Comparing Southwest and Continental Airlines Essay -- Business, Compar

Introduction In order for companies to maximize profits and productivity, it is important that they implement managerial economics on both a day-to-day and strategic basis. This paper will compare and contrast Southwest and Continental Airlines from a managerial economic perspective. The goal of the paper is to critically analyze both companies on their use of managerial economic practices. The Airline industry is a capitally intensive industry, and because of this companies within the Airline industry focus greatly upon cost, as well as revenue generation. If costs increase beyond control, profitability will soon decrease. Southwest were quick to learn that if they were going to run their company in a profitable manner they had to first establish their market, and then make every effort to keep costs low. In the early 1970’s soon after their inception, Southwest established the ten-minute turn. This was the ability to unload and reload passengers, refill the plane with gasoline, and make all the necessary checks, all within a ten-minute window. They had to keep their planes in the air as much as possible, because of their low price, high frequency market niche. â€Å"Part of the great strength they’ve had, is that they have consistently followed a pattern of keeping costs low in every place they have gone.† (Freiberg, 1996, p35) Continental also looked to keep costs low. In 1994, Continental was renowned as a cost cutting airline. â€Å"We were stuck in our mold of being a cost cutting airline, and if you weren’t talking about cutting costs, nobody at the top wanted to hear you† (Bethune, 1998, p10) The problem Continental experienced were that they cut costs to such an extent that it became the culture of the company. When Gordon ... ... in the right direction. Southwest, built on a solid foundation, have developed into a well-managed company that continues to move forward into the future. My main criticism of the Southwest book, was that is was written from an extremely optimistic viewpoint, the authors obviously being big fans of Southwest. The book was not shy in retelling the many successful ventures of Southwest, but held back on the many problems they have encountered in their history. From Worst to First on the other hand gave information from a negative and positive perspective, although as Gordon Bethune wrote the book, we also might assume some level of bias. Both books were an extremely useful learning tool, a refreshing change from many dry textbooks. They demonstrate that there is no one-way to run a company, even within the same industry, Southwest and Continental being examples.

Interview with someone who lived during WWII Essay

1.Question: Were you involved in the war? Any family members involved in the war? Answer: He was not involved in the war because he was too young. However, his father worked as an electric engineer for the army and operated radars. He had two uncles who were also in the army and had another uncle in the navy. 2.Question: Were you active in civil defense, Red Cross, war industries, other volunteer activities? Answer: He was in the boy scouts and was extremely patriotic. He collected scraps of aluminum, steel, iron, and paper for the war effort. He did not see this job as a burden and even competed for respect by trying to collect the most materials. He was also a coastal watcher and was assigned to watch for enemy submarines along the eastern coast. However, he never actually saw one. 3.Question: Any military experiences or personal anecdotes? Answer: He became a casualty-reporting officer in 1957 when he was stationed in Alaska. Before then, he was generally pro-war, but after telling two or three wives that their husbands were dead, he became more passive. He said his job as a casualty-reporting officer changed his view towards war and caused him to question the Vietnam War and the policies of President Bush. 4.Question: How did you view the war then? Answer: During the time of the war, he was nonchalant to the war. In fact, he said the worst part about the attack on Pearl Harbor was that he could not go to the beach on that day. As a child, he did not understand much about the war. For example, he said that when he learned about the Pearl Harbor invasion, he asked himself â€Å"what’s a Pearl Harbor?† and when he read about the dropping of the atomic bomb on Nagasaki and Hiroshima, he asked himself â€Å"what’s an atomic bomb?† He viewed the war as a game, because he never experienced any major losses. He thought that there was no way the United  States could lose and never worried for one second. 5.Question: How did you view military or political leaders during World War II? Answer: He admits that most of his opinions concerning them were affected by his father’s views and by movies, which he labels as propaganda. For example, he hated Himmler, Goebbels, Hitler, Goering, and Tojo because movies portrayed them as villains. He disliked Franklin D. Roosevelt because of his farm policies, which forced farmers to kill pigs in order to drive pork prices higher. He liked Churchill and idolized Dwight D. Eisenhower. 6.Question: Who do you feel was responsible for the war? Answer: He said the French were responsible for World War II because they created unfavorable and impossible situations for the Germans with their reparation system. He said that Hitler would never have risen into power if France had not burdened the German economy so heavily. He also felt that Japan was responsible for the war in the east, but the United States could have prevented the war from escalating by lifting its embargo on Japanese products. 7.Question: Did you suffer any deprivations because of the war? Answer: During World War II, Bill’s father worked with radars as an electrical engineer and was sent oversees to North Africa in 1943. Bill missed his father after he was called off to duty. Other than that, he suffered no other deprivations. 8.Question: Do you have any comments about rationing? Answer: Rationing was not very hard for his family because he had numerous relatives who were farmers. He maintained that the rations were adequate for his family and friends and that he never knew anyone who starved because of rationing. However, gasoline rations caused many problems for his family  because they moved around often. 