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Negative Effects Of Internet Monitoring - 1635 Words

Internet Monitoring Weapons, Secrets, and Music, all of which are obtainable over the internet. All of which can have a dramatic effect on our society. Even though we have the 1st Amendment and gives us the right to free speech in the United States, it was drafted before the internet. The internet has become a gold mine of information, not to mention, anyone can make purchases over the internet from other countries. What about National Security? Many groups have committed all sorts of cyber-attacks on government computers from over the web. With this availability, the internet needs to be monitored for everyone’s safety. The internet is being used by many types of traffickers. First, human traffickers have figured out ways to use the†¦show more content†¦In addition, a website may be hosted in Sweden, but the drug will come from Latin America and will be shipped by boat to South Africa, with dealers spread out across Europe, he said. It s a global network. States Th e worldwide policing organization’s Daniel Altmeyer. Furthermore, he also said while there are no statistics available for people buying drugs online, sales have rocketed, in the past few years. (11 Sep 2008 the telegraph Group). It was also mentioned that many people who may have purchased such items over the internet may have felt they were not doing anything wrong since they were obtained so easily. Internet Arms Trafficking has become more popular for obtaining illegal parts such as, conversion kits to make semi auto to make them full auto, along with illegal weapons like pipe bombs and silencers. With these items on the streets and possibly in the hands of would be wrong doers like that of gangs, drug dealers, or even domestic terrorist or for that matter even international terrorist who may come here and have these items shipped over. ATF experts estimated that hundreds of illegal weapons have been sent to the United States.† In 2002 confidential sources informe d the ATF about an Argentinean suspect selling machine guns long with other illegal items over the internet, in which the agency quickly established e-mail contact with the person and ordered these items which was disguised as machine gun parts. This tip lead to aShow MoreRelatedMonitoring and Survellaince of Employees642 Words   |  3 PagesMonitoring and survellaince of employees Pro One of the key benefits of monitoring employee computer activity is maximising workplace productivity. In today’s society, most workers spend the majority of their time on their computers and on the Internet. 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Hypothesis Supply Chain Management in Today’s Business Climate Free Essays

string(31) " branch stores material needs\." Gathering and distributing information is as old as the human race itself. From the early days of cave paintings to today†s modern computer databases, human being has constantly searched to improve the way we communicate. In the business climate of today you must either have a state of the art information network or no clients. We will write a custom essay sample on Hypothesis Supply Chain Management in Today’s Business Climate or any similar topic only for you Order Now The cutthroat world of bushiness is cruel if your company can not keep up with the cutting edge technology. The way to beat the competition is to have the most state of the art information gathering and distribution network. Having this type of network is not the only battle, being able to use this system properly comes in handy as well. This paper is a walk through of information technology as it relates Supply Chain Management. Along this journey stops in the past, present, and future are made. Hypothesis Supply Chain Management in today†s business climate is the wave of the future. The gathering and distribution of information is the most important task in business today. History of Information Technology The evolution of Information Technology starts from the inception of the human communication. The real leaps and bounds came at the birth of the computer. Previously gathering of information took place without the use of real technology. Granted the use of writing letters and the use of telephone and telegraph speed the flow of information. These early forms did not have great storage capacity or easy access by many parties. The best analogy to use is a row of matches all lined up end to end. Traveling from one end to the other is the way the precomputer days had information flowing. With the use of a computer as a distribution point the picture of the matches changes from the line to a circle, with the distributor in the middle reaching all concerned groups at the same time. This visual perception shows the need for Supply Chain Management. The reason for Supply Chain Management is to make money. The easiest way to do so is to save time and space. The quick distribution of information does both. Information technology was first used as just a simple and efficient way of giving information out within the company. The main reason that these first uses were so simple is that the computer was also in its developmental stages. (Gordon, 1996) The painful fact was as much as companies wanted to more utilize the technology at hand it was expensive and consumed rooms full of space. With the later development of the desktop workstation corporations were better able to put the information at the fingertips of all their employees. This giant leap in both computer technology and information technology paved the way for some of the Supply chain†s current uses. The previous uses where to gather information from satellite sites throughout the company’s domain and bring this information back to a central processing point. Examples of the types of information transferred are employee and supplier records, inventories, and sales figures for the branch. This one way flow of information was the old school of thinking when it comes to the science of information management. Supply Chain Management says that you have your information flowing in more than one direction to work. Specific hardware changes that helped boost the importance of Supply Chain Management are the