Make Potassium Chlorate From Bleach and Salt Substitute

Make Potassium Chlorate From Bleach and Salt Substitute Potassium chlorate is an important potassium compound that can be used as an oxidizer, disinfectant, source of oxygen, and component in pyrotechnics and chemistry demonstrations. You can make potassium chlorate from common household bleach and salt substitute. The reaction is not particularly efficient, but its something to keep in mind if you need potassium chlorate right away or just want to know how to make it. Key Takeaways: Make Potassium Chlorate From Bleach and Salt Substitute Potassium chlorate is used as an oxidizer, disinfectant, and colorant (purple) in chemistry demonstrations and fireworks projects.While its not the most efficient chemical reaction, its simple to make potassium chlorate by boiling bleach, cooling it, and mixing in a saturated solution of salt substitute in water.The synthesis works because potassium from the salt substitute displaces sodium from the sodium chlorate made by boiling the bleach. The product is sodium chloride and potassium chlorate. Since potassium chlorate is not very soluble in water, it precipitates and may be collected by filtration. Materials for Making Potassium Chlorate You only need two ingredients to synthesize potassium chlorate: Chlorine bleachPotassium chloride (sold as a salt substitute)Filter paper or coffee filter Take care to check the label on the salt substitute to make certain the ingredient is just potassium chloride. While salt substitute is potassium chloride, lite salt is a mixture of sodium chloride (table salt) and potassium chloride. The reason this project works is because potassium replaces sodium in sodium chlorate. Basically, you need to make certain you are supplying the potassium. While it shouldnt be significant, keep in mind household bleach has a shelf life. If your bottle of bleach has been opened and stored a long time, its a good idea to get a fresh one for the project. Prepare Potassium Chlorate Boil a large volume (at least a half liter) of chlorine bleach, just until crystals start to form. Do this outdoors or under a fume hood, to avoid inhaling the vapor. Boiling bleach disproportionates sodium hypochlorite into sodium chloride and sodium chlorate.3 NaClO → 2 NaCl NaClO3As soon as crystals start to form, remove the bleach from heat and allow it to cool.In a separate container, prepare a saturated solution of potassium chloride by stirring potassium chloride into the water until no more will dissolve.Mix equal volumes of the boiled bleach solution and potassium chloride solution, taking care to keep solids from either solution out of the mixture. This is a substitution or single replacement reaction. The two products are separated based on solubility. Potassium chlorate will precipitate out, leaving sodium chloride in solution.KCl NaClO3 → NaCl KClO3Cool the solution in the freezer to increase the potassium chlorate yield.Filter the mixture through filter paper or a coffee filter. Keep the solid potassium chlorate; discard the sodium chloride solution. Allow the potassium chlorate to dry before storing or using it. NurdRage has a video of the process if youd prefer to see how its done. Potassium chlorate is used in fireworks as an oxidizer and to produce a purple flame. Teeraphon Phooma / EyeEm / Getty Images You can test the potassium chlorate in a simple chemistry demonstration: Purple Fire (shown) - Mix potassium chlorate and half as much sugar. Ignite the mixture either by applying a flame or adding a few drops of sulfuric acid (instant chemical fire).Dancing Gummi Bear - The candy is the source of the sugar in this demonstration. The vigorous reaction between the candy bear and the potassium chlorate makes the bear appear to dance in purple fire. Other uses of potassium chlorate include safety matches, fireworks, disinfectants, pesticides, firearm primer, and to force plant blooming. It is also a good starting point to prepare oxygen gas or chlorine gas. Safety Tips This is a project that should be performed with responsible adult supervision. Undiluted bleach can cause skin irritation and damage eyes and mucous membranes if splashed. Heating bleach should be done outdoors or under a fume hood, as irritating vapors are released. Finally, keep the potassium chlorate collected in this project away from heat or flame until you are ready to use it. It should be stored away from sulfuric acid and sulfur, as spontaneous ignition may occur.

RESEARCHING CRIME Essay Example | Topics and Well Written Essays - 3000 words

RESEARCHING CRIME - Essay Example ific, the proposed dissertation will discuss different aspects of youth incarceration, especially in the context of Youth Justice System of the United Kingdom, and will endeavor to analyze available options of tackling youth offenders. It is a fact that every government has been giving noteworthy importance to youth crime, in order to get rid of anti-social agents from the society from its roots; however, none has been able to achieve such objective due to a number of factors, such as unemployment, poverty, etc. (Delanty & Strydom, 2003, pp. 39-42). On contrary, youth prison population has increased noticeably that has resulted in extreme criticism, as effects of youth imprisonment do not affect young offenders only, but families and communities as well. (Omaji, 2003, pp. 40-41) In this regard, it has now become very significant and important to carry out comprehensive research, in order to acquire factual realities that will help the system in dealing with these young lawbreakers effectively. According to the UK government, (Home Office, 2008) hard-hitting penalties for young offenders cannot be avoided, as it is essential for a safe and healthy society; however, studies have observed that these tough and punitive penalties and custodies have resulted in opposing results, rather than allowing offenders to recuperate and break their offending cycle. Although steps are being taken to prevent young individuals from falling into this black hole; however, youth imprisonment presently seems to be the only option that is taken as effective, regardless its adversities. (HM Government, 2008, pp. 58-61) Policymakers believe that guiltless public stays protected by custody and imprisonment sentences to young offenders; however, it is a satisfying fact that punishment confronted by young offenders in prisons results in segregation from society that is adverse for children according to a number of child psychologists. (Delanty & Strydom, 2003, pp. 55-59) Studies (Muncie,

Operations People & Performance in Aldi Supermarket Essay

Operations People & Performance in Aldi Supermarket - Essay Example This paper stresses that while operating on large scale and managing to attract a large portion of consumers daily, an important issue is the determination of the right quantity of human capital required. The management has therefore the burden of evaluating and fixing the right number of employees that can be able to serve customers efficiently. The other challenge is in the capability of the business to attract and retain the best talents in the organization. TThe other major issue is the ability to motivate employees to achieve the highest possible performance through the adoption of a good reward system. This paper makes a conclusion that many characteristics of organizational culture have a very vital role in influencing the motivation and the manner employees engage in an organization. Aldi needs an organizational culture characterized by a group of employees that does not greatly share the underlying beliefs and values as well as the various aspects of the beliefs and values to constitute a weak organizational culture. This in turn will influence autonomous decision making and enhance the spirit of entrepreneurship that results to improved innovation in the organization. Aldi should motivate its employees through an efficient rewarding system both at individual and group level for better implementation of the strategy. In a condition where there are consistent rewards to an employee in Aldi, the employee will consider his conduct as normal and this will lead to high motivation as in a strong culture of the organization.

