...Mandatory Audit Firm Rotation Mandatory audit firm rotation has been discussed by different accounting boards numerous times since the 1970s. Mandatory audit firm rotation would cause auditing firms to change clients after a certain amount of years with the client. The Public Company Accounting Oversight Board (PCAOB) has recently opened a discussion on audit firm rotation because the Board is concerned about the many problems that have come up on different auditing reports made by top auditing firms. PCAOB is concerned with auditor independence because they feel that it is being compromised as different firms continue to stay with particular clients for extended periods of time. This paper is going to discuss auditor independence and its effect on audit opinion, the history of audit firm rotation, and the advantages and disadvantages of audit firm rotation because it is a solution that is being considered. According to the PCAOB auditor independence is a description of the relationship between auditor and client and the mindset with which the auditor must approach his or her work. A measure for the mindset is the auditor’s ability to exercise professional skepticism, which is an attitude that includes a questioning mind and a critical assessment of audit evidence. For the last eight years the Board conducted annual inspections of the largest audit firms and found that more than 2,800 of the firm’s engagements were audit failures. An audit failure is a failure to obtain reasonable...
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...the supports “Mandatory Auditor Rotation”: Auditor independence is widely considered one of the main causes for the occurrence of accounting fraud and in 2003 congress considered mandatory audit firm rotation as a possible solution. The ruling congress gave was in favor of mandatory audit engagement partner rotation. The reasoning behind the ruling was the surprising lack of evidence found supporting mandatory audit firm rotation as the best solution to improve auditor independence. If mandatory audit firm rotation were passed by congress, auditor independence is likely to improve, however the consequences may not be exactly as anticipated. Audit firms will be further obligated to perform ethical and appropriate work since the next auditor will deeply examine their work. The vast majority of accounting fraud cases in the past have occurred after several years of a company being audited by the same audit firm. The auditor client long-term relationship clearly impairs the auditor independence but is mandatory audit rotation the best solution for auditor independence? We do not agree with mandatory audit firm rotation as the appropriate solution to strengthening auditor independence. Studies have shown that countries requiring mandatory audit firm rotation show little to no evidence that it improves auditor independence. An auditor’s familiarity with the business and the industry in which it operates is essential to the quality of the audit. While accumulating this knowledge...
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...into the Securities Exchange Act of 1934, under Section 10A: (j) AUDIT PARTNER ROTATION – It shall be unlawful for a registered public accounting firm to provide audit services to an issuer if the lead (or coordinating) audit partner (having primary responsibility for the audit), or the audit partner responsible for reviewing the audit, has performed audit services for that issuer in each of the 5 previous fiscal years of that issuer.[1] For the purpose of clarity it is deemed that the Lead and Concurring partner perform the critical functions that affect the conduct and effectiveness of an audit engagement.[2] With respect to Section 203 of the Sarbanes and Oxley Act of 2002, the initial law was silent with respect to the time out period; therefore, the SEC ruled that the appropriate length would be a minimum of 5-years[3]. It is the belief of the SEC that the auditor’s independence shall be compromised after its fifth year of service and in fact their independency would no longer exist, as they would be auditing their own work beyond that timeline and that there was a real need for new eyes to further enhance the auditor’s independence. It should be noted, the SEC determined that certain partners are deemed specialty experts and that their primary function is to provide technical resources to the audit team members; therefore, they are to be excluded from rotation.[4] As they have no oversight of the audit activities and have limited interaction with the management. ...
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...Auditor en Audit-firm rotation In december 2003 kon Parmalat een obligatielening van 150 miljoen euro niet terugbetalen, terwijl het 4.5 miljard aan liquide middelen zou hebben. Dit geld bleek er echter niet te zijn, er was fraude gepleegd met betrekking tot de jaarrekening en er was leningdocumentatie vervalst. Later verdween Parmalat zelfs van de beurs. Naar aanleiding van het Parmalat-schandaal en een aantal soortgelijke boekhoudschandalen in de afgelopen eeuw, (zoals Enron, Worldcom, en Xerox) wordt er toenemende kritiek geuit naar de rol van de externe accountant als onafhankelijke derde partij. Als reactie op de boekhoudschandalen is er wereldwijd aanscherping van de controle- en verslaggevingregels. Verplichte rotatie is een van de mogelijke oplossingen. Hierbij wordt gewisseld van accountant (auditor rotation) of van het accountantsbureau (audit-firm rotation). Dit zou voorkomen dat de accountant wordt beïnvloed door het bedrijf wat opportunistische manipulatie tot gevolg zou hebben. In deze tekst wordt onderzocht of het wisselen van accountantskantoor daadwerkelijk een gunstige invloed heeft op de kwaliteit van de accountantsverklaring. De primaire rol van de accountant is het verhogen van de kwaliteit van de financiële informatie in overeenstemming met de normen van de PCAOB. Het doel is ervoor te zorgen dat er geen materiële afwijkingen in de jaarrekening van een entiteit zitten (Marshall, McManus, & Viele, 2013, p. 408). Financiële verslaggeving wordt gebruikt...
