Tuesday, August 25, 2020
Society prohibits, torments, and once in a while murders individuals just on account of their religion. We may not generally observe it or hear it, however itÃ¢â¬â¢s there. Strict oppression is all over. We will compose a custom paper test on Man versus Society or on the other hand any comparative theme just for you Request Now It is in our schools, it is in our administration, it is engrained in our general public. Normally individuals abuse and torment the individuals who dislike them, be them Muslim, Mormon, Hindu, or even Christian. Truly, even Christians are being aggrieved. We in America hear Ã¢â¬Å"so regularly about Muslims [being] survivors of maltreatment in the WestÃ¢â¬ (Ali). However, what we donÃ¢â¬â¢t understand that there is another war. A Ã¢â¬Å"unrecognized warÃ¢â¬ (Ali) occurring wherever from West Africa to the Middle East to South Asia and Oceania. A war on Christians. Christians are the most oppressed gathering in the contemporary world. Ã¢â¬Å"According to the World Evangelical Alliance, more than 200 million Christians in 60 nations are denied crucial human rights exclusively in view of their faithÃ¢â¬ (Persecution of Christians). In Egypt, Christians are constrained under severe standards that don't make a difference to mosques and different strict organizations. For instance, under Hamayouni Decree, Christians need to experience the central government so as to construct, or even fix their structures (Persecution of Christians). In addition to the fact that Egypt restricts ChristiansÃ¢â¬â¢ capacity to manufacture and look after houses of worship, yet additionally their capacity to hold positions. Christians can't hold senior government positions, strategic positions, be in the military, or hold showing positions (Persecution of Christians). Additionally, the Egyptian government doesn't perceive changes from Islam to Christianity, and since between confidence relationships in the nation are unlawful, changes over can't wed individuals conceived in Christian people group, and their youngsters get Islamic training (Persecution of Copts). After the Ã¢â¬Å"Arab SpringÃ¢â¬ development, there have been much more records of Christian abuse. Bedouin Spring is Ã¢â¬Å"a progressive rush of exhibits that has been occurring in the Arab world Ã¢â¬ ¦ [that is] effectively toppling their abusive governmentsÃ¢â¬ (Cha-cha). The topple of the administration of Libya, the common uprisings in Bahrain, Syria, and Yemen, and the significant fights in Algeria, Iraq, Jordan, Kuwait, Morocco, and Oman (Arab Spring) are permitting Islamic fanatics to pick up force, and this is troubling for some Christians. The Arab Spring development is likewise causing a Muslim Ã¢â¬Å"revivalÃ¢â¬ of sorts, making them question their resilience of Christians so far. This recovery has caused various occurrences, for example, Ã¢â¬Å"church-burnings, assaults, mutilations, and murdersÃ¢â¬ (Ali). Christians are being slaughtered in Islamic societies essentially due to their religion. However this raises no alert. Here in the West we have no clue about how severely our kindred Christians endure on account of Muslim nations. They continually live in dread that their homes will be singed, their kids executed, and them detained with no expectation of a reasonable preliminary. Ã¢â¬Å"From obscenity laws to fierce killings to bombings to mutilations and the consuming of heavenly locales, Christians in such a significant number of countries live in fearÃ¢â¬ (Ali). Christians and Muslims in Nigeria have been on the edge of common war for a considerable length of time. Another Islamic radical gathering called Boko Harem incites the greater part of this activity. This association has expressed that Ã¢â¬Å"it will execute all Christians living in the countryÃ¢â¬ (Ali). Ã¢â¬Å"In the period of January 2012 alone, Boko Haram was answerable for 54 deathsÃ¢â¬ (Ali). This is crazy! In the primary month of this current year, a month with a minor 31 days, Boko Haram has just killed 54 individuals. ThatÃ¢â¬â¢s very nearly two individuals per day. Furthermore, this is just one gathering. In 2011, they executed at any rate 510 and burned to the ground or annihilated in excess of 350 temples. This Ã¢â¬Å"ChristophobiaÃ¢â¬ that Africa is likewise found in Sudan, yet in an altogether different structure. The Sudanese tyrant government has Ã¢â¬Å"for decades tormented the Christian minorities in the southÃ¢â¬ (Ali). In Sudan, it isn't radical gatherings that are focusing on Christians, yet the administration itself. It started in 2003, at the notorious annihilation at Darfur. From that point forward, the Muslim president, Omar al-Bashir, has been arraigned in the International Criminal Court in The Hauge of three tallies of slaughter (Omar al-Bashir). Despite the fact that he allowed fractional autonomy to south Sudan, the viciousness has not finished. Christians in south Sudan are as yet dependent upon aeronautical bombings, directed killings, and the seizing of youngsters (Ali). The UN reports that somewhere in the range of 53,000 and 75,000 guiltless regular people have been uprooted from their homes (Ali). Not exclusively are African Christians enduring, yet in addition ones in the Middle East. Since 2003, in excess of 900 Iraqi Christians have been slaughtered by terroristsÃ¢â¬â¢ activities and 70 holy places have been scorched in Baghdad alone. Ã¢â¬Å"Christians may vanish inside and out from IraqÃ¢â¬ says the administrator of the U. S. Commission on International Religious Freedom (Muslim Persecution of Christians). In Iran, the administration is making laws that make it illicit to spread the Christian confidence to the remainder of the Iranians. They will likely Ã¢â¬Å"cleanse Iranian ChristiansÃ¢â¬ (Wahdat-Hagh), totally annihilating them from their nation. There is such a great amount of disdain from the Islamic culture that is coordinated towards Christians, and without any justifiable cause. They torment and assault and ravage and murder all Christians who are happy to support what they put stock in. Furthermore, what do we do? What does western development do? We stand aside and permit it to occur. We deliberately ignore our siblings and sisters who are being tormented and killed for their convictions, and permit everything to go on. We know itÃ¢â¬â¢s occurring, yet for what reason do we stand aside? For what reason is America, the nation that was established on the principals of Christianity, the nation that was established with the end goal of getaway from strict oppression, standing aside and permitting individuals to be slaughtered? Is it accurate to say that we are so enveloped with things of this world, would we say we are so enveloped with economy and cash and oil that we stand aside and permit individuals to be fiercely slaughtered so we can keep our gas costs low and our kin safe? Regardless of whether we donÃ¢â¬â¢t all concur that Christians are correct aren't right, donÃ¢â¬â¢t we as a whole accept that human life is significant, and that it must be safeguarded? We did battle with the Middle Eastern nations to battle this Ã¢â¬Å"War on Terror,Ã¢â¬ yet what did that achieve? Security for our own fringes, and not even that to its fullest degree. It never really help the a huge number of Christians living in dread all around the globe. So what would it be a good idea for us to do? We the individuals, of the United States of America, must return to our underlying foundations, return to the motivation behind why we came here in any case, and desert the entirety of our insignificant contentions, with the goal that we can help the individuals who are the mistreated and the oppressed due to their confidence. Instructions to refer to Man versus Society, Papers
Saturday, August 22, 2020