shrinking of both the size and cost of each computer. The reduced size of memory chips made for the easy shrinkage of the computer due to the large portion of space that this component takes up. Other hardware improvements include the reduced size of the tubes in the monitor making them less like the floor console televisions of old. Along with all of these improvements another strange thing happened, the price went down, as new technology became available. The use of the computer to distribute and gather information became affordable to all companies great and small. Increased storage capacity allowed companies to gather and hold more information at their fingertips. (Davidow, 1996) The other changes in Supply Management came in software development. The increased power of computers led software designers to actually create programs like databases and spreadsheets. The ease of use and organized storage of information made new programs appealing to the business world. The need to store and distribute information became the market niche for companies like Lotus, JD Edwards and Computer Associates. Addressing concerns such as security and accesses were two points of emphasis for corporate software buyers. The big hurdle to cross was not how to just gather information within your own organization but to also explore outside those boarders to gain more cost and time savings with suppliers and customers. The tool that answered this call was the development of the Internet and the World Wide Web. This network of computers combined with the new hardware allows for the communication of information around the world in seconds. The other thing the Internet brings to the table is information that any one could access even from the privacy of their homes. The important change here is now you can reach potential suppliers and customers very inexpensively. Remember that information is not just for company employees, but the consumer who likes to make informed purchases. Enhancement of networks and systems allows your suppliers to solicit you to meet your need. This is different from the old style in which you contact the vendor with a need. With all the legwork being done to provide your company it†s supply†s you can concentrate on giving the customer what they want. All this is possible from properly managing your Supply Chain (Ross et al. , 1996). Current Supply Chain Applications Companies use Supply Chains in many different ways that suit their business needs. A company like Mrs. Fields cookies uses its Supply Chain resources to gain valuable information about each of its branch stores material needs. You read "Hypothesis Supply Chain Management in Today’s Business Climate" in category "Essay examples" Along with this flow of information to central spot, the company provides direction and guidance back to the store managers from afar. By evaluating sales and inventory data district mangers make recommendations as to sales improvements and continued growth. Projections on material usage and personnel decisions and scheduling are handled from a central point. Companies like Microsoft use information technology to direct a global customer base and handle questions and concerns surrounding their product. Microsoft customer service representatives handle hundreds of electronic messages sent via the Internet about the customer†s latest purchase. Other uses include companies like Martian Marietta who use information gathering through the internet and suppliers to bid lower on contracts. The company does this by sending out specs of the project and letting teams of manufacturing employees† design to way to build the product. All the product requirements go to the suppliers for quotes and delivery schedules. From there the information goes back to the sales force who puts a dollar figure to the bid. This information exchange takes usually less than one week while leading competitors take over months. The reason other take so long is because of the face to face meetings and data organization time. Martin Marietta†s quick turn time does more than allow the sales force to bid on many contracts but allows for very accurate price quotes as well. Today many companies use the Supply Chain in different ways to suit their own needs. The basic principals are still the same, gain information and mold it while cutting down on the time it takes to get material and distribute the product to the customer. Gordon, 1996) One of the major tools used today is the Internet. Firms throughout the world use this global communication medium. The biggest importance to companies is keeping them in touch with the doings of other similar companies around the world. Uses of the Internet include soliciting potential customers as well as finding out what the competition is doing. This inexpensive form of advertising has become a favorite for marketing directors of all firms. This new medium allows for the connection to previously unreachable markets. Some companies like Amazon Books are a virtual company using the Internet as its headquarters. What Amazon does is sell books, but instead of being located in the local mall their location is Amazon. om on the Internet. This is an example of a true virtual Supply Chain, by reaching customers and suppliers alike with out actually being there. To place an order all that is requires is to gain access to the virtual store and then find what book you are looking for. The book arrives at your door by any number of package carriers, with a savings of 15 % or greater over a local bookstore. The reason prices are so cheap is there are no locations to lease and few employees run a store that services literally millions of customers from one location. Importance of Information In today†s global economy the transfer of a company’s information is a daunting task. The role of a CIO in today†s large companies is more important than ever. Some companies have given the CIO equal ranking to that of the CEO. The current structure of the economy dictates that a company must be able to manage its information and Supply Chain assets. The most important part of any organization is the people. Tapping the information that is available is the task of the CIO. The job of knowledge management falls as the responsibility of all