DVD player Essay Example for Free

DVD player Essay Keyboard The keyboard is usually a long rectangle shaped piece of plastic with rows keys. The keyboard is used to type letters and numbers into a word processor. They are also used for gaming; some keyboards have with special gaming features. A keyboard used to be used to give commands to operate the computer before there the invention of mice. A keyboard can be connected to the computer by USB port or wirelessly. Some keyboards are designed for use by people who are visually impaired. The Waterside library has a keyboard on every computer; there are two types of keyboard in the library, the average sized plain coloured keyboards (above left) used mostly people without eyesight problems and then the larger sized keyboards (above right) for visually impaired members with a contrasting coloured keyboard. The contrasting coloured keyboard makes it easier for the visually impaired to identify buttons on the keyboard. The good thing about the larger sized keyboard is that the keys help the user to recognise when they have been pressed with a nice distinct click. The libraries facilities are available to the whole community including the visually impaired. It would be unfair for visually impaired people if they were not able to use the same facilities just because the equipment didnt suit their needs. The Library has made a big effort to make sure all sections of the community are able to use the facilities available without feeling excluded and discriminated against. If the library didnt have this specialised equipment the visually impaired members would find that they make lots of mistakes when typing and this would put them off using the library again. Mouse There are two types of mouse, they are optical or roller ball. Mice can be wired or wireless. A mouse is an object that the user holds under one of the users hands. Most mice have two buttons the left and the right. Sometimes the mouse may have a wheel between the left and right buttons. The wheel is used to scroll up and down. The mouse is used to control the motion of the cursor, which is displayed on the monitor. It can be used to open and close windows by clicking on icons and carry out tasks such as printing. All computers in the library have a normal mouse connected to them however there are two mice connected to the computers with a large keyboard, the special mouse (above right) and the Dell wired mouse (above left). The library uses wired mice because wireless mice are easily stolen as they are not attached to the computer, people can not move a wired mouse away from the computer it is wired to. The special mouse is used by people who find it difficult to use a normal mouse, for example a person who had his fingers taken off in an accident and only had a palm left would not be able to hold a mouse or click, however they would be able to use the other mouse as they could their palm to roll the ball around and press the buttons. This equipment can also be used by people with learning difficulties, poor visibility and limited hand movement. All these types of people could not have used a computer independently without assistance from members of staff, by having this special mouse means members of staff spend less time assisting one library members and are more able to help other people and organise stock. This arrangement ensures that people with disabilities are not discriminated against and are made to feel welcome in the library. Barcode scanner A barcode scanner is a laser light that scans barcodes. They save time and money. A barcode scanner can be connected to the computer through USB. They are used in shops to scan items that are purchased, issued or returned. In the library staff use a barcode scanner located at the issue desk to in libraries to scan the barcodes on stock and members cards. Before libraries used barcode scanners had to type the code in by keyboard, this took time and often mistakes were made when typing in codes, resulting in members and stock details being inaccurate. The library needs its information to be accurate as people dont want to find that stock have had taken out under there member number by mistake and that they have to pay for it because it wasnt returned. A barcode scanner is quicker and more accurate then entering in codes by a keyboard. This means that the staff can give their members a good quality service which will encourage them to use the library. Flatbed scanner A scanner scans and converts documents in to a digital image. That can be stored on the computer. It can be use by members of the library and staff. The advantage is that users can scan images/documents so as they can be sent by email or inserted in to documents. The flat bed scanners are available to staff and members in the library. They are not used very often. This is because digital cameras and phone cameras are very common and people can easily get pictures into digital format. However they are available if anyone wants to scan an A4 document. They are free of charge to use but their use is supervised by a member of the library staff. Storage devices Hard drive A hard drive is a storage device that records data. There are two types of hard drives External Hard Drives and Internal Hard Drives. The external hard disk drive is similar to internal hard disk drives; they include a normal hard disk drive which is mounted in a disk enclosure. Key benefits to using external disk drives are adding additional storage space or adding an easily removable backup source. It could also be useful for preventing the heat from the drive increasing the heat inside a computer case. The internal hard disk gives computers the ability to remember things when the power goes out. Key benefits to using internal disk drives are that it stores and retrieves data much faster than a floppy disk and CD-ROM and has a large storage capacity. It does not need connected every time the user needs to use it. In the library members are not allowed to save on to the hard drive, this is because members could be saving viruses on to the computers or filling the computers hard drive up unnecessarily. If members were allowed to save on to the hard drive all the files saved on that computer station would be available to opened, read, viewed and edit the file unless it has been saved as a password protected file. This means that any user could look at another users documents, so long as they are saved on the hard drive of the computer and there is no password. Floppy disk A floppy disk is a data storage device. Floppy disk is a plastic square shaped object with a disk of thin magnetic storage inside it. Floppy disks are read and written by a floppy disk drive. The library computers no longer have floppy disk drives on their computer. This means that members can not use floppy disks on the computers in