E-commerce and Auditing Essay Example | Topics and Well Written Essays - 2500 words

E-commerce and Auditing - Essay Example These are: It is not viable for auditors to take leave of work and go back to school to learn the mechanisms needed to serve the new auditing scope. To deal with this aspect of the transformation on-the-job training is the strategy employed by the audit executives. The authors recorded that ,"Some audit executives are using external contractors to "off load" some of the regular work. Freed up internal resources are then being used to get in-house auditors trained in the use of technology." (pg 91). Nikoloyuk et al: further related that Audit executives use the strategy of increasing "audit teams with external specialists." These teams are used to train "internal resource" to become "internal specialist." Changes: Like many other businesses auditing has had to change and modify its practices to best adopt to the growth of technology. Businesses have moved away from the traditional methods and are becoming more and more technologically advanced. If auditing is to remain alive it too will have to adopt to these changes. More so, as their main clients are in fact businesses. Kumar in his work 'The Technological Auditor', noted that, "Accountants and Auditors are not always on the cutting edge of technology." Auditing by nature is not a very transparent job. The process of the job relied on a lot of paper work . This goes against the very nature of E-commerce where the paper work is almost non-existent. Auditing stands a chance of becoming obsolete if adaptations are not made. Companies were disgruntled by the former auditing process as they 4 viewed the as being too expensive and burdensome. In response to these and other concerns Kumar relates that the "US Public Company Accounting Oversight board (PLAOB)" responded to these concerns by "encouraging auditors to become more consistent and transparent in the way they conducted audits." This discontent among businesses and the realization that e-commerce was always moving away from the traditional were indicators that change was on the horizon for the auditing profession. These changes would include; more transparency. The maximizing of special auditing skills on a global basis. Rationalization of the controls. Increased focus on value-added services by auditors. Formerly businesses would schedule the auditing of their firm based on their "point-in-time" system where they would carry out internal assessments to "identify high risk areas of the business." This system soon become redundant as companies sought to comply to the Sarbanes-Oxley. The regulation stipulated that firms would now have to make their financial statements readily available for auditing. (Kumar pg1). Audit Risk: The switch to automated auditing comes with added risk and challenges. The risk that an e-commerce business faces are many

Financial Analysis of Bluescope Steel Ltd and Onesteel Ltd Australia Research Paper

Financial Analysis of Bluescope Steel Ltd and Onesteel Ltd Australia - Research Paper Example Today, millions of shares are traded every day on the world's stock markets. (Penman, 2003). Most often, investors see valuation as the first step toward intelligent investing. It has been argued (e.g. Penman 2003) that an investor can make informed decisions about where to invest once the value of shares are determine based upon the fundamentals. This is so because, without this value investors can either buy high or sell low Investors who trade on these stocks are often forced to ask themselves whether they are buying or selling at the right price. (Penman, 2003). In the face of this situation and their quest for an alternate answer, investors turn to various media including internet chat rooms, printed press, and "talking heads" on television and financial networks, who often voice opinions on what they feel the stock prices should be. (Penman, 2003). In addition, investors consult investment analysts who provide an almost endless stream of information and recommendations to sort out. There are often claims that some shares are undervalued and vice versa. (Penman, 2003). Faced with too much information, Investors at times get confused with no clear indication of what the true prices of stocks should be. (Penman, 2003). Under such circumstances, the investor either make decision based on his or her instinct, such investors according to Penman (2003) are intuitive investors while others who make their decision based on capital market efficiency are referred to as passive investors. Penman, (2003) further argues that in making their decision, passive investors assumed that the market price is a fair price of the shares quoted. These investment mechanisms appear to be very simple, as they do not require much effort. (Penman, 2003: pp 3). How ever that is not the case as neither passive nor intuitive investor turn to be better off in the face of their decision. This is so because these sets of investors can either pay to high or sell too low. Having said that, in the sections that follow, I will discuss analysis and valuation of Bluescope Steel Limited and One steel Limited in Australia including their products, employees, management, and corporate governance. I have also highlighted in a passing the methodology used in valuating the company. In the last section, I will make a conclusion and recommendation to prospective investors. 1.1BlueScope Steel Limited According to the Company 2008 report, BlueScope Steel

