Tuesday, February 25, 2020
Audit and Assurance - Assignment Example This assumption helps the organizations to be able to adequately finance its liabilities, realize its assets and seek refinancing if necessary. It is the duty of management to establish whether a business is a going concern, thus an auditor has to consider this implication on every audit they perform (Messier, Glover & Prawitt, 2008). The role of the auditor is segmented by giving reliable information on the performance of the business. An auditor has to review management assessment and the risks of material misstatements which touch on the business. An auditor is mandated with the task of assessing management opinions on the business as a going concern. It is this information which will add up to the data to be used by the auditor. Further, the auditor has to seek a written report regarding the future plans of the business from a management perspective. The auditor is required to review the information used by the clients who are basically the business management organs in establishing whether the going concern basis is appropriate. The financial statements offer a reference point of liquidity risk and going concern aspects. In cases of material uncertainty the auditor will be compelled to take a stand and make a decision. The auditor will make unqualified opinion if material uncertainty exists in the financial records. However, where the doubt has not been pinpointed in the financial statements the auditor will give a qualified opinion with a concrete explanation on the same (Messier, Glover & Prawitt, 2008). Auditors in trying to assess the operation ability of the entities need to take into perspective, this factor among other numerous factors to forecast and feed management with the right information to support going concern approach of the business. Periodicity is one of the key factors which need to be perceived by both management and the auditors in coming up with quantifiable clarifications. For instance, ISA 570 adopts a framework which
Sunday, February 9, 2020
Political Scenarios in World War II Japan Essay Example | Topics and Well Written Essays - 500 words
Political Scenarios in World War II Japan - Essay Example For the first six months the Japanese advance was virtually invincible: Hong Kong, Malaya, Singapore, Java and the Indies, the Philippines, Burma and the Andaman Islands, New Britain and the Solomons all fell to Japanese arms. However, a grave miscalculation of the spirit and resources of the nation's principal enemies had been committed by the Japanese leaders. Allied submarines, US island-hopping strategy and superior fire-power led to a reversal of Japan's position. From mid-1944 the fate turned against Japan. By mid-1945 military collapse was about to happen. When the United States dropped atomic bombs on Hiroshima and Nagasaki in the summer of 1945, a complete collapse of the empire and surrender ensued. A military occupation, chiefly by US forces, lasted from 1945 to 1952. In 1947, Japan adopted a new constitution under US direction, renouncing war, granting basic human rights, and declaring Japan a democracy (O'Brien, 2000). US General Douglas MacArthur represented all the Allies in Japan after its defeat, but the occupation was nevertheless an almost exclusively US undertaking and to a very great extent MacArthur took his own decisions, without direct reference to Washington. He rejected the view that the Japanese would be better off without the age-old institution of the monarchy.