Financial Analysis and Auditing Research

Question: Discuss about the Financial Analysis and Auditing Research. Answer: Introduction: Auditing refers to the process of testing and inspecting various kinds of accounts of an organisation. In this process, the auditors need to be honest and ethical at the time of conducting the audit operations of the organisations (DeFond and Zhang 2014). On the other hand, the auditors need to comply with all the necessary rules and regulations of auditing. In case of David Jones Limited, the company conducts its audit operations on a yearly basis. As per their latest financial report, Ernst Young was the audit partner of the organisation. The main aim of this study is to verify that whether the company has paid any money for any kind of non-audit services. In this regard, it is necessary to evaluate all the auditing aspects of the organisation (Furnham and Gunter 2015). As per the declaration of the organisation, it has developed a policy related to the independence of external auditor and the provision of non-audit services for assuring feasible practices in audit and financial governance. In order to ensure the policy success, the conflict of interest has been removed between the auditor and David Jones. The external auditor, Ernst Young, provides an independent declaration to the board and committee of David Jones in order to confirm its independence. In addition, it is the responsibility of the external auditor to confirm that it has not conducted any engagement, which would damage its independence in compliance with the Corporations Act and APES 110. The audit committee of David Jones would review along with approving or declining, when deemed necessary before the commencement of engagement. This is associated with the individual engagement for the non-audit services having fees above $50,000 or expected to be above $50,000. The audit committee of David Jones would not provide any work to Ernst and Young, if the former believes that such activity would violate the Corporations Act 2001 and APES 110. David Jones has prohibited its external auditor from providing certain services. These services constitute of developing financial statements and accounting records, design and implementation associated with systems of information technology along with valuation and internal audit services. The above table mainly depicts the overall audit and non-audit services, which Ernst Young has provided to David Jones during 2012 and 2013. It is inherent that the external auditor has provided assurance and taxation services to the organisation along with auditing and reviewing its financial statements. The total amount of non-audit fees paid on the part of David Jones to Ernst Young has amounted to $169,568 (88,200 + 81,368) in 2013 and $55,500 in 2012. The non-auditing services are subject to procedures of corporate governance and the audit committee has reviewed such services. Such review would help in assuring that the non-audit work would affect the objectivity and integrity of the auditor (William Jr, Glover and Prawitt 2016). References: Davidjones.com.au. (2017).[online] Available at: https://www.davidjones.com.au/~/media/David-Jones/Corporate/ASX-and-Media/2013/DavidJonesLimited2013AnnuaReport.ashx [Accessed 9 Jan. 2017]. DeFond, M. and Zhang, J., 2014. A review of archival auditing research.Journal of Accounting and Economics,58(2), pp.275-326. Furnham, A. and Gunter, B., 2015.Corporate Assessment (Routledge Revivals): Auditing a Company's Personality. Routledge. William Jr, M., Glover, S. and Prawitt, D., 2016. Auditing and Assurance Services: A Systematic Approach.Auditing and Assurance Services: A Systematic Approach.