What are Hamlets feelings on pages 74 and 75 Essay Example for Free

What are Hamlets feelings on pages 74 and 75 Essay Page 74 is the first time Hamlet is introduced to the audience and this first speech of his is very important as it sets the tone of the play and allows the audience to adjust to the type of genre it is going to be, it also shows how desperate Hamlet is and how distressed he truly is. It tells the plot of the story to the audience and shows why Hamlet is so unhappy at his mother and uncle being married, and the time in which they did so. We immediately begin to see how alone and confused Hamlet on what to do Hamlet really is, so much so almost a third of the speech is basically him contemplating suicide, which is strictly against his religion. The main pillars in his life, the people he could relay on the most have betrayed him and he is unsure who he can trust and he is torn between taking vengeance mainly on his mother for dishonoring his fathers memory by marrying his uncle (obviously he does not yet know who killed his father or how he died) or to remain true to his mother, and turn the other cheek as his religion tell him to. He thinks that his mother and uncle have been too hasty in getting married, But two months dead, nay, not so much, not two and he has suspicions that they had something to do with his fathers death. He seems very bitter towards his mother in particular and refers to her like a parasite. Why, she would hang on him, as if increase of appetite had grown by what it fed on and his initial reaction, before he is visited by his fathers ghost, is to take revenge on his mother. Which shows how he is feeling as he expects his mother should be the main support to him in his time of mourning but instead she has abandoned him, this also shows how emotional week Hamlet is from his first sentence. He does talk about the sexual relationship between his mother and uncle, O, most wicked speed, to post with such dexterity to incestuous sheets! It is not, nor it cannot come to good. This could be Hamlets way of surging energy and guts that will enable him too take vengeance on his fathers death and his mothers dishonor towards his fathers memory. This also gives the impression that Hamlet is quite week emotionally and is in need of help or guidance, something that he does not receive from any of his friends or family, many of who attempt to kill him and I think the fact he often tries to justify his weakness. For example he says the only reason he does not commit suicide is because it is a sin, similarly when he goes to kill his uncle he does not because he is praying at the time and this would lead to him being sent straight to heaven instead of to hell where he belongs. I think Hamlet is shown as being very lonely and not too sure who to trust shows in the final line of his speech, But break my heard, for I must hold my tongue, this shows that he wants to solve his problems by himself. Again symbolizing his isolation from the people around him and his complete lack of trust in anyone and the fact the speech is said to the audience also shows that he is completely alone in the world and does not know where to turn to. Hamlet obviously had great respect for his father and despite saying that he is not a great warrior Married with my uncle, but no more like my father than I to Hercules his father was and you begin to see that Hamlets main influence in his life, the one person he admired the most was his father and now he has gone, Hamlet feels very lost and insecure without him and seems to punish himself and continually put himself down throughout the speech creating a very distressed first scene, but ironically he remains one of the few Shakespearean characters which have a sense of humor and as the play progresses we begin to see how sly and sarcastic hamlet can be, especially when talking to Polonius.