As the quantity of vehicles on the streets increments, so does the peril. Despite the fact that there is present day wellbeing hardware, vehicles are still essentially liable for the absolute number of car crashes. This is normal in Turkey, which has the second most elevated RTA (street car crash) rate on the planet. There are a few purposes behind car crashes in Turkey, for example, the disposition of Turkish drivers, the poor states of the streets, and the quantity of old vehicles in rush hour gridlock. The primary purpose behind auto collisions in Turkey is the disposition of Turkish drivers. Turkish drivers can turn out to be totally unique when they drive their vehicles. Particularly individuals in a congested driving conditions become extremely apprehensive on the grounds that the group makes them insane, so they become upset and furthermore their consideration. Moreover, most youthful drivers like driving quick and they hazard their lives and different peopleÃ¢â¬â¢s lives. WhatÃ¢â¬â¢s progressively, some Turkish individuals drive when they are tanked. We will compose a custom exposition test on Car accident and People or then again any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page It very well may be exceptionally hard to control their vehicles when they drink excessively. Another explanation is the poor states of streets. There are street developments constantly. For instance, at some point, they burrow the street for phone cabling. At that point the street is fixed. After two days, it is fixed again and they introduce power links. Therefore, the street is loaded with gaps. Besides, the street signs are inadequately masterminded. It is too hard to even think about reading a sign when the traffic is going exceptionally quick in light of the fact that the sign is either behind a tree or a few words are deleted from it. The last for explanation behind auto collisions in Turkey is that there are heaps of old vehicles in rush hour gridlock. The proprietors of these vehicles couldn't care less about them, so they can cause mishaps. For instance, if a vehicle is twenty years of age, its wheel can tumble off, and this can prompt an awful mishap. What's more, old vehicles have old motors, and old motors can be a tremendous issue. For example, they can begin to consume in rush hour gridlock. To summarize, the mentality of Turkish drivers, the poor states of the streets, and the quantity of old vehicles in rush hour gridlock are the reasons why individuals have mishaps in Turkey. It is strogly accepted that the quantity of mishaps can diminish if individuals resist the urge to panic, take a taxi when they are smashed, fix the streets, and spot the traffic signs where individuals can see them without any problem. They ought to likewise forbid old vehicles from traffic. In the case of nothing is done, numerous individuals will continue passing on. ( offering guidance) Answer the accompanying inquiries. 1. What is the exposition about? It is about the explanations behind car crashes in Turkey. 2. What is the principal explanation behind car crashes in Turkey? The mentality of Turkish drivers 3. What are the consequences of driving in a road turned parking lot? Give TWO models. a) They become anxious b) They become upset and furthermore their consideration. 4. What is the second purpose behind auto collisions in Turkey? The poor states of streets 5. For what reason would it be able to be hard to peruse street signs in quick going rush hour gridlock? Give TWO reasons. a) The sign is either behind a tree b) Some words are deleted from it What is the third purpose behind car crashes in Turkey? There are loads of old vehicles in rush hour gridlock 7. What recommendations does the creator offer us to stop car crashes in Turkey? Give TWO models. Individuals should resist the urge to panic/take a taxi when they are flushed/fix the streets/place the traffic signs where individuals can see them effectively/forbid old vehicles from traffic SAMPLE ESSAY 2 Read the model paper. Hurtful EFFECTS OF WATCHING TELEVISION In an ongoing animation, one character said to another, Ã¢â¬Å"When you think about the incredible intensity of TV to teach individuals, arenÃ¢â¬â¢t you happy it doesnÃ¢â¬â¢t? Ã¢â¬ the reality of the matter is that TV has the ability to teach and engage, however sadly, TV carries damage to individuals rather than benefits. TV is hurtful on the grounds that it makes resignation, demoralizes correspondence, and presents a bogus image of the real world. Above all else, TV makes watchers aloof. For instance, little youngsters love viewing the Sesame Street. In the Sesame Street, the characters are going on characteristic strolls, playing with creatures, and partaking in games. Nonetheless, youngsters become mentor potatoes since they simply sit and watch their preferred characters. In this way, they become genuinely inactive. Also, more established watchers watch a conversation program, yet no one will go to the home watchers to request their conclusion about the subject that is examined on TV. Thus, it is inescapable for them to turn out to be intellectually aloof. Besides, TV demoralizes correspondence. Families who sit in front of the TV a ton talk just during ads. On the off chance that their nearby neighbor visits them, the most agreeable movement for everybody is to stare at the TV as opposed to having a discussion. WhatÃ¢â¬â¢s more, in certain houses, all the relatives have their own TVs in their rooms. Accordingly, individuals independently stare at the TV and have a little correspondence. To top it all off, TV presents a bogus image of the real world. This image drives watchers mad in light of the fact that they don't have the magnificence or wealth of characters on TV. Watchers believe that everybody in the United States has a rich loft, a quick vehicle and costly closet. Each criminologist, cop, and legal counselor, male or female, is reasonable for a superstar banner. What's more, commentators and columnists have immaculate hair and cosmetics since they should fit televisionÃ¢â¬â¢s standard of excellence. In any case, when watchers meet the characters on TV, they become disillusioned in light of the fact that they understand that what they see on TV is a long way from the real world. With everything taken into account, TV, similar to cigarettes or saccharine, is unsafe to our wellbeing. We are getting latent, disconnected and irate. What's more, generally startling, the normal watcher invests a great deal of energy before TV. I accept that individuals ought to decrease their TV seeing time to be increasingly friendly and dynamic. Answer the accompanying inquiries. 1. What is the paper about? It is regarding why TV is destructive 2. What are the destructive impacts of TV? An article is a bit of composing that generally has at least five sections. A paper is expounded on one theme that has a few primary concerns. The central matters are presented in a presentation passage and bolstered in body sections. The end passage is the last section. Presentation PARAGRAPH A presentation passage is the main section in an article. It contains two sections. Foundation Information: A couple of sentences about your subject that grab the eye of your peruser. A Thesis Statement: One sentence that tells your peruser the primary concerns of your subject and expresses the general Ã¢â¬Å"planÃ¢â¬ of your article. General Statements Metropolitan City is brimming with appeal and excellence, so guests from around the globe come to make the most of its popular theaters, exhibition halls, and ethnic cafÃ©s. Albeit Metropolitan City appears to be a heaven, it isnÃ¢â¬â¢t. The city has a few difficult issues: poor open transportation, swarmed roads, and costly lodging. Proposal Statement GIVING BACKGROUND INFORMATION There are no particular guidelines for composing a presentation, however there are a few procedures. Numerous presentations utilize one or a blend of the accompanying strategies to give foundation data and catch the perusers consideration. Move from general to explicit This sort of presentation opens with a general explanation regarding the matter that shows significance and afterward drives the peruser to the more explicit proposal proclamation. Utilize an account Another approach to compose an acquaintance is with relate an intriguing story that will show the peruser the subject. Paper and magazine authors oftentimes utilize this strategy to start their articles. Utilize a citation A citation is a simple method to present your point. You can cite an expert regarding your matter or utilize a fascinating citation from an article. You can likewise be progressively casual and utilize a saying or a most loved saying of a companion or relative. Pose an inquiry Asking at least one inquiries toward the start of an exposition is a decent method to show perusers the theme immediately. They will need to keep perusing so as to discover the responses to the inquiries. Present realities and measurements Presenting some fascinating realities or insights sets up believability. Breaking down Introductions Peruse the accompanying example presentations. At that point, in little gatherings, recognize the method or procedures that are utilized in every one. Recollect that writers frequently utilize a blend of procedures to compose a presentation. 