Coca Cola Auditing Project

AIM 6334 Auditing and Assurance Service Research Project [pic] Li-chung Lee Kung Ya Cheng Jui-Ping Lin Table of Contents I. Introduction:†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3~4 II. Ch 1: The client acceptance/continuation process, including establishing an understanding with the client†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 4~5 III. Ch2: Obtaining an understanding of the entity and its environment, including internal control. †¦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‚¬ ¦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‚¬ ¦P. 5~6 IV. Ch3: Preliminary Engagement Activities†¦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‚¬ ¦ P. 6 V. Ch4: Assess Risk and Establish Materiality†¦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‚¬ ¦.. P. 7~8 VI. Ch5: Consider Internal Control†¦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‚¬ ¦P. 9~11 VII. Ch6: Plan the Audit†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 11~14 VIII. Ch7: Complete the Audit†¦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‚¬ ¦.. P. 15 IX. Ch8: Evaluate results and issue an audit report†¦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‚¬ ¦. P. 16 X. Reference†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 17 XI. Attachments†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 18~23 I. Introduction: The Coca-Cola Company (Symbol: KO) was incorporated in September 1919 under the laws of the State of Delaware and succeeded to the business of a Georgia corporation with the same name that had been organized in 1892. The Company is the manufacturer, distributor and marketer of nonalcoholic beverage concentrates and syrups in the world. Finished beverage products bearing its trademarks, sold in the United States since 1886, are now sold in more than 200 countries. Along with Coca-Cola, the Company markets nonalcoholic sparkling brands, including Diet Coke, Fanta and Sprite. It manufacture beverage concentrates and syrups, which the Company sells to bottling and canning operations, fountain wholesalers and some fountain retailers, as well as finished beverages, which the Company sells to distributors. The Company owns or licenses more than 450 brands, including diet and light beverages, waters, enhanced waters, juices and juice drinks, teas, coffees, and energy and sports drinks. The Company is one of numerous competitors in the commercial beverages market. Of the approximately 53 billion beverage servings of all types consumed worldwide every day, beverages bearing trademarks owned by or licensed to the Company account for approximately 1. 5 billion. [1]The reason we chose this company is because it has enormous market share in countries around the world. In order to expand its market share, The Coca-Cola Company cooperated with the major fast food chain company. Today, The Coca-Cola Company become a well known and globalization company. We want to know how it can be sustainability and venerability company in the world. From its reports, we also found out it has tremendous benefit from its advertising. In this paper, we concern that how the auditors build a good audit plan in such large company and such complex business. II. Ch1: Understanding of the client There are five major reasons that we consider to accept The Coca Cola Company to be out client. 2] Management Integrity Based upon assertions of management ranging from the existence of an element in the financial statements to disclosures of information regarding that element, we examines The Coca Cola Company financial statements that are no responsible practitioner would knowingly place reliance on assertions of a client's management which had questionable integrity. Relationshi ps with Other Professionals We will follow the GAAS requirement to communicate with the predecessor auditor prior to committing to provide audit services to The Coca Cola Company. Matters of interest include the opinions issued by the predecessor auditor, resignation of the prior auditor or the refusal to stand for reelection, disagreements between the prior auditor and management regarding accounting principles or auditing procedures and any â€Å"opinion shopping† issues. Inquiry of other professionals having dealings with the client should, however, not be limited to the predecessor auditors. Furthermore, we will ask bankers, lawyers, and other professionals can provide important valuable information about The Coca Cola Company and its management. Risk of Association The Coca Cola Company engaged in legitimate business activities that do not violate the laws of the jurisdiction where the company is headquartered or carries on its business. After reviewing its financial statement, we believed that its financial is stability and liquidity. Technical Competence The auditors who will perform the auditing are well trained due to the complexities of the modern business world. And also, the auditors have the necessary technical competence to perform the required work or risk potential liability or damage to reputation. Professional Fees Audit fees charged to The Coca Cola Company will base on commensurate with the risks to the providing the services requested. The fees will cover adequately the cost of the services provided. III. Ch2: Obtaining an understanding of the entity and its environment In the 21st century, the beverage industry has been become one of the fastest developing industries and the competition in this industry become significantly. Even in this market share campaign, The Coca Cola Company still remains its leader position in the beverage industry. The Coca-Cola Company and six of their largest bottling partners developed a strategy for sustainability in 2002. That plan focuses on the role and impact of the Coca-Cola system in four key areas: workplace, marketplace, environment and community. Furthermore, The Coca-Cola Company uses this strategy to guide the approach to sustainability issues and to report the progress. [3] In last year, when lots of companies in the industry are going down, The Coca-Cola Company still delivering consistent performance. For its internal control, the company follows the independent and experience requirement of NYSE and SEC for many years. And the audit committee has been composed entirely of non-management directors. [4] IV. Ch3: Preliminary Engagement Activities Every member in our audit team is well trained and performs follow by the conduct of AICPA and SEC. Regarding to the ethical and independence matter, we has three major requirements. 1. Our auditor have to sign the contract to make sure that he/she will not take a position in the The Coca-Cola Company in two years 2. We will not hire the auditor who uses to work in The Coca-Cola Company. 3. We required the auditor to report to the partner who has special relationship with the The Coca-Cola Company. V. Ch4: Risk and Establish Materiality The Coca-Cola Company is a globalization company; it faces various issues. For example, Obesity concerns, water scarcity and poor quality, increased competition, and evolving consumer preferences are risks having the potential to have a material adverse effect on our client. To be an auditor, we assess client’s RMM (risk of material misstatement) with understanding the client entity and industry. After audit risk is set, we go further to assesses inherent and control (environment) risks. In addition, assessing client’s inherent and control risks which can influence the level of detection risk directly. Base on the case, we make an assumption in order to maintain the audit risk. The following table shows numerical and non-numerical example of audit risk. Audit Risk |RMM |DR | | |IR |CR | | |5% |50% |20% |50% | |low |moderate |low |moderate | â€Å"Audit risk on most engagements is much lower than 5%. [5]According to conservative assumptions that we decide inherent risk is assessed at moderate (50%). The Coca-Cola Company is a multinational company, so there are not only lots of accounts receivable which come from different branches in the world, but also lots of inventories which were made or stored in different factories and warehouses in the world. As the reasons above, The Coca-Cola Company may face some risks, such as is there reason to believe that receivables include significant balances in foreign currencies? Is there reason to believe that the existence of the accounts receivables which generate from different oversea branch companies or subsidiaries? Are there significant foreign currency inventories balance? Are manufactured inventories transferred between locations, divisions, or subsidiaries within a consolidated entity? Are there material-inventories owned by the client but held by others (e. g. , on consignment with customers)? Therefore, we should assess the inherent risk in moderate level. On the basis of our experience, after we read the predecessor auditor’s report and our client’s past annual report. We presumed that our client has well internal control so that we can assess the control risk in low level. Overall, in order to keep the audit risk in low level, we decided our detection risk in moderate level. Besides, in our client’s industry there are some companies that try to inflate their revenue and assets so in our audit we will focus on operating cycle. In other words, we will put emphasis on auditing accounts receivable and inventory to make sure there are no major accounting schemes or fraud that will mislead the presentation of financial statements. Materiality â€Å"Materiality includes both the nature of the misstatement, as well as the dollar amount of misstatement, and must be judged in importance by financial statement users. †[6] In our engagement, we will use the nature and dollar amount to decide what materially is for our client as the follow chart. Account |Accounts receivable |Inventory | |Materiality | | | |Nature |1. Recognize revenue in wrong period |1. Easy to thief | | |2. The existence of the A/R |2. Hard to count the ending balance | | |3. Risk of foreign currency exchange | | |Dollar amount |In our firm’s policy, in manufacture industry we adopt the 10% of net income after|The same as left column. | | |tax to decide the materiality. For example, the net income 2007 multiply 10% | | | |$5,981M*10%=600M | | VI. Ch5: Consider Internal Control 1. Define Internal Control: According to the COSO’s definition of internal control, â€Å" a