Lamoiyan Corporation: Building the Filipinos Essay

Most enterprises in the Philippines nowadays are worldwide organizations. Those organizations, however working here in the Philippines, are possessed by outsiders and not by Filipinos. This reality make us Filipinos buy items that as opposed to helping our kindred Filipinos will almost certain assistance those outsiders that are simply utilizing the a few Philippines. On account of Filipino enterprises that blast on account of diligence and nationalism, they fill in as trust in us, Filipinos as a result of what they do, for their own organizations, yet additionally, for the Filipino individuals. One of those companies is the Lamoiyan Corporation. The Lamoiyan Corporation The Lamoiyan Corporation didn't begin as a toothpaste producer, rather as a provider of aluminum collapsible toothpaste cylinders to toothpaste makers. In 1970s, Dr. Pedro? s Aluminum Containers, Inc. delighted in benefit development because of the expanding request from the nation? s driving toothpaste makers, ColgatePalmolive, Procter and Gamble and Philippine Refining Company (PRC) presently Unilever. Be that as it may, in 1985, these organizations started utilizing covered cylinders and left Dr. Pedro? s Aluminum Containers, Inc. be that as it may, rather than shutting his production line, tossing into squander the whole extra toothpaste compartment and having 200 individuals utilized in his organization go jobless, he chose to make his own toothpaste and spot it in his aluminum holders. After two years, he revived his production line as Lamoiyan Corporation, presently known as the producer of toothpaste brands? Hapee and Kutitap. The large toothpaste creators controlled 99% market before Dr. Pedro entered it in 1987. Today, the figure dropped down to 65%. The first of Dr. Pedro? s procedures was to focus on the multi-nationals’ Achilles? heel: cost. While Dr. Pedro realized that he was unable to contend in zones, for example, advancement and dissemination, his choice to cut cost by half won a prompt reaction from purchasers. Be that as it may, when Colgate stuck to this same pattern with a 20% value cut, Dr. Pedro went to advertise broadening. In addition to other things, he created multi-enhanced toothpaste for youngsters. It took Colgate three years to react, yet at that point, Lamoiyan had as of now effectively caught the new market. Besides, Dr. Pedro focused on particular markets, by enhancing his product offering to incorporate Hapee Kiddie Toothgels, Dazz Dishwashing Paste and Dazz AllPurpose Kitchen Cleaner, Fresher female wash and Gumtect, a unique gum-equation toothpaste, which bigger organizations didn't discover beneficial. Lamoiyan Corporation has been perceived as the Most Outstanding Toothpaste Manufacturer by the Consumer’s Union of the Philippines for a long time. The organization was additionally perceived by the Personnel Management Association of the Philippines (PMAP) as having the Most Outstanding Program for Equal Employment. Characteristic Capitalism Natural capital alludes to the assets and administrations gave essentially. They are of enormous financial worth †more so than the gross world item. Regular private enterprise is an arrangement of four interlinking standards, where business and natural interests cover, and in which organizations can all the more likely fulfill their customers’ needs, increment benefits and help take care of ecological issues all simultaneously. Dealing with the earth is a need of Lamoiyan Corporation. In light of things to come age of children, Lamoiyan Corporation ensures that they are doing their offer in securing the earth by setting up certain estimates that will help. Lamoiyan Corporation, in consistence to Republic Act 6969 or the Toxic Substances and Hazardous and Nuclear Wastes Control Act of 1990, appropriately arranges their compound side-effects during the assembling of their well known Hapee toothpaste and every other item. Along these lines, it doesn't harm nature and people. Since water is getting scant nowadays, the partnership proceeds in assembling moderate toothpaste yet not abusing water asset through its wastewater treatment office. With its wastewater treatment office, it reuses water, in this way, monitoring a voluminous measure of water which is a valuable asset. What's more, as far as vitality utilization, the organization actualizes a severe vitality sparing approach that includes the best possible utilization of power. Their vitality utilization incorporates killing of unused lights and unplugging and not simply killing of PCs and other electrical gadgets. With these, we can say that Lamoiyan Corporation? s business and ecological interests cover since they wear? t need to close their business and they likewise care for the condition that? s why they follow each approach commanded by the Department of Environment and Natural Resources. The enterprise likewise can all the more likely fulfill their client? s needs since they save money on power and water, in this manner, the cost of their items will be less expensive and progressively reasonable. They likewise can expand their benefit while sparing mother earth. Corporate Social Responsibility In its very nearly 24 years of achievement as the principal Filipino to ever enter the toothpaste advertise, Lamoiyan Corporation never neglected to cling to its social obligation. Around 30 percent of the workers of Lamoiyan Corporation are hearing-hindered. Gesture