Descriptive Essay - Original Writing - 1187 Words

Rainbow Dash glanced down at her saddlebag, letting a monotonous sigh as she looked over the bunch of rolled up maps poking out from the sack. With a look of profound determination, she lifted her hoof and knocked on the door. â€Å"This is a public library, ya know. There’s no need to knock,† Twilight said from inside. â€Å"Aha†¦hehe, right†¦Ã¢â‚¬  Rainbow pushed through the Golden Oak Library’s front door and made her way over toward Twilight’s desk, then placed her saddlebag on it. â€Å"What s this about, Dash?† Twilight asked, placing a hoof to her chin, her curiosity at its peak. â€Å"Why did you bring a whole bunch of maps?† â€Å"I, uh†¦Ã¢â‚¬  Rainbow scratched the back of her mane and looked off to one side. I shoulda prepared for this.... â€Å"You all right there, Rainbow Dash? You seem†¦off and you’re acting weird,† Twilight said. â€Å"Yeah, yeah. I actually just wanted to ask you something.† Rainbow slid the bag out of her reach and grabbed the rolled-up scrolls with her teeth, setting them down. She was unrolling them on the desk, unfurling and ridding their creases. â€Å"What the heck is this?† Twilight looked genuinely confused. â€Å"Uh†¦what exactly do you mean?† Rainbow was aimlessly flailing her hooves around, while hovering lowly in the air. â€Å"Are you blind, woman?† â€Å"Oh, don’t patronize me. What in Celestia’s green Earth are you talking about?† Rainbow clapped. â€Å"Yes! Earth! Why the hell is the Earth flat?† Twilight flinched, and it looked like she was going to have a heart attack or seizure, orShow MoreRelatedDescriptive Essay - Original Writing1110 Words   |  5 PagesI don’t know how I got to where I am, but I’m here now, and I have to win if I want to live. I am in a game, and in order to live, I have to escape. That’s the thing, though: I don’t know how to escape. I was running for my life around this old house that looked like it came straight out of a horror movie. I doubled over and held my head in pain as I saw the static, which meant it was coming. I was being chased by what looked like a person but in no way acted like one. Just as it was about to appearRead MoreDescriptive Essay - Original Writing1102 Words   |  5 PagesIt is on days like this when we stop to think about our life. Small drops of rain begin to dapple the cobblestone pavement as people whip out their umbrellas for cover. I continue sauntering down the busy street, relishing the feeling of a light shower. Moving with the mass of pedestrians, I stop at a crosswalk where I wait for the stoplight to turn green. A flower shop employee across the street scurries to bring in the numerous bouquets and close the doors as rain starts rolling down the displayRead MoreDescriptive Essay - Original Writing914 Words   |  4 PagesDreamy I thought. Standing on the corner is a young guy with a smile. I see him here almost every day, so I linger for a while. He tells me his name, and I tell him mine. I m Ester, what s your name? I enquired. My names David .,He replied. We end up talking for a while and I asked him if he had ever left this city. He tells me of all these stories of the places where he s been, the distant lakes and mountains, and in valleys oh so green. I can see it in his eyes, he really has beenRead MoreDescriptive Essay - Original Writing974 Words   |  4 Pages I was used to moving round, having a mother who liked to travel more than making roots was something I had gotten used to. Still, I had never gotten used to the loneliness of an empty house when she was out exploring, or the feeling of leaving behind someone who could have meant something to me. Our most recent move was Oregon. It was pretty, and I didn’t mind it, but it was much different than Florida. Not only was it opposite sides of the country, it felt as if it were opposite worlds. InRead MoreDescriptive Essay - Original Writing1012 Words   |  5 Pageshave plenty of time in the next month to think about my feeling in regards to Kendrick. I needed to finish up the article and get it off to my editor. I should be able to get it done by tonight and send an email in the morning. I was thinking of writing my next article about the sea life around the Scottish coast. Since our salmon dinner last evening I thought I would do a piece about the commercial salmon farming that began in Scotland in 1969. In 2002 over 145,000 metric tons of farmed AtlanticRead MoreDescriptive Essay - Original Writing1561 Words   |  7 PagesThere’s something I need to say and what follows may not be something that you’d expect, it won’t be heartening or uplifting. If you remember today, I told you about going somewhere I wanted to go to†¦ I’m not sure if you believed and accepted what I now confess as untrue; it is partly. I needed to pull away emo tionally†¦ from you. You must have had fathomed that some degree of formality had seeped between us. Born of habit, formulaic greetings had become a routine. You presume that I’m a close friendRead MoreDescriptive Essay - Original Writing1387 Words   |  6 PagesI was wearing a beautiful blue dress with sapphire gems all around the chest area as I entered the ball with Ciel and Sebastian. I took a good look around here, the hallway was lined with gold. There was a servant ready to escort us to the ball room. Hello, come this way. He said, walking forward. Wow, this place is so fancy! I exclaimed, looking around. It s fake gold. Ciel bluntly replied, bringing my hopes down. I sighed. Ciel sounded like he wasn t in a very good mood. Ciel, lightenRead MoreDescriptive Essay - Original Writing1287 Words   |  6 Pages In the morning, Caireann woke me up. She stood above my bed, shaking my shoulder. I opened my eyes, looking at her. Then I looked across the room to her empty bed. Andy s empty bed sat in the corner. I swallowed, climbing out of bed. Sleep well? Caireann asked me, starting out the door. Yeah, I said, going over to our small dresser. I had the bottom two drawers. Andy had the middle two, and Caireann had the top. I pulled open the drawers, pulling on a colorful tank top and a grayRead MoreDescriptive Essay - Original Writing1345 Words   |  6 PagesLater that night, I was behind the wheel of my G-Wagon with Melissa in the passenger seat. She didn’t feel like driving since she was on the road all day and I understood so I didn’t mind when she asked me to. I had been tight-lipped. She kept eyeballing me as if she detected that something was bothering me but I just kept singing to my India Arie as if I was carefree. â€Å"So are you going to tell me what’s going on or no† Melissa said disrupting my own personal concert. I stopped singing and tookRead MoreDescriptive Essay - Original Writing1085 Words   |  5 PagesI WAS SITTING IN a taxi, wondering if I had overdressed for the evening, when I looked out the window and saw Mom rooting through a Dumpster. It was just after dark. A blustery March wind whipped the steam coming out of the manholes, and people hurried along the sidewalks with their collars turned up. I was stuck in traffic two blocks from the party where I was heading. Mom stood fifteen feet away. She had tied rags around her shoulders to keep out the spring chill and was picking through the trash

To What Extent Did Alexander Ii Deserve His Title of the...