process, effected by an entity’s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories: (1) reliability of financial reporting, (2) compliance with applicable laws and regulations, and (3) effectiveness and efficiency of operations. †[7] 2. Identify some controls that would be relevant to the audit. Account |Accounts receivable |Inventory | |Control | | | |Authority |Inquire about credit procedure for new customers (Valuation) |When shipping the Inventory to vendor or supplier, the | | |From a population of approved sales orders (and returns), select a|warehouseman should get the proper authority shipping | | |sample and examine documents for evidence of credit check |document. | |(Valuation) | | |Custody |Prepare daily cash summa ry (copy to A/R and Accounting) |Observe physical controls over inventory. | | |Segregation of duty: Mailroom & cashier |Segregation of duty: Warehouse & Shipping | |Recording keeping |Trace a sample of shipping documents (selection from pre-numbered |The perpetual records should reconcile to the general | | |shipping documents) to sales invoice, sales journal, and A/R |ledger. | |master file (Completeness) |The reconciliation of Inventory and the Lower or market| | |Match remittance advices and check deposit summary |price valuation should be review by proper accounting | | | |manager or management. | 3. Discuss the components of Internal Control: |Control environment |After we understand the internal control procedure and policy, we ensure that our client has ideal control| | |procedure, high ethical standard, and monitoring processes. | |Risk assessment |Risk exist in the oversea marketplace (in failures to merge China companies) | | |In failures to accurately record and report financial information. |Control activities |Authority | | |Custody | | |Segregation of duty | | |Recording keeping | |Information and Communication |Our client has good information and communication function including initiating, authorizing, recording, | | |processing, and reporting entity transactions, conditions, and events. |Monitoring |Our client use computer accounting software and system to assess the quality of other transaction and | | |operational controls over time. It includes the periodic assessment of both the design and operation of | | |controls on a timely basis. | 4. The elements involved in obtaining an understanding of Internal Control We should obtain an understanding of the five components of internal control sufficient to: A. Evaluating the design of relevant controls and determining whether they have been implemented. B. Assess the risk of material misstatement. C. Design the nature, extent, and timing of further audit procedures. 5. Access Control Risk We should assess the inherent risk in moderate level. On the basis of our experience, after we read the predecessor auditor’s report and our client’s internal control procedures. We can presume that our client has well internal control so we can assess the control risk in low level. 6. Managements Responsibilities and the auditors’ responsibilities under Section 404. | |Managements |The auditors | |Laws or standards |Sarbanes-Oxley Act of 2002 ( for publicly traded |Second standard of fieldwork | | |companies) |2. PCAOB Auditing Standard No. (AS 5) | |Responsibilities |In addition to certifying the company’s financial |Auditors must provide their opinion on the effectiveness of | | |statements (Section 302), management must also report on |client’s internal control. | | |the company’s internal control over financial reporting | | | |(Section 404). | | (Chris Linsteadt, 2008 Audit Class Slides ch6) VII. Ch6: Plan the Audit 1. Assess the need for specialists In our case, we should hire some com puter audit experts who can help our firm to make sure that our client’s accounting system is sate and correct. 2. Assess the possibility of illegal acts. Risk |The possibility of illegal acts | |Is there reason to believe that the existence of the accounts |There were some fake transactions which were made by management or employees. | |receivables which generate from different oversea branch companies or |If the sales don’t get proper credit authority, there will be huge bad debt | |subsidiaries? |expense in the future | |Are there material-inventories owned by the client but held by others |The management may try to inflate the sales in the end of year so he may try to| |(e. g. , on consignment with customers)? |recognize consignment as sales revenue. | |The management may use consignment to control the company’s ending inventory or| | |COGS. | |Are manufactured inventories transferred between locations, divisions,|The management may use complicated relat ed party transaction to generate fake | |or subsidiaries within a consolidated entity? |sales or ending inventory. | | |The employees may have chance to steal the coke formula or inventories. | 3. Identify related parties After we discussed with the management and checked the related party transactions, there is no material related party transaction in this engagement. 4. Conduct preliminary analytical procedures. |Accounts Receivable |Inventory | |Compare with industry rate to make sure our client’s A/R turnover rate and |Compare with industry rate to make sure our client’s inventory turnover | |days are reasonable. |rate and days are reasonable. | |Compare our client’s allowance for doubtful account policy with competitors’|Make sure the change in our client’s inventories is reasonable without | |policy to make sure the bad debt expenses are reasonable estimated. |material misstatement. |Make sure the change in our client’s A/R is reasonable without material | | |misstatement. | | 5. Consider additional value added services. After we obtain and understand our client’s internal control, we should detect our client’s internal control. We can prepare a feedback report to our client and help our client to improve their internal control or accounting system. Besides, when our client’s face s ome problems about new accounting standards, we could help our clients to train their accountants 6. Audit Plan and Audit program. Receivables | |Name of Client: | |Period: | | | |Estimated audit hours: | |Audit procedures | |Sign and date by | |Working paper Ref. | | | |auditors | | | |01. TEST PROPRIETY OF REVENUE RECOGNITION POLICIES AND PROCEDURES – Receivables [Validity, | | | | | |Cutoff] | | | | | |02. CONFIRM RECEIVABLES [Validity, Completeness, Recording, and Cutoff] [Q04 – No] | | | | | |03. TEST THE ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE [Valuation] | | | | | |04. TEST PRESENTATION OF RECEIVABLES [Presentation] | | | | | |05. TEST LATE CUTOFF OF SALES [Cutoff] [Q01A – Sales Invoices] | | | | | |06. TEST LATE CUTOFF OF SALES [Cutoff] [Q01A – Initial Records] | | | | | |07. ROLL-FORWARD TEST FOR RECEIVABLES TESTED PRIOR TO YEAR END [Validity, Completeness, | | | | | |Recording, Cutoff] | | | | | |08. TEST RECEIVABLES TO SUBSEQUENT CASH RECEIPTS [Validity, Completeness, Recording, Cutoff] | | | | | |09. TEST ALLOWANCES FOR SALES RETURNS AND DISCOUNTS [Valuation] | | | | | |10. TEST PRESENTATION OF RELATED-PARTY RECEIVABLES [Presentation] | | | | | |11. TEST VALUATION OF FOREIGN CURRENCY RECEIVABLES [Valuation] | | | | | |Reviewer : | |Sign: | |Date | 6. Audit Plan and Audit program. |Inventory | |Name of Client: | |Period: | | | |Estimated audit hours: | |Audit procedures | |Sign and date by | |Working paper Ref. | | |auditors | | | |01. OBSERVE AND TEST-COUNT INVENTORIES [Validity, Completeness, Recording, Cutoff, Valuation]| | | | | |02. TEST THE FINAL INVENTORY COMPILATION [Validity, Completeness, Recording, and Cutoff] | | | | | |03. TEST MARKET VALUATION RESERVES [Valuation] | | | | | |04. TEST PRESENTATION OF INVENTORY [Presentation] | | | | | |05. TEST LATE CUTOFF OF INVENTORY PURCHASES [Cutoff] [Q05A – Recorded Purchases] | | | | | |06. TEST EARLY CUTOFF OF DEBIT NOTES [Cutoff] | | | | | |07. TEST BOOK TO PHYSICAL ADJUSTMENTS [Validity, Completeness, Recording] | | | | | |08. ROLL-FORWARD TEST FOR INVENTORIES PRICE TESTED PRIOR TO YEAR END [Validity, Completeness, | | | | | |Recording, Cutoff] | | | | | |09. TEST ELIMINATION OF INTERCOMPANY PROFIT [Valuation] | | | | | |10. TEST BALANCES DENOMINATED IN FOREIGN CURRENCIES [Valuation] | | | | | |11. TEST PRESENTATION OF RELATED-PARTY BALANCES [Presentation] | | | | | |Reviewer : | |Sign: | |Date | VIII. Ch7: Complete the Audit The auditor’s responsibilities during the completion stage of the audit: â€Å"Before issuing the audit report, the auditor needs to: 1. Perform a final review of the audit to be sure the financial statements are fairly presented and the audit documentation supports the audit report 2. Assess the ability of the client to continue as a going concern, and 3. Make a final review of the auditor’s assessment of internal control based on evidence gathered and any material misstatements identified in the financial statement audit. In addition, we should get the management representation letter and letter of audit inquiry to make sure there are no material contingent liabilities and events subsequent to the financial statements and keep communicating with the audit committee. The follow data are made by assumption: Contingent Liabilities |Subsequent events | |Our client may lose the litigation about merger in oversea. It will cause a |Note disclosure: | |huge loss for our client. |On January  8, 2009, our Company sold substantially all of our interest in | | |Vonpar Refrescos S. A. (â€Å"Vonpar†), a bottler headquartered in Brazil. Total| | |proceeds from the sale were approximately $238  million, and we recognized | | |a gain on this sale of approximately $71  million. Prior to this sale, our | | |Company owned approximately 49  percent of Vonpar's outstanding common | | |stock and accounted for the investment using the equity method | |Our client is a multinational company so it may have the threat of | | |expropriation of assets in a foreign country. | | |Our client may get loss in the highly competitive nonalcoholic beverages | | |industry. If our client signs purchase and sale commitments with its | | |supplier, it may get a huge loss in the future. | | | |Other important investments which will change our client’s accounting | | |principle similar as above. | IX. Ch8: Evaluate results and issue an audit report Independent Auditor’s Report The Board of Directors and Stockholders The Coca-Cola Company: We have audited the consolidated balance sheets of the Coca-Cola Company and subsidiaries (the â€Å"Company†) as of December 31, 2007 and 2008, and the related consolidated statement of income, stockholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2008. