Learning experience at university

Learning experience at university Coursework 3 Reflective Essay   Ã‚  Ã‚  Ã‚  Ã‚  Learning at university is an amazing experience for me as a student; it is totally different from the time when I was at high school. In the past several months, I have gradually developed my academic skills and, realized that I have to change my learning styles to be able to integrate with the new environment. Therefore, to be able to achieve the best results, the purpose of this essay is to reflect on my strengths, weaknesses with the results and feedbacks from the last assessed assignments of two previous 119ECN Coursework, 113ECN Coursework 1, 121BSS Coursework 1, 185ACC Phase Test 1 and the 119ECN Presentation. Then from that, considering what appropriate actions should be taken to make up the deficiencies and improve my skills.   Ã‚  Ã‚  Ã‚  Ã‚  Based on each coursework, I consider my strengths to be able to identify all the main important points that need to be highlighted on a writing essay like â€Å"summarize an article† (from 119ECN Coursework 1), and organize well the presentation of an essay like 121BSS Coursework 1,113ECN Coursework 1. Since I like to draw a plan beforehand of each essay to create a good structure, and it may be just my hobby trying to make the essay looks nice and tidy. I understand the teachers perspective in each essay, I know what I should mention; however, my academic writing skill is not good enough to get high mark, and the fact that I only get 55% (113ECN Coursework 1) is the highest mark that I can get from previous writing coursework. As the result that I had never done a writing essay before in high school, and especially I am an international student so my English language skills has a quite serious problem.   Ã‚  Ã‚  Ã‚  Ã‚  Normally in my essay, I will need to rephrase a number of sentences or words because it would not make sense, and the reader find a difficult time to understand it it is clearly said in the feedback of 119ECN Coursework 1 and in other coursework, the teacher only said my analysis or writing is enough or satisfactory but mostly never come to good. And even thought in 121BSS Coursework 1, I tried to read more reference books, used more academic writing styles, and I actually had a good analysis of private sector company types, I still got problem with my spelling and punctuation; I did not focus enough on the second part of the essay thus overall I did not get a high mark for the assignment (46%). Eventually, I make the same mistake in 119ECN Coursework 2 I did not pay enough attention and effort on the second part of the essay my explanation on the first part is only enough to satisfy but it comes to unsatisfactory on the second part, in the end, I get 36% for the coursework (the worst mark that I ever got).   Ã‚  Ã‚  Ã‚  Ã‚  In 113ECN Coursework 1, the type is quite different from the other coursework like 119ECN or 121BSS; I have to draw 3 4 charts and analyze them. My presentation and charts are quite good so they make up for my analysis; hence I get 55% for overall (the highest mark up until now for writing). The 119ECN Presentation is not a writing essay but a speaking communication, so the mark was average (13/20, about 65%); my speaking is quite clear and covers the entire required subject because I practice numerous times before the presentation day. Nevertheless, the hindrance is still my writing skill, my slide consists of too much information, so it is hard for the audience to follow my speaking and they only try to read the slide, not listening. And the presentation exceeds the given time because my group only practices individually so we couldnt manage to time ourselves in time. Finally, 185ACC Phase Test 1 is not exactly a writing test, it is more like a test of solving math problems so it involves more in calculating so it is easily to understand why there is no feedback for this test. To me, math is the easiest subject as I practice it frequently since I was young, and more interesting than other subject (especially subjects that I have to write essay). The test is not too difficult and has plenty of time so I did not have much trouble to finish it with perfect mark (100%).   Ã‚  Ã‚  Ã‚  Ã‚  As the result, I realize that my biggest weakness is my academic writing skills, and it is obvious that I have to do a large number of essays when I am at university as they are the main assessed mark. For that reason, I have to improve my academic skills by many ways like: Read more guide books about writing skills at university to help increase my academic words, and how to use them efficiently in the essay as I can find many examples in those books. Read more books about my subject like finance or business, and even newspaper to help improve my ability to analyze the data and have a wider range of knowledge to be able to develop the quality of the essay. Check through the essay several times when the tutor gives back the assignment with feedback and reflect on it make note of what lacking in the essay and what need to improve base on the tutors feedback. Find someone with high result to reflect the essay together and pay attention on what they have that I dont have. Listen to their opinion about my work, and try to improve it base on their comments. Scan the essay several time before hand it in to check if there is any mistake and see if it makes sense. Especially try to pay attention to the second part of the essay more as I always neglect it.   Ã‚  Ã‚  Ã‚  Ã‚  In conclusion, through this essay I know all of my strengths, and weaknesses on my current academic skills based on previous assignments of several modules. I have a lot of actions that need to be taken to develop my academic skills before the end of this semester. To be able to have a good result of the first year at university, I still have to try more to get a good hold of wider knowledge. Appendices: Page 1

