The Study of Modernism and Globalization - 1744 Words

Many authors have tried to understand the world as it is today, through the study of modernity and globalisation. Appadurai, an Indian sociologist, has defined globalisation as â€Å"a new industrial revolution driven by powerful information and communication technologies which has barely begun† (2006:35). Its effects are dramatically different depending on geopolitical situations, peoples and countries. For the wealthiest countries it is a source of an ever increasing profit, whether it is culturally, economically, or financially speaking. On the contrary, for the rest of the world, and interestingly enough the largest part of it, â€Å"it is a source of worry about inclusion, jobs, and deeper marginalisation† (2006:35) and through this feeling of†¦show more content†¦The fact that these points of reference were rattled over a rather short period of time has created doubt where as what constitutes â€Å"us† and â€Å"them† (2006:5). This idea is linked to the notion of anxiety of incompleteness, which, as Appadurai states it, â€Å"has much to do with the strange inner reciprocity of the categories of â€Å"majority† and â€Å"minority† in liberal thought† (2006:8). It is triggered by the imagined obstacles to a nation as a perfect space without the impurity that minorities represent. While acknowledging that this uncertainty and anxiety are not the direct consequences of globalization, Appadurai considers that the absence of defined barriers to the circulation of goods and ideas in our modern era has enabled the rise of such a disturbed vision of a nation by its people. From those theories, Appadurai puts forward the idea of the â€Å"fear of the small numbers†, his main argument after which the book was named. Indeed, the smaller the number, the weaker the minority, and the deeper the anger that is triggered by its capacity of making the majority feel that it is only a majority rather than a national ethnos commonly accepted as such and never disputed (2006:53). The author justifies the fear of the small numbers, that is fear of minorities, by explaining that â€Å"small numbers represent a tiny obstacle between majority and totality or total purity† (2006:53) hence they tend to become the focus of hatred and increasesShow MoreRelatedThe Four Noble Truths Of Buddhism1635 Words   |  7 Pagesfigures, Kaneta Taio and Che-Un Sunim, have worked in Japan and Korea respectively to help relieve the suffering of their people. Moreover, by evaluating the lives of Taio and Che-Un, we are able to identify limitations in the definitions of Buddhist modernism outlined by authors we have studied in class such as David McMahan and Anne Blackburn. 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Overview of Supported Employment - Free Essay Example

Sample details Pages: 10 Words: 2961 Downloads: 9 Date added: 2019/02/15 Category Career Essay Level High school Tags: Employment Essay Did you like this example? Supported employment is a model of vocational rehabilitation that helps consumers with developmental disabilities, serious mental illness, or other significant disabilities get placed in jobs that they want to pursue (Florida Department of Education, Division of Vocational Rehabilitation, 2018; Moll, Huff, Detwiler, 2003 as cited in Brown Stoffel, 2011; SAMHSA, 2009). This model also gives consumers the supports, accommodations, and training needed to enable their success in the workplace (Moll, Huff, Detwiler, 2003 as cited in Brown Stoffel, 2011). Rather than using a â€Å"train and then place† approach from the traditional vocational rehabilitation model, a â€Å"place and then train† approach is used instead, also known as the Individual Placement and Support (IPS) model within supported employment (Becker Drake, 1993 as cited in Brown Stoffel, 2011; Drake Becker, 1996 as cited in Brown Stoffel, 2011; Bond et al., 2001 as cited in Brown Stoffel, 2011; Bond, 2004 as cited in Brown Stoffel, 2011). Don’t waste time! Our writers will create an original "Overview of Supported Employment" essay for you Create order The IPS model was created to increase treatment outcomes for consumers as well as helping them acquire competitive employment like people who do not have disabilities (Becker Drake, 1993 as cited in Brown Stoffel, 2011; Drake Becker, 1996 as cited in Brown Stoffel, 2011; SAMHSA, 2009). Supported employment in its entirety shows consumers that regardless of their condition, it is possible for them to find a job that best fits their strengths and experiences instead of trying to become â€Å"perfect workers† (SAMHSA, 2009). Populations that benefit from supported employment Although supported employment helps consumers with developmental disabilities and other significant disabilities, consumers with serious mental illness are an important population in supported employment (Florida Department of Education, Division of Vocational Rehabilitation, 2018; U.S. Department of Labor, 1993 as cited in Brown Stoffel, 2011). One example of a serious mental illness is schizophrenia, as well as other psychotic disorders (Brown Stoffel, 2011). Consumers with schizophrenia or other psychotic disorders may show one or more of these abnormalities, which include â€Å"delusions, hallucinations, disorganized thinking and speech, grossly disorganized or abnormal motor behavior (including catatonia), and negative symptoms† (American Psychiatric Association, 2013). These abnormalities can affect how a consumer is in the workplace. Negative symptoms can decrease a consumer’s performance, which are more prevalent in consumers with schizophrenia (A merican Psychiatric Association, 2013). Consumers that exhibit these negative symptoms may not speak as much, express emotions, have motivation to initiate purpose activities, experience pleasure, show interest in social interactions, or have opportunities for social interactions (American Psychiatric Association, 2013). As for developmental disabilities, these would include neurodevelopmental disorders that â€Å"produce impairments of personal, social, academic, or occupational functioning† (American Psychiatric Association, 2013). These impairments can widely vary â€Å"from very specific limitations of learning or control of executive functions to global impairments of social skills or intelligence† (American Psychiatric Association, 2013). No matter what disability a consumer may have, supported employment will help that consumer find a job. Expected outcomes of supported employment The goal of supported employment is to help consumers find jobs in typical settings in the community outside of segregated workshops and also having the supports needed to be successful at work (U.S. Department of Labor, 1993 as cited in Brown Stoffel, 2011; SAMHSA, 2009). Examples of such supports include â€Å"job coaches, arranged transportation, and assistive technology† (U.S. Department of Labor, 1993 as cited in Brown Stoffel, 2011). It allows for consumers to take part in work settings with people who do not have disabilities and earn competitive wages (SAMHSA, 2009). There are a several components that make up supported employment programs. One component consists of integrating the consumer’s mental health services with the employment assistance services and having them work in synchrony with each other (Bond Jones, 2005 as cited in Brown Stoffel, 2011; SAMHSA, 2009). A second component involves allowing a consumer to use supported employment se rvices based off of their desire to work and not on their illness or employment history (Bond Jones, 2005 as cited in Brown Stoffel, 2011; SAMHSA, 2009). A third component focuses finding a competitive job that fits the consumer’s preferences, which is the goal (Bond Jones, 2005 as cited in Brown Stoffel, 2011; SAMHSA, 2009). A fourth component is comprised of starting the job search as soon as a consumer decides to enter the supported employment program (Bond Jones, 2005 as cited in Brown Stoffel, 2011; SAMHSA, 2009). A fifth component includes unlimited customized support for the consumer whenever they need it (Bond Jones, 2005 as cited in Brown Stoffel, 2011; SAMHSA, 2009). Lastly, a sixth component incorporates Social Security benefits counseling, which helps the consumer take care of their Social Security, health insurance, and other government benefits efficiently (Bond Jones, 2005 as cited in Brown Stoffel, 2011; SAMHSA, 2009). This counseling wi ll further help the consumer’s entry into the workforce, as well as helping them keeping their job (Bond Jones, 2005 as cited in Brown Stoffel, 2011). Therefore, supported employment helps consumers get competitive jobs and makes the transition into those jobs go more smoothly. Team members of supported employment In order to make supported employment work effectively, a team is needed to help with different responsibilities. The supported employment staff is made up of supported employment leaders, employment specialists, benefits specialists, and mental health practitioners (SAMHSA, 2009). Supported employment leaders supervise employment specialists and serve as the link to other coordinators within a mental health agency (SAMHSA, 2009). Employment specialists are the servicers of supported employment by assisting consumers with acquiring and upholding jobs that go along with their vocational goals and recovery (SAMHSA, 2009). Benefits specialists are the go-to people when a consumer needs complete information about benefits and work incentives (SAMHSA, 2009). They help consumers who want to go to work by looking over their benefits and informing them about how work will affect them (SAMHSA, 2009). As the consumers work more and make more money, benefits specialists can provide individualized benefits planning to help them handle their benefits and health care coverage (SAMHSA, 2009). Mental health practitioners uphold vocational goals of consumers as well as talk about clinical and rehabilitation concerns that pertain to work (SAMHSA, 2009). These concerns can include side effects from medication, ongoing symptoms such as hallucinations, cognitive problems, and other rehabilitation needs that will facilitate better work performance, such as social skills training to improve a consumer’s ability to socialize (SAMHSA, 2009). Once a consumer is in the competitive workforce, supervisors and coworkers can also provide natural support to them as they transition into the job, which can help them retain a job for a longer period of time (McGurk, Mueser, Pascaris, 2005 as cited in Brown Stoffel, 2011). Literature review Kirsh, B. (2016). Client, contextual and program elements influencing supported employment: A literature review. Community Mental Health Journal, 52, 809-820. Here is a literature review that focused on issues within supported employment (SE) that have not been the main points of research for this model. There were six research questions that were asked. They were as follows: 1) What impact do labor market trends have on the effectiveness of SE? 2) How lasting are the effects of SE and what factors influence longevity of SE? 3) What levels and types of employment are targeted by SE? 4) What are the characteristics of people who benefit most from SE? 5) What is the role of peer support in SE? 6) What are the barriers to effective SE implementation? A literature search that looked at peer-reviewed articles that ranged from 1988 to 2010 was performed using major databases. Two keywords that were used were â€Å"supported employment† and â€Å"individual placement and support.† Articles that were included in the study were about supported employment with people with mental illnesses or comorbid addiction and mental d isorders. Articles that were not included were about fidelity measurements or were simply program descriptions without any outcomes. For each article reviewed, a template cover sheet was created as data was extracted. A cover sheet had the type of study, purpose, design, context, and participants of each study. There were also headings for each research question. Once all of the information was collected from the articles, a separate document was made for each research question, and the data pertaining to that question was put into that document. The information on these documents were then summarized to look at the complete answer for each question being asked. Results revealed that labor market trends are inversely related to SE efficacy rates. When there are high unemployment rates, there are lower employment rates for SE. On the other hand, a healthy economy leads to higher rates of job acquisition and longer lengths of employment. Participants in SE programs worked longer than other groups across all studies. The presence of skills training, cognitive training, funding models, and job matching positively contribute to the long-lasting effects of supported employment. Participants of SE programs had jobs in competitive settings that were the same as coworkers without mental illnesses. The jobs were at least minimum wage, either part-time or full-time, and mostly entry-level positions that were involved in retail, service, general laborer, and clerical work. They did not require technical skills, advanced education, or prior work experience. In regards to characteristics within each participant, positive personal attitudes and beliefs, higher education (at least a high school degree), prior employment history, higher cognitive and mental health characteristics, supportive families, and association with income support increased their ability to find and keep jobs. Males tended to find and get jobs more than females due to the physical nature of some jobs. Age had mixed results with participants under the age of thirty-five having better employment outcomes or older participants between the ages of forty and forty-nine having longer job tenure. Demographics did not significantly determine job tenure. The presence of peer support helped participants in SE programs feel like they were not alone in their pursuit for competitive jobs. It was helpful for participants to talk to people in similar situations, and it pushed them to continue with the job search. There were several barriers found that negatively affecte d supported employment. Negative attitudes toward participants and the lack of skills, training, and knowledge of SE staff led to decreased effectiveness of SE. There were leadership challenges that affected the productivity of SE programs. Screening and referral challenges were presented through some teams only wanting to help participants who were more likely to perform well in the workforce and some mental health professionals seeing work as a stressor for participants rather than a benefit. Then there was the fear of losing health