Does Alexander II truly deserve the title of liberator? To liberate is to set free (a group or individual) from legal, social or political restrictions. There is evidence to suggest that he disliked serfdom. Even his father, Nicholas I, believed that serfdom was an â€Å"evil palpable to all,† and Alexander II was certainly even more liberally educated than his father. His arguably most fundamental reform was the emancipation of serfdom in 1861. As he said, â€Å"It is best to abolish serfdom from above than to wait until it abolishes itself from below†. This quote demonstrates his realization that reform was needed. Many saw serfdom as Russias biggest handicap in development into a new modern era, to be the equal of other European powers. There†¦show more content†¦Milyutin’s reforms made the army more civilized and efficient-the army was made to be more accommodating for the soldiers with the army methods being made more humane. This meant that training was made more relaxed and corporal punishment was banned. Shorter services meant that the army was no longer seen as a prison life sentence. The success of the reform was due to the efforts of Dmitri Milyutin, not Alexander II, but overall successful nonetheless. Furthermore, the success of the reform was not measured in the number of victories in battle, but the way in whic h it introduced a sense of professionalism and discipline in soldiers. This gave birth to modern military strategies and more effective combat tactics. In 1864, Alexander introduced a modern western-style judicial system based on the French system that was aimed to be â€Å"equal to all our subjects.† The salaries of judges were also increased, making them less likely to accept bribes, thus decreasing corruption. Further reforms included the opening of courts to the public, which drastically increased freedom of expression and opportunities of careers in law. As historian Hugh Seton-Watson argues, â€Å"the court-room was the one place in Russia where real freedom of speech prevailed.† However, the success of these reforms can be questioned as the police of the Third Section could arrest people on demand and political and military cases were soon

Social Perception, and Attribution, and Individual Decision Making Free Essays

Social Perception, and Attribution, and Individual Decision Making Perception is the process of receiving information about and making sense of world around us. It involves deciding which information notice, how to categorize this information and how to interpret it within the framework of existing knowledge. Another definition of perception is â€Å"A process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment†. We will write a custom essay sample on Social Perception, and Attribution, and Individual Decision Making or any similar topic only for you Order Now We can summarize the perception with this sentence â€Å"We don’t see the things as they are, we see things as we are†. Why is perception important in the study of Organizational Behaviour? Simply because people’s behaviour is based on their perception of what reality is, not on reality itself. Virtually all management activities rely on perception. In appraising performance, managers use their perceptions of an employee’s behaviour as a basis for evaluation. Factors that influence perception are categorized to three groups; 1)Factors in the perceiver: Attitudes, Motives, Interests, Experience, Expectations 2)Factors in the situation: Time, Work Setting, Social Setting 3)Factors in the target: Novelty, Motion, Sounds, Size, Background, Proximity, Similarity Shortcuts used in judging others; )Selective Perception: a characteristic that make someone stand out in our mind will increase the probability that it will be perceived 2)Halo Effect: drawing a general impression based on a single characteristic 3)Contrast Effects: our reaction is influenced by others we have recently encountered 4)Projection: the tendency to attribute our own characteristics to other people 5)Stereotyping: judging someone on the basis of our perception of the group to which they belong Attribution in Organizations Attribution simply refers to how a person explains the cause of another’s or his or her own behaviour. Attribution thus is the most relevant application of perception concepts of organizational behaviour-the issue of person perception. The attributions or inferred causes we provide for behaviour have important implications in organizations. In explaining the causes of employee performance, good or bad, we are asked to explain the behaviour that was the basis for the performance. Attribution Theory suggests that when we observe an individual’s behaviour, we attempt to determine whether it was internally or externally caused: Internally; believed to be under the personal control of the individual Externally; resulting from outside causes. Determinants of Attribution Distinctiveness; whether an individual displays different behaviors in different situations. Consensus; if everyone who faces a similar situation responds in the same way. Consistency; does the person respond the same way over time. Individual Decision Making Individuals in organizations make decisions. That is, they make choices from among two or more alternatives. Decision-making is almost universally defined as choosing between alternatives. Decision-making is a critical activity in the lives of managers. The decisions a manager faces can range from very simple, routine matters for which the manager has an established decision rule(programmed decisions) to new and complex decisions that require creative solutions(non-programmed decisions). Decision-Making Process Managers have to make decisions whether they are simple or extremely complex. Making a good decision is a difficult exercise. It is the product of deliberation, evaluation and thought. To make good decisions, managers should invariably follow a sequential set of steps. 1)recognize the problem and need for a decision 2)identify the objective of the decision 3)gather and evaluate data and diagnose the situation 4)list and evaluate alternatives 5)select the best course of action 6)implement the decision 7)gather feedback 8)follow up How to cite Social Perception, and Attribution, and Individual Decision Making, Essay examples

Making Planned Giving Work For You Essay Example For Students

Making Planned Giving Work For You Essay Making Planned Giving Work For YouPlanned giving strategy tips for every organizationLawrence Henze,J.D.,Managing Director,Blackbaud AnalyticsGolden Age of Philanthropy Americans will transfer at least $41 trillion between 1998-2052,according to a study 1 by theSocial Welfare Research Institute at Boston College.At least $6 trillion of that funding will bebequests to charity,according to authors Paul Schervish and John Havens,who wrote that agolden age of philanthropy is dawning.With so many philanthropic dollars up for grabs,nonpro #64257;ts need to position themselves tocapture a share of the wealth.Research from the National Committee on Planned Giving 2 showsthat although 42 percent of Americans have wills,only about nine percent have included charities. But once charities are included,they stay:97 percent said they had not revoked a charitableprovision.An additional 14 percent of those surveyed said they had considered including acharitable bequest in their wills even though no nonpro #64257;t has asked them to do so.This leavesa largely untapped market. About Planned GivingPlanned giving,once called deferred giving,refers to any charitable gift that requires morethought and planning to execute than the average donation.Planned giving has traditionally beende #64257;ned as the gift that an individual makes near the end of his or her lifetime.There are manykinds of planned gifts,from simple bequests in a will or an estate plan,to annuities,charitableremainder trusts,charitable lead trusts,pooled income,life insurance and life estates. Nonpro #64257;ts often have trouble securing planned gifts.Why?The answer generally boils down tofour basic factors:targeting the wrong prospects,sending the wrong appeal,asking too late andsoliciting planned gift prospects for major gifts instead so the organization can get the moneymore quickly. Many charities assume that their major gift donors will be their best prospects for planned gifts. When these solicitations fail,organizations are left with the impression that planned giving isjust not right for them.Other organizations send broad-based planned giving mailings to olderWhite PaperExecutive SummaryDeveloping a successful planned giving program can be a complex undertaking.But it is one that is well worth the trouble. Extensive research has shown that planned giving is about lifestyles and loyalty,not wealth.Many organizations still think theyhave to #64257;nd the millionaires in their database to secure planned gifts.The truth:everyone in your annual fund program hasthe potential to be a planned giver.This means you have more control over the process than you think.Equipped with solidinformation and the right marketing strategy,your organization can build a successful planned giving program. Making Planned Giving Work for You1ContentsGolden Age of Philanthropy 1About Planned Giving .1What Makes a Planned Gift Donor 2Using Research to IdentifyYour Best Prospects ..3Using Marketing to Reach Out toYour Best Prospects ..4Conclusion 5Appendix A:Types of Planned Gifts ..61 Millionaires and the Millennium:NewEstimates of the Forthcoming Wealth Transferand the Prospects for a Golden Age ofPhilanthropy ,by Paul G.Schervish and JohnJ.Havens.Social Welfare Research Institute,Boston College,Boston,MA,October 1999. 2 Planned Giving in the United States 2000:A Survey of Donors .National Committee onPlanned Giving.

