Personal Note On Family And Family - 1320 Words

There are many of ways that I can describe the word family. To me family isn’t just only blood, family is someone who I can count on when times get hard. That person I can count on may not be a mother, father, brother, or sister. That person may be a teacher, coach, or a friend. Family is people who want to see someone happy in life; people who loves us and wants to see us make something out of ourselves. Family is people who can get together and have a good time and make memories. The reasons I value family is because there a support group, they show my history background and stays connected, and finally I benefit from themy life experience. If I look into the history of the word family, I can see that the meaning changed several times over the decades. The meanings always tend to relate together in some type of form. Family was referred to in the Middle French as â€Å"a group of people living under the same rooftop† in 1337. If you just think about a next door neighbor who lost themy house and you let them stay in your home. Say if they moved in with you because they were broke and lost themy house. That neighbor would be considered family. Over a decade later in 1442-1444, the meaning of family change to â€Å"people who are related by blood† I did have the same blood line as someone else. That is a term we still use today. Then again around the time 1580 in the Middle French the word is defined â€Å"is a group of people related by blood or marriage† also a term we use today. ThatShow MoreRelatedPersonal Note On Family s Family 883 Words   |  4 PagesFamily Genogram Paper Genogram Overview My genogram contains three generations and includes the most important people in my family system. The genogram includes my grandparents on both my parent’s sides, my parents, their spouses, and siblings, and on the final row, my siblings and I. My family has been through a lot of experiences, good and bad, in our existence. Even though we are living in different areas of the country, our family bond has been unchanged. My grandparents all passed away byRead MorePersonal Note On My Family Essay1061 Words   |  5 Pagesand began to cry. Each month, my mom’s stomach grew bigger and bigger until finally it was July. It was time for my brother to pop out. From painting the nursery to buying baby clothes, I was totally on board, ready to invite a new member into the family. His due date was July 4, 2003, but when July 5,6, and 7 rolled around we realized he was going to come late. On the morning of July 15, my mom had a doctor’s appointment. She dropped me off at my grandparents’ house beforehand. At the appointmentRead MorePersonal Note On My Family1920 Words   |  8 PagesOctober Journal Topics 10/5 My parents have had quite a number of jobs in their lifetime. 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The four of us have had so many problems throughout my life, but no one seems to noticeRead MoreFlorence Nightingale s Importance For Nursing1712 Words   |  7 PagesThroughout Notes on Nursing, Florence Nightingale expresses the importance of proper care to patients. Another factor of nursing that was effec ted by Nightingale is the professionalism of nursing and how nursing is not only a science, but an art. Nightingale states how numerous subjects in nursing should be improved upon. The specific chapters that show how Nightingale has improved nursing within Notes on Nursing were Light, Personal Cleanliness, Chattering Hopes and Advices, and Ventilation andRead MoreWomens Values in Past, Present and Future Essay616 Words   |  3 Pagesthe early 20’s, things like getting married at an early age while you were still at your prime, building a family, buying a house with a â€Å"white picket fence† were important. Then in the 30’s, getting married and having a family was still the most important thing, but also perhaps becoming a socialite and presenting a good imaging. *NOTE: It may be important to note that women were always expected to ‘keep up appearances’ or be perfect and project the right image. At Read MoreMark Steinberg And Vladimir Khrustalev s The Fall Of The Romanovs : Political Dreams And Personal Struggles1286 Words   |  6 PagesMark Steinberg and Vladimir Khrustalev’s The Fall of the Romanovs: Political Dreams and Personal Struggles in a Time of Revolution presents hundreds of annotated primary documents, introduced by dry descriptions of the major contemporary events. This dense document collection offers a detailed account of the downfall of the Romanov family, divided across four chapters. Steinberg and Khrustalev worked to avoid bias in this piece, and offer a wide range of documents for the reader to analyze. UnfortunatelyRead MoreWhy Do Parents Sometimes Perceive Of The Other Team Members?820 Words   |  4 Pages(2004) are quoted in the Browder and Spooner text to say that â€Å"teachers not only must have instructional skills for teacher children but also must have th e competency to work effectively with families† (Browder and Spooner, 2011). In other words, teachers not only need to teach their students, but also their families. If a teacher does not have the ability to explain processes to parents, parents cannot assist their child. Some parents do not feel they have the knowledge to work with the members of theRead MoreThe Effects Of Divorce On The Socioeconomic And Emotional Well Beings Of Children As They Progress Through Life1598 Words   |  7 Pageseffects of divorce on the socioeconomic and emotional well-beings of children as they progress through life? Brandwein, R. A., C.A. Brown, and E.M. Fox. 1974. â€Å"Women and Children Last: The Social Situation of Divorced Mothers and Their Families.† Journal of Marriage and Family 36(3): 498–514. Ruth Brandwein explains that amongst the most common causes for the â€Å"downward economic mobility of divorced mothers† is the economic discrimination against women. Because women are generally given less job training