insurance and other benefits based on disability policies and social security programs. Stigma towards people with mental illness continues to be prevalent, which can affect a participant’s ability to get a competitive job. From this article, it was found that supported employment can be very effective for people with serious mental illness. On the other hand, the effectiveness of this model also depends on many factors. For instance, supported employment is more successful when a person has the interest and motivation to find a job. Although supported employment programs do not discriminate against people based on their mental illness or prior work experience, it looks like people who are in supported employment programs have a higher probability of getting a job if they have previous employment history, are higher functioning and have a handle on their symptoms, and participate in peer support groups. There are also outside influences that can change the effectiveness of supported employment, such as labor market trends, an inefficient supported education staff, and discrimination against people who are participating in supported employment. With all of this information in mind, it looks like the research shows that the effectiveness of supported employment depends on factors within the participants of a supported employment program and factors outside of the participants’ control. Occupational therapy’s role in supported employment With supported employment being dependent on the preferences of the consumer, it is not difficult to incorporate its principles in the client-centered profession of occupational therapy. Occupational therapy can complement supported employment by finding ways for a consumer to successfully participate in their desired activities and tasks in the workplace. Occupational therapists can advocate for the right of consumers to pursue competitive jobs. Along with this, they can advocate for consumers to get special transportation so they can get to work safely and on time. If consumers are placed in a job that they are interested in but are having difficulties with some job tasks, occupational therapists can do activity analysis and find ways to adapt the environment or job task or introduce the use of assistive technology to complete job tasks. Besides job tasks, occupational therapists can help with skills training that will help further support consumers’ success in the workplace. For example, if a consumer is having difficulties engaging in social interactions with supervisors, coworkers, or customers if applicable, occupational therapists can organize a social skills training for them. If a consumer is having difficulties expressing their wants and needs in the workplace, occupational therapists can organize an assertion skills training. Other examples of skills training can pertain to organization or time management to help consumers perform efficiently and in a timely manner at work. As a consumer starts making more money, money management techniques can also be taught by an occupational therapist, perhaps in collaboration with the benefits specialists. Together with the supported employment staff, occupational therapists can help uphold the principles of supported employment. Areas of impairment that supported employment addresses The main impairment that supported employment addresses is work. It helps consumers identify their interests that can help them pinpoint potential jobs and then look into those jobs. Employment specialists can then help consumers find and get jobs. Once consumers get jobs, then the supported employment staff can help improve their job performance as necessary through skills training, occupation modifications, environmental modifications, and introducing assistive technology when needed. A second impairment that is addressed is driving and community mobility. Special transportation may need to be arranged in order for a consumer to get to work safely and on time, as well as get picked up when the work day is finished. A third impairment that is addressed is financial management. Thanks to the presence of a benefits specialist on the supported employment staff, consumers will have knowledge of their benefits and healthcare coverage. They will also learn money management tec hniques as they earn more money. Addressing these impairments will help a consumer be successful in their everyday life. PEO Model and supported employment To relate supported employment back to occupational therapy, an occupational therapy model that will best complement supported employment is the PEO model. The PEO model focuses on the dynamic relationships that occur when people participate in their occupations in different environments over time (Brown Stoffel, 2011). These relationships between people, occupations, and environments can either positively or negatively affect each other, and changes within any part affects the other parts on various levels (Brown Stoffel, 2011). Analyses are performed on the relationships between the person and the occupation, the occupation and the environment, and the person and the environment during a specific point of time and space (Brown Stoffel, 2011). Depending on the circumstances, the amount of each part can vary, and occupational performance can look different every time (Brown Stoffel, 2011). The overlapping of all three components and the resulting performance from it is the person’s occupational performance (CAOT, 1997). This occupational therapy model works well with supported employment when a consumer gets a job. In order to see if a consumer needs skills training, job task modifications, or assistive technology, the relationship between the consumer and the occupation can be analyzed to see if the interaction between them promotes success at work. The relationship between a consumer and the environment can be looked at to see if there are any outside influences that are affecting the consumer while at work. Furthermore, the relationship between an occupation and the environment can be examined to see if there are outside influences affecting how an occupation at work is performed or if an occupation is affecting the environment. Looking at the interactions between a consumer, their occupation, and their environment through this model can help adjust themselves, the job task, or the workplace accordingly so the consumer can increase their occupational performance. Evaluation tools that can complement supported employment Assessment tools that can be used to evaluate consumers and complement supported employment are client interview, interest checklist, and activity analysis. Through a client interview, the consumer can express their interests in their own words, and from there, potential jobs can be determined. If it is difficult for a consumer to think of what they are interested in, an interest checklist with a list of different activities can be used to specifically pinpoint interests. Once a consumer is in the workplace, activity analysis can be performed. The consumer can be observed doing a job task and analyze their performance. If there are problems, then modifications can be incorporated, such as changing the job task or the environment or introducing assistive technology in order to increase the consumer’s job performance. Occupational therapy can help assess consumers before or after they obtain a competitive job. Occupational therapy intervention goals There are five general intervention goals that can be worked on based on the supported employment model. The first goal is for the consumer to identify interests to help with their job search. For a consumer who participated in social skills training, the second goal is for the consumer to interact with supervisors, coworkers and customers using skills obtained from the social skills training. If a consumer needs to use assistive technology, the third goal is for the consumer to successfully complete job tasks while using assistive technology. For a consumer who needs to work on time management, the fourth goal is for the consumer to manage their time effectively by getting to work on time, completing job tasks during the time allotted, and leaving work at their designated time. As for a consumer who received organization skills training, the fifth goal is for the consumer to incorporate techniques to help them stay organized in the workplace.

Roles of Women in Literature Essay - 518 Words

The Realm of Women in Literature nbsp;nbsp;nbsp;nbsp;nbsp;â€Å"So it is naturally with the male and the female; the one is superior, the other inferior; the one governs, the other is governed; and the same rule must necessarily hold good with respect to all mankind.† This quote, spoken by the famous Aristotle, proves to be timeless. The words express knowledge concerning gender that proves to be centuries ahead of its time. Aristotle however, may not have even realized the amount of truth expressed in these few, simple words. Men are commonly thought of as the dominant of the two sexes, but as we have seen through many of the literary works studied, this is most certainly not the case. In dealing with books such as Macbeth written by†¦show more content†¦Lady Macbeth’s burning ambition to be queen drives her to the point of insanity. She stops at nothing to gain power and uses Macbeth as the enforcer for her plans. This power is clearly illustrated as her husband follows her command to kill t he king of Scotland, she constantly taunts Macbeth bringing him even further under her control. She is quite the opposite of how we generally assume feminine characters to act, and even begs the gods to remove her femininity at one point, â€Å"...Come, you spirits that tend on mortal thoughts, unsex me here...Come to my woman’s breasts, and take my milk for gall, you murd’ring ministers...† (Shakespeare 12). As Lady Macbeth expresses her desire to become unsexed, we see the link that clearly exists between masculinity and murder. She believes that since she is a woman she cannot be capable of committing such evil deeds, and her reference to her breasts which is generally linked to the idea of nurture, is called upon in reference to her desire to do quite the opposite. Lady Macbeth presents a very strong character throughout the play, and through her actions a very clear picture of a manipulative wife is painted. Though Macbeth is the one to carry out many of th e deviant plans, Lady Macbeth’s role is clearly portrayed as the evil mastermind behind the murders. nbsp;nbsp;nbsp;nbsp;nbsp;Another memorable female character is undoubtedly Brigid O’Shaughnessy as her role as a scandalous damsel inShow MoreRelatedThe Role Of Women In Literature1587 Words   |  7 Pagesfeelings that they have. Majority of the time these feelings are expressed through literature. An example is the archetypes that can be found throughout literature. In the British Middle Ages, the people were grouped into different social classes using the feudal system. Society was mainly broken into two separate groups, the nobles, and the peasants. However, there was also a subset group, which maintained the women. Women were the lowest of the low because they were considered to be evil because ofRead MoreWomen s Role For Literature887 Words   |  4 PagesWomen’s role in Literature The role of women in the society is always questioned and for centuries, they have struggled to find their place in a world that is predominantly male oriented. The treatment of women was extremely negative; they were expected to stay home and fulfill domestic duties. Literature of that time embodies and mirrors social issues of women in society (Lecture on the Puritans). But, slowly and gradually, situation being changed: â€Å"During the first half of the 19th century, womenRead More The Role of Women in Literature Essay1283 Words   |  6 PagesThe Role of Women in The Thousand and One Nights, The Ramayana of Valmiki and The Medea Throughout most of the assigned readings in this class, women are portrayed as clever, ruthless, and deceitful individuals that are willing to do whatever it takes in order to get what they desire. With careful calculation and timing they are able to manipulate others into doing things their way and have favor in their eyes. Sometimes they use their craftiness for good and other times for evil, whatever reasonRead MoreThe Role of Women in Medieval Literature1344 Words   |  5 Pagesfaith when interpreting medieval English literature like Sir Gawain and the Green Knight and The Canterbury Tales (Morgan 265). 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Lawrences The Horse Dealers Daughter and William Faulkners A Rose forRead MoreGender Roles Of Women s Literature1661 Words   |  7 Pageswhich gender roles are portrayed in children’s literature significantly contributes to the development of our youth’s understanding of their own gender’s role and how they are perceived by society. It is important for children to understand gender roles because gender roles are an essential cog in the perpetual machine that develops our society, but these cogs have been replaced with newer, more up-to-date cogs over recent years, so to speak. As society has changed, so has the typical role that eachRead MoreRole Of Women During Greek Literature1526 Words   |  7 PagesThe role of women in Greek literature has demoralized them and showing them in a maligned light. The women are portrayed as frail, cruel, insensitive, or as seductresses. These characteristics have been integrated into today’s society and [have] built the standards and defined the moral outlook of women. However, in Greek mythology, powerful and strong women are not as well celebrated, such as Athena. Homer’s The Odyssey construes the positive and negative role of women through the epic poem. TheRead MoreWomen s Literature : Oppression And The Role Of A Woman971 Words   |  4 PagesEvan Rhodes Survey of World Literature December 1, 2014 Hartmann Women in Literature: Oppression and the Role of a Woman In early literature, men dominated the writers’ circuit. As literature began, it was used as an easily digestible way to promote social norms and moral code. In these texts, the role of women changes vastly depending on the culture, although there is a common theme: women exist to belong to a man. Women were not only oppressed in life, but their struggle is weaved into all ofRead MoreThe Evolution of the Role of Women in British and American Literature1808 Words   |  8 Pagesdegrading† (McEwan 55-56). Throughout the history of literature women have been viewed as inferior to men, but as time has progressed the idealistic views of how women perceive themselves has changed. In earlier literature women took the role of being the â€Å"housewife† or the household caretaker for the family while the men provided for the family. Women were hardly mentioned in the workforce and always held a spot under their husband’s wing. Women were viewed as a calm and carin g character in many storiesRead MoreRole Of Women And Motherhood Through Modern Literature883 Words   |  4 PagesThe Role of Women and Motherhood through Modern Literature Gertrude Stein’s story The Gentle Lena in Three Lives reaffirms the expectations of women set out by society, yet the main character Lena challenges the role of women in the workforce, marriage, and motherhood. Lena’s gentle, sweet, patient and servant-like behavior affirms the way society saw women. Women had no voice as to what to expect from their lives and for many their greatest aspiration was to be a mother. Lena’s life just like

