Arellano University Essay

The Jose Abad Santos Campus was formerly called Jose Abad Santos High School. The first Arellano University branch established in Pasay City, it was founded in 1945. Dr. Fidel Colmenar was its first director. Next came Mr. Leonardo Tensuan, who served for 23 years, and under whose leadership as director, JASHS reached the height of progress. Mrs. Felicidad Crisologo, the first woman director of the school, replaced him and continued the work guiding the faculty in preparing students for a brighter future. After six years, Mr. Manuel Lansang took over the school management. He was succeeded in 1998 by Miss Zenaida Lobregat who introduced innovations and technological updates to equip both students and teachers for the challenges of the third millennium. Computer-aided instruction was introduced in 1998-1999 and since then, the one-computer-one student system has been implemented. In 1986, the college department of AU in Pasay, which was originally established in the Apolinario Mabini High School compound at the corner of Donada and Menlo Streets, transferred to the JASHS campus with the AU President Francisco Cayco himself as officer-in-charge. In 1996, Atty. Samson Turingan served as college OIC until 1999. Miss Lobregat then became managing director of both the high school and college departments of the AU Pasay campus. At present, Ms. Rosalinda Santiago serves as the high school principal and Dr. Leonila A. Santos as college administrator. The AU JAS campus has always been proud of its graduates? who are now statesmen, educators, doctors, nurses, accountants, engineers, computer experts, businessmen, journalists, lawyers, overseas contract workers, restaurateurs, priests, technicians, sportsmen, actors, responsible parents, productive citizens. The school administration, in cooperation with its stakeholders (competent faculty and employees, conscientious parents, students and the community) has been at its best in exerting efforts to implement the present thrust of the Department of Education and the Commission on Higher Education to ably guide values-oriented learners and graduates. With its vision of becoming the model University for innovative, progressive, and entrepreneurial education, and its mission of providing affordable quality education, Arellano University-Jose Abad Santos Campus contributes its share in nation-building through the improvement of the Filipino intellect. College The School of Computer Science of Arellano University aims to produce competent programmers in the field of Information Technology who can play a productive role both in the practical and research areas of computing. Emphasis is put on the practical application of computer systems to meet the needs of the global industry. The SCS specializes in the following areas: Database and Multimedia Systems Programming Language and Compiler Construction Software Engineer and Software Quality Control Distributed System and Communication System Web Publishing, Web Casting and Web Hosting Computer education plays a crucial role in the techno-industrial and socio-economic growth of every country. It has, in fact, revolutionized the world around us. Today, we need computer experts in almost all walks of life, be it in the industry, R&D organization or in the academic institution. The graduate of AU SCS meets the highest standard of training for diverse areas of computer science. Faculty expertise is relevant to both the Software and Hardware industry. The ICS-AU has a number of laboratories equipped with the state-of-the-art computer systems running along a wide range of applications with specialized software supporting the courses. The BS degree in Computer Science offers the prospects of some of the most lucrative jobs available both here and abroad. Some of our graduates have joined multinational companies while others are pursuing higher studies at foreign universities of international repute. By joining the AU SCS, you enter a futuristic career of great promise. MISSION & VISION MISSION To provide equitable access to learning through relevant, innovative, industry-sensitive and environment-conscious academic programs and services. VISION To be a model institution of learning where relevant knowledge is acquired and skills are developed in response to the needs of the global community.

