American Fuel Supply Company Essay Example For Students

American Fuel Supply Company Essay American Fuel Supply Company Inc. 1. A major focus of the lawsuit Chevron Chemical filed against Touche Ross was the auditing profession’s rules regarding the â€Å"subsequent discovery of facts existing at the date of the auditor’s report†. Those rules distinguish between situations in which a client cooperates with the auditor in making all necessary disclosures and situations involving uncooperative clients. Briefly summarize the differing responsibilities that auditors have in those two sets of circumstances. Answer: International Standard of Auditing (ISA) Section 560 Subsequent Events paragraph 15 defined that â€Å"Subsequent discovery of facts existing at the date of the auditor’s report† is where the condition when after the financial statements have been issued, the auditor becomes aware of a fact which existed at the date of the auditor’s report and which if known at that date, may have caused the auditor to modify the auditor’s report, the auditor should consider whether the financial statements need revision, should discuss the matter with management, and should take the action appropriate in the circumstances. The subsequent discovery of facts requiring the recall or re-issuance of financial statements does not arise from business events occurring after the date of auditor’s report. While a number of situations may apply, the most common situation is where the previously financial statements contain material misstatements due to either unintentional or intentional actions by management. When facts are encountered that may affect the auditor’s previously issued report, the auditor should consult with his/her attorney because legal implications may be involved and actions taken by the auditor may involve confidential client-auditor communications. The auditor should determine whether the facts are reliable and whether they existed at the date of the audit report. The auditor should discuss the matter with an appropriate level of management and request cooperation in investigating the potential misstatement. Messier, Jr. , W. , Glover, S. M. Prawitt, D. F. 2008) If the auditor determines that the previously issued financial statements are in error and the audit report is affected, he/she should request that the client issue an immediate revision to the financial statements and auditor’s report. The reasons for the revisions should be described in the footnotes to the revised financial statement. (Messier, Jr. , W. , Glover, S. M. Prawitt, D. F. 2008). ISA Section 560 paragraph 16 further explained the responsibilities of the auditors in the situation when a client cooperates with the auditor in making all necessary disclosures. It stated that when management revises the financial statements, the auditor would carry out the audit procedures necessary in the circumstances, would review the steps taken by management to ensure that anyone in receipt of the previously issued financial statements together with the auditor’s report thereon is informed of the situation and would issue a new report on the revised financial statements. ISA Section 560 paragraph 17 highlighted that the new auditor’s report should include an emphasis of a matter paragraph referring to a note to the financial statements that more extensively discusses the reason for the revision of the previously issued financial statements and to the earlier report issued by the auditor. The new auditor’s report would be dated not earlier than the date of approval of the revised financial statements. If the client refuses to cooperate and make the necessary disclosures, the auditor should notify the board of directors and take the following steps, if possible: * Notify the client that the auditor’s report must no longer be associated with the financial statements * Notify any regulatory agencies having jurisdiction over the client that the auditor’s report can no longer be relied upon. * Notify each person known to the auditor to be relying on the financial statements. Notifying a regulatory agency such as the SEC is often the only practical way of providing appropriate disclosure. (Messier, Jr. , W. Glover, S. M. Prawitt, D. F. 2008) The opinion of the above author also supported by ISA Section 560 paragraphs 18. It stated that when management does not take the necessary steps to ensure that anyone in receipt of the previously issued financial statements together with the auditor’s report thereon is informed of the situation and does not revise the