Innovative RapidCal™ Tank Scale Calibration

 Traditional calibration methods are time-consuming, expensive and typically result in uncertain accuracy and traceability results. The new and innovative RapidCal™ from METTLER TOLEDO offers an economical Tank Scale Calibration method that is traceable, and achieved without using test weights or purified liquids. 

Additionally, by eliminating the expensive and risky process of material substitution, the chance of tank interior contamination is also eliminated.

Whether it is needed for food and beverage or chemicals production, supply of pharmaceuticals, electronics or sensitive components, manufacturers will no longer accept the risk of product or equipment contamination.

Increasing quality and reducing operating costs with innovative design approaches. The new generation of oil-free compressors can produce more than just compressed air.

Legal: What do we mean by Lawsuit?

The definition of lawsuit

 What "act"? Acting means allowing a person not to do himself justice, but to turn to an authority for the enforcement of harm suffered. This is a civilized substitute for vengeance.
It is an essential instrument.

However, the former Code of Civil Procedure does not provide a definition. After doctrinal debates, the CODE OF CIVIL PROCEDURE ended up giving a definition.

Article 30 of the CODE OF CIVIL PROCEDURE said that "action is the right of the author of a claim, to be heard on the bottom of it so that the judge told the well or ill founded. For opponents, the action is the right to discuss the merits of this claim. "

The action is a right that can do something else. It is the right to be heard by the judge, to address the judge. It is the right of the author of a claim. The right to act is not given to everyone. Similarly, we must apply to the judge for review the substance of the matter. For the defender, action to impugn the validity of the claim.

In fact, this definition is a complex definition. The right to act before the judge has two meanings.

1. The concept of the right of access to courts as a fundamental right
2. The lawsuit as a subjective procedural law

Facebook account is no longer required for Messenger users in 4 countries

Facebook account is no longer required for Messenger users in 4 countries, including the United States. Aware that the email is one of the (few) things that are more popular than its social network, Facebook has decided there is now a good time to remove the private messaging functionality of its main app and make it mandatory for those Messenger who want to exchange messages on their smartphones.

As we have seen, since, Messenger has become a full service. During the F8 conference, Facebook has also unveiled a lot of news about this app (Valentin explained how Messenger is about to become a platform).

And now Facebook wants to allow mobile users to use Messenger, even without Facebook account.

In essence, if you hate Facebook but want to use Messenger to communicate with friends, it will be possible.

The only concern is that this possibility is (yet) available in the United States, Canada, Peru and Venezuela.

When the user launches Messenger for the first time, it is proposed it to connect via Facebook or so without Facebook account.

In the latter case, it asks for a name, a photo and a phone number (a system to WhatsApp). He can then enjoy the features of Messenger, the audio and video calls or file sharing.

However, since the Messenger account will not be linked to a Facebook account, it may not be necessarily very easy to find a contact with the app.

What is budgeting?

Planning is the process of setting goals and objectives and translating them into activities and resources required for accomplishment within a specified time horizon. Budgeting is the quantifying of a company’s financial plans and activities.

Budgets facilitate communication, coordination, and teamwork. A master budget is the comprehensive set of projections for a specific budget period, culminating in a set of pro forma financial statements. It is composed of operating and financial budgets and is usually detailed by quarters and months. Some companies prepare continuous budgets by successively adding a new budgetary month, 12 months into the future, as each current month expires.

Sales demand is the proper starting point for the master budget. Once sales demand is determined, the cost accountant forecasts revenues, production quantities and costs, and cash flows for the firm’s activities for the upcoming period. These expectations reflect the firm’s inflows and outflows of resources.

Two of the potential roadblocks to creativity

The potential roadblocks to creativity are perceptual blocks, cultural blocks, and emotional blocks.
Perceptual blocks include such factors as the failure to use all the senses in observing, failure to investigate the obvious, difficulty in seeing remote relationships, and failure to distinguish between cause and effect.
 

