Mcdonaldization Essays (1696 words) - Fast Food, McDonalds

Mcdonaldization The way that Wendy's Old Fashioned Hamburgers works together and markets it's item to buyers is because of the adjustment in our general public to where the purchaser needs the greatest, quickest, and best item they can get for their cash. This adjustment in the public arena can be credited to a procedure known as McDonaldization. In spite of the fact that McDonaldization can be applied to numerous different pieces of our general public, this paper will concentrate on its effect on Wendy's Old Fashioned Hamburgers. My conviction is that the procedure of McDonaldization, where the belief system of McDonald's has come to rule the world, has made Wendy's Old Fashioned Hamburgers imitate McDonald's style of running a diversified eatery network as far as proficiency, calculability, and control. In any case, since McDonald's has become the encapsulation of inexpensive food in our general public, Wendy's Old Fashioned Hamburgers has needed to change their concentration to giving the shopper a more excellent item in a moderately quick measure of time. Along these lines, Wendy's despite everything takes into account a McDonaldized society as far as giving them a dinner as quick as could reasonably be expected however making quality their main need to give individuals a feasible choice from McDonald's. Furthermore, I have utilized my better half who oversees at Wendy's and perceptions I accumulated while at McDonald's as additional data for this paper. To start with, before I talk about the effect of McDonaldization on Wendy's Old Fashioned Hamburgers, I will characterize what McDonaldization is. McDonaldization is the procedure by which the standards of drive-thru eateries are coming to rule an ever increasing number of divisions of American culture, just as, of the remainder of the world. (Ritzer 1998,Page 1) George Ritzer made this idea of McDonaldization as a continuation of Max Weber's hypotheses on organizations. Max Weber characterizes an administration as a huge various leveled association that is represented by formal standards and guidelines and has an away from of work undertakings. Its three fundamental attributes are that it has a division of work, order of power, and an unprejudiced and indifferent utilization of rules and arrangements. (Newman 1997, Page 271) Thus, from that meaning of an administration, one would reason that both McDonald's and Wendy's Old Fashioned Hamburgers are organizations. The way that the two cafés are administrations is bolstered by the way that each doles out specialists to a particular activity where every laborer separately adds to the general accomplishment of the eatery by doing their activity. For instance, laborers at every eatery could be relegated to working the flame broil, making fries, working the front register, or taking requests at the drive-through window. The two cafés have a chain of command of power from laborer, team boss, move supervis or, pay chief to proprietor of the store. Additionally, every eatery authorizes a fair and generic utilization of rules and approaches. Both McDonald's and Wendy's have standard, unoriginal welcome at the register and at the drive-through window. The special case when this unoriginal demeanor towards the client is changed is the point at which a laborer knows the client outside the café. For this situation, the specialist will likely ask their associate how they are getting along or what they are doing. The specialist may even toss in an additional cheeseburger that a customary client probably won't get. Regardless of this exemption where normalization is broken, both these cafés have become organizations since they are the most productive methods for overseeing enormous gatherings of individuals. That leaves one to ask why the procedure of McDonaldization has been so effective for the two organizations. The principal reason is that it offers effectiveness where purchasers realize that it implies the speediest method to get starting with one point then onto the next. On account of McDonald's, it offers the best accessible approach to get from being eager to being full. This is so significant in the present society in light of the fact that such a large number of individuals are in a race to get starting with one spot then onto the next. Along these lines, the snappy, proficient arrangement of McDonald's permits purchasers to eat a cheap food dinner without leaving their vehicle. Then again, Wendy's takes a stab at as proficient assistance as conceivable without affecting the nature of their item. This is on the grounds that McDonald's now has engraved on individuals' psyches all through the numerous long stretches of its reality that they will get a similar burger each visit

Rhetorical Analysis ESSAY Example | Topics and Well Written Essays - 1500 words

Logical Analysis - Essay Example By and large, he decides on a round course, and arrives at home with his mission satisfied. During the procedure of success, he faces various sorts of perilous characters, tricky conditions and difficulties passing regularly, to at last rise triumphant. Anticipation and circumstances that make uneasiness are a piece of the excursion plot. Indeed, even with the full information on the summit of the plot that the hero will rise triumphant, the peruser makes the most of his experiences with various airs and how he challenges the new characters who regularly undermine with critical outcomes. Getting away from death turns into the kindergarten stuff to the hero. The gap in sexual orientation in Norse society to which â€Å"The Hobbit† by J. R. R. Tolkien related was not put together such a great amount with respect to sex as it was on power. The capacity to move between sexes was a piece of