Environmental Analysis of Joes Electric Cigar Essay - 1

Environmental Analysis of Joes Electric Cigar - Essay Example In as much as government laws and regulations could hamper flow of business to considerable extents and even reduce number of potential customers as it prohibits sale of products to minors below the age of 19, and issues health warning to non-smokers, people allergic to nicotine and any other of the ingredients, pregnant or breastfeeding women and diseased people, our e-cigars will be able to maneuver these obstacles due to their relative safeness. According to Canadian Agency for Drugs and Technologies in Health (2012), as opposed to smoking tobacco that contains several chemicals such as benzene, formaldehyde, carbon monoxide, tar and arsenic, e-cigars reduce the risk of developing cancer from smoking since they lack these dangerous carcinogens. They are relatively safe to consume and this fact alone will endear many consumers to our products. Our e-cigars will be useful in helping addicts reduce and quit smoking and will prove better than traditional smoking cessation tools such a s nicotine patches or gums. Our product will offer users the option of determining amount of nicotine they consume and this could be slowly reduced over time as recommended by rehabilitation officers till one gains desired freedom from the deadly stick. Research has indicated reduced smoking levels among addicts who reverted to electric cigarettes with a large number reportedly quitting altogether and Joe’s electric will be at the forefront, leading in helping addicts enjoy a smoke without ‘killing’ themselves. These factors together with the fact that Joe’s electric cigarettes will be relatively cheaper than other tobacco brands and products offered by other electric cigarette companies, the ever increasing costs of living and the poor state of the economy will inevitably place Joe’s e-cigars as the product of choice in the markets. Apart from the consumer health benefits and concerns, customer base and trends will play to positively impact busines s. Joe’s electric cigar intends to operate on flexibility and hence greatly focus towards catering to market trends and meeting the ever increasing consumer demands. Smoking electric cigarettes has become the in thing with prominent persons including celebrities reportedly switching to e-cigs. This has influenced many in joining the trend and this will favor business. E-cigs do not stain teeth and the smoking experiences are relatively pleasant to the smoker with no lingering smell on clothes, furniture, etc, unlike regular cigarettes that leave stains that are often difficult or impossible to remove. Our e-cigars will come in flavored varieties thus offering a much greater experience as compared to sheer tobacco smoking. Like other e-cigs, smoking our e-cigs, unlike smoking tobacco, will not interfere with the environment and a non-smoker as e-cigars produce only water vapor which is odorless. There will be no need, therefore, for restrictions when it comes to smoking e-cigs as it can be smoked indoors, including public places. Our users will not be forced to look for a smoking zone and at the same time will not interfere with the non-smokers in the proximity. It will also be convenient to the end user as there is no need for lighters and ashtrays for e-cigs.

Lim Goh Tong - Genting Essay Example for Free

Lim Goh Tong Genting Essay The best way to address the topic of successful tourism entrepreneur is the story of Tan Sri Lim Goh Tong which is the founder of Genting Highlands and how he as a local tourism entrepreneur has succeeded globally. Tan Sri Lim Goh Tong (February 28, 1918 – October 23, 2007) was a prominent wealthy Malaysian Chinese businessman. He was once the 3rd richest man in Malaysia with a net worth estimated to be 4. 2 billion USD, making him the 204th richest person in the billionaire list compiled by Forbes. The Japanese invaded Malaya in 1942 and caused Tan Sri Lim Goh Tong to have a few near-death occasions. During the early Japanese Occupation, he earned a living as a vegetable farmer, but decided to switch to petty trading for a better living. Later on Tan Sri Lim Goh Tong ventured into scrap-metal and hardware trading. When the Japanese Occupation ended, there was an urgent demand for heavy machinery for resumed operations in mines and rubber plantations, he seized the opportunity and engaged in second-hand machinery trading, making his first fortune. From used machinery trading, Tan Sri Lim Goh Tong strayed into iron mining fortuitously. Tan Sri joined as a partner in an iron mining company which couldnt settle the outstanding payment of two bulldozers with him, and this proved to be a successful venture as he earned a substantial amount of profit from the mining industry, including forming a joint-venture tin mining company which was one of the first Chinese tin companies to utilize dredges in mining tin. While dealing in heavy machinery, Tan Sri accumulated a wide range of reconditioned machines as well as a substantial amount of cash to move into the construction and related industries. In the name of his family construction company, Kien Huat Private Limited, he began taking on several contracting jobs with help and guidance from his uncles. Kien Huat won accolades and became recognized as one of the leading construction companies after successfully completing many major projects. Among the biggest projects completed was the Ayer Itam Dam, the first time a local contractor had been given the construction job of such magnitude. He went on the brink of bankruptcy when construction work was facing problems in the Kemubu Irrigation Scheme, but managed to overcome the obstacles and completed the project. In 1964, when Tan Sri Lim Goh Tong was working on a hydroelectric power project in Cameron Highlands, amidst the cool mountain air, he had a vision. The idea of building a hilltop resort was first conceived when Tan Sri Lim Goh Tong was in Cameron Highlands. As he was enjoying the soothing cool breeze of Cameron Highlands, an idea struck him that as the standard of living rose steadily in Malaysia, more and more people would visit mountain resorts for relaxation and recreation, but Cameron Highlands was too far away from the capital city Kuala Lumpur, therefore building a mountain resort nearer to Kuala Lumpur would have great business potential. He envisaged Malaysia would develop and prosper in the near future and why not develop a cool mountain resort at the doorstep of KL, within the reach of all Malaysians. What is now one of the most popular tourist destinations in Asia and Malaysia is the realization of one man’s dream. He is a man of vision who had seen further and beyond about the world. Without wasting any time he started working on transforming his vision into reality. Upon conceiving this idea, many naysayers were skeptical of Tan Sri turning a wilderness into a tourist resort. Most thought it was really risky and reckoned Tan Sri who was financially comfortable to be foolish to invest heavily in money and time to develop Genting, but he brushed off all these