left home alone for a few hours without fear of a stinky present on the expensive rug, or leave a puddle pee in the hallway. Unlike some pets (Dogs), most cats will not destroy the furnishings, or rip up the trash when left alone. They are content to go about their usual activities until their owners return. I could go on all day about how great cats are and anyone with sense can see that theyre simply the better pet, hands down. So, in conclusion, cats are clearly low maintenance, very civilized companions and self dependent. People who have small living quarters or less time for pet care should appreciate these characteristics of cats. However, many people who have plenty of space and time still opt to have a cat because they love the cat personality. In many ways, cats are the ideal house pet.

Free College Admissions Essays: Human Resources Management :: College Admissions Essays

I am Committed to Human Resources Management The decision for me to become an industrial relations major was not really my own, I have to admit. My uncle, a human resource manager with Welch-Allyn, spent the majority of every holiday gathering throughout my senior year of high school trying to dissuade me from becoming a business major. He would tell me, "This is a rare undergraduate degree and a growing field." Then he would frighten me by saying, "We have very similar personalities, so you would be a fantastic H.R. manager." Eventually he convinced me that it was my best option. And I haven't regretted it. Although I credit my uncle with inspiring my initial decision, my constantly growing interest in this field and desire to continue my education has grown from two sources: the Industrial Relations faculty at LeMoyne and my vocation as a martial arts instructor for almost five years. From my professors, I have learned the practical side of my intended profession: the multitude of laws protecting worker's rights in the workplace, procedures for collective bargaining and arbitration, and how compensation systems function. My job, on the other hand, has helped me acquire the "people" skills that are crucial to being an effective H.R. manager. In the course of a normal workday, I must communicate with a diverse group of people ranging in age from three to seventy-two years old. Each student has unique needs and goals that I must identify and pay attention to. I must constantly evaluate students and give them constructive feedback, walking that fine line between support and criticism. At t he same time, I delegate tasks to the less senior instructors and class helpers, while helping them improve their teaching skills. It is challenging and constantly educational. These two sources, my professors and my job, have succeeded in transforming a disinterested college freshman into a senior who has a focused career path. My ultimate career goal is to be a general human resource manager or recruiter for a high-tech or pharmaceutical company. These are industries in which I foresee great potential for growth in the future. I enjoy every aspect of my major, and I look forward to the variety of tasks and obstacles I will face as an H.R. manager. The prospect of interacting with people on a daily basis appeals to me immensely in a job.

Speech on Sleep

According to the research of Dr. James B. Maas, 40% of Americans (100 million people) are moderately to severely sleep-deprived! High school and college students are among the most sleep deprived people in our population. 60% are sleepy during the day and 30% fall asleep in class at least once a week. The average person needs at least seven to nine hours of sleep every night but Many people do not get the sleep they need because their schedules don’t allow adequate time for it and they do not know the negative effects lack of sleep can have on their health and functioning. Today I’m going to inform you on the effects lack of sleep has on our body such as depression, premature skin aging, and Obesity. Shown in a 1997 study by researchers at the University of Pennsylvania, people who slept less than five hours a night for seven nights felt stressed, sad, and mentally exhausted. Over time, lack of sleep can contribute to the symptoms of depression because Depression results from serotonin imbalance, which regulates mood and sleep. Next I mentioned premature skin aging. When you don’t get enough sleep, your body releases more of the stress hormone called cortisol. In excess amounts, cortisol can break down skin collagen, the protein that keeps skin smooth and elastic, hence premature wrinkles occur with in the skin. Last but not least, weight gain. Lack of sleep increases hunger and appetite. According to a 2004 study by Phil Berman and colleagues, people who sleep less than six hours a day were almost 30 percent more likely to become obese than those who slept seven to nine hours. Not only does sleep loss appear to stimulate appetite, but it stimulates cravings for high-fat and high-carbohydrate foods. To conclude, sleep is a very important key factor to our daily performance. Lack of sleep leads to unwanted conditions like I mentioned depression, premature skin aging, and excessive obesity. Although we all have very busy schedules, there is no way that everyone in this room cant dedicate 7 to 9 hours out of the 24 hours there is in a day to sleep.

Psa 200

Auditing and Assurance Standards Council Philippine Standard on Auditing 330 (Redrafted) THE AUDITOR’S RESPONSES TO ASSESSED RISKS PSA 330 (Redrafted) PHILIPPINE STANDARD ON AUDITING 330 (REDRAFTED) THE AUDITOR’S RESPONSES TO ASSESSED RISKS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Effective Date†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Objective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Definitions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ RequirementsOverall Responses†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Audit Procedures Responsive to the Assessed Risks of Material Misstatement at the Assertion Level†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Adequacy of Presentation and Disclosure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Evaluating the Sufficiency and Appropriateness of Audit Evidence†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Documentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 1 2 3 4 5 6-24 25 26-28 29-31 Application and Other Explanatory M aterial Overall Responses†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. A1-A3 Audit Procedures Responsive to the Assessed Risks of Material Misstatement the Assertion Level†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.A4-A54 Adequacy of Presentation and Disclosure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ A55 Evaluating the Sufficiency and Appropriateness of Audit Evidence†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. A56-A58 Documentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. A59 Acknowledgment Philippine Standard on Auditing (PSA) 330 (Redrafted), â€Å"The Auditor’s Responses to Assessed Risks† should be read in the context of the â€Å"Preface to the Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services,† which sets out the authority of PSAs. 2 PSA 330 (Redrafted) IntroductionScope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with PSA 315, â€Å"Identifying and Assessing Risks of Material Misstatement Through Understanding the Entity and Its Environment† in a financial statement audit. Effective Date 2. This PSA is effective for audits of financial statements for periods beginning on or after December 15, 2009. Objective 3.The objective of the auditor is to obtain sufficient appropriate audit evidence about the assessed risks of material misstatement, through designing and implementing appropriate responses to those risks. Definitions 4. For purposes of the PSAs, the following terms hav e the meanings attributed below: (a) Substantive procedure – An audit procedure designed to detect material misstatements at the assertion level. Substantive procedures comprise: (i) Tests of details (of classes of transactions, account balances, and disclosures), and ii) Substantive analytical procedures. (b) Test of controls – An audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level. Requirements Overall Responses 5. The auditor shall design and implement overall responses to address the assessed risks of material misstatement at the financial statement level. (Ref: Para. A1-A3) 3 PSA 330 (Redrafted) Audit Procedures Responsive to the Assessed Risks of Material Misstatement at the Assertion Level 6.The auditor shall design and perform further audit procedures whose nature, timing, and extent are based on and are responsive to the assessed risks of material misstatement at the assertion level. (Ref: Para. A4-A8) 7. In designing the further audit procedures to be performed, the auditor shall: (a) Consider the reasons for the assessment given to the risk of material misstatement at the assertion level for each class of transactions, account balance, and disclosure, including: (i) The likelihood of material misstatement due to the particular characteristics of the relevant class of transactions, account balance, or disclosure (i. . , the inherent risk); and (ii) Whether the risk assessment takes account of relevant controls (i. e. , the control risk), thereby requiring the auditor to obtain audit evidence to determine whether the controls are operating effectively (i. e. , the auditor intends to rely on the operating effectiveness of controls in determining the nature, timing and extent of substantive procedures); and (Ref: Para. A9-A18) (b) Obtain more persuasive audit evidence the higher the auditor’s assessment of risk. (Ref: P ara. A19) Tests of Controls 8.The auditor shall design and perform tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls when: (a) The auditor’s assessment of risks of material misstatement at the assertion level includes an expectation that the controls are operating effectively (i. e. , the auditor intends to rely on the operating effectiveness of controls in determining the nature, timing and extent of substantive procedures); or (b) Substantive procedures alone cannot provide sufficient appropriate audit evidence at the assertion level. Ref: Para. A20-A24) 9. In designing and performing tests of controls, the auditor shall obtain more persuasive audit evidence the greater the reliance the auditor places on the effectiveness of a control. (Ref: Para. A25) 4 PSA 330 (Redrafted) Nature and Extent of Tests of Controls 10. In designing and performing tests of controls, the auditor shall: (a) Perform other audit procedures in combination with inquiry to obtain audit evidence about the operating effectiveness of the controls, including: (i) How the controls were applied at relevant times during the period under audit. ii) The consistency with which they were applied. (iii) By whom or by what means they were applied. (Ref: Para. A26-29) (b) Determine whether the controls to be tested depend upon other controls (indirect controls), and if so, whether it is necessary to obtain audit evidence supporting the effective operation of those indirect controls. (Ref: Para. A3031) Timing of Tests of Controls 11. The auditor shall test controls for the particular time, or throughout the period, for which the auditor intends to rely on those controls, subject to aragraphs 12 and 15 below, in order to provide an appropriate basis for the auditor’s intended reliance. (Ref: Para. A32) Using audit evidence obtained during an interim period 12. When the auditor obtains audit evidence about the operatin g effectiveness of controls during an interim period, the auditor shall: (a) Obtain audit evidence about significant changes to those controls subsequent to the interim period; and (b) Determine the additional audit evidence to be obtained for the remaining period. (Ref: Para.A33-A34) Using audit evidence obtained