Cultural blocks include a desire to conform to established norms, overemphasis on competition or conflict avoidance and smoothing, the drive to be practical and narrowly economical above all else, and a belief that indulging in fantasy or other forms of open-ended exploration is a waste of time. 

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Emotional blocks include the fear of making a mistake, fear and distrust of others, grabbing the first idea that comes along, and the like.

Techniques for fostering the development of new ideas using the lateral thinking method.

The reversal technique involves examining a problem by turning it completely around, inside out, or upside down. The analogy technique involves developing a statement about similarities among objects, persons, and situations. The cross-fertilization technique involves asking experts from other fields to view the problem and suggest methods for solving it form their own areas of expertise.

Advantages Of Decentralization

The following are advantages of Decentralization :

1. High Morale And Motivation
Decentralization is highly motivational as it gives the subordinates the freedom to act and take decisions. This develops among the subordinates a feeling of status and recognition and ultimately a feeling of dedication and commitment. This helps in maintaining high motivation and morale of subordinates.
 

2. Relief To Top Managers
In decentralization, most of the routine managerial responsibilities are delegated to middle and lower level managers. It minimizes the excessive workload of the top managers. It gives sufficient time to the top managers to concentrate on non-programed decisions like planning, policy making, strategy formulation etc.


3. Effective Control
In decentralization, it is convenient to set standards of performance. This helps to compare actual performance with standard performance more quickly. This helps in taking prompt decisions to correct deviations. This leads to maintaining effective control.


4. Possibility Of Better Decision
Decentralization delegates the decision making authority to the managers nearest to the level of operation. The managers working nearest to the operation are in a better position to understand the complexity of problems. This helps in taking a better decision to solve the problems.


5. Decentralization Facilitates Diversification
The addition of new product lines or expansion of existing lines of business develops complexity in an organization. This also develops a challenge to the top management. The top managers can meet such challenges by delegating authority to their subordinates. Top managers can only play the role of coordinators.

6. Decentralization Facilitates Managers' Development
In decentralization, appropriate responsibility and authority is delegated to subordinate level managers. It gives them an opportunity to hone their skills and efficiency so as to get promotions. Therefore, decentralization creates the reserve of talent.

What is required in audit documetation?

Where a significant fraud has occurred or the fraud is committed by those charged with governance, the auditor should consider the necessity for a disclosure of the fraud in the financial statements. If adequate disclosure is not made the auditor should consider the necessity for a suitable disclosure in his report.

Documentation

The auditor should document fraud risk factors identified as being present during the auditor’s assessment process and document the auditor’s response to any such factors. If during the performance of the audit, fraud risk factors are identified that cause the auditor to believe that additional audit procedures are necessary, the auditor should document the presence of such risk factors and the auditor’s response to them. 

 The auditor must document matters which are important in providing evidence to support the audit opinion, and the working papers must include the auditor’s reasoning on all significant matters which require the auditor’s judgment, together with the auditor’s conclusion thereon. Because of the importance of fraud risk factors in the assessment of the inherent or control risk of material misstatement, the auditor documents fraud risk factors identified and the response considered appropriate by the auditor.

Procedures in case of a Possible Misstatement

When the auditor encounters circumstances that may indicate that there is a material misstatement in the financial statements resulting from fraud or error, the auditor should perform procedures to determine whether the financial statements are materially misstated. During the course of the audit, the auditor may encounter circumstances that indicate that the financial statements may contain a material misstatement resulting from fraud or error.

When the auditor encounters such circumstances, the nature, timing and extent of the procedures to be performed depends on the auditor’s judgment as to the type of fraud or error indicated, the likelihood of its occurrence, and the likelihood that a particular type of fraud or error could have a material effect on the financial statements. Ordinarily, the auditor is able to perform sufficient procedures to confirm or dispel a suspicion that the financial statements are materially misstated resulting from fraud or error. If not, the auditor considers the effect on the auditor’s report.