negativities and went ahead firmly with his plan. Then he indulgent to take a further step in studying the maps of the vicinity of Kuala Lumpur, he located the ideal site, which was the Ulu Kali Mountain, just 58 Kilometers from KL. In order to have first hand experience of the terrain and surroundings, Tan Sri Lim spearheaded an advance party guided by some aborigines; he set off on the arduous journey. They struggled through dense jungles, climbed over many mountains and crossed numerous rivers before successfully reaching the Ulu Kali Mountain top. During the expedition that lasted nine days, he explored the placed, gathered a wealth of data on the topography, drainage, soil conditions and other relevant aspects of the region about the site which proved to be very useful in drawing up the plan for developing the resort. Setting up a private company called Genting Highlands Berhad in 1965, Tan Sri Lim successfully obtained approval for the alienation of almost 5,000 hectares of land from the Pahang and Selangor state governments respectively. In August 1965, he and his team began the project in the face of mammoth and colossal task. Among the problems were building the access road towards the hilltop, water and electricity supplies, sewerage system and fire safety. He managed to build the access road from Genting Sempah to the Peak of Ulu Kali Mountain towards the summit in three years when it was estimated to take fifteen years. Several sources of water in the mountain were identified, water supply was secured by building water-collection stations and water filtration plants with treated water stored in reservoirs. Electricity is supplied through a central electricity generation system with 12 big generators. He and his construction team worked in two shifts round the clock, 7 days a week because during the construction, he survived six close brushes with death. Meanwhile, Tan Sri Lim had to administer another major project in Kelantan, the Kemubu Irrigation Scheme at the same time. This stretched his physical endurance to the limits as he had to shuttle between Kuala Lumpur and Kelantan. While the first team carry out the survey in front, the other do the tree-felling, bulldozing and building the road behind. In order to save time and money, they built make-shift 1 quarters in the jungle, camped along the way and even stayed in caves. They even have tales to tell about their encounters with tigers in the jungle. He devoted all his time, capital and resources including the reserves of his family company, to ensure smooth and prompt construction of his dream resort. After working day and night for 3 years, the first access road was completed in 1969. Tan Sri was so relieved, because his whole vision for Genting Highlands depended on the successful completion of the access road. The whole Genting project was completed in January 1971, but prior to officially commencing business, Kuala Lumpur and its surrounding areas were hit by the worst rainstorms in a century, the road to Genting was closed by landslides at 180 locations, and the damaged sections took four months to repair. Genting opened its door for business on May 8, 1971. During the Genting project, Tan Sri spent all he had without earning any income. He sold an 810-hectare rubber estate to raise RM2. 5 million. In addition, he invested all the money he had made from iron mining, sub-contracting and hardware business. The project was a heavy drain on Tan Sri Lims finances. When asked to invest in this project, his friends turned him down and counseled him to drop the entire scheme instead. The project received well-deserved boost on 31stMarch 1969, on the occasion of the laying of foundation stone for the company’s pioneer hotel, by the late Tunku Abdul Rahman. Impressed that a private company, without the assistance of the Government could develop a mountain resort for the enjoyment of all Malaysians, a gaming license was suggested to help accelerate the development of this remote area, transforming the initial idea of a 38-room hotel to a 200 room hotel. In 1971, the Highlands Hotel, now renamed as Theme Park Hotel was successfully completed. To cope with the rapidly growing tourists, more hotels were built which included the 700 rooms Genting Hotel, a landmark structure recognized by all Malaysians. Following a corporate restructure exercise, the resort and leisure related activities were transferred to Resorts World Bhd. This was the beginning of the next development phase to transform the hill resort into a City of Entertainment. A meticulously planned development programme was implemented to enhance and expand the resort facilities, which included the development of Awana Chain of Hotels namely Awana Genting, Awana Kijal, Terengganu and Awana Porto Malai, Langkawi. In 1993, at the suggestion of Tun Mahathir, the prime minister of Malaysia then, a township was developed on an 81-hectare piece of land around the site of the Genting Skyway cable car station. It was named Gohtong Jaya after Tan Sri as a token of remembrance for his efforts in the development of Genting Highlands. In 1997, Genting Highlands Resort further boosted its facility attraction with Genting Skyway cable car system that provides a 3. 38 km transport to the hilltop. Genting Skyway is also recognized as the Worlds Fastest Mono Cable Car System with a maximum speed of 21. 6 km per hour and the Longest Cable Car in Malaysia and Southeast Asia. Despite the recession in 1997, Resorts World decided to forge ahead with the ambitious billion-ringgit mega project, the First World Hotel and Plaza. Of course many skeptics questioned why need to expand development during an economic downturn. And the answer was simple during such times, labor costs and skilled resources were relatively cheaper and easier to get. And by embarking on new construction and development activities, also can provide job opportunities and stimulating the construction industry during crucial economic times. The First World Hotel now is the largest hotel in the world with 6,200 rooms. First World Plaza marks a new era for the Genting Theme Park as it features newer and more exciting attractions for families to have fun at the peak. Just in the last 10 years, Genting Berhad has spent over 4 billion ringgit to develop Genting into Asia’s leading integrated leisure and entertainment resort. Throughout the years, Genting have kept firm with their vision: to be the leading leisure, hospitality and entertainment corporation in the world. After 42 years, crown jewel Genting Highlands Resort has since grown from a single hill top hotel with 200 rooms to a world-class integrated leisure and entertainment resort offering more than 10,000 rooms ranging from 3, 4, 5 star and super luxurious 6 star accommodation, over 90 dining outlets, 80 retail outlets, convention and international standard show facilities and many fun rides at the indoor and outdoor theme parks. We catered to over 18 million visitors in 2006 alone. They take pride in being one of the major contributors of tourism sector in the country and that are playing a significant role as a net earner