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...set leader. Orpheus is committed to excellence and it is a leadership by committee organization. This atmosphere enhances creativity amongst its members but not in a chaotic fashion. This is because they are all committed to the mission of bring fine music to their constituencies. A company like Kraft and others can observe and figure out a way to structure parts of their organizations in order to create the same atmosphere of accountability, teamwork and shared leadership. This would flatten the organization and create a more entrepreneurial spirit in an otherwise traditional organization. Orpheus rotates the concertmaster position among core-group members. What is the logic of rotating the leader? The rationale behind the rotation is that everyone in the group is heard and as they stated, it alleviates some of the pressure of people getting their way all the time. By rotating the core-group members, there is no power base or cliché that is formed that could potentially dominate the course and direction of the group. It also enables different members of the group the opportunity to develop their leadership skills. It is imperative that all of the group members be equipped with that skill because they are all leaders and they represent the group as a whole. Also, by rotating the leaders, each person understands the importance of staying on task and not being bogged down by a particular discussion or decision. So when it is your turn to moderate the group and you instruct...
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...Illustrating How Mechanical Assemblies Work Niloy J. Mitra1,2 1 Yong-Liang Yang1 3 Dong-Ming Yan1,3 4 Wilmot Li4 5 Maneesh Agrawala5 Univ. of California, Berkeley KAUST 2 IIT Delhi Univ. of Hong Kong Adobe Systems (1) (2) (3) (4) (5) (6) motion analysis driver annotated illustration causal chain Figure 1: Given a geometric model of a mechanical assembly, we analyze it to infer how the individual parts move and interact with each other. The relations and motion parameters are encoded as a time-varying interaction graph. Once the driver is indicated by the user, we compute the motion of the assembly and use it to generate an annotated illustration to depict how the assembly works. We also produce a corresponding causal chain sequence to help the viewer better mentally animate the motion. Abstract How things work visualizations use a variety of visual techniques to depict the operation of complex mechanical assemblies. We present an automated approach for generating such visualizations. Starting with a 3D CAD model of an assembly, we first infer the motions of individual parts and the interactions between parts based on their geometry and a few user specified constraints. We then use this information to generate visualizations that incorporate motion arrows, frame sequences and animation to convey the causal chain of motions and mechanical interactions between parts. We present results for a wide variety of assemblies. Keywords: mechanical assembly, motion depiction...
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...mice rotate, somehow setting up a flow in the surrounding fluid that defines the left–right axis. A team led by Nobutaka Hirokawa of the University of Tokyo supplies another piece of the puzzle by showing exactly how the cilia’s movement sets up the directional flow. The researchers found that the cilia rotate around an axis tilted 40 backwards. The same rotation was observed in rabbit and medakafish embryos, suggesting that the mechanism, previously studied only in mice, defines asymmetry in other vertebrates. Paraphrasing of Research Highlight: When studying developmental biology researchers found that embryos start as a uniform ball of cells, however, they were questioning why do these embryos end up asymmetric. Research experiments were done on mice, researchers found that the cilia on the embryos on mice rotate and this rotation controls the flow of the surrounding fluid explaining the left-right axis. Further research was done and the experiments showed that the rotation of the cilia on the embryo is rotated 40 degrees backward on an axis. Experiments were also made in rabbits and medakafish embryos and the rotation in the cilia was observed. These results explain asymmetry in the other vertebrates. Cited References Ban k, Cooper AJ, Samuel S, Bhatti A, Patel M, Izumo S, Penninger JM, Backx PH, Oudit JY, Tsushima RG. 2008. Phosphatidylinositol 3-Kinase γ is a Critical Mediator of Myocardial Ischemic and Adenosine-Mediated Preconditioning. Integr Physiol. 103:...