in previous audits 13. In determining whether it is appropriate to use audit evidence about the operating effectiveness of controls obtained in previous audits, and, if so, the length of the time period that may elapse before retesting a control, the auditor shall consider the following: 5 PSA 330 (Redrafted) (a) The effectiveness of other elements of internal control, including the control environment, the entity’s monitoring of controls, and the entity’s risk assessment process; b) The risks arising from the characteristics of the control, including whether it is manual or automated; (c) The effectiveness of general IT-controls; (d) The effectiveness of the control and its application by the entity, including the nature and extent of deviations in the application of the control noted in previous audits, and whether there have been personnel changes that significantly affect the application of the control; (e) Whether the lack of a change in a particular control poses a risk due to changing circumstances; and f) The risks of material misstatement and the extent of reliance on the control. (Ref: Para. A35) 14. If the auditor plans to use audit evidence from a previous audit about the operating effectiveness of specific controls, the auditor shall establish the continuing relevance of that evidence by obtaining audit evidence about whether significant changes in those controls have occurred subsequent to the previous audit. The auditor shall obtain this evidence by performing inquiry combined with observation or inspection, to confirm the understanding of those specific controls, and: a) If there have been changes that affect the continu ing relevance of the audit evidence from the previous audit, the auditor shall test the controls in the current audit. (Ref: Para. A36) (b) If there have not been such changes, the auditor shall test the controls at least once in every third audit, and shall test some controls each audit to avoid the possibility of testing all the controls on which the auditor intends to rely in a single audit period with no testing of controls in the subsequent two audit periods. (Ref: Para. A37-39) Controls over significant risks 15.When the auditor plans to rely on controls over a risk the auditor has determined to be a significant risk, the auditor shall test those controls in the current period. 6 PSA 330 (Redrafted) Evaluating the Operating Effectiveness of Controls 16. When evaluating the operating effectiveness of relevant controls, the auditor shall evaluate whether misstatements that have been detected by substantive procedures indicate that controls are not operating effectively. The abse nce of misstatements detected by substantive procedures, however, does not provide audit evidence that controls related to the assertion being tested are effective. Ref: Para. A40) 17. When deviations from controls upon which the auditor intends to rely are detected, the auditor shall make specific inquiries to understand these matters and their potential consequences, and shall determine whether: (a) The tests of controls that have been performed provide an appropriate basis for reliance on the controls; (b) Additional tests of controls are necessary; or (c) The potential risks of misstatement need to be addressed using substantive procedures. (Ref: Para. A41) 18.The auditor shall evaluate whether, on the basis of the audit work performed, the auditor has identified a material weakness in the operating effectiveness of controls. 19. The auditor shall communicate material weaknesses in internal control identified during the audit on a timely basis to management at an appropriate lev el of responsibility and, as required by PSA 260 (Revised), â€Å"Communication with Those Charged with Governance,† 1 with those charged with governance (unless all of those charged with governance are involved in managing the entity). Substantive Procedures 0. Irrespective of the assessed risks of material misstatement, the auditor shall design and perform substantive procedures for each material class of transactions, account balance, and disclosure. (Ref: Para. A42-A47) Substantive Procedures Related to the Financial Statement Closing Process 21. The auditor’s substantive procedures shall include the following audit procedures related to the financial statement closing process: (a) Agreeing or reconciling the financial statements with the underlying accounting records; and 1 Close off document approved May 2006. 7PSA 330 (Redrafted) (b) Examining material journal entries and other adjustments made during the course of preparing the financial statements. (Ref: Para. A48) Substantive Procedures Responsive to Significant Risks 22. When the auditor has determined that an assessed risk of material misstatement at the assertion level is a significant risk, the auditor shall perform substantive procedures that are specifically responsive to that risk. When the approach to a significant risk consists only of substantive procedures, those procedures shall include tests of details. Ref: Para. A49) Timing of Substantive Procedures 23. When substantive procedures are performed at an interim date, the auditor shall cover the remaining period by performing: (a) Substantive procedures, combined with tests of controls for the intervening period; or (b) If the auditor determines that it is sufficient, further substantive procedures only, that provide a reasonable basis for extending the audit conclusions from the interim date to the period end. (Ref: Para. A51-A53) 24.If misstatements that the auditor did not expect when assessing the risks of material missta tement are detected at an interim date, the auditor shall evaluate whether the related assessment of risk and the planned nature, timing, or extent of substantive procedures covering the remaining period need to be modified. (Ref: Para. A54) Adequacy of Presentation and Disclosure 25. The auditor shall perform audit procedures to evaluate whether the overall presentation of the financial statements, including the related disclosures, is in accordance with the applicable financial reporting framework. Ref: Para. A55) Evaluating the Sufficiency and Appropriateness of Audit Evidence 26. Based on the audit procedures performed and the audit evidence obtained, the auditor shall evaluate before the conclusion of the audit whether the assessments of the risks of material misstatement at the assertion level remain appropriate. (Ref: Para. A56-57) 27. The auditor shall conclude whether sufficient appropriate audit evidence has been obtained. In forming an opinion, the auditor shall consider all elevant audit evidence, regardless of whether it appears to corroborate or to contradict the assertions in the financial statements. (Ref: Para. A58) 8 PSA 330 (Redrafted) 28. If the auditor has not obtained sufficient appropriate audit evidence as to a material financial statement assertion, the auditor shall attempt to obtain further audit evidence. If the auditor is unable to obtain sufficient appropriate audit evidence, the auditor shall express a qualified opinion or a disclaimer of opinion. Documentation 29. The auditor shall document: a) The overall responses to address the assessed risks of material misstatement at the financial statement level, and the nature, timing, and extent of the further audit procedures performed; (b) The linkage of those procedures with the assessed risks at the assertion level; and (c) The results of the audit procedures, including the conclusions where these are not otherwise clear. (Ref: Para. A59) 30. If the auditor plans to use audit eviden ce about the operating effectiveness of controls obtained in previous audits, the auditor shall document the conclusions reached about relying on such controls that were tested in a previous audit. 1. The auditors’ documentation shall demonstrate that the financial statements agree or reconcile with the underlying accounting records. *** Application and Other Explanatory Material Overall Responses (Ref: Para. 5) A1. Overall responses to address the assessed risks of material misstatement at the financial statement level may include: †¢ Emphasizing to the audit team the need to maintain professional skepticism. †¢ Assigning more experienced staff or those with special skills or using experts. †¢ Providing more supervision. †¢Incorporating additional elements of unpredictability in the selection of further audit procedures to be performed. 9 PSA 330 (Redrafted) †¢ A2. Making general changes to the nature, timing, or extent of audit procedures, for examp le: performing substantive procedures at the period end instead of at an interim date; or modifying the nature of audit procedures to obtain more persuasive audit evidence. The assessment of the risks of material misstatement at the financial statement level, and thereby the auditor’s overall responses, is affected by the auditor’s understanding of the control environment.An effective control environment may allow the auditor to have more confidence in internal control and the reliability of audit evidence generated internally within the entity and thus, for example, allow the auditor to conduct some audit procedures at an interim date rather than at the period end. Weaknesses in the control environment, however, have the opposite effect; for example, the auditor may respond to an ineffective control environment by: †¢ †¢ Obtaining more extensive audit evidence from substantive procedures. †¢ A3.Conducting more audit procedures as of the period end rathe r than at an interim date. Increasing the number of locations to be included in the audit scope. Such considerations, therefore, have a significant bearing on the auditor’s general approach, for example, an emphasis on substantive procedures (substantive approach), or an approach that uses tests of controls as well as substantive procedures (combined approach). Audit Procedures Responsive to the Assessed Risks of Material Misstatement at the Assertion Level The Nature, Timing, and Extent of Further Audit Procedures (Ref: Para. 6) A4.The auditor’s assessment of the identified risks at the assertion level provides a basis for considering the appropriate audit approach for designing and performing further audit procedures. For example, (as appropriate and notwithstanding the requirements of this PSA)2, the auditor may determine that: (a) Only by performing tests of controls may the auditor achieve an effective response to the assessed risk of material misstatement for a p articular assertion; (b) Performing only substantive procedures is appropriate for particular assertions and, therefore, the auditor excludes the effect of controls from the relevant risk assessment.This may be because the auditor’s risk assessment procedures 2 For example, as required by paragraph 20, irrespective of the approach selected, the auditor designs and performs substantive procedures for each significant class of transactions, account balance, and disclosure. 