of revenue and foreign exchange for the Malaysian economy. Genting Group is by no means limited to the leisure and tourism business. The company, infact began to diversify as early as the late 70s. With leisure and tourism as its core business, the company also ventured into the plantation, property development, paper manufacturing, power generation, oil and gas exploration. Being a determined entrepreneur and a man of vision, Tan Sri Lim aspired to explore further. He knew, with the strong foundation and wealth of experience accumulated over the years, Genting was well equipped to venture abroad. He encouraged and supported his second son Tan Sri Lim Kok Thay, who is our current Chairman to expand the business overseas. With the strong support and backing from his father, Tan Sri Lim Kok Thay (fondly known as Tan Sri KT Lim) swiftly spread his wings. Since then, he has been instrumental in globalizing Genting Group and has been the key driver behind the development of the Group’s resort and gaming-related projects worldwide, such as the Burswood International Resort Casino, the Adelaide Casino 3 in Australia, Lucayan Beach Resort Casino in the Bahamas and the Subic Bay Resort Casino in the Philippines. In Australia, he had set up the Adelaide Casino and the Burswood Island Resort in Perth. In their first year of operations, these projects chalked up some RM100 million in profits. However, his intuitive decision to dispose of the hotel and casinos in Australia to a Japanese company after only 18 months in operation proved to be the correct decision. The money was reinvested in other overseas ventures, including the Foxwoods Casino Venture with the Native American tribe, which has become the largest resort casino in the world. Due to Genting early success, later extended financial assistance to another US-based Native American tribe to build their casino in the location of Niagara Falls. Genting was granted the only casino license after Tunku Abdul Rahman, the prime minister of Malaysia then, visited Genting Highlands and commended his effort to develop a resort contributing to Malaysias tourism industry without government help. Tan Sri managed to obtain a pioneer status for Genting Highlands and tax incentives despite its resort development not qualifying for it. He did so by convincing the government that tax incentives in the early stage of development of Genting Highlands were not only vital for them but also profitable to the government later on. Tan Sri KT Lim visionary foresight, commitment to excellence, entrepreneurial skills and hard work resulted in the birth of Star Cruises. Capitalizing on its leisure-related expertise and experience, Genting Group expanded from land-based resorts to cruise the high seas by providing a truly comprehensive leisure and entertainment offering. At a time when no one was bullish about the prospects of the global cruise industry, his debut as a cruise operator in Asia raised many eyebrows. However, both Tan Sri Lim Goh Tong and Tan Sri KT Lim saw that again, they would be the pioneers and there was no competition in Asia. Given the rising prosperity and spending power of the people here, Asians would take to cruising readily as a form of recreation and tourism if an operator could provide good, affordable services. Moreover, with many beautiful islands and waters comparable to those in the Caribbean and the Mediterranean, the richly diversified Asia is able to offer exotic destinations with multicultural experiences. Star Cruises Limited was incorporated in September 2003. At a press briefing in December the same year, many local and foreign journalists questioned Tan Sri Lim Goh Tong’s wisdom in bringing in mega cruise ships when there was no industry in Asia and the idea of a cruise holiday was rather alien to an average Asian. One foreign journalist went as far as prophesying the demise of our cruise venture in eight months’ time. His reasoning was simple: How is Star Cruises going to find 1,700 passengers, the equivalent of five 747 plane-loads, each time it sets sail? Tan Sri Lim calmly said â€Å"When I decided to develop Genting about 38 years ago, there were also people who said I was mad and doomed to failure. But I went on to build it up steadily into an internationally renowned holiday resort. As for the cruise industry, isn’t Miami a success story? If the Westerners can do it, so can we Asians,† this statement drew a huge applause from the floor. In November 2000, Star Cruises was listed on the Stock Exchange of Hong Kong. At the peak, the market capitalization of Star Cruises hit US$2. 9 billion, even larger than that of Genting Berhad. As part of his expansion, Star Cruises acquired Norwegian Cruise Line in a takeover exercise that was completed in 2000. Today Star Cruises has grown to become the third largest cruise line in the world and the leading cruise operator in Asia-Pacific. The various brands under Star Cruises, Norwegian Cruise Line, NCL America, Orient Lines and Cruise Ferries together operates 21 cruise ships with over 32,000 lower berths and calls at close to 200 4 destinations globally in the Asia Pacific, North and South America, Hawaii, the Caribbean, Alaska, Europe, Bermuda and Antarctica. Part of his global expansion plan was to start an investment arm to exclusively handle all his overseas investments. Hence, Genting International was incorporated in 1984 to invest in leisure and gaming-related businesses outside of Malaysia. Genting International currently owns and operates 46 casinos in the UK under the Stanley Leisure brand names. This includes four of the most prestigious casinos in London – Crockfords, The Colony Club, The Palm Beach and Maxims. Another exciting boost for international venture is the recent success in bid to build an integrated resort in Singapore. The integrated Resort, located on Sentosa is named Resorts World at Sentosa and is expected to commence operation by early 2010. As of now, Genting Highlands is one of the most successful casino resorts in the world and is one of the primary tourist attractions in Malaysia. Tan Sri Lims company, Genting Group operates Genting Highlands and has diversified into many other industries. In the process new company brands were created that have become distinctive names in their respective fields, namely Asiatic, Genting Sanyen and Star Cruises. In the next 30 years, he continued to develop and expand Genting Highlands beyond its original idea of a hotel with basic tourist facilities. A new road was built to shorten the journey to Genting from the northern states, and RM120 million was invested to widen a 10 km stretch of the access road to reduce congestion. Another RM128 million was spent on constructing a cable car system to provide visitors with an alternative mode of transportation. Today Genting is far more than just one winning concept and one celebrated destination. It is one of Asia’s leading and best managed multinational corporations with strong management, financial prudence and sound investment discipline. Genting will continue to be a leading leisure and entertainment corporation in the world.

