Personal Experience The Musical Talents of the John...

On the 17th of April 2014, at the Hobart City hall, Tasmanian audiences witnessed the musical talents of the John Butler Trio. This Australian band was originally formed in 1998, and since then has gained great international success. Since the release of their latest album this year, titled Flesh and blood, the John Butler Trio have undertaken a national tour around Australia, to showcase their new work. Upon arriving at the venue at 7pm. I quickly found a seat with a good view of the stage and sat down with anticipation for the concert to begin. After waiting for around 45 minutes my excitement began to fade and I soon grew impatient and tiered of listening to strange trance music that was played over the speakers throughout the venue. After waiting further 20 minutes the supporting act came out to play their set. This act comprised of Mama Kin, who is John Butler’s wife, and some other musicians that were not introduced. Her performance consisted of songs from her new album The Magician’s Daughter, with her set being comprised of eight songs, including: Rescue, One Too Many and Give Me A Reason. Mama Kin’s voice was tender to listen to and through out every song she poured both heart and soul, with every minute of her performance showing her passion for her craft. Mama Kin’s stage presence was strong and relaxed. Her performance was also entertaining between songs, as she put both the audience and her self at ease by telling some ratherShow MoreRelatedKey Signature and Beethoven9252 Words   |  38 Pages c. Incidental music to plays d. 1 violin concerto e. 5 piano concertos f. 16 string quartets g. 9 piano trios h. 10 vioin sonatas i. 5 cello sonatas j. 30 large piano sonatas k. Numerous piano variations Read MoreManaging Information Technology (7th Edition)239873 Words   |  960 PagesInformation Systems CASE STUDY I-1 IMT Custom Machine Company, Inc.: Selection of an Information Technology Platform CASE STUDY I-2 VoIP2.biz, Inc.: Deciding on the Next Steps for a VoIP Supplier CASE STUDY I-3 The VoIP Adoption at Butler University CASE STUDY I-4 Supporting Mobile Health Clinics: The Children’s Health Fund of New York City CASE STUDY I-5 Data Governance at InsuraCorp CASE STUDY I-6 H.H. Gregg’s Appliances, Inc.: Deciding on a New Information Technology Read MorePropaganda by Edward L Bernays34079 Words   |  137 Pageseffectiveness greater than the effectiveness of any personality and stronger than any sectional interest. The common design can be documented and sustained against perversion and betrayal. It can be elaborated and developed steadily and widely without personal, local and sectional misunderstanding. What Mr. Wells says of political processes is equally true of commercial and social processes and all manifestations of mass activity. The groupings and affiliations of society to-day are no longer subjectRead MoreLogical Reasoning189930 Words   |  760 Pagesmight not have Giardia. Ill take the first drink. Juanita winces. No, don’t do that, she says. Lets just pack up and go home. When you ask her why, she explains that a friend of hers got Giardia and had a bad experience with it. She doesnt want to risk having the same experience. When you hear the details, you understand why. The symptoms are chronic diarrhea, abdominal cramps, bloating, and fatigue. Also, she says, the park signs about Giardia are probably posted because the organisms

Essay about The Surrender of Books to Technology - 1016 Words

In this day and age, technology seems to have taken over the world. Oblivious people walk around hypnotized by the digital images on their electronic devices, where an unlimited supply of knowledge is at a user’s fingertips – thanks to the smartphone. Able to access information quicker than finding a book, these phones have the capabilities of providing amble amounts of knowledge in lightning speeds. Tablets and portable computers are easily accessible and at the fingertips of users. People almost everywhere are using electronics now as the chief source of learning. If you visit libraries, you won’t see many students engaged in books. You won’t see many study groups utilizing dictionaries for unknown words. However, you will see students†¦show more content†¦This is the cycle of cognitive development through technology. Those who browse the web are not textually deprived. Rather, people are constantly browsing articles, reading email, checking Fa cebook statuses, or even writing blogs. Even though it’s not the same as reading a traditional narrative book, words are being processed frequently. Books have always been the traditional source for obtaining information and knowledge, however now with the latest electronic resources available, books seem almost obsolete. The simple task of researching a topic no longer requires spending extra time driving to a bookstore and searching for information regarding the topic of interest. Instead, people use intuitive search engines that scan across every article for relevance. Christine Rose, senior editor of The New Atlantis, puts to perspective an interesting angle on the relationship between technology and books. She says, â€Å"We are increasingly distractible, impatient, and convenience-obsessed – and the paper book just can’t hold up.† Unfortunately with innovative technologies come many distractions. It is to no surprise that people have become more dis tracted with notifications buzzing every two minutes. 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Audit Financial Statements

Question: Discuss about theAudit for Financial Statements. Answer: Introduction Inherent Risk: An inherent risk is the risk that there would be material misstatements in the financial statements that would be the result of the error or the omission that would be the cause of the failure of the various controls. These are the factors that would cause the misstatement that would be due to the absence or the lapse of the various different controls. The implementation of these controls is the sole responsibility of the management (ISA handbook, 2016). An inherent risk is considered to be high when there is a high degree of judgment involved and the estimation has been involved in the various transactions that are considered to be complex in nature (Techtarget, 2016). The following are the factors that affects or increases the inherent risk of the business of the client: The business in which the client deals: when the client is involved in a very high technology industry, then it faces the risk of inventory going obsolete. New inventions and innovations are taking place each and every day. And in