The auditor cannot assume that an instance of fraud or error is an isolated occurrence and therefore, before the conclusion of the audit, the auditor considers whether the assessment of the components of audit risk made during the planning of the audit may need to be revised and whether the nature, timing and extent of the auditor’s other procedures may need to be reconsidered.

For example, the auditor would consider:
♦ The nature, timing and extent of substantive procedures.
♦ The assessment of the effectiveness of internal controls if control risk was assessed below high.
♦ The assignment of audit team members that may be appropriate in the circumstances.

How to Select Audit procedure?

Selection of the appropriate audit procedure is again a matter of experience and judgment. Take extreme example of contingent liability in respect of pending suits : no entry or other records for this would be available to the auditor; verification of the estimate of the liability would become difficult for lack of basis. In such cases it would be more reasonable for the auditor to get the estimate confirmed by the solicitors of the company. In addition, he should examine the correspondence pertaining to the case and should discuss the matter with the company’s officials. If the company was involved in a similar suit in the past, by going through the records thereof; the auditor would be able to pull out relevant considerations for estimating the liability. In any case the auditor is not precluded from making his own estimate on the basis of similar cases reported in the law journals. 

The normal procedure for verification of cash balance is counting but this is not practicable in respect of the cash-in-transit. The auditor has to think in advance about the possibilities of departure from the normal procedure and the areas likely to be affected thereby. The procedure should provide for such situations in the programme. 

Sometimes evidence collection becomes costly both in terms of money and time involved. If you are checking the cost of a building constructed by the client in addition to having recourse to all internal evidence, you may have the temptation of getting an independent valuation certificate by a professional valuer. This would be an unwise course in the absence of any suspicious circumstances which would cost the company a lot of money for procuring that evidence for the satisfaction of the auditor; it may also give rise to an unwarranted feeling suspicion about the bonafide of the management, though there was no evidence available with the auditor to suggest it. The auditor must be cautious and reasonable in his attitude. If, however, the situation was otherwise, i.e., the evidence normally made available to the auditor failed to provide him with satisfactory evidence about the cost incurred, it may be absolutely necessary for him to insist on an independent valuation.

While collecting audit evidence through an audit procedure, the auditor collects the same by employing different techniques. In order to verify a particular item in financial statements, say, cash, he may have to collect audit evidence from different sources. For instance, in case of cash at bank, reference may be made to bank column in cash book, reference to bank reconciliation statement followed by examination of bank statement/bank pass book. Further, the auditor may like to obtain confirmation from the client’s asset. During  all this process, the auditor would have to see that audit evidence obtained from different sources does not contradict each other and the cost of obtaining more and more audit evidence is justified by the benefit flowing from obtaining such evidence.

Possibility of fraud and error is ruled out while framing the audit programme. The auditor should prescribe procedures and techniques keeping this possibility in view. If he undertakes a review and testing of internal controls and checks before or while drawing up the programme, he would reasonably be in a position to focus his attention on the matters where this possibility is rather great. The consideration of the auditor should be specifically directed to provide for the discovery of serious errors and frauds, the potential of which is great. The possibility of other errors which are generally not of great consequence can be left open to be observed and discovered in the course of normal evidence collection process.

Co-ordination of the procedures : Knowledge about accounting may be conveniently used in assembling the procedures in the most rational and natural manner. Fixed assets, like plant and machinery or buildings are directly linked with charges for repairs, maintenance and depreciation; purchase is linked with inward freight and sales with outward freight, sales tax and excise duty; earnings from investments bear a relationship with the investments. Hence, in assembling the procedures and methods, if the related items are grouped together, the programme becomes cohesive, comprehensive, purposeful and easy to coordinate; the work can also he conveniently distributed amongst assistants on the basis of the groupings so that, say the assistant assigned the work in connection with plant and machinery would be responsible for carrying out also the related work, e.g., repairs and depreciation. This would help easy flow of work with the least possibility of any information gap to the assistant concerned.