Research science fiction Essay

During the summer I met up with Harinder to start building our website and to get an idea of what it would include and look like. We decided to use the program Dream Weaver since it was more flexible compared to word or Frontpage and it had many features that we could use for our website, such as different backgrounds and texts. Dream weaver enabled us to use Flash MX which has much more effective graphics which we couldn’t get on Front Page such as the flash buttons and 3-d backgrounds all to make our website suit the Sc-Fi theme. We targeted our audience immediately by choosing the theme Science Fiction which appeals to teen and young adult males. We kept the audience involved furthermore by the type of language we chose to use which wasn’t too complicated yet not too patronising. The set up of the page was kept colourful, yet formal, by not having the hyperlinks and pictures all over the page. It would therefore appeal to the younger and older generations of our audience. We also targeted the audience by adding more features to our website like voting and a guest book so they feel welcome and give feed back on what they thought of our website. The strengths and weaknesses of our production are fairly clear. Some of the strengths are that it appeals to a wide range of audiences which means that more people are attracted to our website and it would be popular. Another strength would be the different kinds of features that make up our website, from the different types of flash buttons to the backgrounds, wallpapers and pictures. The weaknesses of our website include the appearance of the homepage; it looks too cluttered at the top then too empty at the bottom. The colours don’t match especially with the different coloured buttons. Another weakness would be that on a page like the picture page all of the links are down on one side of the page and the rest of the page looks empty. We could have avoided this problem by putting more pictures and links on the page. One more weakness I could pick out would probably be that it takes quite a long time to load up the site. This could be put down to the fact that there is a lot of links and features on our webpage which slows down the connection and makes it harder for the computer to find the proxy settings. The responses from our target audience were good. We asked people between the ages of 15-30 years of age what they thought of our website. We got some good responses especially from the younger members of our audiences, such as the layout of the website and the features is good quality. They did offer some improvements, such as it needed more information put into the site. The point came up again that the home page was too cluttered and looked over crowded. The older generation of our audience also thought the site was very effective. Some proposed improvements were that we needed to take more care when writing the movie reviews since there was a lot of spelling mistakes. Also that some of the other pages seemed empty with only a few links on them. It was proposed we should have either not made a links page for the pictures page or made more links and pictures. Another improvement suggested that we should have made our website even more formal if we wanted to aim at a wider range of 25 year olds upward, by not having the colourful buttons or backgrounds but having them black and white. I feel I learnt that we needed to have deadlines between ourselves to get certain things finished and then move on to the next thing instead of going back and finishing off pictures or reviews. You need to have people in your group that you can rely on to have work finished and handed in. Appendix 1. Google – Search Engine 2. Science Fiction Websites- * Sci-fi.com * Sciencefic.com * Science Fiction Movie Reviews Pages * Science Fiction Picture Pages 3. Ask- Search Engine 4. Lycos- Search Engine

Prospectus of bsrm steels limited Essay

Declarations and due diligence certificates Declaration about the responsibility of the Directors including the CEO of the Company in respect of the prospectus Consent of the Directors to Serve Declaration about filing of prospectus with the Registrar of Joint Stock Companies & Firms Due Diligence Certificate of Manger to the Issue Due Diligence Certificate of the Underwriter(s) Risk factors & management perceptions about the risks Capital structure Use of IPO proceeds Description of business Back ground of the project Important date Nature of business Principal products and services The Rolling Process Market for the BSRMS Products Relative contribution to income Associate subsidiary/related holding company Distribution of products/services Sources and availability of raw materials and principal suppliers Competitive condition of business Sources of and requirement for power, gas and water or any other utilities Customer providing 10% or more revenues Contract with principal customers and suppliers Material patents, trademarks, license or royalty agreements Number of employees (as per audited accounts) Capacity and current utilization of facility Description of property Financial Condition and Plan of Operation Internal and external sources of fund (as per audited accounts) Material commitment for capital expenditure Causes for material changes Seasonal aspect of the Company’s business Known trends, events or uncertainties Change in the assets of the Company used to pay off any liabilities Loan taken from holding/parent company or subsidiary company Loan given to holding/parent company or subsidiary company Future contractual liabilities Future capital expenditure VAT, income tax, customs duty or other tax liability Operating