Performance management of IBM Research Paper Example | Topics and Well Written Essays - 3750 words

Performance management of IBM - Research Paper Example In the last part, the study will recommend a strategic plan which is expected to fill up the loopholes in existing performance management system in IBM. Table of Contents Table of Contents 3 Introduction 4 Profile of IBM 4 Performance Management Processes 6 Performance Evaluation Criteria 8 Methods of Measuring Organization’s Performance 10 Rewards/Compensation 13 Poor Performance & Strategic Plan to Improve the Performance 15 Conclusion 18 Introduction Key purpose of report is to identify the existing performance management system in IBM or International Business Machines Corporation which is a renowned multinational technology and computer manufacturing organization. After identifying the existing performance management system in IBM, the study will try to analyze the system critically and based on the analysis, the researcher will prepare a strategic plan to improve the existing performance management system of the company. The researcher has no scope to apply quantitative research method due to unavailability of primary data hence the researcher has used qualitative research methodology accompanied by accessing data from peer reviewed printed journals, online articles, company website etc and then analyze the data. The researcher has divided this paper in different parts, Part 1- this section will try to shed light on business profile of IBM, Part 2- this section will discuss existing performance management system in IBM, Part 3- the section will try to understand the performance management techniques in the organization, Part 4- this section will critically analyze the efficiency of different performance management manner in generalized manner, Part 5- this section will try rationalize the non-linear and asymmetric relationship between reward system and performance, Part 6- this portion will try to diagnose the causes behind poor performance in IBM and recommend a strategic plan to improve it. Profile of IBM The researcher has selected IBM as the st udy organization in the paper and there are enough rationales behind the selection of IBM as the sample organization. International Business Machines Corporation or IBM is a multinational computing, technology and consulting company which has strong historical presence in the field of modern day computing and technology industry. The company is headquartered at Armonk, New York, U.S.A and established by Charles Ranlett Flint during the year 1911. Interesting fact is that, in the initial years, IBM was not a single company rather they were the merger of three companies such as tabulating machine company, computing Scale Company and international time recording company. However, in 1924, the trio companies have decided to change its name from CTR or Computing Tabulating Recording Company to IBM (International Business Machines Corporation, 2012). IBM maintains a broad range of product portfolio such as hardware, computer parts, software packages, statistical software packages, consult ing solution, business process outsourcing solutions, technology integration in tailor made fashion for clients. Major competitors for the company include industry heavyweights such as Hewlett Packard, Xerox, Microsoft, Toshiba, Accenture, Dell etc (Yahoo Finance, 2012). Tushman-O-Reilly Congruence Model can be used to understand the complexity of the business of IBM. Figure: Congruence Model

Idiopathic Pulmonary Fibrosis: An Overview

Idiopathic Pulmonary Fibrosis: An Overview Jennifer Beardsley Abstract Idiopathic pulmonary fibrosis (IPF) is a devastating interstitial lung disease that has no cure. The term fibrosis refers to scarring, in IPF particularly the scarring of the lungs. The scarring causes irreversible destruction and progressive decline of the lungs. When the tissue thickens, the lungs cannot properly exchange oxygen. The term idiopathic, in medicine, means that the origin of the disease is unknown. The exact cause of IPF is unknown, however, certain risk factors such as smoking, exposure to inhaled toxins such as asbestos, lung injury, viral, and bacterial infections, acid reflux and genetics associated with the disease. IPF mainly affects people ages 50 and up. â€Å"Many people live only about 3 to 5 years after diagnosis. The most common cause of death related to IPF is respiratory failure† (â€Å"What Is Idiopathic Pulmonary Fibrosis? NHLBI, NIH,† n.d.). â€Å"40,000 people die each year to IPF, the same as to breast cancer† (â€Å"Facts Abou t Idiopathic Pulmonary Fibrosis | Coalition For Pulmonary FibrosisCoalition For Pulmonary Fibrosis,† n.d.), yet IPF is still an unknown disease to many people. This paper will discuss the risk factors, disease process, complications, management, and new drug therapy clinical trials. Idiopathic Pulmonary Fibrosis: An Overview Etiology Idiopathic Pulmonary Fibrosis first started to become recognizable around the late 1800’s (Noble Homer, 2005). While currently the exact cause is unknown, there have been several risk factors that are recognized to contribute to the disease. As mentioned above, smoking, exposure to inhaled toxins such as asbestos, lung injury, viral and bacterial infections, acid reflux and genetics are associated with the disease (Noble Homer, 2005). Smoking accelerates the loss of lung function by destroying the cilia inhibiting the lungs natural ability to clean and repair itself (Oh, Murray, Molfino, 2012). Smoking also damages alveoli, causing poor gas exchange. The chemicals in cigarettes contribute to lung decline and disease and coat the lungs with tar and toxins (Oh et al., 2012). Inhaled substance and toxins such as asbestos are hypothesized to increase IPF probability (Meltzer Noble, 2008). When toxins invade the lungs, they interfere with the alveoli gas exchange process (Meltzer Noble, 2008). Lung injury can cause permanent damage. Acute lung injury has been hypothesized to accelerate an underlying progression of IPF. When cells of the lungs are damaged, it can be irreversible (Kottmann, Hogan, Phipps, Sime, 2009). Viral and bacterial infections cause a build of mucus in the lungs. When the alveoli get clogged they cannot properly exchange oxygen and carbon dioxide. Each infection acquired can cause more damage and can lead to permanent damage. When the lungs lose their ability to exchange gas, oxygen is inhibited from reaching the body’s vital organs (Kottmann et al., 2009). GER, commonly known as acid reflux, occurs when acid is aspired into the esophagus. â€Å"Researchers have found that 9 out of 10 people who have IPF also have gastroesophageal reflux disease† (â€Å"What Causes Idiopathic Pulmonary Fibrosis? NHLBI, NIH,† n.d.) Recent research has found that genetics may play an important role in the risk factor of developing IPF. â€Å"Over the past decade, one aspect that has held great promise in helping the medical community to better define the pathogenesis of IPF is the recognition that genetic factors may play a role in this disease† (Lawson, Loyd, Degryse, 2011). Pathophysiology The cause of IPF is unknown. Despite considerable advancement in understanding the progression of IPF, the knowledge of the beginning stages of IPF re still inadequately understood (Noble Homer, 2005). Originally, in the 1970’s, it was thought that inflammation of the alveoli was the cause (Noble Homer, 2005). It was believed that untreated inflammation leads to the scarring of the lungs. Anti-inflammatory and corticosteroids were widely used to treat the inflammation. However, those therapies have proven ineffective, making it evident that inflammation was not the cause (Dempsey, Kerr, Gomersall, Remmen, Currie, 2006). The second theory that came about in the 1980’s suggesting growth termed â€Å"alveolar macrophage-derived growth factor† (Noble Homer, 2005). Known as the ‘growth factor hypothesis’, it is believed that abnormal healing of trauma within the lungs exaggerates the response and growth of profibrogenic causing the scarring of IPF (Noble Homer, 2005). This theory still proves to be a highly important discovery in the pathophysiology of IPF (Dempsey et al., 2006). A third theory also came out of the 1980’s, known as the epithelial-mesenchymal hypothesis, suggests that tissue death of alveolar