The Existence of Audit Expectation Gap Essay Example

The Existence of Audit Expectation Gap Essay The study investigates the existence of audit expectation gap in relation to society’s unreasonable expectations out of auditing in Bangladesh. This also identified the effects of auditing knowledge on the gap. Among all the classes of our society the accounting graduates are expected to have more knowledge on auditing, who represented 60% proxy of the users.For the purpose of the study, the four groups who are chosen as sample users are: (1) General investors (naive) (2) Students not completing any audit course (3) Students completing two (2) courses (Audits III) (IV) Articled students either level I or level II. The questionnaire comprised of two parts, were sent regarding three aspects: audit liability, audit reliability and materiality of audit opinion. It is found that the respondent who are closer to auditing concepts expect reasonably out of the auditors than the others. The knowledge in the respective fields affected the expectations both positively and negatively.Keyw ords: Expectation gap; audit liability; audit reliability; materiality of audit opinion; audit knowledge. Introduction: â€Å"Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria: Auditing should be done by a competent and independent third person† (Arens and Loebbecke 1988). The auditor in an audit opinion, certifies that the financial statements represent a true and fair view and are prepared in accordance with GAAP (Generally Accepted Accounting Principle) followed by the industry.The collapse of Lehman Brothers, an American bank with $691 billion in 15th September of 2008 along with subsequent bankruptcy of Washington Mutual Bank [$327. 9 billion] in September 26, 2008; General Motor [$91 billion] and CIT Group [$71 billion] in 2009 put the auditing profession and auditing itself into a severe challenge. Auditors’ prudent person concept or u nderperformance of the auditors and society’s over expectation individually or simultaneously result into audit expectation gap. Objectives of the Study Regarding Perpetual Expectation Gap: Expectation Gap was termed by Liggio in 1974 for the first time.Since then it is the significant differences regarding perceived materiality level between auditors and users of financial statements. The AICPA acknowledged the fact that -‘after considerable study of available evidence’ that ‘such a gap does exist’ (Cohen commission Report, AICPA 1978). From the subsequent definition provided by Arrington et al (1983), Monroe and Woodcliff 1993, the two major component was identified by Porter (1983 and 1993): (i)’reasonableness gap’ and (ii)’performance gap’.Reasonableness gap is the difference between what the society does expect the auditors to achieve and what they can reasonably expect to accomplish. Thus point of unreasonable expect ation comes. Performance gap is the difference between the responsibilities society reasonably expects out of audit and auditors’ performance. These gap widens as the role of audit increases. Now this study proceeds to answer the questions- who are the users feeling their expectations are not met and are those expectations reasonable in Bangladesh perspective? The study further tended to discover the impact of audit knowledge in reducing or increasing the gap.It is evident that more knowledgeable the users the closer gap. Reasonably naive investors are expected to seek more from audit report. Literature Review: From the birth of expectation gap, several studies have been conducted by the concerned specialists around the world. The findings were also centered to perpetual expectation gap however this was wider in some cases. In 1977, Baron et al investigated the differences in perceptions between auditors users of financial statement regarding auditor’s fraud detection duties revealed significant differences.In 1988, low et al conducted a study on audit expectation gap found difference in the area of fraud prevention, guaranteeing the accuracy of the financial statements, effective use of government funds management efficiency. In1992 1993, Humphery et al conducted a study regarding auditors’ role through a series of unstructured interviews, questionnaires mini case studies revealed insignificant differences audit functions but significant differences in regard to role of auditors.In June 2004, Javed Siddiqui Taslima Nasreen conducted a study â€Å"Audit expectation gap in Bangladesh: Perceptual differences between Accounting professionals students† and found a significant audit expectation gap. (Journal of Business Studies, University of Dhaka) In December 2004 the above specialist along with Al-amin conducted another study named â€Å"The Presence of a Reasonableness Gap? Students’ Perceptions Regarding Audit and t he Role of Audit Education in Bangladesh† (Journal of Business Studies,Vol. xxv, No. 2, December2004) and concluded somehow differently like –Knowledgeable students expected more unreasonably out of auditing.Methodology of the study: For the purpose of the study, the questionnaire method was applied . The questionnaire method despite its inherent shortcomings chosen appropriate for this study. Here four groups were selected. 20 questionnaires were sent to investors who are in general naive. Similar questionnaires were sent to 10 professionals who are under knowledge or Application level, to 10 students of Dept. of Accounting Information Systems (AIS), University of Dhaka (DU) who have just completed two Audit courses and another 10 questionnaires were sent to students who have no idea under same discipline.The issue of perceptions regarding audit is about measuring attitudes. For the purpose of this study, the seven-point Likert scale was used. Prior studies have used t he Likert scale for measuring the audit expectation gap in different countries (for example Schelluch 1996; Best et al 2001 etc. ) The response scale used for this study was- 1. Strongly agree 2. Moderately agree 3. Slightly agree 4. No opinion 5. Slightly disagree 6. Moderately disagree 7. Strongly disagree Strongly agree Strongly disagree 1. An auditor is a watchdog, not a bloodhound. 1234567 2.Auditor is responsible for audit failure, not for audit risk. 1234567 3. Auditor is responsible for detecting all fraud. 1234567 4. Auditing exists only because of legal binding. 1234567 5. The auditor is responsible for soundness in internal control1234567 6. The auditor is liable for maintaining accounting records. 1234567 7. The auditor is unbiased and objective. 1234567 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1234567 9. The audit report provides assurance about the entity’s future performance. 234567 10. The auditor a grees with the accounting policies of the entity. 1234567 Analysis and Findings: Survey Analysis: Assessment Point-1: â€Å"The auditor is a watchdog, not a bloodhound† ‘Watchdog means a person or a group of people whose job is to check that companies are not doing anything illegal or ignoring people’s rights’ (www. oup. com) Bloodhound means person or group of people who find any inconsistency regarding the concerned areas. The BSAs contain objectives, requirements application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance.The BSAs require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit among other things: ? Identify and assess risks of material misstatement, whether due to fraud error, based on an understanding of the entity its environment, including the entity’s internal control. ?Obtain suffici ent appropriate audit evidence about whether material misstatement exists, through designing and implementing appropriate responses to the assessed risks. From an opinion on the financial statements based on conclusions drawn from the audit evidence obtained. (BSA 200; Para-7) Therefore it is evident that this statement contributes to gap between auditors users of financial statement. Assessment Point-2: The Auditors are responsible for Audit failure, not for audit risk. Audit failure occurs when the auditor issues an erroneous audit opinion as the result of an underlying failure to comply with the requirements of generally accepted auditing standards (GAAS).Audit risk represents the risk that the auditor will conclude that the financial statements are fairly stated and an unqualified opinion can be issued when, in fact, they are materially misstated. Because auditors are able to gather evidence only on a test basis detecting well-concealed frauds can be extremely difficult, there is always some risk that the auditor will not uncover a uncover a material fraud even though the auditor complied with GAAS. (Arens Loebbecke) So, the statement affects audit expectations gap. Assessment Point-3: ‘The auditor is responsible for