Piracy Essay -- Technology Software Computers Essays

Piracy Piracy is the unauthorized copying, counterfeiting or distribution of software. Piracy is essentially stealing someone else's intellectual property. The five most common types of software piracy are end user piracy, client-server overuse, Internet piracy, hard disk loading, and software counterfeiting. End User Piracy occurs when an employee of a company reproduces software without the proper authorization. End User Piracy can be done in several different ways: . Using one licensed copy to install a program on multiple computers . Copying disks for installation and distribution . Taking advantage of upgrade offers without having a legal copy of the version to be upgraded . Acquiring academic or other restricted or non-retail software without a license for commercial use . Swapping disks in or outside the workplace [6] Client-Server overuse occurs when too many employees on a network are using a central copy of a program at the same time. When using a program in this way, it must be stated in the license. By having more employees using the software than stated in the license, is defined as overuse. Internet Piracy occurs when software is downloaded from the Internet. Although the product was acquired through the Internet, the same rules apply as if it were bought in a store. Internet Piracy can be done in several different ways: . Pirate websites that make software available for free download or in exchange for uploaded programs . Internet auction sites that offer counterfeit, out-of-channel, infringing copyright software . Peer-to-Peer networks that enable unauthorized transfer of copyrighted programs. [6] Hard-Disk Loading occurs when a business w... ...chelle, "China on Pirates: Blow 'Em Down," Wired Online Magazine, October 17, 2001. <http://www.wired.com/news/politics/0,1283,47617,00.html> [6] Business Software Alliance, "Types of Piracy, " Business Software Alliance, 2004. <http://www.bsa.org/usa/antipiracy/Types-of-Piracy.cfm> [7] Copyright Law of the United States of America, US Copyright Office. <http://www.copyright.gov/title17/92chap1.html#102> [8] Travel Pictures. <http://www.cs.unm.edu/~dlchao/travel/> [9] Business Software Alliance, "Sixth Annual BSA Global Software Piracy Study," Business Software Alliance, June 2000. <http://global.bsa.org/resources/2001-05- 21.55.pdf> [10] The Complete Reference to the Web Sites of China Law, <http://www.chinasite.com/Law.html> [11] Markkula Center for Applied Ethics,<http://www.scu.edu/ethics/>