based communication is the main methods for correspondence between the meeting weakened and hearing work force, so he has likewise required his administrators to learn it. Dr. Pedro doesn't just utilize them yet additionally, furnishes them with free lodging, in this manner, improving their lifestyle. Since there are as yet many hard of hearing quiet individuals outside the organization that additionally need assistance, Lamoiyan willingly volunteered to help three schools and 14 focuses that give essential communication via gestures courses to the meeting disabled. Upon graduation, a few understudies are sent to school as researchers, while others are employed by the organization. For Dr. Pedro, being socially capable isn't just dealing with the meeting debilitated, yet additionally dealing with his representatives, giving a better than average spot where they can work securely and dealing with his workers? Physical, scholarly, and profound prosperity. His organization holds normal Bible examinations and supplication gatherings to help make nourishment for the spirit. Their particular corporate maxim is â€Å"Making the distinction for the Glory of God. † Moreover, Lamoiyan? s items are entirely moderate for Filipino families having a place with the C, D, and E showcase, allowing them to get to dental consideration and in this way, improving their life. William Ford Jr. , director of Ford Motor Co. stated, â€Å"Social duty is a lot greater than supporting admirable motivation. It incorporates whatever effects individuals and the nature of their lives. † The social obligation of Lamoiyan Corporation does affect individuals and their nature of lives, it? s more than giving individuals angles, however showing them how to angle. Social Justice Social equity is the reasonable and legitimate organization of laws fitting in with the characteristic law that all people, independent of ethnic source, sexual orientation, assets, race, religion, and so on , are to be dealt with similarly and without preference. Lamoiyan Corporation didn't neglect to practice social equity as it keep laws on work, and so on. One model is its consistence to Section 3 of Article XIII of the 1987 Philippine Constitution which states: â€Å"The State will bear the cost of full security to work, neighborhood and abroad, sorted out and disorderly, and advance full business and equity of work open doors for all. † Lamoiyan Corporation advances uniformity of business open doors for all given that they recruit hard of hearing quiet individuals regardless of whether they don't have the capacity to hear and to talk. Something else, Lamoiyan Corporation conforms to each strategy commanded by the Department of Environment and characteristic Resources for the earth insurance, along these lines, observing the law and being reasonable with different Filipinos since the organization won't be a reason for disasters that decimate the Filipinos. Lamoiyan Corporation is likewise reasonable in giving pay rates and advantages to its workers. They likewise keep the laws expressed in the Labor Code of the Philippines. As to treatment to its clients, I could state that Lamoiyan Corporation is reasonable in valuing their items contrasted with worldwide organizations which have expensive toothpaste with the nearly a similar quality as Lamoiyan? s. Filipinos get great quality toothpaste at the correct cost. Would business be able to Build Or Destroy The Filipino? Lamoiyan Corporation did very well in rehearsing Natural Capitalism. It observes each law and guideline commanded by the Department of Environment and Natural Resources and does ventures other done what the DENR advised them to spare the planet. Individuals may state that they are simply doing these for themselves, for their business not to close, for them to get a good deal on moderating power and water, and so on. All things considered, truly, they might be doing it for themselves however let us put at the top of the priority list the Invisible Hand Theory of Adam Smith. The Invisible Hand Theory of Adam Smith expresses that an individual will inadvertently/unknowingly advantage others by advancing his personal circumstance. Lamoiyan Corporation, by advancing its business and natural interests, advantage the Filipinos and conceivable, the entire world. Since they are preserving water which is getting scant, they are helping the future Filipino individuals to at present have water as an asset. Their vitality preservation, in addition, can help diminish an Earth-wide temperature boost, along these lines giving a superior world to the following ages. The toothpaste producer has a generally excellent corporate social duty. Since they are utilizing hard of hearing quiet Filipinos, who are as far as anyone knows jobless on account of their incapacity, the quantity of jobless Filipinos is diminished and consequently, decreasing destitution, some way or another. The organization, through its corporate social duty, doesn't simply give their recipients angles however they show them how t

Philosophy: Dialogue with Socrates Essay

