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Importance of external auditor independence
Importance of external auditor independence
Are the auditors truly independent
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Banks are institutions wherein miracles happen regularly. We rarely entrust our money to anyone but ourselves – and our banks. Despite a very chequered history of mismanagement, corruption, false promises and representations, delusions and behavioural inconsistency – banks still succeed to motivate us to give them our money. Partly it is the feeling that there is safety in numbers. The fashionable term today is “moral hazard”. The implicit guarantees of the state and of other financial institutions moves us to take risks which we would, otherwise, have avoided. Partly it is the sophistication of the banks in marketing and promoting themselves and their products. Glossy brochures, professional computer and video presentations and vast, shrine-like, real estate complexes all serve to enhance the image of the banks as the temples of the new religion of money.
But what is behind all this ? How can we judge the soundness of our banks ? In other words, how can we tell if our money is safely tucked away in a safe haven ?
The reflex is to go to the bank’s balance sheets. Banks and balance sheets have been both invented in their modern form in the 15th century. A balance sheet, coupled with other financial statements is supposed to provide us with a true and full picture of the health of the bank, its past and its long-term prospects. The surprising thing is that – despite common opinion – it does. The less surprising element is that it is rather useless unless you know how to read it.
Financial Statements (Income – aka Profit and Loss - Statement, Cash Flow Statement and Balance Sheet) come in many forms. Sometimes they conform to Western accounting standards (the Generally Accepted Accounting Principles, GAAP, or the less rigorous and more fuzzily worded International Accounting Standards, IAS). Otherwise, they conform to local accounting standards, which often leave a lot to be desired. Still, you should look for banks, which make their updated financial reports available to you. The best choice would be a bank that is audited by one of the Big Six Western accounting firms and makes its audit reports publicly available. Such audited financial statements should consolidate the financial results of the bank with the financial results of its subsidiaries or associated companies. A lot often hides in those corners of corporate ownership.
But most people within the economy do not know enough about the complexities of the banking system to voice their opinion in opposition to the bankers, politicians, and regulators. This is a central concern of Admati and Hellwig and one of their main motivating factors for writing The Banker’s New Clothes. Admati and Hellwig aimed to “demystify” the banking system in order to raise awareness to weaknesses in banking policies in hopes of triggering necessary reforms to banking principles that only benefit the bankers and politicians. They state, “Expanding the policy discussion beyond the circle of bankers and banking specialists is very important, because more action is urgently needed and yet has not been taken. The banking system is still much too fragile and dangerous. This system works for many bankers, but exposes most of us to unnecessary and costly risk, and it distorts the economy in significant ways (pg. 4).” Admati and Hellwig look to level the playing field for the general public by explaining the banking system and it’s flaws in clear terms that most people can understand. By doing this Admati and Hellwig hope to reduce the recurrent economic booms and busts that have such harsh consequences for people in compromised economic situations; which are
Did you know that a dental hygienist could make a slightly large mistake without asking a simple question? Well they can, the most common question is if their patient would like one or more crown placed in there mouth at a time. In order to succeed as a dental hygienist everyone is required to go to either a two or four year college and major in dental hygiene. Many people believe that it is easy to be a dental hygienist because they think that all that is required to do is clean teeth, but its actually quite difficult. Making sure the patients have excellent oral care is very important
In today’s America, bankers are often seen as heartless, money hungry pigs, and media outlets portraying bankers putting hardworking people on the streets. Regulation like FDIC and Dodd- Frank increases financial security and helps restore our repetition. Cases like ERON and Long-Term Capital Management, where people lost their entire savings, would not happened. Regulation is not the enemy. Instead of having lobbying groups to deregulate, accountable banks should embrace such regulation designed not only to improve consumer confidence, but also to preserve the integrity of our overall financial
There are many government, state, local and tribal agencies and organizations working together to resolve the aftermath of a massive wildfire. The following will discuss the responsibilities of a Hospital Incident Command Systems (HICS) which is at the forefront for caring and treating individuals and communities affected. The HICS ensures pre-planning, planning, evaluating, and testing of the system has been done prior to an incident (CDC, 2011). The first step when an incident occurs is the hospital needs to assess the situation. Some questions to ask include (CDC, 2011). What geographical area(s) has been or may be adversely impacted? How many people are threatened, affected, exposed, injured, or dead? Have critical infrastructures been affected (electrical power, water supplies, sanitation, telecommunications, transportation)? Is the hospital and surrounding healthcare facilities affected? How will current and forecasted weather conditions affect the situation? Has the local, state, or
Working in the dental field, one can be employed in a multitude of titles. The role of each person in the dental office is not only to help the oral health of a person, but to help an individual's personal self esteem. Each professional has an ideal and structural role when performing dental procedures on patients. The goal of dental assistants and dental hygienists are to make patients feel better about their self image, but each job individually creates a positive outcome of the client.