9.Question: What were you doing when you first heard the news of Pearl Harbor? Answer: He was getting ready to go to the beach in Florida when he received a phone call from his father saying that Pearl Harbor had been attacked. His dad had to go directly to Pearl Harbor but he was just saddened that he could not go to the beach. It was not until several days later did he find out the severity of the situation when he saw a movie clarifying the Pearl Harbor attack. 10.Question: Did you know about the Nisei camps? Answer: No, like most Americans, he did not know about the Nisei camps until after the war had ended. At the University of Illinois, he had a close Japanese friend, ***** *********, who lived in a Nisei camp during World War II. Yukio was eleven years old when he was driven out of his home and sent into a Nisei camp. Yukio told Bill that there was plenty of food in the Nisei camp. The only bad memory he had of the camp was the giant fence that he was not allowed to cross in order to get his soccer ball. After Yukio’s family was released from the Nisei camp, they moved to Chicago to escape the bad memories that remained present in the west coast. 11.Question: How were Jewish refugees received in America? Were the welcomed? Answer: Bill said that as a child, he knew very little about the immigration laws for the Japanese and the Jewish. However, he distinctively remembered many restaurants and hotels hanging signs that read: â€Å"no Jews allowed†. He said that he always felt sympathetic towards the Jews because he had a close Jewish friend during the war. 12.Question: How were African Americans treated during the war? Answer: He said that he never had any friends that were African American during his childhood. He said there were no African Americans or any other  non-Caucasian races in any of the schools that he attended. He told me that African Americans were generally underused because they were thought of as inferior to the Caucasians. He even told me that some African Americans underwent experimental testing similar to the experiments that Hitler had used on the Jews. At Tuskegee, the United States military infected them with syphilis in order to study its effects on human beings. 13.Question: Was the war discussed in school? Answer: He said that kids usually talked about the war during school, but their teachers abstained from discussions about the war. Even in history class, teachers refused to discuss â€Å"current events† because they felt that the kids were too young to learn about the war. However, the children were allowed to sing patriotic songs for almost an hour every day. I think that Bill answered my questions without any bias or prejudice. He is currently taking many history courses at ******** so his historical knowledge is very accurate. His answers are impartial because he likes to view the war from different viewpoints. He told me that one must study World War II not only from the side of the Allies, but must gain the perspective of the Axis. During our interview, he constantly got off the subject and started lecturing me about the history of World War II. In fact, he brought several of his college textbooks and used his books to prove whatever point he was trying to make. Initially, after he told me about the syphilis experimental testing that the United States military administered on African Americans, I was reluctant to believe him (though I never showed any skepticism). However, he took out one of his textbooks, showed me the article on the Tuskegee experimental testing, and immediately gained my complete trust and confidence. Both his historical knowledge of World War II and his short-term (and probably long-term) memory are very accurate. I trust that the answers he gave concerning his childhood are also very accurate. Another reason that I think he was not biased in answering my questions was that he answered every one of them. He never tried to avoid any specific questions. Also, none of his relatives was injured or killed because of the war so it is unlikely for him to hold a grudge against the  Germans or the Japanese. However, one of the adverse effects of being too impartial is that he is unable to formulate any of his own opinions. For example, when I asked him who he thought was responsible for the war, he gave me a fifteen-minute history lecture about how France burdened Germany with reparation payments, which left the Germans economically destitute. Then he went on to discuss all the causes that were listed in his book, which took another fifteen minutes. After listening patiently for almost half an hour, I asked him who he felt was responsible for the war when he was a child. He answered, â€Å"When I was a kid, I was more interested in sports so I didn’t really care who was responsible for the war. Movies. Movies and my father convinced me that Hitler and Tojo were the ones responsible for the war†. I learned many things about life during World War II from Bill. For example, I learned that kids during that era were pro-war and very patriotic. This may have resulted from movies that were designed for propaganda. At that time, everyone went to the movies at least once a week, which may have greatly contributed to patriotism and to the war effort. I also learned that many children were active in collecting scraps of aluminum, steel, iron, or paper for the war effort. I do not know if these scraps actually helped build a lot of planes and ships, because it is foolish to think that there was that much scraps lying on the ground for the kids to collect, but it probably did get everyone involved and committed to the war effort. In addition, I learned that few Americans knew about the Nisei camps or the German concentration camps during World War II. It was not revealed to the public until after the war ended. Immigration laws were not widely publicized during the war either. I learned that rationing in the United States was not too awful and that no one starved or went hungry because of it. In fact, many felt that rationing was a major step up from the hunger caused by the Great Depression. Finally, I learned that some African Americans were the subjects of experimental testing during World War II. How can Americans shamelessly condemn Hitler’s experimental testing on the Jews when they are committing the same crime?