1. Karate, which truly implies the craft of void hands, is the most generally drilled of all the combative techniques. It is a method of self-preservation that utilizes the body as a weapon for striking, kicking, and blocking. The craft of karate, which began in the antiquated Orient, is over 1,000 years of age. It grew first as a type of religious community preparing and later turned into a technique for self-protection. During the seventeenth century, karate turned out to be profoundly evolved as a workmanship on the Japanese island of Okinawa. Over the course of the years, this old craftsmanship has gotten famous, and today karate is drilled all through the world. In excess of a strategy for battle, karate underlines self-restraint, inspirational disposition, and high good reason. Technique(s): _________________________ 2. One understudy takes a gander at his neighbourÃ¢â¬â¢s test paper and rapidly duplicates the appropriate responses. Another understudy discovers the inquiries on a test before her group takes it and reveals to her companions. Still another understudy shrouds a piece of paper with equations under her work area. Shouldn't something be said about you? Okay undermine a test on the off chance that you realized you would not get captured? As indicated by an ongoing national study, 40 percent of American adolescents would cheat under that condition. What is causing cheating in our schools? Most understudies c
Sunday, August 9, 2020
Can You Pay Off a Personal Loan With a Credit Card Can You Pay Off a Personal Loan With a Credit Card? Can You Pay Off a Personal Loan With a Credit Card?If you are considering this option, you need to do the math and make sure youre really saving money. Otherwise, you might just be shifting your debt from one place to another.Credit cards! What canât they do? They let you shop online. They can open locked doors. And they can build up your credit if you use them properly. But can they be used to pay off a personal loan? And even if you can use them to pay off a personal loan, should you?These are the questions you will have answered over the course of the next few minutes you spend reading this blog post. Heres how credit cards work.You probably understand on a basic level that a credit card is an object that lets you buy something now and then pay for it later. What you may not realize is that every time you use a credit card, youâre essentially taking out a loan.Every time you use a card to make a purchase or to take out a cash advance, you are adding money to your cards balance . That balance then earns interest until it is paid off. You can spend up to your credit limit, but paying off your balances means that you can re-use that space on your card. This model is called a revolving balance.Unlike most loans, standard credit cards come with a 30-day grace period. That means interest wonât start accruing until one month after the amount is added to your card. So if you pay your bill in full before that grace period expires, instead of just paying the monthly minimum amount, youâre essentially getting an interest-free loan.And itâs a loan that builds up your credit score! If your credit score isnt good enough to qualify for a regular credit card you can get a secured credit card by putting down some cash as collateral. The rates will probably be better than the rates for a bad credit loanâ"even if the right loan can also help build your credit score.But can a credit card be used to pay off a personal loan?Yes, a credit card can pay off a personal lo an.Well, at least in some cases.âYou can use a credit card to pay off a personal loan,â advised personal finance writer and credit card expert Ben Luthi. âSome credit card issuers will allow you to do it directly through your online account like any other balance transfer.âIf your issuer wont allow you to do it directly through their balance transfer tool, you can request credit card convenience checks instead. Some issuers even send these out unsolicited. You can write the check to your personal loan company or write it to yourself and deposit it into your checking account then make the payment.âEssentially, if you have a standard credit card, and you want to use it to pay for a standard personal loan, youâll probably be able to do soâ"as long as the loan amount is within your credit limit.Make sure youre actually saving money.As too many scientists at the beginning of that horror movie should have reminded themselves: Just because you can do something, doesnât mea n you should. So should you pay off your personal loans with a credit card?It depends. Obviously, there are upsides, like the fact that your personal loan will be paid off. But as we said above, since a credit card is essentially a loan, is that really an upside at all?And then there are the drawbacks âThe main drawback to doing this is that youll typically pay a balance transfer fee, which can be anywhere from 1% to 5%, depending on the card and if theres a promotional offer,â warned Luthi. âAlso, credit cards charge a lot higher interest rates than some of the best personal loans, so Id only recommend considering it if your personal loan interest rate is higher than your credit card interest rate.âIf you have a credit card and are dealing with high-interest debt from a no credit check loan like a payday loan or title loans, then transferring that debt to your card will almost certainly save you money. But with regular installment loans, the math might be a little fuzzier.W hen paying down debt, you need a plan.ShaâKreshia Lewis, CEO of Humble Hustle Finance shared her own story of using a credit card to pay off a personal loan: âYou can use a credit card to pay off a personal loan but it may not be the wisest thing to do. It is important to weigh your options and run your numbers before making a decision.âSpeaking from personal experience, I used my credit card to pay off my last couple of payments on my personal loan. The balance on my credit card was at $0 and I paid the credit card off before the month ended. I saved on interest because I paid the loan off before term and I paid the credit card off before any interest accrued.It made a huge positive impact on my credit because the loan was paid off in full. The credit card company did not report it to the credit bureau that my balance went up because I paid it off before their next report date came around.âAs Luthi said, it pretty much comes down to whether youâll be saving money or not. If you can use your credit card to pay off the loan without paying any additional interest or fees, why not? But otherwise, itâs not going to be a good idea.Weâll leave you with this last bit of advice from Lewis: âBe financially disciplined. One late payment could have you deeper in debt than you were before. It may make more sense to refinance a loan with a lower rate than to put it on a credit card with higher interest.âIf you want to learn more about getting out of debt, check out these related posts from OppLoans:Financial Priorities: Which Debts Should You Pay Off First?Understanding Debt Relief: With Michael Bovee of The Consumer Recovery NetworkAre Balance Transfers a Good Way to Pay Down Debt?Have you ever paid off a personal loan with a credit card? How did it work out? want to hear from you! You can find us on Facebook and Twitter.ContributorsShaâKreshia Lewis is an AP Clerk in the oil and gas industry. After 6+ years experience in the financial field, sh e has set out on her own to passionately help others. She is the founder and CEO of Humble Hustle Finance, a financial platform educating emerging adults on the importance of money management.Ben Luthi (@benluthi) is a personal finance and travel writer who loves to help people make better financial decisions. His work has appeared in U.S. News, Time, USA Today, NerdWallet, and more.
