Bridgford Foods Essay

Bridgford Foods is known as a small, publicly traded company of the food industry. Clients of Bridgford Foods have a relatively high inherent risk. The operation of the said industry is subject to various risks, such as adverse changes in the general economic conditions, the evolution of consumer preferences, nutritional and health-related concerns, the inspections done, including the processing controls involved in the federal, state, and local products. The liability claims of consumer products and the risks associated with product tampering were also taken into careful consideration. Furthermore, several recalls made were associated with the recent outbreaks of illnesses among the meat and poultry products. Such greatly affected the operating results and the financial position of the company. In addition to this, industry characteristics were related to the factors that affected the assessment of materials of Bridgford Foods Corporation. Since the industry was very competitive, price cutting would have its related effects on the revenue. Unfortunately, Bridgford Foods was not part of the leading industries in the country. In terms of performance, the products of the said company were not as competitive as those of the leaders in the industry. In addition to this, the company is not as profitable and as financially stable as those of the major companies in the industry. For the year 2007, Bridgford Food had a decrease in its total sales, as compared to the other years. In a report issued, the company stated that, â€Å"sales for the first quarter ended in January 25, 2008, and was an estimated $1,319,000. Prior to the first twelve weeks of the fiscal year, there was a decrease in the total, which was 3.1%. The industry factors result in an increased assessment of the risk material misstatement of BridgFord Foods Corporation. This led to a lower determination of detection risk and more substantive tests. Estimations and assumptions were particularly important in the assessment of risks for material misstatement of Johnson, Inc. The management made certain estimations and assumptions that affected the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. In addition to this, reported revenues and expenses during the respective reporting periods were also given much considerations. The amounts estimated related to liabilities for workers’ compensation, employee healthcare and pension benefits are especially subjected. The inherent risk relating to the accuracy of an account balance that involves a high degree of management judgment, or that is difficult to compute, is evaluated as high. Moreover, the credit risk of the company was diversified across a broad range clients and geographic regions. Losses incurred due to credit risks have recently been immaterial, with the client maintaining the cash balances at financial institutions. At times, these clients exceed the amounts insured by the Federal Deposit Insurance Corporation of $100 million per institution. However, the clients have significant amounts receivable amounts with few of the well known clients, although historically secure, could also be subject to material risk when the operations of these clients begin to deteriorate. Regardless of such dilemma, the members of the Bridgford family can still exercise significant control over the company. This is due to the fact that the family owns approximately 77% in stocks of the company, making them own more than three fourths of the whole company. On top of this, three members of the Bridgford family were members of the Board of Directors. This gives the members of the Bridgford family the ability to exert substantial influence and power over the management and affairs of the company. This include matters requiring the action of shareholders. the amendment to by-laws, the election and removal of directors, merger proposals, consolidation or sale of all or substantially all of the assets and other corporate transactions. The Bridgford family members who own majority of the stocks dominate in the decision making of the company. This factor led to a higher risk assessment of material misstatement fore there were no reviews regarding important decisions and actions taken. However, these should be taken in the best interest of the company and its stockholders. The inherent limitations included the realities of faulty judgments and decision makings, including the breakdowns that can occur due to simple errors and mistakes. Additionally, controls can be circumvented by the individual acts of some people, by collusion of two or more people, or by management override of the control. All the above factors increased inherent risk for a particular account balance assertion, making the evaluation relatively high. In the audit planning stage, where the evaluation of inherent risk for an account balance assertion is high, auditors regard this as a significant risk requiring special audit attention. The control risk of Bridgford foods is low. The client maintains and evaluates a system of internal accounting controls, and a program of internal auditing designed to provide reasonable assurance. In so doing, the company’s assets are protected and transactions were performed in accordance with the proper authorization, and were recorded accordingly. This system of internal accounting control is continually reviewed and modified in response to evolving business conditions and operations and to recommendations made by the independent registered public accounting firm and internal auditor. The client also has an established a code of conduct. Furthermore, the audit committee is composed of independent directors who are not officers or employees of the client, and do not have other relationships that impair independence. The audit committees also employ two financial experts. They are effective in overseeing the quality of controls and the management of fraud. From those mentioned, I believe that the accounting and internal control systems provide reasonable assurance that assets are safeguarded and financial information is reliable, with the overall control risk low. In general, the design and implementation of internal control are considered effective. The increase in the risk of material misstatement due to these factors will result in a lower determination of detection risk and an increase in the scope of the auditor’s work. Pre-audit engagement risk is significantly and positively associated with the estimated level of discretionary accruals reported in audited financial statements. As higher levels of discretionary accruals have been shown to be associated with higher risk of post-audit litigation, it appears that rather than taking actions that result in higher-risk clients reporting less aggressive discretionary accruals, auditors instead are accepting a higher post-audit risk for these clients.