Comparison Of Vladimir Nabokov s Lolita And Emily Bronte...

Vladimir Nabokov’s Lolita and Emily Bronte’s Wuthering Heights both share the powerful theme of intense and obsessive love. Heathcliff, the disturbed main character in Wuthering Heights is so immensely in love with Catherine that it turns him into a monster. The main character in Lolita is inappropriately in love with a young girl that causes him to commit destructive actions. In both of these novels the authors demonstrate how something as joyful as love, can morph into an obsession, lead to insanity, and destroy a character. Throughtout Wuthering Heights, Healthcliff is destroyed by his love for Catherine Earnshaw. Heathliff never marries Catherine because they become stuck in a poisned love triangle which destroys their relationship. Catherine was married to Edgar Linton despite that her and Heathcliff were in love which immensely destroyed Heathcliff. Heathcliff asserts that â€Å"Two words would comprehend my future –death and hell: existence, after losing her, would be hell. Yet I was a fool to fancy for a moment that she valued Edgar Linton s attachment more than mine. If he loved with all the powers of his puny being, he couldn t love as much in eighty years as I could in a day.† This quote describes that Life without Catherine is not worth living for Heathcliff. The only emotion that begins to compensate for Heathcliff s loss is bitterness. Despite her unfortunate choice for a husband, Heathcliff knows that Edgar is incapable of loving her the way he does.When

Design and Management Essay Example - Free Essay Example

Sample details Pages: 9 Words: 2831 Downloads: 4 Date added: 2017/06/26 Category Building Essay Type Review Did you like this example? Review and evaluate the impact of the proposed Construction (Design and Management)(CDM) Regulations 2006 in the improvement and management of risk. The proposed changes to the Construction (Design and Management) Regulations 1994 aim to simply clarify the existing regulations; make the current regulations more flexible and compatible with procurement requirements; place the emphasis on the management of health and safety risk rather than creating paperwork and to strengthen the co-ordination and co-operation between designers and contractors. The initial Act was introduced with a view to setting a safety standard because of the large accident record prior to its introduction. The HSC produced a consultation paper explaining the proposed changes on 31 March 2005 with the consultation open until 29 July 2005, though there has been an extension to receive response documents to 31 August 2005, as many were not submitted in time by the time of the consultation on 29 July 2005. The Regulations are expected to come into force in October 2006. The CDM Regulations were made under section 15 of the Health and Safety at Work etc. Act 1974, the principal Act dealing with securing the health and safety of people at work and those whose health and safety could be affected by work activities. The regulations came into force on 31 March 1995, and implemented provisions of European Directive No. 89/654/EEC, Temporary or Mobile Construction Sites Directive, which specifies a health and safety plan to be adhered to by five key parties to be involved in the Regulations when undertaking a project. These are the employer, planning supervisor, consultant, principal contractor and sub contractors and self-employed persons. The previous approach was statutory, with a view to avoiding unsafe situations. Under regulation 6, the client or the developer must appoint a planning supervisor and a principal contractor. The planning supervisor must notify the Health and Safety Executive (HSE) about the project; fulfil specific requirements regarding design and ensure that the health and safety plan complies with the requ irements (Regulations 14 15). The consultant (or designer) has a duty to design to minimise risks in accordance with health and safety legislation. The principal contractor has to co-ordinate all contractors to ensure compliance with the health and safety plan. Contractors and self-employed persons have to co-operate with the principal contractor, and to advise of any risks connected with their work. The CDM Regulations 1994 apply to construction work lasting for more than 30 days or involving more than 500 person days of work; construction work involving five or more people on site at any one time; design risk related to construction and demolition work. Prior to the introduction of the CDM Regulations 1994, the accident statistics were 100 fatal accidents annually in the late 1980s. By 1994, the annual total of fatal accidents was reduced to 75, and thereafter, from 1994 to 2004 to between47 and 73, and furthermore for injuries lasting more than three days, the annual t otal was 17,177 in 1989/1990, which reduced to 8162 in 2003/2004. However, critics of the Regulations referred to the possibility that this may be influenced by a reduction in the amount of construction activity rather than purely as a result of implementation of the CDM Regulations alone. There were inconsistencies in case law; it was considered that a subcontractor has the duty to warn contractor of a design defect for which another party was responsible and scope of implied term as to skill and care in performing contract owed by sub contractor to contractor. In the Court of Appeal case of McCook v Lobo in which an employee was injured on a construction site falling from a ladder, it was decided that although the site owner had breached the CDM Regulations 1994 by failing to prepare a health and safety plan in advance of the