10 PSA 330 (Redrafted) have not identified any effective controls relevant to the assertion, or because testing controls would be inefficient and therefore the auditor does not intend to rely on the operating effectiveness of controls in determining the nature, timing and extent of substantive procedures; or c) A combined approach using both tests of controls and substantive procedures is an effective approach. A5. The nature of an audit procedure refers to its purpose (i. e. , test of controls or substantive procedure) and its type (i. e. , inspection, observation, inquiry, confirmation, recalculation, reperformance, or analytical procedure). The nature of the audit procedures is of most importance in responding to the assessed risks. A6. Timing of an audit procedure refers to when it is performed, or the period or date to which the audit evidence applies.A7. Extent of an audit procedure refers to the quantity to be performed, for example, a sample size or the number of observations of a control activity. A8. Designing and performing further audit procedures whose nature, timing, and extent are based on and are responsive to the assessed risks of material misstatement at the assertion level provides a clear linkage between the auditors’ further audit procedures and the risk assessment. Responding to the Assessed Risks at the Assertion Level (Ref: Para. 7(a)) NatureA9. The auditor’s assessed risks may affect both the types of audit procedures to be performed and their comb ination. For example, when an assessed risk is high, the auditor may confirm the completeness of the terms of a contract with the counterparty, in addition to inspecting the document. Further, certain audit procedures may be more appropriate for some assertions than others. For example, in relation to revenue, tests of controls may be most responsive to the assessed risk of misstatement of the completeness ssertion, whereas substantive procedures may be most responsive to the assessed risk of misstatement of the occurrence assertion. A10. The reasons for the assessment given to a risk are relevant in determining the nature of audit procedures. For example, if an assessed risk is lower because of the particular characteristics of a class of transactions without consideration of the related controls, then the auditor may determine that substantive analytical procedures alone provide sufficient appropriate audit evidence.On the other hand, if the assessed risk is lower because of inter nal controls, and the auditor intends to base the substantive procedures on that low assessment, then the auditor performs tests of those controls, as required by paragraph 8(a). This may be the case, for 11 PSA 330 (Redrafted) example, for a class of transactions of reasonably uniform, non-complex characteristics that are routinely processed and controlled by the entity’s information system. Timing A11.The auditor may perform tests of controls or substantive procedures at an interim date or at the period end. The higher the risk of material misstatement, the more likely it is that the auditor may decide it is more effective to perform substantive procedures nearer to, or at, the period end rather than at an earlier date, or to perform audit procedures unannounced or at unpredictable times (for example, performing audit procedures at selected locations on an unannounced basis). This is particularly relevant when considering the response to the risks of fraud.For example, the auditor may conclude that, when the risks of intentional misstatement or manipulation have been identified, audit procedures to extend audit conclusions from interim date to the period end would not be effective. A12. On the other hand, performing audit procedures before the period end may assist the auditor in identifying significant matters at an early stage of the audit, and consequently resolving them with the assistance of management or developing an effective audit approach to address such matters. A13. In addition, certain audit procedures can be performed only at or after the period end, for example: †¢ †¢Examining adjustments made during the course of preparing the financial statements; and †¢ A14. Agreeing the financial statements to the accounting records; Procedures to respond to a risk that, at the period end, the entity may have entered into improper sales contracts, or transactions may not have been finalized. Further relevant factors that influence the auditor’s consideration of when to perform audit procedures include the following: †¢ The control environment. †¢ When relevant information is available (for example, electronic files may subsequently be overwritten, or procedures to be observed may occur only at certain times). The nature of the risk (for example, if there is a risk of inflated revenues to meet earnings expectations by subsequent creation of false sales agreements, 12 PSA 330 (Redrafted) the auditor may wish to examine contracts available on the date of the period end). †¢ The period or date to which the audit evidence relates. Extent A15. The extent of an audit procedure judged necessary is determined after considering the materiality, the assessed risk, and the degree of assurance the auditor plans to obtain.When a single purpose is met by a combination of procedures, the extent of each procedure is considered separately. In general, the extent of audit procedures increases as the risk of m aterial misstatement increases. For example, in response to the assessed risk of material misstatement due to fraud, increasing sample sizes or performing substantive analytical procedures at a more detailed level may be appropriate. However, increasing the extent of an audit procedure is effective only if the audit procedure itself is relevant to the specific risk.A16. The use of computer-assisted audit techniques (CAATs) may enable more extensive testing of electronic transactions and account files, which may be useful when the auditor decides to modify the extent of testing, for example, in responding to the risks of material misstatement due to fraud. Such techniques can be used to select sample transactions from key electronic files, to sort transactions with specific characteristics, or to test an entire population instead of a sample. Considerations specific to public sector entities A17.For the audits of public sector entities, the audit mandate and any other special auditin g requirements may affect the auditor’s consideration of the nature, timing and extent of further audit procedures. Considerations specific to smaller entities A18. In the case of very small entities, there may not be many control activities that could be identified by the auditor, or the extent to which their existence or operation have been documented by the entity may be limited. In such cases, it may be more efficient for the auditor to perform further audit procedures that are primarily substantive procedures.In some rare cases, however, the absence of control activities or of other components of control may make it impossible to obtain sufficient appropriate audit evidence. Higher Assessments of Risk (Ref: Para 7(b)) A19. When obtaining more persuasive audit evidence because of a higher assessment of risk, the auditor may increase the quantity of the evidence, or obtain evidence that is more relevant or reliable, e. g. , by placing more emphasis on obtaining third 13 PS A 330 (Redrafted) party evidence or by obtaining corroborating evidence from a number of independent sources.Tests of Controls Designing and Performing Tests of Controls (Ref: Para. 8) A20. Tests of controls are performed only on those controls that the auditor has determined are suitably designed to prevent, or detect and correct, a material misstatement in an assertion. If substantially different controls were used at different times during the period under audit, each is considered separately. A21. Testing the operating effectiveness of controls is different from obtaining an understanding of and evaluating the design and implementation of controls.However, the same types of audit procedures are used. The auditor may, therefore, decide it is efficient to test the operating effectiveness of controls at the same time as evaluating their design and determining that they have been implemented. A22. Further, although some risk assessment procedures may not have been specifically desig ned as tests of controls, they may nevertheless provide audit evidence about the operating effectiveness of the controls and, consequently, serve as tests of controls. For example, the auditor’s risk assessment procedures may have included: Inquiring about management’s use of budgets. †¢ Observing management’s comparison of monthly budgeted and actual expenses. †¢ Inspecting reports pertaining to the investigation of variances between budgeted and actual amounts. These audit procedures provide knowledge about the design of the entity’s budgeting policies and whether they have been implemented, but may also provide audit evidence about the effectiveness of the operation of budgeting policies in preventing or detecting material misstatements in the classification of expenses. A23.In addition, the auditor may design a test of controls to be performed concurrently with a test of details on the same transaction. Although the purpose of a test of cont rols is different from the purpose of a test of details, both may be accomplished concurrently by performing a test of controls and a test of details on the same transaction, also known as a dual-purpose test. For example, the auditor may design, and evaluate the results of, a test to examine an invoice to determine whether it has been approved and to provide substantive audit evidence of a 14 PSA 330 (Redrafted) ransaction. A dual-purpose test is designed and evaluated by considering each purpose of the test separately. A24. In some cases, as discussed in PSA 315, the auditor may find it impossible to design effective substantive procedures that by themselves provide sufficient appropriate audit evidence at the assertion level. This may occur when an entity conducts its business using IT and no documentation of transactions is produced or maintained, other than through the IT system. In such cases, paragraph 8(b) requires the auditor to perform tests of relevant controls.Audit Evid ence and Intended Reliance (Ref: Para. 9) A25. A higher level of assurance may be sought about the operating effectiveness of controls when the approach adopted consists primarily of tests of controls, in particular where it is not possible or practicable to obtain sufficient appropriate audit evidence only from substantive procedures. Nature and Extent of Tests of Controls Other audit procedures in combination with inquiry (Ref: Para. 10(a)) A26. Inquiry alone is not sufficient to test the operating effectiveness of controls.Accordingly, other audit procedures are performed in combination with inquiry. In this regard, inquiry combined with inspection or reperformance may provide more assurance than inquiry and observation, since an observation is pertinent only at the point in time at which it is made. A27. The nature of the particular control influences the type of procedure required to obtain audit evidence about whether the control was operating effectively. For example, if oper ating effectiveness is evidenced by documentation, the auditor may decide to inspect it to obtain audit evidence about operating effectiveness.For other controls, however, documentation may not be available or relevant. For example, documentation of operation may not exist for some factors in the control environment, such as assignment of authority and responsibility, or for some types of control activities, such as control activities performed by a computer. In such circumstances, audit evidence about operating effectiveness may be obtained through inquiry in combination with other audit procedures such as observation or the use of CAATs. Extent of tests of controls A28.When more persuasive audit evidence is needed regarding the effectiveness of a control, it may be appropriate to increase the extent of testing of the control. As well as the degree of reliance on controls, matters the auditor may consider in determining the extent of tests of controls include the following: 15 PSA 330 (Redrafted) †¢ The frequency of the performance of the control by the entity during the period. †¢ The length of time during the audit period that the auditor is relying on the operating effectiveness of the control. †¢The expected rate of deviation from a control. †¢ The relevance and reliability of the audit evidence to be obtained regarding the operating effectiveness of the control at the assertion level. †¢ The extent to which audit evidence is obtained from tests of other controls related to the assertion. PSA 530, â€Å"Audit Sampling and Other Means of Testing† contains further