employees, though the majority of the burden lies on the CIO. Guiding and directing the Information assets of the company is also a task of the CIO. Falling behind competitors is a dangerous proposition, utilizing all of your employees and suppliers is the only way to gain new information and stay one step ahead of the competition. (Davenport, 1996) Other current IT considerations include the cutting down on time and space between customer needs and the companies answer to those needs. A prime example is the American auto industry. In the 1970†³s the turn time for a concept car to make the production line was any where between three and five years. Now though the use of the Supply Chain automakers converse with what the customer wants then relays the information to the design team then to purchasing then finally on to the production team to complete the build. The current turn time is around 18 months. This is a time reduction of over 50%; the cost savings are tremendous. The implementation process takes less time and the customer gets more input to the final product. These are the ideal benefits of Supply Chain Management at work for you. Some companies have even passed some of the money they are saving back to the customer. (Gerkits, 1997) Asian companies have a great idea that relates to information technology and the Supply Chain. This idea is that they share information between competitors not just with suppliers and customers. The reason that they do this is to cut down on research and development costs. The Information Technology has endless possibilities in this field, a general storage position that is accessible by all parties. The idea is that you dump information into the pool and you pull out information that is beneficial to your organization. As the information resides in a database, a person has the opportunity to mold that knowledge and redeposit the information in the knowledge warehouse thus, synergy results. This above process allows for two plus two too equal 5 or more. This information sharing is a fairly new concept to American companies and especially new in the world of Supply Chain Management. The possibilities are endless provided that you control the flow of information and every participant is an equal benefactor. Rasmus, 1996) This sharing of in formation leads to the major concern of Supply Chain Management as it progresses into the next century. That is the issue of security, and how to control that sensitive information does not fall in to the wrong hands. Conceivably your company’s information assets, the people, could sell your in formation to others on the world market. The business espionage game has become big money; companies will pay any price to get an edge. This scenario looks less likely with increased sharing of information. Security remains a real concern with the internal access to information. The problem comes when your supplier has permissions to your database and uses this information to unfairly compete with your customers. With all employees having new information at their fingertips how do you prevent retrieval of personnel files and trade secrets to those who do not have the need to know? The answer is in many of today†s current software packages; the main stream idea is to limit access. What a company can do is install the information transfer programs but only allow certain sections to certain people. This variety of system is very popular with today†s companies because it solves the problem and is very inexpensive. Remember that anyone who wants to crack your security system can if they spend the right amount of money and time. (Gopal and Gagon, 1995) Current Company Values Due to recent large jumps in the value of the Stockmarket some analysts have thrown out the theory that companies are over valued. This statement may be true under the old accounting principles where a company’s worth is the amount of liquid assets it holds. With the increased emphasis on information technology and Supply Chain Management companies are being looked at in a new light, this light is that people are information assets. This notion makes it rather difficult to put a price on a company. People are now assets on a balance sheet because they can transfer information and add to existing information. The best way to picture this is that every employee has a nugget of information to give to each company. Each employee drops their nugget in the database with the others, but instead of forgetting it they are able to extract back out information. They take a look at all of the nuggets and add to them pool creating a new nugget. From the new knowledge someone else gains a new insight and then adds this information to the pool. This type of relationship is what makes the employees so valuable to your company and to those companies of your suppliers and customers. This is the best reason why the Stockmarket has set record highs in recent years. Investors know there is an X dimension to a company that does not show up on a balance sheet (Drucker, 1995). Future Implications of Supply Chain Management One of the changes that may occur is that employees could work at more than one place imparting information that they gain from other experiences. This takes consulting one step farther and hires workers out to the highest bidder. Imagine sitting at home working for Pepsi and Coke at their same time developing new manufacturing techniques. The reason you could do this is because of telecommuting and one company does not necessarily know that you work for the other. There is nothing wrong with collecting two salaries for the same amount of knowledge. The value placed on the information that people gather and distribute will increase for the future. The most important business task done today is to collect and distribute information for your company that was gathered from your suppliers and customers. Some other new ideas are to follow in Amazon. com†s footsteps and become a virtual storefront on the Internet. Some companies now use the Internet to control the total logistics of their operation from ordering to customer distribution. With the increased processing of information the customer has the ease of staying at home to make purchases. The new technology of the future brings so much