Finance 301 - 1028 Words

Finance 301 Review 1. The following are advantages to incorporating a business: A. Easier access to financial markets to raise capital through sale of stocks and bonds. B. Limited Liability C. Becoming a legal entity that can have a life in perpetuity. 2. Board of directors is elected by, and represents the interests of the shareholders of the corporation. 3. Corporate managers are expected to make capital budgeting and other decisions that are in the best interest of the corporations shareholders. 4. Sound judgment and effective decision making are important attributes for financial managers because they represent the means to the desired end, to maximize the firm’s stock price, which in turn maximizes shareholder wealth. 5.†¦show more content†¦29. A common size balance sheet portrays all of the items on the balance sheet as a percentage of the firm’s total assets, and a common size income statement portrays all of the items on the income statement as a percentage of the firm’s total revenues. 30. Free cash flow is cash flow that is available for distribution to all of the company’s investors (stockholders and creditors) after paying current expenses (other than interest) and taxes, maintain adequate working capital, and making the investments necessary for growth. Market Value added- Market value of equity – book value of equity Market to book ratio- Market value of equity/book value of equity Return on assets (ROA)- After-tax operating income/ total assets Return on capital (ROC)- after-tax operating income/(long term debt + equity) Return on equity(ROE)- Net income/ Equity EVA- after-tax operating income –cost of capital x capital Operating profit margin- after-tax operating income/sales Asset turnover- sales/total assets at start of year Fixed asset turnover- Sales/fixed assets at start of year Receivables turnover- Sales/ receivables at start of year Average collection period- receivables at start of year/ (sales/365) Inventory turnover- Cost of goods sold/ inventory at start of year Days in inventory- Inventories at start of year/ (cogs/365) Long term debt ratio- long term debt/(long term debt + equity) Long term debtShow MoreRelatedFinance 301 Sample Final Exam1138 Words   |  5 PagesQuestion 1 - Bond Valuation Assume the following information for bonds A and B. 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Letter of Advice Free Essays

string(57) " stumble across some interpersonal communication issues\." Letter of advice I understand that you two are newly engaged, and were made aware that I was taking a course in Interpersonal Communication; additionally, as a couple you are seeking suggestions and advice regarding your relationship. I will share knowledge from the course material, and from my life experiences both good and bad. In this letter I will discuss strategies for empathic listening, recognizing the power of words, how nonverbal expressions affect relationships, and how to create a positive communication climate. We will write a custom essay sample on Letter of Advice or any similar topic only for you Order Now Let me assure you that this letter will certainly serve as a footprint for ways to better your relationship. I am extremely honored to share some dynamics of interpersonal relationships with you, Tim and Sara. First I would like to qualify myself by stating that with the help of God, my wife and I celebrated 31 years of marriage on April 19, 2011; thus, I know a little bit about how to maintain a long-lasting loving healthy relationship. Furthermore, the day is your lucky day for the reason that I will share my knowledge with both of you today and set you on a path toward a long-lasting, loving, and healthy relationship. First I want to share a little bit of information about myself. I married my high school sweetheart in 1980, and we are still together after 31 years. I am the father of three wonderful children and from them I have three grandchildren. My two granddaughters are the most beautiful girls in the world with the exception of my wife, and I believe that is enough about me. All right let me began with a brief introduction of what my thoughts are regarding Interpersonal Communication; additionally, I will reference different material throughout this letter. The human race is a highly interactive being who desire and crave relationships with others of its kind (Sole,†¦ Although interpersonal communication can be the building block to successful communications between you and your loved one, it could also effect how you and your loved one interact with each other by not being a good listener and speaker. Hello my name is and I will be providing you with a little bit of advice in order to keep and maintain a strong healthy relationship. I will cover various subjects such as self-disclosure in relationships, how to be an empathic listener, the appropriate levels of self-disclosure, also strategies for managing interpersonal conflicts and so fourth. Keep in mind I will not be including anything from my own private life; I will be providing you just guidelines. Self-Concept is developed and maintained by the things we as humans are prone to watch and follow, self-concept is also perceived by our peers, by our parents, sisters, brothers, neighbors and so forth. Purkey (1988) states that your self-concept is learned; it is organized, it is dynamic, and it is changeable, you can construct this sense of self through communication with yourself and with others by what you tell yourself and what others tell you about yourself. Because I am giving you the tools to maintain your relationship, your self-concept of one another will only get worst if you both are unwilling to change and maintain who you are. While it would be much simple to completely to ignore each other, the fact will remain, you both must be civilized when communicating. It’s only a reminder that you are not only doing it for yourselves, but you are learning to be better civilized people as well. Moving on, I would like to talk to you about strategies for developing active, critical and empathic listening. Anybody could be a good listener, but the difference is while doing so one must be able to become empathic, understand what the other person is talking about. Although you may have a really great†¦ Dear Johnny and Elizabeth, I am greatly honored that you are seeking my advice on communication in your relationship and congratulations upon your new engagement. As you understand I am currently taking a class on Interpersonal Communication and I will share with you what I have learned in throughout the course of the class and also some personal experiences both good and bad. There are many components that make up good communication, many assume it comes naturally. The fact that we have been communicating all of our lives does not mean that we do it well. (Sole, 2011, sec. 1. 1) Communication is extremely complex, it requires many skills and you must be willing to not only practice these skills, but also continue learning to improve upon these. There can be many issues while learning to communicate effectively. In order to enjoy a harmonious and generally pleasant relationship one must strengthen bonds by listening effectively which helps solve communication problems constructively. Sole, 2011) In order to help you on your quest for knowledge, I will go over a few important things I think you should know about interpersonal communication. This advice I believe should help you improve upon your communication skills which is required when you want a healthy strong relationship. When it comes to a healthy relationship, effective communication is the cornerst one on which you build upon. If you cannot communicate properly or effectively, it will have effects in your personal life. In order to have a successful healthy relationship, effective communication is the most important skill that one can learn. First I would like to share a little bit of information about myself. I have been married for almost 13 years to my wonderful husband. We started dating in high school, which makes him my high school sweetheart. I do know a little bit about on how to maintain a long-lasting loving healthy relationship. I am the mother of a loving son who has been a†¦ Letter of Advice Dear Sara and Tim, I have put together a small guideline for you to use in case you happen to stumble across some interpersonal communication issues. You read "Letter of Advice" in category "Essay examples" I wish you the best with your upcoming engagement. Thank you for asking for my advice so that I can put some of my schoolwork into use. I always heard that if you do not use it then you lose it. I have listed, explained in detail, and even thrown in a few examples from my own personal experiences. I hope this guideline contributes to helping you effectively use interpersonal communication in your relationship. I will try to help you recognize, develop, evaluate, access, and identify as a couple. You cannot not communicate, relationships do not grow strong without communication. The key to a successful marriage is honesty, communication, and knowing the power of your words. The process by which self-concept is developed and maintained. Has anyone ever told you that first, you must be happy with yourself before you can be happy with someone else? You need to do an evaluation of yourself before you get married. Self-Concept is a list of traits and characteristics you use to describe yourself. â€Å"Today most researchers believe that who you think you are is a complex mix of how you see yourself; how others see you; what parents, teachers, and peers have told you about yourself; and what your society or culture tells you that you are or should be. Your self-concept is learned; it is organized, it is dynamic, and it is changeable† (Purkey, 1988). The major part of the way you construct your self-concept is by choosing to accept or reject what other people tell you about yourself but you should always be open minded to others opinions of you. Whether you agree or disagree. Although keep in mind that other peoples opinions, are not always correct and you should not always agree with what they think of you. There†¦ Dear Reggie and Jamie, Thank you very much for asking for my advice on your personal relationship as you enter your realm of matrimony. As you know, I am taking interpersonal communication as one of my classes, and as a close friend to both of you, I would love to share some of the information I have learned for the journey you both have planned ahead. I know that you are newly engaged, and this information will definitely prove to be of use in your relationship. My advice to you for a successful relationship is to always maintain effective interpersonal communication. We have all heard â€Å"communication is the key in marriage,† and this proves to be true in many different concepts. Having effective communication is a key to building a stronger and better relationship, therefore this is my letter of advice to both of you showing how this effective communication can help improve the interpersonal communication in your relationship. To begin in any relationship, it is very important to understand the basic principles and misconceptions that take place in communications. This is essential to be sure that we are communicating and not just talking. In an online book â€Å"Making Connections: Understanding Relationships†, Kathy Sole explains the role of many terms related to effective communication. In communication there is always a sender, a receiver and the message itself. She further emphasizes that listening is a very important part