commencement of the building work, it was considered that it was unlikely that such a plan would cover the securing of ladders and therefore could not be considered as having caused the injuries. In 2002 the construction Discussion Document (DD) formally recognised that there was a need for changes with regard to the industrys health and safety performance, and the ensuing discussions led to the conclusion that although the principles underpinning the CDM Regulations were accepted, the methods adopted to implement the CDM Regulations often resulted in the principles being obscured beneath layers of bureaucracy and paperwork. Therefore, the HSC concluded that the CDM Regulations needed to be revised by refocusing attention on effective, but practical, planning and management of construction projects. The Health and Safety Commission launched a 4 month consultation on its proposals to replace both the current Construction (Design and Management) Regulations 1994and the Construction (Health Safety and Welfare) Regulations 1996 with a single set of Regulations. A draft set of amended CDM Regulations has been drafted toge ther with a draft of revisions to the Approved Code of Practice by the HSC and the Construction Industry Advisory Committee (CONIAC). The new CDM Regulations were made available for comment in the hope that a set of Regulations can be formed that properly address the industrys concerns in relation to health and safety and the inadequacies of the current Regulations. The problems with the current Regulations also were argued to include the fact that many of the intended benefits were not being fully realized, contributed to by the difficulty in implementing radical change into the construction industry and the financial implications of full CDM compliance, together with the structure of the regulations themselves, the role of the planning supervisor being unsatisfactory as not being part of the core contraction team. The complexity of the regulations themselves was a problem despite the consensus regarding the underlying ethos remaining valid. The proposed CDM Regulations are intended to be simpler and to remove any uncertainty regarding the nature of the duties imposed. They are also structured differently, setting out precisely what is expected of each duty holder. The changes that have been introduced by the CDM Regulations 2006 include the following: for applicable projects there will be two types of construction projects, notifiable and non-notifiable, and a project will remain notifiable if it is likely to involve more than 30 days or500 person days of construction work. Notification to HSE must be made before design work, planning or preparation for construction begins; for the client, he must ensure there are suitable project management arrangements for health and safety and allocate sufficient resources, explicitly including time, to ensure that this can happen. To make sure principal contractors have sufficient time to make proper preparations for work on the site, the co-ordinator has to advise them of the minimum notice allowed between appointment and commencement of work. The client and the principal contractor must also ensure adequate facilities are in place at the start of the construction phase of the project, by means of a document prepared by the principal contractor setting out the health and safety arrangements and site rules for a project. The client can no longer appoint an agent to delegate these duties, as the provisions on agents will be removed as they are seen as a means to allow clients to absolve themselves of their legal obligations. Now several clients on the same project can now agree amongst themselves that one client should be the sole client, the aim being to prevent anyone retaining control and avoiding responsibility. Furthermore, the client and the principal contractor must ensure that there are adequate welfare facilities are in place at the commencement of construction; in relation to the planning supervisor/co-ordinator, the planning supervisor has to be replaced by co-ordinator, the co-ordinator must be appointed before the design work commences and designers and contractors cannot be appointed in advance of the coordinator. The designer must eliminate any hazards and reduce risks to the health and safety of persons carrying out construction work, cleaning or maintaining the permanent fixtures or using the structure as a place of work, and provide sufficient information about the design, construction or maintenance of the structure to assist any other designers and the principal contractor fulfil their duties. Further requirements are specified in relation to competence, and it is stated that no appointment or engagement is to be accepted unless the particular person is competent, perhaps in relation to industry standards. In relation to a pre-tender or pre-construction plan this is to be replaced with an information pack that should focus attention on communication of the information that designers and contractors need to plan a nd do their work. In relation to the health and safety file, this will be required for a site rather than for each particular project. Demolition has to be planned and carried out in such a manner with a view to preventing, as far as possible, unnecessary danger, with arrangements for demolition work recorded in writing. The civil liability that would arise from the introduction of the new Regulations is that employees (though not self-employed workers) will now be permitted to take action in the civil courts for injuries resulting from failure to comply with duties under the Regulations. The new Regulations are regarded as