The Principles Of American Politics - 2109 Words

Principles of American Politics Dr. Foss 17 October 2014 Lincoln and Liberty In January of 1861, when Lincoln penned his musings on the Declaration of Independence and the Constitution, he likely did so with no small amount of uneasiness. Though he had recently gained the presidency by a landslide, the country continued to be bitterly divided over the future of slavery in the United States. Barely one month later, the outrage over Lincoln’s elevation to the highest office in the land would motivate the first seven of the southern states to secede from the Union, an action which would ultimately lead to the Civil War. Lincoln’s valiant efforts during the conflict to save the nation immortalized his place as one of our finest national heroes (McPherson 170-202). Unfortunately, when the conflict is viewed through the lens of our modern society, we often overlook what was at stake, and why our country was polarized with a zeal never before seen in our short history. Lincoln ’s brief notes reveal that he was well aware of what was at stake: our country’s identity. Lincoln correctly saw that our country’s core principles and convictions are defined in the Declaration of Independence, and that the Constitution is a vital but subordinate engine by which those fundamental beliefs are to become a reality. In order to more fully understand the role of the Constitution in American society, we must first look to the Declaration of Independence, specifically, how the founders viewed bothShow MoreRelatedRepresentation Is A Core Principle That Governs American Politics1859 Words   |  8 PagesAN43373 Representation is a core principle that governs American politics. The United States Congress is comprised of two chambers based on representation. The Senate includes two representatives from each state, while the members of the House of Representatives are elected based on the population of a state. 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Lin Onis A Renowned Indigenous Sculptor From Melbourne...

Lin Onus By Taylor Raftis Case study: Lin Onus Introduction: Lin Onis (1948-1996) was a renowned indigenous sculptor from Melbourne Australia. He is of Scottish and Wiradjuri descent, which is one of the largest aboriginal groups in New South Wales. Belonging on the vigilant side to the Yorta Yorta people. His life’s work of paintings and sculptures has been praised for their technical competence and their bold association of indigenous and Western styles. Onus was an inspirational figure for his family, friends, colleagues and the wider Australian community. Onus’s usual procedure of working involved, synthetic polymer paint fibreglass, sculptures, wire and metal installation containing five or more units. The two sculptures that appear†¦show more content†¦The signs that are used as symbols for radioactivity, which conform to the mist, are displayed in the colours of blue, red and white, which are those of the British flag. They become the colours of death. Onus has obviously added more texture to the mother and child in order to emphasis the fact that they were practically burnt to death by the â€Å"black mist† and to contrast the practically invisible atomic bomb, showing the ultimate impact that it had on the nearby communities of tribal Aboriginals. Dingoes produced 1946-47 comprised of five sculptural dingo figures; the installation symbolizes a scene of experiences and behavioural conduct of the Australian dingo. Beginning, with an obviously female dingo and her tiny pups, the installation finishes with a dingo caught in the wedge of a chain-link fence and another lying dead in a painful trap set out by the British settlers. The colours on the dingoes appear in lines each being a different shade of brown emphasising the traditional style of Aboriginal finger painting. The repetition of the dingo through its life cycle during the 1980’s creates a dominant perspective of how they lived and how they were treated, also symbolising the treatment Aboriginal people. The laying of the various traps authorises a mind-set that identifies the dingoes as pests, as they presented a problem for the British settlers farmland and livestock. Conveying that their Lin Onis A Renowned Indigenous Sculptor From Melbourne... Lin Onus By Taylor Raftis Case study: Lin Onus Introduction: Lin Onis (1948-1996) was a renowned indigenous sculptor from Melbourne Australia. He is of Scottish and Wiradjuri descent, which is one of the largest aboriginal groups in New South Wales. Belonging on the vigilant side to the Yorta Yorta people. His life’s work of paintings and sculptures has been praised for their technical competence and their bold association of indigenous and Western styles. Onus was an inspirational figure for his family, friends, colleagues and the wider Australian community. Onus’s usual procedure of working involved, synthetic polymer paint fibreglass, sculptures, wire and metal installation containing five or more units. The two sculptures that appear†¦show more content†¦The signs that are used as symbols for radioactivity, which conform to the mist, are displayed in the colours of blue, red and white, which are those of the British flag. They become the colours of death. Onus has obviously added more texture to the mother and child in order to emphasis the fact that they were practically burnt to death by the â€Å"black mist† and to contrast the practically invisible atomic bomb, showing the ultimate impact that it had on the nearby communities of tribal Aboriginals. Dingoes produced 1946-47 comprised of five sculptural dingo figures; the installation symbolizes a scene of experiences and behavioural conduct of the Australian dingo. Beginning, with an obviously female dingo and her tiny pups, the installation finishes with a dingo caught in the wedge of a chain-link fence and another lying dead in a painful trap set out by the British settlers. The colours on the dingoes appear in lines each being a different shade of brown emphasising the traditional style of Aboriginal finger painting. The repetition of the dingo through its life cycle during the 1980’s creates a dominant perspective of how they lived and how they were treated, also symbolising the treatment Aboriginal people. The laying of the various traps authorises a mind-set that identifies the dingoes as pests, as they presented a problem for the British settlers farmland and livestock. Conveying that their

Industry Engagement for Teamwork and Collaboration- myassignmenthelp

Question: Discuss about theIndustry Engagement for Teamwork and Collaboration. Answer: The following discussion is a mid-placement report on the internship as a bookkeeper. The mid-placement report addresses the teamwork, collaboration, problem solving skills, decision-making, awareness and motivation by the mentor at the workplace. The bookkeeper comes across a variety of clients of the different business entities, various segments at the market and a number of business setups to comprehend and produce the work for. The bookkeeper faces the challenge to recognize the essential business operation of every client. The bookkeeper has to ensure that there is accuracy in the process of the payroll and, record the account of the transactions that are being paid, report the accounts received by the transactions, producing the financial reports and maintaining the balance sheets (Smith, 2014). The internship program is of the bookkeeper. In the midway, the intern bookkeeper is dynamic and qualified at his work. The intern has gained a widespread knowledge f the accounting principles, the policies of taxation, and the procedures that are related to the income tax. The primary strengths that are gained during the internship programme are planning, the ability to solve problems and customer relations (Soudijn, 2012). There has been a familiarity with the financial reconciliations and regulatory reporting. Teamwork The bookkeeper intern has learned to strike and maintain a balance between keeping the books and managing the business of the client. The intern becomes a dedicated keeper of the books and ensures a healthy flow of the financial record keeping. The intern learns to work in a quite environment with a flow in the work that is being done (Monga, 2015). The intern learns to rely on the various communication strategies and methods that are digital. This helps them to nurture their communication skills. The intern learns to work under flexible environments. Collaboration The bookkeeper intern learns to acquire the important documents that are necessary for the client. The acquiring of these important documents is a difficult task. The intern learns the process of collaboration. The new files appear for the bookkeeper and have to be reviewed by him. The use of the document viewer allows the bookkeeper to input the applicable information in the accounting part. The document viewer also allows the assigning of the relevant notes about the clients that enhances the collaboration with the customers and the clients, which allows the easy retrieval of these documents later (Miley Read, 2012). The bookkeeper learns the process of auditing the necessary financial reports. The digital copies that are available are useful for the bookkeeper as there is the movement towards the process of digitalization. The bookkeeper becomes efficient and gains the ability to upload a file easily, search for the documents and focus on the business while concentrating on the m atter of keeping the books updated. Problem Solving The intern during the internship learns to develop a positive attitude skill. This skill is utilized for the issue of accounting. The accounting problems are solved with the help of analysis and collection of information relating to it. The intern takes guidance for solving these problems relating to accounting. The intern learns to develop efficient skills in the process of decision-making. The bookkeeper learns to develop a clear way for communicating the issues of the client. They are the source of the additional work that the client states (Martin et al., 2016). Decision Making The intern of bookkeeping understands the management of the process of decision-making. The intern understands the cost of the sales and the sales of each of the products and service of the client. The calculation of the cost of the sales is learned in the internship program. The taxes that are collected and can be paid also require calculations to be performed. The bookkeeper if is tagged by the tax department then has to go ahead with the decision making process along with the accountant. The bookkeeper learns to understand the financial reports and setting up the management of the tools for decision-making. The intern learns to review the financial report regularly and on time (Junqueira, Kelly Reed, 2013). The intern also learns to manage the spreadsheets for the financial reports of their clients and customers. The managing of the cash flow statements and keeping them updated is the responsibility of the bookkeeper. This is a device for the purpose of reference. The intern also learns to curb the overhead expenses keeping in mind the sale, non-sale and the production of the cost of the staff. Awareness The intern has learnt the application of the BAS services. The intern also gets a relevant bookkeeping experience from the internship program. The training is well and hence the role of the experience is better. The bookkeeper is qualified is able to cope up with the workload in spite of the high hourly rates. The bookkeeper is not afraid to ask the relevant questions to the clients. The bookkeeper learns to be reliable and is aware of not sharing the account related information with everyone (Costas et al., 2013). He manages a three-way communication between the organization, the accountant and the client. They become invaluable and important for the processing of the information of the financial reports of the respective clients. The role of a bookkeeper is important to keep the track of the financial statements of the customers and the clients. They become aware of the analysis of the information that is relevant o the clients. They perform the basic function along with the accoun tants that adds meaning to the financial analysis and reporting. This leads to the success of a business due to the sufficient awareness of the cost savings. Motivation The profession of bookkeeping serves as a vital economic function. The intern of bookkeeper has learnt the process of self-motivation (Chen et al., 2012). He has learned to set the target goals for achieving of the desired goals and results. The monitoring of the balance of the revenue and the expenses of the business of the clients is necessary. This will allow offering of advice to the respective clients. They have to mentor the reporting of the correct databases to the business manager. References Chen, C. C., Jones, K. T., Scarlata, A. N., Stone, D. N. (2012). Does the Holland model of occupational choice (HMOC) perpetuate the Beancounter-Bookkeeper (BB) stereotype of accountants?.Critical Perspectives on Accounting,23(4), 370-389. Costas, J., Ekman, S., Maravelias, C., Spoelstra, S. (2013). Roundtable: Free work.Ephemera,13(1), 11. Junqueira, F. P., Kelly, I., Reed, B. (2013). Durability with bookkeeper.ACM SIGOPS Operating Systems Review,47(1), 9-15. Martin, G. E., Danzig, A. B., Wright, W. F., Flanary, R. A., Orr, M. T. (2016).School leader internship: Developing, monitoring, and evaluating your leadership experience. Routledge. Miley, F., Read, A. (2012). Jokes in popular culture: the characterisation of the accountant.Accounting, Auditing Accountability Journal,25(4), 703-718. Monga, V. I. P. A. L. (2015). The new bookkeeper is a robot.Wall Street Journal,5, 5-15. Smith, G. S. (2014). The Accountant Stereotype: Positive or Negative?. Soudijn, M. R. (2012). Removing excuses in money laundering.Trends in Organized Crime,15(2-3), 146-163.