more information to the table than in the past, with this increased amount of information people can make more informed choices in both purchasing and delivery (Coull and Rothman, 1993). Drawbacks of Supply Chain Management With information technology providing today†s managers with literally thousands of pieces of information on one topic how do they still make the right choice? The final decision on a problem or project rests in the hands of the same person it did before all this information was so readily available. The problem is too much information. This problem leads to thinking too long about a project and the window of opportunity closes before your company has time to react. The decision-makers of the company have to sort vast amounts of information sifting through to find the pieces that are most useful to them. Information overload is a very real problem with larger supplier and customer databases. The manager still makes the call, right or wrong on a decision. Hopefully they possess more information than in the past. One of the other problems with the Supply Chain is that when first put on the market it promised to reduce the number of workers there by increasing productivity. The problem is that Supply Chain Management has only displaced jobs and no real productivity gains show up in most sectors of the economy (Attewell, 1996). Other hindrances to Supply Chain Management include less face to face interaction. This is a problem mostly on a sales side of the house. Companies are now on a Just In Time delivery system that brings their goods to the factories when they are ready to use them. The ordering process for this system uses Supply Chain values. What happens is that a buyer’s inventory’s records post on the supplier’s system. They have a min. max. system in place telling the supplier when to ship the product. This definitely cuts down on the number of people in business who come by to check inventory levels and see if you are ready to place another order. With the new inter-plant communication people see less and less of their co–workers and supervisors. Telecommuting has also taken off for some companies. This method of work has very little face to face dialog. The customer may lose out as well; they do not receive the face to face support that they have know in the past with a particular product. Even know some companies do not answer your questions about a purchase with a real person a canned message is on a computer with options. This method of customer service is less expensive for companies so expect this trend to increase. This problem is more one for Social scientist than for smart business operations. (Davidow, 1995) The final drawback is the value of your company. This is not only a problem for investors, but also when you go to borrow money. How do you determine the exact worth of the corporation? Earlier we learned that company now has more value placed on them than just the liquid assets. How does a lending institution loan money, certainly not on the value of people? They need hard assets to back up a loan. What we have is two different values of the same firm. The problem comes when your market value far exceeds your lending value. The reason is that you may need a certain amount for a loan to stay competitive, yet because of hard asset value you can not afford it. The sale of more stock is an option, yet companies may not want to put themselves in a position to have a hostile take over (Rayport and Sviokla, 1995). Conclusion As the technology of gathering and distributing information and supplies increases our business world faces problems. The positive aspects far outweigh the changes that companies will make to accommodate new Supply Chain assets. Companies are currently getting on board the information technology train; this trend appears to continue in the future. Over the history of humanity there has never been a lack of need for information. The science of Supply Chain Management can either make or break business today based on utilization of the service. The company that remembers employees now play a major role in adding data to the information warehouse will reap large rewards. The personal uses of Supply Chains are still a bit behind the business world but still make home life a lot easier by paying the bills electronically. The value system has a way of righting itself, so company values on both the market and in lenders’ eyes will equal in the end. The best proof positive example that the use of Supply Chain Management works is with the U. S. automakers and the recent increases in market share they have seen. The turnaround owes its success to the faster processing of information, especially the desires of the customer. Supply Chain Management is the most important set of skills and tasks that a company has today. How to cite Hypothesis Supply Chain Management in Today’s Business Climate, Essay examples

Assignment on Auditing Laws Auditor Independence

Question: Describe about the Assignment on Auditing Laws for Auditor Independence. Answer: Introduction: The current assignment focuses upon the different sets of relevant auditing standards and sections pertaining to the hypothetical as well as real scenarios. The current set of answers deals with the different sets of role played by the policy making in terms of auditing and fair representation of financial figures in terms of the company. Moreover, appropriate care has been taken to ensure mentioning the relevant references pertaining to the topic under discussion. The different sets answers are directed at showcasing the applications of different sets of rules underlined in the Corporations Act as well as other relevant acts with regards to the provided sets of scenarios. The different set of circumstances that gives rise to the levels of conflicts of interest is regulated through the use of different sets of auditing practices. Regulations pertaining to the maintenance and facilitation of the performance of financial services and the different types of entities are covered through the guidelines in the Corporations Act, 2001. 