epithelial cells can lead to alveolar collapse (Noble Homer, 2005). The epithelial- mesenchymal cell conversion can alter and change motility and the ability to heal. â€Å"Imbalance of the normal homeostatic microenvironment might be, per se, a cause of fibroblast proliferation and myofibroblast differentiation leading to fibrosis† (Prunotto et al., 2012). Clinical Manifestation According to the Coalition for Pulmonary Fibrosis, â€Å"Idiopathic pulmonary fibrosis (IPF) is a progressive and generally fatal disease characterized by scarring of the lungs that thickens the lining of the lungs, causing an irreversible loss of the tissue’s ability to transport oxygen. IPF ultimately robs a patient of the ability to breathe†(â€Å"Facts About Idiopathic Pulmonary Fibrosis | Coalition For Pulmonary Fibrosis,† n.d.). IPF usually occurs in older adults in their 50’s or 60’s, and tends to occur more in men than in women (Lawson, Loyd, Degryse, 2011). According to the Coalition For Pulmonary Fibrosis, IPF affects about 128,100 people in the United States, with 48,000 new cases diagnosed annually (â€Å"Facts About Idiopathic Pulmonary Fibrosis | Coalition For Pulmonary Fibrosis,† n.d.). â€Å"IPF has been reported to occur throughout the world in many different racial and ethnic groups. Studies in the United States have sugge sted that Caucasians are more likely to be diagnosed with IPF and have higher mortality rates from IPF than African Americans. It is unclear if these findings are due to real differences in racial characteristics or to an under-diagnosis of this condition in minority populations† (Siegel, 2011). IPF symptoms develop over time and usually are not diagnosed until serious damage has already been done to the lungs (â€Å"What Are the Signs and Symptoms of Idiopathic Pulmonary Fibrosis? NHLBI, NIH,† n.d.). Patients are often misdiagnosed with diseases that present similar symptoms such as Chronic Obstructive Pulmonary Disorder (â€Å"Facts About Idiopathic Pulmonary Fibrosis | Coalition For Pulmonary Fibrosis,† n.d.). Idiopathic pulmonary fibrosis usually present gradually with a nonproductive cough and dyspnea. (Hyzy, Huang, Myers, Flaherty, Martinez, 2007). The main symptom patients complain of being shortness of breath (Noble Homer, 2005). Other common symptoms include: â€Å"dry, hacking cough; rapid, shallow breathing; gradual, unintended weight loss; Fatigue (tiredness) or malaise (a general feeling of being unwell); clubbing, which is the widening and rounding of the tips of the fingers and toes† (â€Å"What Are the Signs and Symptoms of Idiopathic Pulmonary Fibrosis? NHLBI, NIH,† n.d.). The gold standard for diagnosis of patients with IPF is a surgical lung biopsy (SLB), however critical risk for these patients usually prevent a high-risk surgical procedure (Kaarteenaho, 2013). â€Å"The mortality, which can occur shortly after the procedure, has probably been the major reason to refrain from performing SLB† (Kaarteenaho, 2013). With that in mind, diagnosis of IPF includes clinical, radiologic and histopathologic aspects (Wolters, Collard, Jones, 2014). The American Thoracic Society states, â€Å"in the absence of a definitive lung biopsy, the presence of all four major criteria and three minor criteria, as set forth in the current guidelines, increases the likelihood of a correct diagnosis of IPF: Major Criteria †¢Exclusion of other known causes of interstitial lung diseases, such as certain drug toxicities, environmental exposures, and connective tissue diseases †¢Abnormal pulmonary function studies that include evidence of restriction (reduced vital capacity often with an increased FEV:FVC ratio) and impaired gas exchange (increased AaPO2 with rest or exercise or decreased DLCO) †¢HRCT scan showing bibasilar reticular abnormalities with minimal ground-glass opacities †¢Transbronchial lung biopsy or BAL showing no features to support another diagnosis Minor Criteria †¢Age >50 years †¢Insidious onset of otherwise unexplained dyspnea on exertion †¢Duration of illness greater than or equal to 3 months †¢Bibasilar inspiratory crackles (dry or â€Å"Velcro-like† in quality)† (Raghu et al., 2011). The physical assessment is an important part of diagnosis, however, symptoms can mimic other diseases and make it hard to differentiate (Meltzer Noble, 2008). Attention should be paid to key risk factors such as work related inhaled chemical exposure and smoking. Fine inspiratory â€Å"Velcro-like† crackles can be heard upon examination and advance towards the upper airway as the disease progresses (Meltzer Noble, 2008).Clubbing of the fingers and toes is found in 50% of patients (Meltzer Noble, 2008). Lab results are often inconclusive to IPF, but as part of a puzzle can help to identify the disease. An ABG will more than likely read normal (Meltzer Noble, 2008). The pulmonary function test (PFT) can lend valuable information to diagnosing IPF. While IPF is a restrictive disease, it can often imitate obstructive disorders or congestive heart failure (CHF) (Meltzer Noble, 2008). â€Å"Routine spirometry reveals decreased measures of forced vital capacity (FVC) and forced expiratory volume in one second (FEV1). The ratio of FEV1/FVC remains normal (or increased) in IPF, consistent with restrictive physiology† (Meltzer Noble, 2008). Subsequently, the PFT can also reveal reduced TLC, RC, and RV. Reduced gas transfer may also be noted with a DLCO (Meltzer Noble, 2008). Almost every patient with Idiopathic Pulmonary Fibrosis will have abnormal radiological findings (Meltzer Noble, 2008). The imaging modality of choice in diagnosing IPF is High-resolution computed tomography (HRCT) (Hospenthal, 2006). â€Å"Patchy, predominantly peripheral, subpleural, bibasal reticular opacities, often associated with traction bronchiectasis† (Harari Caminati, 2005). A phenomenon referred to as honeycombing is a prevalent finding in IPF, seen below is figure 3. Figure 1: Chest radiograph of a patient with IPF. Chest radiograph reveals peripheral, subpleural reticular opacities, most profuse at the lung bases (Harari Caminati, 2005). Figure 2: Chest HRCT in a patient with IPF. HRCT shows patchy, predominantly peripheral, subpleural, bibasal reticular abnormalities, traction bronchiectasis and bronchiolectasis and irregular septal thickening. There is also ground glass (Harari Caminati, 2005). Figure 3: Chest HRCT in a patient with IPF. HRCT shows predominantly peripheral and subpleural fibrosis with honeycombing (Harari Caminati, 2005). Complications Idiopathic pulmonary fibrosis is a highly progressive disease. Because the tissues in the lungs are scarred, they cannot properly exchange gas and the low amount of oxygen delivered to the body causes several complications and puts strain on the right side of the heart. According to the America Thoracic Society, â€Å"There is an increasing awareness of complications and comorbid conditions frequently associated with IPF† (Raghu et al., 2011). Some of the most common complications are: Pulmonary hypertension, cor pulmonale, respiratory failure and lung cancer (Daniels, Yi, Ryu, 2008). Depression is also often seen in people with IPF because of its devastating prognosis (â€Å"Living With Idiopathic Pulmonary Fibrosis NHLBI, NIH,† n.d.). Acute exacerbations (unexplained worsening of dyspnea) of IPF represent the most destructive and deadly complication (Raghu et al., 2011). â€Å"It is presently unclear if acute exacerbation of IPF is simply a manifestation of an unid entified respiratory complication (such as pulmonary emboli, infection) contributing to an acute worsening in a patient with IPF or represents an inherent acceleration in the pathobiological processes involved in IPF† (Raghu et al., 2011). Medical Management There is currently not a cure for idiopathic pulmonary fibrosis (â€Å"What Is Idiopathic Pulmonary Fibrosis? NHLBI, NIH,† n.d.). Until recently, primary methods of management have been anti-inflammatories and lung transplants (Dempsey, Kerr, Gomersall, Remmen, Currie, 2006). While Anti-inflammatory are still used today it is not due to the effectiveness of treatment, but lack thereof for alternatives (Dempsey et al., 2006).