Capital Gains Method and Policies for Business Organizations

Question: Discuss about the Capital Gains Method and Policies for Business Organizations. Answer: Introduction: The taxation law of Australia is one of the worlds outstanding revenue collection system introduced by the government of the country, which is based on the citizenship of an individual of the nation, capital gains method and policies for business organizations. This study will present the brief idea about the residential status based on Australian Law. In the given case, Fred seeks an advice about his residential status based on Australian Law. Ascertainment of residency of Fred for taxation: After analyzing the case, it was found that Fred visited Australia with an intention to set up his own business in the country. He did not mention the duration of his stay before the arrival. According to Australian Law, it is mandatory for an individual to obtain a valid visa for his stay in the country for an unknown period. According to Saad (2014), this type of visa can be termed as Permanent Residence Visa also. In the given case, it was found that Fred has visited the country without his family; moreover, he has obtained a valid visa also. It is not possible to decide whether the obtained visa is Permanent Residence Visa or not. To decide on the matter it is necessary to highlight the requirements of the residential status of Australia. The requirements are as follows: Physically present in the country: According to Australian Law, a person must stay in the country at least for a period of twelve months than only the person is eligible to acquire a permanent residency of the country. In the given case, Fred left the country within a period of eleven months due to his illness. In the words of Schenk, Thuronyi and Cui (2015) if the person fails to satisfy the requirements of the act than the person is not liable to pay tax in the country. So based on the assumption it can be conclude that Fred has not met the basic criteria of the act hence he is a non-resident and could not be chargeable for taxation purpose. Policy of Dual Citizenship: Dual citizenship means a person can acquire the citizenship of more than one country at a time based on the rules and regulation of the nations. In the given case, Fred resides in UK and has the citizenship of the country. To carry on any business in Australia it is necessary for an individual to obtain the citizenship of Australia. Fred has certain investment in France and he receives certain amount of interest from that investment. According to Arthur (2016), the person who earns an income from more than one country, the amount which he earned is taxable under both the countries i.e. the country in which he resides and the country in which the income actually occurred. Based on this assumption Fred is liable to pay tax to the government of France and UK. Australian government will not get any tax on that income from Fred. In addition to it Fred has not decided his staying period in Australia before his arrival, moreover, he left the country within a peri od of eleven months. Therefore, he cannot be termed as a citizen of Australia (Australian Citizenship HQ 2016). Hence, he is not liable to pay tax in Australia. Ordinary income: Ordinary income includes income from all sources except income from capital gains. Income from wages, salaries, bonuses, and so on together forms part of an ordinary income. Short-term capital gain or sale from an asset which is held for a period of less than twelve months are included in ordinary income. It is of two types business income and personal income. In case of Californian Copper Syndicate Ltd v Harris (Surveyor of Taxes) (1904) 5 TC 159 The court has an option to deal with the benefits related to deals and appraisal, which were charged on an individual. In the given case Californian Copper Syndicate (Anon, 2016), the income earned by an individual is to be charged as assessable income instead of income, which can be imposed on a person. In other words, the income which is obtained from carrying on any business instead of any acknowledgment or from any deals of securities than the income might be assessed to charge. Therefore, to discover the income it is important to consider whether the addition to investment is only for improving the quality of business or is it for an operation to achieve the future profit of business. So the motive of an individual should be considered before taking any decision or making any deals. In case of Scottish Australian Mining Co Ltd v FC of T (1950) 81 CLR 188 The company was associated with the coal mining business. The company was framed with a motive to secure resources of coal in the New South Wales region of the country. After sometime, the company stops this business and sold all the land. The company made a huge profit on this sale (Anon, 2016). The court held that income earned in this manner is not assessable as Income from Business because the nature of the business was coal mining. The company was not associated with the business of sale or purchase of land. Hence, not chargeable as an assessable income. In case of FCT v Whitfords Beach Pty Ltd (1982) 150 CLR An individual bought an area for its shareholder to give them the accessability of beachfront. The court in this case verdicts that the income which was earned by the taxpayer would be assessable to Business Income because the materialness of expense which incurred by selling a land was to make profit only. Therefore, it is chargeable under the Business Income of an assessee. According to sec. 25(1) and 26(a) of the Income Tax Act, 1936 assessable income includes: Profit made at a bargain. Income made from the deal of the asset. Profit earned from production. Profit made from undertaking of an asset. In the given case, the taxpayer has directed the matter as an area of improvement instead of accompanying it for the said wages. Therefore, it is not liable for tax. In case of Statham Anor v FC of T 89 ATC 4070 The person acquired some area for cultivating and driving a rustic life. After the demise of the citizen, the trustees sub-divided the area. The area was sold with the help of land specialists. The court directed that the owners of the property were not associated with the