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements bases on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements refereed to above present fairly, in all material respects, the financial position of the Coca-Cola Company and subsidiaries as of December 31, 2007 and 2008, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission(COSO), and our report dated March 14, 2009 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Lee &Cheng &Lin LLP Dallas, U. S. A. March 14, 2009 X. References †¢ â€Å"The company description,† Market watch < http://www. marketwatch. om/tools/quotes/profile. asp? symb=ko> †¢ Deppe, Larry A. , â€Å"Client acceptance: what to look for and why. (Tips for accountants on deciding which new clients to accept) (Cover Story)†, The CPA Journal , May 1992, †¢ â€Å"Strategic vision†, The Coca Cola Company website à ¢â‚¬ ¢ â€Å"2008The proxy statement†, The Coca Cola Company website, †¢ Chris, Linsteadt, â€Å"2008 Audit Class Slides† †¢ Rittenberg, Schwieger, Johnstone. Auditing, A Business Risk Approach. Thomson&South-Western Publishing. 6th,2008 †¢ â€Å"SEC filing† The Coca Cola Company website Retrieved from the World Wide Web: XI. Attachment (Financial Statements) Consolidated Balance Sheet COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | | |Balance Sheet | | | | | |December 31, |2007. 00 |2006. 0 | |(In millions except par value) |? | |? | | |ASSETS |? |? |? |? | |CURRENT ASSETS |? |? |? |? | |Cash and cash equivalents |$4,093 |$2,440 | |Marketable securities |? |215 |? |150 | |Trade accounts receivable, less allowances |? |3,317 |? 2,587 | |of $56 and $63, respectively | | | | | |Inventories |? |2,220 |? |1,641 | |Prepaid expenses and other assets |? |2,260 |? |1,623 | |TOTAL CURRENT ASSETS |? |12,105 |? |8,441 | |INVES TMENTS |? |? |? |? | |Equity method investments: |? |? |? |? | |Coca-Cola Enterprises Inc. |? |1,637 |? 1,312 | |Coca-Cola Hellenic Bottling Company S. A. |? |1,549 |? |1,251 | |Coca-Cola FEMSA, S. A. B. de C. V. |? |996 |? |835 | |Coca-Cola Amatil Limited |? |806 |? |817 | |Other, principally bottling companies |? |2,301 |? |2,095 | |and joint ventures | | | | | |Cost method investments, principally |? |488 |? 473 | |bottling companies | | | | | |TOTAL INVESTMENTS |? |7,777 |? |6,783 | |OTHER ASSETS |? |2,675 |? |2,701 | |PROPERTY, PLANT AND EQUIPMENT net |? |8,493 |? |6,903 | |TRADEMARKS WITH INDEFINITE LIVES |? |5,153 |? |2,045 | |GOODWILL |? |4,256 |? |1,403 | |OTHER INTANGIBLE ASSETS |? |2,810 |? 1,687 | |TOTAL ASSETS |$43,269 |$29,963 | |LIABILITIES AND SHAREOWNERS EQUITY |? |? |? |? | |CURRENT LIABILITIES |? |? |? |? | |Accounts payable and accrued expenses |$6,915 |$5,055 | |Loans and notes payable |? |5,919 |? |3,235 | |Current maturities of long-term debt |? |133 | ? |33 | |Accrued income taxes |? |258 |? 567 | |TOTAL CURRENT LIABILITIES |? |13,225 |? |8,890 | |LONG-TERM DEBT |? |3,277 |? |1,314 | |OTHER LIABILITIES |? |3,133 |? |2,231 | |DEFERRED INCOME TAXES |? |1,890 |? |608 | |SHAREOWNERS EQUITY |? |? |? |? | |Common stock, $0. 25 par value; Authorized 5,600 |? |880 |? |878 | |shares; | | | | |Issued 3,519 and 3,511 shares, respectively | | | | | |Capital surplus |? |7,378 |? |5,983 | |Reinvested earnings |? |36,235 |? |33,468 | |Accumulated other comprehensive income |? |626 |? |(1,291) | |(loss) | | | | | |Treasury stock, at cost 1,201 and 1,193 |? |####### |? ####### | |shares, respectively | | | | | |TOTAL SHAREOWNERS EQUITY |? |21,744 |? |16,920 | |TOTAL LIABILITIES AND SHAREOWNERS EQUITY |$43,269 |$29,963 | Consolidated Income Statement |COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | |Income Statement | | | | | |Year Ended December 31, |2007. 00 |2006. 00 | |(In millions except per share data) |? | |? | | |NET OPERATING REVENUES |$28,857 |$24,088 | |Cost of goods sold |? |10,406 |? 8,164 | |GROSS PROFIT |? |18,451 |? |15,924 | |Selling, general and administrative expenses |? |10,945 |? |9,431 | |Other operating charges |? |254 |? |185 | |OPERATING INCOME |? |7,252 |? |6,308 | |Interest income |? |236 |? |193 | |Interest expense |? |456 |? 220 | |Equity income net |? |668 |? |102 | |Other income (loss) net |? |173 |? |195 | |Gains on issuances of stock by equity method |? |? |? |? | |investees | | | | | |INCOME BEFORE INCOME TAXES |? |7,873 |? |6,578 | |Income taxes |? |1,892 |? 1,498 | |NET INCOME |$5,981 |$5,080 | |BASIC NET INCOME PER SHARE |$2. 59 |$2. 16 | |DILUTED NET INCOME PER SHARE |$2. 57 |$2. 16 | |AVERAGE SHARES OUTSTANDING |? |2,313 |? |2,348 | |Effect of dilutive securities |? |18 |? |2 | |AVERAGE SHARES OUTSTANDING ASSUMING DILUTION |? |2,331 |? |2,350 | Consolidated Statements of Cash Flows COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | | |Cash Flows | | | | | |? | | | | | |? | | | | | |? | | | | | |? |? |? |? |? |Year Ended December 31, |2007. 00 |2006. 00 | |(In millions) |? | |? | | |? | | | | | |OPERATING ACTIVITIES |? |? |? |? | |Net income |$5,981 |$5,080 | |Depreciation and amortization |? |1,163 |? 938 | |Stock-based compensation expense |? |313 |? |324 | |Deferred income taxes |? |109 |? |(35) | |Equity income or loss, net of dividends |? |(452) |? |124 | |Foreign currency adjustments |? |9 |? |52 | |Gains on issuances of stock by equity investees |? |? |? |? | |Gains on sales of assets, including bottling |? |(244) |? (303) | |interests | | | | | |Other operating charges |? |166 |? |159 | |Other items |? |99 |? |233 | |Net change in operating assets and liabilities |? |6 |? |(615) | |Net cash provided by operating activities |? |7,150 |? |5,957 | |INVESTING ACTIVITIES |? ? |? |? | |Acquisitions and investments, principally |? |(5,653) |? |(901) | |beverage and bottling companies | | | | | | Purchases of other investments |? |(99) |? |(82) | |Proceeds from disposals of other investments |? |448 |? |640 | |Purchases of property, plant and equipment |? |(1,648) |? (1,407) | |Proceeds from disposals of property, plant |? |239 |? |112 | |and equipment | | | | | |Other investing activities |? |(6) |? |(62) | |Net cash used in investing activities |? |(6,719) |? |(1,700) | |FINANCING ACTIVITIES |? |? |? |? | |Issuances of debt |? 9,979 |? |617 | |Payments of debt |? |(5,638) |? |(2,021) | |Issuances of stock |? |1,619 |? |148 | |Purchases of stock for treasury |? |(1,838) |? |(2,416) | |Dividends |? |(3,149) |? |(2,911) | |Net cash provided by (used in) financing |? |973 |? (6,583) | |activities | | | | | |EFFECT OF EXCHANGE RATE CHANGES ON CASH |? |249 |? |65 | |AND CASH EQUIVALENTS | | | | | |CASH AND CASH EQUIVALENTS |? |? |? |? | |Net increase (decrease) during the year |? |1,653 |? |(2,261) | |Balance at beginning of year |? |2,440 |? 4,701 | |Balance at end of year |$4,093 |$2,440 | | | | | Consolidated Statements of Shareowners’ Equity |COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | |CONSOLIDATED STATEMENTS OF SHAREOWNERS#146; EQUITY | | | | | |Year Ended December 31, |2007. 00 |2006. 00 | |(In millions except per share data) |? | |? | | |? | | | | | |NUMBER OF COMMON SHARES OUTSTANDING |? |? |? |? | |Balance at beginning of year |? |2,318 |? |2,369 | |Stock issued to employees exercising stock |? |8 |? 4 | |options | | | | | |Purchases of stock for treasury 1 |? |(35) |? |(55) | |Treasury stock issued to employees exercising |? |23 |? |? | |stock options | | | | | |Treasury stock issued to former shareholders |? |4 |? |? |of glaceau | | | | | |Balance at end of year |? |2,318 |? |2,318 | |COMMON STOCK |? |? |? |? | |Balance at beginning of year |$878 |$877 | |Stock issued to employees exercising stock |? |2 |? |1 | |options | | | | | |Balance at end of year |? 880 |? |878 | |CAPITAL SURPLUS |? | ? |? |? | |Balance at beginning of year |? |5,983 |? |5,492 | |Stock issued to employees exercising stock |? |1,001 |? |164 | |options | | | | | |Tax (charge) benefit from employees stock |? |(28) |? 3 | |option and restricted stock plans | | | | | |Stock-based compensation |? |309 |? |324 | |Stock purchased by former shareholders |? |113 |? |? | |of glaceau | | | | | |Balance at end of year |? |7,378 |? |5,983 | |REINVESTED EARNINGS |? |? |? |? | |Balance at beginning of year |? |33,468 |? 31,299 | |Adjustment for the cumulative effect on |? |(65) |? |? | |prior years of the adoption of Interpretation | | | | | |No. 48 | | | | | |Net income |? |5,981 |? |5,080 | |Dividends (per share $1. 36, $1. 24 and $1. 12 |? |(3,149) |? (2,911) | |in 2007, 2006 and 2005, respectively) | | | | | |Balance at end of year |? |36,235 |? |33,468 | |ACCUMULATED OTHER COMPREHENSIVE INCOME |? |? |? |? | |(LOSS) | | | | | |Balance at beginning of year |? |(1,291) |? |(1,669) | |Net foreign currenc y translation adjustment |? |1,575 |? 603 | |Net gain (loss) on derivatives |? |(64) |? |(26) | |Net change in unrealized gain on available-for-sale |? |14 |? |43 | |securities | | | | | |Net change in pension liability |? |392 |? |? | |Net change in pension liability, prior |? |? |? |46 | |to adoption of SFAS No. 58 | | | | | |Net other comprehensive income adjustments |? |1,917 |? |666 | |Adjustment to initially apply SFAS No. 158 |? |? |? |(288) | |Balance at end of year |? |626 |? |(1,291) | |TREASURY STOCK |? |? |? |? | |Balance at beginning of year |? |(22,118) |? (19,644) | |Stock issued to employees exercising stock |? |428 |? |? | |options | | | | | |Stock purchased by former shareholders |? |66 |? |? | |of glaceau | | | | | |Purchases of treasury stock |? |(1,751) |? (2,474) | |Balance at end of year |? |(23,375) |? |(22,118) | |TOTAL SHAREOWNERS EQUITY |$21,744 |$16,920 | |COMPREHENSIVE INCOME |? |? |? |? | |Net income |$5,981 |$5,080 | |Net other comprehensive income adjustments |? |1,917 |? 666 | |TOTAL COMPREHENSIVE INCOME |$7,898 |$5,746 | [8] ———————– [1] http://www. marketwatch. com/tools/quotes/profile. asp? symb=ko [2] http://www. nysscpa. org/cpajournal/old/12543349. htm [3] http://www. thecoca-colacompany. com/citizenship/strategic_vision. html [4] http://www. thecoca-colacompany. com/investors/proxies. html [5] Rittenberg, Schwieger, Johnstone, p105 [6] Rittenberg, Schwieger, Johnstone, p101 [7] Chris, Linsteadt, â€Å"2008 Audit Class Slides Ch6† [8] http://ir. thecoca-colacompany. com/phoenix. zhtml? c=94566&p=irol-sec&se