â€Å"Immunosuppressive or cytotoxic agents are used among steroid nonresponders, patients experiencing serious adverse effects from corticosteroids, and patients at high risk for corticosteroid complications† (Harari Caminati, 2005). â€Å"Single-lung transplantation results in an actuarial survival of 73% at 1 year and 57% at 3 years† (Harari Caminati, 2005). Unfortunately, most patients are not eligible for transplant due to age or comorbidity factors (Harari Caminati, 2005). In the spring of 2014 the FDA announced two new drugs for the management of IPF (â€Å"CPF Celebrates Historic Year of Progress in Pulmonary Fibrosis | Coalition For Pulmonary Fibrosis Coalition For Pulmonary Fibrosis,† n.d.). Ofev (nintedanib) and Esbriet (pirfenidone) were both shown to slow the progress of IPF in clinical trials. â€Å"Pirfenidone is a transforming growth factor-beta inhibitor and tumor necrosis factor-alpha inhibitor† (Gohil, 2015). Ofev is a â€Å"fibroblast growth factor receptor (FGFR) antagonist, platelet-derived growth factor receptor (PDGFR) antagonist, and vascular endothelial growth factor receptor (VEGFR) antagonist† (Gohil, 2015). The two treatments are still in the early stages with little known about their effectiveness. Prognosis Prognosis for IPF is dim. It is a fatal disease (Meltzer Noble, 2008). The median survival rate is 3 years after diagnosis (Peljto et al., 2013). Factors associated with â€Å"shortened survival time include: older age, smoking history, lower body mass index (BMI), more severe physiologic impairment, greater radiologic extent of disease, and the development of other complications or conditions, in particular, pulmonary hypertension, emphysema, and bronchogenic cancer† (Ley, Collard, King, 2011). Clinical Trials During the past decade, there has been a notable amount of research into the treatment of idiopathic pulmonary fibrosis. IPF is no longer believed to be due to inflammation, but multiple injuries with atypical cell repair. According to The Coalition for Pulmonary Fibrosis, â€Å"there are many therapies under investigation in clinical trials that include: †¢Antifibrotic or antifibrogenic agents (such as Pirfenidone, interferon and certain blood-pressure-lowering medications) to suppress the scarring process †¢Antioxidants (such as N-acetylcysteine) to prevent damage to lung tissue †¢Monoclonal antibodies to inhibit â€Å"bad† cytokines (protein growth factors, such as TGF-beta, TNF-Alpha, or CTGF, that activate inflammation)† (â€Å"Active Clinical Trials and Investigational Research in IPF | Coalition For Pulmonary FibrosisCoalition For Pulmonary Fibrosis,† n.d.). References Active Clinical Trials and Investigational Research in IPF | Coalition For Pulmonary FibrosisCoalition For Pulmonary Fibrosis. (n.d.). Retrieved February 17, 2015, from http://www.coalitionforpf.org/active-clinical-trials-and-investigational-research-in-ipf/ Facts About Idiopathic Pulmonary Fibrosis | Coalition For Pulmonary FibrosisCoalition For Pulmonary Fibrosis. (n.d.). Retrieved February 17, 2015, from http://www.coalitionforpf.org/facts-about-idiopathic-pulmonary-fibrosis/ Hospenthal. (2006). Diagnosis and management of idiopathic pulmonary fibrosis: Implications for respiratory care. Respir Care, 51, 382–391. Retrieved from http://www.ncbi.nlm.nih.gov/pubmed/16563193 Hyzy, R., Huang, S., Myers, J., Flaherty, K., Martinez, F. (2007). Acute exacerbation of idiopathic pulmonary fibrosis. Chest, 132, 1652–1658. doi:10.1378/chest.07-0299 Kaarteenaho, R. (2013). The current position of surgical lung biopsy in the diagnosis of idiopathic pulmonary fibrosis. Respiratory Research, 14, 43. doi:10.1186/1465-9921-14-43 Lawson, W. E., Loyd, J. E., Degryse, A. L. (2011). Genetics in pulmonary fibrosisfamilial cases provide clues to the pathogenesis of idiopathic pulmonary fibrosis. The American Journal of the Medical Sciences, 341(6), 439–43. doi:10.1097/MAJ.0b013e31821a9d7a Ley, B., Collard, H. R., King, T. E. (2011). Clinical course and prediction of survival in idiopathic pulmonary fibrosis. American Journal of Respiratory and Critical Care Medicine, 183(3), 431–440. doi:10.1164/rccm.201006-0894CI Meltzer, E. B., Noble, P. W. (2008). Idiopathic pulmonary fibrosis. Orphanet Journal of Rare Diseases, 3, 8. doi:10.1186/1750-1172-3-8 Noble, P. W., Homer, R. J. (2005). Back to the future: Historical perspective on the pathogenesis of idiopathic pulmonary fibrosis. American Journal of Respiratory Cell and Molecular Biology, 33(8), 113–120. doi:10.1165/rcmb.F301 Peljto, A. L., Zhang, Y., Fingerlin, T. E., Ma, S.-F., Garcia, J. G. N., Richards, T. J., †¦ Schwartz, D. A. (2013). Association between the MUC5B promoter polymorphism and survival in patients with idiopathic pulmonary fibrosis. JAMA, 309(21), 2232–9. doi:10.1001/jama.2013.5827 Raghu, G., Collard, H. R., Egan, J. J., Martinez, F. J., Behr, J., Brown, K. K., †¦ Schà ¼nemann, H. J. (2011). An Official ATS/ERS/JRS/ALAT Statement: Idiopathic pulmonary fibrosis: Evidence-based guidelines for diagnosis and management. American Journal of Respiratory and Critical Care Medicine, 183, 788–824. doi:10.1164/rccm.2009-040GL Siegel, M. D. (2011). Breathing in America: Diseases, Prognosis, and Hope. Critical Care Medicine, 39, 1857. doi:10.1097/CCM.0b013e31821b1e92 What Are the Signs and Symptoms of Idiopathic Pulmonary Fibrosis? NHLBI, NIH. (n.d.). Retrieved February 17, 2015, from http://www.nhlbi.nih.gov/health/health-topics/topics/ipf/signs What Is Idiopathic Pulmonary Fibrosis? NHLBI, NIH. (n.d.). Retrieved February 14, 2015, from http://www.nhlbi.nih.gov/health/health-topics/topics/ipf Wolters, P. J., Collard, H. R., Jones, K. D. (2014). Pathogenesis of idiopathic pulmonary fibrosis. Annual Review of Pathology, 9, 157–79. doi:10.1146/annurev-pathol-012513-104706

Reaction to Film Brainwashing 101 :: essays research papers

The American Heritage Dictionary of the English Language, Fourth Edition, defines documentary as: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Consisting of, concerning, or based on documents. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Presenting facts objectively without editorializing or inserting fictional matter, as in a book or film. Academicbias.com is the website to which viewers are directed for more information about the film. On this site, it is stated, â€Å"In this cutting exposà ©, documentary filmmakers Maloney, Browning and Greenberg shine a light on political correctness, academic bias, student censorship--even administrative cover-ups of death threats†¦Ã¢â‚¬  This positioning of the movie presents that it is, in fact, a documentary. My belief is that, based on definition 2 above, the movie is not a documentary, but instead a good example of the ‘the facts speak for themselves’ actually means ‘the facts, as I have carefully arranged them, support my position.’ Evan Maloney, the filmmaker, is clearly working in the style of Michael Moore. The film utilizes satire throughout – evidence the old â€Å"Popularity† instructional film where overdubbing is used. Interviews are presented offering only on side of the issue. Surprise attempts at interviewers for comic relief are sprung on unsuspecting university officials. Subtle visual effects, such as student Charles Mitchell sitting with an American flag blanket behind him are used. Ultimately, what happened in the editing process of ‘Brainwashing 101’ is a complete unknown. Farhenhype 911 demonstrated how Michael Moore had edited President Bush’s address to the â€Å"haves, and have mores†, when in fact, the setting was a charity benefit at which Al Gore was also present. Given the style of the movie, I believe editing was used for key advantage. The movie purports to address political correctness, academic bias and student censorship. I believe that the movie does do this, and utilizing real examples works to create legitimacy for the move. In an admittedly unscientific search of the Internet about this movie, I found a fair number of positive reactions to the film. So some people do find the movie convincing, as people do with Michael Moore movies. To academic bias, a long section of the film is devoted the teaching of economics and which theories of economics should be taught. As presented in the movie, by virtue of being taught, different theories represent a bias in and of itself. Student Charles Mitchell makes the unusual statement that Marxist study is a â€Å"value judgment.† To me, this is not a new breakthrough in thought: it could be argued that all education, throughout history, has been biased based on what has been taught.