Influence Of Gangs On Adolescents - 2333 Words

Influence of Gangs on Adolescents in America Madison M. Prettyman California State University, Fresno Criminology 120- January 1, 201 Abstract This paper discusses and analyzes three different films, Crips and Bloods, A Better Life, and Gran Torino. The films each explore the social settings of three distinct minority groups; the paper notes and describes several similarities among the groups. These include widespread poverty, discrimination from the dominant social order, and the lack of availability of normal social opportunities. The General Theory of Crime is examined and used to explain why these minority adolescents act out the way they do. This analysis is an attempt to find the reasons for why individuals choose to get involved in criminal activity instead of â€Å"living above the influence.† Finally, the paper explores potential methods to provide the support necessary for keeping juveniles away from this criminal involvement. Involvement in gang activity and juvenile delinquency is a widespread concern in the United States. Much of the time, those involved are a part of a racial minority group. This paper explores three distinct minority groups – African Americans, Hispanics, and Hmong – in an attempt to conclude why and how these individuals choose to pursue violent gang activities. Crips and Bloods, A Better Life, and Gran Torino are three films that each do an outstanding job in describing some of the causes of adolescent involvement in criminalShow MoreRelatedWhat Causes Deviance And What Is The Definition Of Deviance859 Words   |  4 PagesIn the field of sociology there are various competing theories that attempt to determine what causes deviance and what is the definition of deviance. In an effort to explain why gang membership exists in today’s society, there is one theory that stands out from the rest: Sutherland’s differential association. Sutherland’s diffe rential association theory explains deviant behavior as something that is â€Å"learned through associations† rather than solely based upon the community that one is fostered inRead MoreYouth Gang Membership And It s Implication Adolescent Development Essay1566 Words   |  7 PagesThere are over 700,000 adolescents who are involved in youth gangs. (Thomas). America has a youth gang culture that is present in its society. This paper will focus on youth gang membership and it’s implication to adolescent development. First to be discussed will be the demographics of adolescents involved in gangs. Then the reasons why youth join gangs and how it is related to their natural development. Next, we will turn to contemplate the implication of gang culture and involvement in America’sRead MoreYouth Gangs In Canada886 Words   |  4 Pagesï » ¿ Youth gangs in Canada is becoming more and more of issue. Adolescents across Canada resort to joining youth gangs for many different reasons. A youth gang is a group of young adolescents who use intimidation and violence to gain prestige among other gangs and control certain areas of unlawful activities. For all the reasons an adolescent would join a youth gang, police and the Government have come up with programs to prevent youth from joining and to get them to leave the gangs. With programsRead MoreGang Violence : A Serious Problem1561 Words   |  7 PagesGang violence is a serious problem in America today, and it is also prevalent in the other countries in the world. â€Å"According to a national gang survey, the most recent estimate indicates that there were about 760,000 gang members in 24,000 gangs in the United States in 2004† this just supports the statement that it is a huge problem in the United States (Cooper, 2009, p. 1). Unfortunately, the Youth of America and these other countries have been a large demographic of these gangs for many yearsRead MorePolicing The Lives Of Black And Latino Boys1348 Words   |  6 Pagesdecided to shadow and interview black and Latino adolescence males from poverty and lower-class neighborhoods to tell their stories and experiences of criminalization as targeted minority groups. Rios had grown up in the ghetto of Oakland, was a former gang affiliated member, had been in and out of the juvenile systems, and was labeled a delinquent by many of his peers growing up. Unlike many, Rios overcame the criminalization, victimization, brutality, and negativity that society uses to control andRead MoreThe Gang Activity Within Our Community Essay1443 Words   |  6 PagesThis paper discusses the gang activities in Grenville, NC. There are three main topics th at include; 1) the history of gang activity. 2) Gang activity in today’s society. 