the enchantment. Seiã °r was estimated to be ‘women’s magic’, and the a ctivity was connected with playing the job of the infiltrated accomplice in sex †something considered ‘unmanly’ by the Norse. Indeed, even with the apparently real recorded foundation made by the creators, the different highlights of the dream plot rely altogether upon author’s goals and last targets and his perspectives towards sex in the general public. As such the creators come back to history to pick a particular timespan, figures and occasions and the backbone of imagination is in the formation of overwhelming legends fit for exceptional accomplishments and the jobs of the female sex were less significant, however critical to the defining moments in the story. In the assessment of verifiable foundation of an abstract production of imagination, enchantment woven with female sexual orientation adventures have a significant task to carry out. Enchantment goes about as the springboard for fantastic plans to show their characteristic quality and social ramifications. To accomplish the reason in see, the creators draw from their fruitful universe of creative mind; utilize male and female characters, other than submitting general direction to

The Broke Persons Guide to Gift Giving - OppLoans

The Broke Persons Guide to Gift Giving - OppLoans The Broke Persons Guide to Gift Giving The Broke Persons Guide to Gift GivingDont let your desire to give awesome, thoughtful gifts to friends and family members drive you into debtâ€"just learn how to give more with less!You’ve probably heard some version of the 1905 O. Henry story The Gift of the Magi. It tells the tale of a husband and wife who can’t afford gifts for each other, so they each secretly sell off one of their prized possessions.The wife cuts her hair and sells it to buy her husband a chain for his pocket watch andâ€"in a twist worthy of a Twilight Zone episode directed by M. Night Shyamalanâ€"her husband had sold his watch to afford expensive combs for her hair. Now both of their gifts are useless.Well, the wife’s hair will grow back eventually and she can just use the combs then. And the husband will still probably look pretty cool with an awesome chain hanging out of his pocket.Regardless, the moral of the story is that they still have their love, so it doesn’t matter that they can’t use their gifts in an optimal manner. But the real lesson is that they should have read this article! Then they would have known how you can give good gifts within your budget!Set expectations appropriately.Don’t be embarrassed to let your friends and family know you’re working on a tight budget. Its not like theyll want you taking out an online loan or cash advance just to buy them a present.If they’re the sorts of people who deserve your generosity, then they’re the sort of people who will be sympathetic to your situation. And if they do have lower expectations, then those expectations are all the more likely to be exceeded. Your gift could even be time spent together.“This summer, starting now, talk to your friends and family and suggest that you dont exchange Christmas/holiday gifts this year,” advised Holly Wolf, Director of Customer Engagement for SOLO Laboratories (@SOLO_labs). “While its warm outside, it feels planned out, thoughtful, and not just panicked over money.“ My conversations go something like this: ‘I enjoy spending time with you throughout the year.   Thats a real gift to me. So rather than exchanging gifts that we really dont need, lets commit to spending more time together this year. Lets hike more/take more walks/hang together more.   The holidays are busy and stressful enough. Lets make them easier for both of us by not exchanging.’“Nearly everyone Ive suggested this too has agreed not to exchange. Only one person needed a bit more time to come to terms with it.”Lina Kristjansen, the co-founder of FiveYearFIREescape, offered a similar approach: “One way to deal with the cycle of gift-giving is to break it altogether. If you want to do it without sounding like a Grinch, you could say: ‘This year were saving up for a vacation, lets just get together instead of exchanging gifts!’ Of course, you can replace vacation with your own goal, like paying off debt, creating a rainy day fund, or a purchase youre actually excited a bout.“People will respect your decision when you share the bigger picture behind it, instead of just saying ‘we cant afford it.’ Besides, your family and friends will probably welcome the chance to break the gift-giving cycle if you give them the alternative.”But if you still feel the need to give physical gifts, you have many affordable options that wont require a personal loan or installment loan to cover.Dissect a gift basket.If you think about it, a gift basket should really be called a “gifts” basket, since it contains multiple gifts. On that note:“If you have several friends and family members youd like to give gifts to but youre short on funds, you can always buy one large gift basket and then create smaller gifts using the included items,” suggested Beverly Friedmann, content manager for ReviewingThis (@ReviewingThis).“By purchasing a (neutral) gift basket you may be able to give several people different items at once, and you can include cards with each. T his will likely save you a considerable amount of money in comparison to purchasing individual gifts, and your recipients will never be privy to where their present came from.”Turn downsizing into giftsizing.Do you have a lot of clutter and have been thinking about Kondo-ing your living space? Well downsizing could also be an opportunity to make progress on your gift list.