financia l statements in circumstances where the auditor believes they need to be revised, the auditor would notify those charged with governance of the entity that action will be taken by the auditor to prevent future reliance on the auditor’s report. Sir Gawain And The Green Knight: The Role Of Women EssayI would like to support my opinion with a case. The case Fund of Funds Ltd vs. Arthur Andersen Co is an example of a case where the CPA was deemed to have had a duty to disclose. Arthur Andersen Co (AA) was the auditor for two clients, Fund of Funds Ltd (FF) and King Resources Corp. (KRC). KRC developed natural resource properties and agreed to be the sole vendor of such properties to FF at prices no higher than those charged KRS’s industrial clients. AA learned the agreement was not being met but failed to inform FF. The court ruled AA should have disclosed this fact to FF because 1) they had knowledge of the overcharges, 2) they knew of the terms of the agreement that was being violated and 3) the language of their engagement letter produced a contractual obligation to reveal such information. (Cashell, J. D. , Fuerman, R. D. ) This case proved that auditors got the obligation to disclose fraud or any misstatement to the outsiders. 4. Suppose that Touche Ross had resigned as AFS’s auditor following the completion of the 1985 audit but prior to the discovery of the error in the 1985 financial statements. What responsibility, if any, would Touche Ross have had when it learned of the error in AFS’s 1985 financial statements? Answer: According to the AU section 9561 Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report: Auditing Interpretations of Section 561, it required that the auditor to undertake to determine whether the information is reliable and whether the facts existed at the date of his report. This undertaking must be performed even when the auditor has resigned or been discharged. Hence, when Touche Ross had learned of the error in AFS’s 1985 financial statements, it still has its own responsibility to investigate its reliability and whether it existed at the date of the report although it had resigned as AFS’s auditor following the completion of the 1985 audit. If the investigation finds the financial statements or report would have been affected by the error if known earlier and it is believed there are persons urrently relying or likely to rely on the financial statements who would attach importance to the information, the auditor who have resigned should also advise the client to make appropriate disclosure of the newly discovered facts. The responsibilities of the resigned auditors in the situations in which a client cooperates with the auditors in making all necessary disclosures and situations involving uncooperative clients are totally the same with the continuing auditor. As stated in the case Fischer vs. Kletz, Peat, Marwick, Mitchell Co. (PMM) had reported on financial statements it later discovered were incorrect at the time they were issued. PMM argued their duty ended once the audit report was issued. A key factor in the court’s denial of PMM’s motion to dismiss the claim was the representations were false at the time of issuance. (Cashell, J. D. , Fuerman, R. D. ) Back to the AFS case, if the Touche Ross had resigned as an auditor for AFS, it still had the responsibilities to correct previously issued information. It is because the error happened in AFS’s 1985 financial statement which Touche Ross was fully in charged in auditing the financial statement in that particular year. In addition, Touche Ross who had resigned as an auditor of AFS should inform the successor auditor of AFS of the material misstatement so that the successor will aware of the issue and might carry out extensive audit procedures by collecting more audit evidence in the current year audit to avoid the same issue happened in the current year. References Messier, Jr. , W. , Glover, S. M. Prawitt, D. F. (2008). Auditing Assurance Services: A Systematic Approach. New York: McGraw-Hill/Irwin Arens, A. A. , Elder, R. J. , Beasley, M. S. , Amran, N. A. , Fadzil, F. H. , Muhammad Yusof, N. Z. , et al. (2008). Auditing and Assurance Services in Malaysia: An Integrated Approach (Second Edition). Selangor: Prentice Hall Cashell, J. D. Fuerman, R. D. (n. d), Auditing: The CPA’s Responsibility for Client Information. The CPA Journal. Retrieved October 12, 2009 from http://www. nysscpa. org/cpajournal/1995/SEP95/aud0995. htm International Federation of Accountants (2008). Handbook of International Auditing,