Saturday, May 23, 2020
Sample details Pages: 2 Words: 597 Downloads: 5 Date added: 2019/05/07 Category Society Essay Level High school Tags: Human Trafficking Essay Did you like this example? Human trafficking is a way people use other humans for money, drugs and pleasure, these people who traffick young people manipulate and and lie to them to make them think that what they are doing is right. People struggle everyday fighting for their lives, everyday is different a whole new battle for them they wake up not free to their own life. Many have been killed and left to be found trying to leave, once youre in youre in and its hard to get out. Due to their horrific experiences, victims of human trafficking often find themselves dependent on an antisocial lifestyle. This tells us that theres multiple side effects of this terrible thing. This is one of them, people who have been in or are in human trafficking are already scared for their life to tell people about it for the fear of not getting help and getting killed for speaking out( Mohr 22). People are so anxious to get out of human trafficking that they commit crimes just to be found and to be placed in a safe en vironment. But in prison you can still get recruited to a trafficker outside because theres girls in prison still working for outside traffickers and they will threaten them into going back into trafficking(Mohr 23). Girls will steal and transport drugs for their leader in turn of not getting raped. People have worked hard to put up organizations to help these people lost in human trafficking to show them that people are there for them and care for them. They have special ways they can notice if someone comes in and they are a human traffick victim. patients sometimes had bruises, were regularly intoxicated, came in repeatedly for sexualy transmitted infections or were angry or shut down(gaven1). They know how to take desperate measures to make these young people that are caught up in human trafficking and to save them from the fear and anger built up from human trafficking. Most of the victims in human trafficking start at an early age and continue on until either they are k illed in the trafficking or get out, but rarely does anyone get out safely(Morh 22). Its hard to treat trafficked victims because theres no specific thing that can tell you if they are being sexually sold. Doctors have a hard time with treating victims because of these reasons. People who are victims are everywhere around us and we dont even realize it. trafficking victims live across the U.S.and all to often are hidden in plain sight: at grocery stores and move theatres, or visiting dentists or doctors offices(gaven2). Doctors should treat victims with care and tenderness and treat them the same they would treat any sexually abused person. But doing that is really hard because you can never tell the difference between someone who is in traffick and someone who is not. The National Human Trafficking Hotline, tallied 8,759 cases and 10,615 individual victims of human trafficking last year. The majority of victims were female, of the adult age and trafficked for sex(gaven 2). Most victims are females many start out at a teenager and end up spending most of their life being trafficked. Though many victims are females there are some that are males. Through the hardships and abuse for however long its hard for victims to talk about what they have gone through. Many have been asked to represent in court to testify what theyve been through but many are to scared and afraid but some end up testifying and putting their past at ease(gaven 2). DonÃ¢â¬â¢t waste time! Our writers will create an original "Countering Human Trafficking" essay for you Create order
Tuesday, May 12, 2020
Wednesday, May 6, 2020
1. Describe the development of Self Concept of GordieÃ¢â¬â¢s character in the film. How is it different from ChrisÃ¢â¬â¢? The film showcased GordieÃ¢â¬â¢s thoughts and growth with his friends. We will write a custom essay sample on Stand by Me Cmm Theory or any similar topic only for you Order Now From his exterior of a young lad, wimpy and afraid, he had managed to mature in to an independent and confident individual. In the beginning of the film, he had been described, by himself, as a weird guy, since he wasnÃ¢â¬â¢t like his late brother, who was the favorite. He loved writing and was good at it, but the unfortunate reality he was in was comparison from his parents, who would rather have a popular kid with Ã¢â¬ËnormalÃ¢â¬â¢ friends later, made him diss his own passion. And this practice developed and later on gave him enough fright to accept his invisibility. His coward-ness of going against his father permanently shuts his mouth and just listen with what his parents had to say. However, Chris, a kid from a bad family, is a hopeful lawyer. But since everyone sees him as a juvenile, he never bothered to live his dream. His tough spirit and leadership skills lead the gang gave them courage. I think heÃ¢â¬â¢s influential like that, though he knows for himself he wouldnÃ¢â¬â¢t turn out good; he has good intention for his friends. Like how Gordie described him as a peacemaker of the gang. Chris is like the gangÃ¢â¬â¢s guardian. He always makes sure theyÃ¢â¬â¢re okay and take care of them unlike how his alcoholic father. Nevertheless, the self-fulfilling prophecy of the two later on changed when Chris and Gordie changed after they found the body. Chris became a lawyer, though hard to get in with his status and Gordie became a writer, much to his joy that he took it. When they changed their views of themselves and how they acted, people had changed also with how they viewed them. 2. Choose any one of the characters and by citing specific scenes and dialogues from the film discuss how this character exhibited the Self-fulfilling Prophecy. ChrisÃ¢â¬â¢ side: Gordie: Maybe you could go into the College-courses with me. Chris: ThatÃ¢â¬â¢ll be the day. Gordie: Why not youÃ¢â¬â¢re smart enough. Chris: They wonÃ¢â¬â¢t let me. Gordie: What dÃ¢â¬â¢you mean? Chris: ItÃ¢â¬â¢s the way people think of my family in this town. ItÃ¢â¬â¢s the way they think of me. Just one of those lowlife Chambers-kids. Gordie: ThatÃ¢â¬â¢s not true. Chris: Oh it is. No one even asked me if I took the milkmoney that time. I just got a three-day vacation. Gordie: Did you take it? Chris: Yeah I took it. You knew I took it. Teddy knew I took it. Everyone knew I took it. Even Vern knew it I think. Maybe I was sorry and I tried to give it back. Gordie: Tried to give it back? Chris: Maybe, just maybe. And maybe I took it to Old Lady Simons and told her. And the money was all there. But I still got a three-day vacation because it never showed up. And maybe the next week Old lady Simons had that brand new skirt on when she came to school. Gordie: Yeah, yeah. It was brown and had dots on it! Chris: Yeah. So letÃ¢â¬â¢s just say that I stole the milk money but Old Lady Simons stole it back from me. Just suppose that I told the story. Me, Chris Chambers, kid brother of the Eyeball Chambers. You think that anybody would have believed it? Gordie: No. Chris: And dÃ¢â¬â¢you think that that bitch would have dared try something like that if it would have been one of those dootch bags from up on The View if they had taken the money? Gordie: No way! Chris: Oh no! But with me! IÃ¢â¬â¢m sure she had her eyes on that skirt for a long time. Anyway she saw her chance and she took it. I was the tupid one for even trying to give it back. I never thought Ã¢â¬â I never thought that a teacherÃ¢â¬â Oh who gives a fuck anyway? I just wish I could go to some place where nobody knows me. I guess IÃ¢â¬â¢m just a pussy, Gordie. Gordie: No way, no way. I think it was pretty brave of him to say what he has to say, but share his dream with his best friend and giving him his trust, is ve