of communicating (Sole, 2011). As a matter of fact, listening is the largest part of any communication and it can be verbal or in reading form. Listening and providing feedback are the ways we can determine that we understand what is actually being sent. While it is very easy to talk, it is not as easy to actually communicate in a way in which we can discover things about the person with whom†¦ Hello Aaron Kelly, I understand that you two are newly engaged and planning a fall 2012 wedding. I am currently taking a college course in interpersonal communication and I want to share with you knowledge from the course material, and from my life experiences; both good and bad. In this letter I will discuss strategies for empathic listening, recognizing the power of words, how nonverbal expressions affect relationships, and how to create a positive communication climate. I am completely confident that this letter will serve as a guide for ways to better your relationship. I am extremely honored to share some dynamics of interpersonal relationships with the both of you. I want you both to know that I am not a relationship expert, but I have been in the same relationship with my husband for the past seventeen years. My hope is that you two can work towards a long-lasting, loving, and healthy relationship. First I want to share a little bit of information about myself. I married my high school sweetheart in 2005. We have been together for seventeen years, married for six. I am the mother of three wonderful children, ranging in age from fourteen to ten weeks old. It is important to know that marriage is not easy, and it is even more challenging when you have children; but with good communication skills, marriage and family can be the most rewarding endeavor you ever embark upon. Let me begin with a brief introduction of what my thoughts are regarding interpersonal communication; additionally, I will reference different material throughout this letter. The human race is a highly interactive being that desires and craves relationships with others of its kind (Sole, 2011). I believe life is the most precious gift in the world; moreover, empathy is the power that sustains that gift of life. In other words, when people in intimate relationships concern themselves with the problems and issues of others with compassion, and sympathy, life continues to†¦ ntroduction Interpersonal communication is defined by how close people are physically to one another and how involved they are with the other person. Interpersonal communication also plays a role in many couples’ lives. As we learn how to communicate with our partners or spouses we also learn how to give feedback to one another and how to listen better for a happier relationship. Indeed, while, interpersonal communication is not the main reason why people get along, interpersonal communication is an important factor among relationships and learning new skills for communication, as well as learning how to deal with barriers are the main keys for a better relationship. Dear Miguel and Terri, the principles of effective interpersonal communication focus in the way we interact with others. As we learn and apply these principles we learn to interact with other people like coworkers, friends, and family members. These principles can help us to communicate better on a daily basis whether at meetings, public places, or even at family gatherings. So what should we do to improve our interpersonal communication? Well, per my experience I must say we should first learn to communicate verbal or nonverbal according to our receptor during the communication. Second we must learn how to be good listeners; the skill of listening is a very important principle of interpersonal communication. Many times we think we are listening to the other person later to find out we were not, because other things were interrupting our attention. Once we learn how to communicate and listening during our communication then we can apply this principles in our own relationship with our spouses. Couples today do not communicate their feelings or even their dreams in life with their significant other, there is a broken communication that must be fixed for the marriage to be maintained and remain together. When couples†¦ Dear Susie and Michael, Personal and Interpersonal communication conflicts can be solved with strategic communications, and self-concept maintenance and development while understanding interpersonal impact of gender and culture. Communication is very important in a relationship without it your relationship will crumble and fall. Learning to communicate effectively is very important in any type of relationship. Whether it is a personal, business or family matter that needs attention when the individual takes the time to listen to what is being said and responds in the appropriate ways of communication When you fail to listen you are not hearing what your partner is saying, you think you hear it but can be totally opposite of what was said. This is one of many reasons why people seek advice from others instead of their  spouse. I will take what I have learned in this class and use it to the best of my ability to help you as much as I can. In this letter I will explain to you the principles and misconceptions in interpersonal communication, the process by which self-concept is developed and maintained, ways for people to improve their personal communications and communication competencies, strategies’ for managing interpersonal conflict, and understanding the impact of gender and culture on interpersonal communication. I want to talk bout the principles of effective communication and give you some positive tips to help you and your partner become better communicators. I believe that when you treat each other with respect will prove beneficial because it lets your partner know that you can focus all your energy on them and not focusing your energy on other people. And ways that you can spend all of your energy an d attention on your partner is very simple just enjoy each other’s company and making yourself present for loved ones instead of being distracted by your problems with others will definitely let your partner know that you are more†¦ Letter of Advice When it comes to marriage everyone has advice whether it how to cook, what to wear to bed, how to be romantic or just what it takes to make your marriage last. In all relationships communication is the key. Talking, verbal or non-verbal communication makes a difference. There are a lot of misconceptions in marriages and relationships. The words we use can affect our relationships, because there are times we say things out of anger or hurt feelings. In this letter I will share some advice to my friends who just got engaged and are planning their wedding. Recognize how words have the power to create and affect attitudes, behavior, and perception. Dear Jim and Sue be careful of the words that you say to one another whether it is general conversation, passion or out of anger. Words can make you feel good and they all so can make you feel bad. The words you chose can cause self-esteem issues distrust or hurt to the core. Harsh words can create bad attitudes in a relationship, create unpleasant behavior and the wrong words create perception that you are mean and uncaring. Advice Letter Identify the barriers to effective interpersonal interactions The barriers of effective interpersonal interaction will keep the communication lines open. The barriers can be constructive or they can be insulting. Don’t always be on the defensive because it will close the line of communication. When there is a misunderstanding there is a breakdown in communication. Build trust with one another trust is something that is earned, the second thing is open and bold when you communicate and have respect and try to get past what the break downs in communication are. Communication is the key and how well you communicate will cause a good and lasting marriage. Dear Trent and Tara, I would like to say congratulations on your engagement. I am honored you would like advice from me on interpersonal communication in your relationship. The knowledge that I have obtained during the interpersonal communication class will allow me to give you helpful information on the communication processes. Communication is the most important part of a marriage and any relationship. The areas that I will address will be effective communication, the barriers, self-concept development and maintenance, strategies for listening, and strategies for interpersonal conflict. Explain the Principles and Misconceptions in Effective Interpersonal Communications. Effective interpersonal communications is a very important part of marriage. In her book, Making Connections: Understanding Interpersonal Communications Sole (2011) said â€Å"Interpersonal communication is a lifelong study that requires ongoing practice for everyone (Sole, K. 2011, sec. 2. 5)†. In this section I will explain to you the principles and misconceptions in interpersonal communications. The principles of interpersonal communications are a share between the sender and the receiver. Barnlund’s (1970) principles of interpersonal communication are: â€Å"Communication is complex. It involves a number of factors such as language, power, the relationship between the parties in the communication and other elements, and meaning is constructed through transactions with other people. Communication is continuous. Transactions are always taking place. Communication is dynamic; it is always changing due to the constant transformations between public, private, and behavioral cues. Communication is circular. Public cues and private cues are transformed into behavioral cues, and these behavioral cues then become public cues—and the process continues. Communication is unrepeatable. We cannot exactly repeat something we have said in the past. Even if our words are the†¦ How to cite Letter of Advice, Essay examples Letter of Advice Free Essays Letter of Advice COM200: Interpersonal Communication Instructor Sara Marcus January 9, 2012 Dear William and Linda, Let me start by saying congratulations on your recent nuptials. The two of you are off to an excellent start in wanting advice on how to efficaciously communicate with one another. In taking an interpersonal communication class, I have learned several concepts that I would like to share with you throughout this letter. We will write a custom essay sample on Letter of Advice or any similar topic only for you Order Now Communication is important in developing and maintaining a relationship. A healthy communication style is vital to longer lasting relationships. The article â€Å"Can We Talk† is about the role of communication in a marriage. Nara Schoenberg gave great insight to giving advice to many that are able to read it that are in a marriage. This article highlighted how with good communication skills a marriage will be able to sustain itself for a lifetime. The results of good effective communication habits will build a strong and long lasting relationship. In reading this article Schoenberg says that communication means that you’re sharing and really getting to know one another and happy marriages exhibits â€Å"self-disclosure,† or sharing your private feelings, fears, doubts and perceptions with your partner. These statements are what make this article so relatable to its readers. We communicate in different ways but finding a compatible form of communication is key to any relationship. Being able to communicate clearly and effective requires a certain level of confidence. The text book Making Connections: Understanding