profit making business. According to sec.25 (1), the deal does not form part of salary. In case of Casimaty v FC of T 97 ATC 5135 The taxpayer sold a land, which he acquired from his father in the year 1955. The property was sold due to the illness of the taxpayer. It was directed by the court that the deal was not assessable for tax because it was found that the taxpayer has no intention of profit making, moreover, there was no plan to make benefit from the sale. The case is similar to the case of Statham Case. The deal should be termed as an acknowledgement instead of business exchange. The court held that the taxpayer had an inactive role while making any benefits from the said exchange. The transaction reflects the plan of a taxpayer just to understand the area only (Law.ato.gov.au, 2016) In case of Moana Sand Pty Ltd v FC of T 88 ATC 4897 The Company bought an area, which is beachfront facing with the motive to offer sand mined from the said area. The court directed that the company has obtained and acknowledge business benefits from the area, whereas, the Memorandum of the Company expressed that the object of the Company was to buy land packages so that they can offer working from the sand business. It was held by the court that a specific area, which has been obtained for more than one intention, and then the resultant increases marked down of such land would be assessable to impose under Section 25(1) of the Income Tax Assessment Act, 1936. As the aim of the said activity was to make benefit and the said game plan was a benefit making plan. In the case of Crow v FC of T 88 ATC 4620 The taxpayer acquired some pieces of land of an area with the intention of cultivating, brushing and developing products over it. The citizen sub-divided the land and sold the same over a time to meet the financial obligations that a person acquired while purchasing the said area. It was held by the court that the transaction carried on by the taxpayer related to the advancement of area increases acknowledged at a bargain on the above-mentioned grounds were assessable to impose. It was held that the aim to convey own business or make benefit would not have been available; the Taxpayer would be taxed because it would be ventured to make planned benefit from it. According to Section 26(a), definitive subjective motivation behind the citizen ought to be considered furthermore genuine arranging which is done throughout the said exchanges. In spite of the fact that the reason for securing a benefit was not the taxpayer's basic role, it will be regarded as a plan to add up to a benefit mak ing an undertaking or venture. In case of McCurry Anor v FC of T 98 ATC 4487 The taxpayer acquired a land and constructed townhouses on it and later on sold the townhouses for a benefit. It was decided that the asset was obtained with the goal of making a profit on the same. The income earned by the person will be treated as an expense under Section 25(1) of the Income charge Assessment Act, 1936. Furthermore, it was held that there was no business venture or undertaking required in the said course of action. However, the Honorable Judge decided that it doesn't make a difference if the endeavor or business wander does not exist, the negligible goal of the evaluation of business is to benefit from the offer of an area would suffice the use of tax collection on the said game plan. Therefore, it was held that if a property is obtained by a person with a motive to make a benefit in the most beneficial way that may introduce itself and the citizen embraces one of the numerous alternatives, consequently making a benefit, he will appropriately be said to do a busine ss/profità ¢Ã¢â€š ¬Ã‚ making plan. Conclusion: From the above discussion, of residential status of an individual it has been found that Fred has failed the citizenship test of Australia. Therefore, he is to be treated as a non-resident for the country. Hence, he is not liable for the tax in Australia according to the taxation law of the country. Furthermore, after analyzing various cases based on the assessability of ordinary income it was found that all the cases involve the sale of land but the nature of business was different in each case. Therefore, the court gave different verdicts based on the nature of the transaction. Hence, after a brief summary of the relevant cases a person will understand the concept more elaborately. References: Allan, T., 1950. Truth that Sings. By William C. MacDonald. James Clarke Co. Ltd. 6s.Scottish Journal of Theology,3(04), pp.439-442. Anon, (2016). [online] Available at: https://"THERMAL SYNDICATE, LTD." (1949) 21 Analytical Chemistry [Accessed 7 Sep. 2016]. Arthur, G., 2016. Tax files: Taxation duties of executors.Bulletin (Law Society of South Australia),38(2), pp.28-29. Australian Citizenship HQ. (2016).Australian Citizenship Eligibility - Australian Citizenship HQ. Available from: https://www.australiancitizenshiphq.com.au/australian-citizenship/citizenship-eligibility/ [Accessed on 1 Sep. 2016]. Brown, R.H., 2000.Redeeming the Republic: Federalists, Taxation, and the Origins of the Constitution. JHU Press. Hettich, W. and Winer, S.L., 2005. Regulation and Taxation: Analyzing Policy Interdependence.Available at SSRN 525802. Hettich, W. and Winer, S.L., 2005. Regulation and Taxation: Analyzing Policy Interdependence.Available at SSRN 525802. Hunt, J., 2015. South East Queensland (SEQ) Sport Development meetings. John Caughlan, Statham (Gale Ecco, U S Supreme C, 2011). Law.ato.gov.au. (2016).Home - ATO Legal Database. [online] Available at: https://Law.ato.gov.au [Accessed 7 Sep. 2016]. Martin, F., 1991. Audit Power of the Commissioner of Taxation: Sections 263 and 264 of the Income Tax Assessment Act 1936, The.Queensland U. Tech. LJ,7, p.67. Obst, W. and Hanegbi, R., 2016. Small-Scale Property Development: GST Implications.Adelaide Law Review, Forthcoming. Pulfrich, A. and Branch, G.M., 2014. Using diamond-mined sediment discharges to test the paradigms of sandy-beach ecology.Estuarine, Coastal and Shelf Science,150, pp.165-178. Saad, N., 2014. Tax knowledge, tax complexity and tax compliance: Taxpayers view.Procedia-Social and Behavioral Sciences,109, pp.1069-1075. Schenk, A., Thuronyi, V. and Cui, W., 2015.Value Added Tax. Cambridge University Press.