Barbie as a Real Woman is Anatomically Impossible Essays -- Female Ide

Millions of girls around the world are dressing their Barbie dolls in skimpy designer outfits and high heel shoes, and slide her slender legs into a bright pink convertible next to her male counterpart, Ken. These same girls will gaze into the mirror, staring at their thighs and hair, and attempt to balance themselves in a pair of their mother’s high heel shoes. They will wonder why they do not look like Barbie. They will wonder today, just as I wondered years ago. As the years of make-believe with the American plastic icon of girlhood nostalgia passed, I discovered Barbie’s hidden effects. Although Barbie lent herself to fond memories of childhood, she also influenced my early ideal image of the female body. As I began to realize Barbie’s false representation of a real woman, I dis...

Familiar with the phrase

I remember that as a child, I didn’t have difficulty making choices. My first vivid memory of a situation where I clearly had to make a conscious decision, something which was imprinted in my mind forever, came with a visit to a toy store at a mall.Familiar with the phrase, like a child in a candy store? It was the same thing- but obviously with toys in all shapes and sizes; some were mechanically animated with blinking lights, amusing music and sounds and moving parts. You would have expected a child of about 4 (I think I was four or five) to have simply sat there and insisted on living in the store if mom and dad didn’t buy everything in sight for them to take home.But things didn’t turn that way. I did spend a substantial amount of time browsing through the shelves, holding this, admiring that and generally wishing we could buy everything I wanted and fretting a little bit like any typical four-year old. But in the end, I knew what I really wanted from among t he bewildering array of choices. It was a choice that had been made with a combination of facts (I saw an ad on television), common sense (I knew it was a toy my other siblings wouldn’t be so interested in), and most importantly, it was an object that I was happiest with.The toy by the way was a Lego set- I was four and I was in a building phase plus the fact that the Lego pieces were nice to chew on when no one was watching. As years passed by and the Lego was replaced with various other toys, contraptions and amusements, choosing became more complicated and even tedious.Could it be possible that a four-year old be more adept and actually be more â€Å"matured† in making decisions and choices than a fifth-grader who was actually already taking high-school level Algebra, or an eighth-grader who suddenly showed an aptitude for music and was playing the piano like a pro?For some reason, that incident at the toy store became nothing more than a memory. The older I got, th e more I got confused and distracted even as my intellect had grown by leaps and bounds. In fifth-grade, I was the school nerd who took high-school Algebra lessons for the fun of it. But when it came to making choices about summer-camp, or something as trivial as what type of breakfast cereal to eat, I was a wreck; an annoying, back-tracking, undecided 11-year old. In eighth-grade, I could read sheet music as if they were comic books.But I caused my father agony when I hemmed and hawed at what high-school to go to; special music high school, regular high school? – I couldn’t make up my mind. My mother told me to my face quite bluntly; â€Å"you’re a genius at a lot of things, but it’s sad that you can’t even master the basics.†So when faced with college and what career path to take, I set aside the memory of last year’s fiasco of a vacation ( didn’t know whether backpacking to Europe, or Mexico, and ended up missing an importan t loved one’s birthday because of my indecisiveness) and focused on that lovely summer’s day at the toy store when I was four-years old.I closed my eyes and opened my heart and my mind. I shut out all distractions, biases, fears and pretensions. I was again a four-year old, innocent and guileless, a child who was at the edge of knowing what he wanted and knew that he had a family who would always support him. But more importantly, he knew what he truly wanted, what made him happy, and that never changes even if you were four or 90 years old.And so I made a choice that had been made with a combination of facts (I had an incredible aptitude in math and science), common sense (it was a hot-career and most in-demand), and most importantly, it was something that I was happiest with simply because having made that decision almost ten years ago, not a day passes that I don’t thank the fates, God and myself for having made that decision.That choice by the way, was decid ing to go to medical school and later joining the United Nations medical corps for special missions to places in the world where crucial medical and surgical procedures were urgently needed.Fifteen-hour work days, lack of equipment, threat of civil war, the pains and aches of the sick and a child’s smile thanking you for saving her life- yes, I am like a child again in a toy store.Work CitedCareerPlanning (2007) Career choice of change. Retrieved January 1, 2007 from http://careerplanning.about.com/od/careerchoicechan/Career_Choice_or_Change.htm

An Assesment of the Role of the Auditor in Fighting Corruption in an Organization Essay

CHAPTER TWO LITERATURE REVIEW 2.1 Introduction Reliable accounting and financial reporting issued by auditors help organisations in allocating resources from the society in an efficient manner. Although the primary goal of an organisation is profit making and to allocate limited capital resources to the production of goods and services for which society’s demand is great, a highly complex phenomenon which is corruption poses a threat to those goals and services. However, most organisations spend huge sums of money adopting strategies to fight corruption (Whittington et al., 2004). 