detecting all the fraud’.BSA 200, â€Å"Objective and General Principles Governing and Audit of Financial Statements,† clearly states the objectives of an audit- The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. An audit conducted in accordance with BSAs is designed to provide reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. (Paragraph 2, BSA 200)Assessment Point-4: â€Å"Audit exists only because of legal bindings†. Section 210 of the Company A ct, 1994 describes- ‘Every company shall, at each annual general meeting appoint an auditor or auditors to hold office from the conclusion of that meeting until the next annual general meeting and shall within seven days of the appointment, give intimation thereof to every auditor so appointed: Provided that, no person can be appointed auditor of any company unless his written consent has been obtained prior to such appointment or re-appointment. ’ The section seeks for statutory audit that must be complied.A twenty four (24) years study of Wanda A. Wallace on â€Å"The economic role of the Audit in free regulated market: A look back A look forward†, revealed that beyond legal requirement, the audit is very much significant. She clarified her argument from three (3) points of view- i) Stewardship hypothesis or Agency theory ii) Information Hypothesis iii) Insurance Hypothesis. Still 77% of the companies audit their financial statements. So it is expected to au dit financial statements beyond legal bindings. Assessment Point-5: ‘The auditor is responsible for soundness in internal control structure of the entity. â€Å"Internal control system† means all the policies and procedures (internal controls) adopted by the management of an entity to assist in achieving management’s objective of ensuring, as far as practicable, the orderly and efficient conduct of its business, including adherence to management policies, the safeguarding of asset , the prevention and detection of fraud and error ,the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information (BSA 400). However, during the course of the audit, the auditor has to assess the entity’s internal control system in order to identify audit risk.Assessment Point-6: ‘The auditor is liable for maintaining accounting records. ’ It has been made clear that it is not the responsibility of the auditor to prepare or to maintain the clients’ accounts. The audit report is also required to contain a paragraph specifying the responsibilities of the auditors-The report should include a statement that the financial statements are the responsibility of the entity’s management and a statement that the responsibility of the auditor is to express an opinion on the financial statements based on the audit (BSA700).Therefore, it affects the expectation gap as from naive point of view the statement seems accurate. Assessment Point-7: ‘The auditor is unbiased and objective. ’ Paragraph 1. 1 of the Code of Professional Ethics (2001) states – A professional accountant should be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity. Therefore, a society should reasonably expect the auditor to be unbiased objectivity. Assessment Point-8: ‘Auditor should provide absolute assurance about the material misst atement in financial statements. The primary objective of audit is to draw a conclusion on the fairness of the Financial Statements. The secondary objective is to detect errors and frauds. (BSA 200) The objective of an audit of financial statements is to enable the auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. The form the audit conclusion takes is that auditors state whether the financial statement give a true and fair view. This is an expression of reasonable assurance. ICAB Manual) BSA 200, specifying the objectives of audit clearly mentions that the auditors only provide reasonable assurance and not absolute assurance regarding the absence of material misstatements. Assessment point 9: ‘The audit report provides assurance about the entity’s future performance. ’ When the auditors express an opinion, they only guarantee the absence of material misstatements and the conformance with accepted accounting practices. However, this is not an assurance regarding the future or current performance of the entity.As stated in BSA 200 Although the auditor’s opinion enhances the credibility of the financial statements, the user cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity. Assessment point 10: ‘The auditor agrees with the accounting policies of the entity. ’ As auditors provide opinion regarding true and fair representation of financial statements and therefore issue four types of audit report-(i) Standard unqualified Audit Report (ii) unqualified Audit Report (iii)Adverse Audit Report and (iv) No Report.In first and second cases the auditors agree with the accounting policies of the entity. Assessment point-11: ‘What do you expect from audit report? ’ Na ive (general) investors expect:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Professional under level i and level ii expect :†¦. Findings of the study: Table-1: Responses of naive (general) investors. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog, not a bloodhound. 7. 002. 724. 28 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 442. 56 3. Auditor is responsible for detecting all fraud. . 004. 122. 88 4. Auditing exists only because of legal binding. 7. 006. 030. 97 5. The auditor is responsible for soundness in internal control7. 005. 361. 64 6. The auditor is liable for maintaining accounting records. 7. 005. 571. 43 7. The auditor is unbiased and objective. 7. 005. 681. 32 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 005. 231. 77 9. The audit report provides assurance about the entity’s future performance. 7. 006. 800. 20 10.The auditor agrees with the account ing policies of the entity. 7. 004. 392. 61 The table shows significant difference in the assessment point no: 1, 2,3,10. It reveals that naive investors seek or do believe auditor makes way for their decisions, i ,e; the general investors rely much on the auditors’ decision not critically analyzing the opinion but from a naive point of view. Table 2: Responses of Students not completing any audit course. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 004. 092. 91 2.Auditor is responsible for audit failure, not for audit risk. 7. 003. 193. 81 3. Auditor is responsible for detecting all fraud. 7. 004. 922. 08 4. Auditing exists only because of legal binding. 7. 003. 773. 33 5. The auditor is responsible for soundness in internal control7. 005. 661. 44 6. The auditor is liable for maintaining accounting records. 7. 006. 570. 43 7. The auditor is unbiased and objective. 7. 003. 923. 08 8. Auditor should provide absolute assura nce about the material misstatements in financial statements. . 002. 414. 59 9. The audit report provides assurance about the entity’s future performance. 7. 004. 492. 51 10. The auditor agrees with the accounting policies of the entity. 7. 004. 042. 96 The table shows that statistically significant differences exist from the view point of students having no audit idea in terms of the assessment point no: 2,3,4,8. It indicates that they expect unreasonably from the auditors regarding their responsibilities of detecting and preventing all frauds and also auditors’ agreement with the entity’s accounting policies.Table 3: Responses of Students completing two (2) courses (Audits III). Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 005. 641. 36 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 982. 02 3. Auditor is responsible for detecting all fraud. 7. 003. 873. 13 4. Auditing exists only b ecause of legal binding. 7. 005. 111. 89 5. The auditor is responsible for soundness in internal control7. 004. 892. 11 6. The auditor is liable for maintaining accounting records. . 006. 010. 99 7. The auditor is unbiased and objective. 7. 004. 922. 08 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 004. 592. 41 9. The audit report provides assurance about the entity’s future performance. 7. 002. 594. 41 10. The auditor agrees with the accounting policies of the entity. 7. 005. 581. 42 Table 3 presents the study results out of students who completed two audit courses. Significant gap was found in the point that audit report provides prediction of future performances of any entity.Again in detecting and preventing all fraud of any entity. In respect of some of the six audit threats, the auditors’ objectivity and neutrality was questioned resulting in some expectation gap. Table 4: Responses of Articled students either level I or level II. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 006. 810. 19 2. Auditor is responsible for audit failure, not for audit risk. 7. 006. 800. 20 3. Auditor is responsible for detecting all fraud. 