Conservation of heritage site of dhaka city

Background of the study Dacha, one of the oldest cities of Bangladesh, has a glorious history of over 400 years. Because of the location and strategic advantage, it was the hub of central activities and administrative activities during various historic periods. The Buddhist and Hindu kingdoms, the Fagan Ruling prior, the McHugh Ruling Period, the British Colonialism, the partition of Bengal, the Liberation War and the contemporary era have enriched Dacha's history and the testimonies of those periods have remarkable significance in the nation's identity.With the passage of time, Dacha has gone through changes to keep pace with the modern globalizes world but yet some testimonies of different historic periods remain. RAJAH has enlisted 93 historic sites of Dacha of different historic periods and published in a gazette form in 2009 but proper measures have not been taken from government initiative to conserve majority of these sites after enlistment. As a result the condition of many o f these historic sites are formidable in respect to structural condition, illegal occupancy, incompatible structures, lack of maintenance.In this study, we have tried to identify the location and present notation of these 93 enlisted heritage sites and develop some proposals and policies for the proper conservation of these sites. There have been many researches on the heritage sites of Dacha but majority of these researches focus on the sites that have gone through proper conservation measures and are maintained well. Many of the enlisted heritage sites are in deplorable condition and are in a way to ruin but do not get any attention from planning authorities.The distinction of this study from previously conducted researches is that it has covered and highlighted the heritage ties that are in a relatively deplorable condition beside the sites that are in a better condition. An overall guiding policy and framework have been proposed for the conservation of these legacies of the coun try. 1. 2 Methodology Figure 1. 1 : Methodology of the Study Project Selection: At the very first stage, the project was selected through the course teachers under the course â€Å"Urban Planning Studio†. It was about the Conservation of the Heritage sites of Bangladesh.Formulation of Objectives: The objectives of study were formulated to achieve the goal. Preparation of literature review: Literature view has been prepared by studying international rules and regulations for conservation, criteria for conservation, different acts and policies. Laws of Bangladesh also has been studied for conservation. Three cases of conserved sites from foreign countries have been studied. Selection of Study area: RAJAH enlisted 93 sites were distributed among nine groups. Each group was assign to survey ten sites.Data collection through field survey: Data and information were collected though field survey. The location of the heritage sites, their ownership status, conservation status and use s were identified. Selection of sites for detailed survey and analysis: Three sites were selected for detail survey analysis from previous ten sites. Data collection of selected sites: Data and information were collected of selected three sites. Primary data: Primary data were collected though field survey. Local people and owners were interviewed and photographs were taken through this process.Secondary data: Secondary data were collected though visiting different Government offices, private organizations and internet. Problems identification: Different problems and issues were identified through survey and analysis. Determination of leslies and proposals: Policies and proposals were generated and determined considering the prospects and problems regarding the sites. Final Presentation and Report Submission: Finally a presentation has been prepared and report has been submitted. 1. 3 Objectives 1. To study location and present condition of the historic sites of Dacha city. . To det ermine some proposals for the conservation of selected sites. 1. 4 Rationale of the study: Historic site conservation is very significant an issue to bring variability and uphold the historic magnificence while planning an urban area. So, a defined study on inspiration of the heritage sites for formulating comprehensive guidelines based on the identified issues is Justifiable. 1. 5 Scopes and Limitations While conducting the study some scopes of the study were identified as well as some limitations were faced.Scopes To identify the present state of the heritage sites, detail survey have been performed and secondary sources have been gone through carefully. The owners of the sites have also been interacted to sort out the problems underlying in conservation of sites. The analysis has helped to formulate the policies and proposals for the maintenance of the historic sites. If any project is planned in future by government or private sector for the conservation of heritage sites, the f indings of this study would help to a great extent. Limitations Extracting of data regarding the heritage sites requires much time.Because of time limitation, the analysis could not be done in a greater scale. For conducting the survey it was necessary to visit the study area several times which caused problems with expense issues. In some cases, the owners were not that much willing to provide information. Accessibility to some sites was very poor because of the poor infrastructure and transport modes. Getting information from government authorities was difficult because of their resource limitation. No systematic database is maintained in most of the government authorities.Chapter 2 LITERATURE REVIEW â€Å"The cultural heritage may be defined as the entire corpus of material signs – either artistic or symbolic – handed on by the past to each culture and, therefore, to the whole of humankind. † (CICERO, 1990, p. 4) 2. 1 Criteria for Conservation 2. 1. 1 General criteria Scholars and organizations have established criteria to assign a site or structure as heritage site based on various parameters. Countries worldwide have developed their own assessment criteria for heritage conservation considering these conventional parameters as well as taking into account the particular issues of own regions.World Heritage Trust has fixed six criteria (Aesthetic, Typical, Scarcity, Historical role, Enhancement of adjacent areas, Superlatives) the fulfillment of one or more of which would make a site worthy of conservation. Reign (1902) categorized the parameters in basic five typologies- Age, Historical, Commemorative, Use, Newness. Lips (1984) emphasizes five aspects (Economic, Aesthetic, Associative-symbolic, and Informational) for assigning a site as a heritage site.Burr Charter proposes for assigning a site as a cultural heritage when it has any or more than one of these values: Social (including spiritual, political, national, other cultural), Scie ntific, Aesthetic, Historic (Mason, n. D. ). Age, historical legacy, special architectural fabric of some particular period, rarity, human settlement of traditional indigenous communities are some very common criteria observed in the conservation principles of most of the countries' act. Regarding age of the buildings, majority of nations' isolation call for conservation of structures erected before 100 years or more.In Scotland, buildings erected before 1840; in Germany, those places which have survived for at least 50 years; in South Africa, structures older than 60 years; in Egypt, historic sites more than 100 years old; in Pakistan, structures of at least 75 years; in England, historic sites erected before 1st July 1948 are recommended to be enlisted as heritage sites (English Heritage, n. D. ). Conservation of religious icons, like- ancient churches, mosques, cathedral, temples, cemetery, tomb, monastery, holds significant importance for conservation in the acts of majority of countries.Conservation of ancient mines, caves, forts and palaces are very common worldwide. 2. 1. 2 Country wise Special Criteria Some nations have unique historical background or cultural identity which plays an important role in their fixing of criteria for heritage conservation. In Nepal, the religion has a great impact in the conservation criteria of cultural heritage. In some countries, the places that have association of the historical or religious leaders are conserved for the spiritual and historic significance. According to AncientMonuments Protection Act of Nepal, † Archaeological Object means the object made and used by human being in prehistorically period or handwritten genealogy, scribed or inscribed idol, temple of god or goddess, Buddhist cenotaph, statue, thanks, things used in royal palace†. (Department of Archaeology, 1956) South Africa has a remarkable history of slavery and this holds a vital place in their assessment criteria of a site to be in con sideration of conservation (SAHARA, 2013). In South Africa and England, the assessment criteria have been set bringing all the historical monuments under three grades or categories.In South Africa, Monuments of having importance at national level are assigned in Grade I and monuments having significance at provincial level fall in Grade II and the remaining ones with exemplary architectural interest fall in Grade Ill. English Heritage,a public body of the British Government in England, classifies the heritage sites of England in three categories: Grade I (buildings of exceptional interest), Grade II* (particularly important buildings of more than special interest), Grade â€Å"(buildings of national importance and of special interests)(English Heritage, n. D. ).In India, INTACT also categorizes the sites for conservation in two groups according to priority for conservation. Priority has been given to out-of-town developments meaning that town centers, local trade and small scale co mmercial enterprises are under threat (INTACT, n. D. ). In China, the ancient trees are also assumed as cultural property and are recommended to conserve. In September 2002, when the Municipality of Beijing issued a plan for protecting cultural property and relics within the municipality's borders, it included a provision for protection of â€Å"ancient and famous trees† (Durra, 2004). Norway Act Concerning the Cultural Heritage, tress of special significance are recommended to conserve(Ministry of Environment, 1978). 2. 2 Principles 2. 2. 1 Publishing of enlisted buildings in gazette form In most of the country, the list of the heritage sites is published in a gazette form to inform the general people. The list is also published in a number of renowned newspapers to get people informed. In Norway, notice is given in the Norwegian Gazette and in at least two newspapers for public inspection.In Nepal, the list of selected heritage sites is published in a gazette form (Departme nt of Archaeology, 956). 2. 2. 2 Ownership, acquisition and maintenance Regarding ownership, owners are encouraged to conserve the heritage sites leaving it to original owner based on the condition of its proper maintenance in many countries. In some cases, government acquires the historic buildings from owners when there is lack of proper maintenance or vulnerability of its demolition. In Nepal, acquisition of historic sites is observed.In Section 5, the Chief Archaeology Officer has been empowered to cause the owners of ancient monument to enter into a deed of responsibility for Supervision of the monument, responsibility of the monument ND duties of its watchman (Department of Archaeology, 1956). In India, the central government may acquire the protected monument under provisions of the Land Acquisition Act, 1894 if a protected monument is in danger of being destroyed, injured, misused, or allowed to fall into decay.In Section 2(C) of Indian's The Ancient Monuments and Archaeolog ical Sites and Remains Act, it has been stated that owner's right can be restricted for ensuring the proper maintenance of a historic site (Gazette of India, 1958). In case of private ownership, an agreement is signed between the owner and the government for the proper protection of the monument. In Australia, The Minister enters into an agreement (a heritage agreement) on behalf of the Territory with the owner of a heritage place or object (Department of Lands, Planning and the Environment, 2011). . 2. 3 Tax incentive for conserving heritage sites TAR (Transfer of Development Right is a very effective measure in motivating the owners of the heritage site to leave the heritage site in government's acquisition for its proper safeguard. Conservation projects in Hong Kong and Australia gives evidence of effectiveness of TAR in motivating the private owners. Tax reductions and ax incentives can be effective instrument to encourage the owners of the historic monuments to conserve the his toric building.In Germany, the owner of a general building who lets his property has a depreciation of tax of only 2 % per annum. The owner of a historic building has for eight years a depreciation of 9 % per annum and for the following four years a depreciation of 7 % per annum (RISC Research, 2007). 2. 2. 4 Construction compatibility Compatible construction and maintenance of environment within a particular extent of the enlisted site is observed in the legislation of many countries.In article 7 of Ireland's Law on the Protection of Historical and Cultural Properties, it has been mentioned that no person can build or allow another to construct a building within the registered limits of an archaeological area, without the permission of the Institute of Archaeology (Office of Attorney General, 2004). In Pakistan, the zone for compatible construction around a historic site is fit (Antiquities Act, 1975). To protect a historic structure from disturbance in Norway, a zone shall extend from the visible or known perimeter as far as necessary around an automatically protected monument r site.The area shall be encircled in each case by the concerned authority (Ministry of Environment, 1978). In India the prohibited area is mm and more mm beyond it is also included for reconstruction, repair or renovation compared to the main site (Gazette of India, 1958). 2. 2. 