Corporate Bond Market in India Essay

Foreword In the rush to produce urgent policy documents and briefing notes that any government has to do, it is easy to let matters that may not be quite as urgent to go unattended. However, the not-so-urgent often includes matters of great importance for the long-run well-being of the nation and its citizenry. Research papers on topics of strategic economic policy fall in this category. The Economic Division in the Department of Economic Affairs, Ministry of Finance, has initiated this Working Paper series to make available to the Indian policymaker, as well as the academic and research community interested in the Indian economy, papers that are based on research done in the Ministry of Finance and address matters that may or may not be of immediate concern but address topics of importance for India’s sustained and inclusive development. It is hoped that this series will serve as a forum that gives shape to new ideas and provides space to discuss, debate and disseminate them. Executive Summary: In this paper, we examine the factors behind underdevelopment of corporate bond market in India. We assess that one of the major bottlenecks to the development of this market lies in relatively larger costs of financing which dissuade the firms to raise finance from this avenue. We argue that the lack of transparency, inefficient market making and illiquidity of the instrument not only lead to such extra costs of financing that hampers investment in the real sector but can trap the bond market in a low level equilibrium. To alleviate such problems, we prescribe policies that ensure better production of information and increased volume of transactions that will lessen both liquidity and transparency problems and ensure efficient market making. A combination of such policies include mandatory disclosure of ratings by firms and assignment of multiple agencies for rating an issue at different points of time, minimum size of placements of (infrastructure) bonds, establishing stop loss thr eshold, among others will help breaking the trap and improve quality of issues and would eventually lead to a vibrant bond market with reduced costs of financing investment. Structure of the paper: The paper is structured in three parts. The first part, section 3 and 4 analyse how corporations finance themselves and how does the corporate bond market contribute in this process. Section 3 delves into how large Indian firms evolved in their financing pattern over the past decade. We further analyse what are some of the key drivers of such financing pattern when it comes to corporate bond markets in section 4. In section 5, we offer an analytical construct and mode that shows how liquidity, transparency and informational problems contribute not only to higher costs of financing but may create low level equilibrium trap in the bond market where few issuers, investors and market makers participate. In section 6, we summarise the policy implications of our findings and analyse what it would take for the corporate bond market to move from the current state (of low level equilibrium) to a higher level equilibrium. We examine where the policy maker might have a role to play and where th e market will respond to address its concerns spontaneously. 2. A review of how large firms in India finance themselves Our analysis about the debt market in India begins with a review about how firms in India finance themselves. Our information is necessarily restricted to the largest firms of India, those that are observed in the CMIE database. We focus on non-financial firms, so as to avoid the measurement problems of accounting data for financial firms. The `sources and uses of funds’ statement, which is the first difference of the balance sheet, yields important insights into the financing structure. Table 1: Structure of sources and uses of funds Ended 2000-01 35.2 5.7 29.5 64.6 17.2 14.4 3.5 0.5 25.5 Ended 2010-11 30.8 21.1 9.7 67.5 13.8 17.8 3.9 3.2 24.2 Component Internal Retained Earnings Depreciation External New equity Banks Bonds Foreign Current liabilities Table 1 shows the structure of the sources of funds, comparing the latest available year (2010-11) against one decade ago (2000-01). The first feature of interest is internal financing. We see a substantial reliance on internal financing: from 35.2% a decade ago to 30.8% today. To the extent that internal financing is important, it acts as a barrier against new firms who do not have pre-existing cash-flow. The hallmark of a sophisticated financial system is a substantial extent of external financing. From a normative point of view, to the extent that external financing is greater, this is likely to induce superior resource allocation and competitiveness. Turning to external financing, one important component – equity financing which was at 17.2% in 2000-01 and 13.8% in 2010-11 – is in relatively sound shape. The Indian equity market was the focus of policy makers from 1992 onwards, and substantial progress has been made. One key element – stock lending – i s as yet absent. Barring this, all sophisticated features of the worlds top equity markets are now found in India. The two Indian exchanges, NSE and BSE, rank 3rd and 5th in the global ranking by number of transactions, that is produced by the World Federation of Exchanges (WFE). The problems in India today lie in debt. Banks accounted for 14.4% of the financing of large firms in 2000-01, which went up to 17.8% in 2010-11. The bond market stagnated, with 3.5% in 2000-01 and 3.9% a decade later. Despite considerable interest in bond market development, the corporate bond market accounted for only 3.9% of the sources of funds of large Indian companies. Finally, foreign borrowing rose sharply, from roughly nothing in 2000-01 to 3.2% in 2010-11. To some extent, borrowing abroad has served as a way for Indian firms to overcome the difficulties of obtaining debt financing domestically. From a normative perspective, the picture that we see in the sources of funds is one of an excessive reliance on internal financing, a surprisingly large role for banks, and a miniscule and stagnant bond market. The next issue that we turn to is the role of secured versus unsecured borrowing. The hallmark of a sophisticated debt market is the presence of unsecured borrowing. Secured borrowing is the mainstay of a simple-minded financial system: The lender does not have to analyse the prospects of the borrower for he lends only against collateral. In contrast, unsecured borrowing requires that the lender has to understand the prospective cashflow of the borrower, which determines the extent to which the promises about future repayment may be upheld. We analyse secured versus unsecured borrowing by size quintiles, once again amongst all the non-financial firms seen in the CMIE database. In the smallest