7. 002. 024. 98 4. Auditing exists only because of legal binding. . 005. 241. 76 5. The auditor is responsible for soundness in internal control7. 005. 911. 09 6. The auditor is liable for maintaining accounting records. 7. 000. 896. 11 7. The auditor is unbiased and objective. 7. 006. 870. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 001. 315. 69 9. The audit report provides assurance about the entity’s future performance. 7. 004. 812. 19 10. The auditor agrees with the accounting policies of the entity. 7. 002. 114. 89The table shows the survey results from professional students who are from level I and level II of professional accountancy. He re the respondents were in line to set a expectation ceiling. Table -5: Showing the deviations between four respondent groups. Assessment pointsDeviation Table-1Deviation Table-2Deviation Table-3Deviation Table-4 1. An auditor is a watchdog not a bloodhound. 4. 282. 911. 360. 19 2. Auditor is responsible for audit failure, not for audit risk. 2. 563. 812. 020. 20 3. Auditor is responsible for detecting all fraud. 2. 882. 083. 134. 98 4. Auditing exists only because of legal binding. . 973. 331. 891. 76 5. The auditor is responsible for soundness in internal control1. 641. 442. 111. 09 6. The auditor is liable for maintaining accounting records. 1. 430. 430. 996. 11 7. The auditor is unbiased and objective. 1. 323. 082. 080. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1. 774. 592. 415. 69 9. The audit report provides assurance about the entity’s future performance. 0. 202. 514. 412. 19 10. The auditor agrees with th e accounting policies of the entity. 2. 612. 961. 424. 89We the group ‘CRYSTAL HEART’ conducted this study to address whether the perpetual audit expectation gap between the auditors and the users of financial statements is reasonable and how audit knowledge provided by Dept. of Accounting and Information Systems of University of Dhaka affected this gap. The study were mainly concentrated on identifying audit expectation gap in the areas of audit liability of the auditors, audit reliability from the viewpoint of naive (general) investors, students who have no audit knowledge or have taken at least two audit courses and professionals and materiality of audit report to them.The study revealed the presence of audit expectation gap in Bangladesh. In the area of auditors’ responsibilities the naive (general) investors putting the audit knowledge less students second in row expected much more i,e; unreasonably out of the auditors. The professionals’ responses in dicated their responsibilities were defined in different standards. Another area of this study regarding audit reliability showed a wide gap from each of the four (4) respondent groups. As the auditors work on sampling base, and audit risk is subject to well-organized fraud from the past if the management.Also self-interest threat, review threats are still considerable, the gap in the sense of reliability comprised of a big portion. The other sector of the survey- audit report’s materiality revealed that the decision makers out of the society did not depend much on audit report i,e; the majority portion lacks analysis ability who constitute the expectation floor much away from the ceiling set by the audit assurance providers. Although almost significant portion of respondent considered audit report’s materiality contributing to widen the gap.We also found knowledge on auditing helps in some regard but not to the extent that professionals considered. Conclusion: The stu dy attempted on addressing audit expectation gap in Bangladesh. Further, it assessed whether and how much knowledge on the concerned field affects this gap. The students of University of Dhaka under Dept. of Accounting Information Systems and students under ICAB were proxied on behalf of the users, on the presumption that they are most knowledgeable among the society.The findings of the study reveals the existence of expectation gap, some how it is wider in some aspects and predict a much more gap in terms of the people of the society. It also indicated that so far the students go away from their courses they merge gradually with the general people that predict future expectation gap to be wider. So, future studies should concentrate on clarifying the riskiness of audit by identifying clear sectors of audit expectation gap. The Existence of Audit Expectation Gap Essay Example The Existence of Audit Expectation Gap Essay The study investigates the existence of audit expectation gap in relation to society’s unreasonable expectations out of auditing in Bangladesh. This also identified the effects of auditing knowledge on the gap. Among all the classes of our society the accounting graduates are expected to have more knowledge on auditing, who represented 60% proxy of the users.For the purpose of the study, the four groups who are chosen as sample users are: (1) General investors (naive) (2) Students not completing any audit course (3) Students completing two (2) courses (Audits III) (IV) Articled students either level I or level II. The questionnaire comprised of two parts, were sent regarding three aspects: audit liability, audit reliability and materiality of audit opinion. It is found that the respondent who are closer to auditing concepts expect reasonably out of the auditors than the others. The knowledge in the respective fields affected the expectations both positively and negatively.Keyw ords: Expectation gap; audit liability; audit reliability; materiality of audit opinion; audit knowledge. Introduction: â€Å"Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria: Auditing should be done by a competent and independent third person† (Arens and Loebbecke 1988). The auditor in an audit opinion, certifies that the financial statements represent a true and fair view and are prepared in accordance with GAAP (Generally Accepted Accounting Principle) followed by the industry.The collapse of Lehman Brothers, an American bank with $691 billion in 15th September of 2008 along with subsequent bankruptcy of Washington Mutual Bank [$327. 9 billion] in September 26, 2008; General Motor [$91 billion] and CIT Group [$71 billion] in 2009 put the auditing profession and auditing itself into a severe challenge. Auditors’ prudent person concept or u nderperformance of the auditors and society’s over expectation individually or simultaneously result into audit expectation gap. Objectives of the Study Regarding Perpetual Expectation Gap: Expectation Gap was termed by Liggio in 1974 for the first time.Since then it is the significant differences regarding perceived materiality level between auditors and users of financial statements. The AICPA acknowledged the fact that -‘after considerable study of available evidence’ that ‘such a gap does exist’ (Cohen commission Report, AICPA 1978). From the subsequent definition provided by Arrington et al (1983), Monroe and Woodcliff 1993, the two major component was identified by Porter (1983 and 1993): (i)’reasonableness gap’ and (ii)’performance gap’.Reasonableness gap is the difference between what the society does expect the auditors to achieve and what they can reasonably expect to accomplish. Thus point of unreasonable expect ation comes. Performance gap is the difference between the responsibilities society reasonably expects out of audit and auditors’ performance. These gap widens as the role of audit increases. Now this study proceeds to answer the questions- who are the users feeling their expectations are not met and are those expectations reasonable in Bangladesh perspective? The study further tended to discover the impact of audit knowledge in reducing or increasing the gap.It is evident that more knowledgeable the users the closer gap. Reasonably naive investors are expected to seek more from audit report. Literature Review: From the birth of expectation gap, several studies have been conducted by the concerned specialists around the world. The findings were also centered to perpetual expectation gap however this was wider in some cases. In 1977, Baron et al investigated the differences in perceptions between auditors users of financial statement regarding auditor’s fraud detection duties revealed significant differences.In 1988, low et al conducted a study on audit expectation gap found difference in the area of fraud prevention, guaranteeing the accuracy of the financial statements, effective use of government funds management efficiency. In1992 1993, Humphery et al conducted a study regarding auditors’ role through a series of unstructured interviews, questionnaires mini case studies revealed insignificant differences audit functions but significant differences in regard to role of auditors.In June 2004, Javed Siddiqui Taslima Nasreen conducted a study â€Å"Audit expectation gap in Bangladesh: Perceptual differences between Accounting professionals students† and found a significant audit expectation gap. (Journal of Business Studies, University of Dhaka) In December 2004 the above specialist along with Al-amin conducted another study named â€Å"The Presence of a Reasonableness Gap? Students’ Perceptions Regarding Audit and t he Role of Audit Education in Bangladesh† (Journal of Business Studies,Vol. xxv, No. 2, December2004) and concluded somehow differently like –Knowledgeable students expected more unreasonably out of auditing.Methodology of the study: For the purpose of the study, the questionnaire method was applied . The questionnaire method despite its inherent shortcomings chosen appropriate for this study. Here four groups were selected. 