â€Å"Socrates, great day!† shouted Person. Socrates is as yet entranced in this domain unbeknownst to him. Stupefied and confounded, he sees a figure, an individual taking a gander at him. He answered, â€Å"Good day to you to. May I ask you inquiries about this world? I guess you are a resident of this state.† â€Å"I would readily engage your inquiries, yet I have questions as well, questions that no one but you can answer,† countered Person. â€Å"I will bring reality upon your requests, on the off chance that you permit me the joy of posing you one inquiry. I need assistance in drawing out reality with the goal that the choice I make would be founded on reason.† â€Å"The delight is mine,† said Socrates, â€Å"I will assist you with bringing the light of truth into your inquiry, would could it be that you ask?† Person at that point faltered, yet answered in the long run, â€Å"Should I present my school prerequisite? The instructor requested to compose something philosophical, something uhm†¦ something about a dialogue.† â€Å"Then it is a commitment, I assume, and each commitment must be satisfied. This is an ethical demonstration, devout as indicated by the laws of my state, Athens. One should never affront the state, it is immoral.† â€Å"I would prefer not to present my paper, it hinders my pastimes and companions, yet simultaneously, I would prefer not to bomb my commitments to my school, â€Å" Person said. â€Å"This commitment, to whom is it addressed,† Socrates inquired. â€Å"The commitment is for my teacher,† answered Person. â€Å"Why would you not comply with your commitment? Did you enter this commitment as an agreement,† asked Socrates. â€Å"Why, I, ah I entered the commitment as an understanding when I selected. I entered it energetically however the educator impedes my pastimes and friends,† said Person. Socrates asked: â€Å"If the educator is an obstacle to you, okay at that point ignore this power? What is the premise of your insubordination to authority?† What's more, Person answered: â€Å"I would ignore the specialists, however there are results, similar to a bombing grade. On the off chance that I fizzle, I would either rehash this course, or I would make some hard memories going after a position after I graduate if the greater part of my evaluations show my negligence for prerequisites and obligations.† â€Å"Then, following this authority is a virtue?† â€Å"Yes!† shouted Person. â€Å"And entering an understanding or commitment enthusiastically is acceptable?† â€Å"Yes,† said Person gladly. â€Å"If the authority impedes your time with companions, does this imply the authority is immoral?† â€Å"No.† murmured Person. Now, Socrates is raging frantic. I realize that he is a simply man. Plato said as much, when I speaked with him minutes back. What's more, presently I realize that Socrates isn't just barely yet additionally idealistic. He is appended to truth itself. Angrily, he stated: â€Å"Then, I would state that you are not highminded on the grounds that you dare oppose authority that is temperate! You are additionally unethical, for challenging your commitments that you entered energetically! Why at that point did you enter this understanding on the off chance that you are not concurring with it?† â€Å"Because examining is required to be keen and effective, I need to be successful†¦ and being brilliant implies that you gain wisdom,† Person bashfully said. The essence of Socrates lit up a piece: â€Å"You are insightful in saying that Person,† shouted Socrates, â€Å"because the start of shrewdness is the acknowledgment of your numbness. In any case, realizing that you are uninformed however not following the highminded way towards truth and intelligence just implies that you are silly. Do however you see fit, not satisfy the commitments of your understanding, and you will lose your way of life as a Person. What improvement do you have then from beasts?† â€Å"I am not a mammoth. What's more, I am not silly. I will at that point, submit to my commitments, I will compose my paper. Thus, Socrates, let us proceed onward, what are your inquiries regarding this realm?† Person said in the long run.

Elaborate on the five interpersonal bases of power, five ways to Essay

Expand on the five relational bases of intensity, five different ways to limit political action, and in any event five different ways to oversee hierarchical legislative issues adequately - Essay Example Individuals have reference power when others regard and like them. It is the view of individual connections that she/he has that makes her/his control over others. Master power is gotten from having information or aptitude in a specific zone. Such people are exceptionally regarded by associations for their critical thinking abilities. Methods of limiting political exercises in an association include: Opening eyes and tolerating legislative issues exist inside the association and managing them enough. Challenge political practices to look after execution. Make things noticeable; straightforwardness inside any association will lessen political exercises. Walk the discussion; genuineness disregards politicking since it supports straightforwardness. Lessen vulnerabilities to political practices inside an association. Overseeing authoritative legislative issues viably includes creation and executions of clear strategies and systems, which toward the end lessens vagueness. Straightforwardness; be open and obvious with representatives in key issues that influence them. Get familiar with the principles of governmental issues and apply them properly for achievement in an association. Build up positive and believable impression according to workers and others in the association to rouse them. Act in manners steady with verbal correspondence to representatives to depict walk the discussion

Horse Essay Topics - How Important Are They?