2.2 History of Auditing The word â€Å"Audit† originated from the Latin word ‘auditus’ which means, ‘a hearing’. In the earlier days, whenever there was suspected corruption in a business organization, the owner of the business would appoint a person to check the accounts and require hearing the explanations given by the person responsible for keeping the accounts and funds. In those days, the audit was done to find out whether the payments and receipts were properly accounted or not accounted for (http://www.eHow.com). During the advent of the Industrial Revolution, from 1750 to 1850, auditing evolved into a field of fraud detection and financial accountability. Until then, Auditing existed primarily as a method to maintain governmental accountancy and record-keeping. The incidence of the revolution resulted in businesses expanding thereby resulting in increased job positions between owners to customers. Resultantly, management was hired to operate businesses in the owners’ absences, and owners found an increasing need to monitor their financial activities both for accuracy and fraud prevention. (http://www.eHow.com). In the early 20th century, the reporting practice of auditors, which involved submitting reports of their duties and findings, was standardized as the â€Å"Independent Auditor’s Report.† The increase in demand for auditors led to the development of the testing process for accuracy and fraud prevention. Auditors developed a way to strategically selecting key cases as representative of the company’s performance. This was an affordable alternative to examining every case in detail, required less time and a good tool for reducing fraud (http://www.eHow.com). 2.3 Overview of Auditing â€Å"Auditing is a systematic examination of the books and records of a business or the organization in order to ascertain or verify and to report upon the facts regarding the financial operation and the result thereof† (Montgomery, 2010,p.6). Again, Loughran (2010, p.5), defines auditing as, the process of investigating information that is prepared by someone else to determine whether the information is fairly stated. On the other hand, Arens et al. (2006, p.7), defines auditing as the accumulation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. â€Å"Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users†(Robertson et al., 2002,p.7).According to Knechel (2001,p.4 2), â€Å"auditing is the process of providing assurance about the reliability of the information contained in the financial statements prepared in accordance with Generally Accepted Accounting Principles.† 2.4 Types of Audit There are various ways in which the work performed by the auditor has been classified or categorized. Each classification or type of audit is unique in that, each type of audit has its own perspective, objective and business organisation. Irrespective of the type of audit being conducted, the basic processes, guidelines and standards are basically the same. However, Hall (2005) classifies the types of audits that auditors perform into four; 2.4.1 Internal Audit The Institute of Internal Auditors defines internal audit as an independent function established within an organisation to examine and evaluate the audit activities as a service to the organisation. Internal audits are conducted by auditors who work for the organization (Ibid). 2.4.2 Information Technology Audit This is associated with auditors who use technical skills and knowledge to  audit through the computer system, or provide audit services where processes or data, or both, are embedded in technologies. Hence, IT audit involves the auditing of information technology, computer system and the like. IT audit allows auditors to audit through the database and computer (Ibid). 2.4.3 Fraud Audit This is the newest area of auditing, arising out of both rampant employee theft of assets and major financial frauds. In such audits, materiality is irrelevant, and the primary goal is an investigation of anomalies not to give assurance. Hence, fraud audit aims at gathering evidence of fraud and where sufficient evidence exist, fraud audit leads to conviction (Ibid). 2.4.4 Financial Audit Also referred to as external audits, this involves auditors who work independent of the organisation being audited. The audit objective is to give an opinion on the financial statements (Ibid). 2.5 Types of Auditors There are a number of different types of auditors; however, they can be classified under four headings: external auditors, internal auditors, government auditors, and forensic auditors. One important requirement of each type of auditor is independence, in some manner, from the entity being audited (Robertson et al., 2002). 2.5.1 External Auditors External Auditors are often referred to as independent auditors or certified public accountants (CPAs). Such auditors are called â€Å"external† because they are not employed by the entity being audited. However, external auditors audit financial statements for publicly traded and private companies, partnerships, municipalities, individuals, and other type of entities. An external auditor may practice as a sole proprietor or as a member of a CPA firm (Robertson et al., 2002). On the other hand, Boynton et al. (2001), describes external auditors as independent having education, training, and thus by virtue of their experience, external auditors are qualified to perform each of the types of activities being the operational audit activity, the audit compliance, and the financial statements audit activity. Operational audit activity has to do with obtaining and evaluating evidence  about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives. Furthermore, compliance audit activity has to do with obtaining and evaluating evidence to determine whether certain financial or operating activities of an entity conform to specified rules, or regulations (Boynton et al., 2001).Finally, the financial statements audit activity has to do with obtaining and evaluating evidence about an entity’s financial statements for the purpose of expressing an opinion on whether the financial statements are presented fairly in conformity with established criteria-usually Generally Accepted Accounting Principles (Boynton et al.,2001). 2.5.2 Internal Auditors Internal auditors are auditors employed by individual companies, partnerships, government agencies, individuals, and other entities (Messier et al., 2008). Additionally, internal auditors are also employed extensively by government and nonprofit organisations with the principal goal of investigating and appraising the activities with which the various organisational units of the company are carrying out their assigned functions (Whittington et al., 2004). However, in addition to the provision of consulting services to the organisation, internal auditors pay much attention to the study of internal control. Again, internal auditors are primarily involved with compliance and operational audit activities. With the operational audit activity having to do with the obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives (Boynton et al., 2001).Furthermore, the compliance audit activity having to d o with the obtaining and evaluating evidence to determine whether certain financial or operating activities of an entity conform to specified conditions, rules, or regulations (Boynton et al., 2001). 