guidance on the extent of testing. A29. Because of the inherent consistency of IT processing, it may not be necessary to increase the extent of testing of an automated control.An automated control can be expected to function consistently unless the program (including the tables, files, or other permanent data used by the program) is changed. Once the auditor determi nes that an automated control is functioning as intended (which could be done at the time the control is initially implemented or at some other date), the auditor may consider performing tests to determine that the control continues to function effectively. Such tests might include determining that: †¢ Changes to the program are not made without being subject to the appropriate program change controls, The authorized version of the program is used for processing transactions, and †¢ Other relevant general controls are effective. Such tests also might include determining that changes to the programs have not been made, as may be the case when the entity uses packaged software applications without modifying or maintaining them. For example, the auditor may inspect the record of the administration of IT security to obtain audit evidence that unauthorized access has not occurred during the period. Testing of indirect controls (Ref: Para. 10(b))A30. In some circumstances, it ma y be necessary to obtain audit evidence supporting the effective operation of indirect controls. For example, when the auditor decides to test the effectiveness of a user review of exception reports detailing sales in excess of authorized credit limits, the user review and related follow up is the control that is directly of relevance to the auditor. Controls over the accuracy of 16 PSA 330 (Redrafted) the information in the reports (for example, the general IT controls) are described as ‘indirect’ controls. A31.Because of the inherent consistency of IT processing, audit evidence about the implementation of an automated application control, when considered in combination with audit evidence about the operating effectiveness of the entity’s general controls (in particular, change controls), may also provide substantial audit evidence about its operating effectiveness. Timing of Tests of Controls Intended period of reliance (Ref: Para. 11) A32. Audit evidence perta ining only to a point in time may be sufficient for the auditor’s purpose, for example, when testing controls over the entity’s physical inventory counting at the period end.If, on the other hand, the auditor intends to rely on a control over a period, tests that are capable of providing audit evidence that the control operated effectively at relevant times during that period are appropriate. Such tests may include tests of the entity’s monitoring of controls. Using audit evidence obtained during an interim period (Ref: Para. 12) A33. Relevant factors in determining what additional audit evidence to obtain about controls that were operating during the period remaining after an interim period, include: †¢ †¢The specific controls that were tested during the interim period, and significant changes to them since they were tested, including changes in the information system, processes, and personnel. †¢ The degree to which audit evidence about the oper ating effectiveness of those controls was obtained. †¢ The length of the remaining period. †¢ The extent to which the auditor intends to reduce further substantive procedures based on the reliance of controls. †¢ A34. The significance of the assessed risks of material misstatement at the assertion level. The control environment.Additional audit evidence may be obtained, for example, by extending tests of controls over the remaining period or testing the entity’s monitoring of controls. 17 PSA 330 (Redrafted) Using audit evidence obtained in previous audits (Ref: Para. 13) A35. In certain circumstances, audit evidence obtained from previous audits may provide audit evidence where the auditor performs audit procedures to establish its continuing relevance. For example, in performing a previous audit, the auditor may have determined that an automated control was functioning as intended.The auditor may obtain audit evidence to determine whether changes to the autom ated control have been made that affect its continued effective functioning through, for example, inquiries of management and the inspection of logs to indicate what controls have been changed. Consideration of audit evidence about these changes may support either increasing or decreasing the expected audit evidence to be obtained in the current period about the operating effectiveness of the controls. Controls that have changed from previous audits (Ref: Para. 4(a)) A36. Changes may affect the relevance of the audit evidence obtained in previous audits such that there may no longer be a basis for continued reliance. For example, changes in a system that enable an entity to receive a new report from the system probably do not affect the relevance of audit evidence from a previous audit; however, a change that causes data to be accumulated or calculated differently does affect it. Controls that have not changed from previous audits (Ref: Para. 14(b)) A37.The auditor’s decision on whether to rely on audit evidence obtained in previous audits for controls that: (a) Have not changed since they were last tested; and (b) Are not controls that mitigate a significant risk, is a matter of professional judgment. In addition, the length of time between retesting such controls is also a matter of professional judgment, but is required by paragraph 14(b) to be at least once in every third year. A38. In general, the higher the risk of material misstatement, or the greater the reliance on controls, the shorter the time period elapsed, if any, is likely to be.Factors that may decrease the period for retesting a control, or result in not relying on audit evidence obtained in previous audits at all, include the following: †¢ A weak control environment. †¢ Weak monitoring of controls. †¢ A significant manual element to the relevant controls. 18 PSA 330 (Redrafted) †¢ †¢ Changing circumstances that indicate the need for changes in the control. â₠¬ ¢ A39. Personnel changes that significantly affect the application of the control. Weak general IT-controls.When there are a number of controls for which the auditor intends to rely on audit evidence obtained in previous audits, testing some of those controls in each audit provides corroborating information about the continuing effectiveness of the control environment. This contributes to the auditor’s decision about whether it is appropriate to rely on audit evidence obtained in previous audits. Evaluating the Operating Effectiveness of Controls (Ref: Para. 16-19) A40. A material misstatement detected by the auditor’s procedures may indicate the existence of a material weakness in internal control.A41. The concept of effectiveness of the operation of controls recognizes that some deviations in the way controls are applied by the entity may occur. Deviations from prescribed controls may be caused by such factors as changes in key personnel, significant seasonal fluct uations in volume of transactions and human error. The detected rate of deviation, in particular in comparison with the expected rate, may indicate that the control cannot be relied on to reduce risk at the assertion level to that assessed by the auditor.Substantive Procedures (Ref: Para. 20) A42. Paragraph 20 requires the auditor to design and perform substantive procedures for each material class of transactions, account balance, and disclosure, irrespective of the assessed risks of material misstatement. This requirement reflects the facts that: (i) the auditor’s assessment of risk is judgmental and so may not identify all risks of material misstatement; and (ii) there are inherent limitations to internal control, including management override.Nature and Extent of Substantive Procedures A43. Depending on the circumstances, the auditor may determine that: †¢ Performing only substantive analytical procedures will be sufficient to reduce audit risk to an acceptably low l evel. For example, where the auditor’s assessment of risk is supported by audit evidence from tests of controls. †¢ Only tests of details are appropriate. †¢ A combination of substantive analytical procedures and tests of details are most responsive to the assessed risks. 19 PSA 330 (Redrafted) A44.Substantive analytical procedures are generally more applicable to large volumes of transactions that tend to be predictable over time. PSA 520, â€Å"Analytical Procedures† establishes requirements and provides guidance on the application of analytical procedures during an audit. A45. The nature of the risk and assertion is relevant to the design of tests of details. For example, tests of details related to the existence or occurrence assertion may involve selecting from items contained in a financial statement amount and obtaining the relevant audit evidence.On the other hand, tests of details related to the completeness assertion may involve selecting from items that are expected to be included in the relevant financial statement amount and investigating whether they are included. A46. Because the assessment of the risk of material misstatement takes account of internal control, the extent of substantive procedures may need to be increased when the results from tests of controls are unsatisfactory. However, increasing the extent of an audit procedure is appropriate only if the audit procedure itself is relevant to the specific risk. A47.In designing tests of details, the extent of testing is ordinarily thought of in terms of the sample size. However, other matters are also relevant, including whether it is more effective to use other selective means of testing. See PSA 530 for additional guidance. Substantive Procedures Related to the Financial Statement Closing Process (Ref: Para. 21(b)) A48. The nature, and also the extent, of the auditor’s examination of journal entries and other adjustments depends on the nature and complexity o f the entity’s financial reporting process and the related risks of material misstatement.Substantive Procedures Responsive to Significant Risks (Ref: Para. 22) A49. Paragraph 22 of this PSA requires the auditor to perform substantive procedures that are specifically responsive to risks the auditor has determined to be significant risks. For example, if the auditor identifies that management is under pressure to meet earnings expectations, there may be a risk that management is inflating sales by improperly recognizing revenue related to sales agreements with terms that preclude revenue recognition or by invoicing sales before shipment.In these circumstances, the auditor may, for example, design external confirmations not only to confirm outstanding amounts, but also to confirm the details of the sales agreements, including date, any rights of return and delivery terms. In addition, the auditor may find it effective to supplement such external confirmations with inquiries of non-financial personnel in the entity regarding any changes in sales agreements and delivery terms. Substantive procedures related to 20 PSA 330 (Redrafted) ignificant risks are most often designed to obtain audit evidence with high reliability. Timing of Substantive Procedures (Ref: Para. 23-24) A50. In most cases, audit evidence from a previous audit’s substantive procedures provides little or no audit evidence for the current period. There are, however, exceptions, e. g. , a legal opinion obtained in a previous audit related to the structure of a securitization to which no changes have occurred, may be relevant in the current period.In such cases, it may be appropriate to use audit evidence from a previous audit’s substantive procedures if that evidence and the related subject matter have not fundamentally changed, and audit procedures have been performed during the current period to establish its continuing relevance. Using audit evidence obtained during an interim period (Ref: Para. 23) A51. In some circumstances, the auditor may determine that it is effective to perform substantive procedures at an interim date, and to compare and reconcile information concerning the balance at the period end with the comparable information at the interim date to: a) Identify amounts that appear unusual, (b) Investigate any such amounts, and (c) Perform substantive analytical procedures or tests of details to test the intervening period. A52. Performing substantive procedures at an interim date without undertaking additional procedures at a later date increases the risk that the auditor will not detect misstatements that may exist at the period end. This risk increases as the remaining period is lengthened. Factors such as the following may influence whether to perform substantive procedures at an interim date: †¢The control environment and other relevant controls. †¢ The availability at a later date of information necessary for the auditorâ€℠¢s procedures. †¢ The purpose of the substantive procedure. †¢ The assessed risk of material misstatement. †¢ The nature of the class of transactions or account balance and related assertions. 