Coca Cola Auditing Project

AIM 6334 Auditing and Assurance Service Research Project [pic] Li-chung Lee Kung Ya Cheng Jui-Ping Lin Table of Contents I. Introduction:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3~4 II. Ch 1: The client acceptance/continuation process, including establishing an understanding with the client†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 4~5 III. Ch2: Obtaining an understanding of the entity and its environment, including internal control. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 5~6 IV. Ch3: Preliminary Engagement Activities†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ P. 6 V. Ch4: Assess Risk and Establish Materiality†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 7~8 VI. Ch5: Consider Internal Control†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 9~11 VII. Ch6: Plan the Audit†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 11~14 VIII. Ch7: Complete the Audit†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 15 IX. Ch8: Evaluate results and issue an audit report†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 16 X. Reference†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 17 XI. Attachments†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 18~23 I. Introduction: The Coca-Cola Company (Symbol: KO) was incorporated in September 1919 under the laws of the State of Delaware and succeeded to the business of a Georgia corporation with the same name that had been organized in 1892. The Company is the manufacturer, distributor and marketer of nonalcoholic beverage concentrates and syrups in the world. Finished beverage products bearing its trademarks, sold in the United States since 1886, are now sold in more than 200 countries. Along with Coca-Cola, the Company markets nonalcoholic sparkling brands, including Diet Coke, Fanta and Sprite. It manufacture beverage concentrates and syrups, which the Company sells to bottling and canning operations, fountain wholesalers and some fountain retailers, as well as finished beverages, which the Company sells to distributors. The Company owns or licenses more than 450 brands, including diet and light beverages, waters, enhanced waters, juices and juice drinks, teas, coffees, and energy and sports drinks. The Company is one of numerous competitors in the commercial beverages market. Of the approximately 53 billion beverage servings of all types consumed worldwide every day, beverages bearing trademarks owned by or licensed to the Company account for approximately 1. 5 billion. [1]The reason we chose this company is because it has enormous market share in countries around the world. In order to expand its market share, The Coca-Cola Company cooperated with the major fast food chain company. Today, The Coca-Cola Company become a well known and globalization company. We want to know how it can be sustainability and venerability company in the world. From its reports, we also found out it has tremendous benefit from its advertising. In this paper, we concern that how the auditors build a good audit plan in such large company and such complex business. II. Ch1: Understanding of the client There are five major reasons that we consider to accept The Coca Cola Company to be out client. 2] Management Integrity Based upon assertions of management ranging from the existence of an element in the financial statements to disclosures of information regarding that element, we examines The Coca Cola Company financial statements that are no responsible practitioner would knowingly place reliance on assertions of a client's management which had questionable integrity. Relationshi ps with Other Professionals We will follow the GAAS requirement to communicate with the predecessor auditor prior to committing to provide audit services to The Coca Cola Company. Matters of interest include the opinions issued by the predecessor auditor, resignation of the prior auditor or the refusal to stand for reelection, disagreements between the prior auditor and management regarding accounting principles or auditing procedures and any â€Å"opinion shopping† issues. Inquiry of other professionals having dealings with the client should, however, not be limited to the predecessor auditors. Furthermore, we will ask bankers, lawyers, and other professionals can provide important valuable information about The Coca Cola Company and its management. Risk of Association The Coca Cola Company engaged in legitimate business activities that do not violate the laws of the jurisdiction where the company is headquartered or carries on its business. After reviewing its financial statement, we believed that its financial is stability and liquidity. Technical Competence The auditors who will perform the auditing are well trained due to the complexities of the modern business world. And also, the auditors have the necessary technical competence to perform the required work or risk potential liability or damage to reputation. Professional Fees Audit fees charged to The Coca Cola Company will base on commensurate with the risks to the providing the services requested. The fees will cover adequately the cost of the services provided. III. Ch2: Obtaining an understanding of the entity and its environment In the 21st century, the beverage industry has been become one of the fastest developing industries and the competition in this industry become significantly. Even in this market share campaign, The Coca Cola Company still remains its leader position in the beverage industry. The Coca-Cola Company and six of their largest bottling partners developed a strategy for sustainability in 2002. That plan focuses on the role and impact of the Coca-Cola system in four key areas: workplace, marketplace, environment and community. Furthermore, The Coca-Cola Company uses this strategy to guide the approach to sustainability issues and to report the progress. [3] In last year, when lots of companies in the industry are going down, The Coca-Cola Company still delivering consistent performance. For its internal control, the company follows the independent and experience requirement of NYSE and SEC for many years. And the audit committee has been composed entirely of non-management directors. [4] IV. Ch3: Preliminary Engagement Activities Every member in our audit team is well trained and performs follow by the conduct of AICPA and SEC. Regarding to the ethical and independence matter, we has three major requirements. 1. Our auditor have to sign the contract to make sure that he/she will not take a position in the The Coca-Cola Company in two years 2. We will not hire the auditor who uses to work in The Coca-Cola Company. 