The Accounting Profession and Nat free essay sample

THE JOURNAL OF ACCOUNTING ANAN Volume 1, No 1, March 2009 Published by: Nigerian College of Accountancy, Jos Postgraduate Professional College and Training Arm of ANAN Advancing the Science of Accountancy EDITORIAL BOARD Prof. Edet Robinson Iwok, Ph. D, FCNA Prof. A. A. Okwoli, Ph. D, FCNA Prof. Abimaje Akpa, Ph. D, FCNA Prof. B. C. Osisioma, Ph. D, FCNA Prof. Edet B. Akpakpan, Ph. D, FCNA, Prof. A. C. Ezejulue, Ph. D, FCNA Prof. A. S. Mikailu, Ph. D, FNIA Chairman, Education, Training, Research and Technical Committee, ANAN Chief V. C. Azie Accountant-General of the Federation Auditor-General of the Federation Registrar, ANAN Chairman, Fed. Inland Revenue Service Director of Research, National Universities Commission Treasurer, ANAN Business Manager Prof. M. A. Mainoma, Ph. D, FCNA Mr. C. B. Umoh Editor-in-CHief Editor Associate Editor Associate Editor Associate Editor Associate Editor Associate Editor Member Member Member Member Member Member Member Member Secretary Assistant Secretary The Journal of Accounting is a biannual publication. All contributions of articles, book reviews, research notes, etc, intended for consideration for publication in this Journal should be in English and should be submitted in two hard copies and a soft copy. Articles, book reviews and research notes intended for consideration for publication are subjected to reviews by three experts in the related field. The primary criterion for publication in the Journal is the significance of the contribution to the advancement of the science of accounting and related literature. The decision of the Editorial Board, based on the advice of the reviewers, is final and not subject to negotiation. All correspondence, enquiries, contributions and research notes should be submitted to: The Editor, The Journal of Accounting, C/o Nigerian College of Accountancy, Plot 42T Bauchi Ring Road, Dogon Dutse, P. M. B. 2734, Jos, Plateau State, Nigeria. Subscription Rates: Nigeria Outside Nigeria N1000 (Exclusive of postage) N1000 $10 (Exclusive of postage) Prof. Edet R. Iwok Editor-in-Chief iv EDITORIAL Like any other profession, Accounting is not static. It constantly responds to the dynamism of human existence because Accountants are by nature curious and experimental. Their curiosity causes them to enquire into the proximate problems affecting their profession and practice. Again, two great inventions that have helped accountants and indeed professionals in other fields of human endeavour are the inventions of writing and of scientific method. The continuous growth of accounting knowledge and practical insights requires a reasoning, questioning, and experimental mind of the Accountant. The birth of The Journal of Accounting is therefore, a platform for reasoning, questioning and experimental mind in the field of accounting and its closely-related disciplines. It is a platform for cross-fertilization of ideas and of advancing the science of accountancy in line with ANANs vision and mission. In this maiden edition of The Journal of Accounting we try to grapple with the following issues: The Effect of Audit on Corporate Sustainability, Growth and Development; Accounting and Nation Building; The Role of Accountants in the Attainment of Banking Sector Consolidation Objectives in Nigeria; The Use of Ratios in Financial Analysis and Prediction of Financial Crisis; The Relationship and Problems of Auditors in a Joint Audit Exercise: A Survey of Ten Audit Companies in Nigeria; Accountants Role in Investing in Stocks and Shares in the Capital Market; The Undisclosed Facts on Exempted Value Added Tax (VAT) Items in Nigeria: A Survey of Northern and Southern Zones; and Entrepreneurship and Africas Quest for Development: A Review of Family Business in Nigeria. It must, however, be made clear here that contributors views expressed in the treatment of issues in the Journal do not and may not represent the views of the Editorial Board, the College, and/or the Association as a whole. F inally, the Editorial Board wishes to acknowledge with gratitude the support of ANAN Council in granting the permission to commence the publication of this Journal. iii The Journal of Accounting Vol. 1 No. 1 March, 2009 THE EFFECT OF AUDIT ON CORPORATE SUSTAINABILITY, GROWTH AND DEVELOPMENT By J. R. A. Adefiranye Abstract For profitability and liquidity, companies need adequate finances. Finance stakeholders (that is, shareholders, creditors and other financial lenders) are the providers of these finances. Their interests and beliefs in the activities of the companies are required to make them invest. A recent share investments survey in Lagos and Abuja, involving 100 respondents covering investors and prospective investors (60 and 40 respondents respectively), revealed that 70 percent of the investors place heavy reliance on the integrity of a companys auditor before investing in that company. 0 percent of the prospective investors chose never to advance money of whatever form to any company because they have lost confidence in audit firms. This, they hinged on the fact that companies, despite their stunning performance reports attested to by audit firms, still go bankrupt. Using questionnaires and interviews, we gathered relevant data from investors, prospective investors, audit firms and some financial institutions (banks) for this study. We analysed these data using descriptive and inferential statistical analysis tools. It was discovered that there is a very strong link between audit and finance stakeholders confidence in financial statements. This means that even though a company may put good corporate governance structure in place, audit still has a greater role to play in making the companies perform better and gain access to investible funds. The recommendations made by the study include the need for accounting professional bodies to ensure that auditors take the issue of ethical practices with all seriousness. If well coordinated, confidence of the investing public will be won and companies will gain access to more funds that will Introduction bility of companies to remain in business, grow and develop has always been linked to profitability and liquidity. Virtually all stakeholders are in accord on the fact that these two profitability and liquidity are the necessary ingredients for corporate growth and development. To make these possible, that is to be profitable and liquid, companies need reasonable and sustainable investments. The quantum of investment is one important factor in the determination of the extent to which a company can do business. Ceteris parribus, a company with more investments has a higher possibility of being parribus, profitable and possibly liquid than another with lesser investments. To be able to invest, however, every company needs reasonable and sustainable finances. Usually, shareholders, creditors and other lenders (especially financial institutions such as banks), contribute these finances. In A 1 The Journal of Accounting Vol. 1 No. 1 March, 2009 his study, these investors shareholders, creditors and other financial institutions are collectively referred to as finance stakeholders. For any company to be able to raise reasonable finances for investments, finance stakeholders interests must be won. A company that successfully and convincingly wins her finance stakeh olders interest will, therefore, be able to pull more finances to itself, hence, have reasonable amounts for investments, than the one which is unable to win such interests. Winning of these highly required interests is not magical. Finance stakeholders will not hesitate to advance more finances to the company once they are convinced n the performance(s) of the companys agents (the managers of the company) and/or are sure of the security of their investments. If the agents can show, with convincing evidence(s), that they adequately managed and utilized the initial amounts given to them, the stakeholders investments are secured and have higher probability of yielding better returns, they (company agents) can be sure of receiving more amounts when needed. Reports on the extent to which the companies resources have been utilized, which will inform the finance stakeholders on the need for increased finances, when required, or otherwise, are embodied in a document called statements. fina ncial statements. Preparation of financial statements is one of the mandatory statutory obligations of all companies, especially the public companies (PLCs) listed on the Nigerian Stock Exchange. They (financial statements) are prepared by the agents of each company. For the fact that each companys agents have the yam and the knife, that is, they are responsible for running the affairs of the business and reporting their stewardship, there is a higher possibility of record manipulations in such a way as will favour them and cover up their inefficiencies in what is called creative accounting. accounting. This is one of the major problems in agency relationships. To this extent, finance stakeholders do not just rely on financial statements as presented by the agents of the companies. They, instead, rely on the statements based on the opinion(s) of a third party who serves as eagle eyes to each auditors. company. This third party is what we know as auditors. Our interest in the contributions of audit to corporate growth, if any, was gingered by responses from some respondents in a recent shares investment survey conducted in Lagos and Abuja. (One hundred (100) persons, including both investors and prospective investors, constituted the respondents). Two most striking issues from their responses are the one from a prospective investor that he will not advance his money to any company by way of any investment 2 The Journal of Accounting Vol. 1 No. 1 March, 2009 whatsoever except the companys financial statement and/or prospectus are ttested to by some specific audit firms (he mentioned some audit firms), and the other that responded that he does not have interest in investing in any company or advancing loan to any company, except a business to be personally owned b y him, for the fact that auditors mostly compromised their positions for financial gains (field study, 2006). In a follow up questionnaire to this respondent, so as to help in supporting his allegations, he, though, declined to mention names, queried the easier collapse of banks and some companies especially prior to the mega-bank era recently introduced by the Central Bank of Nigeria, under the governorship of Prof. Charles Soludo, despite the fact that these banks and companies presented stunning and impressive financial statements, attested to as true and fair by audit firms. Considering the recent turbulence in Cadbury Nigeria, for instance, one will ordinarily agree with this respondent. It is on these that the problems to be addressed by this discussion rely. The first problem is, what impact has audit on sustainability, growth and development of companies? The second problem is, what is/are the expectation(s) of the investing public from the professional bodies that are regulating accounting practices in Nigeria with respect to upholding ethical standards of audit in Nigeria? We shall test one hypothesis in this study. The null of the hypothesis is that â€Å"the growth of any company has no relationship with investing publics confidence in its audited financial statement†. Efforts were made to gather relevant data from five states in Nigeria: Lagos, Abuja, Kaduna, Kano and Rivers. These were chosen by virtue of conglomeration of businesses and banks and the presence of head offices of most of the companies and banks. In addition, eleven corporate bodies comprising companies and banks were selected to aid in the conduct of the study. The remainder of the paper has the following organization. Section two summarizes some of the theoretical issues on which this study is based, section three presents the research methodology adopted for the study, section four presents and discusses the findings of this study while section five offers concluding remarks and recommendations. Theoretical Issues Auditing: From Civilization to Date 3 The Journal of Accounting Vol. 1 No. 1 March, 2009 The word auditor literally means one who hears. Auditing is as old as civilization. It was used in ancient Egypt, the Roman Empire, and the Great Mercantile establishments of the middle ages. Prior to 1500, the main focus of accounting was on governmental and family units. In this period, two scribes were used to keep independent records of the same transactions and it was designed to prevent defalcations within the treasures of the ancient rulers. Between 1850 and 1905, the corporate form of business was brought into the fore. This came up as a result of the industrial revolution, which brought up corporations. Between 1933 and 1940, a relative