Interpersonal Communications explains that the basic principle of interpersonal communication deals with concept of â€Å"who are you†. Feeling sure and comfortable of your communicating skills will ensure good communication within the relationship. Your self-concept is how you look at yourself. It is a mental image that you have of yourself and it can relate to your mental strength or status in life. One’s self-concept affects one’s perception, attitude and behavior, which can be demonstrated during the process of interpersonal communication. Aspects of one’s life influence their self-concept, which not only affect how people perceive them but how they perceive themselves. In the process of communication, self-knowledge and the way one feel about oneself is revealed to others, and affects how others react to them. Consequently, the perceptions one believes others have of them affect how they receive their communication, which influences their response. In relationships you have to be cognizant of how the opposite sex perceives things. Men hear things differently than women. I relate this to my childhood when my parents would argue and my mother would say to my father: â€Å"You hear what you want to hear†. This is evident in the study that was referenced in the article Close Relationships Sometimes Mask Poor Communication†. In the study, researchers asked 24 married couples to take part in an experiment in which two sets of couples sat in chairs and tried to figure out the meaning of phrases whose meaning isn’t entirely clear. The example used was a wife who says to her husband, ‘it’s getting hot in here,’ as a hint for her husband to turn up the air conditioning a notch, may be surprised when he interprets her statement as a coy, amorous advance instead (Healthday, 2011). One way to avoid this mistake is not to be rushed and preoccupied. Stop and make sure you understand the perspective the other is trying to relay especially since the two of you are married. In being aware of the opposite sex, you have to be aware of how you say things as well. The tone of your voice can displace the message you are trying to send. The text suggests that work to shut judgments about the speaker’s appearance, tone of voice, or other such factors out of your mind when you are speaking with someone, and focus on the words and the meaning rather than on the person delivering the message. If you are unsure of a person’s meaning, it is not taboo to ask what is meant. This is a technique that I use in my own marriage. Before a disagreement takes place, I will say to my husband: I said†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ now what did you hear? This clears up what my intended message was and helps me to modify my tone or body language that my spouse may have found offensive. This was a hard lesson learned because I was the one that said things without considering how it sounds to my husband. That was not how I wanted to portray myself and not get into unnecessary arguments. Linda you also have to keep in mind that you become very animated when you ta lk. Although William knows this about you, it could become offensive in the heat of the moment. Dr. Terry Orbuch refers to this kind of body language as a determining factor in the early years of marriage. In her book, Marital Instability, she surveyed 199 African American couples and 174 White couples who were just married and found that body language can cause significant damage in a relationship if it is read the wrong way. William should be mindful of his always present smile. In a majority of cases a great smile is a good thing. However, in times of turmoil a smile can be mistaken to mean that you are not taking the situation seriously. An excellent way to avoid conflict is to develop good listening habits. We have, at some point, exhibited poor listening skills. Bad listening habits include: Lack of interest in the subject, focus on the person, not on the content, interrupting, focus on the detail, missing the big picture, body language that signals disinterest, letting emotions block the meaning, and daydreaming. All these things can put any relationship in a downward spin. These habits could lead to misunderstandings and arguments. There are ways to avoid this. One way is to give your mate your full attention. Attend to what they are saying not just with your ears but with your entire body. Make sure you are facing each other during the conversation. Having the right attitude contributes to your desire to want to know what the other is saying. The next thing is having patience and understanding. Sometimes you might have a difficult time getting your point clearly across. If your spouse attempts to help you say what is needed don’t get upset. This could be a good thing because they understand your point. This is always a way of showing support for them. Even if you do not agree with what they are saying, make sure respect what they have to say. Good listening skills also include knowing how to manage your reactions to what is being said. Before you respond, take a moment to think about what was said and how it makes you feel. Your response should reflect how you feel but should not sound like emotional tirade. A vital key to successful communication is having the ability to understand emotions and being able to express those emotions (Sole, 2011). This is often referred to as emotional intelligence. Emotional intelligence (EI) is the ability to identify, assess, and control the emotions of oneself and others. Emotional intelligence includes making good judgments about when to deal with emotions and keep them at bay. Kathy Sole feels that emotional intelligence also directly corresponds to emotional health—the higher your EI, the more emotionally healthy you are. Ones emotional health keeps you in tuned with your feelings while being exposed to the feelings of others. This is beneficial in a marital relationship because you don’t forget about you when dealing with your spouse’s feelings. The communication skills of any couple are established early on and can improve or become worse. In a marriage, communication skill should always improve and a step towards improvement is self-disclosure. Self-disclosure is the act of sharing aspects of your personal self with other people. This act allows you find commonalities with each other as well as dislikes. Being able to open up to others is essential to developing a deeper connection Self-disclosure and communication skills overall are important components of any healthy relationship. Self-disclosure lays the foundation for the type of relationship you will have with one another. Also it plays an important role in validating self-worth and identity. While self-disclosure have many benefits the amount of disclosure depends on what will be gained and how much are you losing to your partner. Being on the receiving end of disclosure requires a level of culpability and perhaps forgiveness. William and Linda again I want to congratulate you on your recent engagement. You two have a lifetime of perfecting your communication skills ahead of you. Using the concepts that I have mentioned in this letter will make it easier for you. Thank you for the honor of asking for my advice and wish you many years of happiness. Love, Tasha References Anonymous,. Close Relationships Sometimes Mask Poor Communication. (2011,  January). U. S. News ; World Report,1. Retrieved January 9, 2012, from ABI/INFORM Global. (Document ID:  2270370591). NARA SCHOENBERG. (2011,  February  6). Can we talk? Researcher talks about the role of communication in marriages. Houston Chronicle,p. 7. Retrieved January 9, 2012, from ProQuest Newsstand. (Document ID:  2260839481). Sole, K. (2011). Making Connections: Understanding Interpersonal Communication. San Diego: Bridgepoint Education. Orbuch, T. (2007). Interpersonal Relationships, in The Blackwell Encyclopedia of Sociology, G. Ritzer (Ed. ), (Oxford: Blackwell Publishing), 2390-2393. Veroff, J. , ; Orbuch, T. L. (2009). Studying Marital Relationships. In an edited volume called Research Methodologies in  African American Communities, Edited by J. Jackson ; C. Howard (Eds. ), Sage Publications. How to cite Letter of Advice, Papers

General Agreement on Tariffs and Trade Essay Example For Students

General Agreement on Tariffs and Trade Essay The US is seeking to extend the duty-free status of international onlinetransactions to protect the development of global electronic commerce, theClinton administration said yesterday. Susan Esserman, deputy US traderepresentative, said the US wanted the World Trade Organization to agree atthe earliest possible date to extend the current moratorium on customs dutiesIn testimony to the Senate foreign relations sub-committee on Europe, MsEsserman said duty-free cyberspace was particularly valuable to US softwarecompanies that were seeking to distribute their products electronically. The US is also looking for WTO members to affirm that electronic commerce issubject to existing rules and agreements, and should not face unnecessaryregulatory barriers to trade. However Ms Esserman said more time and workare necessary before electronic goods could be subject to finalElectronic commerce in the US is forecast to grow to $1,300bn by 2003, whilein India it is expected to grow by $15bn within two years. Richard Wolffe,Protectionism, it seems, is always with us and it is useful to examine theintermittent attempts made to establish rules for its containment. This bookis one such examination, on the conception, birth, and early years of theGeneral Agreement on Tariffs and Trade (GATT); it is restricted to the years194053. It is the work of an historian but one at the political, rather thaneconomic, end of the spectrum. The heavy emphasis throughout is on theAmerican role within an essentially Anglo-American tussle. The argument isthat although trade was a relatively small p roportion of US output it was usedfor political and diplomatic purposes. The general thrust is that the US waskeen on a new liberal order and determined to break the British empirespreferential trading arrangements. However, when we read that the centralargument is that, by liberalizing trade while protecting domestic economies a bargain consistent with US trade law, practice, and history , wemight reasonably expect to be in for a roc ky ride. Politics is important and possibly even central in the process of tradeprotection, but will always be found to depend on economic forces. Thepolitics here might well be overdone. The whole story is presented as astruggle between the US and Britain/British empire. Although this tension isan old story, Zeiler takes it further and argues that the Commonwealth had amajor hand in shaping the GATT order (p.197). It is a complex story ofnegotiations taking place under conditions of extreme difficulty, and theauthor has worked diligently in the American, British and Commonwealth countryThere is, however, a lot that raises the eyebrows of the economic historian. Within a few lines of the opening we read that, global business leaders seek a commercial regime unfettered by barriers. This is rather theantithesis of the conventional understanding of businessmen almost invariably(and nowhere more so than in the US), seeking protection. And running againstthe conventional view (without seemingly noticing) is the idea that America isthe home and inspiration of free trade. The British in the 1930s opted for,Regulated, rather than American style market, capitalism (p.20). Oragain, Free trade frightened the British (p.39). And richest of all, TheBritish simply would not accept the free trade