Horse Essay Topics - How Important Are They?Horse essay topics can be very helpful if you are looking for a topic that can be used in your writing to teach your readers about the basics of the subject. You should look into whether it is able to help you or not. Most of the essays have been based on the research provided by the experts on the different subjects that can be explored.Horse essay topics are necessary when you are going to write a good research papers. There are many people who are trying to get their final grades to improve. As the grades depend on the actual grading that you give, a good grade can be given to the work as well. Thus, you must make a note of these topics so that you can focus on them so that you can achieve the best grades.You can use horse essay topics to give more importance to some topics of your paper. However, you must remember that you cannot keep on using the same topic for each and every paper. Thus, the topics that you use in each paper must be d ifferent.Horses are one of the favorite topics to start with and the horse essay topics will make sure that they are given a good understanding. Moreover, the topic will be very interesting for the students who are interested in the topic. This will be very helpful for the students to understand the entire topic. Moreover, it will also help you in writing your paper more effectively.The academic essay topics will be easily understood by the students. For this, you need to pick the topics that are related to the topic you want to write. This will allow you to discuss the subject more clearly.It is very important for the students to get the final results. Therefore, you need to focus on the topics so that the other students can get their final result according to the topics that you discuss. There are many horse essay topics that can be used by you so that you can make it more understandable for the students. If you are able to make this happen, you will be able to get the best grades out of the students.While writing your paper, you can use a great amount of resources to get the best grades. It is important for you to use horse essay topics so that you can give more importance to some topics in your paper. You can easily create a nice website by making use of the internet for the purpose.

What Inspired The Great Gatsby

The Great Gatsby is a classic American novel written by F. Scott Fitzgerald and published in 1925. Though it sold poorly at first—readers bought only 20,000 copies in 1925—the publisher Modern Library has called it the best American novel of the 20th century. The novel is set in the fictional town of West Egg on Long Island in the early 1920s. Indeed, Fitzgerald was inspired to write the book by the grand parties he attended on prosperous Long Island, where he got a front-row view of the elite, moneyed class of the 1920s, a culture he longed to join but never could. Decade of Decadence The Great Gatsby was first, and foremost,  a reflection of Fitzgeralds life. He put pieces of himself into two of the books major characters—Jay Gatsby, the mysterious millionaire and namesake of the novel, and Nick Carraway, the first-person narrator. After World War I, when Fitzgeralds debut novel—This Side of Paradise—became a sensation and he became famous, he found himself among the glitterati that he had always wanted to join. But it was not to last.​ It took Fitzgerald two years to write The Great Gatsby, which was actually a commercial failure during his lifetime; it did not become popular with the public until well after Fitzgeralds death in 1940. Fitzgerald struggled with alcoholism and money troubles for the rest of his life and never did become part of the gilded, moneyed class that he so admired. He and his wife Zelda had moved, in 1922, to Long Island, where there was a clear division between the new money and the old guard elite. Their geographic divisions as well as social strata inspired Gatsbys division between the fictional neighborhoods of West Egg and East Egg. Lost Love Ginevra King, of Chicago, has long been considered the inspiration for Daisy  Buchanan, Gatsbys elusive love interest. Fitzgerald met King  in 1915 at a snow-sledding party in St. Paul, Minnesota. He was a student at Princeton at the time  but was on a visit to his home in St. Paul. King was visiting a friend in St. Paul at the time. Fitzgerald and King were immediately smitten and carried on an affair for more than two years. King, who went on to become a well-known debutante and socialite, was part of that  elusive  moneyed class, and Fitzgerald was just a poor college student. The affair ended, reportedly after Kings father told Fitzgerald: Poor boys shouldnt think of marrying rich girls. This line eventually made its way into The Great Gatsby and was included in several movie adaptations of the novel, including one made in 2013.  Kings father shared several traits with the closest thing Gatsby has to a villain, Tom Buchanan: both were Yale alumni and outright white supremacists. Tom also shares a few references with William Mitchell, the man who ultimately married Ginevra King: hes from Chicago and has a passion for polo. Another figure from Kings circle reportedly appears in fictionalized form in the novel. Edith Cummings was another wealthy debutante and an amateur golfer who moved in the same social circles. In the novel, the character of Jordan Baker is clearly based on Cummings, with one notable exception: Jordan is suspected of having cheated to win a tournament, while no such accusation was ever launched at Cummings. World War I In the novel, Gatsby  meets Daisy when he is  a young  military officer  stationed at the armys Camp Taylor in Louisville, Kentucky, during World  War I. Fitzgerald was actually based at Camp Taylor when he was in the army during World War I, and he makes various references to Louisville in the novel. In real life, Fitzgerald met his future wife, Zelda, when he was commissioned as a second lieutenant in the infantry and assigned to Camp Sheridan outside of  Montgomery, Alabama, where she was a beautiful debutante.   