Marijuana Essay Example | Topics and Well Written Essays - 750 words - 2

Marijuana - Essay Example The usefulness of marijuana cannot be denied its due right however as it is present within a number of medicines and in healing maladies and diseases. Therefore the negativities can easily be canceled out with the positives that surround marijuana in essence. The healing perspective is all the more necessary to state because it lists the main aspects that are present within marijuana. The perception related with marijuana needs to be altered in order to have a better viewpoint of the same within the society. The right side of marijuana must be propagated more than the drawbacks, because it is the need of the hour (Engs 1997). Moving on, the body effects of marijuana comprise of the redness within eyes, the decrease in intra-ocular pressure as well as the dryness within mouth. There is also the sensation of heat and cold within the skin with the addition of heart rate becoming faster and muscles becoming relaxed due to the intake of marijuana. Its usage develops anxiety and leads to d epression and psychosis. The causal mechanism has not been able to establish as of present times. There has been evidence available at certain places where heavy usage of marijuana has led to heart attacks as well (Graves 2005). More often it has been seen that marijuana users have reported certain abnormalities which have comprised of the likes of amygdale and hippocampus regions which are located within the human brain. A research by Dr. Sontineni demonstrated how chronic marijuana’s usage led to a form of compulsive bathing behavior by the patient. Furthermore, the benefits attached with marijuana include the fact that it has been able to assist patients with regards to their nausea and vomiting issues. It has addressed the issues that have come under the ranks of anorexia as well as weight loss. The individuals with movement disorders, asthma, spasticity, glaucoma and other painful conditions are facilitated with the usage of marijuana, as has been indicated through prope r research and evidence over the years. The benefits and good points related with marijuana seem to be hidden from all and sundry due to a number of different reasons. It indeed is a shame because this drug has a number of positives with regards to the entire society. People should have a soft corner for marijuana because it delivers help and assistance upon them (Cohen 2006). However the smoking of marijuana has eventually been a problem for quite a long while now and thus it resurfaces every now and so often. Researchers have shown through different studies on marijuana that its crude form has more than 400 chemicals that call for its usefulness. When smoked, the 400 chemicals break up into a number of chemicals which are varied in form and size. Much research has been based on the crude form of marijuana and indeed marijuana in essence, which depicts its usefulness in entirety. The medicinal role immediately ends when marijuana is smoked, thereby representing the fact that its us efulness has been at its lowest ebb (Kreit 2003). The social risks linked with marijuana are apparent nonetheless. The accidents that have been reported in media have more or less been blamed due to excessive usage of marijuana and its smoked form. It has played a very negative role at taking away the sheen from the usefulness of marijuana in its truest sense. People have generally blamed marijuana because of the different problems which come attached with it. The benefits have simply been ignored for all the wrong reasons. The role of

Science and Technology as the Engine of Economic Growth and Essay

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Advertising Red Bull Essay Example | Topics and Well Written Essays - 1000 words

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Eye Screening Reflection of Learning Essay Example | Topics and Well Written Essays - 500 words