3) Ways to eradicate gang activity within our community. To start what is the true definition of a gang and what is there purpose? A gang is an organized group of either friends or family with identifiable leadership claiming control over a community or territory. Gangs are driven by money, power, and opportunities to victimizeRead MoreTeen Delinquency And Its Effects On Society963 Words   |  4 PagesMore and more adolescents are committing delinquent crimes. Delinquency can be seen as the direct result of negative affective states. Gangs are a group of youths who collectively engage in delinquent behavior. Peer groups can provide a lot of social and emotional support for anti-social activities. Peer relations, in all cultures have been linked to adolescent behavior choices including substance abuse and delinquency. Currently there are now more than eight hundred thousand gang members in theR ead MoreThe Incarceration Of Minority Youth883 Words   |  4 PagesThe increasing rate of imprisoned minority adolescent youth and young males in the criminal justice system. For this reason there needs to be interventions available to this population to create a change in society. †¢ The changing number of adolescent and youth minority prisoners : The incarceration of minority youth is at a high as well as the cost for the imprisonment of them in their states, many of their offenses are non-violent. There is a need for initiatives to be created to reduce the numbersRead MoreRisk Factors For Adolescent Drug Abuse1462 Words   |  6 Pages Body: Risk Factors for Adolescent Drug Abuse There are an abundance of risk factors that can relate to the contribution of drug abuse in adolescents. The primary risk factors can be divided into two main categories: social and emotional triggers. Social factors play an important role because during the adolescent years it can be an extremely emotional and physically tough time for teens to transition through. Adolescent phases are one of the biggest transitional stages in a person’s life becauseRead MoreLatino Community At Risk Youth Focus Group Of Forsyth County1130 Words   |  5 Pagesâ€Å"Unidos† Gang Prevention Welcome, to our Latino community at-risk youth focus group of Forsyth County, in North Carolina. Our mission of the â€Å"Unidos† Gang Prevention and Education Program is to lower gang involvement, violence, with providing education, knowledge, community and family involvement. This program will target Latino students from ages 11-17 that show involvement to be at risk of being a member or have affiliations with a street gang. However, all students are welcome. The program will

Effects On The Industrial Revolution Free Essays

ECONOMICAL Industrialization resulted in an increase in population and the happening of urbanization, as a growing number of people moved to urban centres in search of employment. Some individuals became very wealthy, but some lived in horrible conditions. A class of wealthy industrialists, ship owners and merchants conquered, accumulating great wealth, but at the same time the working classes had to live with minimum comforts in overcrowded environments. We will write a custom essay sample on Effects On The Industrial Revolution or any similar topic only for you Order Now Children were sent to work in factories, where they were broken and ill-treated. The growth of the Industrial Revolution depended on the ability to transport raw materials and finished goods over long distances. There were three main types of transportation that increased during the Industrial Revolution: waterways, roads, and railroads. Transportation was important because people were starting to live in the West. During this time period, transportation via water was the cheapest way to move heavy products (such as coal and iron). As a result, canals were widened and deepened to allow more boats to pass. Robert Fulton made the first steam-powered engine to power a steamboat, and in 1807 he demonstrated its use by going from New York City to Albany via the Hudson River. His steamboat was able to carry raw materials across the Atlantic Ocean by the mid 1800’s. The roads also improved immensely during this time period. Previously, people traveled using animals or by foot, but there were many problems with the conditions of the roads. In 1751, turnpikes were created for easier transportation, especially for the horse-drawn wagons. John Loudon McAdam made â€Å"macadam† road surfaces which consisted of crushed rock in thin layers. Thomas Telford made new foundations in roads with large flat stones. Soon after, roads across America were improved based on these techniques. The closest to trains were horses, commonly used to pull freight cars along rails. In 1801, Richard Trevithick made the first steam locomotive. These improvements on waterways, roads, and railroads all made traveling safer, and it allowed goods to be moved more efficiently. SOCIAL Women experienced large changes in their lifestyle as they took jobs in  domestic service and the textile industries, leaving the agricultural workforce and spending less time in the family home. This period also saw the creation of a middle class that enjoyed the benefits of the new prosperity. People started spending their free time entertaining themselves in theatres, concert halls and sports facilities or enjoying the countryside in long path. The Industrial Revolution was preceded by an agricultural revolution that increased the food supply while decreasing the amount of labor needed. Traditionally, the primary goal of agriculture was to produce enough food to prevent famine. This overwhelming fear of starvation made most farmers very conservative and highly skeptical of change. Poor harvests would lower the supply of food, which would result in increased prices. The basic effect of supply and demand was at the center of most of the class conflict in this preindustrial world. Both bad harvests and increased population affected