5 Alteration of heritage site Addition, destruction or alteration is strongly discouraged in majority of country's legislation. If done so, provision of punishment is kept in most of the country's act.However, if any such measure for alteration is to be undertaken, taking consent from planning authority is a must. In Policy BE 8 and Policy BE 12 of Planning Policy Statements of Ireland, it has been stated that the planning department can permit for any alteration when the new development is in sympathy with the characteristic built form of the area and the scale, form, materials and detailing of the developmen t respects the characteristics of adjoining buildings in the area. The environmental aspects have also been considered (Planning, Archaeology and the Built Heritage, 1999).In Germany, it is mandatory to seek permission from the state authorities for all proposed changes to the building, or demolitions and any change that does not eave resemblance with the original form cannot be done. For example, no modern large windows are allowed in a historic building (RISC Research, 2007). According to England's legislation, new work or alteration in England to a significant place is acceptable if the alteration ensures no material harm to the values of the place and the value of the place is reinforced or further revealed (English Heritage, 2008).Some countries' acts have provision for replacement or alteration of features of heritage sites if the feature is in an almost ruined state. But the condition of minimum intervention to the originality of the heritage site is persistently applicable i n these scenarios. If repair of a historic structure by stabilization, consolidation, and conservation proves no satisfactory result, the next level of intervention involves replacement.This replacement has to very limited and is applicable in kind of extensively deteriorated or missing parts of features when there are surviving prototypes (for example, brackets, dentals, steps, plaster, or portions of slate or tile roofing). The replacement material needs to match the old both physically and visually, I. E. , wood with wood, etc (Weeks, et al. 1995). In special cases, permission can be given for demolishing a building but this is very rare a scenario. In Ireland, The Planning Department does not permit the demolition of a listed building unless there are exceptional reasons.Proper reasoning has to be Justified before demolishing about why the building cannot be retained in its original or a reasonably modified form (The Planning Service, 1999). 2. 2. 6 Penalty for damage Any damage or attempt to harm the heritage site calls for severe punishment in most of the country's legislations. According to Indian's legislation, any person who moves NY antiquity shall be punishable with fine which may extend to five thousand rupees; and the court conviction a person of any such contravention may by order such person to restore the antiquity to the place from which it was moved(Gazette of India, 1958).Section 51 of National Archives and records service of South Africa Act calls for guilt fines up to a maximum amount of ROI 000 for infringement of the terms of Act and heritage resources authority is responsible for punishment (SAHARA,1996). 2. 3 Strategies for Conservation The common tools used in different countries for conserving a historical site involve obliteration, restoration, replication, adaptive reuse and preservation. Restoration is a process where any alteration from the original form is removed and the structure is returned in exactly its original form.It is the toughest form of conservation and can only be carried out when there is substantial physical and documentary or oral evidence to retain the authenticity of the structure. Rehabilitation and renovation are more flexible conservation approaches. Rehabilitation has to be undertaken to make decrepit buildings usable again by bringing necessary modifications in the interior art and leaving the exterior part in the original form.Preservation should be considered as the primary treatment when the historic place's materials, features and spaces are essentially intact and thus convey the historic significance without extensive repair or replacement (Canada's Historic Places, 2010). Adaptive reuse refers to the utilization of buildings other built structures and sites of value for purposes other than that for which they were intended originally (Australia COSMOS, 2013). Relocation is also a conservation tool which is applied in very rare cases. In Egypt, relocation of a heritage site is d one only if the site is in danger of natural hazard.Otherwise conservation has to be done in the original place (Nashua, et al. , n. D. ). 2. 4 Institutional Arrangement for Conservation For conserving the historical monuments, a strong institutional framework and coordination among the authorities is found in western and some of the Asian countries. The conservation procedures from the very beginning of assessment and declaration of the site as a historical monument towards the protection of the site from decay is done by Archaeology Department of the nation and the planning omission or planning department of the government.The institutional framework for heritage conservation involves the following steps: Figure 2. 1 : Planning process methodology for institutional framework Source: Mason ( n. D. ) 2. 4. 1 Government agencies, central and local government In Norway, Norwegian Directorate for Cultural Heritage Management is a government agency manages cultural heritages at national level whereas County Municipalities are responsible for the management at regional level.The State Administration of Cultural Heritage (SASH) is responsible for historical site conservation in China. In Singapore, AURA (Urban Redevelopment Authority) is designated as the national conservation authority charged with powers under the Planning Act to issue conservation guidelines, advise the Minister for National Development on getting areas for conservation and grant planning permission for restoration works apart from serving as the national planning authority(Legislative Council Secretariat, n. D. . The responsibility is distributed between the central and the local government in Ireland as the entire procedure of conserving and managing the historic sites becomes difficult and complex if only the central government is involved. The Minister has responsibility for formulating national policy in relation to the physical heritage and for the implementation of the National Monuments A cts. Physical planning is implemented at local government level, under the policy direction of the Minister (Packard, 2001).In South Africa, heritage resources are managed by the levels of government closest to the community (SAHARA, 1996). The Norwegian Directorate for Cultural Heritage Management is responsible for the management of cultural heritage in Norway on the national level. At the regional level the county municipalities are responsible for the management in their county. For archaeological excavations there are five chartered archeological museums authority (Ministry of Environment, 1978).Regarding coordination among the agencies of government, Philippines shows a good collaboration and management understanding among the agencies. The cultural agencies and other national government agencies (The Department of Tourism, the Intramural Administration, The Department of Public Works and Highways, The National Commission on Indigenous People, The UNESCO National Commission of the Philippines, The Office of the special Envoy of Transnational Crimes) consult, coordinate and work closely tit the commission in the implementation of their respective programs/pro]sects (Congress of Philippines, 2009). . 4. 2 International organizations International organizations also extend their assistance to manage the entire process of conservation or undertaking any measures needed for conservation in form of technical and financial assistance. UNESCO, International Centre for the Study of the Preservation & Restoration of Cultural Properties (CICERO), The World Heritage Trust, International Institute for Conservation of Historic and Artistic Works (â€Å"C) are some international organizations playing vigorous role in promoting the cultural heritages worldwide( UNESCO, n. D. ). 2. 4. Private and autonomous organizations Some private and autonomous organizations are also observed to play important role in conservation of the historical legacies. In Nepal, an organizatio n named Ought Corporation, an autonomous organization of government of Nepal has a major role in looking after the proper protection of the private ancient monuments. In South Africa, The national system for the management of heritage resources (SAHARA) and in India, The Indian National Trust for Art and Cultural Heritage (INTACT) have a vital role in raising heritage awareness among people and in taking care of the historical structures( INTACT, n. . ). 2. 4. 4 Involvement of professionals In some instances, committee is formed by multi-disciplinary team of experts to provide technical assistance in the entire procedure of conservation. In Afghanistan, a committee is formed and named the Archeological Committee consisting of two archaeologists, scientifically competent member, one historian, a lecturer from the Faculty of Social Sciences from the University of Kabul, one engineer or architect according to the Law of Protection of Historic and Cultural properties (Ministry of Justic e, 2004).For discovering the defects of cultural heritages, five-yearly inspections are undertaken before irreversible damage occurs involving specialist professional specially conservation architects (Kent, n. D). According to legislation of England, if a local planning authority does not have the full range of expertise to assess the financial Justification and the assessment of proper development, it will be necessary to involve external consultants (English Heritage, 2012). 2. 4. Public- Private Partnership Public private partnership is effective way to undertake and manage the entire procedure of conservation measures.In Nepal, public participation is encouraged to manage and look after the conserved sites watchman (Department of Archeology, 1956). 2. 5 Financial Arrangement for Conservation Funding for the conservation of heritage sites usually comes from owners' initiatives, public funding, international donation, private associations, grants and loans. In Egypt, Together wit h public funds, there are international donations assisting conservation of heritage sites. Salvage of Nubian Monuments was assisted by the UNESCO in the sixties (26 million dollars) and Infertile tomb by Getty (1 million dollar) (Nashua, et al. N. D. ). There are two principal programs of aid available in Ireland. L) Tax relief program for expenditure on approved heritage buildings, gardens and objects in respect of repair, maintenance or restoration. 2) Grant aid program for the conservation of the architectural heritage which is administered through local planning authorities . This scheme was initiated in 1999 with budget of E. 9 million. Grants available under this scheme are small, within a range of E 500-10000 although grants of up to E20000 may be provided in exceptional circumstances (Packard, n. . ). In Norway, all or some of the costs are met by the State and decision regarding this funding is taken by the Minister. Where less extensive private projects are involved, all or part of the costs is met by the State, if these costs impose much burden for the initiator of the project (Ministry of Environment, 1978). In Section 77 of England's Listed Buildings and Conservation Areas act it has been mentioned State makes grants or loans for the purposes of defraying the whole or part of expenditure required for conservation works.Other grant sources than State's grant may be available from the Heritage Lottery Fund, local authorities, heritage groups and amenity societies (Kent, n. D. ). In Nepal, renovation of the private and public monuments is done by ‘Town Development Fund'. Amount may be received as donation or grant from Government or any person or organization, international organization, foreign government or entrance fee (Department of Archeology, 1956) The funding agencies which assist INTACT in India to undertake any conservation of cultural heritage sites include: Gag Khan Program, Australian High Commission,Helen Hamlin Trust, UK,INTACT ( I-J) Trust, Maharani Museum Trust, Jodhpurs, UNESCO, World Monument Watch, Unit Foundation ,Ministry of Foreign Affairs and Cooperation of Spain (MACE),Patella Heritage Society, Ministry of Tourism, Department of Archaeology, UNCUT, Shinbone Japan, University of Allahabad, Infrastructure Development Corporation Ltd. University of Hawaii's at Manna,Department of Cultural Heritage, Government of Kananga, Archaeological Survey of India ,Ministry of Culture, ,Ministry of Environment, Ministry of Human Resource Development, ,Ministry of Railways( INTACT, n. D. ). 2. 6 Conservation in Bangladesh The Antiquities Act, 1976 has been followed so far for the conservation of the heritage sites. The other legal provisions are Immovable Antiquities Preservation Rules 1976, The Archaeological Works Code 1938, and The Manual of Conservation of 1922(Department of Archaeology, n. . ). 2. 6. 1 Criteria and Principles Immovable antiquity has been defined in Antiquities Act as â€Å"any urban site, str eet, group of buildings or public square of special value which the Central Government, being of the opinion that its preservation is a matter of public interest by reason of its arrangement, architecture or materials of construction, by deification in the official Gazette, declares to be an immovable antiquity for the purposes of this Act† Criteria for Conservation (Department of Archaeology, 1968, p. ) The Department of Archaeology of Bangladesh considers enlisting a historic or archaeological edifice only if it is 100 years old as per provision in the Antiquities Act (Ancient Monuments Preservation Act of 1904). But the committee formed for enlistment of historic sites on behalf of ARRACK enlisted an edifice considering historical, architectural, political, aesthetic and cultural value even if it is not 100 ears old(The Daily Star, 2008).The conservation practice in Bangladesh is archaeological preservation and it is based on the legislations introduced in 1922 by Sir John Marshall, the founder director General of Archaeological Survey of India (Wisped, n. D. ). Conservation, Acquisition, Penalty For the decision regarding conservation, an advisory committee is stated to take the responsibility which consists of director, two members of parliament, and three other persons having special knowledge about antiquities.The committee would give decision about a property the owner of which cannot be traced. Section 7 of Antiquities Act demonstrates that provincial Government can acquire a land or any part of the land that contains antiquities under the Land Acquisition Act, 1894 (1 of 1894) for public purpose after getting direction from the Central Government.Section 16 of the Act calls fir compulsory acquisition of an immovable antiquity if it is in danger of decay. A protected immovable property cannot be used for any other purpose than its preservation and administration. In Section 20 of the Act, provision for penalty for counterfeiting or damaging anti quities has been kept, but what pacific punishment would be given has not been clarified (Department of Archaeology, 1968).Though TAR (Transfer of development Right) is very effective to persuade and encourage private owners to cooperate in government's move of conserving heritage sites, it has not been introduced in Bangladesh till 2008(The Daily star, 2008). Change and Compatibility In Dacha Metropolitan Building Rules (Impart Norman Abdominal), it has been stated for any change, development, extension or destruction of building, a written statement is needed from the authority. The authority can permit entirely or partly