“Several years ago, my grandpa started giving away gifts from his past for Christmas in place of new purchases,” recounted Kelly Shea of  TrialandEater.com  (@TrialandEater) and TheWabiSabiLife.com. “These gifts come with a personalized note about why he is giving each of us this particular item, and a story from his life. These have turned into mementos that we all look forward to.“This year, as I downsized and moved, I adopted the same gifting philosophy for peoples birthdays. Items that I received from conferences or other travels, kitchen items I might have otherwise given away, a new chocolate bar, b ooks that I have finished readingâ€"if they make me think of a particular family member I gift them and tell them why.“This intention based way of gifting not only makes my family members feel like I truly thought of them, but it also cuts down on costs and gifting people items that end up as clutter that they dont need.And they dont have to be fancy to be appreciatedâ€"some items I have sent recently include chocolate and snacks, a free pineapple tote bag I would have otherwise gotten rid of, duplicate kitchen items, makeup samples, and a shirt that no longer fit me that I knew would fit my cousin. Its kind of like an adult care package!”Consider used items.“Used” doesn’t have to mean “bad” or “broken down.” Gently used items can still make very nice, and more affordable, gifts.“If giving something physical is important, visit a thrift store to look for a gently used gift instead of something brand new,” recommended Logan Allec, CPA (@moneydoneright), owner of personal finance website Money Done Right. “Thrift stores are great places to score great deals on treasures, especially if you are short on cash.”Make something.Making gifts tends to be much more affordable than purchasing them. Also the people you’re giving them to might grade the gifts on a curve. But we bet they’ll actually love them as well!“While it may seem cliche or even impossible, if youre very tight on funds you can always make your own gifts,” advised Friedmann. “If you enjoy art, writing, or making items at home (i.e. plants, jewelry, knitting), you may be able to use your skills to put together gifts that are even more special to your friends and family than store-purchased items.One of the best gifts Ive received was a card in conjunction with a self-learned piano song. The sentiment behind the gift is always the most important part.”Want a specific, relatively easy to replicate example? Read on!“Since my wife and I were both from large families, ou r holiday gift list was always quite long,” offered Timothy G. Wiedman retired professor of Management Human Resources at Doane University(@DoaneUniversity). “And when I was in graduate school, our finances were stretched pretty thin.So several years in a row, for many of our holiday gifts, my wife and I made sheets of hard rock candy in various colors (red, green, yellow, and dark gray) and complementary flavors (peppermint, wintergreen, lemon, and licorice).   As I recall, we used a simple stove-top recipe that included Karo syrup and cane sugar (with confectioners sugar topping off the finished candy).“After the basic concoction reached the proper temperature (somewhere around 300 degrees if my memory is accurate), it cooked for several minutes before each coloring/flavoring combination was added; and then it was spread (about 3/8 of an inch thick) on cookie sheets that had gotten a thin coating of confectioners sugar.Then I took the sheets outside to cool and harden by pl acing them on our ancient picnic table. We lived in central Ohio, so the finished recipe hardened fairly quickly in December. Finally, each hardened sheet of candy was cracked into smallish pieces and given a final dusting of confectioners sugar.”Now take this advice and use it in your gift-giving endeavors. There shall be no twist endings for you!Being generous is awesome, but so is staying within your budget. There are no gifts good enough to to justify taking out a short-term bad credit loan  or no credit check loan  (like a  payday loan  or title loan to pay for them. To learn more about stretching your budget further, check out these related posts and articles from OppLoans:The Broke Person’s Guide to Hanging With FriendsHow to Have Fun This Summer on a BudgetThe Broke Person’s Guide to Home CookingHow to Budget and Save Money When You’re Making Minimum WageDo you have a   personal finance question youd like us to answer? Let us know! You can find us  on  Facebook  and  Twitter.Visit OppLoans on  YouTube  |  Facebook  |  Twitter  |  LinkedIN  |  InstagramContributorsLogan Allec (@moneydoneright) is a CPA and owner of the personal finance website  Money Done Right.    After spending his twenties grinding it out in the corporate world and paying off over $35,000 in student loans, he dropped everything and launched  Money Done Right  in 2017.    His mission is to help everybodyâ€"from college students to retireesâ€"make, save, and invest more money.    Logan resides in the Los Angeles area with his wife Caroline.Beverly Friedmann works as a Content Manager for the consumer website  ReviewingThis (@ReviewingThis)â€"with a background in Sales and Marketing Managementâ€"and is from New York, NY.Lina Kristjansen is the co-founder of FiveYearFIREescape  where she blogs about her family’s early retirement. She quit working at 31 with kids and a house in a pricey city. Her husband retired one year after her, too. She got there through saving, financial sa vviness, and rental houses.Kelly Shea is a former financial analyst turned writer and photographer who has a passion for wellness and vegetarian food. She loves sharing her recipe creations and her latest foodie adventures from her travels across the country on her food and travel blog at TrialandEater.com (@TrialandEater), along with wellness and alternative lifestyle topics at TheWabiSabiLife.com.After 13 years as a successful operations manager working at two different ‘Fortune 1000’ companies, Dr. Timothy G. Wiedman spent the next 28 years in academia teaching college courses in business, management, human resources, and retirement planning.  Dr. Wiedman recently took an early retirement from  Doane University (@DoaneUniversity), is a member of the Human Resources Group of West Michigan and continues to do annual volunteer work for the SHRM Foundation. He holds two graduate degrees in business and has completed multiple professional certifications.Holly Wolf  is an executiv e with over 30 years of experience in banking and healthcare.