20 questionnaires were sent to investors who are in general naive. Similar questionnaires were sent to 10 professionals who are under knowledge or Application level, to 10 students of Dept. of Accounting Information Systems (AIS), University of Dhaka (DU) who have just completed two Audit courses and another 10 questionnaires were sent to students who have no idea under same discipline.The issue of perceptions regarding audit is about measuring attitudes. For the purpose of this study, the seven-point Likert scale was used. Prior studies have used t he Likert scale for measuring the audit expectation gap in different countries (for example Schelluch 1996; Best et al 2001 etc. ) The response scale used for this study was- 1. Strongly agree 2. Moderately agree 3. Slightly agree 4. No opinion 5. Slightly disagree 6. Moderately disagree 7. Strongly disagree Strongly agree Strongly disagree 1. An auditor is a watchdog, not a bloodhound. 1234567 2.Auditor is responsible for audit failure, not for audit risk. 1234567 3. Auditor is responsible for detecting all fraud. 1234567 4. Auditing exists only because of legal binding. 1234567 5. The auditor is responsible for soundness in internal control1234567 6. The auditor is liable for maintaining accounting records. 1234567 7. The auditor is unbiased and objective. 1234567 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1234567 9. The audit report provides assurance about the entity’s future performance. 234567 10. The auditor a grees with the accounting policies of the entity. 1234567 Analysis and Findings: Survey Analysis: Assessment Point-1: â€Å"The auditor is a watchdog, not a bloodhound† ‘Watchdog means a person or a group of people whose job is to check that companies are not doing anything illegal or ignoring people’s rights’ (www. oup. com) Bloodhound means person or group of people who find any inconsistency regarding the concerned areas. The BSAs contain objectives, requirements application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance.The BSAs require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit among other things: ? Identify and assess risks of material misstatement, whether due to fraud error, based on an understanding of the entity its environment, including the entity’s internal control. ?Obtain suffici ent appropriate audit evidence about whether material misstatement exists, through designing and implementing appropriate responses to the assessed risks. From an opinion on the financial statements based on conclusions drawn from the audit evidence obtained. (BSA 200; Para-7) Therefore it is evident that this statement contributes to gap between auditors users of financial statement. Assessment Point-2: The Auditors are responsible for Audit failure, not for audit risk. Audit failure occurs when the auditor issues an erroneous audit opinion as the result of an underlying failure to comply with the requirements of generally accepted auditing standards (GAAS).Audit risk represents the risk that the auditor will conclude that the financial statements are fairly stated and an unqualified opinion can be issued when, in fact, they are materially misstated. Because auditors are able to gather evidence only on a test basis detecting well-concealed frauds can be extremely difficult, there is always some risk that the auditor will not uncover a uncover a material fraud even though the auditor complied with GAAS. (Arens Loebbecke) So, the statement affects audit expectations gap. Assessment Point-3: ‘The auditor is responsible for detecting all the fraud’.BSA 200, â€Å"Objective and General Principles Governing and Audit of Financial Statements,† clearly states the objectives of an audit- The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. An audit conducted in accordance with BSAs is designed to provide reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. (Paragraph 2, BSA 200)Assessment Point-4: â€Å"Audit exists only because of legal bindings†. Section 210 of the Company A ct, 1994 describes- ‘Every company shall, at each annual general meeting appoint an auditor or auditors to hold office from the conclusion of that meeting until the next annual general meeting and shall within seven days of the appointment, give intimation thereof to every auditor so appointed: Provided that, no person can be appointed auditor of any company unless his written consent has been obtained prior to such appointment or re-appointment. ’ The section seeks for statutory audit that must be complied.A twenty four (24) years study of Wanda A. Wallace on â€Å"The economic role of the Audit in free regulated market: A look back A look forward†, revealed that beyond legal requirement, the audit is very much significant. She clarified her argument from three (3) points of view- i) Stewardship hypothesis or Agency theory ii) Information Hypothesis iii) Insurance Hypothesis. Still 77% of the companies audit their financial statements. So it is expected to au dit financial statements beyond legal bindings. Assessment Point-5: ‘The auditor is responsible for soundness in internal control structure of the entity. â€Å"Internal control system† means all the policies and procedures (internal controls) adopted by the management of an entity to assist in achieving management’s objective of ensuring, as far as practicable, the orderly and efficient conduct of its business, including adherence to management policies, the safeguarding of asset , the prevention and detection of fraud and error ,the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information (BSA 400). However, during the course of the audit, the auditor has to assess the entity’s internal control system in order to identify audit risk.Assessment Point-6: ‘The auditor is liable for maintaining accounting records. ’ It has been made clear that it is not the responsibility of the auditor to prepare or to maintain the clients’ accounts. The audit report is also required to contain a paragraph specifying the responsibilities of the auditors-The report should include a statement that the financial statements are the responsibility of the entity’s management and a statement that the responsibility of the auditor is to express an opinion on the financial statements based on the audit (BSA700).Therefore, it affects the expectation gap as from naive point of view the statement seems accurate. Assessment Point-7: ‘The auditor is unbiased and objective. ’ Paragraph 1. 1 of the Code of Professional Ethics (2001) states – A professional accountant should be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity. Therefore, a society should reasonably expect the auditor to be unbiased objectivity. Assessment Point-8: ‘Auditor should provide absolute assurance about the material misst atement in financial statements. The primary objective of audit is to draw a conclusion on the fairness of the Financial Statements. The secondary objective is to detect errors and frauds. (BSA 200) The objective of an audit of financial statements is to enable the auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. The form the audit conclusion takes is that auditors state whether the financial statement give a true and fair view. This is an expression of reasonable assurance. ICAB Manual) BSA 200, specifying the objectives of audit clearly mentions that the auditors only provide reasonable assurance and not absolute assurance regarding the absence of material misstatements. Assessment point 9: ‘The audit report provides assurance about the entity’s future performance. ’ When the auditors express an opinion, they only guarantee the absence of material misstatements and the conformance with accepted accounting practices. However, this is not an assurance regarding the future or current performance of the entity.As stated in BSA 200 Although the auditor’s opinion enhances the credibility of the financial statements, the user cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity. Assessment point 10: ‘The auditor agrees with the accounting policies of the entity. ’ As auditors provide opinion regarding true and fair representation of financial statements and therefore issue four types of audit report-(i) Standard unqualified Audit Report (ii) unqualified Audit Report (iii)Adverse Audit Report and (iv) No Report.In first and second cases the auditors agree with the accounting policies of the entity. Assessment point-11: ‘What do you expect from audit report? ’ Na ive (general) investors expect:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Professional under level i and level ii expect :†¦. Findings of the study: Table-1: Responses of naive (general) investors. