Face Value Of A Bond Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3245 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Face value of a bond is the amount which is repaid by the issue to the investor at the time of maturity. Bond face value generally represents the redemption value of the bond. The interest on bonds is also calculated on face value. Don’t waste time! Our writers will create an original "Face Value Of A Bond Finance Essay" essay for you Create order However, the actual value of bond depends upon the interest rates and volatility prevails in the market, bond would sell at a discount if the present interest rates are higher than the coupon rate of bond and would sell at premium if present interest rates are lower than the coupon rate but as bonds approach maturity, actual value approaches face value. Generally, corporate bonds are issued with the face value of $1000, municipal bonds carry the face value of $5000, and government bonds usually carry the face value of $10,000. For example- if a company wants to raise $1,000,000 through bonds in capital market and each bond carried a face value of $1,000 each then, the company would have to issue 1,000 bonds in the market to meet the set target of $1,000,000. Zero coupon bonds are those bonds which do not pay any payment in terms of interest during the whole life of bond and these bonds are sold at a deep discount from its face value or we can say that investor bought these b onds at a price below than the face value. The main idea behind the issuance of zero-coupon bond is to provide an option to investor to purchase bond at a lower price than its face value and decrease rate upfront in return for paying this, a rate of interest is offered to the bond holder that will ultimately yield a return which is equal to the face value of that bond or possibly little more than that. These bonds do not carry any coupon rates because these bond does not make any periodic interest payment and on maturity investor receive a lump sum amount equals to that bonds par valve. The date of maturity on these bonds is generally long-term in nature and these bonds are not redeemable until they reached the maturity date. So these types of bonds are very fruitful to those investors who have certain goal and plans for future. Due to no interest is paid on zero coupon bonds until maturity, prices of these bonds fluctuate more than other types of bonds which are available in the market. Although there are no payments of interest made on zero coupon bonds till their maturity, certain tax might have to be pay by the investor. Example of zero coupon bonds is U.S. Treasury bills, U.S. savings bonds, long-term zero-coupon bonds etc. MUNICIPAL BOND Municipal bonds are those bonds which are issued by the civic authority of a city. The basic idea behind these bonds is to raise fund for the development of infrastructure in the city or ongoing government expenditures. Tax benefit may or may not be available on these bonds because interest received from such types of bonds are full exempted from all types of tax if the person lives in that city or state in which these bonds issued but the capital gain on these bonds are taxable. These bonds may be issued to retail investors or institutional investors. The coupon rate is relatively low as these bonds have a guarantee provided by the government and due to the tax saving by purchasing of these kinds of bonds. The risk of a municipal bond is depends upon that how the payment will be made by the issuer of these bonds, because different types of bonds have different type of repayment process such as if the bonds are General obligation bonds then repayment would be based on the ful l faith and credit of the issuer; and consider to be the most safer bonds in this type of bonds and as a result fetch low interest rates. If the bonds are Revenue bonds then repayment would be based on the future income of the issuer and therefore carry high rate of interest as comparison to general obligation bonds. JUNK BOND Junk bonds are generally speculative in nature and come under high risk and high yield bonds class. The coupon rate of interest is high on these bonds as comparison to other type of bonds. However, the interest risk and principle risk of these bonds are also higher. In principle, these bonds have a very low or no credit rating. Only speculators may likely to trade in junk bonds and investors generally do not favor these bonds. DEBENTURES Debentures are fixed income security which is issued by a borrowing unit under a borrowing agreement. Under the agreement, the issuer has to pay periodic interest payments to the holder on specific dates. The rate of interest called the coupon rate which is a fixed and is applied to the face value of debenture to find out the periodic interest payment. At maturity issuer repays the debt. The repayment amount is made as per the terms and conditions of the agreement and may be equal to, less than, Or more than the face value of the debenture. These are issued keeping in view the need and cash flow of the company as well as investor. Bonds have not the same attraction as stocks in the mind of investors, but fixed and promise return makes bonds be an essential part of your financial plan. There are certain advantages for a buyer of a bond which is as follows: Fixed Income Coupon rate of interest on Bonds pay a fixed or predetermine payment every year to the buyer of a bond until the Bond reaches up to its maturity date. For example- A Bond carries the coupon rate of 10 %, in this condition you will receive $10 per bond every year, for a bond with the face value of $100. Volatility Bonds volatility is lower than that of equities. As a result bonds are normally considered as safer investments than equities. In addition, day- to-day volatility in bonds is also less as comparison to stocks, and sometimes payments of interest of bonds are also higher than the dividend payments on stocks. Good Collateral for Loans Bonds are considered to be good collateral for loans. If any investor needs to borrow money and he doesnt want to sell his bonds then in this case brokerage firm and banks will consider your bonds as collateral for a loan and interest charges on the borrowed amount can be repaid