doctrine (p.24). Zeilersuggests that free trade was key to the American economy ignoring the factthat America had been one of the most protectionist countries for most of itshistory. This is unfortunate and results in a distortion of the argument, forof the GATT negotiations Zeiler say s the British were not willing partners inpursuit of lower trade barriers. At certain times that may have been true butit did not derive from long-te rm hostility. Nevertheless, in the closing pagesof the book the author does concede that the US was no unilateral free trader. .u410afae93ff2f6ea2e3d1217af9f7d33 , .u410afae93ff2f6ea2e3d1217af9f7d33 .postImageUrl , .u410afae93ff2f6ea2e3d1217af9f7d33 .centered-text-area { min-height: 80px; position: relative; } .u410afae93ff2f6ea2e3d1217af9f7d33 , .u410afae93ff2f6ea2e3d1217af9f7d33:hover , .u410afae93ff2f6ea2e3d1217af9f7d33:visited , .u410afae93ff2f6ea2e3d1217af9f7d33:active { border:0!important; } .u410afae93ff2f6ea2e3d1217af9f7d33 .clearfix:after { content: ""; display: table; clear: both; } .u410afae93ff2f6ea2e3d1217af9f7d33 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u410afae93ff2f6ea2e3d1217af9f7d33:active , .u410afae93ff2f6ea2e3d1217af9f7d33:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u410afae93ff2f6ea2e3d1217af9f7d33 .centered-text-area { width: 100%; position: relative ; } .u410afae93ff2f6ea2e3d1217af9f7d33 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u410afae93ff2f6ea2e3d1217af9f7d33 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u410afae93ff2f6ea2e3d1217af9f7d33 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u410afae93ff2f6ea2e3d1217af9f7d33:hover .ctaButton { background-color: #34495E!important; } .u410afae93ff2f6ea2e3d1217af9f7d33 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u410afae93ff2f6ea2e3d1217af9f7d33 .u410afae93ff2f6ea2e3d1217af9f7d33-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u410afae93ff2f6ea2e3d1217af9f7d33:after { content: ""; display: block; clear: both; } READ: Truth vs. Lie EssayRunning alongside this idiosyncratic view is an account of the British economythat is surely at odds with the facts. It is a picture of pathetic feebleness:Great Britain faced a future of decline and hardship. Its once predominantglobal position lay in tatters (p.2O). Their economy was in a shambles While the book is well written there is a danger of the story being presentedin overly dramatic terms (hinted at in the title), and at times a frivolousand dismissive tone creeps in From his perch in the Treasury Department,Keynes . And there are occasional lapses in accuracy such as that theCommonwealth had moved to a discriminatory

The Existence of Audit Expectation Gap Essay Example

The Existence of Audit Expectation Gap Essay The study investigates the existence of audit expectation gap in relation to society’s unreasonable expectations out of auditing in Bangladesh. This also identified the effects of auditing knowledge on the gap. Among all the classes of our society the accounting graduates are expected to have more knowledge on auditing, who represented 60% proxy of the users.For the purpose of the study, the four groups who are chosen as sample users are: (1) General investors (naive) (2) Students not completing any audit course (3) Students completing two (2) courses (Audits III) (IV) Articled students either level I or level II. The questionnaire comprised of two parts, were sent regarding three aspects: audit liability, audit reliability and materiality of audit opinion. It is found that the respondent who are closer to auditing concepts expect reasonably out of the auditors than the others. The knowledge in the respective fields affected the expectations both positively and negatively.Keyw ords: Expectation gap; audit liability; audit reliability; materiality of audit opinion; audit knowledge. Introduction: â€Å"Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria: Auditing should be done by a competent and independent third person† (Arens and Loebbecke 1988). The auditor in an audit opinion, certifies that the financial statements represent a true and fair view and are prepared in accordance with GAAP (Generally Accepted Accounting Principle) followed by the industry.The collapse of Lehman Brothers, an American bank with $691 billion in 15th September of 2008 along with subsequent bankruptcy of Washington Mutual Bank [$327. 9 billion] in September 26, 2008; General Motor [$91 billion] and CIT Group [$71 billion] in 2009 put the auditing profession and auditing itself into a severe challenge. Auditors’ prudent person concept or u nderperformance of the auditors and society’s over expectation individually or simultaneously result into audit expectation gap. Objectives of the Study Regarding Perpetual Expectation Gap: Expectation Gap was termed by Liggio in 1974 for the first time.Since then it is the significant differences regarding perceived materiality level between auditors and users of financial statements. The AICPA acknowledged the fact that -‘after considerable study of available evidence’ that ‘such a gap does exist’ (Cohen commission Report, AICPA 1978). From the subsequent definition provided by Arrington et al (1983), Monroe and Woodcliff 1993, the two major component was identified by Porter (1983 and 1993): (i)’reasonableness gap’ and (ii)’performance gap’.Reasonableness gap is the difference between what the society does expect the auditors to achieve and what they can reasonably expect to accomplish. Thus point of unreasonable expect ation comes. Performance gap is the difference between the responsibilities society reasonably expects out of audit and auditors’ performance. These gap widens as the role of audit increases. Now this study proceeds to answer the questions- who are the users feeling their expectations are not met and are those expectations reasonable in Bangladesh perspective? The study further tended to discover the impact of audit knowledge in reducing or increasing the gap.It is evident that more knowledgeable the users the closer gap. Reasonably naive investors are expected to seek more from audit report. Literature Review: From the birth of expectation gap, several studies have been conducted by the concerned specialists around the world. The findings were also centered to perpetual expectation gap however this was wider in some cases. In 1977, Baron et al investigated the differences in perceptions between auditors users of financial statement regarding auditor’s fraud detection duties revealed significant differences.In 1988, low et al conducted a study on audit expectation gap found difference in the area of fraud prevention, guaranteeing the accuracy of the financial statements, effective use of government funds management efficiency. In1992 1993, Humphery et al conducted a study regarding auditors’ role through a series of unstructured interviews, questionnaires mini case studies revealed insignificant differences audit functions but significant differences in regard to role of auditors.In June 2004, Javed Siddiqui Taslima Nasreen conducted a study â€Å"Audit expectation gap in Bangladesh: Perceptual differences between Accounting professionals students† and found a significant audit expectation gap. (Journal of Business Studies, University of Dhaka) In December 2004 the above specialist along with Al-amin conducted another study named â€Å"The Presence of a Reasonableness Gap? Students’ Perceptions Regarding Audit and t he Role of Audit Education in Bangladesh† (Journal of Business Studies,Vol. xxv, No. 2, December2004) and concluded somehow differently like –Knowledgeable students expected more unreasonably out of auditing.Methodology of the study: For the purpose of the study, the questionnaire method was applied . The questionnaire method despite its inherent shortcomings chosen appropriate for this study. Here four groups were selected. 20 questionnaires were sent to investors who are in general naive. Similar questionnaires were sent to 10 professionals who are under knowledge or Application level, to 10 students of Dept. of Accounting Information Systems (AIS), University of Dhaka (DU) who have just completed two Audit courses and another 10 questionnaires were sent to students who have no idea under same discipline.The issue of perceptions regarding audit is about measuring attitudes. For the purpose of this study, the seven-point Likert scale was used. Prior studies have used t he Likert scale for measuring the audit expectation gap in different countries (for example Schelluch 1996; Best et al 2001 etc. ) The response scale used for this study was- 1. Strongly agree 2. Moderately agree 3. Slightly agree 4. No opinion 5. Slightly disagree 6. Moderately disagree 7. Strongly disagree Strongly agree Strongly disagree 1. An auditor is a watchdog, not a bloodhound. 1234567 2.Auditor is responsible for audit failure, not for audit risk. 1234567 3. Auditor is responsible for detecting all fraud. 1234567 4. Auditing exists only because of legal binding. 1234567 5. The auditor is responsible for soundness in internal control1234567 6. The auditor is liable for maintaining accounting records. 1234567 7. The auditor is unbiased and objective. 1234567 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1234567 9. The audit report provides assurance about the entity’s future performance. 234567 10. The auditor a grees with the accounting policies of the entity. 1234567 Analysis and Findings: Survey Analysis: Assessment Point-1: â€Å"The auditor is a watchdog, not a bloodhound† ‘Watchdog means a person or a group of people whose job is to check that companies are not doing anything illegal or ignoring people’s rights’ (www. oup. com) Bloodhound means person or group of people who find any inconsistency regarding the concerned areas. The BSAs contain objectives, requirements application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance.The BSAs require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit among other things: ? Identify and assess risks of material misstatement, whether due to fraud error, based on an understanding of the entity its environment, including the entity’s internal control. ?Obtain suffici ent appropriate audit evidence about whether material misstatement exists, through designing and implementing appropriate responses to the assessed risks. From an opinion on the financial statements based on conclusions drawn from the audit evidence obtained. (BSA 200; Para-7) Therefore it is evident that this statement contributes to gap between auditors users of financial statement. Assessment Point-2: The Auditors are responsible for Audit failure, not for audit risk. Audit failure occurs when the auditor issues an erroneous audit opinion as the result of an underlying failure to comply with the requirements of generally accepted auditing standards (GAAS).Audit risk represents the risk that the auditor will conclude that the financial statements are fairly stated and an unqualified opinion can be issued when, in fact, they are materially misstated. Because auditors are able to gather evidence only on a test basis detecting well-concealed frauds can be extremely difficult, there is always some risk that the auditor will not uncover a uncover a material fraud even though the auditor complied with GAAS. (Arens Loebbecke) So, the statement affects audit expectations gap. Assessment Point-3: ‘The auditor is responsible for detecting all the fraud’.BSA 200, â€Å"Objective and General Principles Governing and Audit of Financial Statements,† clearly states the objectives of an audit- The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. An audit conducted in