21 PSA 330 (Redrafted) †¢ A53. The ability of the auditor to perform appropriate substantive procedures or substantive procedures combined with tests of controls to cover the remaining period in order to reduce the risk that misstatements that may exist at the period end will not be detected.Factors such as the following may influence whether to perform substantive analytical procedures with respect to the period between the interim date and the period end: †¢ Whether the period end balances of the particular classes of transactions or account balances are reasonably predictable with respect to amount, relative significance, and composition. †¢ Whether the entity’s procedures for analyzing and adjusting such classes of transactions or account balances at in terim dates and for establishing proper accounting cutoffs are appropriate. Whether the information system relevant to financial reporting will provide information concerning the balances at the period end and the transactions in the remaining period that is sufficient to permit investigation of: (a) Significant unusual transactions or entries (including those at or near the period end), (b) Other causes of significant fluctuations, or expected fluctuations that did not occur, and (c) Changes in the composition of the classes of transactions or account balances.Misstatements detected at an interim date (Ref: Para. 24) A54. When the auditor concludes that the planned nature, timing, or extent of substantive procedures covering the remaining period need to be modified as a result of unexpected misstatements detected at an interim date, such modification may include extending or repeating the procedures performed at the interim date at the period end. Adequacy of Presentation and Discl osure (Ref: Para. 25) A55.Evaluating the overall presentation of the financial statements, including the related disclosures, relates to whether the individual financial statements are presented in a manner that reflects the appropriate classification and description of financial information, and the form, arrangement, and content of the financial statements and their appended notes. This includes, for example, the terminology 22 PSA 330 (Redrafted) used, the amount of detail given, the classification of items in the statements, and the bases of amounts set forth. Evaluating the Sufficiency and Appropriateness of Audit Evidence (Ref: Para. 6-28) A56. An audit of financial statements is a cumulative and iterative process. As the auditor performs planned audit procedures, the audit evidence obtained may cause the auditor to modify the nature, timing, or extent of other planned audit procedures. Information may come to the auditor’s attention that differs significantly from the information on which the risk assessment was based. For example, †¢ The extent of misstatements that the auditor detects by performing substantive procedures may alter the auditor’s judgment about the risk assessments and may indicate a material weakness in internal control. The auditor may become aware of discrepancies in accounting records, or conflicting or missing evidence. †¢ Analytical procedures performed at the overall review stage of the audit may indicate a previously unrecognized risk of material misstatement. In such circumstances, the auditor may need to reevaluate the planned audit procedures, based on the revised consideration of assessed risks for all or some of the classes of transactions, account balances, or disclosures and related assertions. PSA 315 contains further guidance on revising the auditor’s risk assessment. A57.The auditor cannot assume that an instance of fraud or error is an isolated occurrence. Therefore, the consideration of how the detection of a misstatement affects the assessed risks of material misstatement is important in determining whether the assessment remains appropriate. A58. The auditor’s judgment as to what constitutes sufficient appropriate audit evidence is influenced by such factors as the following: †¢ Significance of the potential misstatement in the assertion and the likelihood of its having a material effect, individually or aggregated with other potential misstatements, on the financial statements. Effectiveness of management’s responses and controls to address the risks. †¢ Experience gained during previous audits with respect to similar potential misstatements. †¢ Results of audit procedures performed, including whether such audit procedures identified specific instances of fraud or error. 23 PSA 330 (Redrafted) †¢ Source and reliability of the available information. †¢ Persuasiveness of the audit evidence. †¢ Understanding of the entit y and its environment, including the entity’s internal control. Documentation (Ref: Para. 29) A59.The form and extent of audit documentation is a matter of professional judgment, and is influenced by the nature, size and complexity of the entity and its internal control, availability of information from the entity and the audit methodology and technology used in the audit. Acknowledgment This PSA is based on International Standard on Auditing 330 (Redrafted), â€Å"The Auditor’s Responses to Assessed Risks,† issued by the International Auditing and Assurance Standards Board. There are no significant differences between this PSA 330 (Redrafted) and ISA 330 (Redrafted). 4 PSA 330 (Redrafted) This PSA 330 (Redrafted), â€Å"The Auditor’s Responses to Assessed Risks,† was unanimously approved for adoption on January 29, 2007 by the members of the Auditing and Assurance Standards Council. Benjamin R. Punongbayan, Chairman Felicidad A. Abad Antonio P. Ac yatan Erwin Vincent G. Alcala Froilan G. Ampil David L. Balangue Ma. Gracia Casals-Diaz Amorsonia B. Escarda Manuel O. Faustino Eliseo A. Fernandez Nestorio C. Roraldo Joaquin P. Tolentino Editha O. Tuason Jaime E. Ysmael 25

Impact of Globalisation and International Institutions on Organisations The WritePass Journal

Impact of Globalisation and International Institutions on Organisations Conclusion Impact of Globalisation and International Institutions on Organisations IntroductionUnderstand the wider implications and effects of global integration on organisation1. Globalization1.1.2 The Impact of Globalization on Business1.1.3 Market size1.1.4 Technological impact 1.1.5 Effects on Financial stability1.1.6 Trading demand:1.2 Influence of international institutions on organisations1.2.1 The role of National and International Institutions and effects  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   1.2.2 IMF, World Bank and Trade1.2.3 Mounting IMF Debts for Countries in Crisis1.2.4 The role of Organisation for economic co-operation and development (OECD)1.2.5 The role of G20 Reviewing globalization and economic Growth1.2.6 The rise of the BRICs and the future of globalization1.3 Role and responsibility of European Union membership on the workforce1.3.1 Policies and best practices of the European Union1 .3.2 Education, Training, Youth1.3.3 Protecting, preserving and improving the world environment1.3.4 Employment and Social Affairs1.3.5. Economic stability and growth globally   1.3.6 A European Economic Recovery Plan1.3.7 Solutions at financial market and macro-economic level1.3.8 Solutions at global level  Importance of responsible corporate governance in organisations2.1 The Effective Corporate Governance2.1.1 Corporate governance2.1.2 Principles of the effective corporate governance2.1.3 The Effective Corporate Governance of BBC2.2 Regularity requirements the shapes the corporate governance2.2.1 The Operating angles of the (BBC) Globally2.2.2 Responsibilities of the effective board members2.2.3 The responsibilities of the Nominations, Audit, Committees’ (BBC)2.2.4 The responsibilities of the (external) Worldwide Executive Committee2.2.5 Accountability and Internal Control2.3 The impact of regularity requirements on corporate stakeholders’ interests in an organi sation 2.3.1 Risk management2.3.2 Controls monitoring2.3.3 Protection of Ethic’s data2.3.4 Relationship with Suppliers, Rights Holders and Producers stakeholder3.1 The Economics of adapting the policy of environmental awareness and ethical organisations ethical responsibilities of British Airways3.1.1 Introduction3.1.2 What Is Business Environment?3.2 Environmental issues of British Airways and impact on economy and necessary actions3.2.1. Climate change policy:3.2.2 Carbon emission trade against Green taxes:3.2.3 Waste and its impact on environment and actions:3.2.4 Noise, its impact and actions:3.3 Measure that exist to improve workplace and health safety practice3.3.1 European environmental legislation and developing economic conditions3.3.2 Improvement in health and safety, at work place4.1 Social, Cultural, Ethical and Moral issues at work place4.2 Diversity of the British Airways4.3.1 Leadership development4.3.2 Relationship with stakeholders4.3.3 Customers’ opin ions, recommendations and organization actionsConclusionReferences/BibliographyRelated Introduction Understand the wider implications and effects of global integration on organisation The Business advisory service is providing its best services to the local businesses. It is also fully supporting the local businesses for finding out the best solution where ever it is required. The challenging task, which is to identify the impact of globalization, its effects on national economy and influence of the national and international institutions, further more how, the European Union is battling and providing the best plat form to the European community to build the economy and best practices in European institutions. These all above mentioned important features and factors are about to be discussed, in appropriate sequence forms. 1. Globalization Globalization has become a smart concept in the social sciences, a core statement the prescription of specialists in management, and catch phrase for journalists and politician of every stripe. It is widely asserted that to live in the era in which the great part of social life is determined by global processes, in which national culture, national economics and national borders are dissolving. Central to this perception is the concept of a rapid and recent process of economic globalization (Paul, h and Grahame, T. 1996, p. 1).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Figure: 1 [Source]:   (Impact of globalization, 2010) 1.1.2 The Impact of Globalization on Business According to (Myatt, 2006) Chief Strategy Officer, N2grwoth, who had the opportunity to transact business in various parts of Asia, the Middle East, Canada, Central and Latin America, Russia and former Eastern Bloc countries, India, and the European Community. Conducting business on a global basis has always been of great personal interest.   