from the interest income from the bonds. Time period Bonds are issued for a certain and fixed period of time i.e. 5 years, 10 years etc, investors can buy bonds according to their investment period horizon. If an investor needs money after 10 years then he can easily invest in long term bonds and after 10 years he will get the money back. Return of Principal at Maturity If you hold the bond till maturity than the bond price will not affected by the market condition weather the price of that bond is high or low you will get the same predetermined principal amount. But if you sell the bond before maturity then you will get the prevailing market price of that bond so by buying the bonds, investors have an advantage to earn capital gain. Credit Ratings Each and every Bond carries credit ratings from various credit rating agencies which show the nature of bonds that how much that particular bond is risky so the investor knows that which risk class bond he is buying and how much volatile is that bond. Tax Advantages Some bonds give tax advantage to investors. The interest payments on certain bonds are tax free while calculating the income of the investor. YTM Yield to Maturity (YTM) can be define as the annual rate of return that will be earned if the bond is purchased today at the current market price and is held by the investor till maturity. So, YTM is the average rate of return that will be earned on a bond if it is bought now and held till maturity. It shows an effective annual return from a security expressed as a percentage of the current market price of the security. It is a measure of total income earned by an investor over the total life of security. YTM is also known as market rate of return on market rate of interest. So, YTM is the rate of return that will be earned by the investor under the following conditions: Bond is purchased today at current market price Issuing company does not do any default on payment of interest. Investor holds the bond till maturity. Whatever the interest received for the intervening periods are reinvested at the rate equals to calculated YTM itself. YTM is calculated as the rate of discount that makes the present value of a bonds cash flow equals to its current market price. LADDERING A bond ladder is a type of strategy in which an investor managing his fixed-income by converting his money in to bonds with different maturity period i.e. one month, three month, six month, one year etc. For example, if you invest $1,000,000 for ten year by purchasing bonds in such a way that one bond mature each year. Now if we see after one year when the first bond matures, the principal amount of that bond is reinvested in another bond at the long end of the ladder and this process goes till the 10th year. The primary idea behind this strategy is diversification by maturity. By making the bond ladder an investor fetch high average return because as we all know that longer the maturity period, the higher the risk and as a result the higher the yield and bond ladder combines the longer a bonds maturity with the liquidity of short term bonds to generate high average return. Whenever you think of creating a portfolio of bonds with different maturity class different risk and return, at that time you have to be much strategized for selecting a particular bond so that you can generate maximum return with low risk. If you are able to make that strategy you as an investor can earn steady and reliable income. There are certain strategies which are prevailing in market by using them investors fixed their returns. Some strategies are Laddering, Maturity matching, Barbell etc. Laddering A bond ladder is a type of strategy in which an investor managing his fixed-income by converting his money in to bonds with different maturity period i.e. one month, three month, six month, one year etc. For example, if you invest $1,000,000 for ten year by purchasing bonds in such a way that one bond mature each year. Now if we see after one year when the first bond matures, the principal amount of that bond is reinvested in another bond at the long end of the ladder and this process goes till the 10th year. The primary idea behind this strategy is diversification by maturity. By making the bond ladder an investor fetch high average return because as we all know that longer the maturity period, the higher the risk and as a result the higher the yield and bond ladder combines the longer a bonds maturity with the liquidity of short term bonds to generate high average return. Maturity matching This strategy is also called Bullet strategy, in this type of strategy investor buy or holds those bonds whose have same maturity period or we can say that bonds mature at same time. It is not necessary that you buy all the bonds at same time, in bullet strategy bonds maturity time is same but not the purchasing date. This strategy considers being an effective approach to minimize your interest rate risk by confounding your purchase date because interest rates are changed time to time. Investors also follow this strategy at that time when they need money at a specific time and for a specific purpose. Barbell When you go for the barbell strategy, you purchase long-term and short-term bonds only without purchasing anything in between these limits. By purchasing long-term bonds you would fetch higher interest rates, while purchasing short-term bonds, they provides flexibility to your portfolio to invest in other assets should rates fall too low to provide sufficient income. If in future rates go up, you can hold the short-term bonds till their maturity and then after reinvested them at the higher prevailing interest rates. So, by adopting this strategy you would take advantage of fluctuating rates without restricting your financial flexibility. Whenever you want to purchase bonds or want to invent in bonds, first of all you have the knowledge of all terminologies related to bonds such as what is yield, where to find out the price of a particular bond, what is the maturity period, what is the face value etc. This knowledge will help you to make an attractive portfolio which fetch hig h return which is the ultimate aim of any investor. You can find information regarding the price of the bond at www.investingbond.com