accordance with BSAs is designed to provide reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. (Paragraph 2, BSA 200)Assessment Point-4: â€Å"Audit exists only because of legal bindings†. Section 210 of the Company A ct, 1994 describes- ‘Every company shall, at each annual general meeting appoint an auditor or auditors to hold office from the conclusion of that meeting until the next annual general meeting and shall within seven days of the appointment, give intimation thereof to every auditor so appointed: Provided that, no person can be appointed auditor of any company unless his written consent has been obtained prior to such appointment or re-appointment. ’ The section seeks for statutory audit that must be complied.A twenty four (24) years study of Wanda A. Wallace on â€Å"The economic role of the Audit in free regulated market: A look back A look forward†, revealed that beyond legal requirement, the audit is very much significant. She clarified her argument from three (3) points of view- i) Stewardship hypothesis or Agency theory ii) Information Hypothesis iii) Insurance Hypothesis. Still 77% of the companies audit their financial statements. So it is expected to au dit financial statements beyond legal bindings. Assessment Point-5: ‘The auditor is responsible for soundness in internal control structure of the entity. â€Å"Internal control system† means all the policies and procedures (internal controls) adopted by the management of an entity to assist in achieving management’s objective of ensuring, as far as practicable, the orderly and efficient conduct of its business, including adherence to management policies, the safeguarding of asset , the prevention and detection of fraud and error ,the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information (BSA 400). However, during the course of the audit, the auditor has to assess the entity’s internal control system in order to identify audit risk.Assessment Point-6: ‘The auditor is liable for maintaining accounting records. ’ It has been made clear that it is not the responsibility of the auditor to prepare or to maintain the clients’ accounts. The audit report is also required to contain a paragraph specifying the responsibilities of the auditors-The report should include a statement that the financial statements are the responsibility of the entity’s management and a statement that the responsibility of the auditor is to express an opinion on the financial statements based on the audit (BSA700).Therefore, it affects the expectation gap as from naive point of view the statement seems accurate. Assessment Point-7: ‘The auditor is unbiased and objective. ’ Paragraph 1. 1 of the Code of Professional Ethics (2001) states – A professional accountant should be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity. Therefore, a society should reasonably expect the auditor to be unbiased objectivity. Assessment Point-8: ‘Auditor should provide absolute assurance about the material misst atement in financial statements. The primary objective of audit is to draw a conclusion on the fairness of the Financial Statements. The secondary objective is to detect errors and frauds. (BSA 200) The objective of an audit of financial statements is to enable the auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. The form the audit conclusion takes is that auditors state whether the financial statement give a true and fair view. This is an expression of reasonable assurance. ICAB Manual) BSA 200, specifying the objectives of audit clearly mentions that the auditors only provide reasonable assurance and not absolute assurance regarding the absence of material misstatements. Assessment point 9: ‘The audit report provides assurance about the entity’s future performance. ’ When the auditors express an opinion, they only guarantee the absence of material misstatements and the conformance with accepted accounting practices. However, this is not an assurance regarding the future or current performance of the entity.As stated in BSA 200 Although the auditor’s opinion enhances the credibility of the financial statements, the user cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity. Assessment point 10: ‘The auditor agrees with the accounting policies of the entity. ’ As auditors provide opinion regarding true and fair representation of financial statements and therefore issue four types of audit report-(i) Standard unqualified Audit Report (ii) unqualified Audit Report (iii)Adverse Audit Report and (iv) No Report.In first and second cases the auditors agree with the accounting policies of the entity. Assessment point-11: ‘What do you expect from audit report? ’ Na ive (general) investors expect:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Professional under level i and level ii expect :†¦. Findings of the study: Table-1: Responses of naive (general) investors. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog, not a bloodhound. 7. 002. 724. 28 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 442. 56 3. Auditor is responsible for detecting all fraud. . 004. 122. 88 4. Auditing exists only because of legal binding. 7. 006. 030. 97 5. The auditor is responsible for soundness in internal control7. 005. 361. 64 6. The auditor is liable for maintaining accounting records. 7. 005. 571. 43 7. The auditor is unbiased and objective. 7. 005. 681. 32 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 005. 231. 77 9. The audit report provides assurance about the entity’s future performance. 7. 006. 800. 20 10.The auditor agrees with the account ing policies of the entity. 7. 004. 392. 61 The table shows significant difference in the assessment point no: 1, 2,3,10. It reveals that naive investors seek or do believe auditor makes way for their decisions, i ,e; the general investors rely much on the auditors’ decision not critically analyzing the opinion but from a naive point of view. Table 2: Responses of Students not completing any audit course. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 004. 092. 91 2.Auditor is responsible for audit failure, not for audit risk. 7. 003. 193. 81 3. Auditor is responsible for detecting all fraud. 7. 004. 922. 08 4. Auditing exists only because of legal binding. 7. 003. 773. 33 5. The auditor is responsible for soundness in internal control7. 005. 661. 44 6. The auditor is liable for maintaining accounting records. 7. 006. 570. 43 7. The auditor is unbiased and objective. 7. 003. 923. 08 8. Auditor should provide absolute assura nce about the material misstatements in financial statements. . 002. 414. 59 9. The audit report provides assurance about the entity’s future performance. 7. 004. 492. 51 10. The auditor agrees with the accounting policies of the entity. 7. 004. 042. 96 The table shows that statistically significant differences exist from the view point of students having no audit idea in terms of the assessment point no: 2,3,4,8. It indicates that they expect unreasonably from the auditors regarding their responsibilities of detecting and preventing all frauds and also auditors’ agreement with the entity’s accounting policies.Table 3: Responses of Students completing two (2) courses (Audits III). Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 005. 641. 36 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 982. 02 3. Auditor is responsible for detecting all fraud. 7. 003. 873. 13 4. Auditing exists only b ecause of legal binding. 7. 005. 111. 89 5. The auditor is responsible for soundness in internal control7. 004. 892. 11 6. The auditor is liable for maintaining accounting records. . 006. 010. 99 7. The auditor is unbiased and objective. 7. 004. 922. 08 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 004. 592. 41 9. The audit report provides assurance about the entity’s future performance. 7. 002. 594. 41 10. The auditor agrees with the accounting policies of the entity. 7. 005. 581. 42 Table 3 presents the study results out of students who completed two audit courses. Significant gap was found in the point that audit report provides prediction of future performances of any entity.Again in detecting and preventing all fraud of any entity. In respect of some of the six audit threats, the auditors’ objectivity and neutrality was questioned resulting in some expectation gap. Table 4: Responses of Articled students either level I or level II. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 006. 810. 19 2. Auditor is responsible for audit failure, not for audit risk. 7. 006. 800. 20 3. Auditor is responsible for detecting all fraud. 7. 002. 024. 98 4. Auditing exists only because of legal binding. . 005. 241. 76 5. The auditor is responsible for soundness in internal control7. 005. 911. 09 6. The auditor is liable for maintaining accounting records. 7. 000. 896. 11 7. The auditor is unbiased and objective. 7. 006. 870. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 001. 315. 69 9. The audit report provides assurance about the entity’s future performance. 7. 004. 812. 19 10. The auditor agrees with the accounting policies of the entity. 7. 002. 114. 89The table shows the survey results from professional students who are from level I and level II of professional accountancy. He re the respondents were in line to set a expectation ceiling. Table -5: Showing the deviations between four respondent groups. Assessment pointsDeviation Table-1Deviation Table-2Deviation Table-3Deviation Table-4 1. An auditor is a watchdog not a bloodhound. 4. 282. 911. 360. 19 2. Auditor is responsible for audit failure, not for audit risk. 2. 563. 812. 020. 20 3. Auditor is responsible for detecting all fraud. 2. 882. 083. 134. 98 4. Auditing exists only because of legal binding. . 973. 331. 891. 76 5. The auditor is responsible for soundness in internal control1. 641. 442. 111. 09 6. The auditor is liable for maintaining accounting records. 1. 430. 430. 996. 11 7. The auditor is unbiased and objective. 1. 323. 082. 080. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1. 774. 592. 415. 69 9. The audit report provides assurance about the entity’s future performance. 0. 202. 514. 412. 19 10. The auditor agrees with th e accounting policies of the entity. 2. 612. 961. 424. 