3. We required the auditor to report to the partner who has special relationship with the The Coca-Cola Company. V. Ch4: Risk and Establish Materiality The Coca-Cola Company is a globalization company; it faces various issues. For example, Obesity concerns, water scarcity and poor quality, increased competition, and evolving consumer preferences are risks having the potential to have a material adverse effect on our client. To be an auditor, we assess client’s RMM (risk of material misstatement) with understanding the client entity and industry. After audit risk is set, we go further to assesses inherent and control (environment) risks. In addition, assessing client’s inherent and control risks which can influence the level of detection risk directly. Base on the case, we make an assumption in order to maintain the audit risk. The following table shows numerical and non-numerical example of audit risk. Audit Risk |RMM |DR | | |IR |CR | | |5% |50% |20% |50% | |low |moderate |low |moderate | â€Å"Audit risk on most engagements is much lower than 5%. [5]According to conservative assumptions that we decide inherent risk is assessed at moderate (50%). The Coca-Cola Company is a multinational company, so there are not only lots of accounts receivable which come from different branches in the world, but also lots of inventories which were made or stored in different factories and warehouses in the world. As the reasons above, The Coca-Cola Company may face some risks, such as is there reason to believe that receivables include significant balances in foreign currencies? Is there reason to believe that the existence of the accounts receivables which generate from different oversea branch companies or subsidiaries? Are there significant foreign currency inventories balance? Are manufactured inventories transferred between locations, divisions, or subsidiaries within a consolidated entity? Are there material-inventories owned by the client but held by others (e. g. , on consignment with customers)? Therefore, we should assess the inherent risk in moderate level. On the basis of our experience, after we read the predecessor auditor’s report and our client’s past annual report. We presumed that our client has well internal control so that we can assess the control risk in low level. Overall, in order to keep the audit risk in low level, we decided our detection risk in moderate level. Besides, in our client’s industry there are some companies that try to inflate their revenue and assets so in our audit we will focus on operating cycle. In other words, we will put emphasis on auditing accounts receivable and inventory to make sure there are no major accounting schemes or fraud that will mislead the presentation of financial statements. Materiality â€Å"Materiality includes both the nature of the misstatement, as well as the dollar amount of misstatement, and must be judged in importance by financial statement users. †[6] In our engagement, we will use the nature and dollar amount to decide what materially is for our client as the follow chart. Account |Accounts receivable |Inventory | |Materiality | | | |Nature |1. Recognize revenue in wrong period |1. Easy to thief | | |2. The existence of the A/R |2. Hard to count the ending balance | | |3. Risk of foreign currency exchange | | |Dollar amount |In our firm’s policy, in manufacture industry we adopt the 10% of net income after|The same as left column. | | |tax to decide the materiality. For example, the net income 2007 multiply 10% | | | |$5,981M*10%=600M | | VI. Ch5: Consider Internal Control 1. Define Internal Control: According to the COSO’s definition of internal control, â€Å" a process, effected by an entity’s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories: (1) reliability of financial reporting, (2) compliance with applicable laws and regulations, and (3) effectiveness and efficiency of operations. †[7] 2. Identify some controls that would be relevant to the audit. Account |Accounts receivable |Inventory | |Control | | | |Authority |Inquire about credit procedure for new customers (Valuation) |When shipping the Inventory to vendor or supplier, the | | |From a population of approved sales orders (and returns), select a|warehouseman should get the proper authority shipping | | |sample and examine documents for evidence of credit check |document. | |(Valuation) | | |Custody |Prepare daily cash summa ry (copy to A/R and Accounting) |Observe physical controls over inventory. | | |Segregation of duty: Mailroom & cashier |Segregation of duty: Warehouse & Shipping | |Recording keeping |Trace a sample of shipping documents (selection from pre-numbered |The perpetual records should reconcile to the general | | |shipping documents) to sales invoice, sales journal, and A/R |ledger. | |master file (Completeness) |The reconciliation of Inventory and the Lower or market| | |Match remittance advices and check deposit summary |price valuation should be review by proper accounting | | | |manager or management. | 3. Discuss the components of Internal Control: |Control environment |After we understand the internal control procedure and policy, we ensure that our client has ideal control| | |procedure, high ethical standard, and monitoring processes. | |Risk assessment |Risk exist in the oversea marketplace (in failures to merge China companies) | | |In failures to accurately record and report financial information. |Control activities |Authority | | |Custody | | |Segregation of duty | | |Recording keeping | |Information and Communication |Our client has good information and communication function including initiating, authorizing, recording, | | |processing, and reporting entity transactions, conditions, and events. |Monitoring |Our client use computer accounting software and system to assess the quality of other transaction and | | |operational controls over time. It includes the periodic assessment of both the design and operation of | | |controls on a timely basis. | 4. The elements involved in obtaining an understanding of Internal Control We should obtain an understanding of the five components of internal control sufficient to: A. Evaluating the design of relevant controls and determining whether they have been implemented. B. Assess the risk of material misstatement. C. Design the nature, extent, and timing of further audit procedures. 5. Access Control Risk We should assess the inherent risk in moderate level. On the basis of our experience, after we read the predecessor auditor’s report and our client’s internal control procedures. We can presume that our client has well internal control so we can assess the control risk in low level. 6. Managements Responsibilities and the auditors’ responsibilities under Section 404. | |Managements |The auditors | |Laws or standards |Sarbanes-Oxley Act of 2002 ( for publicly traded |Second standard of fieldwork | | |companies) |2. PCAOB Auditing Standard No. (AS 5) | |Responsibilities |In addition to certifying the company’s financial |Auditors must provide their opinion on the effectiveness of | | |statements (Section 302), management must also report on |client’s internal control. | | |the company’s internal control over financial reporting | | | |(Section 404). | | (Chris Linsteadt, 2008 Audit Class Slides ch6) VII. Ch6: Plan the Audit 1. Assess the need for specialists In our case, we should hire some com puter audit experts who can help our firm to make sure that our client’s accounting system is sate and correct. 2. Assess the possibility of illegal acts. Risk |The possibility of illegal acts | |Is there reason to believe that the existence of the accounts |There were some fake transactions which were made by management or employees. | |receivables which generate from different oversea branch companies or |If the sales don’t get proper credit authority, there will be huge bad debt | |subsidiaries? |expense in the future | |Are there material-inventories owned by the client but held by others |The management may try to inflate the sales in the end of year so he may try to| |(e. g. , on consignment with customers)? |recognize consignment as sales revenue. | |The management may use consignment to control the company’s ending inventory or| | |COGS. | |Are manufactured inventories transferred between locations, divisions,|The management may use complicated relat ed party transaction to generate fake | |or subsidiaries within a consolidated entity? |sales or ending inventory. | | |The employees may have chance to steal the coke formula or inventories. | 3. Identify related parties After we discussed with the management and checked the related party transactions, there is no material related party transaction in this engagement. 