lease agreement Financial lease and other financial commitment Personnel related scheme Revaluation of assets Breakdown of issue expenses Auditors certificate regarding any allotment of shares to promoters or Sponsor shareholders for consideration other than in cash -5- Page No 7 7 10 11 11 11 11 12 12 13 15 15 15 15 15 15 16 16 17 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 20 20 21 21 21 21 21 21 21 21 21 21 22 22 Issuer Issue Managers  ¦  ¦  ¦ Alliance Financial Services Limited BSRM Steels Limited South Asia Capital Limited Item Transactions with subsidiary/holding company or associate companies Material information which is likely to have an impact Directors and officers Information regarding directorship Directors involvement in other organization Family relationship among directors and top five officers Short bio-data of the directors Credit information Bureau (CIB) report Description of senior executive and departmental heads Involvement of Directors and officers in certain legal proceedings Certain Relationships and Related Transactions Transaction with related parties Directors facilities Executive compensation Remuneration paid to top five salaried officers Aggregate amount of remuneration paid to directors and officers (as audited accounts) Remuneration paid to Director who was not an officer Future compensation to Director or officers Pay increase intention Options granted to Directors, officers and employees Transaction with the Directors and subscribers to the Memorandum Tangible assets per share Ownership of the Company’s securities Composition of Shareholders Share hold by Directors Shareholding structure 5% or more as on 30 April 2008 Securities owned by the officers Determination of offering price Market for the securities being offered Declaration about listing of shares with Stock Exchange Trading and settlement Description of Securities outstanding or being offered Dividend, voting, pre-emption rights Conversion and liquidation rights Dividend policy Other rights of shareholders Debt securities Lock-in on sponsors share Refund of subscription money Subscription by and refund to non-resident Bangladeshi (NRB) Availability of securities Offer Application for subscription Allotment Underwriting of shares Principal terms and conditions of underwriting agreement Underwriter’s right to represent in the Board of Directors of the Company Auditors report to the shareholders Audited Financial Statements Auditors report under section 135(1), Para 24(1) of part II of schedule III to Companies Act, 1994 Ratio Analysis Additional disclosures as required by Securities and Exchange Commission Credit rating report of BSRMS Application forms -6- Page No 23 23 23 23 24 25 26 26 27 27 27 27 28 28 28 28 28 28 28 29 29 29 29 29 29 30 30 30 30 31 31 31 31 31 31 32 32 32 36 36 36 36 37 38 38 38 38 39 40 54 55 57 59 76 Issuer Issue Managers  ¦  ¦  ¦ Alliance Financial Services Limited BSRM Steels Limited South Asia Capital Limited Disclosure in respect of issuance of security in Demat Form As per provision of the Depository Act, 1999 and regulations made there under, shares will only be issued in dematerialized condition. All transfer/transmission/splitting will take place in the Central Depository Bangladesh Ltd. (CDBL) system and any further issuance of shares (right/bonus) will be issued in dematerialized form only. Conditions under Section 2CC of the Securities and Exchange Ordinance, 1969 Part A 1. The company shall go for Initial Public Offer (IPO) for 20,00,000 ordinary shares of Taka 100 (taka one hundred) each at par worth Taka 20,00,00,000 (Taka twenty crore) only following the Securities and Exchange Commission (Public Issue) Rules, 2006, the Depository Act, 1999 and regulations made there under. 2. The abridged version of the prospectus, as approved by the Commission, shall be published by the issuer in four national daily newspapers (in two Bangla and two English), within 03 (three) working days of issuance of this letter. The issuer shall post the full prospectus vetted by the Securities and Exchange Commission in the issuer’s website and shall also put on the websites of the Commission, stock exchanges, and the issue managers within 03 (three) working days from the date of issuance of this letter which shall remain posted till the closure of the subscription list. The issuer shall submit to SEC, the stock exchanges and the issue managers a diskette containing the text of the vetted prospectus in â€Å"MS -Word† format. 3. Sufficient copies of prospectus shall be made available by the issuer so that any person requesting a copy may receive one. A notice shall be placed on the front of the application form distributed in connection with the offering, informing that interested persons are entitled to a prospectus, if they so desire, and that copies of prospectus may be obtained from the issuer and the issue managers. The subscription application shall indicate in bold type that no sale of securities shall be made, nor shall any money be taken from any person, in connection with such sale until twenty five days after the prospectus has been published. 4. The company shall submit 40 (forty) copies of the printed prospectus to the Securities and Exchange Commission for official record within 5 (Five) working days from the date of publication of the abridged version of the prospectus in the newspaper. 