However, the days of doing business abroad are no longer a luxury. The ability to conduct business internationally is an absolute necessity if to remain competitive in today’s marketplace. Who has described in comprehensive manners in following series, (Myatt, 2006). 1.1.3 Market size In present era marketplace/size, conducting business worldwide is both defensive and offensive play.   In examining the upside of going global, consider the complete size of national and international markets and could likely be found that the most of the potential customers live across the world, So even if double, triple, revenue of the business (Myatt, 2006). Now assume the downside of not going global, if company is not monitoring those customers competition will be, they will not only take a first mover’s benefits of holding customer loyalty, brand recognition, but they will also tow-chain key partners and distribution agreements. As consumers continue to become more demanding and the world economy continues to flatten, there will soon be an expectation that you be able to serve multiple markets in a perfect and smooth fashion. Being a slow operation in the present era could eventually bring lost business (Myatt, 2006). Example: Indeed globalization is being experienced at present arguably became most recognizable with the end of the cold war, and have   continued their fast move with the development of third world countries and other emerging markets, establishment of free trade agreements like China andNorth American Free Trade Agreement (NAFTA) (Myatt, 2006). 1.1.4 Technological impact The advance development of   Internet and other   source of communications, the growing multi-national indentation of business, the emergence of the European Community, the maintaining impact of the Euro on global currency markets, as well as the increased liquidity of more frequently and efficient capital markets (Myatt, 2006). â€Å"The above referenced worldwide macroeconomic maturation, more commonly referred to today as â€Å"Globalization,† has served to stabilize business and financial markets in such a dramatic fashion that many industry pundits have yet to reach an understanding of the depth and breadth of the impact, it has had on lowering political, financial, and economic volatility† (Myatt, 2006). 1.1.5 Effects on Financial stability If taking in to account the stabilizing factor, globalization has had on the world economy. Presently recession had great effects on trade downfall, oil pricing,  down condition of markets, housing crisis, and overall cost of living  could be challenging more than it is. Conventional economic theory would suggest that with many of the negative economic metrics in play today, interest rate environment could more closely resemble that of 1980 In fact, when the United States went through the Great Depression it was largely a result of having an isolated economy.   This would show foreign investment from the G7, and countries like China, Japan, and Dubai  would see it as an opportunity to affordably, acquire interests in United States companies (Myatt, 2006). Example: â€Å"Emerging, markets in Eastern Europe, India, Latin America, China and the rest of Asia present scenarios for higher growth, even on a risk-adjusted basis. On an aggregate basis, the statistics are impressive. For example, currently 80 percent of the world’s population accounts for 20 percent of world GDP. By 2015, 50 percent of world GDP will be accounted for by emerging markets† (Myatt, 2006). 1.1.6 Trading demand: The economic progress, as well as the existing global companies that bring employment oriented around intelligent and knowledgeable capital, is creating demand for modern, western style commercial real estate infrastructure, Core assets such as office, industry, retail, multi-family, etc (Myatt, 2006). 1.2 Influence of international institutions on organisations 1.2.1 The role of National and International Institutions and effects  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Almost every major national or international commercial business relies on subsidiaries or strategic alliances to obtain a comparable degree of influence and flexibility. As one measure of their scale, almost a third of total international trade now occurs exclusively within these multinational businesses. With the arrival of such global firms, international conflict has, to some extent, moved from nations to these firms, with the battle no longer among nations over territory but rather among firms over their share of world markets (Intriligator,2006,p. 25). Figure: 2   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   [Source]:   (The European Union, 2008) 1.2.2 IMF, World Bank and Trade The failure of the IMF, World Bank and WTO to represent and further the interests of the developing world, through their one-size-fits-all approach, has led to the collapse of trade negations, widespread criticism of their effectiveness, and bitter international protest. Many countries are rejecting the neoliberal ideologies of the ‘unholy trinity’ with intensifying calls for their reform or decommissioning (Share the world resources, 2011). 1.2.3 Mounting IMF Debts for Countries in Crisis The global economic crisis in 2009, which came on the heels of a food and fuel crises in 2008, forced many low-income countries to take on new debt through no fault of their own. The growing climate crises, which were once again originated in the global North, also disproportionately affects the world’s poorest countries, and has resulted in new debt as countries borrow to prepare for and recover from climate-related disasters (Gurrà ­a,2006). In the wake of the global economic crisis, the G20 acknowledged the impact of these crises on poor countries and directed the international financial institutions to create better mechanisms to assist poor countries cope with such exogenous shocks. The World Bank’s International 1.2.4 The role of Organisation for economic co-operation and development (OECD) The role of the OECD is to play in managing globalization – understanding it, explaining it, analyzing its effects, and making policy recommendations to maximize its benefits and to tackle its challenges. Another key aspect of the OECD today is the globalization of own activities, as it works with 70 non-member economies in particular the so-called BRICS Brazil, Russia, India, China and South Africa (Gurrà ­a,2006). Figure: 3 [Source]: (OECD, 2011) The last aspect role is to explain globalization. As to increase public concern about the process, and experience the negative side of globalization. One of the great challenges for the policy agenda for reaping the full benefits of globalization is the so-called political economy of reform.   How can governments implement the necessary reforms?   In many countries, well-designed reforms have failed to be implemented or sustained due to the near-term political costs that they entail, and the fact that opponents are vocal and well-organised while benefits tend to be more diffuse and delayed (Gurrà ­a,2006) 1.2.5 The role of G20 Reviewing globalization and economic Growth â€Å"A New Agenda for the G20 (September 23, 2009) One definition of crisis is â€Å"turning point,† and that is where we find the global economy in September 2009 as G20 leaders assemble in Pittsburgh†. This seems to be that G20 would play outstanding role to have grip on global recession. It has delivered a four-part agenda to overcome on to the recession.   It is focusing on the following agenda, which might be helpful to give new economic platform, like business, academic world and the policy community- offer their visions of how the G20 nations can put efforts together work together to renew globalization and economic growth in critical situation. Sources of growth and the role of innovation, the role of financial regulation, trade in restoring growth and Educating, a workforce for the existing century’s economy, Social and political, challenges of renewing globalization† (Atlantic Council, 2011). The connections among these big issues are complicated. However, G20 is continuously struggling with its holistic approach. Moreover, global has great expectations produce positive results in economic progress (Atlantic Council, 2011). 1.2.6 The rise of the BRICs and the future of globalization This is very important to high light the importance of four major countries, in economic growth of the globalization that are Brazil, Russia, India and China. Although there is lot of distance among these countries but due technological era, there is hardly gap among them. These countries are rich from human skills and natural and technological resources. China and India are marching very smartly with self-determination, self-confidence and having vision to be the first in the world matter of concerned, as china is second and India is fourth or fifth largest countries in the world economies. Likewise, if Brazil and Russia honor with few other emerging economies such as South Africa, and large share of the world’s population and a growing share of the world’s economic activity (Dehejia, 2010). Western countries are considering that BRICs may cause of declination of west but this is not the case, reason being the increased international integration through business and fi nance, would be very fruitful by working mutually (Dehejia, 2010). 1.3 Role and responsibility of European Union membership on the workforce 1.3.1 Policies and best practices of the European Union The  European  Union is a collaborative effort between 27  European  countries to form a mutually beneficial economic and policy community. Since 1993, the EU has worked to increase economies and spread human rights  advances worldwide. The goals of the  European Union  include uniting Europe toward common goals and providing aid to developing nations,  (conjecture corporation2003 – 2011). The European Union member countries have authorized some of authorities in some policy area, fisheries, culture, which can be seen in the following shape for the better improvement and change  Ã‚   (Europa, 2011). 1.3.2 Education, Training, Youth Top-quality education and training are vital if Europe is to develop as a knowledge society and compete effectively in the globalizing world economy. Education policy as such is decided by each EU country, but together they set common goals and share best practices. In addition, the EU funds numerous programs allowing its citizens to make the most of their personal development and the EU’s economic potential by studying, training or doing voluntary work in other countries (Europe, 2011). 1.3.3 Protecting, preserving and improving the world environment â€Å"The European Union is considered to be the unique environment standards in the world, developed over the long time to address a wide range of issues. The priorities are fighting against the climate change, preserving biodiversity, reducing health problems from pollution and using natural resources more responsibly. While aimed at protecting the environment, these goals can contribute to economic growth by fostering innovation and enterprise† (Europa, 2011). 1.3.4 Employment and Social Affairs â€Å"In the era of this new economy are based on lot of knowledge rather than raw materials or physical labor. To do well in the competition from new rising economies, Europe must create the jobs needed by a dynamic, knowledge-based society. This requires investments in education and in science, as well as in employment policies geared to keep up with the pace of change and see the EU through the global economic crisis. EU countries work closely together to meet these challenges, sharing objectives and policies which are mutually supportive† (Europa, 2011). 