4. Conduct preliminary analytical procedures. |Accounts Receivable |Inventory | |Compare with industry rate to make sure our client’s A/R turnover rate and |Compare with industry rate to make sure our client’s inventory turnover | |days are reasonable. |rate and days are reasonable. | |Compare our client’s allowance for doubtful account policy with competitors’|Make sure the change in our client’s inventories is reasonable without | |policy to make sure the bad debt expenses are reasonable estimated. |material misstatement. |Make sure the change in our client’s A/R is reasonable without material | | |misstatement. | | 5. Consider additional value added services. After we obtain and understand our client’s internal control, we should detect our client’s internal control. We can prepare a feedback report to our client and help our client to improve their internal control or accounting system. Besides, when our client’s face s ome problems about new accounting standards, we could help our clients to train their accountants 6. Audit Plan and Audit program. Receivables | |Name of Client: | |Period: | | | |Estimated audit hours: | |Audit procedures | |Sign and date by | |Working paper Ref. | | | |auditors | | | |01. TEST PROPRIETY OF REVENUE RECOGNITION POLICIES AND PROCEDURES – Receivables [Validity, | | | | | |Cutoff] | | | | | |02. CONFIRM RECEIVABLES [Validity, Completeness, Recording, and Cutoff] [Q04 – No] | | | | | |03. TEST THE ALLOWANCE FOR DOUBTFUL ACCOUNTS AND BAD DEBT EXPENSE [Valuation] | | | | | |04. TEST PRESENTATION OF RECEIVABLES [Presentation] | | | | | |05. TEST LATE CUTOFF OF SALES [Cutoff] [Q01A – Sales Invoices] | | | | | |06. TEST LATE CUTOFF OF SALES [Cutoff] [Q01A – Initial Records] | | | | | |07. ROLL-FORWARD TEST FOR RECEIVABLES TESTED PRIOR TO YEAR END [Validity, Completeness, | | | | | |Recording, Cutoff] | | | | | |08. TEST RECEIVABLES TO SUBSEQUENT CASH RECEIPTS [Validity, Completeness, Recording, Cutoff] | | | | | |09. TEST ALLOWANCES FOR SALES RETURNS AND DISCOUNTS [Valuation] | | | | | |10. TEST PRESENTATION OF RELATED-PARTY RECEIVABLES [Presentation] | | | | | |11. TEST VALUATION OF FOREIGN CURRENCY RECEIVABLES [Valuation] | | | | | |Reviewer : | |Sign: | |Date | 6. Audit Plan and Audit program. |Inventory | |Name of Client: | |Period: | | | |Estimated audit hours: | |Audit procedures | |Sign and date by | |Working paper Ref. | | |auditors | | | |01. OBSERVE AND TEST-COUNT INVENTORIES [Validity, Completeness, Recording, Cutoff, Valuation]| | | | | |02. TEST THE FINAL INVENTORY COMPILATION [Validity, Completeness, Recording, and Cutoff] | | | | | |03. TEST MARKET VALUATION RESERVES [Valuation] | | | | | |04. TEST PRESENTATION OF INVENTORY [Presentation] | | | | | |05. TEST LATE CUTOFF OF INVENTORY PURCHASES [Cutoff] [Q05A – Recorded Purchases] | | | | | |06. TEST EARLY CUTOFF OF DEBIT NOTES [Cutoff] | | | | | |07. TEST BOOK TO PHYSICAL ADJUSTMENTS [Validity, Completeness, Recording] | | | | | |08. ROLL-FORWARD TEST FOR INVENTORIES PRICE TESTED PRIOR TO YEAR END [Validity, Completeness, | | | | | |Recording, Cutoff] | | | | | |09. TEST ELIMINATION OF INTERCOMPANY PROFIT [Valuation] | | | | | |10. TEST BALANCES DENOMINATED IN FOREIGN CURRENCIES [Valuation] | | | | | |11. TEST PRESENTATION OF RELATED-PARTY BALANCES [Presentation] | | | | | |Reviewer : | |Sign: | |Date | VIII. Ch7: Complete the Audit The auditor’s responsibilities during the completion stage of the audit: â€Å"Before issuing the audit report, the auditor needs to: 1. Perform a final review of the audit to be sure the financial statements are fairly presented and the audit documentation supports the audit report 2. Assess the ability of the client to continue as a going concern, and 3. Make a final review of the auditor’s assessment of internal control based on evidence gathered and any material misstatements identified in the financial statement audit. In addition, we should get the management representation letter and letter of audit inquiry to make sure there are no material contingent liabilities and events subsequent to the financial statements and keep communicating with the audit committee. The follow data are made by assumption: Contingent Liabilities |Subsequent events | |Our client may lose the litigation about merger in oversea. It will cause a |Note disclosure: | |huge loss for our client. |On January  8, 2009, our Company sold substantially all of our interest in | | |Vonpar Refrescos S. A. (â€Å"Vonpar†), a bottler headquartered in Brazil. Total| | |proceeds from the sale were approximately $238  million, and we recognized | | |a gain on this sale of approximately $71  million. Prior to this sale, our | | |Company owned approximately 49  percent of Vonpar's outstanding common | | |stock and accounted for the investment using the equity method | |Our client is a multinational company so it may have the threat of | | |expropriation of assets in a foreign country. | | |Our client may get loss in the highly competitive nonalcoholic beverages | | |industry. If our client signs purchase and sale commitments with its | | |supplier, it may get a huge loss in the future. | | | |Other important investments which will change our client’s accounting | | |principle similar as above. | IX. Ch8: Evaluate results and issue an audit report Independent Auditor’s Report The Board of Directors and Stockholders The Coca-Cola Company: We have audited the consolidated balance sheets of the Coca-Cola Company and subsidiaries (the â€Å"Company†) as of December 31, 2007 and 2008, and the related consolidated statement of income, stockholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2008. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements bases on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements refereed to above present fairly, in all material respects, the financial position of the Coca-Cola Company and subsidiaries as of December 31, 2007 and 2008, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission(COSO), and our report dated March 14, 2009 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Lee &Cheng &Lin LLP Dallas, U. S. A. March 14, 2009 X. References †¢ â€Å"The company description,† Market watch < http://www. marketwatch. om/tools/quotes/profile. asp? symb=ko> †¢ Deppe, Larry A. , â€Å"Client acceptance: what to look for and why. (Tips for accountants on deciding which new clients to accept) (Cover Story)†, The CPA Journal , May 1992, †¢ â€Å"Strategic vision†, The Coca Cola Company website à ¢â‚¬ ¢ â€Å"2008The proxy statement†, The Coca Cola Company website, †¢ Chris, Linsteadt, â€Å"2008 Audit Class Slides† †¢ Rittenberg, Schwieger, Johnstone. Auditing, A Business Risk Approach. Thomson&South-Western Publishing. 6th,2008 †¢ â€Å"SEC filing† The Coca Cola Company website Retrieved from the World Wide Web: XI. Attachment (Financial Statements) Consolidated Balance Sheet COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | | |Balance Sheet | | | | | |December 31, |2007. 00 |2006. 0 | |(In millions except par value) |? | |? | | |ASSETS |? |? |? |? | |CURRENT ASSETS |? |? |? |? | |Cash and cash equivalents |$4,093 |$2,440 | |Marketable securities |? |215 |? |150 | |Trade accounts receivable, less allowances |? |3,317 |? 2,587 | |of $56 and $63, respectively | | | | | |Inventories |? |2,220 |? |1,641 | |Prepaid expenses and other assets |? |2,260 |? |1,623 | |TOTAL CURRENT ASSETS |? |12,105 |? |8,441 | |INVES TMENTS |? |? |? |? | |Equity method investments: |? |? |? |? | |Coca-Cola Enterprises Inc. |? |1,637 |? 1,312 | |Coca-Cola Hellenic Bottling Company S. A. |? |1,549 |? |1,251 | |Coca-Cola FEMSA, S. A. B. de C. V. |? |996 |? |835 | |Coca-Cola Amatil Limited |? |806 |? |817 | |Other, principally bottling companies |? |2,301 |? |2,095 | |and joint ventures | | | | | |Cost method investments, principally |? |488 |? 473 | |bottling companies | | | | | |TOTAL INVESTMENTS |? |7,777 |? |6,783 | |OTHER ASSETS |? |2,675 |? |2,701 | |PROPERTY, PLANT AND EQUIPMENT net |? |8,493 |? |6,903 | |TRADEMARKS WITH INDEFINITE LIVES |? |5,153 |? |2,045 | |GOODWILL |? |4,256 |? |1,403 | |OTHER INTANGIBLE ASSETS |? |2,810 |? 