Chapter 1 Modern Auditing

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

Library vs. Internet Essay

Introduction Nowadays, in a highly technological society, human productivity is made more efficient through the development of electronic gadgets. Now, with the advent of such modernization in education, one way to globalize the process of research is to realize that technology is advancing at an incredibly fast pace. Computers are not confined to being used for entertainment but its role in education is also vast. Library is derived from the old French term â€Å"librairie† which means â€Å"a collection of books. † Reading materials in school are stored in libraries. Library is a place in which books and related materials are kept for use but not for sale. It is also organized for use and maintained by a public body, an institution or a private individual. In addition, it is a place in which we get information in any format and from many sources. The librarian has to keep the room neat so that it is conducive for learning. The librarian is also the person who is liable for monitoring all the books that are borrowed and returned by the borrowers. Library systems, comparisons and contrasts. For the children of today, going to the library, searching through the card catalogue to look for books on topics they need to research on is quite archaic! However, many of us still remember how time consuming this was. The kids of today certainly have it easy. Imagine getting all the information you need with one-click of your mouse!?! An integrated library system (ILS), also known as a library management system (LMS), is an enterprise resource planning system for a library, used to track items owned, orders made, bills paid, and patrons who have borrowed. An ILS usually comprises a relational database, software to interact with that database, and two graphical user interfaces (one for patrons, one for staff). Most ILSes separate software functions into discrete programs called modules, each of them integrated with a unified interface. Examples of modules might include:  § acquisitions (ordering, receiving, and invoicing materials)  § cataloging (classifying and indexing materials)  § circulation (lending materials to patrons and receiving them back)  § serials (tracking magazine and newspaper holdings)  § the OPAC (public interface for users). Each patron and item has a unique ID in the database that allows the ILS to track its activity. Larger libraries use an ILS to order and acquire, receive and invoice, catalog, circulate, track and shelve materials. Smaller libraries, such as those in private homes or non-profit organizations (like churches or synagogues, for instance), often forgo the expense and maintenance required to run an ILS, and instead use a library computer system. (Wikipedia) Automation of the catalog saves the labor involved in re-sorting the card catalog, keeping it up-to-date with respect to the collection, etc. Other tasks which are now automated include checking-out and checking-in books, generating statistics and reports, acquisitions and subscriptions, indexing journal articles and linking to them, as well as tracking interlibrary loans. Since the late 1980s, windowing systems and multi-tasking have allowed the integration of business functions. Instead of having to open up separate applications, library staff could now use a single application with multiple functional modules. As the Internet grew, ILS vendors offered more functionality related to computer networks. As of 2009 major ILS systems offer web-based portals where library users can log in to view their account, renew their books, and authenticate themselves for access to online databases. (Wikipedia) In recent years some libraries have turned to major open source ILSs such as Koha and Evergreen. Common reasons noted were to avoid vendor lock in, avoid license fees, and participate in software development. Librarytechnology. org does an annual survey of over 1,500 libraries and noted in 2008 2%[3] of those surveyed used open source ILS, in 2009 the number increased to 8%[4] and in 2010(most recent year available) 12%[5] of the libraries polled had adopted open source ILSs. (Wikipedia) Read more: http://ivythesis. typepad. com/term_paper_topics/2011/06/local-studies-about-library-system-a-sample-thesis. html#ixzz2DsPW4UYZ http://ivythesis. typepad. com/term_paper_topics/2011/06/local-studies-about-library-system-a-sample-thesis. html Library: foreign literature. The network libraries now have autonomous library systems (TINLIB version 280 of IME) with reciprocal access to each others catalogs via the PHnet. Training on site and in UK has been provided by IME to the staff of the network. Staff expertise on the use of all the modules of TINLIB running on UNIX has been brought to a level where the staff can now confidently train others and maintain the system. Online support via the Internet is also provided by IME upon request. The choice of a common library system was decided by the technical committee of the network libraries to have a uniform platform, training programs, import profiles, etc. across the network and for ease in establishing a user group/systems administration group. TINLIB was chosen because it met the systems specifications prepared by the technical working group, and had favorable references from users. Additional features which gave it an edge over other systems is its utilization of hypertext techniques, client-server architecture, and ability to import and export data from any of the databases existing in the network libraries. The library directors and heads are under tremendous pressure to continue and expand the networked services. Four of the services which need to be implemented immediately are: 1) the creation of a union catalog for books, audio-visual, serials and Filipiniana articles and researches; 2) access to CD-ROM abstracts and indexes and full text journals and references from any site on the network, subject to copyright and licensing agreement with suppliers and publishers; 3) development of networking navigation tools and training programs; and 4) building of sufficient monetary resources and/or commitment of university officials to allocating sufficient funds for the maintenance of the network. 5) transforming the College of Science library into a National Science Library and Information Center to widen the scope of its services