1.3.5. Economic stability and growth globally   â€Å"Within a single market and major trading bloc like the EU, it makes good sense to coordinate national economic policies. This enables the EU to act rapidly and coherently when faced with economic challenges such as the current economic and financial crises. Sixteen countries have pushed coordination even further by adopting the euro as their currency† (Europa, 2011). 1.3.6 A European Economic Recovery Plan Since in the mid of 2008, the occurrence of recession, European Union has been engaged itself with an economic recovery plan aimed at proposing both European and global solutions. On one side, the plan proposes short period action at the level of businesses, individual and banks. On the other side, it aims, in the longer period, to develop a clean economy with low carbon dioxide emission that is capable of boosting up the future growth (Europa, 2011). The European Economic Recovery Plan is a response to the global economic crisis that affected the actual economy in 2008. It sets out the large lines of a coordinated European approach, which involves: Quickly, inspiring, demand; Supporting the most susceptible people, affected by the economic downfall; Europe to take star in t competitive leg; Taking advantage of this period of disruption, in order to make faster the establishment of a cleaner economy, with more worries, for the environment (Europa, 2011). The European Commission proposes that Member States and the European Union agree on an immediate budgetary impetus amounting to EUR 200 -13824. The plan is intend to operate at both European and global platform (Europa, 2011). 1.3.7 Solutions at financial market and macro-economic level The instability in the financial markets triggers the crisis in the real economy. It is important that the banks should re-focus on their primary activities of providing liquidity and supporting investment in the real economy. The European investment Bank will increase its yearly interventions guidelines in the European Union by some EUR 15 billion in the form of loans, impartial, guarantees and risk-management method financing, as well as investment from private sources (Europa, 2011). Expenditures policy will have a role to play in steadfast economies and stable demand. This recovery will take place within the framework of the Stability and Growth Pact and the priorities of the Lisbon Strategy (Europa, 2011). 1.3.8 Solutions at global level The Plan aims to reinforce collaboration between the European Union and its internationalpartners in economic and climate matters. The European Union must also maintain its  commitments to developing countries  in the context of the Millennium Development Goals (MDGs) and Overseas Development Assistance (ODA), in particular by developing new instruments to help those countries deal with the direct consequences of the crisis whilst maintaining sustainable development (Europa, 2011).   Importance of responsible corporate governance in organisations 2.1 The Effective Corporate Governance The assigned task being the compliance manger at British Broadcasting Corporation (BBC), there are certain responsibilities that are to be full-filled with their all-respective dimensions. The efforts have been made to make sure the Board of corporate governance is performing effectively and bringing the BBC the best organisation in global. The efforts again been put forward to look deeply into the area of improvement and make sure the board is fully aware of their roles and responsibilities. The focus would be on purpose, board responsibility, transparency, objectives, integrity, ethical behavior, organizational culture, stakeholders’ interest, and controls of the effective governance and best practices. These all above-mentioned factors are likely to discuss and can be the best turning point for the bitterness of British Broadcastings Corporation. The British Broadcasting Corporation (BBC) counted, to be the largest organization on the global platform. The organization is th e public service broadcasters, which provide the worldwide broadcast service on radio and satellite (BBC, 2011). 2.1.1 Corporate governance Corporate governance is the easement, which refers at large level to the rules, policies, procedures, system and laws by which, businesses are run effectively and controlled. The expression can refer to micro factors defined by the officers concern or compliance manager, stockholders of the corporation, as well as to macro forces such as consumer groups, clients, and government regulations like local council, pressure groups etc. In year recent, corporate governance has increased its attention because of high-profile outrage, involving abuse of corporate power and, in some cases, alleged illegal activity by corporate officer (Chartered Institute of Internal Auditors, 2011). Source: (rsm.aajassociates.com.2011) 2.1.2 Principles of the effective corporate governance However, to observe the effective corporate governance is essential to practice the certain principles. Develop the capacity and usefulness of the governing body. Agreed and encourage value, hold talks with stakeholders. Be fair and impartial defending the people’s rights. Conduct yourself as ethical citizen.   Set strategic purpose and best results. Spot out and manage threat. Make transform and clear decisions. Observe performance. Keep every-thing open so that accountability is effective. Act in accordance with law. Describe roles and responsibilities (Chartered Institute of Internal Auditors, 2011) Example: effective corporate governance The 1992 Cadbury Report include a policy of Best to do for companies. It is build for the Principles of accountability, goodness  and clearness. These principles, along with the concept of impartiality, became the yardstick for good corporate governance. It is corporate by public sector. From these basics, other organizations have developed their own ideas of what superior corporate governance looks like (Chartered Institute of Internal Auditors, 2011). Example: The effective, practices of corporate governance. Development organization for economic co-operation and development (OECD) has earned the worldwide credit as an international yardstick for good corporate governance (Donald, 2004, P.17) 2.1.3 The Effective Corporate Governance of BBC Corporate Governance within BBC, is being run by desire to support and guard the values,   At the spirit of the BBC brand,  both in the United kingdom and globally, and details of BBC values are set out in the How it does business  segment. Mutually with the facts that are a company entirely owned by a public body, this means that BBC has a unique and comprehensive governance structure. However, In September 2009, the BBC Trust published the results of the Commercial Review of BBC’s global activities.   Among the conclusions was a requirement that BBC glob ally’s governance structure should be review to provide greater transparency and compliance with the collective rules. Besides, BBC also exercising the principles contained within the Royal Charter of July 2006, which is the constitutional basis for the BBC (BBC Annual reviews, 2009). This section looks at both corporate and commercial governance structures and implementation 2.2 Regularity requirements the shapes the corporate governance 2.2.1 The Operating angles of the (BBC) Globally However, the Chairman leads the Board, setting its plan and ensuring that each Director is able to deliver effective decision-making. The Chairman is not involved in the routine business of the BBC Worldwide Group of companies (the Group). The Chief Executive holds day-to-day management responsibility for the Groups businesses, forming and implementing Group tactic, as settled by the Board. This forming of responsibilities between the Chairman and Chief Executive has been set out in writing and agreed by the Board. 2.2.2 Responsibilities of the effective board members The responsibilities of BBC’s Board embarked in the Matters kept back for the Board and briefly encompass. Surroundings the strategic courses of actions of the business growth map. To forming up the annual business plan, Supervising the commercial performance and business motions. Estimating the performance through a range of financial tools like, the annual budget, monthly management an account, quarterly re-forecasts and the growth plan. Suggest the sharing policy to the shareholder. Keep up internal controls and risk-management processes .developing and maintaining a supportive relationship with the shareholder (Chartered Institute of Internal Auditors, 2011). 2.2.3 The responsibilities of the Nominations, Audit, Committees’ (BBC) These are embark in continuously reviewing the structure, size and risk management, required of the Board and making recommendations to the Board on any suitable changes, Planning the sequence of Directors and other senior executives. Spot out and nominating, for the Boards approval, applicant to fill board vacancies.The Audit Committee is responsible set out in its terms of reference and includes; observing the reliability of the financial statements including serious accounting course of action and performance. Reviewing the effectiveness of system in place for identifying and mitigating emerging risks facing the business assessing the effectiveness of systems for internal control and reporting (BBC, 2010). 2.2.4 The responsibilities of the (external) Worldwide Executive Committee These areset out in its terms of reference and include; managing operational matters delegated to it by the Board, within clearly defined approval limits. Aging the operations of the company. Devising and implementing strategy agreed by the Board. Identification, and management of risk, and providing assurance to the Board (BBC annual review, 2010). 2.2.5 Accountability and Internal Control The BBC Worldwide Board has overall responsibility for maintaining an adequate system of internal control and for reviewing its effectiveness. Such a system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives and can provide only reasonable, but not absolute, assurance against material misstatement or loss is currently being rolled out to ensure that all trading businesses comply with local laws and regulations (BBC, 2010). 2.3 The impact of regularity requirements on corporate stakeholders’ interests in an organisation 2.3.1 Risk management The Board has responsibility for the identification and management of risks facing the business. An assessment of the exposure to risk, and the extent to which these risks are controlled, including implementation of actions to mitigate risk is updated and presented to the Audit Committee every three months. Each operating unit and major region monitors risks on an ongoing basis, providing their assessments to the Risk Management and Internal Control Committee (RMIC) quarterly   (reporting (BBC, 2010). 2.3.2 Controls monitoring The BBCs Business Assurance department provides an internal audit function in respect of BBC Worldwide on behalf of the BBC. The audit plan is based on a continuing assessment of key risks and monitoring compliance of key systems and processes and is approved by the Audit Committee. The results of testing reported at each meeting of the Audit Committee, which scrutinizes the operation of controls throughout the year. BBC Business Assurances authority and independence ensured by its joint independent reporting relationship to the BBCs Executive Audit Committee and to the BBCs Director-General. The scope of BBC Business Assurance includes the examination and evaluation of the adequacy and effectiveness of the systems of internal control and the quality of performance in carrying out assigned responsibilities. BBC Worldwide also calls on BBC Business Assurance and external accounting firms for advice on internal controls and programmed governance as needed (BBC, 2010). 