confusion arose regarding the main objective of auditing. This centered on the issue of fraud detection. While some held this as the main objective of audit, others thought otherwise. The periods between 1940 and 1960 introduced a significant change in audit objectives. With the pronouncements of American Institute of Certified Public Accountants (AICPA) in 1951, auditors are expected to hold fairness of financial statements as a virtue rather than emphasize fraud detection. With continuous amendments, it became obvious that even though fraud detection is not to be held as the main objective of auditing, it yet forms an integral part of it. Walter and Williams (1992:138) captured this as clear as possible thus: †¦in performing the audit, the auditor obtains evidence concerning each of the specific objectives, (which includes existence or occurrence, completeness, rights and obligations, valuation or allocation and presentation and disclosure). From the evidence accumulated, the auditor reaches a conclusion as to whether any of management assertions are misrepresentations. Subsequently, conclusions about the individual assertions are combined to reach an opinion on the fairness of the financial statements as a whole. This had always been the position of the courts of law. For instance, in Re: Kingston Cotton Mill Co. 1876) 2 ch, 279, the court posited that: †¦ an auditor is not bound to be a detective, or as was said, to approach his work with suspicion or with a foregone conclusion that something is wrong. He is a watchdog but not a bloodhound†¦ if there is anything calculated to excite suspicion, he shou ld prove it to the bottom;†¦ Even though, Judge Cardozo, in Ultra Mares Corp. v. Touche (1931), in an attempt to uphold the doctrine of privity of contract held that: †¦ if liability for negligence exists a thoughtless slip or blunder, the failure to detect a theft or forgery beneath the cover of deceptive entries may expose accountants to a liability in indeterminate amount, at an indeterminate time, to an indeterminate class. The 4 The Journal of Accounting Vol. 1 No. 1 March, 2009 azards of a business conducted on these terms are so extreme as to enkindle doubt whether a flaw may not exist in the implication of a duty that exposes to these consequences. The court yet found the auditors guilty of negligence. Quoting Alan (1970:305), Olugbami (1999) wrote: †¦litigations against accountants have increased dramatically in recent years. The practice of suing accounting firms, which has grown in popularity among disillusioned investors and their attorneys, is the subject of much controversy in the financial community†¦ when a company goes bankrupt, a disgruntled investor tries to find a solvent party from whom he recover damages. Often, this is the independent accounting firm†¦ further, certain recent decision have shown that accountants are vulnerable to litigation†¦ Decided cases, for example, Credit Alliance Corporation And Leasing Services Corporation v. Arthur Andersen Co. (1981); Funds Of Funds Ltd V. Arthur Andersen Co (1982), have consistently shown that aggrieved parties can succeed in cases against accounting professionals where the report they relied upon, by virtue of the professionals attestation, are faulty or falsified. The profession has not in any way exposed the auditors to dangers, for the fact that, whenever the professional accountants have reasons to doubt the correctness of reports they are to attest to, they have the liberty to either decline attesting to such a report or if they must, they should give necessary qualifications to the report. The use of the words subject to, except, adverse, etc, by the auditors, whenever they are in doubt as to any material misstatement by the companys agents, is what is needed to put whoever is using the financial statement on guard. This also saves the professional from undue litigations and embarrassments. For professionals to do their work as best as possible, however, independence must remain their virtue and watchword. Whenever an audit firm makes a mistake of getting too involved in other consultancy activities with their clients, the result is not always palatable. This is obvious in the recent Enrons case. As reported by Alexander, et al (2002), the fall of the once prestigious Chicago accounting firm, Arthur Andersen, came as a result of doing more of consulting than audit. Just as was warned by a one time policy maker of Arthur Andersen, Gagel Mike, who was forced to retire at an earlier period in 1992, â€Å"†¦if you ever cheapened it (the audit) or give it away, you lost your birthright as a professional† (Alexander, 2002). 5 The Journal of Accounting Vol. 1 No. 1 March, 2009 From all issues raised above, it can be seen that investors, shareholders and other persons in the finance stakeholders group, place very heavy reliance on the opinion of the auditors, hence, take their decisions based on these independent parties opinions. Also, third parties can successfully move against the professionals in case the reports attested to by these professionals were found to be misleading or misrepresenting. A professional accountant has the liberty to expose him/herself to any danger but it should be noted that the danger is as a result of his/her action(s) and not necessarily a professional hazard. hazard. Economic Benefits of Auditing From the contributions of Walter and Williams (1992:16), economic benefits derivable from audit include: a) gaining and maintenance of access to capital markets especially by large companies; b) securing of loans and advances from banks and other institutional lenders with more favourable terms; c) granting of credits at lower interest rates by creditors and the acceptance of lower dividend or no dividend at all by investors so as to llow room for needed investments where necessary; d) improvement of companys credibility; e) enhancement of employees’ honesty and efficiency since they are ever conscious of auditors’ presence; f) influencing of managements to be more truthful and forthright in their representations and although audit of finan cial statements is a statutory requirement, it indirectly affects the market value of companies; and g) it helps in ensuring the accuracy of information available in the financial market. These benefits suggest that audit has an effect on the activity(ies) of a company. We shall find out if these hold true in the companies selected for this study. Problems and Challenges of Agency Theory An agency relationship is created whenever ownership of a business is separated from its management. The concept of corporations has its roots in the eye opener case of Salomon Vs Salomon Co (1876). Companies are different from proprietorships and partnerships in that, whereas, both proprietorships 6 The Journal of Accounting Vol. 1 No. 1 March, 2009 nd partnerships are mostly and usually managed by some or all their owners, PLCs, companies, especially PLCs, have their management divorced from their owners, hence, creating principal-agent relationships. Quoting Jensen and Meckling (1976), Musa (200 6:3) stated that conflict of interest between corporate insiders and outside investors are central to the analysis of modern corporations. This is because insiders, who control the assets of the companies, can use them in a way that is detrimental to the interest of outside investors. Assets could be diverted through outright theft, dilution of outside investors through insider dealings, expropriation through excessive salaries, etc. Views of this nature had been put forward in earlier studies such as that of Shleifer and Vishny (1997). Augmenting this, Jensen (1986) was quoted by Musa (2006) that insiders can use corporate assets to pursue investment strategies that would yield them personal benefits at the expense of outside investors. In order to reduce or eliminate these and other agency problems, earlier studies such as that of Shleifer and Vishny (1997), La Porta, et al (1998), Zingale (2003), Gompers, et al (2003), Black, et al (2003), Sanda, et al (2004), Anderson, et al (2004), Musa (2006), among others, have placed so much of emphasis on effective corporate governance as the solution. Using corporate governance variables which essentially are board composition, board size and power separation between board chairperson and CEO, these studies established that companies managers objectives can be aligned with the objectives of the paribus, shareholders vis-a-vis the companies themselves. This, for sure, ceteris paribus, will bring about sustainability, growth and development in companies. While not disagreeing with the views of these researchers, we want to tentatively posit that the alignment of these agents objectives with their principals, which ultimately should lead to sustainability, growth and development of companies, is better ensured where professionals truly live up to their responsibilities. We shall conveniently take a final stand on this subsequently. Methodology This study is both historical and descriptive in nature. Stratified random sampling method was used to select the companies used in the study. To do this, companies were classified as basic production, distribution and service. In the factbook of the Nigerian Stock Exchange (2006), one hundred and ninetyseven (197) companies are listed as registered companies. By classification of 7 The Journal of Accounting Vol. 1 No. 1 March, 2009 the companies into service, production and distribution sectors, ninety-nine (99) companies are in the service sector, sixty-nine (69) are in the production sector and twenty-nine (29) are in the distribution sector. After considering their capital base, eleven (11) big companies were selected for our study. Six(6) companies were selected from the service stratum for the fact that Nigeria economy is currently dominated by service industry; three(3) were selected from the production stratum; while two(2) were selected from the processing stratum. For their sizes, it is believed that the selected companies have the tendency to employ and utilize good auditing services, hence, will be good enough for our study. Data for this study was collected using primary data instruments: questionnaire and interview. Using purposive sampling, a total of fifty(50) questionnaires were distributed to the investing public alone. Ten(10) questionnaires were sent to each of the five(5) states chosen for this study. The questionnaires were targeted at existing shareholders, and prospective investors. Our belief is that this number will be adequate for generalization for the fact that we were privileged to know that the shareholders held substantial shares in companies, and the prospective investors chosen show good interests in investments. Interviews were conducted, especially with audit firms (three in number) used for this study. Three bank managers, who gave us audience, were also interviewed. To analyse the data, descriptive and inferential statistical analysis techniques were employed. These are: Karl Pearsons coefficient of correlation and percentages. Whereas percentages was used in analysis of some of the Segment i. ii. Issues Confidence in Financial Statement (X) Confidence in Financial Statement tied to Audit (Y) Yes 16 13 No 5 3 Undecided 1 6 Source: Field Survey (2007) Table 1b: Summary of the analysis of table 1a issues for Pearsons computations X ya = 16 x Y ya = 13 y XY yay = 13 xy x X2 ya2 = 16 x Y2 ya2 = 13 y Source: Computation of Field Survey (2007) result Analysis: Using Karl Pearsons formula 8 The Journal of Accounting Vol. 1 No. 1 March, 2009 This analysis indicates that there is a very strong link between auditing and shareholders confidence in financial statements prepared by companies (0. 74). That is, most shareholders relied on the financial statements for the fact that the statements were audited. Segment i. ii. iii. Issues Subscription to shares (even if) not backed up with audit attested prospectus Auditi g has a strong impact on corporate growth and ng n development Auditors living up to publics expectations in Nigeria Yes 2 38 15 No 39 3 28 Undecided 2 2 0 Source: Field Survey (2007) From table 2 above, 91 percent of the respondents will be pleased to subscribe to the shares of any company provided its prospectus is attested to by auditors, not necessarily because they have good corporate governance structure in place. Also, 88 percent of the respondents are of the opinion that auditing has a strong impact on corporate growth and development. However, only 35 percent of the respondents opined that auditors are living up to expectations of the investing public in Nigeria. Findings From the computations based on tables 1a and 1b, it is glaring that the confidence of shareholders in the financial statements presented to them by their agents (company managers), is increased by virtue of the attestation of auditors. Where finance stakeholders, especially shareholders, have confidence in a companys financial statement, they are very likely to advance more money to the company whenever such is required for investments, especially in profitable ventures. This advancement of money can be by way of increasing the quantum of shares they already acquired, thereby introducing fresh capital, or opting not to receive dividend so as to allow the company to have enough reserves to be used for the new project(s), etc. Adventure into reasonable and profitable ventures will likely aid the company to be more profitable, hence, grow, develop and get well sustained. 