Manot Cave - Early Modern Humans Out of Africa and Into the Levant

Manot Cave is an active karst cave with abundant speleothems, and, more to the point, evidence of multiple Middle and Upper Paleolithic occupations likely associated with both Neanderthals and  anatomically modern humans (abbreviated AMH). The cave is located in what is today Israel, some 40 kilometers (25 miles) northwest of the similarly dated Neanderthal site of Qafzeh Cave and about the same northeast of the four Neanderthal sites at Mount Carmel, and about 220 meters (656 feet) above sea level. The interior of the cave is an elongated main hall (80 m [262 ft] long, 10-25 m [30-80 ft] wide), and it has two lower chambers connected from the north and south. A skull cap (calvaria) from a hominin skull was found in the side chamber extending eastward from the northeastern wall of the main cave, covered by a thin calcite crust. The chamber is 7.7x4 m (25x13 ft) in floor area and 1-2.5 m (4-8 ft) high. The skullcap was resting on a flowstone ledge, without loose sediment nearby, and is not associated directly with any stratified archaeological layers found elsewhere in the cave. The calcitic crust directly covering the calvaria was direct-dated by Uranium-Thorium methods to 54,700 /- 5,500 years ago: researchers suggest that given the constant wetness of the cave today, the crust date likely approximates the true age of the skull. AMH is thought to have arrived in Europe ca. 45,000 years ago (bp). Chronology Excavations indicate the cave was intensively occupied during the Upper Paleolithic period, and, to a lesser extent, the Middle Paleolithic. Dates include both Accelerator Mass Spectrometer radiocarbon dates and Uranium-Thorium dates. Collapse of the cave, 30,000 years bpUpper Paleolithic (Areas C and E)  Levantine Aurignacian  (39,000-35,000 bp), carinated and nosed endscrapers on blades, bladelets and antler spear points, comparable to Hayonim Cave and Ksar Akil Rockshelter; Columbella rustica and Nassarius gibbosulus shells, some perforated, presumably for personal ornamentationAhmarian (46,000-42,000 bp): long, narrow blades with punctiform platforms, burins, endscrapers and el-Wad pointsTerminal Middle Paleolithic/Initial Upper Paleolithic (60,200-49,200 bp): blade cores, endscrapers, Levallois-like blades, similar to Ksar Akil, Ucagizli Cave, Boker TachitMiddle Paleolithic (Areas A, C, D): Levallois cores and flakes, some of which were found in the later assemblages Features of Manot Cave Features associated with the habitation of the cave include Area E, a thin living surface associated with the Upper Paleolithic component. Area E included charcoal remains, flint artifacts, animal bones and two combustion areas, one of which is a hearth with white calcified wood ash, surrounded by a layer of burnt clay. Artifacts in Area E included endscrapers, burins and Dufour bladelets. Area C is primarily an Early Upper Paleolithic occupation, with a scatter of Middle Paleolithic tools. Flint tools include Aurignacian-like blades and blade tools, el-Wad points, and