2.5.3 Government Auditors Government auditors are employed by federal, state, and local agencies. They generally can be considered a subset of the broader category of internal auditors. At the federal level, two agencies use auditors extensively: the Government Accountability Office and the Internal Revenue Service. The Internal Revenue Agents have their responsibility of enforcing tax laws as defined by congress of parliament and interoperated by the courts. However,  the government auditors engage in a wide range of audit activities, including financial statements audit activity, the compliance audit activity and the operational audit activity (Messier et al., 2008). Financial statements audit activity has to do with the obtaining and evaluating evidence about an entity’s financial statements for the purpose of expressing an opinion on whether they are presented fairly in conformity with established criteria-usually Generally Accepted Accounting Principles. The compliance audit activity having to d o with the obtaining and evaluating evidence to determine whether certain financial or operating activities of an entity conform to specified conditions, rules, or regulations. Finally, the operational audit activity having to do with the obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives (Boynton et al., 2001). 2.5.4 Forensic Auditors Forensic auditors are employed by corporations, government agencies, public accounting firms, and consulting and investigative services firms. They are trained in detecting, investigating, and deterring fraud and corruption (Boynton et al., 2001). 2.6 Roles of the Auditor The role of both the internal and external auditor in the business and economic life of the society is very important. Modern business enterprises are quite large and mostly in corporate form wherein shareholders do not necessarily engage in the running of the management team to run the business on behalf of the shareholders. As a result, management is required to prepare and submit accounts of their stewardship to reflect the true financial position of the entity’s activities (Yiadom, 2009).  ¬The Role of the Auditor in the Internal Control Internal control is broadly defined as a process, executed by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following internal control categories: 1.Effectiveness and efficiency of operations. 2.Reliability of financial reporting. 3.Compliance with laws and regulations. Management is responsible for internal control. Managers establish policies and processes to help the organization achieve specific objectives in each of these categories. Auditors perform audits to evaluate whether the policies and processes are designed and operating effectively and provide recommendations for improvement (Messier et al., 2008).  ¬The Role of the Auditor in Corporate Governance Corporate governance is a combination of processes and organizational structures implemented by the Board of Directors to inform, direct, manage, and monitor the organization’s resources, strategies and policies towards the achievement of the organizations objectives. The internal auditor is often considered one of the â€Å"four pillars† of corporate governance, the other pillars being the Board of Directors, management, and the external auditor(Business web (online) 2006 http://www.allbusiness.com). A primary focus area of internal auditing as it relates to corporate governance is helping the Audit Committee of the Board of Directors (or equivalent) perform its responsibilities effectively. This may include reporting critical internal control problems, informing the Committee privately on the capabilities of key managers, suggesting questions or topics for the Audit Committee’s meeting agendas, and coordinating with the external auditor(Business web (online) 2006 http://www.allbusiness.com).  ¬Role of the Auditor in Risk Management Auditing professional standards require the function of the auditor to monitor and evaluate the effectiveness of the organization’s risk management processes. Risk management relates to how an organization sets objectives, then identifies, analyzes, and responds to those risks that could potentially impact its ability to realize its objectives. Management performs risk assessment activities as part of the ordinary course of business in each of these categories. Examples include: strategic planning, marketing planning, capital planning, budgeting, hedging, incentive payout structure, and credit/lending practices. Sarbanes-Oxley regulations also  require extensive risk assessment of financial reporting processes (Business web (online) 2006 http://www.allbusiness.com). Corporate legal counsel often prepares comprehensive assessments of the current and potential litigation a company faces. Internal auditors may evaluate each of these activities, or focus on the processes used by management to report and monitor the risks identified. For example, internal auditors can advise management regarding the reporting of forward-looking operating measures to the Board, to help identify emerging risks (Business web (online) 2006 http://www.allbusiness.com). In larger organizations, major strategic initiatives are implemented to achieve objectives and drive changes. As a member of senior management, the Chief Audit Executive may participate in status updates on these major initiatives. This places the Chief Audit Executive in the position to report on many of the major risks the organization faces to the Audit Committee, or ensure management’s reporting is effective for that purpose (Business web (online) 2006 http://www.allbusiness.com). 2.7 Overview of Corruption Although there is no universal or comprehensive definition as to what constitutes corrupt behaviour, most definitions share a common emphasis upon the abuse of public power or position for personal advantage (Boadi, 2002 vol.4 no.2).The Oxford Unabridged Dictionary defines corruption as â€Å"perversion or destruction of integrity in the discharge of public duties by bribery or favour.† Webster’s Collegiate Dictionary defines it as â€Å"inducement to wrong by improper or unlawful means (as bribery).