Discussion of Literature Set in Dystopian Societies Essay

This paper takes a look at three renowned dystopian authors; George Orwell, Anthony Burgess and Aldous Huxley and compares the dystopian societies that are described in their respective novels 1984, A Clockwork Orange and Brave New World. The ways in which the rights and freedoms of the citizens in each of their novels are suppressed and controlled is described with particular reference to the use of propaganda, language, sexual relationships and violence. The paper will progress to consider the ways in which the protagonists attempt to rebel from their situation and overcome cruel and unfair laws in order to escape the society. In discussing the ability of characters to overcome the unjust constraints of their society, it is worthwhile considering in some detail what a dystopian society is and how it is manifested. The concept of dystopia is inextricably related to the idea of Utopia, a theory that was developed originally by Plato in Republic and further explored by St Thomas More in Utopia. Whereas Utopia is envisaged as a perfect society where subjects live peacefully side-by-side, dystopia is the antithesis of this; â€Å"dystopia was invented to denote a bad place. Utopia expresses desire, dystopia fear† (Aldridge, 53). Quite often a dystopian society is one that is believed to have formed as a direct result of unsavory actions that were taken in order to achieve a utopian society; the methods used to solve problems and assert control lead to undesirable outcomes. In literature a dystopian society often has a number of distinct characteristics. One of which is the manipulation of one group of people by another. A Clockwork Orange, 1984 and Brave New World (BNW) are all examples of novels that depict such a society. In all three novels a minority group of people have acquired the power to control the citizens and they utilize this to command and dictate every element of their subject’s lives. Psychological oppression is in evidence in all three novels and the characters are limited in their thoughts and expressions. In both 1984 and A Clockwork Orange, the dystopian society is represented by violent and disturbing images. Fear and hate is utilized as a means of controlling the population and, as described by O’Brien in 1984, a strong correlation is formed between mental and physical being, â€Å"We control matter because we control the mind. Reality is inside the skull† (Orwell, 331). The prime emotion that is encouraged in the population is that of fear and the threat of brutality and torture the protagonists face entail that they are able to suspend even their own thoughts in order to evade punishment. Winston permits himself to think only of those subjects and issues that he has permission to think of, whereas Alex specifically avoids thoughts of violence in order to eliminate the chance he will become violently ill as a result of the side effects of the Ludivico he experienced at the government’s hands. In both cases the protagonists are no longer able to freely express themselves, their fear psychologically controls them and their entire mental thought processes altered as a direct result of this. Whilst A Brave New World, also describes a society where people’s thought processes and actions are controlled, this control is achieved in a very different way; through drugs and sex. Immediately form birth, the citizens are physically, chemically and psychologically encouraged to be happy and content. Where, in 1984 and A Clockwork Orange, the characters are punished for rebelling against the constraints of the society in which they are placed, in A Brave New World the people are provided with rewards for following the doctrines of their leaders. In this novel the subjects are conditioned from an early age to accept the values of the ten world leaders and they are indoctrinated to a value system that is based on superficial pleasures. The leaders thus control their society by limiting their aspirations and desires; the people accept simple things and are thus unlikely to rebel against their leaders. In all three novels, the ways in which the dystopian society is controlled is physically and visually represented by the use of propaganda. In 1984 the government literature, videos and advertisements are aimed at enforcing the state of fear that they have created. Reality is purposely altered in order to inspire feelings in the nation, feelings that can ultimately be used by the government to assert control and prevent rebellion. Clearly the propaganda utilized in 1984 is very effective and stirs strong emotions in Winston and the people in his social group and he describes the effects as they watch a film and experience, â€Å"a desire to kill, to smash faces in with a sledgehammer seemed to flow through the whole group of people,† (Orwell, 16). In A Clockwork Orange propaganda is also of immense significance and is utilized to control the feelings and emotions of the subjects. In this novel, two main forms of propaganda exist. The Ludivico Technique represents an outright propaganda, where the subject takes drugs and observes negative images in order to form associations with such images. In Alex’s case watching the repetition of violent images causes him to feel physical pain at the thought of violence and thus the propaganda serves to stem his aggression. Mass media is also utilized, as in 1984, and subliminal messages are utilized to encourage the populace to obey the state. Propaganda is observed in the posters in Alex’s home and the effectiveness of this is evidenced by impact that the images have upon him both prior to, and post, his Ludivico treatment at the state’s hands. Prior to his experience he seems unable to associate with the graffiti ridden images in the poster and he cannot recognize the significance of the visuals. However, after his treatment the poster appears clean and renewed and is able to fully recognize their message. A Brave New World also features the use of propaganda as a means of controlling the emotions and free will of the citizens. Fordisms are used to assert the supremacy of their leader and the inhabitants of society are fed subliminal messages as they sleep. They have no free will and thus become dehumanized. A further means by which the dystopian society engendered and controlled within the three novels in through the encouragement, or discouragement, of social interaction. In 1984 the subjects of society are sexually repressed and sex is permitted for procreation purposes only, â€Å"to beget children for the service of the Party† (Orwell, 69). Sex is no longer associated as being pleasurable and natural but instead becomes an unemotional procedure. In A Clockwork Orange Alex is unable to accommodate thoughts of sexual pleasure as his treatment entails that he now associates this with violence and thus experiences pain at the thought of partaking in a sexual act. His inability to behave as a normal man transpose him into the â€Å"clockwork orange† (Burgess, 96), he is a machine incapable of experiencing and fulfilling his natural urges. In both 1984 and A Clockwork Orange the mechanical, unemotional feelings attributed to sex and lust serve to dehumanize the characters and thus prevent them from feelings and emotions that could place the rule of the governments at risk. In Brave New World the government openly encourages sex as it is recognized as a means by which sexual desire can conquer and eliminate all other emotions. In this novel babies are artificially created in laboratories and sex therefore serves the purpose of pleasure alone. Family units cannot be formed as babies are without parents and thus the subjects do not form bonds and have become promiscuous. Although the use of sex as a control mechanism is different, like 1984 and A Clockwork Orange the intention is the same, to remove emotions from the subjects. A crucial characteristic of the regimes in place within the dystopian societies concerns language and communication. Language, as a means of communicating and forming relationships with others in society, is suppressed and with it is the extent of human interaction. The limit on language in all three books serves to limit free thought. In 1984 Newspeak is utilized as a means of brainwashing members of society and forcing them to think in a predetermined manner. In both Brave New World and 1984 the government’s intention to diminish the vocabulary reflects their plans to further diminish the thoughts of their public; without the words to communicate they are unable the commit thought crime, â€Å"In the end we shall make thought crime literally impossible (†¦) there will be no words in which to express it†. (Orwell, 200-201). In A Clockwork Orange Alex’s use of language acts as a means by which he can rebel from society. Nadsat allows him to communicate with the members of his gang and thus achieve the human interaction that the government attempts to suppress. In addition to this it serves as a means by which the unwelcome behaviors exhibited by Alex can be separated from the rest of the society, who, as with 1984, do not have a vocabulary capable of expressing such words. A further commonality between all three novels is that of rebellion, with the main characters in all three books actively rebelling against the system into which they have been indoctrinated. Winston, Alex and John all begin to question the merits of their society and, in all three cases they utilize a past reference as a means against which they can assess their current situation. For Winston this is his diary (which allows him to record the past and therefore have a term of reference), for Alex it is his meeting with Pete and for John it is Shakespeare’s Othello that acts as a significant prompt. Winston’s rebellion is manifested in three main ways. He commits the crime of keeping a diary, he partakes in a sexual affair and he joins a brotherhood. His actions reveal that he has realized the ills of the society and is trying to actively prevent himself from being fully indoctrinated. However, his efforts are not entirely successful. Through his capture and punishment in room 101 he is ultimately forced to love Big Brother and he rejoins the society as a fully integrated member. John too is not entirely successful in his rebellion against the repressive society in which he has been born. He attempts to rebel by refusing to partake in sexual contact, discourages the use of the drug soma and eventually causes a riot. The violence his actions engender causes a frenzied orgy which he himself takes part in. Such an orgy is a manifestation of the very society against which he is trying to rebel and he takes the only action that he feels remains, he kills himself. Finally, in the case of Alex, the effects of his treatment entail that he is forever changed and his attempts at violent behavior and rebellion are put to an immediate halt. However, unlike Winston, there are indications at the end of the novel that he is beginning to free himself and his ability to think and behave as an individual is being renewed. His reaction to the appearance of his friend Pete alert Alex to the changes he needs to make in his own life. However, his use of the Nadsat when speaking of his hope for the future, â€Å"Tomorrow is all like sweet flowers and the turning vonny earth and the stars and the old Luna up there† (Burgess 191), indicates that he is beginning to break from his control. Whilst rebellion against doctrine is present in all three of these novels, so is the reality that the rebellion has failed. In every case there is no real evidence that the dystopian society has been changed as a result of the protagonist’s actions and the characters appear to have been largely isolated in their ability to recognize the ill merits of the way in which they are being ruled. The efforts to overcome the cruel society are short-lived and the message portrayed is that members of a society cannot overturn their conditions alone; to truly escape the unfair laws citizens need to act as a collective whole. Works Referenced: Aldridge, Alan. Consumption (Key Concepts). University Park, PA: Polity, 2003. Burgess, Anthony. A Clockwork Orange. New York: W. W. Norton & Company, 1986. More, Thomas. Utopia (Penguin Classics). London: Penguin Classics, 2003. Orwell, George. Nineteen Eighty-Four. New York: Plume, 2003. Plato. Plato: The Republic (Cambridge Texts in the History of Political Thought). New York: Cambridge University Press, 2000.