1.A) Role of ASIC in investigating allegations such as insider trading The Australian securities and investments commission act (ASIC act) is responsible for ensuring that the Australian financial markets are fetched with fair and transparent information, which are supported by confident consumers and inform investors. It is an independent body under the Commonwealth Government of Australia, which is set up under the ASIC Act 2001. Most of the regulations of the ASIC act are based on Corporations act 2001 (Asic.gov.au. 2016). The ASIC is set to regulate the Australian companies, different types of financial services and corporate markets of Australia. The main role of ASIC seen in terms of financial services regulator which is responsible for contributing to the economic reputation and ensuring the well-being of the Australian financial markets some of the rules under ASIC act includes: Maintenance and facilitation of the performance of financial services and the different types of entities Promotion of confident and pre-informed participation by the consumers and investors in the financial system fective administration of law with minimum procedural requirements Enforcement and making the law effective Efficient receiving of the store and process and the information given to ASIC making the information of the companys and other financial bodies available to the public at the earliest Insider trading is the act of dealing in the stock of public company or other securities life bonds by individuals with access to important nonpublic information of a particular organization. It is considered illegal and unfair by other investors who do not have permission to access the information. Hence, it is important to investigate allegations such as insider trading as the information obtained can potentially make larger profits, which a typical investor cannot make (Austin and Smith2014). As per Corporations Act 2001, it is stated the use of information for the purpose of acquisition or disposal of the financial products or procuring another person for acquisition or disposal of the same is considered as an illegal activity; hence ASIC is responsible for detecting and investigating such acts (Bromberg et al.2016). B) Professional independence Professional independence is termed as independence of the internal or external auditors which may include from parties to have a financial interest in the audit being conducted. Definition of independence of mind The independence of mind suggests that the brain permit the provisioning often opinion without being altered by influences, which comprises professional decision-making or judgment, and allowing and individual to act with required amount of integrity. The independence of mind also includes exercising of professionals skepticism and objectivity in the activities (Lexicon.ft.com. 2016). Definition of independence of appearance The definition of the independence of appearance deals with avoiding the facts and situations which are significant enough to ensure the integrity by a third party. The information should be reasonable enough with adequate knowledge of relevant information including forms capability, integrity professional skepticism and objectivity. In other words it can be also stated that independence of appearance is related with avoiding relationships which may be seen to threaten the willingness or the capacity to criticize and scrutinize the managers. In the process of being friend in Facebook as well as LinkedIn may be seen as an act of independence of mind. C) The insider trading is related the threat of independence of appearance. This is because the maintenance of relationship seen to be threatening to the capacity and scrutiny of the managers. As per the code of ethics for professional accountants (APES 110), the companies need to provide up to date education on different types of ethical problems, and defaced and the legal restrictions which may raise the potential threat of insider trading in an organization. As per the (APES 110) it has been also stated that professional accountant in a firm should not involve himself/herself in manic relation of information for personal gain. The regulation also states that confidential information should not be used for the purpose of personal gain. This is clearly stated under section 314 of financial interests. The different types of the policies for independent management also deter minds the level of the regulation of the senior management and disclosure of the relevant interests and share k nowledge for employing organization in accordance with the internal policy framework (Abdul Wahab et al. 2015). 2. Auditors liability towards shareholders: Auditors duties under the Australian Auditing Standards includes ensuring that the financial statements are bereft of any material misstatements, irrespective of whether such misstatements have occurred due to fraudulent activities or because of errors. ASA 200 denotes the fact that the potential consequences with regards to material misstatements are significant in cases where fraudulent activities are involved. As the risks of failing to detect material misstatements by auditors are more severe compared to the frauds committed by staff of such organizations, liability of auditors increases substantially. ISA 700 para A 28 (1)c states that appropriate set of ethical guidelines are required to be followed in terms of engagements in Auditing services. In the current case of TNT Limited it is observed that the auditors did not apply due diligence or have not investigated the degree of genuinely represented financial figures amongst the data that the management has provided to such audi tors. Auditors liability towards the company: As mentioned in the ASA, the Auditors responsibility increases substantially in cases pertaining to detection of material misstatements and frauds. Moreover, the reinforcing of professional skepticism in conducting auditors in order to detect and manipulation of financial statements by the management of the respective company comes under the purview of auditors. According to the AAS 330, Para A37-40 the auditor is required to seek further assertions about fraudulent entries in the financial statements barring which the auditor can be held responsible in a case of professional misconduct along with negligence. Moreover, ASA 720 para A25 clearly states that the summarization of financial figures should contain additional set