ry admirable. This dialogue further defined his thoughts and how he had accepted his fate as a delinquent. Everyone saw him as a low life and never bothered to hear his side because he was Chris Chambers, a son of an alcoholic drug addict, so he ever bothered to argue no more. But on the last line, he said Ã¢â¬Å"I just wish I could go to some place where nobody knows meÃ¢â¬ this simple phrase is also another way of saying Ã¢â¬Å"I wish nobody would judge me with my family. They donÃ¢â¬â¢t know the real meÃ¢â¬ 3. Choose any two(2) of the IC Theories we covered in class and discuss how each was made evident in the film. Social Penetration Theory: Gordie: Why did he have to die, Chris? Why did Denny have to die? Why? Chris: I donÃ¢â¬â¢t know. Gordie: It should have been me. Chris: DonÃ¢â¬â¢t say that. Gordie: It should have been me. Chris: DonÃ¢â¬â¢t say that, man. Gordie: IÃ¢â¬â¢m no good. My dad said it, IÃ¢â¬â¢m no good. Chris: He doesnÃ¢â¬â¢t know you. Gordie: He hates me. Chris: He doesnÃ¢â¬â¢t hate you. Gordie: He hates me. Chris: No, he just doesnÃ¢â¬â¢t know you. Gordie: He hates me. My dad hates me. He hates me oh oh God. Chris: You gonna be a great writer someday, Gordie. You might even write about us guys if you ever get hard up for material. Gordie: Guess IÃ¢â¬â¢d have to be really hard up, huh? Chris: Yeah. The moment when they had reached their goal, everything had hit Gordie like a cake thrown on the face. He mumbles his inner thoughts, agreeing to his uselessness to the family, completely in tragic horror about his brotherÃ¢â¬â¢s death should have been his. This kind of talks only happens in intimate relationships shared, like Chris and GordieÃ¢â¬â¢s relationship, which was built through the whole adventure or quest to find the missing body. Constructivism: As time went on we saw less and less of Teddy and Vern until eventually they became just two more faces in the halls. That happens sometimes. Friends come in and out of your life like busboys in a restaurant. I heard that Vern got married out of High-school, had four kids and is now the forklift operator at the Arsenal Lumberyard. Teddy tried several times to get into the Army but his eyes and his ear kept him out. The last I heard, heÃ¢â¬â¢d spent some time in jail. He was now doing odd jobs around Castle Rock. Chris did get out. He enrolled in the College-courses with me. And although it was hard he gutted it out like he always did. He went on to College and eventually became a lawyer. Last week he entered a fast food restaurant. Just ahead of him, two men got into an argument. One of them pulled a knife. Chris who would always make the best peace tried to break it up. He was stabbed in the throat. He died almost instantly. The writer or Gordie, now a father and a writer, reflects over what happened to them when they were twelve. His perspective of what happened was unforgettable and had imprinted on his life. Like what Chris said Ã¢â¬Å"You might even write about us guys if you ever hard up for materialÃ¢â¬ and he did, he wrote their experience and described how each one of them had grown and how he could never forget their friendship. Because only through experience you learn how things are made and how you mature. How to cite Stand by Me Cmm Theory, Papers
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These include the regulatory and organizational framework, accounting bases and accounting information systems. 3 Ã¢â¬â Financial Reporting Ã¢â¬â describes financial reporting and disclosure requirements. 4 Ã¢â¬â Quality of Financial Reporting Ã¢â¬â reviews evidence regarding compliance with disclosure requirements and the quality of Philippine financial reporting. Part Two: Auditing 5 Ã¢â¬â Governing Laws and Regulations Ã¢â¬â describes the laws that govern Philippine auditing practices and audit requirements. 6 Ã¢â¬â Philippine Auditing Practices Ã¢â¬â examines Philippine auditing practices by comparing these to regional norms and international best practices. Ã¢â¬â Public Accounting and Auditing Firms Ã¢â¬â describes the presence of domestic and international accounting firms in the Philippines. 8 Ã¢â¬â Issue Synopsis: Accounting and Auditing Ã¢â¬â summarizes the issues identified in this chapter. 29 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING P RACTICES IN THE PHILIPPINES Part One. Accounting 1. Introduction26 Philippine accounting practices date back to the pre-Spanish period, when Filipinos conducted business with Chinese, Indians and Malays from neighboring countries. These trading activities forced Filipinos to prepare crude accounting records that were based mainly on cash receipts and payments. The Philippines has, for a significant part of its recent history, been exposed to many foreign cultures and influences. The Spanish brought substantial changes to language and religion. The first accounting firms were established by the British in the 1700s. However, the comparatively short American colonial period was the most significant in influencing the PhilippinesÃ¢â¬â¢ major institutionsÃ¢â¬âincluding the educational system and the formalization of the professions. A number of American businesses established themselves in the Philippines during the 1920s and 1930s. Their activities and requirements influenced the establishment and initial growth period of the public accounting profession. During this time, the passage of the Accountancy Act 1923 created the Board of Accountancy (BOA) and gave it the authority to issue Certified Public Accountant (CPA) certificates. Six years later, the Philippine Institute of Certified Public Accountants (PICPA) was established within the private sector to represent professional interests. Many of the larger Philippine companies were subsidiaries or branches of American companiesÃ¢â¬âtheir accounting reflected US practices. Even after independence, the US maintained close links with the Philippines through trade and investment. These links strongly influenced public and private sector accounting regulation and practices. Until the mid-1990s, private sector accounting standards replicated those of the US (Although PICPA issued pronouncements to cover issues not covered by the US standardsÃ¢â¬âfor instance, Ã¢â¬Å"Revaluation of Fixed AssetsÃ¢â¬ ). Likewise, the Philippine accounting and auditing regulatory framework is similar to the US framework. It includes both governmental and a supervised form of self-regulation. 6 Much of the information in this introduction is sourced from the following excellent article: Agustin, Emelita, P. December 1994. The Accountancy Profession in the Philippines and the Philippine Institute of Certified Public Accountants (PICPA). AccountantsÃ¢â¬â¢ Journal. Vol. 44(3). pp. 12-17. 