Audit&Assurance Essay Example | Topics and Well Written Essays - 2500 words

Audit&Assurance - Essay Example Therefore the international institutions and the accounting bodies have recognized the need for streamlining the Auditing practices to meet the emerging challenges. International Accounting Standards have been the first step in the right direction to address the issues evolved over a period of time, considering the international implications imposed by the cross border transactions worldwide. Not only the shift in methods of operations and the procedures involved in financial services, but also, the developments that have been continuously taking place in the production processes, information technology, media and the latest technological innovations such as mobile telephony, Global Positioning System (GPS), Social Networks, etc. necessitated revisiting the techniques adopted in auditing as well. The methodologies adopted in relation to auditing need to take into account these industrial and technological developments to enhance the efficacy and lend flexibility to the procedures in line with the fast changing environment. The international Federation of Accountants (IFAC) was set up during 1977 with a view to bring about uniformity in the profession on a global scale. The concept of ‘Assurance’ is of recent origin, has generally come into existence after the companies have resorted to computerization of accounting during1980s. The various accounting scams in the corporate history have only strengthened the resolve to improve the professional standards in line with the technological developments and to enhance the level of transparency, and this paper seeks to study the development of auditing over the period of time. When computerization gathered momentum, the important problems identified in the auditing process were mainly related to the understanding of the concept of the system adopted (especially the software), compatibility of the program with the established accounting practices or the guidelines, the efficacy of the program to discern the pitfalls

Booming Energy Essay Example | Topics and Well Written Essays - 1500 words

Booming Energy - Essay Example This technology was soon accepted by some of the leading companies such as Google, ebay, Walmart and many others. These solid oxide fuel cells produce energy that is 70% cleaner and 100% renewable. It is believed that a few years down the line, ‘Bloom’ might be a household name we reckon since it has considerable advantages over other renewable energy sources as well. Dr. K.R.Sridhar was part of a NASA workforce, attempting to come up with ideas to sustain life on mars. The first thing that occurred to him was the need for an energy source that would generate power and at the same time produce oxygen and hydrogen as a by product. The idea being, hydrogen could be used to power other hydrogen fuelled devices. With this idea in mind, they began working to produce a solid oxide fuel cell which did not comprise of expensive or rare metals but used a simple and highly available material, sand, to generate electricity. It does not contain corrosive or rare materials, making its availability rates rather high. On refining this idea, it occurred to the researcher that this technology could have a large impact on human growth in our planet, making the production of renewable and independent energy possible to everyone. The team decided that the technology which was available only in satellites would now be modified and made available to everyone. The syst em is designed to work not only as a power generator but also an energy storage unit which eliminates only a small percentage of carbon-di-oxide in comparison to the traditional power generation units which produce 50% more emissions. On completion of their NASA project, the team decided to continue their research and set out to work on transforming this remarkable idea into a product which would reach the world, making it a cleaner place. They worked on increasing its availability, efficiency and affordability. In 2001 they officially opened Bloom energy with their first client in