the library. If the library computers did have a floppy disk drive and people could use floppy disks most people would still prefer to use other storage devices as they are more robust and hold a lot more data. Optical disk There are three types of optical disk they are DVD, CD and blu ray. DVDs are of the same as CDs, but they store more than six times as much data. CDs are used to store music these can be played in CD or DVD player. You cant play blu ray DVD on a normal DVD player but you can play DVDs on a Blue-ray player. Blu ray players are backward compatible; this means that blu ray player can also play normal DVDs. In the library members can not use optical drives because they are blocked instead they must use an external optical drive. The library has two external optical drives these can be borrowed from the issue desk. Members plug them in to the USB port and can then use them to open files saved on a compact disk or save on to a disk, listen to CDs and play DVDs. If a member needed to save his or her work but did not have another compatible storage device like a memory pen or have forgotten to bring it with them they can borrow the external optical drive and buy a compact disk from the issue desk and save on to that. This means that members are still able to save there documents even if they dont own another storage device or havent brought it with them. Members can request the external optical drive and use it to play music, CDs or DVDs. Memory pens Flash memory data storage device are also known Flash Drives, Memory Sticks, Pen Drives, and Memory Pens. Memory pens are more effective at transferring data than floppy disks or burning CDs. Storage capacities can range. The USB is usually protected by a removable cap. There is no external power required. Memory pens easily taken to any library and plugged in to the USB port, the documents can be opened at any computer they are plugged on to. Members of the library can use memory pens to save data on as they are unable to save on to the libraries computers hard drives. The library computers have two USB ports at the front of the computers to make it easy for the members to connect their memory pens. Random access memory RAM is the most common computer memory, it is used by programs to perform tasks while the computer is on. The data which is in the RAM will be lost when the computer power is switched off so it is important to save before switching off. Random access memory can improve performance, the more RAM in a computer the faster it will perform. There are several different types of RAM available for computers; these vary in cost and speed. The amount of RAM on the computers in the library is 512Mbyte memory . The library didnt need to buy extra RAM for their computers as the amount all ready on them was sufficient for general use and more than adequate for use in libraries where people use the computers for basic tasks such as word processing, surfing the internet and checking emails. The memory size is also adequate for the staff to run galaxy and any other software they need. By taking the standard memory the library were able to save some money which they were able to use in other areas. Magnetic tape data storage Magnetic tape is most commonly packaged in cartridges and cassettes. The device that performs actual writing or reading of data is a tape drive. When storing large amounts of data, tape can is less expensive than other data storage. Tape storage is used with large computer systems, mainly for backups and archives. However magnetic tape is much more likely to get damaged. In the library every evening when the library is closed a member of staff will put a back up tape in to the server. Staff will back up the server while the library is closed at night.

Starbucks Competition and Strategy Analysis

Starbucks Competition and Strategy Analysis Executive Summary As coffee drinkers of all ages and sizes increase around the world, Starbucks amongst fierce rivals continues to experience unsurpassed growth sales. Their upscale coffee outlets that deliver pleasing to the eye dà ©cor and brand uniqueness at locations scattered nationally and internationally, their distinct aromas and scents, Starbucks has been able to differentiate themselves from all competitors. The aforementioned characteristics that is Starbucks, has enabled the coffee retailer to increase profitability, expand globally, and attract new customers. With an estimated 17,000 outlets in approximately 55 countries, Starbucks boasts as the largest coffee outlet chain in the world. In North America alone, Starbucks employs nearly 11,000 full-time and 60,000 part-time employees. Additionally, the chain employs over 7,000 outside its United States borders. Through providing top quality coffee beans and distinctive varieties (aforementioned), Starbucks has led the way in revolutionizing the market industry. The chain not specializes in serving coffee, but also teas, juices, pastries of all kinds and now even coffee-flavored ice cream brands that deliver pleasing to the taste and thirst of many loyal, and soon-to-be new customers. Since 1994, Starbucks has enjoyed measurable success through clever mergers and or acquisitions. A few successful ventures include Seattles Best coffee chain now offers a small line of its premium brands on commercial Delta airlines flights and thanks to the ever-increasing Wi-Fi market, Starbucks continues to connect with customers. In 2010, after extensive market surveying, Starbucks introduced three new ice cream coffee-free flavor brands. Starbucks continues to face stiff competition and only through strategic planning hinged upon finding new and creative ways to be innovative will the firm continue to diversify its financial portfolio while enabling its ability to cover liabilities. Introduction Headquartered in Seattle, Washington, Starbucks is an international Corporation (www.Starbucks.com) whose stocks are traded on the NYSE under the SBUX ticker symbol. Starbucks is the largest coffee outlet in the world, with close to seventeen thousand shops in approximately fifty countries or provinces, eleven thousand in America alone, over one thousand in Canada, eight hundred in Japan and seven hundred Coffee Shops in the United Kingdom. Starbucks in 2003 was listed as a Fortune 500 firm, ranked 465. By the end of 2010, they were ranked 241. Background Howard Schultz gained control of Starbucks in 1987. Starbucks was founded by three colleagues in 1971 in Seattle who were inspired by a mutual acquaintance Alfred Peet, an established businessman. By 1980 the company had grown to four locally owned stores that turned a reasonable profit every year. It was in 1981 when Howard Schultz, then Vice President of U.S operations for Swedish Kitchen and Coffeemaker equipment decided to visit Starbucks out of curiosity as to how and