Interpretation of Social Theories

The study of sociology aims at evaluating and determining the civic and domestic interrelationship of people. During my comprehensive study of this subject, I have come across quite a number of pieces of literature that have enhanced my knowledge and liberalized my notion concerning the subject in question. I have loved some facts presented in the articles especially owing to the fact that most of them are exact reflections of the present human social lives. As a matter of fact, they are images of my own personal experiences.Advertising We will write a custom assessment sample on Interpretation of Social Theories specifically for you for only $16.05 $11/page Learn More The article on suicide gives a comprehensive argument on the possible causes of suicide. It equates the causes of this social evil to the amount of food available in relation to food security and inflation. For instance, the reading relates the price and availability of wheat to the number of suicidal deaths. From the figures indicated on the paper, I have noted that suicidal deaths rise with the decrease in wheat production or increase in wheat prices. This is indeed a true reflection of my personal experience. The number of suicidal deaths also increases with increased poverty; which is also a verifiable statement (Mommsen, 1992). Some occasions in life may compel one to commit suicide. These include financial and industrial crises. As opposed to poverty, these two do not cause the deaths because they result to frustration but because they cause disturbance to normalcy. The article on suicide clearly indicates how the disruption of normalcy can result to suicidal deaths. I agree with these sentiments to some extent but they do not have my complete approval. This is because most suicide cases attributed to disruption of either financial or industrial normalcy have other resultant factors. As a result, it would be inappropriate to imply that the deaths are caused ent irely by these disruptions. However, one can say that financial and industrial crises are merely part of other causative factors in a suicidal death (Mommsen, 1992). The article on domination and legitimacy talks extensively about authority and how it enjoys compliance to only a fraction of the populace subjected to its rule. It states that the implementation of domination requires a trusted staff that is charged with the responsibility of executing the general policies and certain commands. This, according to me, conforms to the modern modes of exercising power. It not only happens in our government but also in many other democratic governments across the globe. This is a direct implication that the approach of ruling is universally practiced in different platforms (Mommsen, 1992).Advertising Looking for assessment on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More Most of the social theories discussed in the articles are pr actical. For instance, young kids are taught how to feed, keep themselves clean, how to become obedient and calm and to how be mindful of their fellows. After a long time of regular practice, these actions become habits. The article on ‘Rules of Sociological Method’ states that this is the basic format of attaining education and making the knowledge gained a practicable habit. However, there is no mention of the origin of the urge to eat, stay clean, respect and be mindful of others. For example, kids are only taught how to eat but not how to have the urge of eating (Mommsen, 1992). In conclusion, the articles on social theory give a wide scope of understanding in the subject. They internalize and vivify the manner in which people react with others. This then makes their readers visualize and correlates the events with their personal life experiences. In some situations, however, readers are left with some confusion that needs additional clarifications. Reference Mommse n, W. J. (1992). The political and social theory of Max Weber: Collected essays. Chicago: University of Chicago Press. This assessment on Interpretation of Social Theories was written and submitted by user Kane Leblanc to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