5. The issuer company and the issue managers shall ensure transmission of the prospectus, abridged version of the prospectus and relevant application forms for NRBs through e-mail, simultaneously with publication of the abridged version of the prospectus, to the Bangladesh Embassies and Missions abroad and shall also ensure sending of the printed copies of abridged version of the prospectus and application forms to the said Embassies and Missions within five working days of the publication date by express mail service (EMS) of the postal department. A compliance report shall be submitted in this respect to the SEC jointly by the issuer and the issue managers within two working days from the date of said dispatch of the prospectus & the forms. 6. The paper clipping of the published abridged version of the prospectus, as mentioned at condition 2 above, shall be submitted to the Commission within 24 hours of the publication thereof. 7. The company shall maintain separate bank account(s) for collecting proceeds of the Initial Public Offering and shall also open FC account(s) to deposit the application money of the Non-Resident Bangladeshis (NRBs) for IPO purpose, and shall incorporate full particulars of said FC account(s) in the prospectus. The company shall open the abovementioned accounts for IPO purpose; and close these accounts after refund of over-subscription. Non- Resident Bangladeshi (NRB) means Bangladeshi citizens staying abroad including all those who have dual citizenship (provided they have a valid Bangladeshi passport) or those, whose foreign passport bear a stamp from the concerned Bangladesh Embassy to the effect that no visa is required to travel to Bangladesh. 8. The issuer company shall apply to all the stock exchanges in Bangladesh for listing within 07(seven) working days from the date of issuance of this letter and shall simultaneously submit the vetted prospectus with all exhibits, as submitted to SEC, to the stock exchanges. 9. The following declaration shall be made by the company in the prospectus, namely: â€Å"Declaration about Listing of Shares with the Stock Exchange(s): None of the stock exchange(s), if for any reason, grants listing within 75 days from the closure of subscription, any allotment in terms of this prospectus shall be void and the company shall refund the subscription money within fifteen days from the date of refusal for listing by the stock exchanges, or from the date of expiry of the said 75 (seventy five) days, as the case may be. In case of non -refund of the subscription money within the aforesaid fifteen days, the company directors, in addition to the issuer company, shall be collectively and severally liable for refund of the subscription money, with interest at the rate of 2% (two percent) per month above the bank rate, to the subscribers concerned. -7- Issuer Issue Managers  ¦  ¦  ¦ Alliance Financial Services Limited BSRM Steels Limited South Asia Capital Limited The issue managers, in addition to the issuer company, shall ensure due compliance of the above mentioned conditions and shall submit compliance report thereon to the Commission within seven days of expiry of the aforesaid fifteen days time period allowed for refund of the subscription money. † 10. The subscription list shall be opened and the sale of securities commenced after 25 (twenty five) days of the publication of the abridged version of the prospectus and shall remain open for 5 (Five) consecutive banking days. 11. A non-resident Bangladeshi shall apply either directly by enclosing a foreign demand draft drawn on a bank payable at Dhaka, or through a nominee by paying out of foreign currency deposit account maintained in Bangladesh or in Taka, supported by foreign currency encashment certificate issued by the concerned bank, for the value of securities applied for through crossed bank cheque marking â€Å"Account Payee only†. The NRB applicants shall send applications to the issuer company within the closing date of the subscription so as to reach the same to the company by the closing date plus nine days. Applications received by the company after the above time period will not be considered for allotment purpose. 12. The company shall apply the spot buying rate (TT clean) in US Dollar, UK Pound Sterling and Euro of Sonali Bank, which shall be mentioned in the Prospectus, as prevailed on the date of opening of the subscription for the purpose of application of the NRBs and other non-Bangladeshi persons, where applicable. 13. The company and the issue managers shall ensure prompt collection/clearance of the foreign remittances of NRBs and other non-Bangladeshis, if applicable, for allotment of shares. 14. Upon completion of the period of subscription for securities the issuer and the issue managers shall jointly provide the Commission and the stock exchanges with the preliminary status of the subscription within 05 (five) working days, in respect of the following matters, namely: (a) Total number of securities for which subscription has been received; (b) Amount received from the subscription; and (c) Amount of commission paid to the banker to the issue. 15. The issuer and the issue managers shall jointly provide the Commission and the stock exchanges the list of valid and invalid applicants in 2 (two) CDs and final status of subscription to the Commission within 3 (three) weeks after the closure of the subscription along with bank statement (original), branch-wise subscription statement. The list of valid and invalid applicants shall be finalized after examination with the CDBL in respect of BO accounts and particulars thereof. 16. The IPO shall stand cancelled and the application money shall be refunded immediately (but not later than 5 (Five) weeks from the date of the subscription closure) if any of the following events occur: (a) Upon closing of the subscription list it is found that the total number of valid applications (in case of under subscription including the number of the underwriter) is less than the minimum requirement as specified in the listing regulations of the stock exchange(s) concerned; or (b) At least 50% of the IPO is not subscribed. 