9 The Journal of Accounting Vol. 1 No. 1 March, 2009 Based on the outcome of our statistical tests and respondents positions, we reject our null hypothesis and accept the alternative that the growth of any company is strongly linked with investing publics confidence in its audited financial statements. Table 2(i ii)s responses also buttress our initial stand on the link between audit and company growth. This shows that with the assistance of audit, companies can easily obtain whatever amount they require from finance stakeholders. This is well backed up with the responses from bank managers interviewed. As put by most of the respondents (bank managers), another major requirement for advancing loans of any sort, apart from collateral, to any company, is their audited financial statements. The position, as given by table 2(iii), presents a great challenge to auditors in Nigeria. 65 percent of our respondents posited that auditors in Nigeria are not living up to expectations. Can this be a major reason why Nigerians are not adequately responding to company shares as expected and/or why there are not many public companies as may be anticipated in a big country like Nigeria? Some of the reasons put forward by these respondents for their position on this issue include: Indication of failure especially as seen in the aspect of bank distress in Nigeria, and the fact that there was not much to suggest that auditors had pre-warned or qualified their reports on these distressed institutions; contributions of some auditors in tax evasion practices of companies; failure of some audit firms to conduct themselves in line with the provision of CAMA (1990); and deviation from professional ethics due to poor economic conditions and the quest for financial gains. Concluding Remarks and Recommendations Auditing plays a very formidable role in the ability of companies to pool adequate financial resources needed for investments. This is essentially appreciated in the way it increases the confidence of finance stakeholders in the financial reports prepared by the company agents. Companies that present good and hopeful report(s) will easily win the interest of finance stakeholders, hence, get required access to investible funds. The stakeholders, however, do not just rely on the reports for the fact that they have been prepared by their agents or for the fact that good corporate governance structure had been put in place but for the fact that a reliable audit firm, respected by them, had attested to the validity and reliability of the stunning reports. 10 The Journal of Accounting Vol. 1 No. 1 March, 2009 It is unfortunate that most finance stakeholders in Nigeria score audit firms low as at present. The implication of this is that companies cannot benefit as much as they ought to, since the source of finance (finance stakeholders) is not too well disposed to their reports. With this, we can take a position that companies in Nigeria, on the average, are not yet attaining optimal level of finance, as it ought to be. Subject to any convincing proof to the contrary, we can confidently posit that there is a strong link between finance stakeholders current view of audit and low patronage to company shares and low degree of companies floating (formation) in Nigeria. Companies that are audited by trusted audit firms will always gain access to needed finance than the one audited by an audit firm not trusted by majority finance stakeholders. Since it is glaring that the expectations of the investing public from audit are so high, professional bodies have a lot to do. Going by the responses of financial institutions and some investors, audit has positive impact on the market value of companies in the capital market. This is easily drawn from the fact that shares of such company are much sought after, in addition to the fact that financial lenders rely on it as an additional requirement for loans and advances to the companies. However, most companies in Nigeria are not yet benefiting from this, that is, most of the economic benefits derivable from audit are not yet tapped by Nigerian companies. In line with the findings and conclusions of this study, the following recommendations are proffered: First, since it is the duty of shareholders, in the annual general meeting, to appoint external auditors, they should ensure that proven integrity, especially from track records, is their guiding principle in appointing auditors. This is very important for the fact that other finance stakeholders are also interested in who and what the companys audit firm is. This should be taken as serious as, or more serious than, the way corporate governance is considered. Second, professional bodies must continuously hold seminars, workshops, etc, with all their members. In each of these gatherings, the need for upholding professional ethics, no matter the circumstance or situation any member finds him/herself, must always be given a better place. Strategies on how to align ethical issues with personal beliefs of members should also be utilized in these discussions. The word of Gagel â€Å"†¦ if you ever cheapened it or give it away, you lost your birthright as a professional† (Alexander, 2002) should be adopted as an anthem for professionals. Third, professional bodies should openly discipline any member found 11 The Journal of Accounting Vol. 1 No. 1 March, 2009 wanting in his/her duty as a professional. The essence of open trial and conviction (if warranted) is, to serve as deterrent to other members, and show the investing public that the bodies have zero tolerance to unethical conducts. This will surely increase the respect of the public to the professionals and the professional bodies. In the long run, it will positively affect the confidence of the public in audits and auditors. Fourth, professional bodies should consciously organize seminars, workshops, symposiums, etc, to sensitise the investing public on their activities. In line with this, there should be room for protocol free access by members of the investing public to the professional bodies. This will make it possible for any disgruntled member of the investing public to lay direct complaint(s) against any professional. This will not only increase their confidence in the professional bodies, but will also serve as a caveat to professionals themselves. Overall effect of this will positively affect audit and improve the companies performances. Fifth, professional bodies must constantly review issues on ethics and ethical conducts and make wide publications on their findings. These publications must be made available to their members, all accounting departments in Nigerian universities and colleges and the general public at large. Lastly, we recommend researches into the reason(s) why some companies shares are ever active on the Nigerian Stock Exchange while others seem as if they are crawling. Also, there is the need to find out why investing crawling. public in Nigeria are not too keen about trading in companies shares when compared with their interests in bank shares. 12 The Journal of Accounting Vol. 1 No. 1 March, 2009 References Alan, J. (1970). â€Å"Auditors Liabilities†, In, Olugbami, K. (1999), â€Å"The Role of Audit in Corporate Development†, unpublished B. Sc. project submitted to the department of Accounting, A. B. U. , Zaria. Alexander, D. ; Burns, G. ; Manor, R. ; McRoberts, F. ; and Torriero, E. (2002). â€Å"The Fall of Tribune, Andersen: Greed Tarnished Golden Reputation†, Chicago Tribune, September 1, 2002, 1c. Anderson, R. ; Mansi, S. and Reeb, D. (2004). â€Å"Board Characteristics. Accounting Report Economics, Integrity and the Cost of Debt†, Journal of Accounting and Economics, 37, September, 11, 315-342. Black, B. ; Jang, H. and Kim, W. (2003). â€Å"Does Corporate Governance Affect Firm 327. Value? †, Working Paper 327. Stanford Law School. Auditing, Carmichael, D. (1975). Perspectives in Auditing, Mc-Graw Hill Inc. , U. S. A. Gompers, P. ; Ishii, J. ; and Metrick, A. 2003). â€Å"Corporate Governance and Equity Prices†, Quarterly Journal of Economics, 118, February, 107-155. Economics, Jensen, M. (1986). â€Å"Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers†, Proceedings, American Economic Review Papers and Proceedings, 76, pp. 323-329, In Mus a, F. (2006), â€Å"The Impact of Corporate Governance on the Performance and Value of Banks in Nigeria: An Agency Approach†, Nigerian Journal of Accounting Research, Research, 4, 1-15. Jensen, M. and Meckling, W. (1976). â€Å"Theory of the Firm: Managerial Behaviour, Economics, Agency Costs and Capital Structure†, Journal of Financial Economics, 3, pp. 305-360. In Musa, F. 2006), â€Å"The Impact of Corporate Governance on the Performance and Value of Banks in Nigeria: An Agency Approach†, Nigerian Research, Journal of Accounting Research, 4, 1-15. La Porta, R. ; Lopez-de-silanes, F. ; Shleifer, A. and Vishny, J. (2002). â€Å"Investor Protection Finance, and Corporate Valuation†, Journal of Finance, 57, 1147-1170. Musa, F. (2006). â€Å"The Impact of Corporate Governance on the Performance and Value of Banks in Nigeria: An Agency Approach†, Nigerian Journal of Accounting Research, Research, 4, 1-15. Auditing, Robertson, J. and Frederick, G. (199 2). Auditing, 5th Ed. Business Pub. Inc. , Texas. Sanda, A. ; Mikailu, A. and Tukur, G. (2004). Director Shareholding, Board Size and Financial Performance of Firms in the Nigerian Stock Exchange†, Nigerian Research, Journal of Accounting Research, June, 2-34. Shleifer, A. and Vishny, R. (1997). â€Å"A Survey of Corporate Governance†, Journal of Finance, Finance, 52, 737-783. Auditing, Walter, G. and William, C. (1992). Modern Auditing, 5th Ed. , John Wiley Sons, New York. Today, Woolf, E. (1986). Auditing Today, 3rd Ed. , Prentice Hall, London. Zingale, L. (2000). â€Å"In Search of New Foundations†, Journal of Finance, 55, 1623-1653. Finance, 13 The Journal of Accounting Vol. 1 No. 1 March, 2009 ACCOUNTING AND NATION BUILDING By A. E. Okoye T Introduction: he changing environment has not only extended the boundaries of accounting but has created a problem in diversifying the scope of the subject. For the purpose of this paper we adopt the definition of American Accounting Association (AAA) that defined accounting as the process of identifying, measuring and communicating economic information to permit informed judgement and decision by the user of the information. According to Mark (2000:95), since the mid-1970s, in U. S the number of new Ph. Ds in economics has held steady at approximately 750 to 800 per year. This means that the supply of new academic economists is quite high when compared to the number of new Ph. Ds in related disciplines like accounting. New Ph. Ds in accounting in the US for example, the total is not more than 75-100 per year. At this pace, it will take 20 years to fill current vacancies in accounting. What is surprising is how slowly the supply of Ph. Ds from highquality doctoral programs in business has grown during recent years. Employment opportunities in the private sector are so attractive that talented accounting undergraduates, for example, do not find the Ph. D sufficiently rewarding to encourage them to pursue advanced degrees. This might explain the failure of accounting students to pursue advanced degrees. The Nigerian situation in accounting research is dangerously low. This paper attempts to highlight certain critical issues that influence the quality of the accounting information available to decision-makers at both micro and macro economic levels of a nation. The issues covered include: i Nature of Accounting Information ii Historical antecedents of Accounting and civilization iii International Accounting issues iv Consequences of Accounting diversity v Benefits of Harmonization vi Forensic Accounting 14 The Journal of Accounting Vol. 1 No. 1 March, 2009 vii Environmental Accounting viii Human Resource Accounting ix Accounting Best Practices The main objective of this paper is to create awareness among Accountants (information preparers) and interest groups (information users) on various issues that relate to Accounting as a discipline. The readers will also see this paper as a clarion call to help and improve the quality of Accounting information in whatever decision-making