Audit Program, Materiality, and Rent Holiday Essay - 1

Essays on Audit Program, Materiality, and Rent Holiday Essay The paper "Audit Program, Materiality, and Rent Holiday" is a brilliant example of an essay on finance and accounting. Audit Program:The audit program is complete guidance regarding the evaluation process of businesses. It includes instructions on what and how much amount of data as evidence should be collected and analyzed. Further who will collect and analyze the data. Firstly all the accounting principles are understood and then audit strategy is formalized. It portrays an understanding and insights about the system and it is a fusion of mix of compliance which is basically tests of control and some other substantive tests that the auditors intend to do. The major purpose is to assist the performance of audit, record and control the implementation of audit, record all the objectives, purposes, procedures, sample size, timing and the basis of selection and it serves as evidence to the opinion of one performing an audit (Arter).Materiality:Materiality refers to the qualitative and quantitative omissions or misstatements which make it apparent verdict that influence the decision making of users that are mostly taken on the basis of financial statements.   It is mostly related to all the important errors, balances, transactions and errors which are a part of financial statements. Therefore, it defines all the verge and limit points after which the financial statements become significant to the users. So the information which is a part of financial statements has to be sufficient and complete in all the material aspects in order for them to signify an actual and fair presentation of the business (Accounting-Simplified.com).Rent Holiday:Rent holiday is a free or highly reduced rent for some specific time and that time period must not exceed twenty-four months. This rent is allocated in the lease for this mentioned period. Qualifying as a rent holiday depends on many things such as the number of months, the term of the lease, the amount reduced and the escalation clauses regarding the future rent payments keeping market conditions in the consideration (Bailey and Gaulin).The rent holiday has to be treated and recognized on an equal basis over the life of the lease, unlike the operating leases that do not affect the company’s balance sheet. The difference between rent expense and the rent actually paid is calculated and is considered as a deferred liability if the rents in the lease are increasing but if the rents are decreasing then it is taken as an asset. The future commitments are mentioned in the footnotes to the financial statements whether they are related to the capital or to the operations ( Financial Computer Systems, Inc).Audit Program Final:The audit program is final when the consideration of an entity’s internal program is complete. It should clearly define the scope of the audit and it should obtain the cooperation of all the auditees. Further, the team of auditors is formed up with the defined leading auditor, the audit plan has gained approval and has become a part of organization set of policies, it clearly reflects the all the purposes and objectives of audit and a report presenting all these are prepared by the audit program manager then the audit program is final and ready to launch (Kausek).

Dbq Free Essays

During the late 1800s and early 1900s, Progressive reformers worked to improve American society. Their goals included protecting consumers, regulating child labor, improving working conditions, and expanding democracy. The ones being talked about in this essay are protecting consumers, regulating child labor, and the improvement of working conditions. We will write a custom essay sample on Dbq or any similar topic only for you Order Now Protecting consumers is important in various ways. It is unhealthy not to be protecting consumers. By doing this businesses would be waning because once buyers know that their supplies are unhealthy for them they will not buy and will not want it.This is better yet known as supply and demand. Pernicious materials were still being produced and the materials were bought cheaper rather than safe for the buyers. For examples, chemicals, harmful dyes, and contaminated substances were some of the materials. One book titled The Jungle by Upton Sinclair helped these statements get across and actually make a change. Even President Theodore Roosevelt read it and took note of the events that went on in the factories. He asked the Congress to pass the Meat Inspection Act but even though some people do not agree with government being involved in business activities, the act was passed.The Meat Inspection Act provided $3 million toward a new, tougher inspection system, where government inspectors could be on hand day or night to condemn animals unfit for human consumption (Doc 2). This means that inspection cost wouldn’t be paid by the companies it would be paid by the government. By doing this, this put things on the right track. The protection of consumers is associated with the improvement of working conditions. Since the workers are daily grinding they are worn out and enervated.Also they are working in harmful factories with germs and diseases in the air. Does this make it safe for them or how about the consumers? The answer is everyone is at risk. In meat packing factories, employees would get cut by their butcher knives or by machinery. They would have no nails, they had worn them off pulling hides; their knuckles were swollen so that their fingers spread out like a fan ( Doc 1). It was a bit safer in clothing factories but still workers were still working in unhealthy conditions. Everyone was bunched in hot rooms. Diseases were easily spread. Once one person got sick everyone got sick. The machinery used in the factories was not safe. People lost their hands and fingers. This brought depression to people’s lives. In 1912 New York changed working conditions. New York State Factory acquired automatic sprinklers for all floors above seventh floor of buildings; broadens regulation and inspection of workplace safety (fire escapes, safe gas jets, fireproof, receptacles, escape routes, fire drills) ( Doc 4). This brought better changes in the way the employees worked. How to cite Dbq, Papers