the price of food. High prices increased the wealth of the aristocratic class and led to death and starvation among the peasants; therefore, the primary reason behind most peasant uprisings was the high price of food. POLITICAL Most important, however, 19th-century Britain experienced political unrest as the industrialization and urbanization of the country created a need for social and political change. There were increasing demands for improved social welfare, education, labour rights, political rights and equality, as well as for the abolition of the slave trade and changes in the electoral system. As a result, the slave trade was abolished in 1807 and the Great Reform Act was passed by Parliament in 1832. After this Reform Act, manufacturing cities such as Birmingham and Manchester could be represented in Parliament for the first time, thereby substantially changing the character of parliamentary politics. The Industrial Revolution brought many changes to Europe but one of the most notable differences is urbanization. Urbanization is the process of people migrating to the cities from farms and the country. Before urbanization and the Industrial Revolution, most people were peasants and lived out in the country. Their occupation was a farmer and they generally just worked from home. However, once the Industrial Revolution started people, people started moving to cities and working in  new factories, increasing urbanization. A reason for this was that because of a surplus of food, the population increased. This supplied more labor which allowed people to start moving to cities instead of staying on the farms. Also more jobs were found in the cities compared to the farms because of new technologies that greatly increased the productivity of farming which cause the demand for farmers to decrease. However, the continuity of this change is that even though farmers were moving out the cities to find jobs, there were still farmers working in the country. Farmers were still needed to produce food for the growing population but there were less of them needed because technology replaced some the need for human labor. Urbanization was certainly a crucial change during the Industrial Revolution but there were still some features that stayed the same. How to cite Effects On The Industrial Revolution, Papers

Analysis Financial Assertions Corporation †Myassignmenthelp.Com

Question: Discuss About The Analysis Financial Assertions Of A Corporation? Answer: Introduction The current study essentially presents a complete review of compliance audit that speaks about the organization's adherence to different regulatory strategies with special reference to the operations of Billabong International Limited, Australia. The present study presents an official inspection of different accounts of the corporation, financial inspection along with systematic as well as independent assessment of books of accounts, company literature together with diverse vouchers of corporation. This can help in determining the business risks as well as audit risk that can aid in determining the extent to which the financial statements of the firm presents true and fair view. Overview of the business of the client Billabong The core business of the company Billabong International Limited is essentially an Australian clothing corporation that carries out marketing, suitable distribution, both wholesaling as well as retailing of garments, accessories, economics, eyewear and hardgoods among many others. The company Billabong established during 1973 on Australias Gold Coast has license of operations in over and above 100 nations and are offered in nearly 10000 locations across the world (Billabongbiz.com 2017). The brands of the company are appropriately marketed and at the same time promoted worldwide through different associations with professional athletes, specific junior athletes, different brand advocates as well as events. The major proportion of revenue is created and acquired by means of different wholly-owned functions in areas such as Australia, Brazil, North America, New Zealand, Europe, Japan, and South Africa. The business concern Billabong has roughly 4,000 members of the staff throughout the world and the companys shares are essentially publicly listed on ASX (Australian Securities Exchange). Billabongs products are well distributed by means of focused boardsports retailers as well as through own branded retail stores of the company (Billabongbiz.com 2017). Overview of the industry Billabong operates in the clothing industry in Australia with special orientation to the surf industry. The operations include wholesaling as well as retailing of products such as surf, superior quality skate, both snow and sports apparel along with accessories and hardware. Analysis of the industry in which Billabong operates reveals that there is stiff competition in the worldwide surf skate as well as apparel (Billabongbiz.com 2017). In addition to this, there is also increasing costs of raw materials and slowdown of the consumer spending. Evaluation of the current situation in surf industry reflects that the surf industry developed exponentially in Australia and professional surfing acquired a mainstream. Thus, Billabong International Limited could capitalise on the developing opportunities in this segment in Australia and across the world (Billabongbiz.com 2017). The industry analysis of Billabong reveals that the company gets government support. National policies supported nation-building, creation of