antler points. Area C also included perforated shells and red ochre. A recent study of the lithics from Area C (Weiner et al) suggests that 19 of 20 examined artifacts were heat-treated, a characteristic of AMH first definitively used about 70,000 years ago in South Africa. The faunal record of the cave indicate the inhabitants were exploiting mountain gazelle and Mesopotamian fallow deer. See the Manot Cave project gallery page at Antiquity by Marder et al. for details and photographs of the artifacts and site features. Calvaria at Manot Cave A large intact portion of a human skull was recovered from Manot Cave, including of the uppermost part of the frontal bone, two nearly complete parietal bones and the occipital. The calvaria is relatively small and gracile, but is believed to be from an adult. Cranial capacity is estimated to be 1,100 milliliters, well within Anatomically Modern Human  (AMH) ranges. Indeed, most aspects of the skulls form fall within the range of modern humans, although others, including a coronal keel and an occipital bun, do not. Excavators Hershkovitz and colleagues argue that the skull cap contains a mosaic of archaic and modern traits like other hominins found across sub-Saharan Africa and the Levant as recently as 35,000 years ago. Given the date and formal aspects of the skull, Hershkovitz et al. argue that the Manot 1 individual likely was a member of a population that migrated  out of Africa  and established itself in the Levant during the late Middle Paleolithic or Middle-Upper Paleolithic interface. Thus, say the scholars, Manot 1 is either an early local Levantine Anatomically Modern Human, or it represents a hybrid between Neanderthals and early AMHs. In either case, suggest the scholars, the residents of Manot Cave did live in close proximity to Neanderthals, and thus the Manot skullcap may have been one of the first descendants of AMH populations to have interbred with Neanderthals prior to the migration into Europe. Archaeology Manot was found by construction workers in the early 21st century and excavated by an international team led by Tel Aviv University between 2010-2014. Sources This article is a part of the About.com guide to the Upper Paleolithic, and the Dictionary of Archaeology. Hershkovitz I, Marder O, Ayalon A, Bar-Matthews M, Yasur G, Boaretto E, Caracuta V, Alex B, Frumkin A, Goder-Goldberger M et al. 2015. Levantine cranium from Manot Cave (Israel) foreshadows the first European modern humans.Nature in press. doi: 10.1038/nature14134 Marder O, Alex B, Ayalon A, Bar-Matthews M, Bar-Oz G, Bar-Yosef Mayer DE, Berna F, Boaretto E, Caracuta V, Frumkin A et al. 2012. The Upper Palaeolithic of Manot Cave, Western Galilee, Israel: the 2011–12 excavations. Antiquity Project Gallery. Weiner S, Brumfeld V, Marder O, and Barzilai O. 2015. Heating of flint debitage from Upper Palaeolithic contexts at Manot Cave, Israel: changes in atomic organization due to heating using infrared spectroscopy. Journal of Archaeological Science 54:45-53. doi: 10.1016/j.jas.2014.11.02s wasahave come from