representing a radical and fundamental change in construction health and safety legislation. The Regulations can be regarded as being much more detailed and prescriptive than CDM Regulations 1994 and will impose a wide range of new duties and potential abilities with a potential significant impact on allocation of risks and responsibilities in the cons truction industry. It can be argued that the biggest change is in the duties of the client, who now has a number of new responsibilities for health and safety. Furthermore, wider duties have been imposed upon both designer and principal contractor than under CDM Regulations1994, and all sectors of the construction industry need to be aware of the effect of the proposed Regulations and the significantly increased risk of enforcement action, including prosecutions by the HSE, for all members of the project team. The purpose of the Regulations is arguably to ensure that responsibility for health and safety is placed with those who are best placed to manage it and to simplify the legislation to make it easier to understand the roles, responsibilities and duties of the various members of the project team. In evaluating the changes introduced by the CDM Regulations 2006, the consequences thereof are demonstrated by the changes to the clients responsibilities made on the basis t hat the client has the greatest control and influence over a construction project, though there is significant onus upon the client in the imposition of the obligation to appoint a competent co-ordinator and a principal contractor and the obligation to ensure that the co-ordinator performs his duties under the Regulations. The additional obligation is the duty to ensure that the designer, principal contractor and contractors are given sufficient time to plan and prepare for carrying out construction work. In relation to co-ordinator duties, it can be seen that the role of the co-ordinator is similar to that of the planning supervisor under CDM Regulations 1994, but with a number of important additional responsibilities which make the role of co-ordinator prominent in the project team. The co-ordinators role is intended to assist the client, designer and principal contractor to achieve better health and safety on site. The clients obligation is demonstrated by the need t o appoint the co-ordinator at an early stage in the project and before any design work or preparation for construction is carried out. The obligation of the co-ordinator is to identify and extract all the information to secure the health and safety of persons engaged in construction work and those who are liable to be affected by the way in which that construction work is carried out, and he is also required to identify and extract information to assist the client, the designer and the principal contractor to perform their duties under the Regulations arguably, the co-ordinator has a broader responsibility for design and is required to advise on the suitability and compatibility of designs and on any need for modification to those designs. The co-ordinator is also required to liaise with the principal contractor in relation to any design or design changes which affect the construction phase plan. The obligations upon the designer include the requirement to eliminate haza rds which may give rise to risks to health and safety (e.g. not specifying the use of materials which could be hazardous, addressing design issues to minimise use of scaffolding or working at height). Furthermore, he must also take into account the risk to any person using a structure which it designs as a place of work in the future when it prepares or modifies its design. The obligations upon the principal contractor includes the obligation obliged to ensure that every contractor is given sufficient information to carry out its obligations under the regulations and to allow the contractor to carry out the work safely. He must ensure that every worker carrying out construction work is provided with site induction and any further information and training to ensure that a particular element of work is carried out without unnecessary risk to health and safety. There is also an obligation that there is co-operation, and duty is imposed upon everyone covered by the CDM Regula tions 2006 to co-operate with each other and to seek the co-operation of others involved in any project involving construction work to enable each party to meet their obligations under the Regulations. Criticisms of the attempt of the HSC to adapt the original Regulations include the argument that the industrys record in focusing upon the safety rules as opposed to the paper trail has been poor, and that therefore as demonstrated by the ten year record in adopting the CDM Regulations 1994, the record of the industry in reaping the benefits from such changes are not good. It has been argued that despite the fact that implementation of such rules should be simple, as it merely relates to managing projects from concept to completion, ensuring that there are adequate resources and sufficient time, and that health and safety standards are integrated into all levels of project management and the benefits demonstrated to be ensured as a result, the industry has always chosen to f ocus upon the costs and the unnecessary paperwork, with a view to ignoring these benefits. Other criticisms include the argument that the CDM Regulations 2006 do not go far enough in addressing the underlying causes of the industrys health and safety record, argued by some sectors as being unacceptable. It has been argued that merely replacing a paper trail system with a system that focuses upon co-operation and management