Jimi Hendrix Essays (1028 words) - , Term Papers

Jimi Hendrix Jimi Hendrix, the greatest guitarist in rock history, revolutionized the sound of rock. In 1967, the Jimi Hendrix Experience rocked the nation with their first album, Are You Experienced?. Hendrix's life was cut short by the tragedy of drugs in 1970, when he was only twenty seven years old. In these three years the sound of rock changed greatly, and Hendrix's guitar playing was a major influence. Jimi was born in Seattle, Washington on November 27, 1942. As a young boy, whenever the chance came, Jimi would try to play along with his R However, music was not his life long dream. At first, the army was. In the late 1950's, Hendrix enlisted in the 101st Airborne Division. After sustaining a back injury during a jump, he received a medical discharge. After his army career came to an abrupt end, he decided to go into the music field. By this time he had become an accomplished guitarist, and was soon to become known as the greatest guitarist ever (Stambler, pg. 290). However, he did not start out at the top. Jimi started out playing as part of the back-up for small time R It did not take long before his work was in demand with some of the best known artists in the field, such as B.B. King, Ike and Tina Turner, Solomon Burke, Jackie Wilson, Littler Richard, Wilson Pickett, and King Curtis (Clifford, pg. 181). Using the name Jimmy James, he toured with a bunch of R & B shows, including six months as a member of James Brown's Famous Flames (Stambler, pg. 290). At the Cafe Wha! in New York, in 1966, Hendrix decided to try singing. Jimi lucked out when a man by the name of Charles ?Chas? Chandler from Eric Burdon's Animals heard him at the club and thought he was sensational. When Chas heard him again later that year, he talked Jimi into moving to England where he would really get the chance to start his career (Stambler, pg. 290). Along with Chas, Hendrix auditioned some musicians to complete the new Hendrix group. They choose Mitch Mitchell, a fantastic drummer, and Noel Redding, one of England's best guitar and bass players (Stambler, pg. 290). In 1966, at the Olympia in Paris, the Experience debuted. One year later, the Experience was breaking attendance records right and left at European clubs. When the Monkees toured England in 1967, they heard Jimi and liked him. The Monkees asked Hendrix to join them on their tour through the U.S., and Jimi was on his way home (Stambler, pg. 290). "Jimi's erotic stage actions, suggestive lyrics, and guitar- smashing antics..." did not go over well with the Monkees' fans or many adults. Being criticized over and over again forced the Experience to be dropped from the tour (Stambler, pg. 290). This however did not get Hendrix down. By the end of the year, the group was invited to the Monterey Pop Festival. Jimi won a standing ovation for the "...nerve-shattering sounds from the group's nine amplifiers and eighteen speakers, topped by Jimi dousing his guitar with lighter fluid and burning it..." (Stambler, pg. 291). Hendrix became popular overnight, and his shows became standing room only. His stage acts were so wild, Time magazine described it as: "He hopped, twisted and rolled over sideways without missing a twang or a moan. He slung the guitar low over swiveling hips, or raised it to pick the strings with his teeth; he thrust it between his legs and did a bump and grind, crooning: 'oh, baby, come on now, sock it to me.'...For a symbolic finish, he lifted the guitar and flung it against the amplifiers." Time (April 25, 1968). His specialty became the way he used feedback, which up until now was an undesired sound. Using his guitar and the feedback it created, he was able to generate sounds which were used to his advantage in creating his unique style. This style is copied today by modern rock artists; however, this style is duplicated today with the use of special equipment, such as synthesizers. Are You Experienced?, Electric Ladyland, Axis: Bold as Love, and Smash Hits

Sample Career Goals Essay for Graduate School

Sample Career Goals Essay for Graduate SchoolIf you're thinking about writing a sample career goals essay for graduate school, it's important to remember that the requirements for a grade vary by school. So, do be prepared with enough examples of your career goals when it comes to graduate school. This will help you make your sample career goals essay relevant to your school.The first thing to do when it comes to writing a sample career goals essay for graduate school is to decide what questions you would like answered. Even if you've never been asked this type of question before, it's important to know what type of questions are on the table at the graduate school. After you have decided which type of questions are needed, then you can prepare your sample career goals essay.The main ideas of the essay should be easy to understand and summarize in an article-length format. Being brief is important here. In addition, you should also get your ideas down without having to write a paragr aph. After that, it's best to get everything in one place.Next, your resume should be organized. Don't make the mistake of writing your entire career goals essay without making sure that you have everything organized in your resume. This way, you will be able to include the necessary information to support the ideas you want to include. It's also a good idea to write a cover letter, as well.Finally, don't be afraid to make changes and to rewrite your resume. This will help you become more marketable and competitive in the future. Many job seekers leave their career goals essay on the table, and they don't realize that they need to change it or rewrite it.As with any type of essay, the main thing to remember is to start writing your sample career goals essay for graduate school as soon as possible. Before you know it, your application will be reviewed and your chances of being accepted will increase dramatically.It takes a lot of time to get everything organized in the time between n ow and when you begin to submit your application. Also, you won't have to start thinking about what you want to say when you go to fill out your application. This will help you focus more on the process and less on the things you don't want to say.Remember, the rules on writing a sample career goals essay for graduate school are not just about writing them. It's also about planning them well and making sure you always have something ready to include.