why the Starbucks was so successful with selling his companys products. Managerially, Schultz was impressed with the company. After much persistence, Schultz landed his first job with Starbucks as head of marketing and research. Overflowing with ideas for the company, Howard Schultzs biggest inspiration and vision for Starbucks future came in 1983 while on a business trip to Italy and the idea of Espresso Bars came fell upon him. After failing to convince Baldwin for the expansion of business, he initially left Starbucks in 1985 and started the Il Giornale coffee bar chain in 1985 and the coffeehouse was very successful. In 1987 after buying out the former owners Jerry Baldwin and Gordon Bowker, Schultz began to quickly begin to realize his full dream for Starbucks and quickly expanded business operations in Vancouver, British Columbia, and Chicago, Illinois, of the same year. By 1992, Starbucks then a recognized publicly traded company on the stock market had expanded nationally to 165 shops. In 2009, Starbucks succeeded by opening about nine hundred additional shops outside the Continental United States. Mission Statement (Actual per www.starbucks.com, accessed on 20 February 20, 2011) Establish Starbucks as the premier distributor of the best coffee on the planet without compromising principles on quality of growth. Our Coffee It has always been, and will always be, about quality. Were passionate about ethically sourcing the finest coffee beans, roasting them with great care, and improving the lives of people who grow them. We care deeply about all of this; our work is never done.(2, 7) Our Partners Were called partners, because its not just a job, its our passion. Together, we embrace diversity to create a place where each of us can be ourselves. We always treat each other with respect and dignity. And we hold each other to that standard, ensuring the latest technology is implemented for producing superior products to our loyal customers. (4, 8, 9) Our Customers When we are fully engaged, we connect with, laugh with, and uplift the lives of our customers-even if just for a few moments. Sure, it starts with the promise of a perfectly made beverage, but our work goes far beyond that. Its really about human connection. (1) Our Stores When our customers feel this sense of belonging, our stores become a haven, a break from the worries outside, a place where you can meet with friends. Its about enjoyment at the speed of life-sometimes slow and savored, sometimes faster. Always full of humanity. (6) Our Neighborhood Every store is part of a community, and we take our responsibility to be good neighbors seriously. We want to be invited in wherever we do business. We can be a force for positive action-bringing together our partners, customers, and the community to contribute every day. Now we see that our responsibility-and our potential for good-is even larger. The world is looking to Starbucks to set the new standard, yet again. We will lead. (3) Our Shareholders We know that as we deliver in each of these areas, we enjoy the kind of success that rewards our shareholders. We are fully accountable to get each of these elements right so that Starbucks-and everyone it touches-can endure and thrive. (5) Customer Products or services Markets Technology Concern for survival, profitability, growth Philosophy Self-concept Concern for public image Concern for employees Mission Statement Analyzed   I consider this to be a fairly good, and accurate statement although per my rating (based on research), the mission statement lacks two (2) important components: Technology and Concern for employees. The company must evaluate whether it is technologically advanced and even though the companys vision is of concern to its employees, it still should be added to its mission statement. Vision Statement (Actual per www.starbucks.com, accessed on 20 February 20, 2011) To establish Starbucks as the most recognized and respected brand in the world and become a national company with values and guiding principles that employee could be proud of. The vision statement clearly describes the dream or the future of the company that is to be the worlds most well known coffeehouse and also to be the most appreciated and positively graded brand by all levels of people around the world. Finally, the company focuses emphasis in the value of employees and their loyalty, and strives to create a happy work environment. The opportunity for entry of new competitors shows a balance between different firms competing in a market and subsequently, they can be looked upon as a threat to already established firms. One of Starbucks staunchest competitors is McDonalds McCafe which is really catching on globally. Competition is real due to entry level start up costs which can be extremely low and or offered at a bargain price to gain a competitive edge. This probably can explain why Starbucks has recently decided to partner with Burger King which I personally consider a very positive move. Starbucks Competitive Profile Matrix (CPM) is illustrated below and compares the coffee firms internal and external factors, based upon strengths (superior or 4.0), against weaknesses (1.0), against its current, and projected market competition. Used effectively, it will give management clear idea about the firms strengths and weaknesses and aid in plotting a way forward that is healthy and most importantly, profitable. Anything in between can be rated from fair, to average to above average to superior. From the illustration below, Starbucks fares a little above average when compared to Dunkin Donuts, yet well below McDonalds. Competitive Profile Matrix (CPM) In the External Factor Evaluation or EFE, only external factors, that is, opportunities, and threats, are evaluated. From the illustration below, the following info can be drawn: Gourmet coffee consumption tied in to drinkers educational levels. The higher the level of education the more gourmet coffee on average was consumed, by as much as seventy-one percent. Trends showed sixteen percent of U.S. adult population consumed specialty coffee on a daily basis; sixty-three percent only occasionally. The growth in popularity of specialty coffees has increased, as only thirteen percent and fifty-nine percent of people reported daily and occasional consumption, respectively, in 2002. Also, trends over the past ten-years showed consumers requesting more organic coffees which influenced retailers on the growing environment of coffee beans. Consumers are becoming more health conscious and are looking for sweats and snacks that are low in carbohydrates / sugar and calories. International market has a stronger economy and accordingly, consumers would be able to pay premium price for specialty or gourmet coffee. With regards to threats, the 2007-2009 economic recession adversely affected the specialty