quintile, in 2001, secured borrowings were at 76.7%. A decade later, there was a small decline, to 65.37%. This shows the stubborn domination of secured borrowing, when it comes to the smallest firms. Similar patterns are found in other size quintiles also. In the fourth quintile – from the 60th percentile to the 80th percentile – secured borrowing was 84.7% in 2001 and had dropped slightly to 80% in 2011. This domination of secured borrowing suggests a debt market that has a highly limited ability (or incentive) to actually understand borrowers. Even in the top quintile of firms – roughly the 680 biggest companies of India – we do not see a meaningful extent of unsecured borrowing. In 2001, secured borrowing was 65.8%, and this dropped to 60.7% in 2011. In other words, even for the biggest firms of India, only 39% of borrowing was unsecured. The debt market was not able to analyse the prospects and give debt, based on assessment about the future, to a substantial extent to even the biggest firms in the country. This evidence shows a highly malformed debt market. The bond market is practically nonexistent in corporate financing. Forward-looking assessment is weak; even the biggest firms tend to rely on secured borrowing. 3. Key issues with Indian corporate bond market functioning The presence of corporate bond market in India is barely perceptible as compared to other economies. Despite of multiple endeavours by the government in the recent past, to revive the market, neither investors nor issuers showed any tangible interest. As a result, at least 80% of corporate bonds comprise of privately placed debt by public financial institutions. The following graph confirms inadequate growth of the bond market in India relative to the countries like US, Japan and China. Illustration – Share of Corporate Bonds in Total Debt (Source: BIS) Bond markets as well as equity market owe their difference to inherent characteristics of the instrument that underlies respective markets. The following summarise how the markets are different – Intermediaries – Market intermediaries in both bond and equity markets ensure liquidity. However the intermediaries in the bond market at present need to hold a larger amount of capital than their counterparts in the equity markets because of the larger volume of trade in each transaction. Subsequently the need to hold large inventory position is more for bond market intermediaries as compared to equity market intermediaries who have the option to do electronic limit order matching. Hence, intermediaries in the bond market are exposed to greater risks due to liquidity partly due to the absence of a secondary market where retail investors can participate along with large players. Investors – Bonds’ payoff are attractive to those who prefer predictable returns for known time horizons. As a result, bond market attracts institutional investors cautious of protecting their principal e.g. pension funds, insurers, banks, etc. This also results in relatively risk averse retail investors willing to invest in the bond market. However, casual empirical observations suggest that the share of retail investors in corporate bond market is very small. Lack of liquidity and transparency are the key reasons driving lack of investor participation in corporate bond market including retail investors. Another reason why the market for corporate bonds did not take off earlier was large scale default that undermined the system and safeguards in place. While this paper addresses how to alleviate problems of liquidity and transparency, other measures must also be adopted to reduce probability of default and increase the amount as well as speed of recovery in the event of bankruptcy. For example, it is well known that firms have a tendency to adopt excessive risky projects financed by debt due to limited liabilities. While banks can prevent such activities by placing covenants, public debt holders are powerless to do it because each owns an insignificant amount of the total debt. Many a times, the seniority of debt is debatable. On the other hand, the magnitude of the recoveries also depends on bankruptcy law which in India is very weak. Hence, strong legal systems that prevent excessively risky activities and also ensure faster resolution of bankruptcy are also preconditions for the emergence of a strong bond market. Though there might be a combination of factors that impede the growth of a vibrant corporate bond market in India, we will argue below that the lack of transparency, less liquidity and inefficient intermediation in the process of market making contribute to the current state of the market. The bullet points below succinctly summarize the impact of these three factors on the development of bond market in India. Efficiency in bond market is driven by transparency that allows bonds to be priced for all available information. Transparency in the bond market refers to the dissemination of information conveyed to all market participants 1regarding pre and post trade issues ranging from order interests to price and volume after trade is executed. Liquidity in bond market is driven by volume of bonds offered by issuers in the primary market on an on-going basis as well as the circulation of bonds in the secondary market with active investor participation. A greater the participation of investors reduces search costs of both buyers and sellers and ease liquidity problems leading to a lower discount of the bond. Liquidity problems here refer to the ease of selling the bond in a secondary market. ï‚ · Intermediaries quote both buy and sell side prices and hold inventory to enable market making. Any inefficiency in this process will be automatically reflected in the pricing of bonds and thus will adversely affect costs of borrowing of the issuers. 3.1 Transparency The Indian corporate bond market lacks both pre-trade as well as post-trade transparency. Factors limiting transparency of both primary and secondary corporate bond market are: (a) Systemic flaws in the credit rating process by the Credit Rating Agencies (CRAs) enhance risk and also reduce transparency due to a constellation of a number of factors articulated below: ï‚ §Ã¯â‚¬  Right to rate the issuers of bond is not confined to entities registered as CRAs (Credit rating agencies) and currently ratings are being done by entities not registered as CRAs. These unregistered agencies rate in a manner that is not calibrated to CRA rating standards and offer rating to not just instruments but also issuing organisations. This infuses additional noise in the production of information which may force retail investors to shy away from the bond market. For example, the SMERA which rate instruments as well as organisations for small and medium industries in a manner that very often do not mee t criteria of proper rating standards.