employment, industrialisation, consecutive governments set policies of trade to defend regional clothing as well as textiles. The casual lifestyle in Australia and fair climate directs Australians to expend less on particularly clothing than individuals in otherwise analogous Western markets (Billabongbiz.com 2017). During the year 2005 and 2006, retail turnover in particularly Clothing Retail stores was approximated to be AUD 10.1 billion, recommending addition of clothing sales in Department stores. Significant risks and audit risks for Billabong The philosophy of Billabong towards risk management is not to be essentially risk averse. In addition to this, management of the company wants identification, discussion as well as proper management of risk. Identification of Five Significant Business and Audit Risks Translation Risk owing to a considerable fraction of the operations of the group that is outside the area of Australia, the group is necessarily exposed to certain currency exchange rate risk (translation risk). In this case, this risk occurs when the offshore income of the entire group and fluctuations of asset/resources are declared in Australian dollars. The professional accountants might commit error due to inclusion of the effects of fluctuations in the report and face audit risk (Arens et al. 2012). The segment information of the group for the prior period is necessarily presented on a stable currency basis utilizing the present period average exchange rates on a monthly basis to transform the previous period foreign income. This is essentially undertaken to remove the influence of foreign exchange actions from the performance of the entire group. Material Risk- Material risks refer to the ones that have the capacity to influence the overall financial prospects of the firm. Some of the material risks that affects the firm Billabong are hereby mentioned below:- Brand Risk is the probable damage as well as market loss essentially appeals to the entire brand or else the image of the group (William Jr et al. 2016). In particular, the group addresses the risk by means of remaining aware of the specific economic as well as consumer data, advanced innovative product along with brand management. Fashion Risk refers to the failure of the company to design as well as deliver specific products that can appeal to target customers. Macro-economic environment-The company also faces the risk of macro-economic environment that affects the financial performance of the group because of different facets that include movements in the Australian as well as worldwide capital markets, rate of interest, exchange rate of foreign currency, rate of inflation and many others. The financial performance of the entire group can fluctuate owing to different factors counting movements in all the Australian and worldwide capital markets, rate of interest, currency exchange rate, rate of inflation, emotions of customers together with the micro-economic conditions in the markets (Arens et al. 2015). Again, alterations in the government policies, fiscal and monetary policies, commodity prices, investor perceptions along with other facets might affect the overall financial condition of the firm. The auditors of the firm might perhaps fail to take into consideration effect of these macro-environmental factors on the financial assertions of the firm. Social risk- The firm also faces social risk owing to risks surrounding the workplace, health as well as safety standards. The business law professional might fail to give stress on the above mentioned significant business risks in the audit report that again might affect the financial assertions, leading to audit risk (Louwers et al. 2015). Competition- The company competes for specifically discretionary earnings and not only with other activity sport participants. However, the performance of the group might be adversely affected by different actions of rival players. For instance, lowering of price of products or else generating new lines of product that are essentially more attractive in the market place or else by consenting to make more payments for manufacturing, services and employment and developing substitute channels (Eilifsen et al. 2013). Seasonal factors-Performance of the firm is also affected by different seasonal factors that in turn pose material risks. The business of Billabong is necessarily seasonal in characteristics and long-standing unseasonal conditions of weather might affect adversely the operations of the group, provided the significance of the overall quality, performance as well as timely delivery of the products of the company (Arens et al. 2014). The audit risk of the firm mainly occurs owing to inaccurate opinions in the financial statements of the firm. The auditors of the firm might fail to identify the risk of debt covenants. Failure of the firm to act in accordance with the firms financial covenants created by a considerable decrease in revenue or else earnings or material alterations in the AUD against USD exchange rate might require the company to seek modifications, waivers of covenant observance or substitute borrowing arrangements (Arens et al. 2014). Companys tax affairs might lead to tax risks of operations in each nation. The might be adverse impact by alterations in both fiscal or else regulatory command, variances in explanation of the local tax regulations of those nations, and alterations to present political, judicial or else administrative strategies related to tax (Simnett et al. 2016). Professional