2.3.3 Protection of Ethic’s data BBC Worldwide is putting their efforts, respect the confidentiality of its customers, listeners, workers and contributors. As part of the BBCs data-protection compliance structure, BBC Worldwide is committed to holding personal data in accordance with the provisions of the Data Protection Act 1998. Where BBC Worldwide operates in jurisdictions outside the UK, it may also be subject to the additional requirements of local laws needed (BBC, 2010). 2.3.4 Relationship with Suppliers, Rights Holders and Producers stakeholder The BBC Worldwide team is trying its best to ensure that goods and services are gained in a fair way with a clear emphasis on risk management, quality, service, cost and improvement. In addition, BBC takes with critical and strategic suppliers to drive a constant improvement program that ensures security of supply whilst maintaining Total Cost of Ownership Approach in sourcing decisions (BBC, 2010). 3.1 The Economics of adapting the policy of environmental awareness and ethical organisations ethical responsibilities of British Airways 3.1.1 Introduction Being a senior manager of British Airway, is the sole responsibility for preparing the best article, in which the efforts, are put together to discuss the important issues related to the organization. In this article, the major issues to be brought, into consideration like, climatic change, biodiversity, carbon emission, environmental degradation, overpopulation, pollution, corporate responsibilities, and organization’s policies according to legal legislation. Moreover, The European Union and United Kingdom environmental legislations, the social, cultural, ethical and moral issues will also remain under discussion. 3.1.2 What Is Business Environment? It is the combination of two words business and environment. The word business means the human being works or makes actions to earn, produce, and buy or sale the good. On other, hand the word environment means surroundings. Therefore, this would not be wrong to say that economical, legal, social, and institutional, which beyond the control in nature and have impacts and effects on the functioning of the business organization. There are two types of environment microenvironment and macro environment. Micro deals with internal environment of the organization, like manpower, material, capital, and management etc. whilst macro environment acts as external, which is not under control of the organization, Such as political, sociological, demographical and Government rule and regulations (The Gemini Geek, 2011). Moreover, marketplace support would involve the customers and suppliers in same goal, to encourage and dedication to corporate responsibility and will help British airways to build a more sustainable big business (European Union, 2011). [Source]: (Computer Sciences Corporation, 2011) The British Airways established in august 25th 1919, with name of Aircraft transport and travel limited. British Airways  is the UKs largest leading international airline, providing flight services, about 550, different destinations in the world at their best. The first daily international air service was launched between London and Paris (British airways, 2011). 3.2 Environmental issues of British Airways and impact on economy and necessary actions The British Airways is trying to shape the best practices, which could be very useful to build the economic conditions of the organization as follow; 3.2.1. Climate change policy: The organization is putting their efforts, by participating in mission of reduction of carbon dioxide emission globally. To cut the emission company has to adopt one of the options, Example: organization has to buy the low cost emission technology. Alternatively, to buy the allowance from other companies of their non-exceeded, allowance. Above mentioned both be taken as completely (British Airways, 2011). 3.2.2 Carbon emission trade against Green taxes: The British Airways is putting extra taxes on their customer to utilize the investment for reducing the emission, with name of Green taxes. However, research has highlighted that Green taxes had minor effects on reducing the carbon emission. Therefore, Green taxes have not been so successful. However, it is emphasize, that organizations should adopt the low emission technology practice (British airways, 2011). However,   there is need to take positive steps like, global agreement, International air transport association, UK sustainable Aviation groups, which are working on this mission. Furthermore, European Union carbon-trading scheme, have been taken into aviation industry by 2011 (British airways, 2011). 3.2.3 Waste and its impact on environment and actions: To counter the waste problems and its worst effects, like diseases, landfill, etc. The organization is trying to practice and find out the ways like; all workers will make use of internet and computers. The airplanes arriving on airport, the newspapers are recycled. There are several other recycle centers (British Airways, 2011). 3.2.4 Noise, its impact and actions: The noise had always been worst effects on environment. The population, which is living near the airports, has great concern about the noise. The British Airways is trying their best to complete the goal by reducing the noise track by 15% by 2015. The International Civil Aviation Organization (ICAO) will be managing this approach. However, tow ways are to be experienced to reduce the noise. For take-off to use the single engine taxi, airspace management, airport management, and design the use of aircraft secondary, power units Same as for landing, the efforts are continue like   gentle landing approach with constant speed (British Airways, 2011). This is also to put into consideration that Nighttime’s movements avoided. It is trying to maintain the procedure to avoid take-off at night. However, it should focus while adopting the new scientific methods to deal with problem. 3.3 Measure that exist to improve workplace and health safety practice 3.3.1 European environmental legislation and developing economic conditions The European Union is trying to use more alternates instead of many existing resources, for examples recycling. However, prices needed to be changed, to attract and reflect the environmental cost. It has to provide, the best incentives to the consumers and to use the resources more effectively, will make better economic conditions. Which will create more work opportunities, the provision of green technologies and services, in renewable energy provision, eco-industries and recycling, for example? Resource efficiency will profit other policies as well wiser use of resources reduces greenhouse gas emissions and many other environmental and health problems (European Union, 2011). 3.3.2 Improvement in health and safety, at work place The organization is committed to provide the best health and safety services, and is highly engaged to provide support at work place and remain in touch with liaison Officers and station commander. The Health and Safety section enthusiastically monitor all actions, hazards, assessments and tasks (Annual report, p44). The Operational Intelligence section continues to provide very useful support to frontline Firefighters by capturing risk information that may be risky to the safe conclusion of operational happenings. Theorganization also has dedicated its services to the Community Safety. The Community Safety Directorate has responsibility, For Youth commitment, Demand Reduction Innovations and Partnerships Service Delivery However, the efforts together for fire safety in the Built Environment, This process involves the broadcasting of information in relation to new buildings and any other building to Which material changes have been made?. Organization is also running the Health and Safety related training courses and continues to satisfy its legal requirements to provide the best health and safety services (British Airways, 2010. P4). 4.1 Social, Cultural, Ethical and Moral issues at work place Although Organization is committed to provide the job opportunities, to any ethnical group like, gay, lesbian and transgender workers. There is another issue that can be cater is conflict and harassment resolution. There are numbers of advisors and peacekeepers working across British Airways to create a culture, where decorum and self-esteem are hallmarks of relationships at work place, and where aggravation or discrimination are not permitted to be tolerated (British Airways, 2010. P4). 4.2 Diversity of the British Airways However, Diversity team has launched Inclusion Strategy, which has two plain goals, first that everyone knows why diversity has importance in the organization; second, to observe that diversity is incorporated into every part of the organization. The main point of impact is to rotate the employees in job rotation to gain more experience and beat the challenges. The discussions, could be more useful that how, harassment issue can be resolved. How awareness, is be raised? Furthermore, it is also is to be considered why and how bullying takes place. There is only one way that mediation can resolve these issues. The consultation of disabled group of employees has identified, disability issues, which help while launching new product and services. The main issue of the disabled employees is traveling; the new disability strategy has been introduced for the next four years which is called Building Ability towards 2012 (British airway, 2011). 4.3.1 Leadership development Leadership is a noteworthy main concern. There is a day plan for all managers, called Leading the Business, which focuses on the forth coming challenges of modify, engaging employees and achieving and delivering results to support business strategy. The website been developed for training, equipment to support managers with all dimensions of their roles (British airway, 2011). 4.3.2 Relationship with stakeholders The British Airways is more concern about to bring in to the knowledge environmental issues with its associates and suppliers, and backing them up to practice alike policies. While considering and negotiating on environmental agenda with customers, employees, and outer stakeholders. The important features of environmental progress clearly endorsed. The Group promotes the submissions of good environmental practice within the organization and its manufacturer, and monitors acquiescence with this policy (British Airways, 2010). 4.3.3 Customers’ opinions, recommendations and organization actions The customers’ opinions and views observed strictly through ‘Think customer survey. This is self-governing market research involving large numbers of customers on monthly basis. The organization also pins down the customer views on organization presentation with rival, as well as universal airlines. The customers are the backbone of any business organization (British airways, 2011). However, the target, which was set out in 2009/10, not achieved. Because of the slightly decrease in satisfying the customer for change catering services. The need is to make strong bridge, between British airways and mighty customers. This will be more fruitful for both of them. It will bring more business to the organization and great satisfaction to the customers (British airways, 2011). Conclusion This has come into conclusion that   in this highly demanding competitions era globalosation has great impact on the economy, the role of national and international organisation remains under criticism and argumentive. However, European Union have launched some of the policies and boosting the economy of Europe in so many sectors. The corporate governance of the BBC is trying to achieve its objectives, by implementing the effective policies and principles. The British Airways environmental and ethical responsibilities have met the international standard of the same organizations. 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