coffee industry. Recently, trends show consumer concern with nutritional value. Volatility in the stocks and coffee price could impact the purchasing power for the buyers. Smaller competitors are expanding their markets as well as their product line offerings. In conclusion, competitors such as McDonalds and Dunkin Donuts are becoming stronger in offering specialty coffee along with other complimentary products. This may explain why SBUX has recently announced a partnership with Burger King who has long lagged behind McDonalds, especially in the breakfast arena to start offering Seattles Best coffee products (a subsidiary of Starbucks), in efforts to further close the gap between itself from its the conglomerate that is McDonalds Corporation. External Factor Evaluation (EFE) Matrix Gourmet coffee consumption rose with the drinkers educational level. Those who finished college bought forty-nine percent more gourmet coffee on average, and those with some postgraduate education bought seventy-one percent more Sixteen percent of the U.S. adult population consumed specialty coffee on a daily basis, whereas sixty-three percent indulged occasionally The growth in popularity of specialty coffees has increased, as only thirteen percent and fifty-nine percent of people reported daily and occasional consumption, respectively, in 2002 Another trend that has surfaced in the past decade has been consumer requests for organic coffees, and more emphasis was placed by retailers on the growing environment of the beans Consumers are becoming more health conscious and are looking for sweats and snacks that are low in carbs / sugar and calorie International market has a stronger economy and accordingly, consumers would be able to pay premium price for specialty or gourmet coffee Threats The 2007-2009 economic recession adversely affected the specialty coffee industry Recent trends shows consumers are concerned about the nutritional value of coffee products and are demanding nutritional info be posted on the products even in retail outlets. Volatility in the stocks and coffee price could impact the purchasing power for the buyers Smaller competitors are expanding their markets as well as their product line offerings Competitors such as McDonalds and Dunkin Donuts are becoming stronger in offering specialty coffee along with other complementary products Internal Factor Evaluation (IFE) Matrix Internal Factor Evaluation (IFE) Matrix is a summary step in conducting an internal strategic-management audit used to evaluate the strengths and weaknesses of a business, and provide a foundation for identifying and evaluating relationships founded upon those areas. Looking at key Internal Factors, Starbucks most advantageous opportunities lie in expansion in ever-growing Markets like Brazil, Russia, India and China or the BRICs as they are commonly referred. Of note, Starbucks doesnt appear to show any interest in marketing its products through advertisings as much as focusing on the quality of its coffee and that power alone to retain, and attract new customers. Key Internal Factors Strengths Starbucks expects to add approximately 20 net new stores to its global store base in fiscal 2009 by closing approximately 425 company-operated stores in the United States and adding of approximately 60 company-operated stores internationally The company plans to open approximately 65 net new licensed stores in the United States and approximately 320 net new licensed stores internationally Capital expenditures for fiscal 2009 are expected to remain unchanged, at approximately $600 million. Licensing revenues increased primarily due to higher product sales and royalty revenues as a result of opening 438 new licensed retail stores in the last 12 month Strong marketing and promotional campaign such as product placement in major TV series Starbucks also provides electrical outlets and, in some stores, wireless access, for customers who might need to use their MP3 players or laptop computers Starbucks products can be found in convenience stores, grocery stores, department stores, movie theaters, businesses, schools, and even airports Starbucks is rated by Fortune as one of the best top 10 places to work Starbucks also encourages the use of its Web site where customers are able to register their Starbucks cards, receive nutritional information about Starbucks products, shop online, search for careers, and much more Weaknesses 47 percent drop in earnings in one year (2008) For the 26 weeks ending March 2009, Starbucks revenues decreased 7 percent to $4.95 billion and net income decreased 72 percent to $89.3 million Moodys Investors Service recently downgraded Starbucks credit ratings The U.S. company operated retail business continued deteriorating trends For the second quarter of fiscal 2009, U.S. total net revenues were $1.8 billion, a decline of $131.5 million, or 6.8 percent, due to decreased revenues from company operated retail stores Many of Starbucks International operations are in early stages of development that require a more extensive support organization relative to the current levels of revenue and operating income in the United States International total net revenues were $433.7 million for the 13 weeks ended March 29, 2009, down $59.7 million, or 12.1 percent, compared with the same period last year, primarily due to the impact of a stronger U.S. dollar relative to the British pound and Canadian dollar Global Consumer Products Group (CPG) total net revenues decreased by 2 percent to $94.8 million for the second quarter of fiscal 2009, due primarily to lower margin on sales of packaged coffee as a result of discounting, as well as lower volume to the trade The Strength-Weaknesses-Opportunities and Threats (SWOT) analysis is an effective to that when used properly, gathers, analyzes, and evaluates information which helps firms identify strategic advantages/disadvantages. SWOT Strategies Opportunities Gourmet coffee consumption rose with the drinkers educational level. Those who finished college bought 49 percent more gourmet coffee on average, and those with some postgraduate education bought 71 percent more Sixteen percent of the U.S. adult population consumed specialty coffee on a daily basis, whereas 63 percent indulged occasionally The growth in popularity of specialty coffees has increased, as only 13 percent and 59 percent of people reported daily and occasional consumption, respectively, in 2002 Another trend that has surfaced in the past decade has been consumer requests for organic coffees, and more emphasis was placed by retailers on the growing environment of the beans Consumers are becoming more health conscious and are looking for sweats and snacks that are low in carbohydrates / sugar and calorie International market has a stronger economy and accordingly, consumers would be able to pay premium