Eye Screening Reflection of Learning - Essay Example The impact of the Early Youth Eye Care program on the society is excellent. People appreciate the efforts of the E.Y.E volunteers and donate to help them continue putting in efforts to remove visionary problems for the children. The E.Y.E community uses vision screening to detect actual problems of the children in order to provide them with appropriate medical treatment. The volunteers also help poor families in receiving health treatment. Moreover, they also make people aware of the ways they can use to protect their eyesight and improve their vision. Four barriers to receiving healthcare include lack of awareness, no proper transport, less money, and lack of interest. I would identify these barriers using surveys and questionnaires. I would design and send questionnaires to every family living in my area in order to know the barriers that they face in receiving healthcare. Based on the analysis of the responses, I would take steps to remove the barriers that I would find. The experience would put an impact on my professional nursing career. â€Å"Hands-on experience and skills are important for you to success in this career field† (Harvard, 2012). The experience would inject care for patients and a sense of therapeutic nursing in my mind. It would also help me become able to administer medications and perform diagnostics tests of the patients. â€Å"A licensed practical nurse can do things like start IVs, administer medications, take samples, perform basic lab analysis, dress wounds, take vital signs, and perform basic diagnostic tasks† (Smith, n.d.). Moreover, working in impoverished communities and educating unaware people regarding illness prevention and treatment would also help me develop effective clinical skills and

Is there a need for Public Health Nutritionists to be accredited as a Essay

Is there a need for Public Health Nutritionists to be accredited as a regulated and professional body in the UK Discuss - Essay Example On the other hand, a growing number of information is now accessible through internet and various media types. There is then a conflict on who to believe when it comes to nutrition. In this case, although voluntary registration appropriately assesses capabilities of public health nutritionists, there is still a need for mandatory regulation and accreditation as a professional body in United Kingdom that will address the complex nutritional demands of its citizens. British culture in relation to food made some gradual alterations. As surmised by Scientific Advisory Committee on Nutrition (2008), â€Å"there is a healthier pattern of intake†¦ but there is still need for immediate actions to ensure further improvements in patterns of food consumption and intake of several nutrients.† In this area, although progress has taken place, guidance to guarantee its continued rise is still required. The role of organizations is to keep up with the current trend. Presently, the Nutrition Society is the leading organization in the â€Å"advancement of scientific study of nutrition and its application to the maintenance of human and animal health† (Buttriss & Daniels, 2003). This ensures proper screening of individuals and legal organizations in nutrition and related fields. The said organization offers a voluntary approach in registration processes, wherein â€Å"assessment mechanisms focuses on attainment of minimum standard of compete ncy in knowledge, skills, and attitudes on the required tasks† (Davies, Margetts & Hughes, n.d.). The minimal techniques employed seemed to contradict the graveness of the situation involving the present overall nutritional status of British people. Specifically, Nutrition Society initially was in charge during the creation of voluntary registration for public health nutrition (PHN). In an article entitled Overview of the Public Health Nutrition Landscape (Anon., n.d.), it defined public health nutrition as

Mission Statement Compare & Contrast Research Paper - 1

Mission Statement Compare & Contrast - Research Paper Example The quality of the mission statements and whether they noticeably specify the companies’ profile are included as well. In addition the paper seeks to verify whether the strategies of the companies are in line with the mission. The vision of Wal-Mart and Target has been stated and whether the two companies’ are approaching in the similar way with their vision has also been mentioned. The study also seeks to explain the ethical or legal challenges of the two companies. The companies’ responsibility towards the society has been identified. The mission of Target includes â€Å"make Target the preferred shopping destination for the guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More Pay Less brand promise" (Samples Help, 2006). The company has aimed at being the ideal shopping location for the customers and provides them with a choice of excellent value, constant innovation and special guest experience by constantly fulfilling expect more pay less strategy. Their mission is to provide $1 billion for education by the end of 2015 (Target.com, 2011). In this context, by comparing the two mission statements it can be observed that Target is providing priorities to the innovation, shopping destination and value along with low price but Wal-Mart is preferring on low price for making the life of customers much better. The mission of Target is related to the preference of its consumers and communities, but, Wal-Mart’s mission is essentially linked to the price constraint to attract the customers (Wal-Mart, 2011). The mission statements of both the companies have been prepared by focusing on the customers’ preference. The companies are continuously working on this mission in order to provide customers with utmost beneficial services. The companies are two of the largest retail stores, thus their main intention is to provide quality