capacity they are operating. Nature of Accounting Information Accounting generates three basic types of information namely scorekeep/stewardships information, attention directing information and problem solving score-keeping information provided by financial accounting relates to the statutory financial statement which must be prepared in most cases on annual basis. Most stakeholders are interested in this set of information because it highlights the profit/loss for the period and the Balance sheet which show the structure of organization assets and liabilities. Most accountants rigidly hold on the financial Accounting because they erroneously see it as the only professional section of accounting. There is a fusion between AttentionDirecting and Problem-solving information. While the Attention-directing is mainly supplied by cost Accounting, problem-solving information is supplied by management accounting. Attention- directing and problem solving information relate to issues of planning, control and decision making for short and long range operations. Many operative decision-making processes rely on such information like budgeting, variance analysis, capital investment appraisal, cost determination, contract costing and a lot of other information Accountants need to de-emphasis on the score-keeping information and pay more attention on the attention-directing and problem-solving information required for day to day decision making by management. Though score-keeping or steward accounting is a statutory requirement Accountants need to understand the short-comings of financial accounting information. Limitations of Financial Accounting: Financial Accounting is a statutory requirement and the format and disclosures are well spelt out by Companies and Allied Matters Act of 1990 and Statement of Accounting Standard (SAS I) as pronounced by Nigerian Accounting Standard Board (NASB). Though the nature and contents of 15 The Journal of Accounting Vol. 1 No. 1 March, 2009 statutory financial statements are useful, there are many limitations which mitigate against its usefulness. (i) The statements are published once a year and mainly at the end of the financial year. This means that an interested party must wait for twelve calendar months before receiving the information required to evaluate the managerial performance for the period. (ii) The statutory requirement of Financial Statements is historical in nature (Historical Cost Accounting HCA). This means that the statements do not show any thing about the future of the organization except where analysts start to interpret the figures in forms of ratios, percentages and trends. (iii) Since monetary values are placed on items, it is impossible to reflect the value of staff, customer or competitive strength of the organization compared with others in the same industry in a set of published Financial Statement. (iv) In Nigeria as at today, there is no standard method of taking care of inflation in our financial statements. This means that most Assets and Liabilities are either over-valued or under-valued in the financial statement which is misleading to decision-makers. (v) Auditing which is designed to give an independent view of the financial statements is based on random sampling which means that the audit work is not detailed enough to highlight all the weaknesses in the financial statement. Lapses of the management team cannot be highlighted in the financial report such as favouritism, marginalization, poor working capital management etc. This explains why many companies with unqualified audit reports collapse soon after huge profit figures have been reflected in their financial statements (Okoye, 2000:3). Historical Perspectives of Accounting Accounting and civilization have slim boundaries in terms of history, and a separation of one from the other may not be successful without inflicting injury on the other. According to Garry (1999) â€Å"Accounting at any point in time and place can represent the level of civilization then and there†. Edward in his work, looked at accounting history from three phases namely; the Record Keeping phase the ancient practice the Bookkeeping Phase (Italian methods) and the Accounting phase (the modern method) (Edward, 16 The Journal of Accounting Vol. 1 No. 1 March, 2009 1960:447). In similar vain, Alexandra (2002) highlighted accounting developments in Mesopotamia, Egypt, China and Rome. Mesopotamia (3500BC-2000BC): About 3500BC evidence of record keeping could (3500BC-2000BC): be traced in Babylonia and Syria. As it is reported that the oldest known records of commerce were kept in the Mesopotamia valley. Prosperous farmers from Assyrian, Chaldean-Babylonian and Symerian were reported to have triggered businesses and small industries giving rise to more than one banking firm in Mesopotamia, employing standard measures of gold and silver and extending credit for some transactions. Egypt: The Egyptian accounting system was similar to those in Mesopotamia. Egypt: The scribes occupy key position in the Egyptian government administration, as evidenced in the special qualification of an Egyptians scribe, which include skill in reading, writing, arithmetic and proficiency in wording the administrative formulas among others. China: Accounting in ancient China was used as a means of evaluating the China: efficiency of government programmes and the civil servants who administered them. This form of accounting is similar to performance measurement or management accounting of today. It was reported that the Chinese accounting achieved a reasonable level of sophistication during the Chao Dynasty of 1122256 BC, and was only improved upon after the introduction of the double entry system. Rome: Accounting historian, James Don Edwards reported that record keeping Rome: and bookkeeping under the Roman Republic reached higher degree of perfection and accuracy than those of the Babylonians and Egyptians (Edwards 1960:450). The accounting system in ancient Rome evolved from records traditionally kept by the heads of families, where records of household receipts and payments were kept in an â€Å"Adversarial† (day book) and monthly postings made to a â€Å"codex â€Å"codex accepti et expensi† (cash book). The importance of this household or family expensi† records and accounts was for the purpose of submitting regular statements of assets and liabilities as required by law, which form the basis of taxation and determination of civil rights. The characteristics of the Roman Accounting innovations include an elaborate system of checks and balances for government 17 The Journal of Accounting Vol. 1 No. 1 March, 2009 receipts and disbursements by the quaestors, (managers of the treasury and supervisors of government books) and the use of an annual budget to coordinate and control government fiscal and monetary policies. Factors Shaping Accounting Development The development and practice of accounting has been influenced a great deal by several factors which constitute the reason for diversity in the practice and reporting in accounting. Some of these factors according to Germon and Meek (2001), are External Finance, Legal System, Political and Economic ties with other countries and level of inflation as discussed below: Finance: External Finance: The relationship between a business enterprise and providers of business capital changes quite drastically when new capital is secured in international financial markets. Then the information demands of both domestic and international sources of finance have to be satisfied, which typically means going beyond national expectations and customs in providing financial reports. System: Legal System: The accounting system of some countries, are regulated by the national law, which may be at variance with the international accounting standard. In most code law countries, accounting principles are national laws. The legal system of the country is what regulates the practice and accounting reporting format of such countries, which is mainly aimed at determining how much income tax a company owes the government. This type of accounting procedure is only favorable to the government and not other stakeholders, leading to diversities on the international accounting scene. Countries: Political and Economic Ties with other Countries: The political development of a country will determine the development of accounting in the country as well. Accounting technology is imported and exported just as political systems and ideologies are, and countries have similar accounting for this reason. The Untied States has influenced accounting in Canada due to geographic proximity and close economic ties and because a number of Canadian companies routinely sell shares of common stock or borrow money in the United States. Almost every former British colony and Commonwealth countries which include Botswana, Gambia, Zimbabwe, Singapore, Malaysia, Antigua, Nigeria, Sierra Leone, Ghana, Malawi, Zambia and Pakistan has an accounting profession and 18 The Journal of Accounting Vol. 1 No. 1 March, 2009 financial accounting practices patterned after the U. K. model. Former colonies of France and Germany have been influenced by their â€Å"mother countries†. The coming together of various countries, in form of clusters has aided diversities of accounting on the international scene. Inflation: Level of Inflation: The level of inflation which is also known as the price level changes is a major factor that has caused diversities in the practice and reporting of accounting on the international scene. Some countries recognize the impact of inflation in the preparation of their financial reports. Countries like Argentina, Brazil, Mexico have their financial reports prepared using the price level changes method, instead of the historical cost principle. International Accounting Issues The Accounting model is a type of model that classifies accounting practice of various countries into different categories. Various approaches have been used by various writers, but for the purpose of this study, accounting models based on certain distinguishing features of accounting will be used. Accounting, according to Gernon/Meek (2001), is grouped into three models based on certain distinguishing features of accounting, with close identification of national patterns that conform to the identified features, such as Fair Presentation model, Legal compliance model and Inflation adjusted model as discussed below: Model: i. The Fair Presentation/Full Disclosure Model: This model of accounting is oriented toward the decision needs of external investors. Under this model, financial statements enable investors to judge managerial performance and to predict future cash flows and profitability. Under this model, financial statements are said to represent a fair picture of the companys financial position. This is also the approach adopted by the International Accounting Standards Committee. Nigeria, Australia, Canada, South Africa, and Singapore are examples of countries under this classification. Model: ii. The Legal Compliance Model: This is also called the continental model. This type of accounting model is designed to satisfy government imposed requirements as computing income taxes or demonstrating compliance with the national governments macroeconomic plan. The demand for public disclosure is low in legal compliance model of accounting. 19 The Journal of Accounting Vol. 1 No. 1 March, 2009 iii. The Inflation-Adjusted Model: This model is an addition to one or two of the above models, which incorporates recognition of inflation in the presentation of its financial statement. Some countries with this type of accounting model in addition to some of the features of the fair presentation model give cognizance to the level of inflation, while some in addition to the legal compliance model give recognition to inflation. Under this model, financial statements are not prepared based on historical cost. Countries also abandon inflation adjustments once inflation is tamed e. g. a recent occurrence in Argentina and Brazil. Consequences Of Accounting Diversity Due to the diversities of accounting practices and reporting on the international scene, many consequences are inherent, which may be of adverse effect to the users of accounting reports and the credibility of the financial statements across the nations. According to Ezejelue (2001) â€Å"the problems created by the divergences in accounting standards, particularly in furthering global integration of world economies, are so enormous that the pressure for global accounting harmonization is mounting†. Financial statements of companies from different countries are not comparable, which may inherently delay decision making at various levels. Some of the consequences on the following are as stated below: Corporate Management: Managers of multinational companies, make use of financial reports from various countries across the globe, which makes it difficult for them to compare growth and make prompt decisions, because of the diversities of accounting standard and regulatory bodies on the international scene. Investors: Investors face a lot of challenges, trying to make effective decision, using financial statements from different companies in different countries of the world, due to the fact that financial statements cannot be compared across countries. According to Gernon Meek (2001) if investors, analysts, and underwriters experience difficulties with GAAP diversity, financial markets are not as efficient as they could be and therefore returns to investors are less than they ought to be. This is a powerful indictment of GAAP diversity. 