Government throughout History and throughout Different...

Government throughout history and throughout different cultures has changed from one system to another. People fight for power, and a steady government means usually means more prosperous times. When bad times come, power levels may increase, overthrows are enacted, and sometimes the system itself changes. Societies often go about this differently, and patters may be hard to find. However, one thing that history seems to show is that rich people dominant the government. Social classes have always been a part of society, and those who already have more money, education, and resources tend to be the one’s ruling over those who have less. Most people who rule are given extra resources and valuable because they rule. But the pattern that is seen throughout history shows people who already had much, getting power, instead of an average person getting to power, then becoming rich. Ancient Egypt was a society centered on the Nile River. It was geographically advantageous because the Nile allowed for food surplus and protection from invaders. The government was dynastic succession with a Pharaoh as the leader. Egypt is a good example of rich dominance in the government because no forms of regular people having a voice are seen. As one of the earlier, powerful, and united (by Menes of Upper and Lower Egypt) societies, Egypt had its time of economic prosperity. But, there was still a separation between standard of living in the commoners versus the government and religious leaders.Show MoreRelatedThe Immigration Act Of 1882900 Words   |  4 PagesWith the founding of the United States government, many Americans have expressed a variety of attitudes towards those who differ from the majority culture. Furthermore, as can be seen throughout America s history, one can pull many example of how Americans have acted towards the other. 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The amount of music education differs greatly by school and teachers. Most public schools do not have a special music teache r or department. In order to be well educated in music a studentRead MoreThe Changes Of The World s Civilizations1112 Words   |  5 PagesSeveral countries and cultures throughout history rise while others fall. Some countries invade while others are invaded. Numerous factors come into play when reviewing the history and the changes of the world’s civilizations. A prime example of a territory constantly invaded by empires until finally becoming its own country is Syria. Though Syria has faced many trials throughout its past, it faces several in the present. Syrian culture, economics, politics, and military advances have been contributions

What Is a Super Ultra Low Emissions Vehicle (SULEV)

SULEV is an acronym for Super Ultra Low Emissions Vehicle. SULEVs are 90 percent cleaner than the current average years models, emitting substantially lower levels of hydrocarbons, carbon monoxide, nitrous oxides and particulate matter than conventional vehicles. The SULEV standard steps up the ULEV, Ultra Low Emission Vehicle standard.   Some PZEVs fall into this category by default. For instance, if you buy a Toyota Prius in California and fuel it up, its considered a Partially Zero Emissions Vehicle (PZEV), however, if you drive east and fuel it up over the next 2,500 miles its considered an SULEV  since Californias low sulfur gas formulations are not available everywhere. Origins of the Term The term originated in the United States Environmental Protection Agency, which uses SULEV to describe a class to vehicles meeting certain emissions standards. These standards are far stricter than those governing the classifications Low Emissions Vehicle (LEV) and Ultra-Low Emissions Vehicle (ULEV), while less strict than Californias PZEV and Zero Emissions Vehicle (ZEV) standards. Part of the Clean Air Act of 1990, legislation involving this nomenclature was an initiative to lessen emissions as a result of high commuter traffic and American reliance on automobiles. Nissan, however, was the first to release an engine that qualified for the SULEV rating with its 2001 release of the Nissan Sentra.   Especially in the early 2010s, the increased interest in greener energy sparked a movement toward low-emission manufacturing with states like California pioneered the effort causing auto manufacturers to decrease their environmental impact. Modern Usage While the market for SULEVs is constantly expanding as the demand for better fuel efficiency and less impact on the environment continues to permeate most industries. The Honda Civic Hybrid, Ford Focus (SULEV model), Kia Forte and Hyundai Elantra all qualify as SULEV — with several also qualifying as PZEVs. Today, more than 30 makes and models qualify as SULEVs. These vehicles radically reduce the emissions created by traffic and congestion, often times producing zero emissions while they carry passengers about their lives.   Thanks to the 90% fewer emissions of these vehicles, the human impact on global warming is decreasing each year. Perhaps, in time, we may even move away from these highly efficient vehicles to ones that dont rely on gasoline at all.