17. 10% of total public offering shall be reserved for non-resident Bangladeshi (NRB) and 10% for mutual funds and collective investment schemes registered with the Commission, and the remaining 80% shall be open for subscription by the general public. In case of under subscription under any of the 10% categories mentioned above, the unsubscribed portion shall be added to the general public category and, if after such addition, there is over subscription in the general public category, the issuer and the issue managers shall jointly conduct an open lottery of all the applicants added together. 18. All the applicants shall first be treated as applied for one minimum market lot of 50 shares worth Tk. 5000/-. If, on this basis, there is over subscription, then lottery shall be held amongst the applicants allocating one identification number for each application, irrespective of the application money. In case of over-subscription under any of the categories mentioned hereinabove, the issuer and the issue managers shall jointly conduct an open lottery of all the applications received under each category separately in presence of representatives from the issuer, the stock exchanges and the applicants, if there be any. 19. An applicant cannot submit more than two applications, one in his/her own name and another jointly with another person. In case an applicant makes more than two applications, all applications will be treated as invalid and will not be considered for allotment purpose. In addition, whole or part of application money may be forfeited by the Commission. -8- Issuer Issue Managers  ¦  ¦  ¦ Alliance Financial Services Limited BSRM Steels Limited South Asia Capital Limited 20. The primary shares allotted to an applicant through IPO may be forfeited by SEC, if the BO account of the said applicant is found closed at the time of allotment of shares. All IPO applicants are required to keep their BO accounts operational till allotment of IPO shares. 21. Lottery (if applicable) shall be held within 4 (four) weeks from closure of the subscription date. 22. The company shall issue share allotment letters to all successful applicants within 5 (five) weeks from the date of the subscription closing date. Within the same time, Refund to the unsuccessful applicants shall be made in the currency in which the value of securities was paid for by the applicants without any interest through Account Payee Cheque/ refund warrants with bank account number, bank’s name and Branch as indicated in the securities application forms payable at Dhaka/ Chittagong/ Khulna/ Rajshahi/ Barisal/ Sylhet/ Bogra, as the case may be subject to condition 19 above. Refund money of the unsuccessful applicants shall be credited directly to their respective bank accounts with in 5 (five) weeks from the date of the subscription closing, who have mentioned in the IPO application forms, bank account numbers with the bankers to the issue and other banks as disclosed in the prospectus. A compliance report in this regard shall be submitted to the Commission within 6(six) weeks from the date of closure of subscription. 23. The company shall furnish the List of Allotees to the Commission and the stock exchange(s) simultaneously in which the shares will be listed, within 24 (twenty four) hours of allotment. 24. In the event of under-subscription of the public offering, the unsubscribed portion of securities shall be taken up by the underwriter(s) (subject to para -16 above). The issuer must notify the underwriter to take up the underwritten shares within 10 (ten) days of the subscription closing date on full payment of the share money within 15(fifteen) days of the issuer’s notice. The underwriter shall not share any underwriting fee with the issue managers, other underwriters, issuer or the sponsor group. 25. All issued shares of the issuer at the time of according this consent shall be subject to a lock – in period of three years from the date of issuance of prospectus or commercial operation, whichever comes later: Provided that the persons, other than directors and those who hold 5% or more, who have subscribed to the shares of the company within immediately preceding two years of according consent, shall be subject to a lock -in period of one year from the date of issuance of prospectus or commercial operation, whichever comes later. 26. Either a Jumbo Share (one for each of the existing Sponsors/ Directors/ Shareholders) in respect of the shares already issued shall be issued covering together respective total holding, which shall contain the expiry date of lock-in period or Sponsors/Directors/Promoters/Shareholders’ shareholding shall be converted into demat form but shall be locked-in as per the condition at para-25 above. 27. In case of Jumbo Share Certificate issued to the existing Sponsors/ Directors/Shareholders, the said share certificates shall be kept under custody of a security custodian bank registered with SEC during the lock-in period. The name and branch of the bank shall be furnished to the Commission jointly by the issuer and the issue managers, along with a confirmation thereof from the custodian bank, within one week of listing of the shares with the stock exchange(s). 28. In case of dematerialization of shares held by the existing Sponsors/ Directors/Shareholders, the copy of dematerialization confirmation report generated by CDBL and attested by the managing director of the company along with lock-in confirmation shall be submitted to SEC within one week of listing of the shares with the stock exchange(s). 