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog, not a bloodhound. 7. 002. 724. 28 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 442. 56 3. Auditor is responsible for detecting all fraud. . 004. 122. 88 4. Auditing exists only because of legal binding. 7. 006. 030. 97 5. The auditor is responsible for soundness in internal control7. 005. 361. 64 6. The auditor is liable for maintaining accounting records. 7. 005. 571. 43 7. The auditor is unbiased and objective. 7. 005. 681. 32 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 005. 231. 77 9. The audit report provides assurance about the entity’s future performance. 7. 006. 800. 20 10.The auditor agrees with the account ing policies of the entity. 7. 004. 392. 61 The table shows significant difference in the assessment point no: 1, 2,3,10. It reveals that naive investors seek or do believe auditor makes way for their decisions, i ,e; the general investors rely much on the auditors’ decision not critically analyzing the opinion but from a naive point of view. Table 2: Responses of Students not completing any audit course. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 004. 092. 91 2.Auditor is responsible for audit failure, not for audit risk. 7. 003. 193. 81 3. Auditor is responsible for detecting all fraud. 7. 004. 922. 08 4. Auditing exists only because of legal binding. 7. 003. 773. 33 5. The auditor is responsible for soundness in internal control7. 005. 661. 44 6. The auditor is liable for maintaining accounting records. 7. 006. 570. 43 7. The auditor is unbiased and objective. 7. 003. 923. 08 8. Auditor should provide absolute assura nce about the material misstatements in financial statements. . 002. 414. 59 9. The audit report provides assurance about the entity’s future performance. 7. 004. 492. 51 10. The auditor agrees with the accounting policies of the entity. 7. 004. 042. 96 The table shows that statistically significant differences exist from the view point of students having no audit idea in terms of the assessment point no: 2,3,4,8. It indicates that they expect unreasonably from the auditors regarding their responsibilities of detecting and preventing all frauds and also auditors’ agreement with the entity’s accounting policies.Table 3: Responses of Students completing two (2) courses (Audits III). Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 005. 641. 36 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 982. 02 3. Auditor is responsible for detecting all fraud. 7. 003. 873. 13 4. Auditing exists only b ecause of legal binding. 7. 005. 111. 89 5. The auditor is responsible for soundness in internal control7. 004. 892. 11 6. The auditor is liable for maintaining accounting records. . 006. 010. 99 7. The auditor is unbiased and objective. 7. 004. 922. 08 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 004. 592. 41 9. The audit report provides assurance about the entity’s future performance. 7. 002. 594. 41 10. The auditor agrees with the accounting policies of the entity. 7. 005. 581. 42 Table 3 presents the study results out of students who completed two audit courses. Significant gap was found in the point that audit report provides prediction of future performances of any entity.Again in detecting and preventing all fraud of any entity. In respect of some of the six audit threats, the auditors’ objectivity and neutrality was questioned resulting in some expectation gap. Table 4: Responses of Articled students either level I or level II. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 006. 810. 19 2. Auditor is responsible for audit failure, not for audit risk. 7. 006. 800. 20 3. Auditor is responsible for detecting all fraud. 7. 002. 024. 98 4. Auditing exists only because of legal binding. . 005. 241. 76 5. The auditor is responsible for soundness in internal control7. 005. 911. 09 6. The auditor is liable for maintaining accounting records. 7. 000. 896. 11 7. The auditor is unbiased and objective. 7. 006. 870. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 001. 315. 69 9. The audit report provides assurance about the entity’s future performance. 7. 004. 812. 19 10. The auditor agrees with the accounting policies of the entity. 7. 002. 114. 89The table shows the survey results from professional students who are from level I and level II of professional accountancy. He re the respondents were in line to set a expectation ceiling. Table -5: Showing the deviations between four respondent groups. Assessment pointsDeviation Table-1Deviation Table-2Deviation Table-3Deviation Table-4 1. An auditor is a watchdog not a bloodhound. 4. 282. 911. 360. 19 2. Auditor is responsible for audit failure, not for audit risk. 2. 563. 812. 020. 20 3. Auditor is responsible for detecting all fraud. 2. 882. 083. 134. 98 4. Auditing exists only because of legal binding. . 973. 331. 891. 76 5. The auditor is responsible for soundness in internal control1. 641. 442. 111. 09 6. The auditor is liable for maintaining accounting records. 1. 430. 430. 996. 11 7. The auditor is unbiased and objective. 1. 323. 082. 080. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1. 774. 592. 415. 69 9. The audit report provides assurance about the entity’s future performance. 0. 202. 514. 412. 19 10. The auditor agrees with th e accounting policies of the entity. 2. 612. 961. 424. 89We the group ‘CRYSTAL HEART’ conducted this study to address whether the perpetual audit expectation gap between the auditors and the users of financial statements is reasonable and how audit knowledge provided by Dept. of Accounting and Information Systems of University of Dhaka affected this gap. The study were mainly concentrated on identifying audit expectation gap in the areas of audit liability of the auditors, audit reliability from the viewpoint of naive (general) investors, students who have no audit knowledge or have taken at least two audit courses and professionals and materiality of audit report to them.The study revealed the presence of audit expectation gap in Bangladesh. In the area of auditors’ responsibilities the naive (general) investors putting the audit knowledge less students second in row expected much more i,e; unreasonably out of the auditors. The professionals’ responses in dicated their responsibilities were defined in different standards. Another area of this study regarding audit reliability showed a wide gap from each of the four (4) respondent groups. As the auditors work on sampling base, and audit risk is subject to well-organized fraud from the past if the management.Also self-interest threat, review threats are still considerable, the gap in the sense of reliability comprised of a big portion. The other sector of the survey- audit report’s materiality revealed that the decision makers out of the society did not depend much on audit report i,e; the majority portion lacks analysis ability who constitute the expectation floor much away from the ceiling set by the audit assurance providers. Although almost significant portion of respondent considered audit report’s materiality contributing to widen the gap.We also found knowledge on auditing helps in some regard but not to the extent that professionals considered. Conclusion: The stu dy attempted on addressing audit expectation gap in Bangladesh. Further, it assessed whether and how much knowledge on the concerned field affects this gap. The students of University of Dhaka under Dept. of Accounting Information Systems and students under ICAB were proxied on behalf of the users, on the presumption that they are most knowledgeable among the society.The findings of the study reveals the existence of expectation gap, some how it is wider in some aspects and predict a much more gap in terms of the people of the society. It also indicated that so far the students go away from their courses they merge gradually with the general people that predict future expectation gap to be wider. So, future studies should concentrate on clarifying the riskiness of audit by identifying clear sectors of audit expectation gap.