price for specialty or gourmet coffee Implement product development by introducing organic coffee and disclosing the nutritional content to the consumers (S1, S2, S3, S5, S6, S7, O1, O2, O3) Continue opening more retail stores overseas where coffee is in demand and market has not been saturated by competitors (S1, S2, S3, S4, S9, O6) Develop new products with better nutritional value (S6, S8, O1, O2, O4, O5) Develop a marketing strategy such as Starbucks Combo by offering combination of gourmet coffee and cookie / cake or 2 for 1 on Tuesdays and Wednesdays when the patrons can purchase coffee on Tuesday and get free refill on Wednesday (W1, W2, W3, O1, O2, O3) Establish joint venture with hotels, airlines, and retailers for having mini-Starbucks locations or for serving premium Starbucks coffee in the hotel rooms or during the flights (W1, W2, W3, W4, W5, O1, O2, O3, O6) Threats The 2007-2009 global recession negatively affected the specialty coffee industry Recent trends have shown that some of the consuming public is concerned about the nutritional value of such products as those offered by the specialty coffee sector and have even challenged the correctness of the labeling and calorie information posted on the products available at retail outlets. Volatility in the stocks and coffee price could impact the purchasing power for the buyers Smaller competitors are expanding their markets as well as their product line offerings Competitors such as McDonalds and Dunkin Donuts are becoming stronger in offering specialty coffee along with other complementary products Implement market penetration strategy by promoting additional licensing retail deals. This minimizes the risks and capital expenditures for Starbucks (S2, S3, S4, S5, T1, T4, T5) Lower prices of popular drinks by $0.50 and promote the price decrease through aggressive advertising (S6, S7, S8, T1, T4) Penetrate market by appealing to a wider variety of consumers (W6, T4, T5) Cutback on some of operating expenses such trying to improve purchasing power and getting better prices from the suppliers and vendors (W4, T4, T5) Create Promotional Strategies Such As Starbucks Combo Or Reduce The Price By $0.50 Per Drink On Popular Drinks Develop New Products With Better Nutritional Value Expand Internationally By Opening Additional 100+ License Retailers Through Joint Ventures Portfolio Analysis: Starbucks BCG Matrix (The Worlds Most Innovative Companies Their creativity goes beyond products to rewiring themselves. Business Week and the Boston Consulting Group rank the best. Accessed and referenced on 20 February 20, 2011 at http://www.businessweek.com/magazine/content/06_17/b3981401.htm) The Boston Consulting Group (BCG) matrix is enhancing a multidivisional firms efforts to formulate strategies. The BCG allows a multi-focused firm to manage its portfolio by examining relative market share position and the industry growth rate each division relative to all other divisions in the organization. The Starbucks BCG matrix below shows four (4) divisions which include Question Marks, Stars, Cash Cows, and Dogs. Quadrant I shows low relatives market position, high growth industry. Cash needs versus cash generation are high and low. Quadrant II or Star Division identifies best long-run opportunities for growth and profitability. Quadrant III or Cash Cows with high relative market share position but compete in a low growth industry and finally, Quadrant IV or Dogs identifies relatively low market share position and compete in a snail or no market growth industry. Starbucks Income Statements shows steady increases between 2003 and 2005. The revenues on the year 2003 were $4,075,000, while $2,191,000 in year 2004, $6,369,000 in year 2005. Also, the firms growth sales rate for 2004 and 2005 was 56.3%. In conclusion, Starbucks were identified in Star division which means its long-run opportunities for the growth and profitability is overall good. Recommendations Starbucks coffees price are much more expensive than other market competitor products because Starbucks purchases the highest quality coffee beans which means and price-war advantage for its competitors in these challenged economic times. Develop series of new coffee, tea and fruit drinks with better nutritional values for health conscious customers. Initially, enter selected market with predatory pricing strategy and then move to larger market. Starbucks is showing signs of change and that the change has started to work. For the first time in eight quarters, the company posted positive earnings. In fact, all US company operated stores reported positive growth in their sales. For the last few years, the company over-expanded by opening too many stores and some too close to each others. Now, they have done an impressive job restructuring itself and returning back to being profitable by closing some stores and slimming down its workforce over the past few years. They further eliminated excessive waste in their operations and have been trying to be leaner in their day to day business processes. Leading the way in technological media, Starbucks innovative nature has enabled capitalization on the social networks like Twitter and Facebook. Additionally, Starbucks even has an iPhone application (accessed at Why Starbucks Has Room to Improve. http://www.minyanville.com/businessmarkets/articles/starbucks-growth-upgrade-profit-price-hikes/1/22/2010/id/26485 20 Feb. 2011.).

Purpose Of The External Audit Report Accounting Essay

Purpose Of The External Audit Report Accounting Essay This assignment is going to include a discussion on the perception of the external audit report, an explanation how and why wording in the external audit report has evolved, as well as an explanation and discussion on the IAASBs proposals and a comment on possible future developments. Purpose of the external audit report When dealing with the purpose of the external audit report it comes down to who is being asked the question as there are many perceptions as to what exactly the purpose actually is. The Institute of Chartered Accountants in Australia believe The objective of the financial statement audit is to add credibility to managements financial statements. (The Institute of Chartered Accountants in Australia 2008). They also go on to say how an audit allows different user groups to feel more confident in an entitys financial statements because there is reasonable assurance that a true and fair view is present. (The Institute of Chartered Accountants in Australia 2008) However some users of accounts see things differently Others felt that the auditor should not only provide an audit opinion, but also interpret the financial statements in such a manner that the user could evaluate whether to invest in the entity (McEnroe Martens, 2001: 347). Looking at things from yet another angle the law also has an opinion