A Punk Hero essays

A Punk Hero essays Growing up, there are many unexplainable feelings and emotions a teenager may face. A good way of dealing with these emotions is to relate to a literary or sports figure that has had success in their life. I would never imagine how Kurt Cobain could embody both the frustration of my adolescence and express the distress through his music. Through analyzing the success of Nirvana, the meaning of their songs, and the effects on my life it becomes clear Kurt Cobain has become one of rocks most influential figures. This punk Seattle band moved almost mainstream almost overnight. Nirvana caught on fast and changed rock and roll music forever and molded the music of the 90s, alternative. With the support Kurt hated the music of big rock bands like the Sex Pistols, Rolling Stones and Aerosmith. He felt their lyrics were sexist and pointless with no meaning. Kurt was a very sensitive and emotional person, a characteristic that showed through all of his songs. Eventually he became so famous that he a cult following. The songs exemplified the kids world. In the song Dumb Kurt sings, I think Im dumb over and over again to show how his years of neglect from his peers at high school and his family made him feel as if he was to blame. Kids relate to his music because it portrays how the world was so cruel and how he and the kids were treated badly. He was responsible for the most creative rock music of the last decade. Kurt didnt have to hide behind face paint or wear tight clothes to grab attention as the other rock stars. He wore flannels and jeans, something that every other kid wore, and he wasnt ashamed by it. In one song Come As You Are Kurt sings Come as you are as I want you to be. He wanted to show the youth that they dont have to follow the crowd and do something someone else wants them to do to fit in. Every modern alternative song has a tin...

Cortisol affects on Serotonin, Norepinephrine, & Dopamine Essay

Cortisol affects on Serotonin, Norepinephrine, & Dopamine - Essay Example It can reduce or elevate blood sugar as well as affect the immune system. Cortisol is a steroid hormone released from the adrenal cortex in response to a hormone called ACTH (produced by the pituitary gland). According to Stewart ( 2008) â€Å"cortisol levels are often measured to evaluate how well the pituitary and adrenal glands are working† which is done through a simple blood test. Before furthering discussionthe relationship between cortisol and neurotransmitters , it is important to understand how the brain works. The brain has 10-100 billion neurons that transmit messages through electrical impulses to other neurons whenever we react, think, or feel. However , when an electrical impulse is received by the axon, the impulse becomes chemical in nature known as neurotransmitters. The main function of these neurotransmitters is to deliver the message from one neuron to another. When a dendrite receives the message, the chemical impulse is converted again into an electrical impulse which repeats the whole process again. â€Å"Of the 30 or so neurotransmitters that have been identified, researchers have discovered associations between clinical depression and the function of three primary ones: serotonin, norepinephrine, and dopamine. These three neurotransmitters function within structures of the brain that regulate emotions, reactions to stress, and the physical drives of sleep, appetite, and sexuality†( Price 2004 ) In the introductory part of this paper, it was discussed how cortisol plays an important role in the body’s reaction to stress. Inceased cortisol release can benefit the body by preparing it for emergency or life-threatening situations by making it more physically responsive and alert. Unfortunately, chronic release of high amounts of cortisol can stress out the body which can lead to deteriorating physical condition as

Executive Summary- Annual Marketing Plan Essay Example | Topics and Well Written Essays - 750 words