accountants of the firm might fail to understand the tax affairs and this might lead to material misstatement. Management of the firm also fails to identify the social risks surrounding the business of the firm and incorporate the effects of social risks in the financial assertions of the corporation (Arens et al. 2013). The company sources specific goods that are manufactured in nations such as China in which there remain risks revolving safety of workplace, maintenance of health and safety standards. Analysis using financial statements Calculation of key financial ratio from the financial statements of Billabong 2016 2015 Industry Current Ratio Current Assets 464454 523753 Current Liabilities 197932 236768 2.346533 2.212094 2 Debt to Equity Ratio Debt 185206 113521 Equity 259289 281584 0.714284 0.403151 1 Gross Profit Margin Gross Profit -23739 2552 Total Sales 11,03,535 10,56,130 -2.15118 0.241637 60% Inventory Turnover Cost of Goods Sold 542373 495308 Average Inventory 185556 187125 2.922961 2.646937 4 times Trade Receivable Turnover Net Credit Sales 11,03,535 10,56,130 Average Accounts Receivable 171644 164504 6.429208 6.420087 6 times The above mentioned table shows the ration calculation that in turn helps in assessment of the business of the client and identify the audit risks of the firm. As rightly put forward by (), current ratio refers to a specific liquidity ratio that enumerates capability of the corporation to reimburse both short as well as long term obligations of the firm. Current Ratio of the firm Billabong is calculated to be 2.34 during the year 2016 and 2.21 during the year 2015. Increase in the current ratio reflects an improvement in the current assets of the firm as compared to the current liabilities over the two year period and surplus from industry standard, representing a desirable liquidity position (Kunz et al. 2014). Cohen and Simnett (2014) opines that debt to equity ratio refers to a specific debt ratio that can be utilized for measurement of financial leverage of the corporation. This essentially reflects the way a business concern is utilizing debt for financing different resources in comparison to the total amount of equity of shareholders (Houghton and Campbell 2013). Debt to Equity Ratio of the firm Billabong is enumerated to be 0.71 during the year 2016 as compared to the year ago figure of 0.43 during 2015. However, it is lower than the industry standard of 1. This replicates the fact that the debt financing has increased as compared to equity financing reflecting a financially unstable and risky condition as debt need to be repaid to all the lenders of the firm. Gross Profit Margin helps in assessment of financial health of the corporation. Gross Profit Margin of the firm Billabong is enumerated to be -2.15% during 2016 and 0.24% during 2015. Therefore, it can be said that the profitability condition has deteriorated further during 2016 as compared to 2015 and it is at a very low level as compared to the industry standard. The gross profit ratio has become negative during 2016 reflecting that the firm is losing on different products that they are producing, thus can be regarded as a very undesirable financial condition. Inventory Turnover provides measures of the total times the firms inventory of sold (Bodie 2013). Inventory Turnover of the firm Billabong is calculated to be 2.92 during 2016 and 2.64 during 2015. The figure for inventory turnover shows the extent to which a corporation can control the products; therefore, the increase in the same indicates a high turn. However, it is lower the industry standard of 4. Accountsreceivable turnoverrefers to efficiency ratio that calculates the total number of times a specific business can convert accountsreceivableparticularly into cash (Entwistle 2015). Trade Receivable Turnover of the firm Billabong is enumerated to be 6.49 during 2016 and 6.42 during 2015. This reveals the total number of times a particular business can turn the accounts receivable into particularly cash during a specific period of time. The higher ratio reflects that the business firm is appropriately acquiring the receivables and more regularly throughout the entire year (Pappa 2015). Material Misstatements Depending on calculations of key financial ratio it can be hereby mentioned that the company faces debt risk evident from the higher debt equity ratio. -1)Again, the company also faces low earnings (negative earnings) reflecting risks of operations. In this case, the risk might be related to failures of the accounting professionals of the firm to identify the risks of different micro and macro economic factors reflected through the decline in the decline in assets and profit. -2) The key risk facets related to material misstatement include the debt covenant. Results of analysis of financial assertions of the firm show that there is lot of burden to carry out debt financing (Dalnial et al. 2014). There is requirement to have debt equity ratio to be less than 1 and it is observe to be less than 1. The requirement might lead to withdrawal of loan that in turn can have an adverse influence on business actions. Professional accountants of the firm can materially misstate the debt of the firm that in turn can affect the users of the financial information who arrive at economic decisions based on the financial assertions of the firm. Financial risk can also identified in this case. Analysis of business operations reveals the incapability of the firm to reimburse the liabilities of the firm within the