Free Essays on E-Commerce Effects To Consumers

Electronic Commerce Security: An introduction for everyone In the 21st century, any entity that does business or maintains customer data will do it online. The 'e' in eBusiness has already become redundant. There are already well understood practices and standards in place for user authentication, data encryption, and credit card transactions. We will explain what it all means and guide you through the process of deciding which security choices are right for you, not just for selling online, but for any website that handles financial or private data. Brainstorming points What is E-Commerce B2C vs B2B B2B new definitions for the new millennium intranet headquarters design centers plants warehouses overseas locations the extended enterprise joint ventures subsidiaries strategic partners extranet suppliers dealers n-tier suppliers Supply chain management... anderson paper when is a DMZ appropriate? dedicated connections shared private network (ANX) VPNs costs B2C presenting goods allow customer inquiries credit card transactions News reports on major break-ins, credit card exposures credit card authorities example costs Storing private customer data file system encryption storing data in cookies (discuss the '97 privacy paper) Configuring a public server General Doing a security review (ACR) Risk vs. Convenience: Security FAQ Choosing a platform authentication/authorization schemes Secure Transactions setting up SSL - encryption signing authorities - which one is best for you? (shane, does this cover your RSA point?) Schneier's rule of cracking international (128 bit) Firewalls How to keep up to date (SANS, CERT) Conclusions What is E-Commerce: Electronic Commerce may include any computer mediated business process, but a common usage is to use it to describe commerce taking place using the World Wide Web as an enabling transport. For many... Free Essays on E-Commerce Effects To Consumers Free Essays on E-Commerce Effects To Consumers Electronic Commerce Security: An introduction for everyone In the 21st century, any entity that does business or maintains customer data will do it online. The 'e' in eBusiness has already become redundant. There are already well understood practices and standards in place for user authentication, data encryption, and credit card transactions. We will explain what it all means and guide you through the process of deciding which security choices are right for you, not just for selling online, but for any website that handles financial or private data. Brainstorming points What is E-Commerce B2C vs B2B B2B new definitions for the new millennium intranet headquarters design centers plants warehouses overseas locations the extended enterprise joint ventures subsidiaries strategic partners extranet suppliers dealers n-tier suppliers Supply chain management... anderson paper when is a DMZ appropriate? dedicated connections shared private network (ANX) VPNs costs B2C presenting goods allow customer inquiries credit card transactions News reports on major break-ins, credit card exposures credit card authorities example costs Storing private customer data file system encryption storing data in cookies (discuss the '97 privacy paper) Configuring a public server General Doing a security review (ACR) Risk vs. Convenience: Security FAQ Choosing a platform authentication/authorization schemes Secure Transactions setting up SSL - encryption signing authorities - which one is best for you? (shane, does this cover your RSA point?) Schneier's rule of cracking international (128 bit) Firewalls How to keep up to date (SANS, CERT) Conclusions What is E-Commerce: Electronic Commerce may include any computer mediated business process, but a common usage is to use it to describe commerce taking place using the World Wide Web as an enabling transport. For many...