Fitzgerald actually used a line Zelda spoke while she was under anesthesia during the birth of their daughter, Patricia, to create a line for Daisy: That the best thing for a woman to be was a beautiful little fool, according to Linda Wagner-Martin in her biography,  Zelda Sayre Fitzgerald,  who  further noted that the author knew a good line when he heard it. Other Possible Tie-Ins Different men have been postulated to have inspired the character of Jay Gatsby, including bootlegger Max Gerlach, an acquaintance of Fitzgerald, though authors typically have characters be a fictionalized amalgam. In the book Careless People: Murder, Mayhem, and the Invention of  Ã¢â‚¬ËœThe Great Gatsby,’ author Sarah Churchwell theorizes inspiration for the murder in the book from the 1922 double murder of Edward Hall and Eleanor Mills, which happened contemporaneously to when he was starting work on the novel.

Eating Disorders The Most Silent Killer Of All...

Eating Disorders affect over ninety percent of our population today. Yearly, they affect around nine million adults alone. Since it has such a widespread grasp it makes eating disorders the most silent killer of all psychological diseases. The psychological distortion behind it though is considered to be one of the most shrouded in mystery compared to other diseases rooted in mental instability. While it has been long assumed that bulimia and anorexia have stemmed from insecurities and poor choices; DNA, genetics, endorphins, cholecystokinin, and CCK levels, among other things, are all important deciding factors of whether or not someone will be plagued with the diseases. Among the two, bulimia nervosa has had the most backed research on what could be the cause and nature of the disease. Bulimia Nervosa is a binge eating disorder. During these binges the participants eat without their food hormone receptors turning off resulting in them eating more than what would be FDA approved. After one of their binges they quickly purge themselves in a hope to lose the weight they gained during their binges. Pinpointing the causes of it have proven difficult because the disorder has both mental and psychical components, and it develops in Cadence Dobias Incorporated production Page 3 many age groups, races, socioeconomic classes, and both sexes. Because it is common to explain that genetic distortion could be the cause of most neurological and psychical diseases theShow MoreRelatedBeauty Contests : The Good, The Bad, And The Ugly2233 Words   |  9 Pagesmatter which type of pageant one enters there will always be some cost; however, there are ways to keep from spending all one’s money at a single pageant. To reiterate, a beauty contest, from babies to adults, can have a very profound effect on its contestants and the people around them that can be seen as positive and/or negative. The history behind pageants is probably unknown to most people. 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Audit Testing of Various Accounts for Trial - myassignmenthelp

Question: Discuss about theAudit Testing of Various Accounts for Trial Balance. Answer: Introduction Audit Testing Audit is a crucial part of management of financial statements of a particular organization. Audit testing of accounts is very important and is done on a periodical basis in order to check that whether the accounts represent a true and fair view of the financial position of the company. Preparations of accounting statements require monitoring of different accounts. This is what is exactly done by audit testing of accounts. A good auditing done reveals the evidences that seconds the assertion that the financial statements are proper, accurate and in accordance to the laid down accounting standards (Huber 2016). Analytical review The analytical review of the trial balance report is generally prepared with the help of the account balances that are extracted from the general ledger. If any particular entry is missing then that can be identified from the trial balance as the total debit and credit balance will not match, thus the trial balance cannot be closed. The preparation of the trial balance is an imminent step in preparation of financial statements because it provides a material proof that the account balances are proper and error free. The steps in analytical review of the trial balance are generating a trial balance; matching the totals of the debit and credit balances of the respective trial balance. In case there is any kind of problem in the accounts then adjusting entries need to be passed. For instance if an expense is wrongly recorded then an adjusting entry of the same amount representing gain must be passed in order to cancel the wrongly entered expense entry (Veronica and Bachtiar 2014).The acc ount balances should also be checked individually in order to make sure that the amounts associated with each of the accounts are accurate, in case there is any discrepancy then the purpose of that particular entry must be reviewed and amended, if required. In case of the trial balance