or you can find out this information from the reports which are issued in The Wall Street Journal which contain all the relevant detail about the corporate and other types of bonds through which investors select bonds according to their needs. The report contains various columns such as: Issuer This is the company name which is the issuer of the bond Coupon- it shows the fixed interest rate that the issuer of bond pays to the investor or the buyer of bond. Maturity Date- This is the date on which bond will mature and issuer will repay the principal amount to investor. Bid Price- This is the price at which bond is traded in the market or we can say that someone is willing to pay for the bond. Whatever the par value is, the bid price is quoted in relation to 100 i.e. percentage terms. Yield- Yield shows the annual return if the inv estor holds the bond till maturity. Preferred stocks are those stocks which provide a fixed dividend to the preferred shareholder. Dividend must be paid to preferred share holder before the payment to be made to holders of common shares. When we compare these stocks with bonds and common stocks in terms of making payouts then these stocks rank lower than bonds and higher than common stocks. Main advantages of preferred stocks are as follows: Preferred stockholders receive dividend first in comparison to common stockholder in the event of winding up, bankruptcy of a company. Holder of preferred stockholders have greater claim right on the assets of the company than the common stock holders. Some preferred stocks can be convertible into common stocks after a certain period of time. The main benefit of this convertibility is that the preferred shareholder gets the voting right after covert it into common stock. Dividend in preferred stocks is cumulative in nature. The se stocks can be callable at any time according to the needs of the company which issue the preferred stocks. Equal participation is to be done by the common shareholders if the earnings made through additional issuance of ordinary shares. But, in case of preferred stock, there is no such participation is to be done by preferred shareholders. Their claims per share are restricted up to a limited amount. Alike as bonds, various major credit-rating companies and agencies also provide ratings of credit risk for Preferred stocks to safeguard the interest of the shareholders. Preferred stocks rating is generally lower than the bonds, because dividends on preferred stock do not carry the similar guarantees as interest payments from bonds that is why preferred stocks are always lies below the bonds and are junior to every creditor. There are certain major credit agencies such as Standard Poors and Moodys provide ratings to preferred stocks on a regular basis. Bonds can be classif ied on the basis of various categories such as their characteristics, their risk class, their return, their credit rating, their coupon arrangements etc. the main three classifications of bonds are as follows: CLASSIFICATION ON THE BASIS OF CHARACTERISTICS Secured and unsecured Bonds- Whenever a long term source of funds is issues it is issued as a secured debenture and having fixed or floating charges on the assets of the company. The security helps reducing the risk of debt investors. Mortgage backed bonds are the example of secured bonds which are backed by the homes and other real estate properties. On the other side, the unsecured bonds are those bonds which are secured by the general liability of the company but do not carry any particular assets or specific charge as security. CLASSIFICATION ON THE BASIS OF COUPON ARRANGEMENTS Interest calculation is also a criterion for the classification of bonds because interest calculation of bonds is different from each other it is not necessary that each bond has same type of interest calculation. Certain bonds have a provision of regular interest payment till maturity and certain bonds do not carry any interest rate i.e. zero coupon bonds. Zero Coupon Bond-Zero coupon bonds are those bonds which do not pay any payment in terms of interest during the whole life of bond and these bonds are sold at a deep discount from its face value or we can say that investor bought these bonds at a price below than the face value. The main idea behind the issuance of zero-coupon bond is to provide an option to investor to purchase bond at a lower price than its face value and decrease rate upfront in return for paying this, a rate of interest is offered to the bond holder that will ultimately yield a return which is equal to the face value of that bond or possibly little more t han that. These bonds do not carry any coupon rates because these bond does not make any periodic interest payment and on maturity investor receive a lump sum amount equals to the par value of that bond. The date of maturity on these bonds is generally long-term in nature and these bonds are not redeemable until they reached the maturity date. So these types of bonds are very fruitful to those investors who have certain goal and plans for future. Due to no interest is paid on zero coupon bonds until maturity, prices of these bonds fluctuate more than other types of bonds which are available in the market. Although there are no payments of interest made on zero coupon bonds till their maturity, certain tax might have to be pay by the investor. Example of zero coupon bonds is U.S. Treasury bills, U.S. savings bonds, long-term zero-coupon bonds etc. CLASSIFICATION ON THE BASIS OF RISK Certain bonds can be classified according to their risk class. There are various rating agencies such as Standard Poors and Moodys Duff Phelps who provide ratings to various municipal and corporate bonds on a regularly basis. Junk bonds are one of them. Junk Bond-Junk bonds are generally speculative in nature and come under high risk and high yield bonds class. The coupon rate of interest is high on these bonds as comparison to other type of bonds. However, the interest risk and principle risk of these bonds are also higher. In principle, these bonds have a very low or no credit rating. Only speculators may likely to trade in junk bonds and investors generally do not favor these bonds

Essay on How Male Characters are Portrayed in The Taming...