I dont know a topic Essay Example | Topics and Well Written Essays - 250 words

I dont know a topic - Essay Example â€Å"Zephry† tells about a romance that the protagonist dreams of, though is not yet real. He dwells upon what would happen if heaven should deny him this love. As the poem starts off, this wanted love is beautiful, and the protagonist wants nothing more than to be loved by this being. He imagines how perfect it all would be. Then he realizes what life would be like if the other person did not love him back. At the end of the poem, he makes it clear that if he does not get the love that he wants, he will be nothing more than a slave to his heart and his need for love. â€Å"A Mad Heart† discusses the author’s need to obtain a certain cup, one that holds within it spiritual and religious truth and understanding. However, this need is felt more out of envy and lust, rather a need to simply have such a marvelous thing. The author, though, understands what it would be like if someone else had gotten the cup, and begins to realize that it is probably best that he not be the one to receive it. If he felt differently about the reason that he wanted the cup, it would make more sense that he would be the one to be given it. Without it, though, he learns that he needs to restrain such irrational feelings. â€Å"Last Night I Dreamed† is about the author being taken to heaven in the place of Adam, who is missing. In short, the author died, replacing the original man in heaven. The author was found amongst sin, claiming that he and God have an agreement that must be met. The poem contains on in a way that suggests the essence of life flashes before the eyes of the author, comparing a human life to that of a moth who has gotten too close to the light and now has scorched wings that no longer function as they should. After the author awakes, he realizes the importance of living a life worthy of getting into heaven. â€Å"All My Pleasure† tells about the author’s love for the woman he is with, and how he wishes it to not be taken. When he

Financial advice to manage a portfolio of 1,000,000 Essay

Financial advice to manage a portfolio of 1,000,000 - Essay Example This would rule out any advice that may involve buying speculative shares on the stock exchange. I would suggest that the direction we need to take in this case is a conservative approach, with the intention of safeguard the capital invested whilst at the same time, if possible, creating a small income to supplement. The other area we need to bear in mind is that you may also need to have reasonably quick access to the capital to either supplement the costs of your stay here, or for any other eventually that might crop up that cannot be met from your present income sources. What we would suggest in this instance is that between 20 – 25% of the funds should be placed into a cash situation, such as a building society, limited term bond with the ability to withdraw the funds relatively quickly if necessary. This will attract interest. The balance of the funds should be placed into bands, but it is necessary to ensure that these are what we call safe, rather than junk bonds. Junk bonds are those issued by organisations that the market considers to be doubtful in nature. Whilst the return is higher, so is the risk. I have to mention here that all investments which are linked in some way to company stocks and shares, even the bonds recommended, can reduce in value as well as increase, although bonds values historically do not vary as much as shares. Its must also be remembered that there could be a tax implication, certainly on any interest earned, unless one has invested via a TESSA or ISA. In addition one has to taken into account the possibility of capital gains tax, which comes into force should the gain exceed a given amount. Single parents have some unique situations when it comes to their investment portfolio. You need to make four provisions. One would be for the future, your retirement. The second provision is to provide cash

Develop an ethics program for a company X Essay

Develop an ethics program for a company X - Essay Example Company X should have an ethics program of values that defines a framework showing its commitment to operating its transactions with integrity (Brink, 2011). Company X prioritizes distinct values both internally and with its competitors, trade partners and customers. The chief executive officer of company X ensures that all employees adhere to specified values. Company X is an organization that offers commercial insurance, professional liability, and surety bonds. Application of the term X throughout the code of conduct defines the entire X Corporation together with its division, affiliates, as well as its subsidiaries worldwide. The code that defines ethics program of Company X holds for all to employees and to broader extent applicable, X board of directors, marketers, suppliers, and agents. Company X code of conduct does not compromise the relationship between the company and its employees; neither does it guarantee a definite period. In addition, the ethics program maintains relationship between company X and its employees (John & Linda, 2010). The code is amendable to enhance compliance with new company policies and objectives. Because Company X is subject to many countries’ around the world laws, it is ethical for all its employees to comply with all laws that hold, rules and regulations. In situations where there exists a conflict between the established code and the legal framework, the law applies. However, the code of conduct supersedes and replaces the idea of making the right choice: the company x guide to conducting in the workplace. The following topics are the guides to Company X policies references to topics within Code of Conduct. Because Company X investors and creditors among others hold a legal interest in the integrity of the company financial and accounting information, Company X is committed to demonstrating truthful, comprehensive, and complete financial records. The records must be perfectly accurate as well as implementation of

Solar energy and environmental impacts Research Paper

Solar energy and environmental impacts - Research Paper Example Solar energy is copious in the earth and it suggests important potential for the alleviation of climate change; therefore, it is desirable due to its inherently small burden on the environment and has opportunities for positive social impacts. This is further helped by the fact that the cost of solar technologies has been reduced to significant proportions and technical advances coupled with favorable public policies that has resulted into reduction of costs. The use of solar technologies has the advantage of having low lifecycle greenhouse gas emissions when compared to other forms of fossil fuels. This is because the production of solar energy through the photovoltaics (PV) emits no pollution nor does it emit greenhouse gases (Fell, 2012). Moreover, it has the effect of improving the health and livelihood of most of the world’s poorest neighborhoods as it addresses the gaps that is not filled by the available modern energy services (IEA, 2010). Environmental Impacts A report by The Wall Street Journal stated that the development of solar on lands that are deemed desert by disturbing the caliche deposits found underground leading to the release of carbon dioxide in the atmosphere. A similar study has equally found that the development of a solar plant could cause emission of about 6000 metric tons of carbon each year from the disturbance caused by the plant (Wall Street, 2010). Forests play a crucial role in the life of both plants and animals and hence any form of deforestation hinders the proper functioning of these species thus damaging the atmosphere. The role played by forests in human life cannot be gain said and therefore when they are cut to create room for solar plants, the absorption of carbon dioxide ceases or the carbon stored in the trees is released into the atmosphere when the tree is left to rot or is burnt. This has the overall effect of occasioning carbon dioxide build-up in the atmosphere that eventually leads to climate change. This is what happens during the installation of large-scale solar-power projects as ecosystems are interfered with when huge tracts of land are put in use. Forests have to be cleared to prevent shading of solar panels and allow for easy installation of solar posts. The removal of the forests thereafter leads to a change in the natural carbon sequestration rate that thereafter affects the amount of carbon dioxide emitted in the atmosphere. It is important to note that land use will ultimately affect the climate of a place including the local climate, microclimate and the temperature of the surface of land. Therefore, when solar panels which usually have low reflectivity and utilizes or converts large amounts of solar insulation into heat, there is the likelihood it may affect the global climate or the climate of a particular place. To minimize the effects that come about because of land use, it is important that when a solar installation is to be put in place by any stakeholder, the land selected should be in areas with low population density that translates into a low environmental sensitivity. Solar Energy and Climate Change The use of solar energy has an advantage in the sense that carbon savings derived from the use of solar energy outweighs the development of this form of energy. This means that a solar plant can save nearly 560, 000 metric tons of carbon per year (Wall Street, 2010). There is therefore a need to expand the solar power potential in order to meet the climate

Broken window concept and it connection to social disorder, as Essay

Broken window concept and it connection to social disorder, as described by George L. Kelling - Essay Example This situation results in social withdrawal or flight from the area, thus reducing the power of informal social control, which increases crime. Signs of this conduct are unrepaired broken windows and graffiti, teen age drunks and young bands. Kelling underlines that securing and propping up informal control mechanisms, through the aggressive policing of disorder and incivilities, constitutes the central means of reversing the spirals of neighborhood breakdown and misbehavior. Society, from this viewpoint, behave to counter the degeneration associated with crime, on the presupposition that it is an inherent capacity of communities to improve their resources of social control. Through informal community controls, it is anticipated that the primary of the normative consensus of the society will be asserted. These ideas connect with, and reflect the influence of, broken windows thesis (kelling 1995). According to this, societies and citizens are seen as occupying an essential role in hal ting moral decline, the regeneration of neighborhood life, and the prevention of crime, by exerting their moral authority. Societies and individual citizens are identified as a powerful site of social order and control. â€Å"For many people, thanks in part to how it has been presented by many police leaders, community policing is viewed as â€Å"soft† policing comparable to community relations or, worse yet, social work† (Kelling 1999). Community in this sense is defined negatively, through reference to others. Community members recognize themselves as a collective, as us in contradistinction to them. Consequently, insiders only exist because there are outsiders and so community may be based less on what people share in common than upon their difference in relation to others. Community, thus understood, is more than geographic location, it exists where members of a social group feel bound together by shared values or traditions