provided in the question, Chamoisee Enterprises Trial Balance shows the debit and credit balances for two financial years 2015-16 and 2016-17 and appears to be alright (Desai 2015). Preliminary judgment of materiality The term preliminary judgment about materiality refers to the maximized amount that is believed by the auditor that even if these statement of accounts are misstated then also it would not affect the decision making process or the true and fair view of the accounts as such. The materiality is mostly allocated to balance sheet and not income statement accounts because of the double-entry book keeping system which imposes a similar effect both on the income statements and balance sheet (Barndt, Fuller and Flynn 2016). There is also an allotted amount of allowed misstatement under which any amount of materiality is allowed because some accounts may be understated and again some accounts may be overstated that leads to a net total amount less than the tolerable amount. Materiality is an important tool in the hands of the auditor and can be used efficiently in order to assess the quality of the accounts prepared (Eilifsen, Hamilton and Messier Jr 2017). Repairs and Mainter Account Rationale for selection After analytical review of the trial balance and the execution of materiality assessment the account of Repairs and Mainter is selected. This is because the total debit balance of the account for the financial year 2015-16 is $5050 and the debit balance for the financial year 2016-17 is $960. The percentage change in the account balance is 81%. Assertion and Explanation This account may be at risk of fraud because there has been a huge change in the account balance, precisely of $4090. The change may be due to genuine reasons but as no further information is provided as to why there is such a disparity in the balances of two consecutive financial years, it may be assumed that the statement has been misstated. This has been done to show increased profits of the firm for the current financial year by decreasing the actual amount of expenses incurred on repairs and maintenance so as to lure the shareholders and investors. This might also be the case that the fraud was committed in the last financial year that is 2015-16. The balance of the repair and maintenance account may be increased deliberately so as to increase the expenditure amount so that the firm can evade extra tax which it has to pay on the basis of the revenue earned (Gaber and Lusk 2015). Recommended Audit Procedure The recommended audit procedure for treating accounts with fraud risk is that the auditor should monitor and assess the relevant information that is collected from the risk based auditing procedures and confirm whether one or more than one fraud related risk factors are present or not and should be listed down and considered while identifying and assessing fraud risks. Factors that help in identifying risks associated with fraudulent activities are events that tend to indicate a monetary incentive or pressure that ultimately leads to fraud; a loophole that is enough for initiating the fraud, or a perspective or attitude that is enough to justify the unethical action. Needless to say fraud related risks do not mandatorily suggest that a fraudulent activity is being carried out in the firm but the existence of even a single indicator is enough to take preventions against fraud. Cost of Sales Account Rationale for selection The account that requires audit attention for qualitative reasons other than fraud related risks is Cost of Sales Account. This account is selected because this is one of the most important accounts, that is prepared in order to figure out the total manufacturing costs. Assertion and Explanation The Cost of Sales Account is selected because this account is directly linked with the cost of manufacturing the goods. Cost of goods sold account generally includes all the direct costs associated with the goods producedby a company along with the direct labor costs. The primary purpose of a business is to incur profits. The net profit that is incurred from business cannot be exactly calculated if enough attention is not given on the cost of goods sold. This is because the cost of goods sold account is a clear indicator of the fact that the newest strategies and plans implemented to maximize the profit is working or not. The cost of goods sold also reveals the areas of resourcefulness in the business. In simpler terms, the components of manufacture that attribute most to profits is indicated also by the cost of sales account. Therefore the Cost of Sales account should be audited with utmost care (Bernard 2016). Recommended Audit Procedure The recommended audit procedure for auditing the cost of sales account revolves around a lot of procedures like authorizing the purchase of raw materials, accurate recording of inventory costs, inventory tests. The auditor should keep a keen eye as to how a particular category of goods are prepared, costs incurred and the related statements recorded. Accounts Receivable Account Rationale for selection The next account selected for audit testing is accounts receivable account. This account represents the receivables of a particular firm. This account has a direct link with the sales account as increase in sales will definitely increase the receivables. Assertion and Explanation The Accounts Receivable account is selected because it is one of the most important accounts that represent the future receiving of a firm in the form of credit sales. Generally the accounts receivable account