How Male Characters are Portrayed in The Taming of the Shrew Male characters in the â€Å"Taming of the Shrew† play a significant role in the play as women in fact without the male characters one can say that the male characters wouldn’t react in the manner they do. The characters I have selected are Tranio, Hortensio, Lucentio and Petruchio because I feel they play more significant roles in the play then any of the other male characters due to the fact that three of them are suitors and that one dramatically influences how the play develops. I will do this via textual analysis (by selecting relevant segments of text and giving my detailed opinion on what Shakespeare’s intentions are in relation†¦show more content†¦Although Tranio at times has more power and influence over Lucentio and other character he is more then willing to fulfil his masters every wish and command. It is ironic he isn’t punished for assuming the role of a gentle man. This is due to the fact that he is fulfilling his masters’ commands. This is made evident throughout Shakespeare’s plays such as in, â€Å" twelfth night† the role reversal is generally temporary and only admitted by the servants master. However everything must conclude and in act five Tranio is firmly put back I his place after all the tomfoolery have finished. Even though he has been in a significant role of power he’s never really posed a threat to the hierarchy of the play although he did create some discomfort and discontent towards the older male characters. Shakespeare’s main purpose for Tranio is to undermine the system and create humour. He utilises irony to a great extent, the fact Tranio impersonates his master demonstrates the power Tranio. He may not be of a noble class but his mind is as sharp as a razor blade and through this he is able to fulfil Lucentios plans. Hortenensio is another potential suitor for the fair hand of Bianca. He does not posses Petruchios vigour or Lucentios â€Å"sex appeal† and although he proclaims to be passionately in love with Bianca (act one scene two line 173-174) it isShow MoreRelatedTaming Of The Shrew And The Merchant Of Venice1612 Words   |  7 Pagescomedy plays, The Taming of the Shrew and The Merchant of Venice challenge a very serious social issue, the role and importance of woman in society. We all know the stereotypical image of woman in the society but Shakespeare questions the society on these thoughts through his plays. While Shakespeare expresses his ideas in a very unique way in each of his plays, this issue is common in both plays and is portrayed very similarly. 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Nature Of The Audit Evidence - Know the Scope

Question: Discuss about the Nature of the Audit Evidence. Answer: Introduction: Audit evidence can be referred as the evidences, which are collected during various stages of an audit program and duly documented in the audit working papers. The nature of the audit evidence uses to vary with different stages of auditing . In the audit planning stage, auditors use to consider those information as the audit evidence, which can be regarded as the most useful and competent audit approach. Audit evidences for the control testing stage are the information, which can confirm the appropriateness of the auditors assertion in context to various accounts of the entity. The procedure for deriving the audit evidence differs according to nature of the accounts. It is not necessary that a uniform planning can be applicable for every type of accounts. Therefore, the auditors have to prepare audit planning, which include various procedures for obtaining the proper audit evidences for different accounts (Pizzini et al. 2014). Audit Procedure for Wages Salaries: In normal terms, wages and salaries are used for same meanings. According to accounting and financial concept, wages are the payment, which are paid on weekly or daily basis in cash to the workers, especially, related to production. The salary is mainly paid to administrative staffs on monthly basis. It has been observed that the companies use to suffer from various types of frauds regarding the payment of wages salaries, even, inspite of having internal control system. Hence, to get the audit evidence for the clarity in the wages salaries account, the auditor may include Computer assisted audit techniques in the audit planning. Computer Assisted Audit Techniques: By using audit software, auditor can check the wages salaries account of the company, re-calculate various elements of wages salary and obtain required information. For example: Auditor can re-calculate the wages and salaries paid to the employees They can check the amount of wages salaries paid in the beginning and ending of the year and compare the difference with the numbers of employees joined and left the firm during the period. Auditor may also check the records and information of selected staffs on HR files and the actual payroll files (Khlif and Samaha 2014). Audit Procedure for Electricity: The amount and impact of the electricity cost use to vary from company to company. In the factories, the electricity consumption use to be very high in comparison to the administrative offices. Therefore, there is a great scope for manipulation on the electricity expenses by various means, especially, when the management does not have effective control over the power consumption. Physical Verification and Comparison: The audit can get sufficient audit evidence about the transparency in the electricity expenses through physical verification and comparison of electricity related records. For Example:- Auditor should check the meters physically, if possible, examine the meter by any electrical experts, not related to the entity. He can compare the electric bills for consecutive periods to get confirmation that the power consumption did not vary much over the periods. He should compare the amount of bills with the register, maintained by factory administration and office administration (Nicolaescu 2013). Audit Procedure for Repairs and Maintenance: Repairs and maintenance expenses can be defined as expenses, which are incurred for maintaining or increasing the productive capacity of the assets. The range of the assets, for which such costs are incurred, is very wide. It can vary from high-end complex machineries to an ordinary chair. Therefore, the probability for altercations in the repairs and maintenance account is quite high, as there is no such basic rate for the repairs maintenance and moreover, as the cost