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...for grinding wheat or grains, with speed difference and relative rotation of the roller. When the material through a certain distance between the two rollers, the endosperm scraping from wheat skin, and ground into flour. The flour mill noise arising therefrom. In the quality of survival in the market competition, it is very important to reduce the noise. If the design of the flour mill body structure is unreasonable and the processing precision is not high, it will produce noise. When the two parallel rollers rotate in opposite directions, the rolling distance of general milling system is 0.1~0.8mm, the heart grinding system is 0.01~0.05mm. When the radial pulsation is relatively large, then the operation will not stable. Two grinding rollers are not flat, and grinding operation is not stable thus produce noise. The grinding roller is made up of both ends of the roll body is pressed into the shaft machining, the outer layer is chilled alloy cast iron with high hardness, the inner layer is gray. Roller body is longer, the two ends of the hole processing and the middle is not processed, due to the machining error of the roller and the material of the roller body is not uniform, the grinding roller is not balanced and the vibration is generated. The accuracy of the roller bearing is not high, and the design of the parts and the structure of the bearing is unreasonable, all these reason will cause bearing rotation accuracy is not high, short lived and noise increased. More information...
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...strange realization to see that walking foot over foot on a tightrope takes balance in any scenario. The ability to walk on a tightrope however does revolve physics and its properties. Angular rotation, (w=L/I), angular momentum, (L=IW), and moment of inertia,(I=mr^2), are three major physical categories and characteristics that play a part in a tightrope walker’s ability to stay on the rope and not fall to his potential demise. But how does a tightrope walker increase his chances of staying on the rope? Often times one can see a tightrope walker carrying a large pole, a pole with heavy weights on the end, bending his knees, or extending their hands outward. All of these actions help to increase the ropewalker’s chances of success. Picture the rope as the axis. When a tightrope walker embarks on his journey, he must stay constantly positioned over that axis to maintain balance. Carrying a pole horizontally helps to distribute the ropewalker’s mass laterally in a direction away from the axis, or rope. Having a pole in hand helps to increase stability because the ends of the pole are constantly being acted upon by a variety of forces that are trying to change their position in the air with every step. The heavier the pole the more force will be needed to alter the poles position and begin rotation around the rope. Heavy weights can sometimes be placed on the end of the pole increasing stability. More force will be needed to move the heavier pole. The weights essentially amplify the pole’s...
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...National Aeronautics and Space Administration Educational Product Educators Grades 5–12 & Students EB-2001-12-019-JPL Educational Brief C A S S I N I S C I E N C E I N V E S T I G A T I O N The Spinning World of Spacecraft Reaction Wheels Objective To demonstrate how reaction wheels (also known as momentum wheels) take advantage of Newton’s Third Law to control a spacecraft’s orientation. Time Required: 1 hour Saturn System Analogy: Cassini’s Reaction Wheel Assembly and its use during orbital operations at Saturn Keywords: Gyroscope, Interplanetary, Momentum, Orientation, Reaction M AT E R I A L S • D-cell battery. This will provide half of a 3-volt motor’s rated performance, which is just about right. • About 6 feet of thin wire pair, 28 gauge or so (available at electronics parts stores and hardware stores that carry a wide ranges of wire gauges). Use stranded rather than solid-conductor wire to provide flexibility. The thinner, longer, and more flexible, the better. • Optional: a switch or pushbutton, with a normally open circuit (available from electronics parts stores for a few dollars). If the switch is not used, the motor is controlled by touching the wire to the battery terminal. • Optional: a potentiometer (available from electronics parts stores) or other means to vary the voltage supplied to the motor • Cassini spacecraft paper model (available through the Cassini web site at http://saturn.jpl.nasa.gov/ cassini/english/teachers/classroom.shtml/);...
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...Rolling Without Slipping TA: Dana Baylis Alyssa Lucero Group Members: Leslie, Sean, Gustavo, Eric Introduction In this lab, the effects of an object rolling down a ramp without slipping were studied and the role of friction on an objects velocity was witnessed. This was accomplished by rolling three objects, a hoop, a sphere, and a disk down a ramp while taking measurements with a Pasco motion sensor and special data acquisition software. Methods The length and change in height of the ramp were measured with a meter stick and used with basic trigonometry to determine ϴ, the ramps angle. Then the motion sensor was adjusted and set to wide beam mode with a pulse rate of 50 Hz. Next, a box was placed at the bottom of the ramp to stop the object. Three objects were then rolled down the ramp, a sphere (billiard ball), a hoop, and a disk, and measurement were taken for each of them. Analysis and Conclusion The obtained measurements were used to calculate acm, and were used for further analysis; these values can be seen in Table 1, below. Table 1. Data Obtained for Each Object Object | ti (s) | tf (s) | vf (m/s) | xi (m) | xf (m) | a (m/s2) | Sphere | 0.6948 | 1.4823 | 1.11 | 0.241 | 0.8335 | 0.966 | Hoop | 0.855 | 2.1665 | 1.36 | 0.117 | 0.993 | 0.674 | Disk | 0.5937 | 1.7245 | 1.38 | 0.123 | 1.0215 | 0.887 | Using the values obtained for a and Equation 1 from the lab manual, k was calculated for each object and then compared to the given k values for each...