on the purpose of auditors and audit reports, in the famous case of Kingston Cotton Mills Co. (1896) Lord Justice Lopez stated An auditor is not bound to be a detective, or, as was said to approach his work with suspicion, or with a foregone conclusion that there is something wrong. He is a watchdog, not a bloodhound. (Court of Appeal 1896) Basically meaning the audit report can never be guaranteed to have zero errors. To summarise things a just definition that probably would be accepted by a majority of parties is that the purpose of an external audit report is to express an opinion as to whether or not the information presented in the financial statements reflects the financial position of an organisation at a particular date, thereby providing reasonable assurance of a true and fair view. However different users will most likely always perceive the purpose slightly differently to each other, removing the expectations gap is easier said than done. Public accounting professions will have to react and evolve fast enough to keep up to pace with the changing business and social environment to completely eliminate the gap. (Sherer Turley, 1997) How and why the wording in the external audit report has evolved One reason as to why the wording of external audit reports evolved was the fact that terminology in the reports was not always interpreted the same way, existing audit reports are misunderstood by many readers (Bailey, Bylinski Shields, 1983: 355) (McEnroe Martens, 2001: 348) The table above shows how the phrase present fairly was perceived in different ways not only by investors but also by auditors themselves. Although there were proposals to have this phrase removed from the audit report strong resistance from the financial community meant it was never enacted. Terminology being interpreted differently led to an information gap and to counter this as well as enhance overall communication between auditors and financial statement users, the Cohen commission and Treadway commission made many recommendations. One proposal which was successful and lead to a change was the addition of a paragraph explaining the scope of the audit (PCAOB 2011). Another reason for change is the planned global harmonisation of standards. With the ASB and IAASB planning on converging U.S GAAS and the International Standards on auditing there became a need to provide more consistency across international borders. (Morris Thomas, 2011) One way to ensure the wording is clearer and easier to understand is the new definitions section, The Definitions section defines any terms or expressions that are being introduced in a standard for the first time. (Morris Thomas, 2011: 2) The wording of the external audit report has evolved because what is being demanded has changed. Users want greater clarity along with more transparency because more than ever individuals want a deeper insight in to an audited firms financial statements, which is probably a result of the recent financial crisis which hit the global business world with no clear warnings. (Bussiere Fratzscher 2006) However the difficulty lies in finding cost effective solutions which still enable some form of commonality to maintain consistency internationally. IAASBs proposals The IAASB has proposed the inclusion of an Auditor Commentary section. This would help users of the statements understand more what exactly the auditor is doing and the processes he carries out to develop an opinion, meaning there may be a reduction in the expectations gap. However the commentary relies on the auditors judgement on what is most likely to be important, meaning different auditors may reach different conclusions, which could in turn lead to differences of opinion; this may affect the harmonisation of audit reports and comparability. Also the commentary would be provided at the discretion of the auditor, meaning more time and effort would have to go in to each audit but with no extra fee, one may question the cost effectiveness. However other entities such as investors may benefit because increased understanding may lead to greater usefulness when it comes to decision making. An alternative could be a universal section explaining audited financial statements or the audit ; even though no two audits are exactly alike this approach could still help develop basic understanding and would also ease the auditors tasks. One may expect investors and shareholders would be in favour of the proposal whilst auditors may not be as pleased unless fees also increase proportionally. Another proposal is to assess managements assumptions in a conclusion. A conclusion including the appropriateness of the going concern assumption and whether material uncertainties have been identified may help point out early issues that need to be dealt with, this could in fact prevent future unexpected financial crisis from occurring and may also increase financial statement transparency. However the report should be neither overly optimistic or pessimistic. One may also expect a reduction in the information gap. Its fair to say most stakeholders would be in favour of this proposal, apart from managers of course. Also proposed was a statement as to whether any material inconsistencies between the audited financial statements and other information have been indentified, this may enhance the report providing a clearer and maybe even a more complete picture of a firm and operations. An issue is that not all future events can be predicted accurately and so a statement about the absence of material uncertainties is not a guarantee, users may misinterpret this which would widen the expectations gap. Prominent placement of the auditors opinion and other entity- specific information along with further suggestions to provide transparency were also proposed. This may help assist when it comes to navigating through complex financial statements and will also help point out specific areas were the auditors effort was focused. A narrowing of the information and expectation gap may be the outcome however one could argue changes to the audit report alone may not be enough and that information outside of statements also has to improve to provide a more meaningful change. A possible alternative could therefore be to provide authoritative educational material maintained by the IAASB, in a sense helping users navigate through reports more freely although the problem which arises here is a general guide may not be specific enough. Possible future developments Users of financial statements seem to be in agreement that audit reports need to improve and welcome the fact that the IAASB has sought improvement I am fully supportive of your current initiative (Robert Mednick, 2012), however not all users believe the suggestions made are appropriate we do not agree with the proposals (Roger Harrington, 2012). To summarise some