Pre impact conditions mixed with event specific conditions combined with one another during a disaster produce physical and social impacts to a community. The impact from each disaster can be reduced by interventions through emergency management. By assessing these pre impact conditions, an emergency manager can produce social risks and vulnerabilities within their community. Integrating these social risks and vulnerabilities emergency mangers can use the four most important phases in emergency management: preparedness, planning, response, and recovery to benefit their community as a whole.
Dentists, dental hygienists, endodontists, and orthodontists perform different job duties. For instance, a dental hygienist supports a dentist by administering preventive dental hygiene care, tracking dental conditions, and performing screening procedures such as reviewing the patient's health history, checking their blood pressure, taking x-rays, and making impressions of their teeth. In addition, the dental hygienist informs the dentist of any potential problems they have
As an employee of The New York City Fire Department, it is our duty to know its mission state and what its internal core analysis consists off. “As first responders to fires, public safety and medical emergencies, disasters and terrorist acts, the FDNY protects the lives and property of New York City residents and visitors. The Department advances public safety through its fire prevention, investigation and education programs. The timely delivery of these services enables the FDNY to make significant contributions to the safety of New York City and homeland security efforts. The New York City Fire Department’s internal core analysis consists of: Service: the department continues its unwavering call to protect and serve. Bravery: courage is the foundation of each character. Bravery is the ability to overcome fear through fortitude, instinct, compassion for others and training. Safety: our citizens must be reasonably free from danger, especially deliberate, harmful acts. With the best equipment and training, the department can reduce the risk to the public and its members at fires, emergencies and medical incidents. Honor: the enormous commitment necessary to perform the department’s tasks requires excellence of character. They inspire each other through pride in the unit, which is a belief that every action reflects on all the members of the unit, both past and present. Dedication: a commitment to the objectives to their mission is an essential part of their code of conduct. The faithful observance of duty, calls for the FDNY to fulfill their obligations professionally and honestly. Preparedness: by combining all of the components of their core values, the FDNY will maintain its constant state of readiness to meet all threats and c...
My two main interests are social and investigative. First, I like to investigate the teeth such as what kind of teeth do the patients have and how it will look later. Also, go deeper in teeth and do the surgery.
Money has evolved with the times and is a reflection of the progress of man. Early money was a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money into a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27)
It is important for dental hygienist to communicate with their patient to keep a dental business successful. Their skill is to connect with their patient in the best possible and honest way required for them to take control of their oral health and well-being. It is up to the patients to take the info that is provide to them and to decide if the information will help them about their treatment. Dental staff should never let a patient leave their clinic without telling them about their oral health and notify them about the facts. According to Butler T (2014), Patients always need to know that their dental practice cares about them, from the assistant, to the hygienist, and to the dentist. Patients are people, and they naturally want to be informed about their health. They want to feel like their dental hygienist is cared that is why it is a must for a dental hygienist to connect with their patients by listening to their concerns, to be present, and to learn their story. Dental workforce should connect with their dental patients inside and outside the clinic. They should give the patients helpful dental care information. For instance, dental staff should always communicate with their patient about what toothbrushes they should be using, and give them advice for healthier teeth and general dental hygiene health tips. Matter of fact, dental workforce should always keep in touch with their dental patients after an appointment or after they had done a dental surgery at the clinic. Whether it is asking if their filling feels all right, if they have had any issues with their dental crown. According to Harvard Medical School Special Health Reports (2012), as with plenty other cancers, the sooner oral cancer is discovered, the better chances people have of successfully treating it. That means there are several diseases out there that
Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.
While banking and financial institutions have play an important role in contributing the economic growth by collecting and allocating the resources to those who in need of finance, it also can bring the financial chaos to the economy as well. Since this industry is a sentitive and fragile one, the banking superivision is required to monitor on the banking system aiming to identify and measure risks in order to protect not only the financial institutions but also the customers from the contagious risk that would happen without any alert. Moreover, banking supervision is established in order to protect depositors against avoidable losses, thereby contributing to confidence in the financial system and the
It is a known fact that the banking industry plays a huge role in today’s society, the industry has grown rapidly of many decades and still growing. The banking sector is that sector of the society that is actually responsible for the handling of financial assets for other sector of the economy, they do this by investing the financial assets in order to create more wealth in the society while regulating all the activities involved in the process. (What is the banking Sector 2015)
Because of the strong ethical component of this designation, its principles should be adopted by financial professions everywhere in the world, especially in post-2007 financial crisis days, partly started by a lack of moral principles and diligence. While for chocolate-lovers Switzerland is synonymous with a yummy heaven, for me the country, being the banking center of the continental Europe, equals to well-established traditions in the financial industry. If you want to learn something excellent, gain the knowledge from the best. Switzerland is one such place that will give me the opportunity to combine the values of both the highly-regarded education in finance and hands-on analysis of theories, applied in Swiss banking and financial systems.