89We the group ‘CRYSTAL HEART’ conducted this study to address whether the perpetual audit expectation gap between the auditors and the users of financial statements is reasonable and how audit knowledge provided by Dept. of Accounting and Information Systems of University of Dhaka affected this gap. The study were mainly concentrated on identifying audit expectation gap in the areas of audit liability of the auditors, audit reliability from the viewpoint of naive (general) investors, students who have no audit knowledge or have taken at least two audit courses and professionals and materiality of audit report to them.The study revealed the presence of audit expectation gap in Bangladesh. In the area of auditors’ responsibilities the naive (general) investors putting the audit knowledge less students second in row expected much more i,e; unreasonably out of the auditors. The professionals’ responses in dicated their responsibilities were defined in different standards. Another area of this study regarding audit reliability showed a wide gap from each of the four (4) respondent groups. As the auditors work on sampling base, and audit risk is subject to well-organized fraud from the past if the management.Also self-interest threat, review threats are still considerable, the gap in the sense of reliability comprised of a big portion. The other sector of the survey- audit report’s materiality revealed that the decision makers out of the society did not depend much on audit report i,e; the majority portion lacks analysis ability who constitute the expectation floor much away from the ceiling set by the audit assurance providers. Although almost significant portion of respondent considered audit report’s materiality contributing to widen the gap.We also found knowledge on auditing helps in some regard but not to the extent that professionals considered. Conclusion: The stu dy attempted on addressing audit expectation gap in Bangladesh. Further, it assessed whether and how much knowledge on the concerned field affects this gap. The students of University of Dhaka under Dept. of Accounting Information Systems and students under ICAB were proxied on behalf of the users, on the presumption that they are most knowledgeable among the society.The findings of the study reveals the existence of expectation gap, some how it is wider in some aspects and predict a much more gap in terms of the people of the society. It also indicated that so far the students go away from their courses they merge gradually with the general people that predict future expectation gap to be wider. So, future studies should concentrate on clarifying the riskiness of audit by identifying clear sectors of audit expectation gap. The Existence of Audit Expectation Gap Essay Example The Existence of Audit Expectation Gap Essay The study investigates the existence of audit expectation gap in relation to society’s unreasonable expectations out of auditing in Bangladesh. This also identified the effects of auditing knowledge on the gap. Among all the classes of our society the accounting graduates are expected to have more knowledge on auditing, who represented 60% proxy of the users.For the purpose of the study, the four groups who are chosen as sample users are: (1) General investors (naive) (2) Students not completing any audit course (3) Students completing two (2) courses (Audits III) (IV) Articled students either level I or level II. The questionnaire comprised of two parts, were sent regarding three aspects: audit liability, audit reliability and materiality of audit opinion. It is found that the respondent who are closer to auditing concepts expect reasonably out of the auditors than the others. The knowledge in the respective fields affected the expectations both positively and negatively.Keyw ords: Expectation gap; audit liability; audit reliability; materiality of audit opinion; audit knowledge. Introduction: â€Å"Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria: Auditing should be done by a competent and independent third person† (Arens and Loebbecke 1988). The auditor in an audit opinion, certifies that the financial statements represent a true and fair view and are prepared in accordance with GAAP (Generally Accepted Accounting Principle) followed by the industry.The collapse of Lehman Brothers, an American bank with $691 billion in 15th September of 2008 along with subsequent bankruptcy of Washington Mutual Bank [$327. 9 billion] in September 26, 2008; General Motor [$91 billion] and CIT Group [$71 billion] in 2009 put the auditing profession and auditing itself into a severe challenge. Auditors’ prudent person concept or u nderperformance of the auditors and society’s over expectation individually or simultaneously result into audit expectation gap. Objectives of the Study Regarding Perpetual Expectation Gap: Expectation Gap was termed by Liggio in 1974 for the first time.Since then it is the significant differences regarding perceived materiality level between auditors and users of financial statements. The AICPA acknowledged the fact that -‘after considerable study of available evidence’ that ‘such a gap does exist’ (Cohen commission Report, AICPA 1978). From the subsequent definition provided by Arrington et al (1983), Monroe and Woodcliff 1993, the two major component was identified by Porter (1983 and 1993): (i)’reasonableness gap’ and (ii)’performance gap’.Reasonableness gap is the difference between what the society does expect the auditors to achieve and what they can reasonably expect to accomplish. Thus point of unreasonable expect ation comes. Performance gap is the difference between the responsibilities society reasonably expects out of audit and auditors’ performance. These gap widens as the role of audit increases. Now this study proceeds to answer the questions- who are the users feeling their expectations are not met and are those expectations reasonable in Bangladesh perspective? The study further tended to discover the impact of audit knowledge in reducing or increasing the gap.It is evident that more knowledgeable the users the closer gap. Reasonably naive investors are expected to seek more from audit report. Literature Review: From the birth of expectation gap, several studies have been conducted by the concerned specialists around the world. The findings were also centered to perpetual expectation gap however this was wider in some cases. In 1977, Baron et al investigated the differences in perceptions between auditors users of financial statement regarding auditor’s fraud detection duties revealed significant differences.In 1988, low et al conducted a study on audit expectation gap found difference in the area of fraud prevention, guaranteeing the accuracy of the financial statements, effective use of government funds management efficiency. In1992 1993, Humphery et al conducted a study regarding auditors’ role through a series of unstructured interviews, questionnaires mini case studies revealed insignificant differences audit functions but significant differences in regard to role of auditors.In June 2004, Javed Siddiqui Taslima Nasreen conducted a study â€Å"Audit expectation gap in Bangladesh: Perceptual differences between Accounting professionals students† and found a significant audit expectation gap. (Journal of Business Studies, University of Dhaka) In December 2004 the above specialist along with Al-amin conducted another study named â€Å"The Presence of a Reasonableness Gap? Students’ Perceptions Regarding Audit and t he Role of Audit Education in Bangladesh† (Journal of Business Studies,Vol. xxv, No. 2, December2004) and concluded somehow differently like –Knowledgeable students expected more unreasonably out of auditing.Methodology of the study: For the purpose of the study, the questionnaire method was applied . The questionnaire method despite its inherent shortcomings chosen appropriate for this study. Here four groups were selected. 20 questionnaires were sent to investors who are in general naive. Similar questionnaires were sent to 10 professionals who are under knowledge or Application level, to 10 students of Dept. of Accounting Information Systems (AIS), University of Dhaka (DU) who have just completed two Audit courses and another 10 questionnaires were sent to students who have no idea under same discipline.The issue of perceptions regarding audit is about measuring attitudes. For the purpose of this study, the seven-point Likert scale was used. Prior studies have used t he Likert scale for measuring the audit expectation gap in different countries (for example Schelluch 1996; Best et al 2001 etc. ) The response scale used for this study was- 1. Strongly agree 2. Moderately agree 3. Slightly agree 4. No opinion 5. Slightly disagree 6. Moderately disagree 7. Strongly disagree Strongly agree Strongly disagree 1. An auditor is a watchdog, not a bloodhound. 1234567 2.Auditor is responsible for audit failure, not for audit risk. 1234567 3. Auditor is responsible for detecting all fraud. 1234567 4. Auditing exists only because of legal binding. 1234567 5. The auditor is responsible for soundness in internal control1234567 6. The auditor is liable for maintaining accounting records. 1234567 7. The auditor is unbiased and objective. 1234567 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1234567 9. The audit report provides assurance about the entity’s future performance. 234567 10. The auditor a grees with the accounting policies of the entity. 1234567 Analysis and Findings: Survey Analysis: Assessment Point-1: â€Å"The auditor is a watchdog, not a bloodhound† ‘Watchdog means a person or a group of people whose job is to check that companies are not doing anything illegal or ignoring people’s rights’ (www. oup. com) Bloodhound means person or group of people who find any inconsistency regarding the concerned areas. The BSAs contain objectives, requirements application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance.The BSAs require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit among other things: ? Identify and assess risks of material misstatement, whether due to fraud error, based on an understanding of the entity its environment, including the entity’s internal control. ?Obtain suffici ent appropriate audit evidence about whether material misstatement exists, through designing and implementing appropriate responses to the assessed risks. From an opinion on the financial statements based on conclusions drawn from the audit evidence obtained. (BSA 200; Para-7) Therefore it is evident that this statement contributes to gap between auditors users of financial statement. Assessment Point-2: The Auditors are responsible for Audit failure, not for audit risk. Audit failure occurs when the auditor issues an erroneous audit opinion as the result of an underlying failure to comply with the requirements of generally accepted auditing standards (GAAS).Audit risk represents the risk that the auditor will conclude that the financial statements are fairly stated and an unqualified opinion can be issued when, in fact, they are materially misstated. Because auditors are able to gather evidence only on a test basis detecting well-concealed frauds can be extremely difficult, there is always some risk that the auditor will not uncover a uncover a material fraud even though the auditor complied with GAAS. (Arens Loebbecke) So, the statement affects audit expectations gap. Assessment Point-3: ‘The auditor is responsible for detecting all the fraud’.BSA 200, â€Å"Objective and General Principles Governing and Audit of Financial Statements,† clearly states the objectives of an audit- The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. An audit conducted in accordance with BSAs is designed to provide reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. (Paragraph 2, BSA 200)Assessment Point-4: â€Å"Audit exists only because of legal bindings†. Section 210 of the Company A ct, 1994 describes- ‘Every company shall, at each annual general meeting appoint an auditor or auditors to hold office from the conclusion of that meeting until the next annual general meeting and shall within seven days of the appointment, give intimation thereof to every auditor so appointed: Provided that, no person can be appointed auditor of any company unless his written consent has been obtained prior to such appointment or re-appointment. ’ The section seeks for statutory audit that must be complied.A twenty four (24) years study of Wanda A. Wallace on â€Å"The economic role of the Audit in free regulated market: A look back A look forward†, revealed that beyond legal requirement, the audit is very much significant. She clarified her argument from three (3) points of view- i) Stewardship hypothesis or Agency theory ii) Information Hypothesis iii) Insurance Hypothesis. Still 77% of the companies audit their financial statements. So it is expected to au dit financial statements beyond legal bindings. Assessment Point-5: ‘The auditor is responsible for soundness in internal control structure of the entity. â€Å"Internal control system† means all the policies and procedures (internal controls) adopted by the management of an entity to assist in achieving management’s objective of ensuring, as far as practicable, the orderly and efficient conduct of its business, including adherence to management policies, the safeguarding of asset , the prevention and detection of fraud and error ,the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information (BSA 400). However, during the course of the audit, the auditor has to assess the entity’s internal control system in order to identify audit risk.Assessment Point-6: ‘The auditor is liable for maintaining accounting records. ’ It has been made clear that it is not the responsibility of the auditor to prepare or to maintain the clients’ accounts. The audit report is also required to contain a paragraph specifying the responsibilities of the auditors-The report should include a statement that the financial statements are the responsibility of the entity’s management and a statement that the responsibility of the auditor is to express an opinion on the financial statements based on the audit (BSA700).Therefore, it affects the expectation gap as from naive point of view the statement seems accurate. Assessment Point-7: ‘The auditor is unbiased and objective. ’ Paragraph 1. 