30 ACCOUNTING AND AUDITING IN THE PHILIPPINES The Accountancy Act 1967, which replaced t he Accountancy Act 1923, governed the standardization of accounting education, stipulated the examination process for CPA registration, and regulated the practice of accountancy. The Act allowed only Philippine citizens, and citizens of foreign countries extending similar privileges to Philippine citizens with respect to the practice of accountancy, to take the CPA exam and to practice accountancy. The Revised Accountancy Act 1975, which replaced the Accountancy Act 1967, remains in force and is the key piece of legislation that governs accounting and auditing arrangements. Philippine accounting and auditing moved away from US influences towards international practices in the 1990s. For instance, International Accounting Standards (IASs) became the basis for Philippine accounting standards in 1996. In the wake of the 1997-98 Asian financial crisis, much attention has focused on accounting and auditing arrangements. While the Philippines weathered the crisis better than many of its neighbors, foreign direct investment (FDI) levels have fallen substantially in the past 3 yearsÃ¢â¬âthe world economic slowdown is reinforcing this trend. Among a menu of options to make the Philippines a more attractive destination for FDI, one of the more effective choices is to adopt best-practice accounting and auditing standards, and to ensure that these standards are rigorously monitored and enforced. . The Ã¢â¬Å"Philippine Accounting SystemÃ¢â¬ The Philippine accounting system is strongly influenced by US and, more recently, international practices. The governing legislative and institutional framework is comprehensiveÃ¢â¬âthe components of a developed and robust framework are readily identifiable. In common with the US model, these arrangements reflect a mixture of government interve ntion and self-regulation. Legislative and Institutional Framework Figure 2 depicts the legislative and institutional framework that governs Philippine accounting and auditing arrangements. The four key legislative planks are the Revised Accountancy Law 1975, the Corporation Code, the Revised Securities Act 2000, and the National Internal Revenue Code 1999. The Revised Accountancy Law 1975 (Presidential Decree No. 692) replaced the Accountancy Act 1967. As with the earlier law, it governs the standardization of accounting education, stipulates the examination process for CPA registration and regulates the practice of accountancy. It remains in place today. The Revised Accountancy Law 1975 prescribes the 31 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING PRACTICES IN THE PHILIPPINES control and regulation over the registration of CPAs as well as accountancy practices more generally. The Professional Regulation Commission (PRC), through the Board of Accountancy (BOA), administers the provisions of this law. The Profession, through the Philippine Institute of Certified Public Accountants (PICPA), exercises regulatory duties relating to technical matters and work quality. However, the BOA must approve standards issued by the Profession before they are implemented. Figure 2: Philippine Legislative and Institutional Framework Governing Laws and Regulations Revised Securities Act (RSA) National Internal Revenue Code (NIRC) Corporate Code Accountancy Law Institutions and Primary Functions Securities and Exchange Commission (SEC) Implements provisions of the RSA and Corporate Code covering: Ã¢â¬ ¢ Form and content of financial statements Ã¢â¬ ¢ Definition of accounting terms, and Ã¢â¬ ¢ Accounting rules and regulations. Accounting Standards Council (ASC) Ã¢â¬ ¢ Promulgates accounting standards Professional Regulation Commission (PRC) Ã¢â¬ ¢ Board of Accountancy (BOA) Grants accounting licences Approves accounting and auditing standards Regulates accountancy profession Determines and prescribes admission requirements for CPAs (BOA) Bureau of Internal Revenue (BIR) Bureau of Customs Ã¢â¬ ¢ Interpret and enforce the NIRC and the Tax and Customs Code Ã¢â¬ ¢ Approve changes in corporate accounting policies and methods Ã¢â¬ ¢ Require filing of audited financial statements Auditing Standards and Practices Council (ASPC) Ã¢â¬ ¢ Promulgates auditing standards Philippine Institute of Certified Public Accountants (PICPA) Ã¢â¬ ¢ Selects and designates the members of the ASC Ã¢â¬ ¢ Oversees continuing professional education (CPE) for Certified Public Accountants (CPAs) Ã¢â¬ ¢ Enforces Code of Ethics (with BOA) Ã¢â¬ ¢ Ã¢â¬ ¢ Ã¢â¬ ¢ Ã¢â¬ ¢ The Corporation Code, which is enforced by the Securities and Exchange Commission (SEC), governs the creation and operations of limited liability corporations. Unless companies are classified as closed corporationsÃ¢â¬âthose with 20 or fewer shareholdersÃ¢â¬âthey are obliged to abide by all the reporting and other requirements of a limited liability corporation. Among other things, they must submit audited financial statements to the SEC and the Bureau of Internal Revenue (BIR). However, companies in special industries, such as banks, insurance companies, and public utilities, fall under the control of the Bangko Sentral ng Pilipinas (BSP), the Insurance Commission, the Board of Transportation, or other governmental organizations. Companies listed on the Philippine Stock Exchange must submit financial statements to the SEC in accordance with the Revised Securities Act 2000. The Act also makes the SEC responsible for overseeing 32 ACCOUNTING AND AUDITING IN THE PHILIPPINES financial reporting requirements. In this respect, SEC rules and guidelines specify the form and contents of financial statements. The National Internal Revenue Code 1999 requires all corporations, partnerships and persons that file income tax returns to prepare and submit financial statements. It also requires that tax agents, including CPAs, be accredited by the BIR. Accounting Bases Financial statements for business organizations must be prepared using the accrual accounting basis. This requirement is specified in Statement of Financial Accounting Standard (SFAS) 1: Framework for the Preparation and Presentation of Financial Statements. Accounting Information Systems Accounting information systems range from complex enterprise resource planning systems to paper-based manual systems. As might be expected, given the strength of the national software industry, a variety of low-range to mid-range Philippine-developed software packages are used for budgeting and accounting. 3. Financial Reporting and Disclosure Requirements Financial reporting regulations and disclosure requirements are governed by both mandatory and advisory sources. Mandatory sources include (i) the legal requirements in the National Internal Revenue CodeÃ¢â¬â including maintenance of accounting records, content of financial statements, and the audit of companies incorporated in the Philippines; (ii) Statements of Financial Accounting Standards (SFASs) issued by the Accounting Standards Council (ASC); and (iii) rules and regulations issued by the Securities and Exchange Commission (SEC) governing the form and content of financial statements. Most accounting principles are adopted from IAS and US FASB statements. Where issues are not addressed by an SFAS, practices and pronouncements of IASC or FASB should be referred to. 27 The Central Bank of the Philippines (up to 2 July 1993) and the BSP (from 3 July 1993) issued the Manuals of Regulations which specified the implementing regulations for the Central Bank laws (old and new), the General Banking Act, and the specialized banking laws for thrift banks, rural banks, the Development Bank of the Philippines, the Land 27 Deloitte Touche Tohmatsu. 1999. An International Accounting Comparison: Focus on Asia Pacific. Volume I. pp. 28-29. 33 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING PRACTICES IN THE PHILIPPINES Bank of the Philippines, and nonbank financial intermediaries performing quasi-banking functions (NBQBs). The BSP has recently reissued the Manuals of Regulation in two volumes: one for nonbanks (May 1999)28 and one for banks (31 January 2000). A Manual of Accounts, containing a uniform chart of accounts for each type of bank and NBQB, complements the Manuals of Regulation. Statutory financial statements include the Balance Sheet, Income Statement and Cash Flow Statement together with notes to the financial statements. Moreover, rules require the disclosure of all matters that might affect an investorÃ¢â¬â¢s decision to buy or sell a companyÃ¢â¬â¢s securities. All companies with quarterly sales exceeding P100,000 (about $2,000) must have their financial statements audited and signed by a CPA. 29 SEC rules require listed companies to file quarterly reports within 45 days of the quarter-end. Corporations whose securities are listed at the exchange must prepare their financial statements according to the accounting standards promulgated by the ASC. Annual financial statements must be submitted to the SEC within 105 days of their fiscal year-end, which for most companies falls on 31 December. Audits are usually completed by midFebruary of the following year, although in some cases this is extended to mid-March. However, annual reports are not distributed to shareholders until the middle of April when most shareholder meetings are held. Most annual reports are prepared in English for national and international distribution. The extent to which annual reports are made available to investors and financial analysts varies. Large corporations usually have a department responsible for investor relations and are willing to provide information. In any case, the financial statements of Philippine taxpaying companies are available from the SEC. Companies listed at the Philippine Stock Exchange are also required to file semi-annual financial statements with the SEC within 60 days following the end of the first half of the fiscal year. A few large corporations also prepare quarterly financial statements. 