Origin of Mass of Subatomic Particles Essay - 927 Words

This past October of 2013, Franà §ois Englert and Peter W. Higgs were jointly awarded the Nobel Peace Prize in Physics for 2013. â€Å"For the theoretical discovery of a mechanism that contributes to our understanding of the origin of mass of subatomic particles, and which recently was confirmed through the discovery of the predicted fundamental particle, by the ATLAS and CMS experiments at CERNs Large Hadron Collider. Both Englert and Higgs proposed the theory of how particles acquire mass. It was 1964 when both men proposed this theory independently. It wasn’t until the year 2012, that both men had their ideas confirmed by discovery of the Higgs Boson particle (particle responsible for giving mass to objects) at the CERN laboratory in†¦show more content†¦These forces work over different ranges and have different strengths. That is to say, Gravity is the weakest; the electromagnetic force has infinite range but is much stronger than gravity. Three of the fundament al forces result from the exchange of force-carrier particles; these belong to a group of particles called -bosons. Particles of matter transfer discrete amounts of energy by exchanging bosons with each other (CERN). Each fundamental force has its own corresponding boson – the strong force is carried by the gluon, the electromagnetic force is carried by the photon, and the W and Z bosons coincide with the weak force (CERN). That is to say, The Standard Model includes the electromagnetic, strong and weak forces and all their carrier particles. This new particle was somewhat consistent with the Higgs boson, but it will take more research to actually determine if it is the same Higgs boson predicted by the original Standard Model. Being that protons are filled with subatomic particles like quarks, antiquarks, and gluons they rarely pass or collide with each other. 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Communicating Key Audit in Independent Audit Report-Free Samples

Question: What Communicating Key Audit in Independent Audit Report? Answer: Introduction ASA701 Communicating key Audit Matters in independent Audit report deals with the Auditors responsibility to convey or to communicate the key Audit matters in the Audit report. Key audit matters communicated for more transparency about the performance of audit. It also provide more information to the proposed user of the financial statements so that they can understand the matters, which in the auditors professional judgement were the most significant in the audit of financial statements. Communicating key audit matters to the proposed users also helps them to understand the entity and the areas of significant management judgement in the financial statements, which has been audited by the auditor. The reason for introduction of this standard is to provide greater transparency regarding entity and its management to the users of financial statements of the company Key audit matters are those matters that are significant and require full attention of the auditor in performing audit. Key audit matters communicated to those charged with governance. Determination of Key Audit Matter(KAM) These matters are determined by taking into account the following:- Areas of higher risk of material misstatements. Significant judgement of auditor, which relates to areas of the financial statements, which have significant judgement regarding management, also includes accounting estimates, which are identified as estimation of uncertainty. Effect, which occurs on the significant transaction and event during the period Need for ASA701 Requirement for need of ASA701 Communicating key audit matters in independent audit report is developed for better transparency and for providing more and detailed information to end users of the financial statements of the entity, so that users have the knowledge of the entity they are trusting in. This standard is required to develop auditing standard that have an apparent public interest centre of attention and are of the uppermost eminence. Collapse of Lehman Brothers Collapse of Lehman brothers was the biggest financial collapse in the year 2008.This collapse brings huge recession in the economy. This bankruptcy was the vibrant indication to the investors of distress in the market, which was extreme from the reason of the crunch In case of Lehman one of the largest investment bank, unpredictable government course of action amplified obscurity. Reasons, which led to collapse of Lehman brothers. There were numerous reasons that led to the collapse of Lehman Bros. The main cause for the collapse were the liberation on the subprime mortgage. Maximum of the U.S banks similar to Lehman Brothers grabbed benefit of the bang preceding to 2007 and stretched enormous subprime mortgage advance. Basically these subprime mortgage loans are extended to the customers who does not have good credit score, which on the other hand would not be accepted if the customer have poor credit score. The main characteristic of this subprime mortgage advance was the changeable interest rate. Later on, these changeable interest rates became trouble for the borrowers as the ability to pay back their credits were confronted, because adjustable interest rates were comparatively higher than the interest rates they were formerly disbursing on their borrowings. Unfortunately, prices