depends on the condition on the asset, the amount of such expenses for the same asset can vary also for different situations (Ettredge et al. 2014). Categorization and Market Study: The auditor should prepare an authenticate audit plan, which can measure the expenses with more realistic approach. The audit plan may incorporate categorization and market study of the expenses to check the appropriateness of the amounts. For example:- Auditor should categorize the various repairs and expenses in several different categories as per the nature of the activity. He can make an brief market study on the rates and costs of such expenses to get an idea about the nature. He may employ some technicians to get an estimate of the repairs and maintenance, included in the financial statements. The auditors should check the bills of the expenses and verify the rates through market study (Ege 2014). Conclusion: By implementing the above mentioned processes, the auditor can collect enough information as the audit evidence to prove the accuracy of the account balances. Introduction: Test of Control in auditing can be referred as the testing procedures for examining the efficiency level of the control system, implemented by the client for avoiding or detecting material misstatements (Asare and Wright 2012). The test of control system is not necessary any more, according to the risk assessment standards. As per the standard, auditors can get required sufficient audit evidences from other risk assessment procedures. But still, the procedure is required by the auditors, when: The auditor plans to rely on the outcomes of the tests to assess the low level of control risk. Other risk assessment procedures are not enough efficient to measure the financial statements. Control risk assessment for the small entities is insufficient due to material weaknesses. Test of control is mostly used as dual-purpose tests, which includes both substantive and compliance tests of financial events Test of Control for Sales Transactions: Generally, if the volume of the transactions are huge, the test of control is performed on some selected samples. The sample size uses to be either 40 or 60 units. For the 40 units, no error or deviation is allowed, whereas, for 60 units one error or deviation is considered as negligible if it does not create any huge impact on the materiality aspect of the firm. The auditor has selected 50 samples and the set the tolerable error at 5%. It is not also explained on what basis the samples are selected. If the samples are selected on the basis of the higher amount, then 5% error can create great impact, whether, the errors have any materiality aspect or not. For example, if in a sales invoice of $20 million, the phone number or the address of the client is not mentioned unintentionally, then it may not create any material impact on the financial position of the company, but it may raise queries by the tax department due to the involvement of higher amount. Moreover, the volume of the sales is also not mentioned. If the total number of sales transactions is 10,000, then the 3 errors out of 50 samples means that the total number of error is 500. In that case, the auditor should not rely on the outcomes of the sample testing, as, out of 500 errors, there may be some errors, which can cause material impact on the financial results of the firm. Moreover, 5% tolerable error is quite high to ignore irrespective of the immateriality aspect of such errors (Francis et al. 2013). Test of Control for Accounts Payable Accounts It can be stated that the auditor has selected the higher level amounts as samples. It has been proved to be quite right decisions, as it has covered almost 50% of the total accounts payable. On the other hand, the balance 50%, which consists of balances less than $100,000, has been ignored. It is a common practice to give more priority to the high volume. Therefore, it has been observed in many cases, the misappropriation of cash uses to be caused by manipulating lesser amounts. If such frauds have been taken place in this company also, then it would remain undetected by such audit procedure. Moreover, as per the AASB standards, any financial transaction should be recognized at the time of agreement. Therefore, if the accounts payable has been recorded but the material is still not received, the transaction should not be considered as an error until the agreement is cancelled by the client (Asare et al. 2012). The auditor has set the materiality level below 4%., which explains that if the total percentage of error rises upto 4%, those errors will not be considered as having material impact on the clients financial statement. The actual audit procedure reveals that the actual percentage of error is 4%, which amounts to $206,702 out of the total accounts payable balance if $51,68,000. The auditor has overlooked the error as it is below the materiality level (Cohen et al. 2014). In reality, though the percentage is negligible, the amount of total error cannot be ignored from any angle. The auditor should investigate further on the errors. She should check for which reason such errors have occurred. If it is not possible to all the errors, then she should pick some of the errors and check the samples very carefully. Being, an auditor, she cannot provide the clearance on the basis of assumptions (Messier et al. 2013). It should be noted, the auditor report is not required by the client only but also by various stakeholders of the company. Many investors use to take investment decisions on the basis of the audited report. It provides the confirmation of appropriateness in the financial statement (Badolato et al. 2014). Therefore, the auditor cannot make such statements by checking some samples and concluding results through assumptions. Moreover, the auditor has not followed the common auditing practice also. She has set the error level at higher rate than the general rate. In that case, the probability of overlooking the material errors has become higher. Therefore, the auditor should implement some other testing methods to reduce the high risk (Bentley et al. 2013). Conclusion As stated in the case of Kingston Cotton Mill Company (1986), an auditor is not bound to be detective and to work with their suspicion, that there is something wrong. He is a watchdog not a blood hound. He is justified in believing tried servant of the company and is entitled to rely upon their representation provides he takes reasonable care. Keeping in mind the statement, the auditor