of information through footnotes and information regarding the entitys methods of coming up with such financial data. Auditors liability to individual creditors: It has been clearly mentioned that the auditor has to assess any probability of financial misstatements as contained in the para A12 and A13 of the AAS 315. However, the auditors cannot be held fully responsible for a wrongful assessment of the solvency of the company. Section 307c of the Corporation Act states that the auditors are required to provide declarations pertaining to the fact that there have been no contradictions and contraventions with regards to the Auditors independence in conducting the auditing procedures. Thereby, the auditor clearly mentions that there has been no influence of management upon the Audit report in accordance with the aforementioned section. Moreover, under subsection (1) and subsection (3) of Section 307 the declaration by the auditor is compulsory and thereby the auditor cannot be relieved fro impending penalties and legal repercussions of certifying a financial system that is misrepresented. 3. Audit expectation and performance gap The different elements of the Model suggested by Brenda Porter states the Related to reasonableness, deficient performance gap and deficient standards gap. As defined by Porter in the year 1993, the composition of performance gap based on the non alignment in terms of the social expectations regarding achievements of auditors is compared to what the auditor actually ends up achieving (Ruhnke and Schmidt 2014). A reasonable performance gap is defined as what is expected by the auditors from the society, which can be reasonably accomplished. The gap related to the reasonableness is associated due to unreasonable locations. The main accusation surrounding the file was due to breach of payment terms made to Platini in the year 2011 with an amount of $ 2m of disloyal payment. The ethical committee of FIFA clearly suggested that Sepp Blatter along with Michel Platini showcased an abuse of power with regards to their posts as FIFA president and UEFA president respectively (BBC News. 2016). As per the financial statement provided by the auditors of KPMG, the consolidated financial statement of FIFA truly stated in depicting it fair and true view of the financial standings and the resultant of the operations of the cash flow they are properly maintained in accordance with international financial reporting standards (IFRS) and complying with the analysis below. The auditor of KPMG also suggested that the conduction of the audit was in accordance with Swiss auditing standards and SWISS as well as IFRS. The main difference between the perceived performance gap of auditors and the expectation of the society are seen due to several reasons. This is mainly seen because auditors provided an incomplete service to see for by not maintaining the standards of Swiss auditing standards and the laws of as per international standards on auditing (Porter et al. 2012). 4.(a) The name of the relevant company is Telstra Corporation Limited and the financial year end of the company is 30th June, 2016. (b) The total number of member comprises of 4 members chaired by an independent director. (c) The audit committee is chaired by independent directors, and as per company statute the other members are independent as well. (d) The ASX has recommended that the audit committee has to be constituted of independent and non executive directors including the committee chairman. This is required to be done in order to mitigate the agency problems as misstating the financial statements becomes relatively streamlined in case the audit committee has a conflict of interests. Moreover, the risks of overstating profits and bankruptcy are reined in case where the audit committee is devoid of any executioner power in board and who play the role of an overseer in terms of companys activities. Further, independent directors are considered to be the safe keepers of shareholders interests and thereby the reports pertaining to the financial statements are less biased and are less influenced by the company executive directors. (e) The audit fees exceed 10% of annual external audit engagement fees. As the guidelines set up by the company stares that fees earned by Ernst Young cannot exceed 1.0 times in regards to the overall fees and expenses in regards to auditing of the company. (f) The independent directors report regarding the non audit services under the purview of Ernst and Young the auditors of Telstra. The committee on audit and risks comprising of independent and non executive board members states the provision with regards to the non audit services of the company is in accordance with the general standard pertaining to the guidelines mentioned in the Corporations Act, 2001. The non audit services are stated by the company to have been conducted without compromising the level of independence of the auditors. The prohibited services according to the company policies and in accordance with the rules laid down in the Auditing Standards, the auditors are restricted from reviewing their own works pertaining their non audit services such as advices regarding corporate restructuring of the company, guidance in terms of tax policy in order to reduce the overall tax burden of the company, and reviewing different set of prospective acquisitions. (g) Increasing the non audit fees over the audit engagement fees encompasses several sets of problems in terms of conflicts of interests. As the non audit services comprises of several instances of assistance in regards to taxation policy of the company, the increases of non audit fees can lead to misappropriation of revenues through tax policies that are detrimental to the company. Moreover, the suggestion in regards to the corporate policies that are offered by the auditors can lead the pathways towards overstating of profits in regards to such decisions. (h) Ernst Young were the external auditors of Telstra for financial year 2015. (i) S J Ferguson of Ernst Young signed the audit report. (j) The report was signed on 11th August, 2016. (k) The audit report mentions AASB 101, Section 300A of the Corporations Act. (l) In the auditors opinion the financial statements of Telstra Corporation has been