is not going to change much in the statistics regarding health and safety, as in many cases the designers argue that the contractors do not understand their design solutions, and contractors argue that designers do not understand how buildings are built. It is argued that although it is hoped that the planning supervisor can override these problems by bridging the gap, often they cannot because of inadequate fees, lack of authority or a lack of skill. Therefore, the system of co-operation would not work because the more duties are imposed, the more uncl ear each individual duty appears to be. It has been acknowledged that the CDM Regulations 2006 could improve matters to some degree in relation to the need for training and debate to increase health and safety awareness, but an alternative solution has been suggested in which the clients procuring the projects should be made ultimately responsible for health and safety issues, as the client is in the ideal position to do so. In this instance, it has been considered that the duties delegated to the client under the CDM Regulations 2006 are vague and relate to matters such as the provision of information. It is therefore argued that there cannot be a significant change of the improvement and management of risk until clients in at least the public and commercial sectors are given more direct responsibility for ensuring that projects are carried out with regard to the safety standards. In ensuring this, reference is made to the need for civil and criminal sanctions. In concl usion, the proposals made by the HSC are merely an attempt to address many of the main problems of the current Regulations, but as the HSC is willing to admit, they do not deal with all the issues, and are intended to be a starting point, to encourage and facilitate discussion by means of responses from members of the construction industry. The delay in submitting responses by the prescribed deadline has not in theory affected the fact that the new Regulations are due to be implemented in October 2006.It can be argued that contrary to the criticisms levelled at CDM Regulations2006, the responsibilities of the client have been increased to an appropriate degree, and that in a fair and proportionate manner appropriate obligations have also been placed upon other participants in a project. It appears that even so the ultimate onus is upon the client to ensure that a planning supervisor is employed with the correct skill and experience to ensure smooth running of the project an d to effective address the concerns regarding management and risk. Don’t waste time! Our writers will create an original "Design and Management Essay Example" essay for you Create order

Economic Imperialism and Colonial Control in Canada

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The Audit Risk Model Accounting Essay Example For Students

The Audit Risk Model Accounting Essay The Audit Risk Model ( ARM ) is defined as: Built-in Hazard is the hearer s step of measuring whether stuff misstatements exist in the fiscal statement before sing of internal controls. Ignoring internal controls, if the hearer assesses that the likeliness of material mistakes is high, the hearer will presume that the Inherent Risk is high. As the Control Risk constitutes a separate constituent of the Audit Risk Model, it is ignored here. Control Risk is the hearer s step of measuring the likeliness that the client s internal control system is unable to forestall or observe material misstatements transcending a tolerable degree. In measuring the degree of the Control Risk, the hearer will measure the effectivity of the house s internal control system during his audit, e.g. through questionnaires. The lower the effectivity of internal controls the greater the frequence of mistake. Detection Hazard is the hearer s step of measuring the likeliness that the hearer wo nt observe material misstatements. Hearers will transport out more audit work to increase the sensing rate if Internal Risk and Control Risk are excessively high in order to run into the Audit Risk mark. When using the Audit Risk Model, the hearer has to find a mark degree of Audit Risk that is in conformity with supplying sensible confidence. The Internal Risk and Control Risk can be pooled together as Occurrence Risk ( OR ) , i.e. the hazard of the being of misstatements before the existent audit. The Detection Risk on the other manus is the hazard of the being of misstatements during the existent audit. The first measure in using the Audit Risk Model is to find a tolerable degree of Audit Risk. In the following measure the Audit Risk is decomposed into its three constituents. The hearer has no control over the Internal Risk and Control Risk but must measure their degrees in order to find the degree of Detection Risk that is sufficient to accomplish the mark Audit Risk. The Detection Risk can be influenced by the extent of proving. Using the expression of the Audit Risk Model, the hearer will necessitate to execute more testing, that is cod more grounds, and therefore cut down the Detection Risk, in instance the degree of Internal Risk and/or Control Risk is high in order to accomplish ( maintain ) the mark. The Detection Risk can be influenced by the nature, timing, and extent of the audit processs. 