28 29 BSP. Circular 204. World Bank. 1999. Philippines: The Challenge of Economic Recovery. World Bank: Washington D. C. pp. 35-36. 34 ACCOUNTING AND AUDITING IN THE PHILIPPINES 4. Quality of Financial Reporting Assessments of financial reporting quality vary. On one hand, a World Bank review of Philippine financial reporting practices favorably concluded that: Ã¢â¬Å"Ã¢â¬ ¦according to users of financial statementsÃ¢â¬âincluding banks and investment banksÃ¢â¬âaccounting and disclosure regulations and standards in the Philippines compare favorably with those in many Asian countries. But the same users report that enforcement by regulators is weak and that auditors seldom issue caveats that might raise questions about the reliability of the information contained in client financial statements. In addition, there is no tradition of legal actions by investors and lenders against company officers or auditors in connection with cases of deficient or misleading financial reporting. Hence, the true financial state of companies may not be known sufficiently in advance to arrest a potentially serious deterioration in performance. Ã¢â¬ 30 Moreover, 19 of the 28 respondents (68 %) to a recent World Bank survey, rated the reliability of Philippine corporate financial statements as either good or excellent. These results were investigated though follow-up interviews. Those who rated financial statements as good or excellent qualified their responses by stating that they considered financial statements as being excellent or good from the reliability viewpoint if a Big Five firm had audited them. Those who gave ratings of fair or poor stated that they had given the rating for statements that had been audited by smaller firms. 1 Other studies present a less positive assessment. First, Euromoney magazine canvassed the views of global investors regarding the perceived quality of financial accounting systems in developing capital markets. The results of the study for the Association of Southeast Asian Nations (ASEAN), excluding Singapore, are presented in Figure 3; quality is rated from 1 (lowest) to 10 (highest). 32 30 31 32 World Bank. 1999. Philippines: The Challenge of Economic Recovery. World Bank: Washington D. C. pp. 35-36. World Bank. 2001 September. The Philippine Accounting and Auditing Environment: A Critical Review of Institutions, Rules and Practices. Draft Report. Reported in Saudagaran, Ahahrokh, M. and Joselito G. Diga. 2000. The Institutional Environment of Financial Reporting Regulation in ASEAN. International Journal of Accounting. Vol 35(1). pp. 1-26. 35 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING PRACTICES IN THE PHILIPPINES Figure 3: Perceived Quality of Financial Accounting Systems 10 Quality of Financial Accounting Systems 9 8 7 6 5 4 Malaysia Thailand Philippines Indonesia Second, a survey of the annual reports of 16 listed Philippine holding companies found that 75 % of these companies did not present summarized information regarding the financial position of significant subsidiaries in 1997. 33 Furthermore, 87. % of the holding companies surveyed did not disclose summarized information regarding the results of operations and the financial position of affiliates. The compliance rate improved in the case of related party transactionsÃ¢â¬âonly one of the 16 companies did not disclose the amounts involved. As regards disclosure of long-term debt of subsidiaries, 44 % of the sample did not report the separate liabilities of the parent and of its subsidiaries. 34 The low compliance with financial reporting rules and regulations, especially as regards disclosure of summarized information for significant subsidiaries or significant affiliates, indicates a weak-monitoring system. This issue was raised in an earlier study of the financial reporting practices of Philippine firms. 35 3 34 35 A total of 46 annual reports were surveyed from 1995 to 1997. All financial reports, except one, were given unqualified audit opinions. Cayanan, Arthur S. 1999. Debugging Holding Company Reports. The Development Center for Finance: Technical Notes. April. Vol 1(1). pp. 1-2. Cayanan, Arthur S. and H. Valderrama. 1998. Assessment of the Financial Reporting Practice s of Philippine Listed Firms. The Philippine Management Review. 36 ACCOUNTING AND AUDITING IN THE PHILIPPINES Part Two. Auditing 5. Governing Laws and Regulations The Revised Accountancy Law 1975 regulates the auditing professionÃ¢â¬âonly CPAs are allowed to conduct statutory audits. The following laws and regulations determine audit requirements: Ã¢â¬ ¢ Sections 75 and 141 of the Corporation Code require corporations with paid-up capital of P50,000 and above to submit audited annual financial statements to shareholders and to the SEC. Ã¢â¬ ¢ The National Internal Revenue Code (NIRC) requires corporations, partnerships and persons with gross quarterly earnings of more than P150,000 to file audited financial statements with their tax returns. 6. Philippine Auditing Practices Statements of Auditing Standards of the Philippines (SASPs) govern auditing practices and are issued by the Auditing Standards and Practices Council (ASPC). These standards, and the role of the ASPC, are described in Chapter IV (Accounting and Auditing Standards). A recent Government publication identified concerns over weaknesses in corporate governance and auditing practices: Ã¢â¬Å"The pervading irregularities in corporate practice include reckless lending by commercial banks, risky investment by managers, limited recourse to equity finance, connected lending, insider trading, expropriation and misuse of company funds by directors, managers or large shareholders, shady business deals, poor audits, and highly concentrated corporate ownership. Ã¢â¬ 36 An ADB study echoed these concerns: Ã¢â¬Å"Ã¢â¬ ¦ there are many cases of poor financial reporting by large companies. Many small- and medium-sized businesses did not have quality financial statements. Publicly available financial information was often of low quality, arguably, because of the highly concentrated ownership of Philippine corporations, as large shareholders had no need for financial statements to monitor their companies and management that were under their own control. Even for widely-held public companies, the 36 Government of the Philippines. June 2000. A Snapshot of Philippine Governance: Status, Programs and Guidelines. p. 8. 