stipulated period of time (evident from the comparative rise of debt in terms of equity) (Richard 2014). -3)Again, the current ratio is greater than the industry standard of 2. Therefore, there exists a probability that the current assets of the firm might have been plummeted so that the current ratio can be maintained at the level of 2 or above (Dung 2016). -3)The inventory turn of the company is also lower than the industry standard reflecting lower capability of the corporation to turn inventories into cash. The professional accountants also might manipulate the inventory of the firm that can lead to risky practice. Therefore, there exists a probability that the inventory of the firm might be altered by revealing added inventory during the period of arrival (Dung 2016). - 5) there is also increase in the financial risk of the corporation as is evident from the associated risks that needs to be analysed in a bid to assess whether the evidence are provided in the financial statements Going Concern The company Billabong essentially faces a going concern issue as is evident from the negative trends of potential indicators. This necessarily includes the decrease in the profit figure of the firm from $2552000 recorded during 2015 to -$23739 during 2016, increase in the cost of goods sold from (495308) to (542373) during 2016 (Billabongbiz.com 2017). In addition to this, the other expenses of the firm Billabong has also increased from 127681 during 2015 to nearly 127730 during 2016. A negative trend can also be observed in case of existence of current assets of the firm that is from 523753 in 2015 to 464454 in 2016. Furthermore, the company also faces adverse financial ratio that include extreme drop in gross profit margin (negative), increase in debt equity ratio (Billabongbiz.com 2017). Again, the inventory turn is also lower than the industry standard of 4 times reflecting lack of efficiency of the firm. Social Responsibility The company Billabong necessarily sources products manufactured in nations namely China mainly where there are risks surrounding the place of work, standards of both health and safety standards of factories. Essentially, the business group also utilizes external auditing unit for auditing social compliance of the corporations warehouses when measured against the approved code of conduct. This code of conduct essentially contains specific standards that are equivalent to SA8000 as well as Worldwide Responsible Accredited Production (Billabongbiz.com 2017). In particular, Billabong International has in place a worldwide social compliance program that focuses on different aspects that includes the following: The company can concentrate on the youth and linked to the environment. The company can assess the materials used for production, footprints of different retail stores and the way products are made. The company Billabong can carry out audits of particularly supply chain of the corporation as well as manufacturing procedures in order to make certain social compliance. During 2015, the company engaged different global assessors for independent assessment of the companys compliance with the manufacturers in the firms supply chain on a regular basis (Billabongbiz.com 2017). During 2015, the company Billabong engaged international auditors Bureau Veritas assume ongoing, sovereign auditing of companys supply chain for societal compliance as well as quality control.Again, in case if by means of audit procedure, a warehouse does not secure satisfactory score, a corrective plan of action can be established. Essentially, subsequent visits can be scheduled by the audit management committee to ensure implementation of corrective actions. Again, social audit programs can also be undertaken by the firm founded on the Code of Conduct that reflects the International labour Organizations Standar ds (Billabongbiz.com 2017). In addition to this, the company can also develop and enhance environmental initiatives that can help in confrontation with increasing pollution in order to lessen the overall impact on environment. Conclusion The above mentioned study helps in understanding the business of the client Billabong International along with the industry in which the firm operates. In addition to this, the current study also helps in gaining deep insight into the significant business risks of the firm. Thereafter, with special reference to the financial assertions of the firm for the year 2015 and 2016, the study calculates and assesses the financial performance of the firm. In addition to this, the study also identifies the areas of material misstatements in the financial statements and detects the same from the calculated financial ratio. Furthermore, the report also helps in comprehending the potential going concern issue from the financial outcomes. Moving further, the current study also provides a brief summary of the companys social responsibility. References Arens, A., Elder, R. and Beasley, M., 2014. Auditing and assurance services-An integrated approach; includes coverage of international standards and global auditing issues, in addition to coverage of.Boston: Aufl. Arens, A.A., Best, P., Shailer, G., Fiedler, B., Elder, R.J. and Beasley, M., 2015.Auditing and assurance services in Australia: an integrated approach. Pearson Education Australia. Arens, A.A., Elder, R.J. and Beasley, M.S., 2013.Auditing and Assurance Services Plus NEW MyAccountingLab with Pearson EText: Access Card Package. Prentice-Hall. 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