should act as a detective and investigate on every possible clues and then draw any conclusion. The conclusion drawn by the auditor may proved to be correct, but the uncertainty level of the decision is too high. It could be more appropriate if the auditor had set the error level at general stage and investigate the errors further. Reference List: Asare, S.K. and Wright, A., 2012. The Effect of Type of Internal Control Report on Users Confidence in the Accompanying Financial Statement Audit Report*.Contemporary Accounting Research,29(1), pp.152-175 Badolato, P.G., Donelson, D.C. and Ege, M., 2014. Audit committee financial expertise and earnings management: The role of status.Journal of Accounting and Economics,58(2), pp.208-230 Bentley, K.A., Omer, T.C. and Sharp, N.Y., 2013. Business strategy, financial reporting irregularities, and audit effort.Contemporary Accounting Research,30(2), pp.780-817 Cohen, J.R., Krishnamoorthy, G. and Wright, A., 2014. Enterprise risk management and the financial reporting process: the experiences of audit committee members, CFOs, and external auditors.CFOs, and External Auditors (May 30, 2014) Ege, M.S., 2014. Does internal audit function quality deter management misconduct?.The Accounting Review,90(2), pp.495-527 Ettredge, M., Fuerherm, E.E. and Li, C., 2014. Fee pressure and audit quality.Accounting, Organizations and Society,39(4), pp.247-263 Khlif, H. and Samaha, K., 2014. Internal control quality, egyptian standards on auditing and external audit delays: Evidence from the Egyptian stock exchange.International Journal of Auditing,18(2), pp.139-154 Messier, W., Glover, S. and Prawitt, D., 2013.Auditing assurance services: A systematic approach. McGraw-Hill Higher Education Nicolaescu, E., 2013. Understanding Risk Factors for Weaknesses in Internal Controls over Financial Reporting.Psychosociological Issues in Human Resource Management,1(3), pp.38-44. Pizzini, M., Lin, S. and Ziegenfuss, D.E., 2014. The impact of internal audit function quality and contribution on audit delay.Auditing: A Journal of Practice Theory,34(1), pp.25-58

National University free essay sample

American students have different attitudes about studying Contents 1. Tallahassee Democrat, Flag. Tallahassee Democrat, Flag. BY Quit Lie One and a half years ago, when my husband came to Florida State University for his doctorate in oceanography, I accompanied him from China. When I first stepped on American soil, many American things deeply attracted me. Since enrolling at the community college for my associates degree, I have especially noticed the differences between Chinese and American attitudes toward studying. Many of my American lacerates are also Curious about societal, family and educational systems in China. Expressing my ideas about the effects of these systems on college students in China may help my friends here understand the differences between us. China is a big country, not only in its land but also in its tremendous population. Although the government spends a huge amount of funds on developing education every year, It still cant satisfy the innumerable students who are seeking knowledge. We will write a custom essay sample on National University or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Thus,unlike in America, where everybody can go to college, a lot of Chinese students do not have the opportunity to study at colleges. For example, the government has a policy that people must be under 25 years of age to be able to go to college. Also, students must pass an annual National University Entrance Exam, which Is very strict. Often, only one out of 10 students pass It. The students call this testing month Dark July, implying that this exam decides their fate. Not only do the students regard it as important, but also their parents treat It seriously. In America, students can decide to go to college by themselves and their parents hardly Interfere with them. In China, old, traditional thoughts are still kept In peoples minds. They think that studying at allege Is an Incomparable honor. If a student Is enrolled In college, his or her parents are extremely happy. They will Immediately tell all their relatives and friends. But If a student doesnt pass the entrance exam, his parents will feel as If they cannot raise their heads In front of others. Some parents will even blame their child for not studying hard enough. These common views make some students feel pressure on their hearts. By comparison, American students leave their parents earlier and live and work In society by themselves. Most Chinese students never leave their parents before they go to college. This dependent life makes them want to obey their parents advice about everything. Prenatal advice Is their mall Influence. Some parents Insist that their child attend the July exam year after year until he or she passes It. The Influence of the family Is very Important on students In China. When I first came to college here, the American laissez-fairer style of education deeply Interested me. American colleges give students broad space and allow students to develop Independently. Students can freely choose their favorite courses, except for certain required courses. They can even choose their favorite teachers. This Is Incredible to e. In China, the field of study cant be changed from the first day that the students come to college. Furthermore, every semester the school has already formulated the limits their development. At the community college, I also observe that quite a number of students cut class without excuses. This behavior is really strange. In China, even if a student is sick, he will normally persist in attending classes. Although the school has strict rules for absent students, the majority of students think that they should take responsibility for their own education. Chinese students study very hard and treasure the opportunity to study. Everyone wants to get the highest score. In China, there are no part-time students in a university. Tuition is provided by parents, so students want to get the highest scores to repay their parents love. Unlike American students who have a lot of chances to get a good Job, when Chinese students graduate, their grades become a major factor for a good company to choose them. To get a good Job in the future, students must study hard. Obviously, compared with the American educational system, the Chinese educational system could be improved by giving students more freedom to develop their abilities based n their interests.