is treated as an asset because it represents future income. But in case of customers who are not able to pay in time, this appears to be a loss for the company and the amount is transferred to the bad debts account. Thus the accounts receivables account must be audited with due care and importance (Hribar, Kravet and Wilson 2014). Recommended Audit Procedure The recommended audit procedure for auditing the accounts receivables account is that the auditor should test whether the balance in the subsidiary ledger is matching with the balance in the general ledger. The auditor should also communicate with the various customers and confirm the exceptions. He should also confirm the same on the part of the banks and find the reasonability behind discounted or unbilled receivables. Consultancy fees Account Rationale for selection The Consultancy fees account is selected because it is an expense account and can be materially misstated. The balance of this particular account is $57000 for the financial year 2015-16 and $39500 for the financial year 2016-17. Assertion and Explanation The Consultancy fees account is selected because the expenditure for consultation incurred by the firm was $57000 previously and $39500 for the next financial year. Now it is apparent that the firm had expensed less in the financial year of 2016-17. This may be a genuine occurrence or may be done purposely in order to increase the profit and lure the shareholders and investors. The materiality of misstatement is an issue of concern and may be applied by the company in order to show increased revenues of the firm (Alexeyeva and Svanstrm 2015). Recommended Audit Procedure The recommended audit procedure for auditing the consultancy fees account is that the auditor should crucially check the recorded statements and transactions incurred between the firm and the consulting body. The auditor should also communicate with the consultancy, in order to make sure that all proceedings have been carried out correctly and then the chances of misstatement should be cut out. Superannuation Account Rationale for selection The Superannuation account is selected next because as per the set standards every employer has to keep away a certain percentage of the employees salary and even contribute a certain percentage from the part of the employer for employee benefit purposes. The balance for the year 2015-16 is $4770 and $2373 for the year 2016-17. Assertion and Explanation The superannuation account is selected because it is the duty of the auditor to be highly vigilant whether the employee welfare policies of a particular company are properly implemented. In case of Chamoisee Enterprises the amount has decreased from $4770 to $2373. This implies that either the company has contributed less to the fund of employees or it there has been a reduction in the number of employees. The auditor should keep these facts in mind and execute proper investigations (Boone 2017). Recommended Audit Procedure The recommended audit procedure would be that the auditor should be very strict with employee welfare policies and should take enough care as to why the contribution of the company in relation to this has decreased. The auditor should carry out a thorough investigation. Owners Equity Account Rationale for Selection The owners equity account is selected because this account represents the owners investment in the firm excluding the withdrawals made by the owner, added with the net income since the beginning of the venture. Assertion and Explanation As observed in the provided trial balance owners equity balance for the financial year 2015-16 is $135683 and for the financial year 2016-17 is $181845. It is apparent that the owners equity account balance has increased which is a healthy indication, but also auditing of this account is equally important as the risk of material misstatement is very high in case of these kinds of accounts (Needles, Powers and Crosson 2013). Recommended Audit Procedure The recommended audit procedure that the auditor should follow is that he should consider past profits as recorded in the previous accounting statements and check whether the net profits has been added properly. He should also check whether the profit earned is properly distributed among the owners in accordance with the accounting ratios. Wages Account Rationale for Selection The Wages account is selected because of the reason to check whether the domain of direct labor is properly maintained by the company and in accordance to the set standards by the labor association. Assertion and Explanation As observed in the trial balance, the wages account balance in the financial year of 2015-16 is $53000 and for the financial year of 2016-17 is $32000. The only reason for this account being selected is that the auditor should keep a vigilant eye towards the labor welfare policies and whether the policies are being properly implemented or not (Ionescu 2016). Recommended Audit Procedure The recommended audit procedure that the auditor should follow is that he should make sure that the labor welfare policies are properly implemented and the standardized rules set out by the labor association are being followed. The wages account balance has also decreased from $53000 to $32000 which is also an issue of concern and should be looked into. References Alexeyeva, I. and Svanstrm, T., 2015. The impact of the global financial crisis on audit and non-audit fees: Evidence from Sweden.Managerial Auditing Journal,30(4/5), pp.302-323. 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