† A succinct definition of corruption used by the World Bank is â€Å"the abuse of public office for private gain.†Corruption is a complex multi-faceted social phenomenon with innumerable manifestations. It takes place as an outcome of deficiencies in the existing public administration apparatuses and systems as well as cultural, economic, political and social factors. Differences of opinion still exist as to the meaning of the term corruption. This is primarily because individuals look at corruption from their own vantage points influenced by surrounding environment (Khan, 2004). Coherently, Swain& Dininio (2000), explains corruption as the abuse of public office for private gain. It encompasses unilateral abuses by government officials such as embezzlement and nepotism, as well as abuses linking public and private  actors such as bribery extortion, influence peddling, and fraud. 2.8 Corruptive Issues in an Organisation Corruptive issues arise in an organization where both employers and employees embark on any act classified as corruption (Balkaran, 2000). 2.8.1 Causes of Corruption  Khan (2004), defines corruption as a phenomenon that takes place due to the presence of a number of factors. An understanding of such factors requires, among other things, a kind of general framework for a clearer understanding of the causes of corruption, especially from a broader perspective. However, Goudie & Strange (2000), explained that the genesis of corruption can be looked at from three levels being the international, the national and the individual institutional level. Competitiveness of international markets provides multinational companies of various sizes with an incentive to offer bribes to gain an advantage over competitors. At the national level basic development strategy of any government moulds opportunities and incentives for corruption. At the same level three relationships – between the government and the civil service, between the government and the judiciary and between the government and the civil society – also affect the nature and discussions of corruption. Three areas of government activity – customs administration, business regulation and management of foreign aid – act as sources of corruption at the level of individual institutions (Goudie & Strange, 2000). 2.8.2 Forms of Corruption Corruption takes many forms; acceptance of money and other rewards for awarding contracts, violation of procedures to advance personal interests, kickbacks from developmental programmes or multi-national corporations, pay-offs for legislative support, diversion of public resources for private use, overlooking illegal activities, intervening in the justice process, nepotism, common theft, overpricing, establishing non-existing projects and tax collection and tax assessment frauds (Khan, 2004). 2.9 The Auditor’s Role in Fighting Corruption in an Organisation â€Å"Auditors are the first set of gatekeepers in fighting corruption in an organisation† (Harding,2000,p.12). Auditors ensure that transactions are valid, at arms-length, captured, and properly recorded according to established  standards which contributes to the fight of corruption. Secondly, As professionals with a duty to protect the public interest, auditors are bound by rigorous codes of professional and personal ethics calling for the highest levels of integrity and objectivity. Again, with key strategic positions within an enterprise or organization; whether in an internal position or as an external position, mean that auditors very often have access to highly privileged and confidential information (Harding, 2000). Furthermore, as Balkaran (2000), puts it, the auditor helps in fighting corruption in an organisation through the performance of the respective functions on the bases of national and international standards of practice which have clear guidelines identifying, for instance, indicators of fraud and other irregularities, and reporting these to the highest levels of authorit y. Scaling down to the types of auditors, Balkaran (2000), outlines that, the revised response of internal auditing, places more responsibility on internal auditors in helping to fight corruption. After all, as the eyes and ears of management, they are there year-round, understand the operations of a business, and are bound by even more in-depth standards of performance and conduct. Moreover, the work of the internal auditor is often relied upon by the external (independent) auditors and therefore subject to more stringent requirements.

Abortion- Pro essays

Abortion- Pro essays Abortion is a very touchy subject in American politics. When dealing with this issue, there are two sides that one can take. There is the Pro-life side, which believe that abortion is not a good thing, and should be made illegal. On the other end of the spectrum, there is the Pro-choice side. The Pro-choice side believe that its a womans choice if she wants to carry the baby, or abort the pregnancy. There are many pros and cons to each of the argument. One reason that Pro-choice advocates believe that there stance on the issue is the right one is that they believe that its a womans choice whether or not she aborts the pregnancy because its her body. Since the fetus is part of her body, she can make the decision whether she lets it live or die. Its like, if a woman has something wrong with her leg, and one of the options is to amputate, she can either choose to get rid of the leg and be done with it, or keep it. Another reason that Pro-choice supporters think that abortion is alright is that they do not consider a fetus to be a living human being. One of the main stances that Pro-life supporters have is that killing a fetus is just like killing a human being. While Pro-choice advocates believe that life begins at birth, and that killing the fetus is not kill a human, just killing a part of you. The final reason I will touch upon for the Pro-choice side is that sometimes, an abortion is the best thing if the mother is not capable of taking care of a baby. Sometimes a mother is not expecting the baby, and when it is conceived is not emotionally or financially ready to take care of the baby. When this is the case, an abortion can solve this problem, making it so she doesnt have a baby to take care of. On the other end of things, There are reason why Pro-life is the way to be. There are all pretty much the opposite of the reasons for Pro-choice. One of them is that a fetus is a human ...