Free Essays on What Is Enlightenment

, enlightenment is the development of a society through there own rational thoughts and educated analysis. Kant feels that if we are going to free ourselves from tutelage then we must be able to use our freedom whenever we want. â€Å"One c a try to revolt but it’s without doubt going to fail. One can try to put an end to tutelage and then become the tutor themselves†(@@@@). This revolution will not lead to enlightenment, but rather lead to more tutelage. One ruler said that the coming about of enlightenment will only arrive if you, â€Å"Argue as much as you will, and about what you will, but obey!† (Kant 87). In short, this means you can argue but you can’t revolt. Kant seemed to take this into account when discussing what will bring about enlightenment. Kant states, â€Å"The public use of one's reason must always be free, and it alone can bring about enlightenment among mankind; the private use of reason may, however, often be very narrowly restricted , without otherwise hindering the progress of enlightenment. By the public use of one's own reason I understand the use that anyone as a scholar makes of reason before the entire literate world. I call the private use of reason that which a person may make in a civi... Free Essays on What Is Enlightenment Free Essays on What Is Enlightenment What is enlightenment? Immanuel Kant attempts to shed light on the meaning of enlightenment while writing the essay, â€Å"What is Enlightenment?†. This document was written in response to political and social changes brought about by King Frederick of Prussia. The goal of Kant’s essay was to discuss what the nature of enlightenment was. It also taught people how enlightenment can be brought about within the overall public. Kant explains that, â€Å"enlightenment is man’s release from his self-imposed immaturity† (Kant 85). Kant’s use of Immaturity seems to more in reference with the idea if self-imposed tutelage which is man’s lack of ability to have direction for himself, and needs a guardian or tutor. In other words, enlightenment is the development of a society through there own rational thoughts and educated analysis. Kant feels that if we are going to free ourselves from tutelage then we must be able to use our freedom whenever we want. â€Å"One c a try to revolt but it’s without doubt going to fail. One can try to put an end to tutelage and then become the tutor themselves†(@@@@). This revolution will not lead to enlightenment, but rather lead to more tutelage. One ruler said that the coming about of enlightenment will only arrive if you, â€Å"Argue as much as you will, and about what you will, but obey!† (Kant 87). In short, this means you can argue but you can’t revolt. Kant seemed to take this into account when discussing what will bring about enlightenment. Kant states, â€Å"The public use of one's reason must always be free, and it alone can bring about enlightenment among mankind; the private use of reason may, however, often be very narrowly restricted, without otherwise hindering the progress of enlightenment. By the public use of one's own reason I understand the use that anyone as a scholar makes of reason before the entire literate world. I call the private use of reason that which a person may make in a civi...