Executive Summary- Annual Marketing Plan - Essay Example To address these, a brief background on Sears Holding Corporation would be introduced prior to expounding on the executive summary, as required. The history of Sears Holding Corporation is traced in 1886 when its incorporator, Robert Sears, started selling watches for the purpose of augmenting his source of income as a station agent (Sears: Chronology, 2010, par. 1). With hard work, perseverance and innovative marketing approach, the legendary growth and ability to meet challenges in its business environment led to its continued successful existence after more than a century of serving the customers’ needs. Today, with its merger with Kmart Holdings Corporation in 2005, it is considered the â€Å"fourth largest retailer in the United States, behind Wal-Mart, The Home Depot, and Kroger (Stores.org, 2006). With the combined efforts of Kmart and Sears, the organization’s executive summary of the marketing plan for the year appears below: Sears Holding Corporation (SHC) has attained a successful profitability performance boasting of â€Å"$1.8 billion of Adjusted EBITDA, an improvement of more than $200 million over 2008† (Sears Holding Corp.: Chairman’s Letter, 2010, par. 1). With the financial success despite the global financial crisis, SHC’s five pillars of marketing strategy assisted in directing all efforts towards growth and improvement, to wit: â€Å"(1) Creating lasting relationships with customers by empowering them to manage their lives; (2) Attaining best in class productivity and efficiency; (3) Building our brands; (4) Reinventing the company continuously through technology and innovation; and (5) Reinforcing â€Å"The SHC Way† by living our values every day† (Sears Holding Corp.: Chairman’s Letter, 2010, pars. 7 – 11). For the coming year, the objectives of the company are summarized herewith: â€Å"(1) focus on new and innovative products for the Kenmore laundry business; (2) enforce leadership through heavy marketing efforts and

MRSA Research Paper Example | Topics and Well Written Essays - 750 words

MRSA - Research Paper Example MRSA is a nuisance in hospital for the patients with open wounds or on invasive devices and bothersome for immunocompromised patients. The study reports MRSA to be the major cause of illness and mortality in the hospitalized patients and thereby enhances the burden of hospitalization cost. The research reports the mortality associated with MRSA between 1999- 2005. However, the article does not report the variation of cases in different hospitals to highlight the need of intervention required in a particular hospital to rule out the cause and take steps to eradicate MRSA as done in the study carried out by Hardy et al, (2007). The article considered evidence based research to highlight allocated resources to deal with MRSA and emphasize on the decision of policy makers to adopt control measures, but the article does not state the control measures to be adopted in different hospital settings to check spread of nosocomial spread of MRSA. On the other hand the study carried out by Hardy et al, (2007) specify the microbiological identification of patients followed by the isolation of such cases to prevent cross-infection together with application of mupirocin and skin disinfectant in order to remove the chances of any carriage. The article emphasize on thorough screening and isolation. According to Hardy et al, (2007), the interventions to control MRSA infection are poorly designed and including nurse cohort in bays. The screening method that is suggested by Hardy et al, (2007) directly implicate the molecular methods for detection of MRSA such as multiplexed PCR primers to detect the presence of gene (mecA). Methodology The methodology adopted was based on estimated incidence, i.e. the number of hospitalized cases with S. aureus-related discharge. The Surveillance Network (TSN) Database- is an electronic repository of susceptibility test is utilized to test the drug resistance patterns. However, the study highlights NHDS report on the mortality of the patient but t he reason of mortality was not specified. The report estimated only those mortality cases which were involved with MRSA. On the contrary, study carried out by Hardy et al, (2007) was systematically planned involving socio-economic, ethnic as well as age characteristics. It involved seven surgical wards encompassing general surgery, vascular, thoracic, ENT, trauma and orthopedic as well as urology. The study also had inclusion and exclusion criteria of the cases in contrast to the study carried out by Klein et al, (2007) which does not have any exclusion criterion nor does the study involved sampling procedure. On the other hand, study carried out by Hardy et al, (2007) involved nasal samples as they can be procured easily and have 84% sensitivity. The results procured were immediately conveyed to the staff of the concerned departments to have laboratory protocol and for patient information and communication. All these actions such as data collection, data analysis, sample size, econ omic analysis, modelling were swiftly performed to control the infection. All these methods were lacking in the study carried out by Klein et al, (2007). Discussion According to Klein et al, (2007), antimicrobial drug-resistant illnesses inflict larger costs as compared to the susceptible infections caused for instance infection caused by Staphylococcus