1 of the Code of Professional Ethics (2001) states – A professional accountant should be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity. Therefore, a society should reasonably expect the auditor to be unbiased objectivity. Assessment Point-8: ‘Auditor should provide absolute assurance about the material misst atement in financial statements. The primary objective of audit is to draw a conclusion on the fairness of the Financial Statements. The secondary objective is to detect errors and frauds. (BSA 200) The objective of an audit of financial statements is to enable the auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. The form the audit conclusion takes is that auditors state whether the financial statement give a true and fair view. This is an expression of reasonable assurance. ICAB Manual) BSA 200, specifying the objectives of audit clearly mentions that the auditors only provide reasonable assurance and not absolute assurance regarding the absence of material misstatements. Assessment point 9: ‘The audit report provides assurance about the entity’s future performance. ’ When the auditors express an opinion, they only guarantee the absence of material misstatements and the conformance with accepted accounting practices. However, this is not an assurance regarding the future or current performance of the entity.As stated in BSA 200 Although the auditor’s opinion enhances the credibility of the financial statements, the user cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity. Assessment point 10: ‘The auditor agrees with the accounting policies of the entity. ’ As auditors provide opinion regarding true and fair representation of financial statements and therefore issue four types of audit report-(i) Standard unqualified Audit Report (ii) unqualified Audit Report (iii)Adverse Audit Report and (iv) No Report.In first and second cases the auditors agree with the accounting policies of the entity. Assessment point-11: ‘What do you expect from audit report? ’ Na ive (general) investors expect:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Professional under level i and level ii expect :†¦. Findings of the study: Table-1: Responses of naive (general) investors. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog, not a bloodhound. 7. 002. 724. 28 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 442. 56 3. Auditor is responsible for detecting all fraud. . 004. 122. 88 4. Auditing exists only because of legal binding. 7. 006. 030. 97 5. The auditor is responsible for soundness in internal control7. 005. 361. 64 6. The auditor is liable for maintaining accounting records. 7. 005. 571. 43 7. The auditor is unbiased and objective. 7. 005. 681. 32 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 005. 231. 77 9. The audit report provides assurance about the entity’s future performance. 7. 006. 800. 20 10.The auditor agrees with the account ing policies of the entity. 7. 004. 392. 61 The table shows significant difference in the assessment point no: 1, 2,3,10. It reveals that naive investors seek or do believe auditor makes way for their decisions, i ,e; the general investors rely much on the auditors’ decision not critically analyzing the opinion but from a naive point of view. Table 2: Responses of Students not completing any audit course. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 004. 092. 91 2.Auditor is responsible for audit failure, not for audit risk. 7. 003. 193. 81 3. Auditor is responsible for detecting all fraud. 7. 004. 922. 08 4. Auditing exists only because of legal binding. 7. 003. 773. 33 5. The auditor is responsible for soundness in internal control7. 005. 661. 44 6. The auditor is liable for maintaining accounting records. 7. 006. 570. 43 7. The auditor is unbiased and objective. 7. 003. 923. 08 8. Auditor should provide absolute assura nce about the material misstatements in financial statements. . 002. 414. 59 9. The audit report provides assurance about the entity’s future performance. 7. 004. 492. 51 10. The auditor agrees with the accounting policies of the entity. 7. 004. 042. 96 The table shows that statistically significant differences exist from the view point of students having no audit idea in terms of the assessment point no: 2,3,4,8. It indicates that they expect unreasonably from the auditors regarding their responsibilities of detecting and preventing all frauds and also auditors’ agreement with the entity’s accounting policies.Table 3: Responses of Students completing two (2) courses (Audits III). Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 005. 641. 36 2. Auditor is responsible for audit failure, not for audit risk. 7. 004. 982. 02 3. Auditor is responsible for detecting all fraud. 7. 003. 873. 13 4. Auditing exists only b ecause of legal binding. 7. 005. 111. 89 5. The auditor is responsible for soundness in internal control7. 004. 892. 11 6. The auditor is liable for maintaining accounting records. . 006. 010. 99 7. The auditor is unbiased and objective. 7. 004. 922. 08 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 004. 592. 41 9. The audit report provides assurance about the entity’s future performance. 7. 002. 594. 41 10. The auditor agrees with the accounting policies of the entity. 7. 005. 581. 42 Table 3 presents the study results out of students who completed two audit courses. Significant gap was found in the point that audit report provides prediction of future performances of any entity.Again in detecting and preventing all fraud of any entity. In respect of some of the six audit threats, the auditors’ objectivity and neutrality was questioned resulting in some expectation gap. Table 4: Responses of Articled students either level I or level II. Assessment pointsReasonableness scoreMeanDeviation 1. An auditor is a watchdog not a bloodhound. 7. 006. 810. 19 2. Auditor is responsible for audit failure, not for audit risk. 7. 006. 800. 20 3. Auditor is responsible for detecting all fraud. 7. 002. 024. 98 4. Auditing exists only because of legal binding. . 005. 241. 76 5. The auditor is responsible for soundness in internal control7. 005. 911. 09 6. The auditor is liable for maintaining accounting records. 7. 000. 896. 11 7. The auditor is unbiased and objective. 7. 006. 870. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 7. 001. 315. 69 9. The audit report provides assurance about the entity’s future performance. 7. 004. 812. 19 10. The auditor agrees with the accounting policies of the entity. 7. 002. 114. 89The table shows the survey results from professional students who are from level I and level II of professional accountancy. He re the respondents were in line to set a expectation ceiling. Table -5: Showing the deviations between four respondent groups. Assessment pointsDeviation Table-1Deviation Table-2Deviation Table-3Deviation Table-4 1. An auditor is a watchdog not a bloodhound. 4. 282. 911. 360. 19 2. Auditor is responsible for audit failure, not for audit risk. 2. 563. 812. 020. 20 3. Auditor is responsible for detecting all fraud. 2. 882. 083. 134. 98 4. Auditing exists only because of legal binding. . 973. 331. 891. 76 5. The auditor is responsible for soundness in internal control1. 641. 442. 111. 09 6. The auditor is liable for maintaining accounting records. 1. 430. 430. 996. 11 7. The auditor is unbiased and objective. 1. 323. 082. 080. 13 8. Auditor should provide absolute assurance about the material misstatements in financial statements. 1. 774. 592. 415. 69 9. The audit report provides assurance about the entity’s future performance. 0. 202. 514. 412. 19 10. The auditor agrees with th e accounting policies of the entity. 2. 612. 961. 424. 89We the group ‘CRYSTAL HEART’ conducted this study to address whether the perpetual audit expectation gap between the auditors and the users of financial statements is reasonable and how audit knowledge provided by Dept. of Accounting and Information Systems of University of Dhaka affected this gap. The study were mainly concentrated on identifying audit expectation gap in the areas of audit liability of the auditors, audit reliability from the viewpoint of naive (general) investors, students who have no audit knowledge or have taken at least two audit courses and professionals and materiality of audit report to them.The study revealed the presence of audit expectation gap in Bangladesh. In the area of auditors’ responsibilities the naive (general) investors putting the audit knowledge less students second in row expected much more i,e; unreasonably out of the auditors. The professionals’ responses in dicated their responsibilities were defined in different standards. Another area of this study regarding audit reliability showed a wide gap from each of the four (4) respondent groups. As the auditors work on sampling base, and audit risk is subject to well-organized fraud from the past if the management.Also self-interest threat, review threats are still considerable, the gap in the sense of reliability comprised of a big portion. The other sector of the survey- audit report’s materiality revealed that the decision makers out of the society did not depend much on audit report i,e; the majority portion lacks analysis ability who constitute the expectation floor much away from the ceiling set by the audit assurance providers. Although almost significant portion of respondent considered audit report’s materiality contributing to widen the gap.We also found knowledge on auditing helps in some regard but not to the extent that professionals considered. Conclusion: The stu dy attempted on addressing audit expectation gap in Bangladesh. Further, it assessed whether and how much knowledge on the concerned field affects this gap. The students of University of Dhaka under Dept. of Accounting Information Systems and students under ICAB were proxied on behalf of the users, on the presumption that they are most knowledgeable among the society.The findings of the study reveals the existence of expectation gap, some how it is wider in some aspects and predict a much more gap in terms of the people of the society. It also indicated that so far the students go away from their courses they merge gradually with the general people that predict future expectation gap to be wider. So, future studies should concentrate on clarifying the riskiness of audit by identifying clear sectors of audit expectation gap.