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...TORSION Consider a bar to be rigidly attached at one end and twisted at the other end by a torque or twisting moment T equivalent to F × d, which is applied perpendicular to the axis of the bar, as shown in the figure. Such a bar is said to be in torsion. TORSIONAL SHEARING STRESS, τ For a solid or hollow circular shaft subject to a twisting moment T, the torsional shearing stress τ at a distance ρ from the center of the shaft is and where J is the polar moment of inertia of the section and r is the outer radius. For solid cylindrical shaft: For hollow cylindrical shaft: ANGLE OF TWIST The angle θ through which the bar length L will twist is where T is the torque in N·mm, L is the length of shaft in mm, G is shear modulus in MPa, J is the polar moment of inertia in mm4, D and d are diameter in mm, and r is the radius in mm. POWER TRANSMITTED BY THE SHAFT A shaft rotating with a constant angular velocity ω (in radians per second) is being acted by a twisting moment T. The power transmitted by the shaft is where T is the torque in N·m, f is the number of revolutions per second, and P is the power in watts. Problem 307 A solid steel shaft 5 m long is stressed at 80 MPa when twisted through 4°. Using G = 83 GPa, compute the shaft diameter. What power can be transmitted by the shaft at 20 Hz? Solution 307 answer answer Problem 308 A 2-in-diameter steel shaft rotates at 240 rpm. If...
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...Reaction Paper on the Core The Core is a film that is about the sudden stop of the Earth’s core that causes many sudden happenings like the birds suddenly start flying in all directions like they were blind and were going mad but because of that the geophysicists agree to drill down to the core and restart the rotation before all humans in the world would die. The scenarios are likely the scenarios in end of the world movies but in this movie the thing that make it the end of the world is the cores rotating that is stopped due to the government. As the geophysicists go down the Earth’s core using a laser that causes the ground to have an opening which they went through using a vehicle that could withstand the heat in the core. The special effect were truly amazing and like it is truly happening and as they went down the core and since I don’t know the real picture of core in this movie it gave me an idea of what the core really is. The sounds are good and the actor’s performance was good also. The wild behavior of the birds in London is caused because birds rely on the Earth’s magnetic poles to guide them in migration and in flight. Because of the core, the magnetic poles of the Earth is distorted or has disappeared making thousands of birds flying all-around without following any directions. And so, suddenly each one of them starts crashing towards statues, buildings, vehicles and other else. The ending wasn’t that exciting because it is like that they just bomb...
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...FreeOCR notes 1) For best results set your scanner to 300 DPI , 200 DPI is the minimum setting to achieve acceptable results. 2) Use the rotate buttons (to the left of the image) if your image is upside down or rotated 3) If your document has columns or pictures then just select the text area by drawing a box on the image with the left mouse button 4) After OCR you can use the export button to Word or copy/paste the text into any Windows application. Note: You can press the red X to clear this text window before OCR'ing 1 0 The “Code” of Hammurabi ISTOBIANS, ESPECIALLY THOSE THAT OCCUPY THEMSELVES WITH H faraway regions and bygone times, should never forget to what de- gree the content of words is elastic. Each word can evoke realities that are doubtless more or less comparable from one period to another, from one cultural milieu to another, but that are profoundly different. Even if one does not study them closely, they are clearly different, in their extent as well as in their comprehension, to use the logicians’ terms. If the real goal of history is to rediscover the past, not as we see it, but as closely as possible to the way it was seen, lived, and understood by those who were present at the time, then it is a healthy exercise to question our own under- standing ofwhat we have excavated from the ancient soil. If I have chosen the “Code” of I:IB.lT1ITlUI‘3bi1 for such a review, it is be- cause that monument constitutes a striking example of this more or less im- plicit...
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...can be found by clicking on Picture in the Insert menu. To view a watermark as it will appear on the printed page, click Print Layout on the View menu or click Print Preview on the File menu. The watermark will print on every page of this document, just like headers and footers. To edit the watermark or insert a new one, you need to click Header and Footer on the View menu. TO FORMAT A WORDART WATERMARK (LIKE THIS “DRAFT” EXAMPLE): Use the WordArt… command on the Format menu to choose your desired settings for your watermark. There are multiple tabs in that dialog. Use the “Colors and Lines” tab to set the color and transparency. (This “draft” sample uses light gray and 50% transparency.) Use the “Size” tab to set the watermark size and rotation. (Or, you can resize and rotate using your mouse and the “Free Rotate” button on the WordArt toolbar.) Use the “Layout” tab to set the watermark to appear behind your text and to set the page layout (e.g. this “draft” sample is set to be centered both horizontally and vertically between...
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