Aztec Assignment Essay Example

Aztec Assignment Essay Example Aztec Assignment Essay Aztec Assignment Essay Introduction My role in the Aztec community is to sacrifice for the sun god (Huitzilopochtli) so that he may bring prosperity life to our people. We sacrifice to our gods as they did when they sacrificed themselves to bring us here, in a way we are repaying our debt to the heavens. I am a priest of the city of gold and this is my life.. -Day 34: It was the day of sacrifice our warriors had captured people from a native tribe nearby. We had been preparing for this following days for almost a year now as it was the 52nd year the year of eternal sacrifice. We started off with a preparation sacrifice which consisted of one helpless child†¦ ‘As he climbed the temple stairs he was whimpering and quivering the whole way up. As he gets to the top and lies down on his back, my men grab a hold of him as tight as the sacred cobra. He gazes over to me in despair I could almost taste the fear I pulled out my sacrificial knife and healed it over my head and drove it into his chest. I then pulled out his heart†¦ still beating in the sunlight. I put it up to the sky while my men tossed his body down towards the raging crowd. The pool of blood ran down the stairs which seemed to please the awaiting peasants down below. After my sacrifices were complete the celebrations had only just begun which would later continue till dawn. ’ -Day 35: The morning had arrived and I could still smell the ever lingering blood in the air. The night came we prepared as it was the day before the eternal sacrifice. When the evening star reached the top of the sky we stretched the captive over the alter, lit a fire on his heart inside his chest, then cut it out and held it up to the sky. I then placed the heart in a bowl of sacrifice which held the heart for tomorrow. Later that night the celebrations continued but the fear of the ending of the universe was still held in our people’s minds. -Day 36 As morning arose the thought occurred to me of what could happen on this very day.. The prediction was of this year that our saviour would return to these lands claim our city as his own. If we did not please our gods then the prediction would alter in a way that would lead to the destruction of our lands. The day had started with offerings and ritual dances to the gods, but the night had held for something much different. As the night came I started my preparations by changing into my ceremonial robes meeting with the sacrificial victim. The man chose himself to be sacrificed as it had brought him a full year of beautiful women wealth at the cost of death. I walked to the top of the temple while eagerly awaiting the sacrifice. I could tell the crowds where getting nervous as the chants had turned silent. The order was given to distinguish every fire within the city and it was followed by the victim being brought up. I drew the blade from its sachet holding it towards the moonlight. As I started the chant of the gods the chose victim began to startle and shake, getting closer and closer to the edge of the table. He leapt from his position, somehow avoiding the guards ran down the temple stairs, only to meet a swift death from the crowds down below. The people had not realised that they had just killed our only prepared sacrificial victim†¦ Now we waited†¦ until the sun would arise (which meant that our kingdom would be safe for another 52 years). We waited but hour after hour the crowds got more worried as they eagerly awaited our salvation. The worst prediction had come true and the sun never arose, only to be replaced with dull clouds and rain. That was it†¦ it had meant the end of the world for our people. However I would not lose hope in our gods and proclaimed to the people that the gods where satisfied. I lied, but only to protect our people. -Day 37 The morning arrived and I went into town to see how our people had taken the recent series of events. No one seemed to be scared of worried. I on the other hand was very wary of what was going to happened and I had not forgotten that we had failed to please the gods. I had given my peoples false hope and led them to believe that we would continue to prosper and live undisturbed for another 52 years. As I had said blasphemy, I was forced to remove my own ear in repayment to the gods. Ironically tho this did not seem to make me forget about our cities inevitable destruction. -Day 38 Today while walking through the markets of Tenochtitlan I noticed a strange man who must have been an outsider visiting the city. He was a light skinned man with a broad rimmed hat, with feathers protruding from the brim. Something however was different about this man, yet I could not seem to put my finger on it. [ PAGES MISSING†¦ ] -Day 43 They came through our city with spears that shone in the light.. They rode upon large beasts weld batons made from something harder than rock. I watched my people die at my feet The terror of these invaders had caused chaos within the city walls†¦ These people came because of me. I have failed my people†¦ and I have failed the gods. My name is Tianozomo I am a rightful servant to my leader Montezuma. They’re coming to me now , as for all my people†¦ please forgive me for what I have done.

Paul Berg and the Asilomar Conference Essay Example | Topics and Well Written Essays - 1000 words

Paul Berg and the Asilomar Conference - Essay Example "Many scientists worried that hybrid molecules from recombinant DNA experiments could result in dangerous new organisms that could pose a threat to public health. Others were deeply concerned about ethical issues related to genetic engineering, especially as it might be applied to humans." (Photographs from Asilomar). This chaotic situation led the National Academy of Sciences to ask Paul Berg to head a committee that "in July 1974 took the unusual move of calling for a voluntary moratorium on certain types of recombinant DNA experiments until the hazards could be evaluated." (Barinaga). Seven months later, Berg organized the International Congress on Recombinant DNA Molecules, which was held in February 1975 at the Asilomar Conference Center in Pacific Grove, California. In an essay posted by Paul Berg at the Nobel Prize Organization website in 2004, he revisits the recombinant DNA controversies of the 1970's, the 1975 Asilomar Conference and 30 years later. Looking back, Berg explains and justifies the voluntary moratorium which scientists universally imposed on themselves regarding certain recombinant DNA experiments. ... rg became the 1975 Asilomar Conference on Recombinant DNA Molecules and one of its aims "was to consider whether to lift the voluntary moratorium and, if so, under what conditions the research could proceed safely", according to Berg. At the conclusion of the conference, consensus was for recombinant DNA research to proceed but under strict guidelines. Berg supports this conclusion. He mentions that hundreds of millions of experiments have been conducted since 1975 with "no documented hazard to public health attributable to the applications of recombinant DNA technology. Moreover, the concern of some that moving DNA among species would breach customary breeding barriers and have profound effects on natural evolutionary processes has substantially disappeared as the science revealed that such exchanges occur in nature." He also mentions, that in support of the resolutions of the conference, immediately after, in 1976, the Guidelines for Research Involving Recombinant DNA Molecules wer e promulgated by the National Institutes of Health and by comparable bodies in other countries. Despite Paul Berg's support of both the moratorium and the successful conclusion of the Asilomar Conference, he has strong reservations regarding resurrecting the Asilomar model for the resolution of "hot button issues confronting scientists and the public today". He compares the environment of 30 years ago, which worked for the success of the 1975 Asilomar Conference versus the present scenario. He believes, "an Asilomar type conference trying to contend with contentious views is doomed to acrimony and policy stagnation." Although I agree with the points Berg raised against convening an Asilomar type conference in the present day, I believe that communication, dialogue, exhaustive discussion