such a case, the inventory of the entity may go waste and this increases the inherent risk of the entity. When an audit is assumed to have a higher risk, then an auditor will have to conduct an increased amounts of tests and review inventory on regular basis (Florea et al, 2016). Earlier audits: the issues or the errors or the fraud that was found earlier would definitely appear in the financial statements of the current year as well. For example, in case, an error or shortage was observed in the inventory during the audit of the previous audit, then that should be checked during the current year as well. When an audit is assumed to have a higher risk, then an auditor will have to conduct an increased amounts of tests and review inventory on regular basis. Initial or recurring audits: in case, the same client is being audited by the auditor for an increased number of years, then the auditor gains some experience with regard to the relevant knowledge about the engagement. This makes the sense for the auditor and they feel more confident in the auditing using the same client instead of the new one. An auditor would always consider the inherent risk to be higher during the initial years whereas the same is considered to be lower during the later years of the audit. Related party transactions: there are of the transactions that takes place between the company and its subsidiaries, between the entity and the employees etc. all these transactions have to be reported at the price at which these would have been reported if entered into with the non-related party. There is not much of transparency when these transactions take place. When the auditor is convinced, then he would assign high inherent risk to these transactions. Non-routine activities: there are many of the transactions that includes the transactions like losses, fires, major property acquisitions, write off of the assets and the implementation of the new product. When it comes to recording these transactions, the client may not have some sufficient transactions that takes place more frequently, then the client may lack enough experience to deal and to report such of the transactions. The client is more likely to make mistakes due to the lack of the experience. It is quite logical for the auditor to estimate a high degree of inherent risk and extend his audit procedures accordingly (Emerald insight, 2016). Judgment and experience: there are many of the cases wherein the management of the client needs to exercise a great amount of judgement while recording and estimating the various transactions. The examples would include the investments must be reported at their fair values, allowances for the trade receivables that go uncollected etc. There is a greater likelihood of the misstatements when the inherent risk is quite high. Hence, the auditors is more inclined in assessing a higher amount of inherent risk. Population: from the point of view of an auditor, the nature of the items that make up the entire population affects the likelihood of the material misstatements. When there is a higher likelihood of the material misstatements, then that would lead to an increased investigation and testing. As the result of this, the auditor would assess a higher degree of the inherent risk that is questionable to the various items such as the transactions that have been entered into with the related parties etc. (HKIAAT, 2016). An auditor needs to consider these risks and then plan his audit accordingly since an increased inherent risk would require more detailed audit procedures. Increased Inherent Risk: An inherent risk is the risk that there would be material misstatements in the financial statements that would be the result of the error or the omission that would be the cause of the failure of the various controls. These are the factors that would cause the misstatement that would be due to the absence or the lapse of the various different controls. The implementation of these controls is the sole responsibility of the management. An inherent risk is considered to be high when there is a high degree of judgment involved and the estimation has been involved in the various transactions that are considered to be complex in nature. The following are the factors that affects or increases the inherent risk of the business of the client: The business in which the client deals: when the client is involved in a very high technology industry, then it faces the risk of inventory going obsolete. New inventions and innovations are taking place each and every day. And in such a case, the inventory of the entity may go waste and this increases the inherent risk of the entity. When an audit is assumed to have a higher risk, then an auditor will have to conduct an increased amounts of tests and review inventory on regular basis. The business in which the company is dealing in is much complicated and it has quite tight competition. Earlier audits: the issues or the errors or the fraud that was found earlier would definitely appear in the financial statements of the current year as well. For example, in case, an error or shortage was observed in the inventory during the audit of the previous audit, then that should be checked during the current year as well. When an audit is assumed to have a higher risk, then an auditor will have to conduct an increased amounts of tests and review inventory on regular basis. No data available. Initial or recurring audits: in case, the same client is being audited by the auditor for an increased number of years, then the auditor gains some experience with regard to the relevant knowledge about the engagement. This makes the sense for the auditor and they feel more confident in the auditing using the same client instead of the new one. An auditor would always consider the inherent risk to be higher during the initial years whereas the same is considered to be lower during the later years of the audit. No data available. Related party transactions: there are of the transactions that takes place between the company and its subsidiaries, between the entity and the employees etc. all these transactions have to be reported at the price at which these would have been reported if entered into with the non-related party. There is not much of transparency when these transactions take place. When the auditor is convinced, then he would assign high inherent risk to these transactions. No data available. Non-routine activities: there are many of the transactions that includes the transactions like losses, fires, major property acquisitions, write off of the assets and the implementation of the new product. When it comes to recording