stakeholders believe the proposals given would just lead to a duplication of information provided by managers and that the report would become prone to boilerplate commentary. (WESTWORTH KEMP, 2012) Although they may provide more information to underpin the pass or fail opinion there may be potential for increased audit costs. It may be appropriate to not make some aspects of the improvements mandatory and instead include a voluntary element. Also any going concern commentary should be clear and evident to users so that comments are not taken out of context. However a lot of users agreed with the proposed changes and with a few minor adjustments believed they would be affective, in general, the suggested improvements are appropriate( ACCA, 2012), so in the near future one may see the suggestions made put in to effect. Conclusion To conclude my research suggests that audit reports need to evolve and improve to keep up with the changing business and social environment and the IAASBs proposals are a step in the right direction. Although the suggestions made could have an inverse impact the potential for benefit vastly outweighs this. The proposals target a number of issues such as transparency and usefulness and have the capability to be operated internationally. However one may be concerned by users misunderstanding comments which would then widen the expectations gap. Word count: 1541 References Journal Article McEnroe Martens, JEM SCM, 2001. Auditors and Investors Perceptions of the Expectation Gap. American Accounting Association Accounting Horizons, Vol 15 No. 4 , 345-358. Journal Article with two authors Bussiere Fratzscher, MB MF, 2006. Towards a new early warning system of  ¬Ã‚ nancial crises.  Journal of International Money and Finance, vol 25 issue 6, 953-973. Journal Article with three or more authors Bailey, Bylinski Shields, KEB, JHB MDS, 1983. Effects of Audit Report Wording Changes on the Perceived Message.  Journal of Accounting Research, vol 21 No. 2, 355-370. Electronic Journal Article Morris Thomas, JTM CWT, 2011. Clarified Auditing Standards: The Quiet Revolution Redrafting brings both significant and subtle changes.  Journal of accountancy, [Online]. vol 212 no. 6, 1-5. Available at: http://www.journalofaccountancy.com/Issues/2011/Jun/20113792.htm?action=print  [Accessed 21 December 2012]. Book with two authors Sherer Turley, MS ST, 1997.  Current Issues in Auditing  . 3rd ed. SAGE. Website ACCA. 2012.  IFAC. [ONLINE] Available at:  http://www.ifac.org/sites/default/files/publications/exposure-drafts/comments/TECH-CDR-1134.pdf. [Accessed 24 December 12]. Court of Appeal. 1896.  in Re Kingston Cotton Mill Company. [ONLINE] Available at:https://docs.google.com/viewer?a=vq=cache:es7g__ZhMQcJ:oxcheps.new.ox.ac.uk/new/casebook/cases/Cases%2520Chapter%25203/In%2520Re%2520Kingston%2520Cotton%2520Mill%2520Company.doc+hl=engl=ukpid=blsrcid=ADGEESi-yvPPgWKz2uXlc1x-nczMt8_8SwD5LS3GUKqD91xzDPjpel3Wb3jz5wuRbcvvLuSbU0n-hrVB219b2nbSDucvGe6M1_zbbPDznPNgySGRthAbob0hPvSfUxDOxNyqw7joD4sig=AHIEtbSArCbzy46PFrwiGFwW9sR4r4_q_Q. [Accessed 20 December 12]. WESTWORTH KEMP. 2012.  IFAC. [ONLINE] Available at:  http://www.ifac.org/sites/default/files/publications/exposure-drafts/comments/%20Response%20to%20IASB%20cover%20letter.pdf. [Accessed 24 December 12]. PCAOB. 2011.  Auditors Reporting Model. [ONLINE] Available at:  https://docs.google.com/viewer?a=vq=cache:zgMg6vjULngJ:pcaobus.org/Rules/Rulemaking/Docket034/Concept_Release.pdf+hl=engl=ukpid=blsrcid=ADGEEShbtsssuJKbqau2HByCha6ceGn0TerZkO2rSZIgCwab7oP3VrEKByouZvO5KNp9GelZwSr4yKTLA0ifzzYvyCaUZqC5io_C4hw_kIFbqFRqW0B0-VZD-BRfFPv4BXPWyp30WLq4sig=AHIEtbSRPJv8F4PlAwjESC9_dYMb5zV2hA. [Accessed 21 December 12]. Robert Mednick. 2012.  IFAC. [ONLINE] Available at:http://www.ifac.org/sites/default/files/publications/exposure-drafts/comments/Bob%20Mendick.pdf. [Accessed 24 December 12]. Roger Harrington. 2012.  IFAC. [ONLINE] Available at:http://www.ifac.org/sites/default/files/publications/exposure-drafts/comments/IAASB%20auditor%20reporting_BP%20final%20letter.pdf. [Accessed 24 December 12]. The Institute of Chartered Accountants in Australia. 2008.  The role and function of external auditors  . [ONLINE] Available at:  https://docs.google.com/viewer?a=vq=cache:-a3oYjL5QZMJ:www.charteredaccountants.com.au/~/media/Files/Students/Educators/The%2520role%2520and%2520function%2520of%2520external%2520auditors.ashx+purpose+of+external+audit+reporthl=enpid=blsrcid=ADGEESjNR071rP0bdpjegrZugcckMQf624dKlOBe-5k2KXxKGtEIrcAzex4Tu9z9SCvvTW940KbpqVjrb5AEk6dCGHv1y5yirgdDrDKbnnP2OSuT3p89CjCFN7TPDlCQuIxIam7VQjCxsig=AHIEtbT1FCvNCrztdhXarps3bxYVpP3b2w. [Accessed 19 December 12].

Joels Dream :: Dialogue Conversation Essays

Joel's Dream Joel was sitting in the airport lounge, sipping his mineral water, when the tanoy came on," BA flight two-six-one to Milan is now boarding. Please make your way to departure gate three, Thank you." " That's me! See you later Shaz, I'll phone you when I get there !" " See you Joel, hope everything goes okay!" After exchanging kisses, Joel picked up his bags and heads off through the Departures corridor and to the plane. Joel was possibly the best talent to come out of Scotland for years. He could play football with such style and skill, this was why he had been offered the most lucrative deal for a Scottish player ever. AC Milan, arguably the greatest team in the world had offered him a deal which would see him earn more than £40000 a week. This would make him the highest paid player in Europe and accelerate him to the top of world football. He was due to meet the manager on Monday to discuss the terms of his contract and if all went well he would sign for Milan and fulfill his dream of being a star footballer and also make his wife Sharon very very happy. Sharon was a gold digger and was after Joel for his money, but she did stick by him, they had been married for two years and if Joel got the contract Sharon would be able to move to Milan and have everything and have everything she desired. So obviously she was very determined to see this deal go through. After arriving at the hotel Joel settles in and unpacks before going to the Milan training camp to meet the players and his (hopefully) new manager, Roberto Ravelli. " Hello! I'm Erigo I will be your guide while you are in Italy. I'm sorry if my English is no good but I am still getting lessons. Anyway welcome to Italy!! Anywhere you want to go I will take you." " Oh thanks but I just want to meet the players then go back to the hotel and get some rest." " I understand it has been a long flight and you need to rest." " Yeah maybe we can go somewhere tomorrow or something!" said Joel who was getting a bit bored of talking and just wanted to get home and sleep. " OK then it's a date," replied Erigo." But I've been instructed to take you on a tour of the stadium before you go!"