How to Use the Metric System in Spanish

How to Use the Metric System in Spanish You may speak Spanish well, but if youre talking to typical Spaniards or Latin Americans using inches, cups, miles, and gallons, chances are they wont understand you well even if they know words such as pulgadas and millas. With a few exceptions- among ​them, Spanish speakers inside the United States- Spanish speakers throughout the world use the metric system of measurements in everyday life. Although local or indigenous measurements are in use in some places, and American/British measurements are occasionally used for some specific instances (gasoline is sold by the gallon in some parts of Latin America, for example), the metric system is universally understood in the Spanish-speaking world. The metric system has widespread usage even in Puerto Rico, even though it is a U.S. territory. British Measurements and Their Metric Equivalents in Spanish Here are the most common British measurements and their metric equivalents in Spanish and English: Length (Longitud) 1 centimeter (centà ­metro) 0.3937 inches (pulgadas)1 inch (pulgada) 2.54 centimeters (centà ­metros)1 foot (pie) 30.48 centimeters (centà ­metros)1 foot (pie) 0.3048 meters (metros)1 yard (yarda) 0.9144 meters (metros)1 meter (metro) 1.093613 yards (yardas)1 kilometer (kilà ³metro) 0.621 miles (millas)1 mile (milla) 1.609344 kilometers (kilà ³metros) Weight (Peso) 1 gram (gramo) 0.353 ounces (onzas)1 ounce (onza) 28.35 grams (gramos)1 pound (libra) 453.6 grams (gramos)1 pound (libra) 0.4563 kilograms (kilogramos)1 kilogram (kilogramo) 2.2046 pounds (libras)1 American ton (tonelada americana) 0.907 metric tons (toneladas mà ©tricas)1 metric ton (tonelada mà ©trica) 1.1 metric tons (toneladas mà ©tricas) Volume/capacity (volumen/capacidad) 1 milliliter (mililitro) 0.034 fluid ounces (onzas fluidas)1 milliliter (mililitro) 0.2 teaspoons (cucharaditas)1 fluid ounce (onza fluida) 29.6 milliliters (mililitros)1 teaspoon (cucharadita) 5 milliliters (mililitros)1 cup (taza) 0.24 liters (litros)1 quart (cuarto) 0.95 liters (litros)1 liter (litro) 4.227 cups (tazas)1 liter (litro) 1.057 quarts (cuartos)1 liter (litro) 0.264 U.S. gallons (galones americanos)1 U.S. gallon (galà ³n americano) 3.785 liters (litros) Area (superficie) 1 square centimeter (centà ­metro cuadrado) 0.155 square inches (pulgadas cuadradas)1 square inch (pulgada cuadrada) 6.4516 square centimeters (centà ­metros cuadrados)1 square foot (pie cuadrado) 929 square centimeters (centà ­metros cuadrados)1 acre (acre) 0.405 hectares (hectreas)1 hectare (hectrea) 2.471 acres (acres)1 square kilometer (kilà ³metro cuadrado) 0.386 square miles (millas cuadradas)1 square mile (milla cuadrada) 2.59 square kilometers (kilà ³metros cuadrados) Of course, mathematical accuracy isnt always necessary. For example, if you remember that a kilogram is a bit more than 2 pounds and a liter is a bit more than a quart, thats close enough for many purposes. And if youre driving, remember that a speed-limit sign that says 100 kilà ³metros por hora means you shouldnt be driving more than 62 miles per hour. Sample Spanish Sentences Involving Measurements  ¿Realmente necesitamos 2 litros de agua al dà ­a? (Do we really need 2 liters of water per day?) El hombre ms grande del mundo tenà ­a 2 metros 29 de estatura y un peso de 201 kilogramos. (The tallest man in the world had a height of 2.29 meters and a weight of 201 kilograms.) El territorio mexicano abarca una superficie de 1.960.189 kilà ³metros cuadrados sin contar sus islas o mares. (The Mexican territory covers an area of 1,960,189 square kilometers not counting its islands or seas.) La velocidad de la luz en el vacà ­o es una constante universal con el valor 299.792.458 metros por segundo. (The speed of light in a vacuum is a universal constant with a value of 299,792,458 meters per second.) Los hoteles de esta zona deben tener la habitacià ³n doble de 12 metros cuadrados mà ­nimo. (Hotels in this zone should have double rooms of at least 12 square meters in area.) La diferencia de 10 centà ­metros no se percibe ni importa. (The difference of 10 centimeters is neither noticeable nor important.) Hay casi 13,000 kilà ³metros entre Londres y Johannesburgo. (There are almost 13,000 kilometers between London and Johannesburg.) Key Takeaways All Spanish-speaking countries use the metric system, although British and indigenous measurements sometimes have specialized uses.Outside the United States, most native Spanish speakers are unfamiliar with everyday British measures even if they understand what the words mean.The Spanish words for metric units are very similar to the corresponding English words.

