Audit risk analysis of a company Essay Example | Topics and Well Written Essays - 1750 words

Audit risk analysis of a company - Essay Example This is mainly due to an increase in taxes paid by the company. The Group might have been induced to manipulate the taxes because previous tax losses available for claim might be expiring this year. Exceptional items were more than the current year in the previous year, yet there was no taxation charge in the previous year (Scapa Group, 2013a). The calculation of the tax over the exceptional items has to be checked in detail. The operating profits increased by 14 % and the tax charge on them increased by 32%. The application of the new (changed) tax rate over the profits has to be reviewed. Classification of the exceptional items is also of high risk. The rationale for such classification of exceptional items has to be inquired for. Scapa has disposed off one of its subsidiaries and faced pressures from European side (Scapa Group, 2013b). In order to present a better picture, Scapa might have engaged in showing a better Trading profit to Revenue ratio. This ratio is 6.5%, which is 1.1% better than the previous year ratio. Had exceptional items been included in trading profit, the ratio would have come down to 6% showing just 0.5 % improvements with respect to previous year ratio. Other Receivables have decreased by 98.5 % from $19.6 mn to $0.3 mn. This variation is mainly because of the re-classification of the assets of the Georgia subsidiary (Scapa Group, 2013c). This amount pertained to the insurance claim. The status of the claim and its valuation is a critical matter. It might be possible that a claim might have decreased, but it is transferred at the amount of the opening balance. Moreover, this liability is discounted at risk free interest rate of 3.35% (Scapa Group, 2013d). The assumption on the basis of which this rate is taken has to be reviewed. Change in rate may change the valuation of the insurance claim. Secondly, the discounted asset has not been unwound by the

Futuristic Theory in Designs Essay Example | Topics and Well Written Essays - 1750 words

Futuristic Theory in Designs - Essay Example The future of technology is still promising. Futurologists have used designs to predict today’s impossibility that may become a reality tomorrow. The challenges and problems are many and require people to think beyond the current situation. Given that the problems can be predicted, designs can be used to predict the preferable solutions and alternatives for future problems.   The Foragers, Stop and Scan, Afterlife and EM Listeners will be the designs that will be analysed in the paper. The four designs are a representative of four significant concerns: the state of food security when the globe is overpopulated as represented by Foragers, dilemma of insecurity posed by terrorism as represented by Stop and Scan and EM Listeners. Finally, Afterlife is meant to be used domestically when euthanasia will become so common that it will be allowed in private homes for personal use. The designers in these projects are concerned with the expressive, functional, and communicative possibilities of the emerging technologies as well as the ethical consequences of the technology in social and cultural milieu. The designs, which are presented in photographic forms, are not predictive. They are meant to pose the question, â€Å"what if?† The designs create, imagine, dream and speculate on the technology that can mediate the world preferred by the people. As it will be seen, Dunne and Raby designs classified under the banner â€Å"between reality and the impossible† are a reflection of the complex and troubled people who are ready to explore solutions to the future challenges. The essay will argue that these designs are worth critical consideration and are a wake call by the designers to the concerned stakeholders to see the possibility and or impossibility of the projects and act before it is too late. The essay will propose that more critical designs are supposed to be created considering the technological future of the world. One such design is the one that could predict the future when the resources are completely depleted and the people turn to the unimaginable polythene materials for food. The theory about the future Between Reality and Impossible is a series of designs that Dunne and Raby made and were exhibited at the international design biennial in Saint Etienne (Regine 1). The designers also produced three dimensional designs that have been used to comment on the pressing issues about the development and growth of mankind. As speculative designs, the selected pieces heighten the experiences of the viewers to understand future themes. They depict four different scenarios that speculate on four pressing issues in the globalised society.The future is said to be unpredictable time period after the present, but is can be foreseen based on the present situations (Gaddis 56). The occurrence of the future is inevitable because time and other laws of physics exist. The resulting inevitability of the future has prompted the present to classify existence into permanent, temporary, and eternity (Gaddis 56). Permanence refers to that existence that will see the whole of the future while temporary is designated to the existence that will come to an end. The study of future or futurology has been stressed by modern practitioners, especially the emphasis of the prediction of an alternative future that is probable and p referable. Future has been explored through art, cultural practices, designs and other ways. For example, there was a futurism movement during the early 20th century that explored most media of art such as sculptures, theatre, music, architecture, and painting among others for their predictability. During this time, futurists were highly interested in the ideas of the future and were not held captive by the issues of past.