29. The company shall apply to the stock exchanges for listing within 7(seven) working days of issuance of this letter and shall simultaneously submit to the Commission attested copies of the application filed with the stock exchanges. 30. The company shall not declare any benefit other than cash dividend based on the financial statement for the period ended December 31, 2007. Part-B 1. The issue managers (i. e. , Alliance Financial Services Limited and South Asia Capital Limited) shall ensure that the abridged version of the prospectus and the full prospectus is published correctly and in strict conformity without any error/omission, as vetted by the Securities and Exchange Commission. 2. The issue managers shall carefully examine and compare the published abridged version of prospectus on the date of publication with the copy vetted by SEC. If any discrepancy/inconsistency is found, both the issuer and the issue managers shall jointly publish a corrigendum immediately in the same newspapers concerned, simultaneously endorsing copies thereof to SEC and the stock exchange(s) concerned, correcting the discrepancy/inconsistency as required under ‘Due Diligence Certificates’ provided with SEC. -9- Issuer Issue Managers  ¦  ¦  ¦ Alliance Financial Services Limited BSRM Steels Limited South Asia Capital Limited 3. Both the issuer company and the issue managers shall, immediately after publication of the prospectus and its abridged version, jointly inform the Commission in writing that the published prospectus and its abridged version are verbatim copies of the same as vetted by the Commission. 4. The fund collected through IPO shall not be utilized prior to listing with stock exchange and that utilization of the said fund shall be effected through banking channel, i. e. through account payee cheque, pay order or bank drafts etc. 5. The company shall furnish report to the Commission on utilization of IPO proceeds within 15 days of the closing of each quarter until such fund is fully utilized, as mentioned in the schedule contained in the prospectus, and in the event of any irregularity or inconsistency, the Commission may employ or engage any person, at issuer’s cost, to examine whether the issuer has utilized the proceeds for the purpose disclosed in the prospectus. 6. All transactions, excluding petty cash expenses, shall be effected through the company’s bank account(s). 7. Proceeds of the IPO shall not be used for any purpose other than those specified in the prospectus. Any deviation in this respect must have prior approval of the shareholders in the General Meeting under intimation to SEC and stock exchange(s). 8. The company shall remove the restrictive clauses regarding issuance & transfer of shares and grouping of shares from its Articles of Association. Part C 1. All the above conditions imposed under section 2CC of the Securities and Exchange Ordinance, 1969 shall be incorporated in the prospectus immediately after the page of the table of contents, with a reference in the table of contents, prior to its publication. 2. The Commission may impose further conditions/restrictions etc. from time to time as and when considered necessary, which shall also be binding upon the issuer company. Part D 1. As per provision of the Depository Act, 1999 and regulations made there under, shares will only be issued in dematerialized condition. All transfer/transmission/splitting will take place in the Central Depository Bangladesh Ltd. (CDBL) system and any further issuance of shares (including right/bonus) will be made in dematerialized form only. An applicant (including NRB) shall not be able to apply for allotment of shares without beneficial owner account (BO account). 2. The issue managers shall also ensure due compliance of all above. GENERAL INFORMATION Alliance Financial Services Limited (AFSL) and South Asia Capital Limited (SACL) have prepared the prospectus from information supplied by BSRM Steels Limited (the Issuer Company) and also after several discussions with the Chairman, Managing Director, Directors and concerned executives of the company. BSRM Steels Limited, Alliance Financial Services Limited and South Asia Capital Limited collectively and individually, having made all reasonable inquiries, confirm that to the best of their knowledge and belief, the information contained herein is true and correct in all material aspects and that there are no other material facts, the omission of which, would make any statement herein misleading. No person is authorized to give any information or to make any representation not contained in this Prospectus and if given or made, any such information and representation must not be relied upon as having been authorized by the company or Alliance Financial Services Limited and South Asia Capital Limited. The Issue as contemplated in this prospectus is made in Bangladesh and is subject to the exclusive jurisdiction of the Courts of Bangladesh. Forwarding this prospectus to any person resident outside Bangladesh in no way implies that the issue is made in accordance with the laws of that country or is subject to the jurisdiction of the laws of that country. A copy of this prospectus may be obtained from the Corporate Head Office of BSRM Steels Limited, Alliance Financial Services Limited, South Asia Capital Limited, the Underwriters and the Stock Exchanges where the securities will be traded. – 10 – Issuer Issue Managers  ¦  ¦  ¦ Alliance Financial Services Limited BSRM Steels Limited South Asia Capital Limited Declarations and Due Diligence Certificates Declaration about the Responsibility of the Directors, including the CEO of the Company â€Å"BSRM Steels