of houses began to fall drastically, the investors were unaware of the situation, as the assurances given by the executives that fall in house prices will not affect the company and its investors were in their minds. However, the higher interest rates give rise to immense default in addition to low prices of houses, the firm made vast losses globally. This resulted in loss of trust of investors in other investment banks (Siskos, 2017) Two mistakes can be pointed out here is that firms failure to sort correct forecasts for the future and execute counter approach when market circumstances altered. Second point should be the negligence of top executives. They might have known these future alterations regarding loan scheme, but were busy in making their own profit or in other words misusing their positions Too much borrowing causing high leverages is another reason for bankruptcy of Lehman Brothers. Other reason for the Lehman Brothers collapse was the perversion of the disclosure or revelation of repos transactions. Absence of competent and operational risk management policies also led to the collapse of Lehman Brother. Failed bail out and takeovers also led to the downfall of Lehman Brothers. The Firm faces huge Losses and this led to the disposal of some of their subsidiaries. Assets were disposed due to huge losses of around $3 billion in its second quarter. By September 2008, the Losses were around $4 billion, which make them to sell their shares. As investors lost confidence, stock prices lost its half of the value (Norbel, 2017). Briefly the causes of the collapse of Lehman brothers are:- Collapse of Lehman Brother headed to hard times in the action of numerous businesses in U.S and globally. Only in U.S Lehmans failure results in depreciation in price of properties. Lehmans collapse also results in writing off nearly $47 million debts owed to the Federal Agricultural Corporation. Losses of jobs in huge number were resulted from Lehmans demise. Firms stock prices falls, which had impact on the investment of the investor. This event had huge impact on its creditors and investors. Lehmans Bankruptcy had critical effects on some major companies and institutions outside United States and Europe who has big business with the Firm. Auditing issues surrounding the collapse of Lehmans Brother: Collapse of Lehman Brother was surrounded many audit issues such as external auditors fails to identify the occurrence of the timing of the repos transactions. Failure of external auditors to realise that Lehmans had broken generally accepted accounting principles i.e. obligation to make sure that all-important events that are probable to a firms financial statements should be revealed. In absence of acceptable and unambiguous standard to guide all these transactions critically contributed to Collapse of Lehman Brother. Failure of auditors by not identifying the financial misconducts by executives of Lehman (Fox, 2017). The auditors in the financial statements could easily identify the main pointers of deception. Downfall of Lehman Brother not only affected U.S economy but also resulted in financial crisis worldwide. Reasons which led to the Downfall has been discussed earlier also the auditing issues related to such downfall. In order to enhance the report quality, increment of transparency, and to increase the accountability to the users of the financial statements of the entity they are investing or dealing in resulted in the introduction of ASA701 communicating key audit matters in the independent audit report (Azadinamin, 2017) Lack of disclosure of consistent accounting policies, lack of communication of the material misstatements to those charged with governance, lack of unambiguous standard to guide all the transactions in Lehmans case, breach of generally accepted accounting standards calls for the introduction new accounting standard. Year 2008 was the phase of global financial crisis, which involves the perplexing situation for the companies and their auditors. Economic state of affairs were deteriorating markets were illiquid. There were complications in sustaining liquidity and retrieving funds through financial institutions, shares and asset sale. During this period there were problems for the auditors to obtain sufficient audit evidence. Auditors are likely to counter the rise in risk by increment in their professional suspicion. There were three approaches open for the auditors to accomplish audit risk:- Give resignation to the clients having higher risks. Increment in the susceptibility to issue modified audit report To increase the effort in auditing. Resigning from the risky clients were not so easy step. Hence, two approaches changes in the susceptibility to issue going concern modification and to increase the audit effort These situations burdened auditors with additional pressure because if auditors do not Point the key auditing matters to clients before they fail because this may become the Cause of penalties for auditors. Where there is a substantial uncertainty that their clients will stay as a going concern both ASA570 and ASA701 necessitate auditors to amend their audit judgement. Hence above mentioned circumstances resulted in introduction of new auditing standard ASA701 communicating key audit matters in the independent audit report. This standard ASA701 communicating key audit matters in independent audit