20 The Journal of Accounting Vol. 1 No. 1 March, 2009 Stock Markets and Regulators: The stock market does two things, which include the protection of investors against risk and market quality. For these two objectives to be achieved there is need for accurate and correct disclosure of information from the listed companies, so that judgment can be drawn from the available information. Therefore if the information available is not consistent and sufficient, then these twin objectives cannot be achieved, which will be to the detriment of the stock market and regulators. Harmonization and Standardization are closely related but different. In the word of Deegan (2004:192), â€Å"harmonization does not mean absolute standardization†. Harmonization as defined above relates to the agreement of things, standardization on the other hand implies making something to conform to a fixed standard (Ezejelue 2004:320). It is a process that attempts to make accounting standards released by different countries as similar as possible (Deegan 2004:192). It can therefore be inferred that standardization facilitates harmonization. The reported divergences in national accounting policies and practices are so enormous that they could constitute a cog in the wheel of further advancement in bilateral, regional and global trade liberation, investments, and financial and capital flows, as well as in strengthening multilateral systems to foster deeper economic integration among the worlds economies. Benefits of Harmonization Specifically, international accounting harmonization will bring about the following benefits; i) Increase financial and capital flows with lower cost of capital. ii) Enhanced internationalization and integration, through diversification of Global businesses. iii) Reconciliation of financial statements of multinational companies (MNCs) will be easy due to standardization and or harmonization. v) Cross-border analysis of financial information will be an easy task due to the agreeability and comparability of financial statements, hence increased cross border investment. v) The tendency to reduce ope rational cost of MNCs competition among the accounting and auditing firms (Ezejelue, 2004:327). 21 The Journal of Accounting Vol. 1 No. 1 March, 2009 Other benefits of international accounting and auditing standards are listed below: i) Greater international comparability of financial reports. ii) A more level playing field, engendering cross-border mergers and acquisition, as well as cross-border capital flows. iii) Improved global business competition. iv) Assistance to developing countries. v) Reduce bookkeeping cost and allow more efficient preparation of financial statements. i) Reconciliation of adversarial interest between the preparers and users of financial statements. vii) More efficient analyses and use of financial statement and hence increase the credibility of the entire financial reporting system. A Forensic Accountant as Expert Witness/Consultant A forensic accountant is one who has mastered the science of accounting and is able to assist lawyers and the courts to un derstand and apply accounting issues to the law and to disputed matters. Forensic accounting experts have extensive experience in investigations to determine solutions to disputed accounting matters, to write expert reports on their investigation, and to appear in court as expert witnesses. The expert may be hired solely as a consultant to an attorney and his client during litigation, or as one who provides opinion evidence as an expert. Expert witness accounting can be somewhat like politics. While the expert witness accountant must be independent of the parties to the dispute, he may conclude from the facts, and his interpretation of them, that his engaging attorney is correct and that the opposition is wrong. If he can demonstrate the proof of his conclusions, he is a strong expert witness (Zeph Telpner Micheal Mostek 2003:2). Accounting often baffles non-accountants, and, in its advanced theory, it also can baffle long-time accountants. Even the most skillful and experienced lawyer can misunderstand what the accountant is telling him. The accountant seems to speak in a different language. Even lawyers who are also certified public accountants (CPAs) but have not practiced public accounting, or have minimal accounting experience, often misunderstand accountants. Of course, judges and juries are not immune to confusion relative to accounting. The attorney must help the accounting expert witness to state his conclusions in 22 The Journal of Accounting Vol. 1 No. 1 March, 2009 terms that the attorney, the judge and the jury can understand. Consultant The role of a forensic accountant as a consultant is not limited to litigation support or expert witnessing. A forensic accountant might be hired to review and strengthen internal controls, to determine if assets are missing, or to discover if tax laws or accounting laws, rules have been applied correctly to company transactions. Forensic accountants are often hired to determine if an embezzlement has occurred or, if so, how much is missing and how it was d Fraud Auditing, Forensic Accounting and Financial Auditing In the lexicon of accounting, terms such as fraud auditing, forensic accounting, investigative accounting, litigation support and valuation analysis are not clearly defined. By todays usage, the broadest term is litigation support, which incorporates the other four terms. But traditional accountants still feel some distinctions apply between fraud auditing and forensic accounting. Fraud auditing, they say, involves a proactive approach and methodology to discern fraud; that is, one audits for evidence of fraud. The purpose is to detect fraud. Forensic accountants, on the other hand, are called in after evidence or suspicion of fraud has surfaced through an allegation, complaint, or discovery. Financial auditing generally is not intended to search for fraud but to attests that financial statements are presented fairly. Movements are afoot to compel financial auditors to design their audits in such a way that fraud can be discerned and criminal acts can be discovered. But at this writing no law has been passed to that effect, nor have professional societies included those obligations as a matter of professional diligence (Jach Bologna Robert Lindquist 1995:5). Human Resource Accounting (HRA) HRA can be defined as the measured quantification of human organizational inputs such as recruiting, training, experience and commitment. The objective of HRA is not just the recognition of the value of all resources used or contributed by the firm, but it also includes the improvement of the management of human resources so that the quantity and quality of goods and services are increased. The basic objective underlying HRA is to facilitate the effective and efficient management of human resources. 23 The Journal of Accounting Vol. 1 No. 1 March, 2009 Significance of HRA Though HRA is primarily to be used as a managerial tool, it has significant uses for present and potential investors and other users of financial statement. HRA is used for both internal and external purposes. Internal Purposes: HRA facilitates decision making processes in the following Purposes: areas: i Direct recruitment vs promotion ii Transfer vs retention iii Retrenchment vs retention iv Decision on relocating plants, closing down existing units, developing overseas subsidiaries External Purposes: i It helps potential investors on making long-term decisions to invest or not. i It provides a more realistic view of the rate of return of human resources employed. iii It helps to look into the problem of training costs and benefits, and turnover. Important Factors in developing HRA in an organization i Before introducing HRA in an organization, the organizational climate must support the introduction. ii Senior management must have strong support of the HRA philosophy. i The organization must be prepared to make a substantial commitment of time and effort to develop the HRA. iii There must be staff who are interested and knowledgeable in HRA or who are willing to learn it. Why is HRA Receiving attention in Recent time? The recognition of Human Resources as an Asset. ii The recognition that effectiveness of the assets rely on HRA. iii It constitutes over 50% of the total asset of any organization. Measurement of Human Resources and their Appraisal 24 The Journal of Accounting Vol. 1 No. 1 March, 2009 HRA focuses on two issues namely: i How human resource asset should be valued e. g should historical cost or replacement value or present value be used; ii The implications of capitalized human resources e. g. should it be amortized? What are the tax implications on human resource amortization? What are the implications of HRA on internal and external auditing, once they are recorded? Once it is accepted that human resources are assets, the question of measuring the cost of the asset arises. The monetary approaches to measurement of human assets are broadly based either on cost or economic value. The cost approaches involves computation of the cost of human resources to the organization. The cost are capitalized and amortized over useful life of the asset. Basically, the cost approaches are: i The Historical Cost Approach ii The Replacement Cost Approach iii The Opportunity Cost Approach Socio-economic Accounting/Environmental Accounting Socio-economic accounting aims at measurement and reporting â€Å"the impact of exchanges between a firm and its social environment†. The objective of socio-economic accounting â€Å"is to internalize the social costs and benefits to determine a more relevant and exhaustive result that represents the socioeconomic profit of a firm† (Porwal, 2001:446) Measurement and reporting of the social performance of profit-oriented firms forms the core of â€Å"Corporate Social Performance† (CSP). The American National Association of Accountants (NAA) committee on Accounting for Corporate Social Performance identified four major areas of social performance: i) Community Development: This includes socially oriented activities that are Development: primarily of benefit to the general public, e. g. eneral corporate philanthropy, housing construction, financing of health services and volunteer activities among employees, food programmes, and community planning and improvement. ii) Human Resources: This includes social performance directed towards the wellResources: being of employees, e. g. improvement of employment practices, training programmes, working conditions, promotion policies and provision of job enrichment schemes and employee benefits. 25 The Journal of Accounting Vol. 1 No. 1 March, 2009 iii) Physical Resources and Environmental Contributions: Activities directed towards alleviating or preventing environmental deterioration (pollution), e. g. ir, water, noise pollution, conservation of scare resources, and the disposal of solid waste are included in this area. iv) Product or Service Contributions: This area includes consumerism, product quality, packaging, advertising, warranty provisions, and product safety. Social Accounting And Social Auditing: The NAA Committee defined Social Accounting as â€Å"the identification, measurement, monitoring and reporting of the social and economic effects of an institution on society†¦ It is intended for both internal managerial and external accountability purposes, and is an outgrowth of changing values that have led society to redefine it s notion of a corporations social responsibility. The accountants would do well to recognize that cost of operating a business is something more than what is being disclosed in public accounts, e. g. , pollution of environment (noise, water, air), spread of diseases, dislocation of inhabitants of a locality, local housing and transport problems, closure of cottage industries, social tensions and several other social evils. This is on the liability side. What it does: providing roads, schools and colleges, dispensaries, railway lines, employment, etc is the asset side. Hence, instead of income, we should measure benefit-cos