Mobile and Wearable Devices Industry

Mobile and Wearable Devices Industry Introduction The last decade has experienced enormous innovations that have led to a swift revolution of the mobile and wearable devices industry. As a result, the mobile device market has significantly expanded.Advertising We will write a custom report sample on Mobile and Wearable Devices Industry specifically for you for only $16.05 $11/page Learn More The development of telecommunication technology has compelled many firms such as Lenovo to manufacture high-tech mobile and wearable devices such as Bluetooth headsets, blood pressure monitors, and smart watches among others. The mobile industry consists of manufacturers and distributors of smart phones, mobile accessories, and tablets among other electronics. Nonetheless, the industry has been faced with a variety of issues that affect its operations. This report provides an analysis of the key trends and industry issues that affect the mobile and wearable devices industry. Key Trends and Industry Issues C onsumer Services The trend of consumer services has significantly shaped the mobile and wearable devices industry. According to Taylor, the key players in the industry have significantly increased consumer services over the past decade (par. 4). Dramatic development of mobile device technologies has also affected the roles of operators and vendors. In the wake of the expanding mobile and wearable devices industry, some companies such as the Motorola Mobility Holdings Inc. have failed to meet the needs of consumers. As a result, Google has sold a unit of the US based mobile company to Lenovo, a Chinese computer company, for approximately 3 billion dollars (Kelion par.1). This acquisition is one of Lenovo’s strategic plans to become a global icon in the consumer market through delivery of smartphones and Think-Pads. According to Kelion, this purchase will make Lenovo the third largest smart device manufacturer in the international arena (par. 6).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Scott advances that operators in the mobile industry need to re-evaluate the effects of producer environment on consumer services (par. 2). In addition, manufacturers such as Lenovo have to capitalize on espousal of smartphones to maximize profitability. Moreover, the consumer market has experienced dramatic price structures. The current pricing structures have been confined to certain customer segments. Therefore, operators in the mobile industry should re-examine the existing pricing models to determine their validity in a vibrant technology environment. The consumer market requires pricing strategies that cover wide-ranging customer segments. For instance, Lenovo’s acquisition will lead to establishment of new markets in areas such as North America, Latin America, and Western Europe (Kelion par. 8). As a result, Lenovo’s pricing strategies should favour diversification of mobile devices to offer consumers a vast range of choices (Scott par. 3). Lastly, the emergence of new devices has enormously affected consumer services. Consequently, there is a need for Lenovo to assess both the purchasing power and usage patterns to improve the experiences of consumers. Digitisation of the Employee Mobile and wearable devices manufacturers such as Lenovo should target digitisation of employees to increase motivation and maximize profits. This plan will also increase profitability for the producer companies through the sale of high-end technology devices. For instance, improved healthcare technology will enhance the health of employees through reinforcement of health insurance plans. The health of an employee is important for alleviation of retrogressive work behaviours such as absenteeism.Advertising We will write a custom report sample on Mobile and Wearable Devices Industry specifically for you for only $16.05 $11/page Learn More This situation enhances production at employee level; hence, it elevates the production level of a company. Although employee healthcare plans have existed for some years, they have been less efficient. However, the availability of high-tech mobile gadgets that have powerful wireless capabilities has led to implementation of integrated technologies that enable management of health. According to Leung, various software technologies have been used in sophisticated gadgets such as the Apple’s iPhone to monitor health conditions such as hypertension and blood oxygenation (par. 7). Similarly, Lenovo should aim at development of smart gadgets that have the capability to monitor numerous events whilst maintaining a high degree of efficiency and accuracy to improve productivity at both employee and organizational levels. Benefits to Production Department Introduction of wearable technology in the retail business has continued to intensify productivity. Googleâ⠂¬â„¢s Motorola unit has been a chief manufacturer of various wireless connectivity enabled devices that ease communication between employees, employers, and customers. Consequently, Lenovo’s acquisition of the Motorola unit is expected to turn the company into a chief manufacturer and distributor of smart wireless mobile and wearable devices. This situation will improve the experiences of both vendors and consumers in the retail industry (Kelion par. 5). Today’s smartphones have exceptional capabilities to support sophisticated internet functions that have enhanced access to information and communication. According to Leung, continued use of wearable technology in the retail industry is expected to increase the output efficiency by approximately 8.5-percent in the next 2 to 3 years (par. 1).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Various studies have indicated that wearable technology can also improve the level of employee contentment by over 3.6-percent. On a different perspective, wearable technology has enhanced productivity by it scrupulous payment capabilities. This situation has elevated the transactional levels between producers, retailers, and consumers (Leung par. 4). PEST Analysis Political, Economic, Social, and Technological (PEST) factors determine a firm’s volume of production and distribution capacity based on the prevailing market conditions, interest rates, and consumer behaviour. Song reveals that the PEST factors have a greatly influenced manufacturing and distribution of various products in the mobile and wearable industry (9). Politically, governments worldwide require mobile and wearable devices to meet some desired standards that are set to control product quality, manufacturing, and distribution. Global economic landscapes have intensely affected the operations of the mobile in dustry. Therefore, Lenovo’s prospective business in areas such as North America, Latin America, and Western Europe will raise a need for normalization of prices based on the prevailing market conditions and interest rates. In addition, the company should also maintain a constant focus on the social aspects of target consumers. Fashion has become a key driver for consumer preferences. Consumers have developed a high affinity for new mobile phone models. Therefore, companies such as Lenovo should design and improve the models of their mobile and wearable devices to suit the demands of consumers (Song 11). Lastly, the ever-changing technological landscape has significantly shaped the mobile and wearable devices industry. Devices that have a wider range of features and accessories are more attractive to consumers; hence, they dominate the market due to their versatility. Conclusion and Recommendations The report has provided an analysis of the key issues that affect the mobile an d wearable devices industry based on a recent acquisition by Lenovo. The availability of mobile and wearable devices in both production and distribution channels will lead to increased output efficiency. Constant innovation has rendered the future of technology indeterminate. Therefore, Lenovo has an impending potential to exploit mobile and wearable device capabilities. Kelion, Leo. Google sells Motorola Mobility unit to Lenovo for $3bn, 2014. Web. bbc.com/news/business-25956284. Leung, Stuart. How Wearable Technology Can (And Will) Change Your Business, 2014. Web. http://blogs.salesforce.com/company/2014/07/wearable-technology-business.html. Scott, Martin. Consumer services, 2014. Web. analysysmason.com/Services/Research/Consumer-services/Mobile-Devices/. Song, Hee-Carlie. Analysis of the global Smartphone market and the strategies of its major players, 2010. PDF file. 27 Oct. 2014. http://jgbc.fiu.edu/files/journals/2/articles/36/public/36-150-1-PB.pdf. Taylor, Marcus. 19 Implic ations of Google Glass Wearable Tech on Marketing, 2014. Web. https://www.ventureharbour.com/19-implications-google-glass-wearable-tech-marketing/.