report provides greater transparency, more information to the shareholders and investors. Requirements of ASA701: Users of financial statements shows more interest in the matters in which auditors has the vigorous communication with those charged with governance, as stated in SSA260. Necessitates auditors to communicate the key audit matters with those charged with governance, which not only is the reason for increased communication between auditors and with those charged with governance. Increased communication with those charged with governance will bring to the notice of management of the entity to revelations in the financial statements, which are referred in audit report. SSA 320 materiality in planning and performing the audit, clarifies that it is sound to the auditor to adopt that the users of financial statements : Having knowledge of the entity and economic activities of the entity and accounting of the entity and have the inclination to study the facts in financial statements with sound attentiveness. Apprehend that financial statements are equipped and audited considering materiality. Realisation of uncertainties involved in future estimations judgements and events. Making sound decisions based on the financial information of the financial statements (Audit reporting, 2017) Requirement of disclosure of key audit matters in case ASA701 is applicable to Lehman Brothers during that time: There should be transparency in the internal controls performed for the safekeeping of assets under prime brokerage. Lehman Brothers lacks transparency in their internal controls performance. Investor looks for assurance that the custodians of these assets perform proper internal controls related to assets under mortgage. There was lack of management, extent of monitoring liquidity risk. Lack of understanding of counterparty default risk, credit risk involved in the transactions. Non-disclosure of significant events and transactions in the financial statements of the firm, which lead to the breach of generally, accepted principles of accounting. Financial misconduct by executives of Lehman is the key audit matter. Identification of timing of 105 repos transaction could be communicated to those charged with governance. Extreme losses need to be communicated and disclosed in the audit report. Lack of correct forecast to be gathered with counter approach to the changed market condition. Risk involved in prime mortgage loan. These Key audit matters are required to be disclosed in independent audit report. Each key audit matter should be separately disclosed. Key audit matter should be separately disclosed under subheading in the audit report. This will be an improvement in auditing practises as it enhances the transparency in internal controls, communication between auditor and management and provide additional information, which helps the investors and shareholders to have knowledge about the entity. The importance of the key audit matter in regard to the audit of financial statement may be recognized by association between key audit matter and other essentials of audit report. Collapse of Lehman Brothers was not forewarned in the auditors report which gave and unqualified report before its collapse because auditors were failed to identify the timing of repos transaction, they failed to identify the credit risk involved and materiality of the transactions, they failed to identify the financial misconduct mad by the executives of the Lehman. After introduction ASA701 communication of key audit matters in independent audit report not only increase the quality of audit work as well as enhance the auditors effort to determine the significant audit matter and to make disclosure of those in audit report as well as communication with those charged with governance. Conclusion:- From the collapse of Lehman brothers following points of failures have been highlighted: Poor political actions, 105repos transactions, failed bailouts, poor management, poor financial practises, liquidity crunch, non-disclosures of significant transactions and events in financial statements and failed auditing practises. This downfall was one of the biggest downfall in the history of U.S economy which also have a huge impact on global economy as well, which necessitates the introduction of ASA701 communicating key audit matters in independent audit report. Auditor should communicate the key audit matter, which was disclosed in the report with those charged with governance. Downfall of Lehman not only applies to financial service industry but it also provides the lessons about corporate governance that relate to all companies. Recommendation would be to be practical and pursue reasonable business approach. Enforcement of strict regulatory measures that is the investment banks should act in accordance with their factual financial capability in place of deceiving anyone in order to acquire financial support. Investment banks should have controllable leverage ratios. To retain the investor confidence is a big deal, this can be achieved through strict lawful and authoritarian framework. Lehman acted immorally by breaching reliability of standards in its use and violating accounting requisite by manipulating financial statements. Apart from the above Lehman were lacking risk management practises and flexible capital structure. 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