2. One of the constituents of the audit hazard theoretical account is built-in hazard. Describe typical factors that hearers evaluate measuring built-in hazard. With the benefit of hindsight, what built-in hazard factors were present during the audits of the 1989 through 1992 Comptronix fiscal statements? Internal Risk is the hearer s step of measuring whether stuff misstatements exist in the fiscal statement before sing the effectivity of internal controls. Besides factors related to the curious averment, the hearer needs to take external fortunes into history that might act upon the Internal Risk. Those can consist the nature of concern and industry, the unity of direction, the size of history balances, the being of related parties, the deficiency of sufficient working capital to go on operations, etc. Taking into history those legion factors, professional judgement has to be applied by the hearer. Examples of histories that pose low Internal Risk comprise traded securities or fixed assets in contrast to histories with high Internal Risk such as those for which estimations have to be used or complex computation have to be conducted. With hindsight the undermentioned built-in hazard factors were present: Fabricated purchases of equipment An audit that would hold included a physical review of Comptronix s equipment might hold revealed that certain recognized assets do non be or that sing the age of and therefore the depreciation for the equipment that certain pieces of equipment are non worth their book values. Fabricated histories payments for the equipment Besides scrutinizing in a mode that would hold revealed the nonentity of certain purchases of equipment the hearers could hold besides audited cheque records and bank statements to see where and by whom the cheques were cashed in. This would hold revealed that the cheques were neer cashed in by a 3rd, outside party, but were cashed internally. Fabricated gross revenues and histories receivables In the same mode as with the fabricated histories for equipment, the hearer could hold checked the stock list to verify the lessening in stock list of goods for sale every bit good as the payments by the clients. The former would hold revealed the deficiency of gross revenues while the latter would hold revealed the deficiency of external clients for no outside party deposited money in Comptronix s history. Another attack would hold comprised fiting the gross revenues with the order documents and bills. Here the hearer would hold realized that there are no records for the fake gross revenues and hence no gross revenues were realized. 3. Another constituent of the audit hazard theoretical account is control hazard. Describe the five constituents of internal control. What features of Comptronix s internal control increased control hazard for the audits of the1989 1992 year-end fiscal statements? Control hazard is an auditors ¶ appraisal of the internal control systems of a company. This besides includes the attitude and expertness managers and direction have towards internal controls. If control hazard is high so the sum of substantial processs that have to be conducted additions consequently. The internal control: Integrated Framework published 1994 by COSO interruptions effectual internal control into five interconnected constituents: control environment hazard appraisal control activities information and communicating monitoring The control environment encompasses the internal control model and is considered a foundation for all other elements. Included factors are unity, ethical values, competency, direction s doctrine, runing rhythms, assignment of authorization and the attending and way provided by the board. By and large the control environment materializes in a written statement being the codification of behavior. The hazard appraisal is best described as the agencies of placing and analysing internal and external hazards to the accomplishment of fiscal describing control aims. Control activities are developed to turn to each control nonsubjective and to minimise hazards identified. Information and communicating from direction to personnel must be clearly stated and should emphasize that control duties must be taken earnestly. The forces must understand its function in the internal control system. Thus the company identifies methods and processs by which right information is provided to the right people. Civil Rights Movement EssayStatements on Standards for Accounting and Review Services. Recently, there has been increased attending on interim reappraisals because of alleged fiscal coverage fraud affecting interim fiscal statements. The SEC demand for timely interim reappraisals for public companies was sparked by the February 1999 Report and Recommendations of the Blue Ribbon Committee on Bettering the Effectiveness of Corporate Audit Committees ( The Blue Ribbon Report ) . That study included a recommendation that the SEC necessitate a coverage company s outside hearer to carry on a SAS No. 71 interim reappraisal prior to the company s filing of its Form 10-Q with the SEC. Harmonizing to the Blue Ribbon Panel s study, the ?increased engagement by the outside hearers and the audit commission in the interim fiscal coverage procedure should ensue in more accurate meantime coverage. 7. Supply a brief sum-up of each of the three fraud conditions. Additionally, provide anexample from the Comptronix fraud of each of the three fraud conditions. 1 ) I ncentive or force per unit area to commit fraud  ± Bonus for brilliant public presentation. Company awardstock inducement to identify employees2 ) An chance to transport out the fraud  ± Executive places that may short-circuit bing accountsystem. I nternal controls are deficient. Board of managers composes of largely internaldirectors and acquaintances.3 ) Attitude or rationalisation to warrant the deceitful action.  ± helped company avoidingreporting net losingss. 