1,687 | |TOTAL ASSETS |$43,269 |$29,963 | |LIABILITIES AND SHAREOWNERS EQUITY |? |? |? |? | |CURRENT LIABILITIES |? |? |? |? | |Accounts payable and accrued expenses |$6,915 |$5,055 | |Loans and notes payable |? |5,919 |? |3,235 | |Current maturities of long-term debt |? |133 | ? |33 | |Accrued income taxes |? |258 |? 567 | |TOTAL CURRENT LIABILITIES |? |13,225 |? |8,890 | |LONG-TERM DEBT |? |3,277 |? |1,314 | |OTHER LIABILITIES |? |3,133 |? |2,231 | |DEFERRED INCOME TAXES |? |1,890 |? |608 | |SHAREOWNERS EQUITY |? |? |? |? | |Common stock, $0. 25 par value; Authorized 5,600 |? |880 |? |878 | |shares; | | | | |Issued 3,519 and 3,511 shares, respectively | | | | | |Capital surplus |? |7,378 |? |5,983 | |Reinvested earnings |? |36,235 |? |33,468 | |Accumulated other comprehensive income |? |626 |? |(1,291) | |(loss) | | | | | |Treasury stock, at cost 1,201 and 1,193 |? |####### |? ####### | |shares, respectively | | | | | |TOTAL SHAREOWNERS EQUITY |? |21,744 |? |16,920 | |TOTAL LIABILITIES AND SHAREOWNERS EQUITY |$43,269 |$29,963 | Consolidated Income Statement |COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | |Income Statement | | | | | |Year Ended December 31, |2007. 00 |2006. 00 | |(In millions except per share data) |? | |? | | |NET OPERATING REVENUES |$28,857 |$24,088 | |Cost of goods sold |? |10,406 |? 8,164 | |GROSS PROFIT |? |18,451 |? |15,924 | |Selling, general and administrative expenses |? |10,945 |? |9,431 | |Other operating charges |? |254 |? |185 | |OPERATING INCOME |? |7,252 |? |6,308 | |Interest income |? |236 |? |193 | |Interest expense |? |456 |? 220 | |Equity income net |? |668 |? |102 | |Other income (loss) net |? |173 |? |195 | |Gains on issuances of stock by equity method |? |? |? |? | |investees | | | | | |INCOME BEFORE INCOME TAXES |? |7,873 |? |6,578 | |Income taxes |? |1,892 |? 1,498 | |NET INCOME |$5,981 |$5,080 | |BASIC NET INCOME PER SHARE |$2. 59 |$2. 16 | |DILUTED NET INCOME PER SHARE |$2. 57 |$2. 16 | |AVERAGE SHARES OUTSTANDING |? |2,313 |? |2,348 | |Effect of dilutive securities |? |18 |? |2 | |AVERAGE SHARES OUTSTANDING ASSUMING DILUTION |? |2,331 |? |2,350 | Consolidated Statements of Cash Flows COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | | |Cash Flows | | | | | |? | | | | | |? | | | | | |? | | | | | |? |? |? |? |? |Year Ended December 31, |2007. 00 |2006. 00 | |(In millions) |? | |? | | |? | | | | | |OPERATING ACTIVITIES |? |? |? |? | |Net income |$5,981 |$5,080 | |Depreciation and amortization |? |1,163 |? 938 | |Stock-based compensation expense |? |313 |? |324 | |Deferred income taxes |? |109 |? |(35) | |Equity income or loss, net of dividends |? |(452) |? |124 | |Foreign currency adjustments |? |9 |? |52 | |Gains on issuances of stock by equity investees |? |? |? |? | |Gains on sales of assets, including bottling |? |(244) |? (303) | |interests | | | | | |Other operating charges |? |166 |? |159 | |Other items |? |99 |? |233 | |Net change in operating assets and liabilities |? |6 |? |(615) | |Net cash provided by operating activities |? |7,150 |? |5,957 | |INVESTING ACTIVITIES |? ? |? |? | |Acquisitions and investments, principally |? |(5,653) |? |(901) | |beverage and bottling companies | | | | | | Purchases of other investments |? |(99) |? |(82) | |Proceeds from disposals of other investments |? |448 |? |640 | |Purchases of property, plant and equipment |? |(1,648) |? (1,407) | |Proceeds from disposals of property, plant |? |239 |? |112 | |and equipment | | | | | |Other investing activities |? |(6) |? |(62) | |Net cash used in investing activities |? |(6,719) |? |(1,700) | |FINANCING ACTIVITIES |? |? |? |? | |Issuances of debt |? 9,979 |? |617 | |Payments of debt |? |(5,638) |? |(2,021) | |Issuances of stock |? |1,619 |? |148 | |Purchases of stock for treasury |? |(1,838) |? |(2,416) | |Dividends |? |(3,149) |? |(2,911) | |Net cash provided by (used in) financing |? |973 |? (6,583) | |activities | | | | | |EFFECT OF EXCHANGE RATE CHANGES ON CASH |? |249 |? |65 | |AND CASH EQUIVALENTS | | | | | |CASH AND CASH EQUIVALENTS |? |? |? |? | |Net increase (decrease) during the year |? |1,653 |? |(2,261) | |Balance at beginning of year |? |2,440 |? 4,701 | |Balance at end of year |$4,093 |$2,440 | | | | | Consolidated Statements of Shareowners’ Equity |COCA COLA CO | | | | | |10-K | | | | | |02/28/2008 | | | | | |? | | | | |CONSOLIDATED STATEMENTS OF SHAREOWNERS#146; EQUITY | | | | | |Year Ended December 31, |2007. 00 |2006. 00 | |(In millions except per share data) |? | |? | | |? | | | | | |NUMBER OF COMMON SHARES OUTSTANDING |? |? |? |? | |Balance at beginning of year |? |2,318 |? |2,369 | |Stock issued to employees exercising stock |? |8 |? 4 | |options | | | | | |Purchases of stock for treasury 1 |? |(35) |? |(55) | |Treasury stock issued to employees exercising |? |23 |? |? | |stock options | | | | | |Treasury stock issued to former shareholders |? |4 |? |? |of glaceau | | | | | |Balance at end of year |? |2,318 |? |2,318 | |COMMON STOCK |? |? |? |? | |Balance at beginning of year |$878 |$877 | |Stock issued to employees exercising stock |? |2 |? |1 | |options | | | | | |Balance at end of year |? 880 |? |878 | |CAPITAL SURPLUS |? | ? |? |? | |Balance at beginning of year |? |5,983 |? |5,492 | |Stock issued to employees exercising stock |? |1,001 |? |164 | |options | | | | | |Tax (charge) benefit from employees stock |? |(28) |? 3 | |option and restricted stock plans | | | | | |Stock-based compensation |? |309 |? |324 | |Stock purchased by former shareholders |? |113 |? |? | |of glaceau | | | | | |Balance at end of year |? |7,378 |? |5,983 | |REINVESTED EARNINGS |? |? |? |? | |Balance at beginning of year |? |33,468 |? 31,299 | |Adjustment for the cumulative effect on |? |(65) |? |? | |prior years of the adoption of Interpretation | | | | | |No. 48 | | | | | |Net income |? |5,981 |? |5,080 | |Dividends (per share $1. 36, $1. 24 and $1. 12 |? |(3,149) |? (2,911) | |in 2007, 2006 and 2005, respectively) | | | | | |Balance at end of year |? |36,235 |? |33,468 | |ACCUMULATED OTHER COMPREHENSIVE INCOME |? |? |? |? | |(LOSS) | | | | | |Balance at beginning of year |? |(1,291) |? |(1,669) | |Net foreign currenc y translation adjustment |? |1,575 |? 603 | |Net gain (loss) on derivatives |? |(64) |? |(26) | |Net change in unrealized gain on available-for-sale |? |14 |? |43 | |securities | | | | | |Net change in pension liability |? |392 |? |? | |Net change in pension liability, prior |? |? |? |46 | |to adoption of SFAS No. 58 | | | | | |Net other comprehensive income adjustments |? |1,917 |? |666 | |Adjustment to initially apply SFAS No. 158 |? |? |? |(288) | |Balance at end of year |? |626 |? |(1,291) | |TREASURY STOCK |? |? |? |? | |Balance at beginning of year |? |(22,118) |? (19,644) | |Stock issued to employees exercising stock |? |428 |? |? | |options | | | | | |Stock purchased by former shareholders |? |66 |? |? | |of glaceau | | | | | |Purchases of treasury stock |? |(1,751) |? (2,474) | |Balance at end of year |? |(23,375) |? |(22,118) | |TOTAL SHAREOWNERS EQUITY |$21,744 |$16,920 | |COMPREHENSIVE INCOME |? |? |? |? | |Net income |$5,981 |$5,080 | |Net other comprehensive income adjustments |? |1,917 |? 666 | |TOTAL COMPREHENSIVE INCOME |$7,898 |$5,746 | [8] ———————– [1] http://www. marketwatch. com/tools/quotes/profile. asp? symb=ko [2] http://www. nysscpa. org/cpajournal/old/12543349. htm [3] http://www. thecoca-colacompany. com/citizenship/strategic_vision. html [4] http://www. thecoca-colacompany. com/investors/proxies. html [5] Rittenberg, Schwieger, Johnstone, p105 [6] Rittenberg, Schwieger, Johnstone, p101 [7] Chris, Linsteadt, â€Å"2008 Audit Class Slides Ch6† [8] http://ir. thecoca-colacompany. com/phoenix. zhtml? c=94566&p=irol-sec&se