Beyond Good and Evil: Nietzsches Philosophy on Good and Evil Essay exa

Friedrich Nietzsche was a philosopher in the 1800’s. His work has since influenced, impacted, and brought forth new questions for many philosophers to follow. One of Nietzsche’s famous writings Beyond Good and Evil expresses his views on society and the two different classes it holds, slave and master. He expresses his belief that the two are in warfare with one another, the strong (master) fighting for the will to power, while the weak (slave) tries to pull the master down to their level using clandestine forms of revenge. Nietzsche believed the slave morality was one that included humility, obedience, and submission, and was the destructive choice and attribute of Christianity, while the master morality was full of arrogance and pride and that power of man himself is what needs to be attained. Nietzsche sought to prove that the master morality was the only true way to success in life and this was to come at any cost, even the cost of another weaker individual. Nietzsc he’s theories do not hold true against the ultimate truth of the Bible, where in which all has been tried and proven true, time and time again. Master Morality To Nietzsche the master morality was the attribute of the ultimate race, a race not of color or ethnicity, but one that fought for power. The masters were those who by force and power sought after what was good, which included anything that would be helpful. Not concerning them selves with society as a whole, only with rising to power and the responsibility of self. The masters he believed were to dominate the slaves and the slaves should just willingly submit. The master morality was often attributed with qualities such as power, nobility, and independence, placing them beyond good and evil. Striving t... ...God came to give us life but that the enemy comes to kill steal and destroy, so it appears in Nietzsche’s case the enemy won. God made His choices clear and told us what choice to make in Deuteronomy 30:19 where He says chose Him, choose life! Choosing life is choosing God’s way, and His way includes nothing of the master morality Nietzsche claimed so much passion about. I am however saddened about the choice Nietzsche made and angry about the deception of the devil, but I am happy about one thing, that is that I do not have to choose a master or slave morality, rather I choose God, who is the Author and perfector of my faith and we be the Ruler of me and my house for evermore. Work Cited The New Oxford Annotated Bible: With the Apocryphal/Deuterocanonical Books, New Revised Standard Version. Michael D. Coogan, editor. New York: Oxford UP, 2001. Print.

Mini Case Ch

What appears to be the problem areas in the Hobby Horse Company? The problem with Hobby Horse Company is that they were having a tough year throughout 2011. The company has $45 million loan that is due at the end of September, however the company does not have the means to cover the cost of the loan. Looking at the financial statement the company has fairly high leverage where their equity is not as strong. In addition, their current assets don't cover current liabilities-?meaning that the company is not as liquid.For the year 201 1, shareholders would not be better off in terms of investing in his company due to low return on capital for that year. For shareholders to actually benefit from this, earning a higher return would allow them to invest on their own in financial markets. Shareholders want the companies to invest only in projects for which the return on capital is at least as great as the cost Of capital. 2. What questions do the financial ratios Suggest that Ms.Plant and Mr .. Green need to address during their meeting with H Management. Some questions Ms. Plant and Mr.. Green need to address during their meeting with H management is the asset turnover in order to measure the efficiency of he entire asset base in order to turn them over more quickly. Looking at the operating profit margin would allow the company to measure the proportion of the sales that are in the profits and create plans to increase them each year.In analyzing the debt ratio, the managers need to take a deeper look into measuring the financial leverage due to their debt situation with the 545 million dollar loan being due at the end of September. This would put the company at risk for future borrowing since debt increases returns to shareholders in good times and reduces them in bad times. When Hobby Horse borrows money it makes a promise to make a series of interest payments and then to repay the amount that it has borrowed.If profits rise, the debt holders continue to receive only the fixed interest payments creating a gain for the shareholders. For 2011, since their profits were falling, the shareholders received most of the negative impact. Because they borrowed such a large sum of money, they are unable to pay off their debts for that year creating the dilemma of them finding more financing the next year or for extending their current loan. . Should the bank renew Hobby Horse's Agreement?If so what conditions should they place on the renewal. Yes, the bank would be wise in renewing the financial agreement with Hobby Horse. Although 201 1 was a troublesome year for the company the past financial records can show the beneficial growth that H has exemplified. Looking at previous years the company still has room for growth and judging at a single year would not be wise for banks to deny renewal.

A warm welcome to BN2102 Bioengineering data analysis Essay

Understand the statistical analysis that commonly accompanies publication of experimental data in scientific literature.   Perform the appropriate statistical analysis for a given set of experimental data. Estimate a parameter of interest by performing a suitable fitting to a set of experimental data. Create a suitable mathematical model based on the available experimental data. The module is divided in two parts. The first part will be taught by Chen Peiyi of the Department of Statistics and Applied Probability while the second part will be taught by Dr Alberto Corrias of the Department of Bioengineering. Some of the sessions will be conducted in the computer cluster rooms (block E2, level 3). For those sessions, the class is divided in 4 groups. Please check the IVLE to see which group you belong to and the Lesson Plan to check the exact locations and timings. The assessment is a combination of Continuous Assessment (CA) and final exam a s follows: CA of part 1: 20% CA of part 2: 20% Final exam: 60% The nature of the CA will be specified by each lecturer in due course. The final exam will be closed book. No aid†sheet will be allowed. Statistical tables will be provided if necessary. Please bring your calculator, however please note that programmable calculators will NOT be allowed. We hope you will enjoy BN2102! Best wishes, The teaching staff.