37 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING PRACTICES IN THE PHILIPPINES authorities, namely SEC and PICPA, sometimes did not penalize independent auditors for poorly prepared audited financial statements. Ã¢â¬ 37 The following subsections use comparative regional analyses to identify and examine Philippine auditing practices regarding auditor appointment and dismissal, auditor independence, auditor reporting requirements, and auditor liability. Auditor Appointment and Dismissal Section 13 of the IFAC Code of Ethics (1996) outlines procedures for communicating between incoming and outgoing auditors. Moreover, ISA 315 states the requirements for communications between predecessor and successor auditors when a change of auditors occurs. It places the initiative for communication with the successor auditor who is required to make specific inquiry, after obtaining permission from the prospective client, of the predecessor auditor as to such matters as management integrity, management disagreements, and the reason for change in auditor. While Philippine Exposure Draft (ED) 19 is consistent with ISA 315, Rule 301 of PICPAÃ¢â¬â¢s Code of Professional Conduct precludes an auditor from disclosing confidential information without the clientÃ¢â¬â¢s permissionÃ¢â¬â this limits the effectiveness of this requirement. 38 37 38 Saldana, Cesar, G. 2001. The Philippines. In Zhuang, Juzhong, David Edwards and Ma. Virginita Capulong (Eds), Corporate Governance and Finance in East Asia: A Study of Indonesia, Republic of Korea, Malaysia, Philippines and Thailand (Volume Two). Manila: ADB. pp. 192-193. Danlag, Ricardo Y. November 1999. Communication between Successor and Processor Auditor. Accounting Times. Vol 51(4). pp. 12-13. 38 ACCOUNTING AND AUDITING IN THE PHILIPPINES Table 3: Auditor Appointment and Dismissal39 Factor Nominating party Appointing party Party approving appointment Philippines Management/ Directors Management/ Directors Board of Directors, shareholders, or both depending on the companyÃ¢â¬â¢s bylaws with approval of BSP for commercial banks ED 19 is consistent with ISA 315, however, this is effectively negated by other rules (see above). Letter filed with SEC stating nature of disagreement(s), for public companies None Singapore Shareholders Shareholders Shareholders and the Monetary Authority of Singapore for financial institutions Required before engagement is accepted Representation to shareholders in writing or personally, and filed with the Registrar of Companies Fees owing to outgoing auditor must be paid before incoming auditor can accept the engagement Communication between outgoing and incoming auditors AuditorsÃ¢â¬â¢ rights to defend position on dismissal or resignation Compensation on termination Auditor Independence The IFAC Code of Ethics for Professional Accountants (1996) states that accountants in public practice should be, and should appear to be, free of any interest that might be regarded as being incompatible with integrity, objectivity, and independence. 40 ISA 220 and the Statement of Policy by the IFAC Council (1992) support periodic peer reviews. Furthermore, Section 8 of the IFAC Code of Ethics specifically relates to the objectivity of auditors with respect to their clients. 39 40 Adapted from: Favere-Marchesi, Michael. 2000. Audit Quality in ASEAN. The International Journal of Accounting. Vol 35(1). pp. 121-149. International Federation of Accountants (IFAC). 1996. Code of Ethics for Professional Accountants. 39 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING PRACTICES IN THE PHILIPPINES Table 4: Auditor Independence41 Factor Restrictions on relationships: personal, commercial, financial, or influential Restrictions on services provided by audit firm to audit client (other than conduct of audit) Rules to avoid low balling Rotation of audit partners required Safeguards to Objectivity: Ã¢â¬ ¢ Challenges to objectivity disclosed Ã¢â¬ ¢ Quality reviews by peer audit firms Ã¢â¬ ¢ Internal quality reviews Ã¢â¬ ¢ Ã¢â¬ ¢ Potential threats to objectivity monitored by third party Audit committees required Philippines Limits on personal, commercial, financial or influential relationships (Sec. 16 of Code of Ethics) None Singapore Some restriction on financial relationships No No No No Required by SASP 8 (Control of Quality of Audit Work) No No Accounting, tax advice, consulting, financial and investment advice, corporate recovery Yes Every 5 years for listed companies Yes Yes No Yes Yes Auditor Reporting Requirements In 1949, the Committee on Auditing Standards and Procedures of the Philippine Institute of Accountants (now PICPA) suggested that the standard auditor report format of the American Institute of Accountants (now the AICPA), be adopted. The form of this standard two-paragraph report remained largely unchanged until 1994. A new three-paragraph report, similar to the US standard report, was required to be issued for all audit reports issued after 30 June 1994. 42 This audit report form is consistent with IFAC requirements (ISA 700). 41 42 Adapted from: Favere-Marchesi, Michael. 2000. Audit Quality in ASEAN. The International Journal of Accounting. Vol 35(1). pp. 121-149. Villamayor, Romulfo B. 1994 December. The New AuditorÃ¢â¬â¢s Standard Report. AccountantsÃ¢â¬â¢ Journal. Vol. 44(3). pp. 46-49. 40 ACCOUNTING AND AUDITING IN THE PHILIPPINES Table 5: Audit Reporting43 Issue In AuditorÃ¢â¬â¢s Report: Ã¢â¬ ¢ Fraud or irregularities Ã¢â¬ ¢ Illegal acts Ã¢â¬ ¢ Internal controls and systems Ã¢â¬ ¢ Maintenance of proper records Reporting to Other Parties: Ã¢â¬ ¢ Fraud or irregularities Ã¢â¬ ¢ Illegal acts Ã¢â¬ ¢ Internal controls and systems Ã¢â¬ ¢ Maintenance of proper records Law requires standard forms of audit reports Law specifies matters to be included in reports Standard forms of audit reports established by professional bodies Qualified audit reports due to uncertainties Philippines No No No No Yes44 No Yes45 No Yes (for public companies) No Yes Yes46 Singapore Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Auditor Liability Exposing auditors to civil liability creates strong incentives to raise quality and maintain independence. There must however be a balance between providing this incentive and avoiding a decline in audit services due to excessive litigation costs. 47 43 44 45 46 47 Adapted from: Favere-Marchesi, Michael. 2000. Audit Quality in ASEAN. The International Journal of Accounting. Vol 35(1). pp. 121-149. Must be reported to management under Philippine Auditing Standards. Must be reported to management under Philippine Auditing Standards. Required if the disclosures of the mitigating factors including management plans for the going concern issue is inadequate under SASP 15 (para. 3). Palmrose, Zoe-Vonna. 1988. An Analysis of Auditor Litigation and Audit Service Quality. The Accounting Review. 63. pp. 55-73. 41 DIAGNOSTIC STUDY OF ACCOUNTING AND AUDITING PRACTICES IN THE PHILIPPINES Table 6: Auditor Liability48 Issue Professional Sanctions: Ã¢â¬ ¢ Warning Ã¢â¬ ¢ Reprimand Ã¢â¬ ¢ Fine Ã¢â¬ ¢ Temporary suspension Ã¢â¬ ¢ Permanent exclusion Legal liability cap between contract parties Contractual liability cap between contract parties Legal liability caps between contract parties and third parties Philippines No No No Yes Yes No No Yes Singapore Yes Yes Yes Yes Yes No No No In the Philippines, auditor liability can be limited to an amount not exceeding triple the amount of the transaction plus actual damages (Sec. 63. 1, Securities Regulation Code 2000: Republic Act No. 8799). 7. Public Accounting and Auditing Firms Professional firms are regulated by the Securities and Exchange Commission (SEC)Ã¢â¬âthe Board of Accountancy, through the Professional Regulation Commission (PRC), has recently begun to review and license accountancy firms. Accountancy firms cannot be corporations and the Revised Accountancy Law 1975 requires that all partners of accountancy firms must be registered Philippine CPAs. All of the large international accountancy firms are represented in the Philippines. 8. Issue Synopsis: Accounting and Auditing Chapter VIII Ã¢â¬â Issues and Recommendations Ã¢â¬â identifies and describes constraints and proposes corrective actions.