Television Advertising and Gender Stereotypes Essay

Television Advertising and Gender Stereotypes - Essay Example It should not be surprising then that gender roles are already fully enforced by the time the child leaves for school since daytime television represents the most egregious period for the reproduction of traditional gender stereotypes that coerce a commitment to meeting them from both the impressionable child and, typically, the mother whose influence over the child's developing mind is in conflict with the most entertaining and available substitute for the missing father, the television set. Television commercials are among the most effective when it comes to media reproduction of the existing gender ideologies by simple virtue of the ubiquity of the set itself. In the United States, for instance, it has been estimated that the percentage of population that has at least one television inside their home is a staggering 98%, and further the average member of these households spend more than the equivalent of one full 24 hour day per week watching television (Coltrone, Adams 325) Throughout the history of television advertising right up to contemporary times, the images that are projected and reinforced in commercials have been unsatisfying at best and demeaning at worst. Invariably, female characters are presented as objects of sexual domination who seem to exist entirely to prepare themselves for the approval of the male. At the same time, male characters are typically portrayed in such a way as to intensify the acceptance of aggressive behavior and the urge to dominate while engaging in every imaginable activity (Ruth 388.) Stereotypes are reinforced with more attention paid toward the gender dependent upon the demographics of the viewing audience, and within these minor recalculation there exists ever more subtle calibrations of the effect. For instance since the beginning of television history the daytime has been devoted to viewing aimed predominantly at females in the form of soap operas, cooking shows and children's cartoons. The demographics have certainly changed over the decades with more women entering the workplace and more men staying at home, but contemporary daytime television is still dominated by soap operas and discussion shows like Oprah Winfrey. As a result the changing lifestyles, often the gender stereotyping becomes so subtle as to be unobserved by casual viewers (Craig 209). Men are most often portrayed as confident and independent while women are generally more passive and less ambitious. This engendering of hidden stereotyp es can be as thinly veiled as showing men in suits and a tie acting in a corporate setting while women are shown dressed more casually and hanging out with friends. Commercials and advertisements offered during the daylight hours have traditionally served the purpose of reinforcing the ideological naturalization that places men firmly into the authoritarian and patriarchal role while strengthening the belief that women should associate femininity with submission (Perse 167). Even on 21st century television commercials women are invariably shown to be primarily interested in household duties and motherly obligations. The role of the housewife and by extension all women is to not only service the male and his

London Life Insurance Company Assignment Example | Topics and Well Written Essays - 2500 words

London Life Insurance Company - Assignment Example Sales and administrative operations of the company were supported by a professional team of around 2,700 and 2,600 working as the sales and administrative workforce for the company respectively. The product mix of London Life Insurance Company was duly optimized through encompassing a large number of benefits pertaining to life, disability, medical and group insurance products with also existence of other retirement and saving plans. Through the use of the Group Insurance Plans the company was able to enhance its sales network with the corporate client base encompassing around 16,000 different concerns. The management and administrative functions within the London Life Insurance Company was effectively synchronized through the use of information technology connecting the activities of the different branches. Moreover, London Life Insurance Company being a member of the Trilon Financial Corporation concern an its enhanced affiliation with the Royal Trust in the region contributed in d evelopment of its network base in gaining potential customers in the region. Strategic activities carried out by the company relating to market and product development along with restructuring the organizational objectives contributed to the gaining of assets amounting to around $ 8.5 Billion. Enhanced focus rendered to the parameters of customization and personalization helped the company in becoming a market leader pertaining to financial and insurance products in Canada (London Life Insurance Company 854-855). Problem Statement The main problem that Ralph Simon faces relating to the salespersons pertains to the failure in understanding of the process of motivating them to sustain and enhance their sales activities pertaining to insurance and financial products. The compensation received by the people in terms of commissions and bonuses failed to effectively distinguish between the new sales force and the old thereby reflecting a lack of motivation in terms of enhancing the spirit of the new members. Ralph Simon also countered a problem relating to the Monthly Activity Report for the Points rendered refer more to the ‘Efficiencies’ of the individuals in gaining appointments and closed and open deals rather than assessing the ‘Effectiveness’ of the individuals based on the amount of insurance business sourced from the market. This feature was inferred by Simon in reducing the operational effectiveness of the company for increasing the inability of the company in gaining new leads. Simon also visualized the existence of a problem wherein the new sales persons were required to handle surmountable amount of work loads and responsibilities pertaining to the meeting of targets and gaining new contacts while the experienced sales people enjoyed over the existing contacts and other renewals carried out by the customers. This feature reflected the existence of role conflicts and role ambiguity that in turn contributed in reduction of the mot ivation of the sales people and thereby required adequate management intervention (London Life Insurance Company 858-859). Analysis of Alternative The first alternative that can be sought relates to the creating of a basic salary slab for the sales people in the concern. This salary slab can range from $20,000 to $52,000 relating to the composition of new and old people in the sales tea