IM Not Scared Cahrts Micheles Increasing Maturity and Sense of Morality. Discuss. Essays

IM Not Scared Cahrts Micheles Increasing Maturity and Sense of Morality. Discuss. Essays IM Not Scared Cahrts Micheles Increasing Maturity and Sense of Morality. Discuss. Essay IM Not Scared Cahrts Micheles Increasing Maturity and Sense of Morality. Discuss. Essay I’m Not Scared is a coming of age text, written by Niccolo Ammaniti, and it is based on the journey of a young Michele Amitrano moving from childhood innocence to experience. Initially he is naive and ignorant towards things that has no impact to his ‘perfect little world’, however, after encountering several events he changes his perspective. This takes form through the influences of his peers, adults and a reflection of himself. Among Michele’s peers there are several whom that mould the journey of his increasing sense of morality and maturity. Skull, the tyrant leader of the children’s gang, is corrupted. He takes joy from tormenting and bullying others, he also enjoys giving orders but if they are not fulfilled he can ‘turn nasty. ’ Michele’s initial awakening of his morals comes from one of Skull’s cruel punishments. Skull forces Barbara to unbutton her shirt and show her ‘tits’ to everyone by threatening her saying that, ‘If you don’t, you can forget about coming with us anymore. ’ Obviously living in such a small, rural and secluded town like Acqua Traverse, that would seem like the end of the world to a 9 year old and hence against her wishes she reluctantly obeys. Out of curiosity Michele takes a peek, however he immediately feels regret like he has committed a crime. Barbara then takes her bottled up frustrations out on the small helpless and innocent dog, Togo. She pushes the dog under the mud in order to drown him, but when confronted by Michele, who witnesses everything. She immediately denies it all and produces excuses to try and explain her actions. ‘He’s crawling with ticks and fleas. That’s why I was giving him a bath. ’ As she tries to kill Togo, she actually sings the song called ‘The Beautiful Goodbye’ implying that this was the final farewell for the powerless dog. His best friend Salvatore is not any better he is manipulative and corrupted by greed. He ridicules Michele’s ‘Judas secret’ to later use it to his advantage and betrays Michele’s trust for the opportunity to gain driving lessons from their nemesis Felice. Felice Natale, who is Skull’s older brother, is the result of their brute of a father. With no moral sense at all, he is unaware of the consequences of his actions, such as the unnecessary lustful attack on Teresa right in front of Michele. He is forced to take care of Fillipo, who nicknames Felice as he â€Å"lord of the worms†, because he often threatens to squash him like a worm. As Michele learns more about the truth of the corrupted evil adult world, he changes his perception on everything. The pure image of his father whom he worshipped like an idol becomes tainted and shatters after he overhears his father threatening to cut off Fillipo’s ears. It was his comment â€Å"Two ear s we’ll cut off. Two. † That makes him doubt every little thing he once knew. The representation of his father warps into the bogeyman. ‘Papa was the bogeyman. By day he was good, but at night he was bad. ’ Through this experience of betrayal his wisdom increases and learns to accept the harsh reality. That monsters exist within people rather than imaginary figures. Michele’s mother Teresa is an admirable character that tries to protect Michele. She understands the consequences of actions long before the kidnapping of Fillipo, but as a woman in a male-dominated society, she is powerless to voice her opinions. Thus, she warns Michele â€Å"When you grow up you must go away from here and never come back. So that he does not become corrupted and influenced to be involved in criminal acts like all the adults in Acqua Traverse. At the beginning of the story Michele already displays a strong sense of justice which aids his maturity. His innate sense subconsciously prevails at times of need. The first signs of awakening morality are already evident at the beginning of the text, when he resists Skull’s second attempt to force Barbara to do another forfeit which consisted of showing her ‘slit’. Regardless of the consequences he takes responsibility because of his sense of morality. He intuitively volunteers to do it in her place because of the guilt he felt from the first forfeit. â€Å"There was something dirty, something.. I don’t know. † Although Michele is righteous he allows his greed to provoke him into revealing Fillipo’s whereabouts to Salvatore in order to gain the jinxed plastic football team that he does not really like. Yet upon reflection he immediately feels horrible and realizes that what he has done was bad, as he says ‘I was worse than Judas who had bartered Jesus for thirty pieces of silver†. Another similar challenge that Michele confronts is when his parents bribe him with a new bike to not see Fillipo. However, after his first encounter of being overcome by greed he knows better and decides to go against his father’s oath in order to save Fillipo which compensates for the ‘Judas secret’. The turning point for Michele when he loses his innocence and advances to maturity is when he realizes that he too is not perfect. He learns that he is capable of committing heinous crimes just like the adults did, because at the end of the day he too is human. â€Å"What was in my nature? What could I do? † was what he thought to himself. After all the blood of his father, who is a criminal, runs through his veins. However despite Michele’s age his ethics, compassion and innate sense of what is right are guides he uses to do the right thing. He gains wisdom through the experiences and events that occur throughout the text which result in a loss of naivety in order to become an adolescent.

The Case of the Variable Laminates Essay Example | Topics and Well Written Essays - 250 words

The Case of the Variable Laminates - Essay Example This would indicate that soaking time is incremented by 6 minutes, soaking temperature by 10oC and knife pressure by 10 psi. The resulting Taguchi experimental design orthogonal array would assume the form shown in the Appendix. The total number of experiments required would be 36. The thickness measurements are previously being made at every 15 minutes but a greater frequency for soaking time has been defined in order to ensure that process control experimentation resolution is enhanced. The contention in running these experimental runs is to measure the resulting laminate thickness. Once laminate thickness has been tabulated against each experimental run, statistical methods can be used to determine the optimal running conditions. Multiple combinations of operating parameters may produce the desired thickness so other factors such as power consumption may be used to decipher the final operating