these transactions, the client may not have some sufficient transactions that takes place more frequently, then the client may lack enough experience to deal and to report such of the transactions. The client is more likely to make mistakes due to the lack of the experience. It is quite logical for the auditor to estimate a high degree of inherent risk and extend his audit procedures accordingly. No such transactions have been observed from the statement of profits or loss. Judgment and experience: there are many of the cases wherein the management of the client needs to exercise a great amount of judgement while recording and estimating the various transactions. The examples would include the investments must be reported at their fair values, allowances for the trade receivables that go uncollected etc. There is a greater likelihood of the misstatements when the inherent risk is quite high. Hence, the auditors is more inclined in assessing a higher amount of inherent risk. No data available. Population: from the point of view of an auditor, the nature of the items that make up the entire population affects the likelihood of the material misstatements. When there is a higher likelihood of the material misstatements, then that would lead to an increased investigation and testing. As the result of this, the auditor would assess a higher degree of the inherent risk that is questionable to the various items such as the transactions that have been entered into with the related parties etc. No data available. An auditor needs to consider these risks and then plan his audit accordingly since an increased inherent risk would require more detailed audit procedures. Hence, in the light of the above factors, it can be stated that the audit risk is not high but is low. Going Concern Assumption: An enterprise is always assumed to have been following the assumption of going concern which means that the operations of the entity shall continue for the foreseeable future. It is also assumed that the enterprise nether has an intention nor the necessity of liquidation or of curtailing materiality the level of the operations being carried on by the entity (MCA, 2016). It is the duty of the management to prepare the financial statements as per the given accounting standards and as per the accounting standards that are being followed in the preparation of the various financial statements. The auditor just has to report whether the financial statements represent a true and a fair position of the company. An auditor has to undertake an evaluation of the ability of the company of the financial statements as been following the going concern for the period of not more than a year. The auditor usually takes into account the ability of the company to act on the assumption of going concern. The following are some of the things that have to be considered: Whether the financial statements shows any trend in the operating results such as losses. The company under review has losses and the same have been piling year after year as can be seen from the income statement. When the company has defaulted in the loan. The company does have loan which could be seen from its balance sheet but no payment of either instalment or interest is seen from the statement of cash flows which is not possible since the non-payment could not be there for 2 consecutive years. Denial of the trade credit given to the company by the suppliers. No such information is there in the financial statements. Uneconomical commitments to which the company is subjected to in the longer term. No such information is there in the financial statements. Legal proceedings as against the company. No such information is there in the financial statements (Accounting tools, 2016). In the above case, if any of the above holds true, then the auditor will have to qualify his report. In the given case, he will have to obtain much more information since the information given in the case study is less. He is required to further investigate into the liquidity ratios since they would help him in ascertaining the ability of the company to pay its debts that are due within the period of 1 year or one operating cycle. The examples of liquidity ratios include current ratio, inventory turnover ratio, quick ratio etc. These ratios are important to be calculated since in case, they are negative, then that would mean that the business entity will not be able to continue its business operations due to shortage of cash. And it will have to shut down its business or discontinue its operations. Further they are quite important to calculate since the going concern assumption of accounting is just an assumption, in case the auditor feels that it may not be true, then he would exercise more of his audit procedures. Also, the going concern assumption does not always mean that the company will be forced to shut down its operations any time soon (Accounting for management, 2016). References: Accountingformanagement.org. (2016).Going concern concept - definition, explanation examples and importance | Accounting For Management. [online] Available at: https://www.accountingformanagement.org/going-concern-concept/ [Accessed 23 Sep. 2016]. Accountingtools.com. (2016).Going Concern Principle - AccountingTools. [online] Available at: https://www.accountingtools.com/going-concern-principle [Accessed 23 Sep. 2016]. Florea, R. (2016).The Implications of Inherent Risks Assessment in Audit Risk Limitation. [online] www.ugb.ro. Available at: https://www.ugb.ro/etc/etc2012no1/06fa.pdf [Accessed 23 Sep. 2016]. Inherent risk and indicative factors: senior auditors perceptions: Managerial Auditing Journal: Vol 13, No 8. (2016).Managerial Auditing Journal. [online] Available at: https://www.emeraldinsight.com/doi/abs/10.1108/02686909810370551 [Accessed 23 Sep. 2016]. Ishandbook.bsewall.com. (2016).Inherent Residual Risk. [online] Available at: https://ishandbook.bsewall.com/risk/Assess/Risk/inherent_risk.html [Accessed 23 Sep. 2016]. SearchCompliance. (2016).What is inherent risk? - Definition from WhatIs.com. [online] Available at: https://searchcompliance.techtarget.com/definition/inherent-risk [Accessed 23 Sep. 2016]. www.hkiaat.org. (2016).Risk in Auditing Inherent Risk (Relevant to PBE Paper III Auditing and Information Systems and AAT Examination Paper 8 Principles of Auditing and Management Information Systems). [online] Available at: https://www.hkiaat.org/images/uploads/articles/PBEPIII_inherent_risk.pdf [Accessed 23 Sep. 2016]. www.mca.gov.in. (2016).Accounting Standard (AS) 1. [online] Available at: https://www.mca.gov.in/Ministry/notification/pdf/AS_1.pdf [Accessed 23 Sep. 2016].