Research Proposal Paper Example | Topics and Well Written Essays - 1750 words

Paper - Research Proposal Example The understudies will be asked to finish an overview (Drummond,2014). The finished study will create the greater part of the essential parts to position every understudy in the right area of the 3 X 3 factorial outlines. The study will contain an assortment of inquiries identified with the theory of this study to focus the examples. They are between the utilization designs/ recurrence of the utilization of video games with the kind of video diversion to the understudies achievement and psychological state. The overview will likewise educate with respect to the additional curricular exercises of the understudies since this kind of out of school association might likewise relate to higher or lower government sanctioned test scores. This study is critical due to how essential state-administered testing has ended up, and the amount time and cash get put into enhancing the scores of understudies here. Technology is an apparatus that educators can use to help adapting, yet brain research tutoring must be first. In the event that instructors and therapists do not see how to help learning, engineering utilization will be ineffectual and wasteful. The key determinant of our prosperity and enthusiastic dependability will not be the quantity of machines obtained or links introduced. Instead, it is how people characterize instructive dreams, plan and help staff, outline educational program, location issues of value, and react to the quickly evolving world. Innovation gets utilized as a part of different courses than for instructive profits. Engineering got additionally created for amusement and relaxation. Video games are a type of engineering incorporating visual, sound-related, and kinesthetic/material reenactment structures. Not all, yet numerous understudies are excited in the use of video games in the timetable of relaxation time and unwinding. Video games have advanced a long ways past the

JOurnal Essay Example | Topics and Well Written Essays - 250 words

JOurnal - Essay Example She is a big and obese lady who had asked me to help her select some clothes for her. I chose for her an appropriate dress but all she wanted were dresses that were black in color. I had recommended other colors appropriate for her but she refused these and instead insisted on having only black dresses. I suggested pants for her but she instead wanted either a skirt or dress but only if it is color black. I got lucky and was able to get one for her. She was a bit friendly and talkative but I felt or sensed she was a weirdo somehow but thought it impolite to say so to her. I took a brief break and came back to the center at around five o’clock but I ended feeling scared of black clothes right now. Quite funny. After I got home last week from work, I got sick and took two days off at the agency. Today, I am still sick but cannot afford to be absent anymore as I had been absent for a number of days already. I am extremely thankful to the supervisor for accepting my excuses for absences but I need to render some overtime to make up for previous absences. I went to the agency today but still weird regarding my encounter with that big fat lady last week who chose black clothes. I saw three other interns who later on left as they had rendered their time already. It is now only me who is left and I felt sad about it. Later, a male client went on looking for some male stuff and men’s clothes. I got everything he wanted in an hour as he was not difficult to deal with. I went home and in the late afternoon, I came back to the donation center and saw it filled with many people who donated clothes and other stuff they no longer wanted to the agency. I was a bit happy that people are so generou s despite the hard times and I was grateful for their charity. I stayed here until past midnight and I went home somehow happy, elated, and fulfilled. I am glad to have helped other people and somehow help reduce poverty (Van

Activity Plan and Initial Recommendations for Tourism Company Essay

Activity Plan and Initial Recommendations for Tourism Company - Essay Example The researcher will be looking into past results and report with the help of secondary data collections methods which will be gathered from books, journal, internet and previous report with respect to tourism. Since the idea is to increase the rate travelling in our target consumers, we will be focusing on questionnaire which will focus on questions like frequency of travel, favourite destinations, etc. with these kinds of data we will be able to understand the trend of our consumers, their preferable destinations so that design and modify our packages accordingly. Before the researcher starts the activity planning and showcases the company, he needs to build the audience in to present it to them. So audience building is an essential part of the tourism industry. So the first focus will be building a new and existing group of audience. Audience development is about putting them in the center of the stage and trying to comprehend what individuals need; exhibiting our facility, gatheri ng or activity in a manner which is receptive, and welcoming; and empowering interest and engagement. As of late, there has been an expanding accentuation on audience improvement, especially from Government, open segment offices and stipend giving forms, for example, the Lottery funders. The inclination is that creating a more extensive cross-area of help is critical to building future backing for the legacy and that openly subsidized organizations have an obligation to captivate with all segments of the neighborhood.

Theories in Media and Society Essay Example for Free

Theories in Media and Society Essay According to National academy of sciences (1999) a theory is a well-substantiated explanation of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experimentation. In this light one gets to discuss the Structural functionalist theory and the Conflict Theory which are both theoretical perspectives found in the Media and Society. (a)(i) First and foremost, the Structural functionalist theory is amongst the theories found on the aspect of organization of society. This theory can also be referred to as Structural Functionalism, and it has the following assumptions. To begin with, the Structural Functionalist theory postulates or suggests that society is a complex system whose various parts (structures) work together to produce stability and solidarity.  These structures are a part of society because of their functionality in ensuring stability and solidarity. In other words, without their functionality in ensuring these two aspects mentioned prior, these structures would not be part of society.  To add on, Durkheim and Comte suggest that these parts of the society work together like the parts of a body for the benefit of society. In other words, one can say that these parts are inter-dependent, that is, they rely on each other to fully serve their purpose.  It is important for one to also note that this theory has two functionalities, and these are Manifest Functions and Latent Functions. In this aspect, Manifest functions in this case are those objective consequences contributing to the adjustment or adaptation of the system which are in tended and recognized by participants in the system. Examples include education, moral guidance, law and order maintenance. On the other hand, Latent functions are those functions that are neither intended nor recognized. In other words, they are somewhat less important as compared to Manifest Functions. Furthermore, organization of society theoretical perspectives also include the Conflict Theory. It has the following assumptions: The Conflict Theory suggests that society is made up of groups that are competing for scarce resources. In other words, this theory states that society is divided or disintegrated into various groups that scramble, if not fight for, these resources in order to survive be it socially, economically or politically. To add on, the conflict theory also suggests that power and inequality are the main characteristics of society and social groups are involved in power struggle (Karl Max). One can simply say that this means that the system called Society is patterned with power dynamics, and in those power dynamics are power struggles. Furthermore, this theory also states that this power struggle mentioned above, is a struggle for dominance amongst classes, genders, races, religions to mention but just a few. This simply means that in the entirety of society, there is the aspect of â€Å"survival of the fittest† in which the dominant ones survive and rule over the defeated or over the weak. In  addition, the conflict theory also assumes that there is social domination of subordinate groups through the power coercion of dominant groups. Furthermore, this theory also assumes that the dominant groups create rules for success and opportunity in society and they monopolize control, power, privilege and authority. In addition to the above mentioned, the conflict theory also assumes that the primary cause of social problems is the exploitation and oppression of subordinate groups by the dominant. A typical example is the conflict within the Ndebele State. It has 3 states, namely the Enhla, Ezansi and the Hole. The original Ndebele people were found in the upper class and they exploited some classes like the Hole for example and this led to a lot of conflict within the Ndebele society. Hence, it is typical for exploitation and oppression of subordinates to be the primary cause of social problems. One can say that these theories are valid in explaining the existence of, and the relationships between individuals and groups in society to a larger extent. To begin with, the assumptions of the structural functionalist theory are valid to a larger extent. The assumption that society is a complex system whose various parts (structures) work together to produce stability and solidarity is valid because it shows us that society has relationships, and that in their relationships, they have a goal which is to produce solidarity and stability. For example, the Zimbabwean society, the government in particular, always stresses on the need for the Zimbabwean society to be stable in terms its economy, and that it should maintain and promote solidarity. These two aspects are usually mentioned by the President of Zimbabwe R. G. Mugabe. To add on, one can say that the assumptions of the structural functionalistic theory are valid in explaining the existence of, and the relationships between individuals and groups in society. For example the one that states that society is made up of parts which work together like the parts of the body is a very practical assumption about society’s relationships. One can argue that in society there are groups of people, for example workers, students, civil servants, aristocrats and so forth. One can give an  illustration by referring to the Great Zimbabwe State that once existed in Zimbabwe. Miners could not survive alone because they depended on blacksmiths to make them tools for digging and excavating. Thus this simply shows that indeed society’s groups which are seen as parts in this theory, are inter-dependent on each other hence this theory is valid if not actually practical. Furthermore, these two theories are valid because they show us the existence of conflict within the society. The conflict theory states that society is made up of groups that compete for resources and this is very true and practical. A situation like this happened in Zimbabwe during the colonial era whereby whites were exploiting the resources available in Zimbabwe which eventually led to the Chimurenga war. The relationship between these two races was very hostile and sour because of the competition for these scarce resources. This war took place because there was intense competition for resources in the country and as such, this war was to settle the fight. Thus in essence, these theories are quite valid in explaining the existence of relationships in society. Society is made of classes that compete for scarce resources and this is best illustrated in the conflict theory. It states that in society, dominant classes oppress and exploit the lower classes which eventually leads to conflict. An example is the Apartheid Era in South Africa. The Boers were oppressing and exploiting the blacks and their resources. The blacks advocated for equality, through their icon Nelson Mandela. This sour between the blacks and the whites led to a serious conflict which was catalyzed by the competition for resources. Hence one can argue that these theories explain the existence of, and the relationships between individuals and groups in society to a larger extent. In addition, these theories are valid in explaining the relationships that exist in society to a larger extent. They enable one to fully understand the fact that conflict is part and parcel of society and that it is sometimes needed in order for development to occur. To add on, these theories also enhance one’s understanding of how society is divided and structured. It  shows that society has groups and individuals who live together in relationships, and that in these relationships, they serve to achieve certain goals and objectives like solidarity for example. In a nutshell, the conflict and the social functionalist theory are theories that are very much socialistic and they help one to get the concept of how society is organized, how the members of society relate to each other in achieving their goals and also that conflict exists in society. These theories are somewhat a blue print of how society is organized and how its members are inter-dependent on each other to survive.