The 21 st Century Public Company Audit Summary Essay

The 21 st Century Public Company Audit Summary - Essay Example Thus the government authorities passed under the Bush administration to have a strict watch over all the companies and auditing firms formed new standards. These standards require all the auditing firms to abide by the standard procedures defined within their scriptures and have also expanded the horizon of the minimum requirement for an auditor about having the knowledge of operation of its clients and /or companies. These standards include ; The bill passed by president bush is known as the corporate and auditing accountability and transparency act of 2002 also known as Sarbanes-Oxley (SOX) act. SOX is an effective measure taken towards restoring investors interest in the public limited companies. SOX also made another governing body known as public company accounting oversight board. Within two years this body PCAOB placed three major auditing standards. The question that how well these standards can clear the overall view is still unanswered. However, the introduction of these new standards and policies will surely increase the quality of auditing performed. The one additional thing that matters to the auditors now is the identification of the methodology of implementing these standards in their auditing practices in a foolproof and transparent manner. The introduction chapter gives a brief over view of the concerns of the government and its new policies regarding them. However, to what extent will the policies and standard be successful in making sure that every thing goes legal and legitimate is yet to be determined Chapter 2: Auditing standards have been facing many changes due to the changing business environment. Right from the time of simple book keeping till the time the financial statements are made, the techniques of auditing were being required to adapt to certain changes for the sake of such events. Companies had been growing large; large enough to stop any auditing firm from doing the detailed evaluation of the entire book keeping stuff. Thus, now the emphasis is on monitoring the internal controls of a company. As per the SOX section 404, internal auditing by public limited companies is a common standard procedure carried out by all within as well as outside U.S. The auditing now also includes checking on the inventories declared and the accounts receivables identified in the balance sheet(s). The most significant step was the introduction of audit risk model (ARM). The risk auditing includes completeness, obligations, correct valuation, presentation and disclosure of certain elements. If any de viation is found by the risk test, the internal auditor is supposed to take the required corrective action to bring the level of risk to the tolerable level or considerable range. While performing disclosure of certain events, a couple of evidences are acquired to support each n' every element. EBS is the minimum requirement set to act as a source of evidence. Auditors need to base their assessments on a couple of evidence and standards. Feedback: This chapter is about controlling the risk factor by internal auditing practices and controls. This requires a honest internal auditing department to implement policies avoiding any risks, as implied by regulations. Thus this is easier for the auditing firms to have a

Interview with a Teaching Professional Essay Example | Topics and Well Written Essays - 1000 words

Interview with a Teaching Professional - Essay Example I believe the best way to return to the society that had been spoon feeding you the whole life, is to deliver your knowledge and information to other seekers. With this motive in my mind I entered the profession and since then I am contended with my life. I feel as if I have found an inner peace by pursuing teaching. Interviewer: What is the success behind your achievements to date? Teacher: Dedication and sincerity towards my work is the sole reason for where I am standing today. There is no short way of achieving a lasting glory. One needs a lot of energy and hard work to invest and of course unmatchable patience. Interviewer: Coming on to the basics of teaching, what are some examples of typical, quick decisions teachers make on a daily basis? Teacher: Every day is different for a teacher in some way or the other. Although, one of the best practices of a teacher is that s/he is well-planned and organized before entering the class. Yet at times we have to make certain sudden decisi ons not initially planned. For abrupt decision making, the teacher should be capable, confident and decisive about the relevant issues. A change in lesson plan to accommodate with the mood of children and their learning capability is one of the examples. Something effective and interesting needs to be made up instantly to deliver the lesson in a different way as planned earlier. Moreover, a short notice of surprise visit of principal or other professionals to monitor our performance poses a challenge on our decision making ability. We have to modify our plans a little to adjust to the requirement. Sometimes children get ill or injured and deciding quickly as to what to do is an ordeal; whether to treat him/her in the school or call off the day for him/her and send the student home. The teachers are appointed certain duties other then teaching to deal with the other school affairs. If any teacher on duty is absent on that specific day, a change in the schedule cause some difficulties and then the newly appointed teacher has to delay her planned activities. Also here it is a policy that if any teacher is absent, any other teacher needs to take his/her class. In such a case it has to be decided instantly what to teach students. Interviewer: What were the five most difficult school-related decisions you made this week? What made them difficult? Teacher: Just recently we had a load of activity going on in the school, both for teachers and students. I was enrolled in a short course which I had to attend once a week, during week days. This meant that I would be sacrificing my class related plans. Since exams are approaching I had to make certain changes in the lesson plans and shift that one day’s work to other days. This certainly was difficult adjusting as it is recommended not to overload students with work. Then we have a sports day coming up in two weeks time. Preparation for it requires a lot of time which again means sacrificing the teaching-learning sc hedule and making it up for this short fall on other days. We had an unfortunate day in this week when a fire erupted in library wing due to negligence of one of the student. The fire siren created quite a scene with children petrified and struggling to get out of their classes. Organizing them in proper queues, helping them out safely and relaxing them was quite a task. During school break, children often get into fighting with each other while