A College Education Is Not Only An Absolute Requirement

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Pursuing a college education, has forced students between a rock and a hard place. While a degree raises the possibility of working a good paying job, debt is almost inevitable. However, without a degree, finding any job at all is very challenging. While some light has been shed on the topic of student loan debt, the exact issues that student loan debt present is often overlooked or misunderstood. Currently, there is $1.2 trillion of student loan debt, meaning that four in ten Millennials are overwhelmed by student loan debt (Orman). In fact, ACA InternationalShow MoreRelatedBecoming A Second Grade English Teacher1277 Words   |  6 PagesDuring high school, I lost that dream and turned to child psychology and then to pediatric nursing. Since I have started college, it became imperative for me to decide what I truly wished to be. 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Should Same Sex Marriage Be Legalized - 945 Words

Should Same-Sex Marriage Be Legalized? Regardless of color, ethnicity, culture or religion, marriage has been and always have considered to be a man and a woman. This concern has been a debating and a hot topic currently in the United States politics, it is prohibited in a majority of the nation till the President have pass the law for same-sex marriage. With this question, I feel that same sex marriage should not be legalized, but it cannot be banned. I sense that a marriage is intensely between a man and a woman. â€Å"While state’s laws that deny same-sex couples the opportunity to legally marry are discriminatory, does an international human right protecting gay marriage exist?† (Gus) That is the way life is set and it is just the way it should be either it’s in the Bible, the Quran or any testament. If we speak of morality, this is and should be the norm for man and woman to become validated in a marriage. First things first, calling something married does not make it a marriage. 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There are many misconceptions of homosexual people. A common myth is thatRead MoreSame Sex Marriage Should Not Be Legalized1562 Words   |  7 Pages~ Busse Same-Sex Debate Essay ~ Ever since the time when America studied family values and focused on healthy and important influences, marriage was considered to be between man and woman holding a physical and spiritual bond between each other, not between man and man and woman and woman. Some may see marriage as between two people of the same gender, or what is known as same-sex marriage. This form of marriage became popular in the U.S. during the 1960’s and 1970’s due to the urge of legalizationRead MoreSame Sex Marriage Should Be Legalized898 Words   |  4 Pages2015 same sex marriage was legalized in all fifty states. Many arguments have come around about if homosexuality is genetic or if its chosen. Many people think either way and there aren’t many people who are in between thinking that homosexuality is chosen or not. The song â€Å"Same Love† by Macklemore was released in 2015 when all of the media slowed down about homosexuality and after same sex marriage was legalize d. So when Macklemore released this song more attention came to same sex marriage. ThisRead MoreShould Same Sex Marriage Be Legalized?1372 Words   |  6 PagesThe â€Å"date which will live in infamy† just had a child! As of June 26, 2015, same-sex marriage was legalized in all 50 states of America by the Supreme Court from a ruling that barely passed by a 5-4 vote. Wait a minute. Back up. Do you mean to tell me that boys can marry boys now? That girls can marry girls? That it’s legal?! Wake up America! Do you even realize what you have done? You have given gay people the right to marry. To marry! Who in their right mind would give gay people that cherishedRead MoreSame Sex Marriage Should Be Legalized972 Words   |  4 PagesSame sex couples have been waiting for same sex marriage to be legalized for many decades. According to Ken LaMance, â€Å"One of the first documented challenges to same-sex marriages occurred on May 18th, 1970, where two men applied for a ma rriage license in Heppenin County, Minnesota† (LaMance). Their request was denied because they felt marriage should be between a man and a woman. Civil Unions were the first step in legalizing same sex marriage. Civil Unions were introduced in 2000 in Vermont. CivilRead MoreSame Sex Marriage Should Be Legalized910 Words   |  4 PagesSame-sex marriages also know, as gay/ Lesbian marriage is marriage between people of the same sex either as a secular civil ceremony or in a religious setting. In the late 20th century. Religious rites of marriage without legal recognition became increasingly common. In the 21st centuries various types of the same-sex unions have come to be legalized. As of 26 June 2015, eighteen countries; Argentina, Belgium, Brazil, Canada, Denmark, France, Iceland, Luxembourg, the Netherlands, New Zealand, NorwayRead MoreSame Sex Marriage Should Be Legalized2018 Words   |  9 Pages Same-Sex Marriage Legalization in United State of America – Is Legalized Same-Sex Marriage Inevitable? Yiran (Evelyn) Hou University of Minnesota Twin Cities Same-Sex Marriage Legalization in United State of America – Is Legalized Same-Sex Marriage Inevitable? Since the first same-sex marriage occurred in United States in 2004, the issue of gay people’s rights to get married emerged to the surface. Since then, multiple states have put forward their policies of gay marriage successively