AP Government Chapter 2 Summary Essay Essay Example

AP Government Chapter 2 Summary Essay Essay Example AP Government Chapter 2 Summary Essay Essay AP Government Chapter 2 Summary Essay Essay Within the first pages of this chapter. we are introduced with the subject of the fundamental law and actions of Gregory Lee Johnson. The instance of Gregory Lee Johnson is about that of him firing an American flag and protesting that when the authorities became involved. it was against his freedom of address. This is where the fundamental law of the United States comes into drama and supersedes the ordinary jurisprudence. The inquiry though. what precisely is a fundamental law? A fundamental law is a nation’s basic Torahs. Basically it creates political establishments. provides rights for citizens and holds power within the authorities. The fundamental law besides holds the unwritten traditions and case in points that have been established. Most people do non ever hold with how the fundamental law is written and don’t ever agree with how the authorities is ran. but this fundamental law is the footing of how all things are ran. Following is the Declaration of Independence. Between 1775 and 1776 there was a enormous sum of discontent with the English and the Continental Congress was in session for that uninterrupted twelvemonth. When all the work forces were coming up with thoughts and a footing for the Declaration of Independence. most thoughts and propositions were adopted from John Locke who argued that worlds have all natural rights and are non dependent upon the authorities. Later this Declaration was written chiefly by Thomas Jefferson and adopted on July 4th. 1776. Basically this was written to denote and warrant the revolution that was go oning. Last. all the settlers needed foreign aid to conquest the most powerful state in the universe. Traveling back to to the full understand Locke and his thoughts. we take a expression at the thought that Locke was one of the most influential philosophers of this clip. John Locke built most of his doctrine on the thought of natural rights. Natural rights are rights built-in of people and who are non dependent on the authorities. Besides. John argued that the authorities should be built upon the consent of the governed. intending that people agree on who their swayersare. He besides argued that our state should hold a limited authorities so that there are limitations on what a swayer can make. As Locke was coming up with his doctrine. he came up with a superb thought that authoritiess should hold standing Torahs in which people know if an act is acceptable or non before making it. Now we come to the point of the authorities the failed. Congress was needed to do a program for the lasting brotherhood of the provinces and the first program to the fundamental law was the Articles of Confederation. The Articles merely ab initio established a legislative assembly with one house which was a large job at the clip and would be a large job today. There was no president at the clip. no national tribunal and the powers were highly limited for the national legislative assembly. After the provinces ratified this Article. jobs were still continuing. This included that Congress was merely able to keep an ground forces and naval forces. no more. All in all. Congress had no power. The lone advantage to the Articles of alliance was that when the new Constitution was written. the authors knew the things to avoid. Next was the issue of economic convulsion and the Shays rebellion. After the war. many husbandmans were left with a debt that could non be paid and were threatened that their farms would be lost. So in order to seek and pay this. many printed paper money which was worthless and tried to pay the outstanding debt back. Now the husbandmans felt a suspiration of alleviation when the Shays rebellion took topographic point. This was a series of onslaughts on courthouses to forestall the Judgess from holding husbandmans and their households foreclose on the farms. Now we officially decided to do a fundamental law at the Philadelphia convention. Fifty five delegates were chosen to compose what became the U. S. Constitution. Most these people were affluent plantation owners or successful merchandisers and attorneies. Most issue differed in the facet of arguments on big-issues to the opportunism of really little issues. Most work forces in fact did non portion the same political facet and some issues arose from this. In fact. all these work forces had a really misanthropic position point of human nature and believed that work forces love power. As the words of this papers were written. cabals arose up. Cabals are parties or involvement groups. Most of the delegates believed that if a authorities is ran by cabals. the authorities would be prone to instability. dictatorship and that of force. So. within the Declaration of Independence. there are three issues that arise. First was the issue of equality. This issue was fundamentally that of provinces coming up with different programs and trusting it would work. The New Jersey Plan. the Virginia Plan and the Connecticut Compromise were all different in facets of what should be done. Another issue was that of the economic system. The authors of the Constitution committed to a strong national authorities and agreed that the economic system was in complete catastrophe and confusion. The job was that paper money was worthless in some provinces and Congress was holding issues raising money due to the fact the economic system was in a recession. And in conclusion were the rights of an person. The Laminitiss agreed that it was of import to safeguard individuality and maintain menaces off from personal freedom. The Fundamental law offers protections. including that of continuing the right to a test by jury and that of non looking at a person’s faith to keep back them from a governmental place. Now we take a expression at the confirmation of the Constitution. In order for this Fundamental law to be processed. it needed to be ratified by nine of the 13 provinces. But there were jobs that occurred for this to be ratified because there were Federalists and anti-federalist. Federalists supported the Constitution and anti-federalists did non. This is where the large issue arose. Some of the differences these groups faced were one being that anti-federalists preferred a strong authorities while the Federalists preferred a weak 1. Another job was that the anti-federalists wanted a direct election of governmental functionaries and the Federalists did non. Last was the inclusion of the Bill of Rights. The Bill of Rights was the first 10 amendments to the Constitution in response to the concerns of the anti-federalists. The amendments really give us the basic autonomies. that of freedom of address or faith. Yet the route to the Constitution and the confirmation of it was non easy. the work of these work forces made it possible and fought to do it work. Without the work of these work forces. We would non be where we are today and life as we know it would be wholly different.

Stereotypes of Italian Americans in Film and Television

Stereotypes of Italian Americans in Film and Television Italian Americans  may be European in ancestry, but they were not always treated as white in the United States, as the pervasive stereotypes about them demonstrate. Not only did Italian immigrants to America face employment discrimination in their adopted homeland, but they also faced violence by whites who viewed them as â€Å"different.† Because of their once marginalized status in this country, ethnic stereotypes of Italians persist in film and television. On the big and small screen, alike, Italian Americans are all too often portrayed as mobsters, thugs and peasants hawking spaghetti sauce. While Italian Americans have made great strides in U.S. society, their characterization in popular culture remains stereotypical and troublesome. Mobsters Fewer than .0025 percent of Italian Americans are involved in organized crime, according to the  Italian American News website. But one would be hard-pressed to know that from watching Hollywood television shows and movies, where just about every Italian family has mob ties. In addition to films such as â€Å"The Godfather,† â€Å"Goodfellas,† â€Å"Casino† and â€Å"Donnie Brasco,† television shows such as  Ã¢â‚¬Å"The Sopranos,† â€Å"Growing Up Gotti† and â€Å"Mob Wives† have perpetuated the idea that Italian Americans and organized crime go hand-in-hand. While many of these films and shows  have won critical praise, they do little to complicate the image Italian Americans have in popular culture. Food-Making  Peasants Italian cuisine is among the most popular in the United States. Accordingly, a number of television commercials depict Italians and Italian  Americans flipping pizzas, stirring tomato sauce and squashing grapes. In many of these commercials, Italian Americans are portrayed as heavily accented, robust peasants. The Italian American News website describes how a Ragu commercial features â€Å"several elderly, overweight Italian American women in housedresses [who] are so delighted with Ragu’s meat sauce that they turn somersaults and play leapfrog in a meadow.† An undue amount of food ads portray Italian women as â€Å"elderly, overweight housewives and grandmothers wearing black dresses, housecoats or aprons,† the site reports. â€Å"Jersey Shore† When MTV reality series â€Å"Jersey Shore† debuted, it became a pop culture sensation. Viewers of all ages and ethnic backgrounds faithfully tuned in to watch the group of mostly Italian American friends hit the bar scene, work out at the gym, tan and do laundry. But  prominent Italian-Americans protested  that the bouffant-haired stars of the show- self-described Guidos and Guidettes- were spreading  negative stereotypes about Italians. Joy Behar,  co-host of ABC’s â€Å"The View,† said that â€Å"Jersey Shore† did not represent her culture. â€Å"I do have a master’s degree, so a person like me is rather annoyed with a show like that because I went to college, you know, to better myself, and then these idiots come out and make Italians look bad,† she said. â€Å"It’s awful. They should go to Firenze and Rome and Milano and see what Italians really did in this world. It’s irritating.† Bigoted Thugs Anyone familiar with Spike Lee’s films knows that he has persistently depicted Italian Americans as dangerous, racist thugs from New York City’s working class. Italian Americans such as these can be found in a number of Spike Lee films, most notably â€Å"Jungle Fever,† â€Å"Do The Right Thing† and â€Å"Summer of Sam.† When Lee criticized Django Unchained  director Quentin Tarantino for turning slavery into a spaghetti Western,  Italian groups called him a hypocrite because of the thread of anti-Italian bias that runs through his films, they said. â€Å"When it comes to Italian Americans, Spike Lee has never done the right thing,† said Andre DiMino, president of the Italian American One Voice Coalition. â€Å"One wonders if Spike Lee is indeed a racist who hates Italians and why he harbors a grudge.† One Voice voted Lee into its Hall of Shame because of his portrayals of Italian Americans. In particular, the group criticized â€Å"Summer of Sam† because the movie â€Å"descends into a panoply of negative character portrayals, with Italian Americans as mobsters, drug dealers, drug addicts, racists, deviants, buffoons, bimbos, and sex-crazed fiends.†