Impact of Entertainment Agencies on UK Economy

Question: Describe about the Impact of Entertainment Agencies on UKEconomy ? Answer: Contribution of the entertainment industry to the UK economy The Entertainment industry that is associated with music, television shows and computer games have contributed greatly for the improvement of the overall economy of UK (Borgo et al. 2013). The entertainment industry was solely responsible for 1.7 million jobs in UK which contributed greatly for the improvement of the economy of UK. New reports published on 13th January 2015, shows that UKs entertainment industry associated with film industry, television industry are now contributing 76.9 billion per year to the economy of the United Kingdom. This contribution in the year 2015 is an all time high which equates to 8.8m per hour or 146,000 per minute (Cunningham and Potts 2015). The government of UK itself is supporting the entertainment industry because they understood that the entertainment industry is the main source of growth in the country that also drives investment and tourism. The government of UK is also providing tax relief to attract foreign investments. "Create UK strategy" that was published last year clearly indicated that government is all set to work together with the country's entertainment industry to ensure the continuous economic growth of the country (Thecreativeindustries.co.uk 2016). Key findings from the statistics released in January 2015 will show how the entertainment industry has helped the UK economy. The gross value of UK's entertainment industry was 76.9bn in 2013 and accounted for five percent of the total contribution to UK economy (Gov.uk 2015). Entertainment industry created near about 1.7m jobs which were 5.6 percent of total UK jobs (Castella and McClatchey 2011) Entertainment industry exported services worth 13.7bn, 8.8 percent of total UK service exports (Castella and McClatchey 2011). According to The Creative Industries Council, 2015 was another great year for the entertainment industry of UK. UK is now placed as the leading global hub for the creative industry,. Films and video games that contributed greatly towards the entertainment industry and the economy of the UK are mentioned below: Films Avengers: The Age of Ultron (Marvel Studios/ Walt Disney Studios). This was a sequel to 2102's blockbuster movie Marvel's The Avengers. The movie grossed a healthy 8.5 million in its and earned a total of 32.3m. Pan (Warner Brothers). This movie failed to impress UK audiences. However, it earned $1.3m in its opening week. Hotel Transylvania 2: With a huge opening of 6.32m, this movie claimed the top position in UK box office chart. Spectre (Sony Pictures Entertainment/MGM/EON): It was the latest installment of the 007 franchise. The movie earned 64m within 14 days in UK market. Video Games Batman Arkham Knight: It was the conclusion of the one the most popular game Arkham Trilogy. Tearaway Unfold- A video game based on 2013s hugely successful Tearaway story. Total War: Attila: It was the ninth game in the total war series of video games. Figure 1: Contribution of entertainment industry in UK economy (Source: Vogel 2014) Video games are bigger than Hollywood in UK According to Daily mirror UK, video game industry has shown unimaginable growth and boosted the economy of UK than Hollywood industry. For example, the first person shooter game Call of Duty: Black Ops 3 has achieved grossed $550m in its opening weekend when Jurassic World managed to gain $512m (Parsons 2015). Another recently released video game Halo 5 managed to trump James Bond in the UK entertainment market. James Bond: Spectre managed to acquire 6.3m on its opening day when Halo 5 pulled 7.7m (Parsons 2015). According to Activision, the developer of Call of Duty series, fans collectively played Black Ops 3 online for 75 million hours. Music industry Artists like Sam Smith, Ed Sheeran and Paloma Faith has helped the UK music industry to gain 4.1bn in the year of 2014. The market growth was 5% overall and in 2015 the growth was 2.6%. Figure 2: Bestselling albums in UK (Source: BBC News 2016) Figure 3: Contribution of music industry in UK (Source: BBC News 2016) Comparison between local, regional and national funding agencies According to research, it has been found that British Broadcasting Corporation (BBC) Trust has increased investment at regional as well as national levels that are directly affecting local level. BBC contributed 40 million to building local TV infrastructure (Gov.uk 2015). BBC's investment in the UK's entertainment industry has various economic impacts. The stable funding is a source of stability in the broadcasting industry. BBC is also the single contributor for training within the broadcast industry. The agency stimulates consumer demand for new technological platforms (Gov.uk 2015). BBC also involves in markets by preventing the use of potentially profitable business models. BBC develops and supports new talent, new markets, and technologies. BBC impacts revenues for making businesses profitable. BBC partners with Gaelic Media Service that also provides economic impacts at the local level. The consumer demand is stimulated by technological innovations. BBC also impacts competitiv e markets through quality benchmarking and creating a skilled talent pool. In this