Standards-Based Decision Making Essay Example | Topics and Well Written Essays - 1000 words

Standards-Based Decision Making - Essay Example ditors are required to state whether an audit client has complied with the Generally Accepted Accounting Principles (G.A.A.P) when preparing financial statements (Williams, 2006). Green and Associates is an external audit firm to ABC Corporation. The audit firm may provide any of the four types of the audit opinions after completing a corporate financial audit on ABC Corporation’s financial statements. Green and Associates may provide an unqualified or ‘clean’ opinion of the company’s financial statements. An unqualified opinion is only provided when an audit firm ascertains that a company’s financial statements reflect a truthful opinion of its financial operations. The opinion also indicates that the company’s financial statements are in compliance with the G.A.A.P. An unqualified opinion is the best audit report that a company can receive from its auditors. In our opinion, ABC Corporation’s financial records provide an honest and fair view of its financial operations during the fiscal year ended 31th August and are in compliance with the Generally Accepted Accounting Principles. An unqualified opinion may warrant an explanatory paragraph if the auditors feel that certain disclosures in the financial statements require a detailed explanation or when there is a change of auditors. It arises when the financial records indicate some minor deviations from G.A.A.P. The explanatory paragraph includes a detailed explanation of the auditor’s opinion. In our opinion, ABC Corporation’s financial statements require modification to expel the minor inconsistencies with the G.A.A.P, despite reflecting a true and fair view of the company’s financial operations. An audit report may provide a qualified or an ‘except for’ opinion after completing a corporate financial audit. Green and Associates may provide a qualified opinion if it believes that ABC corporation’s financial records are not in compliance with the G.A.A.P, despite representing a true

Who will profit from the Lisbon Treaty in the field of JHA (Justice Essay - 1

Who will profit from the Lisbon Treaty in the field of JHA (Justice and Home Affairs) - Essay Example The parts of the treaties significant to the Treaty of Lisbon will be studies in order to illustrate the importance of change within the European Union. The Lisbon Treaty ratified in 2009 takes into account the changes in society which were non-existent 10 years ago. The Maastricht Treaty has a legal frame work which no longer requires the same liaisons among nations of the EU in the field of Justice and Home Affairs. The European Union was more internally structured and served as a consulting organization. The Treaty of Lisbon changes the structure to work outwards. The documents, which will be used as reference are the Council of European Communities (1953), the European Union of (1992) and the Treaty of Lisbon (2009). The benefits of the Treaty of Lisbon will be propagated through the whole treaty. The infrastructure of the EU will be modified: the voting system will be changed and the pillar system will be changed. Specifically affecting Justice and Home Affairs will be the creation of several new working structures. The Council of European Communities was ratified in 1953. The European court was established. The European Council which was not yet under the tutelage of the EEC (EU) established the treaty of Convention for the Protection of Human Rights and Fundamental Freedoms. This convention which is still being used today was made an official charter of the European Union with the Treaty of Lisbon. Ireland which has the right of vote in any changes in the EU administration confirmed that they still have the right to decide the Fundamental Freedoms of their population such as the right of abortion and homosexuality. National Constitutions take precedent over the EU. This point will be elaborated when national identity versus European identity is discussed as a Home Affair. In 1953, the European Community was established for economic purposes in the coal and steel industry and the atomic energy community among 6