8. Auditing Standards ( AU ) Section 3 16, Consideration of Fraud in a Financial StatementAudit, notes that there is a possibility that direction override of controls could happen inevery audit and consequently, the hearer should include audit processs in every audit toaddress that risk.a ) What do you believe is meant by the term ?management override? ? Management override can be defined as the possibility for direction to besiege internalcontrols that appear to work expeditiously, in order to pull strings accounting records and fixing deceitful fiscal statements straight or indirectly. As the internal control system is expectedto map decently, the ways in which direction can overrule controls are unpredictable. B ) Provide two illustrations of where direction override of controls occurred in theComptronix fraud The executives were able to short-circuit the bing accounting system. They could enter fabricated journal entries of gross revenues and purchases manually contriving some client order Numberss andquantities that did non be and evidently were non cross-checked with other internal systems, like the client order- or stock list system. Following to that it was possible to enter fabricated purchases of equipment without making thenecessary paperss attach toing such purchases. The internal control failed to observe thisirregularity.Another illustration is the possibility of overruling control systems over hard currency expenses. With afictitious seller bill it was possible to do an comptroller collectible clerk fix a cheque without the necessity to crosscheck whether the bringing of the goods really took topographic point or anorder figure generated by the seller existed that should hold been found on the bill subsequently on. degree Celsius ) Research AU Section 3 16 to place the three required hearer responses to furtheraddress the hazard of direction override of internal controls Paragraphs 58  ± 67 in Section 316 of the Auditing Standards by the PCAOB describe proceduresthat should be performed to further turn to the hazard of direction override of controls. Thethree chief responses that should be undertaken by the hearer are as follows:1. Examining journal entries and other accommodations for grounds of possible materialmisstatement due to fraud.Material misstatements due to fraud largely occur by: a. entering inappropriate or unauthorised diary entries throughout the twelvemonth or at periodend or b. devising accommodations to sums reported in the fiscal statements that are non reflectedin formal diary entries due to consolidating accommodations, study combinations andreclassifications.Therefore, the hearer should prove the rightness of journal entries recorded in the generalledger and other accommodations. I n peculiar, the hearer should: iˆˆ Obtain an apprehension of the entity s fiscal coverage procedure and the controls over journal entries and other accommodations iˆˆ I dentify and choice diary entries and other accommodations for testingiˆˆ Determine the timing of the testingiˆˆ I nquire of persons involved in the fiscal coverage procedure about inappropriate or unusual activity associating to the processing of journal entries and other adjustments2. Reviewing accounting estimations for prejudices that could ensue in stuff misstatement due tofraud.The premises and ensuing accounting estimations that direction has to do to fix thefinancial statements affect the implicit in accounting techniques and figures. Therefore, a batch of deceitful fiscal coverage is done by knowing false appraisals of direction. Theauditor ¶s undertaking is to see retrospectively whether individual estimations are supported by auditevidence and whether the 1s that underlie the reported fiscal figures widely diverge and, if so, look into whether the premises and accounting estimations were deliberately biased in portion of direction. Thereby, the hearer should prove those accounting estimations that are basedon extremely sensitive premises or are otherwise significantly affected by dir ection opinions. I f individual direction estimations were biased, impacting the fiscal figuresmaterially, the hearer should look into whether there have been fortunes that led to this prejudice and if these fortunes can represent a hazard for fiscal statement fraud. Besides theestimates taken as a whole should so be re-considered by the auditor.3. Measuring the concern principle for important unusual transactions.Transactions that are outside the normal class of concern for the company or entityinvestigated or that appear to be unusual should be investigated by the hearer. I T should besides beevaluated whether there is an implicit in principle behind those minutess or whether they are perchance an indicant of deceitful fiscal reportingTo understand the implicit in principle for the minutess in inquiry, the hearer shouldinvestigate: iˆˆ Whether the signifier of such minutess is excessively complex ( e.g. whether it involves multipleentities within a amalgamate group or unrelated 3rd parties ) iˆˆ Whether direction has discussed the nature of and accounting for such minutess withthe audit commission or board of directorsiˆˆ Whether direction is puting more accent on the demand for a peculiar accountingtreatment than on the implicit in economic sciences of the transactioniˆˆ Whether minutess that involve unconsolidated related parties, including particular purposeentities, have been decently reviewed and approved by the audit commission or board of managers iˆˆ Whether the minutess involve antecedently unidentified related parties or parties that do nothave the substance or the fiscal strength to back up the dealing without aid from theentity under audit

Pepperoni Pizza free essay sample

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