manner, BBC supports local development, local culture and other benefits (Gov.uk 2015). For the regional level, British Film Institute (BFI) has taken the role and responsibility of distributing lottery money since April 2011 (British Film Institute 2012). The UK film industry has had direct regional impacts. The rate of employment has increased by 7.2% in West Midlands (British Film Institute 2012). The rate of total employment has changed significantly. Film production has been a new source of economic growth in different regions. Another regional funding for development is Northern Film Media. The funding helps in driving the development of a commercial, competitive, creative and successful reputation. The funding agency does not provide support for music videos, corporate films, short films or adverts (NFM 2016). The Yorkshire Content Fund by Screen Yorkshire has a dramatic impact on various production levels. It attracted big budget international feature films as well as events like Tour de France. These investments impact the overall revenue of UK entertainment a nd venue industry. Yorkshire also screens various cityscapes such as coast and urban areas that impact tourism industry (Sherwin 2014). At the national level, Creative England Film Enterprise funds 2m for improving the growth of entertainment and venue businesses outside of Greater London (Creativeengland.co.uk 2016). The agency encourages new business alliances for enhancing international trade. The agency further welcomes applications from companies who can demonstrate their skills and capacities. The Film Enterprise offers various development and support programs to the film-related business by offering recoupable grant, equity, and debt. This fund is used to plan leadership training, business planning and mentoring at the national level (Creativeengland.co.uk 2016). There are other national film agencies such as Creative Scotland, Northern Ireland Screen and various others offer various development opportunities for creativity and film skills development (Weareukfilm.com 2016). References BBC News, 2016.British music industry boosts economy by 4.1bn - BBC News. [online] BBC News. Available at: https://www.bbc.com/news/entertainment-arts-34722928 [Accessed 25 Mar. 2016]. Bbc.co.uk, 2014. UK's creative industries beat employment downturn - BBC News. [online] BBC News. Available at: https://www.bbc.com/news/entertainment-arts-25742231 [Accessed 22 Mar. 2016]. Borgo, M.D., Goodridge, P., Haskel, J. and Pesole, A., 2013. Productivity and Growth in UK Industries: An Intangible Investment Approach*.Oxford Bulletin of Economics and Statistics,75(6), pp.806-834. BritishFilmInstitute, 2012.TheEconomicImpactoftheUK FilmIndustry. [online] Available at: https://www.bfi.org.uk/sites/bfi.org.uk/files/downloads/bfi-economic-impact-of-the-uk-film-industry-2012-09-17.pdf [Accessed 26 Feb. 2016]. Castella, T. and McClatchey, C., 2011.Whatever happened to full employment? - BBC News. [online] BBC News. Available at: https://www.bbc.co.uk/news/magazine-15276765 [Accessed 26 Feb. 2016]. Creativeengland.co.uk, 2016.| Creative England. [online] Available at: https://www.creativeengland.co.uk/film/film-business-support [Accessed 26 Feb. 2016]. Cunningham, S.D. and Potts, J.D., 2015. Creative industries and the wider economy.The Oxford Handbook of Creative Industries, pp.387-404. Densham, S., 2016. Creative Industries worth record 84.1bn to UK economy | Ukie. [online] Ukie.org.uk. Available at: https://ukie.org.uk/news/2016/01/creative-industries-worth-record-%C2%A3841bn-uk-economy [Accessed 22 Mar. 2016]. Gov.uk, 2015.2010 to 2015 government policy: media and creative industries - GOV.UK. [online] Available at: https://www.gov.uk/government/publications/2010-to-2015-government-policy-media-and-creative-industries/2010-to-2015-government-policy-media-and-creative-industries [Accessed 26 Feb. 2016]. Gov.uk, 2015.Creative Industries now worth 8.8 million an hour to UK economy - Press releases - GOV.UK. [online] Available at: https://www.gov.uk/government/news/creative-industries-now-worth-88-million-an-hour-to-uk-economy [Accessed 26 Feb. 2016]. NFM, 2016.Funding Homepage. [online] Available at: https://northernmedia.org/funding [Accessed 26 Feb. 2016]. Parsons, J., 2015.Video games are bigger than movies and here's the proof. [online] mirror. Available at: https://www.mirror.co.uk/news/technology-science/technology/video-games-bigger-hollywood-call-6811936 [Accessed 25 Mar. 2016]. Sherwin, A., 2014.Tour de France effect brings Hollywood blockbusters to Yorkshire. [online] The Independent. Available at: https://www.independent.co.uk/arts-entertainment/films/news/tour-de-france-effect-brings-hollywood-blockbusters-to-yorkshire-9623943.html [Accessed 26 Feb. 2016]. Thecreativeindustries.co.uk, 2016.Create UK Strategy. [online] Available at: https://www.thecreativeindustries.co.uk/resources/create-uk-strategy [Accessed 26 Feb. 2016]. Ukie.org.uk, 2016. The games industry in numbers | Ukie. [online] Ukie.org.uk. Available at: https://ukie.org.uk/research [Accessed 22 Mar. 2016]. Vogel, H.L., 2014.Entertainment industry economics: A guide for financial analysis. Cambridge University Press. Weareukfilm.com, 2016.Film Financing in the UK | UKFilm. [online] Available at: https://www.weareukfilm.com/financing-in-the-uk [Accessed 26 Feb. 2016].