done in accordance to the guidelines mentioned in the Corporations Act, 2001. The financial statements of Telstra give a fair view of the entitys financial figures and performance for the year ended 30th June 2016. Moreover, the financial statements have been made in accordance with the International Financial Reporting Standard. (m) Ernst and Young were hired for providing external audit service to the company. The transparency report pertains to the year 2015. (n) The transparency report encompasses review of the auditory proceedings and thereby provides documentary evidence regards to the degree of transparency maintained in auditing the financial statements of the company. The scope of auditory and non auditory services provided by the external audit firm is enumerated in the enumerated in the transparency report. Further, the report also seeks to present the degree of alignment between the auditory services provided with that of professional value creation. Moreover, the transparency reports also seek to evaluate whether the auditors have been able function independently without any form of explicit or implicit coercion on the part of the management. The transparency reports tend to enumerate the different auditory policies of the company in light of existing corporate and governmental laws. (o) The revenue of Ernst and Young from audit services $318,000 million which comprise of 26% of all revenue generated by the firm. The total revenue of Ernst and Young stood at $1,286,000 million. (p) The transparency report is not audited by external auditors. However, ASIC has reviewed the transparency report and provided an undisclosed report to the audit firm. 5. a) The procedure for the testing of the audit consists of the various considerations on the matter, which are significant to the year-end of the financial statements. This includes the related party transaction and the changed conditions, items related to financial statement and pronouncement related to recent accounting. Additionally the planning related to the audit data and the understanding of the different types of the internal control for the auditing and the application of the relative test before the conduction of the transaction prior to the dates given in the balance sheets. The above provided case consists of an audit risk as the transactions on the basis of the footnotes provided under the section AU 313. This section is related to the substantive test prior to the balance sheet clearly states that the test of the details for the reductions of the account like the property, equity capital, debt and investments (Pcaobus.org. 2016). The different types of the test related to consider the details of the transactions further states that the prior dates can be applied to the items such as the deferred charges, warranty reserves and clearing accounts. This shows that the prior dates in the sale documentation are not applicable in the above case and there is a considerable risk associates with the financial disclosure in case the prior dates with the sales are taken into consideration. Hence, it shows a considerable amount of audit risk. b) The different types of the risk model such as the inherent risk arises due to the material misstatement provided in the financial statement which are being caused due to the error detected as a result other than the failure of the controls. The control risk, are detected when the misstatements are due to the failure in the operation of the relevant entity controls (Griffiths 2012). The above-discussed risk falls under the category of detection risk as the various types as the auditors failed to detect the material misstatement shown in the financial statement of the company. An auditor is responsible to show the different types of the risks associated with the material misstatements in the balance sheet due to either fraud or error. The different types of the risk association in the detection risk are also due to the inherent limitations of the audit and the usage of the different types of the sampling related to the selection of the transactions (Hines et al. 2015). c) The key account affected for the account balances affected needs to be understood with he relating of the all the different types of the financial statements. The first financial statements affected due to the inclusion of the prior date in the sales invoice are the journal entries. The set of the financial entries getting affected is the ledger entries. The balance under the retained earnings under the balance sheet section is also seen to be getting affected with the inclusion of the above entry (Sadgrove 2016). d) The different types of the assertion which are to be tested in the audit report are related to the different types of the items such as: Occurrence Transactions, which are recognized in the financial statements, which have taken place, related to a particular entity. Completeness The transaction which were meant to be recognized in the financial statements Accuracy Te accuracy factor is related to recording the entities in an accurate manner. Cutoff The transaction that are recognized in the appropriate accounting period. Classification Then different types of the transactions which are included in the section of the financial statement and further shows then fairness in the reporting (Accounting-simplified.com. 2016). Conclusions: The above answers showcases the fact that regulations on the part of ASIC and ASX along with set of regulatory guidelines laid out in the Corporations Act, 2001 tends to minimize level of misrepresentation pertaining to the financial statements. Moreover, the different acts are aimed at putting responsibility in terms of the liabilities of auditors in case of certifying a report that does not contains fair representation of the entitys balance sheet figure and income statement. The different types of the policies for independent management also determine the level of the regulation of the senior management and disclosure of the relevant interests and share knowledge for employing organization in accordance with the internal policy framework. The role of auditors is imperative in maintenance of integrity in financial operations of the activities. 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