Limited† in Respect of the Prospectus This prospectus has been prepared, seen and approved by us, and we, individually and collectively, accept full responsibility for the authenticity and accuracy of the statements made, information given in the prospectus, documents, financial statements, exhibits, annexes, papers submitted to the Commission in support thereof, and confirm, after making all reasonable inquiries that all conditions concerning this public issue and prospectus have been met and that there are no other information or documents the omission of which make any information or statements therein misleading for which the Commission may take any civil, criminal or administrative action against any or all of us as it may deem fit. We also confirm that full and fair disclosure has been made in this prospectus to enable the investors to make a well-informed decision f or investment. Sd/ Alihussain Akberali Chairman Sd/Zohair Taherali Director Sd/Aameir Alihussain Managing Director* Sd/Tehseen Zohair Taherali Director Sd/Sabeen Aameir Director Consent of the Directors to Serve We hereby agree that we have been serving as Directors of â€Å"BSRM Steels Limited† and confirm to continue to act as Directors of the Company. Sd/ Alihussain Akberali Chairman Sd/Zohair Taherali Director Sd/Aameir Alihussain Managing Director* Sd/Tehseen Zohair Taherali Director Sd/Sabeen Aameir Director * Mr. Aameir Alihussain is also a shareholder Director of the company. Declaration about filing of Prospectus with the Registrar of Joint Stock Companies & Firms A dated and signed copy of the Prospectus has been filed for registration with the Registrar of J

Making Movies Essay Example | Topics and Well Written Essays - 500 words

Making Movies - Essay Example His critical analysis and great knowledge makes his book a must read for all amateurs who are learning the art of filmmaking. His book almost covers all aspects required to make a creditable film. He gives detailed knowledge about music, production, direction, props, cameras, editing, cinematography, scripts, actors etc. Â  This book provides a vision and a guiding pathway for all those who are entering this field and all those young filmmakers intending to make this vast field as their ongoing profession. In the movie The Verdict director Sidney Lumet according to me does not come up to my level of expectation as a lot more could have been done. After reading the novel I personally think direction was not as strong as it should have been for a person with so much in depth knowledge of the field. The level and the bar raised by Sidney are quite high which he didn’t sustain in this book. This clearly explains that despite the great effort and techniques involved far more could be done to make the movie a success. Apparently this movie for me was a very entertaining and a top notch courtroom based drama which had elements of tragedy, suspense, fraud, emotions and romance making it a complete story. Sidney holds this view that the script should disturb the conventional balance. Astonish the reader, entertains, intrigues and then when it is about to conclude the reader must develop a feeling that this was meant to happen. This precisely means that the script is the skeleton for any film and a good script keeps the audience awe struck. Likewise in the movie the script is one of the most complex elements, when Frank goes to meet his mom he is immensely affected by her present state which brilliantly unveiled another side of Frank. Â  Sidney believes that usually he is not thinking about the viewer might react; there are basically two perspectives when it comes to life that have a great impact, that is precisely life and death. These aspects are so intense

The Rime of the Ancient Mariner by Samuel Taylor Coleridge Essay - 1

The Rime of the Ancient Mariner by Samuel Taylor Coleridge - Essay Example This paper intends to discuss how this poem is considered as a poem of sin and redemption though the â€Å"physical and soul journey† (Nelson, 2001, p.148) of the mariner. Poem of Sin The poem is generally considered as a poem of sin. The mariner and his sailors got stuck in a thick and foggy ice field while trying to escape the thunderstorm in the Antarctica. They found an albatross that steered them through the thick fog, so that they might find good winds for their ship. But, we see that the mariner killed the albatross for no reason. This was actually the sin that the poem talks about. The reader is left surprised upon this decision of the mariner, regarding why he shot the albatross that had come there for their help. This perplexity is what irritates the reader in the first read, but as the reader follows the poem, he finds it really rich in context and theme. The albatross is shown as a symbol of Nature, or God’s presence. Read: â€Å"At length did cross an Alba tross, /Thorough the fog it came; /As if it had been a Christian soul, /We hail'd it in God's name† (lines 63-66). When the mariner shot the albatross, God became angry for him for his sin, and denounced upon him much woe and misery. The sailors confronted with slimy things on the oceans, and ghosts and spirits, which finally killed all sailors, and destroyed the mariner’s journey. Buchan (1969) writes in his essay, ‘The Sad Wisdom of the Mariner’: â€Å"The shooting is an act, unpremeditated and unmeant, that nevertheless must be accounted for†¦.† (p.97). The curse, that befell the mariner due to his â€Å"unnatural act† (Voglino, 1999, p.53), made him lose his ship and his companions; but finally, he met a rescuer, the Hermit, who brought him ashore. Also, we see that when the mariner shot the albatross, the curse struck the sailors, and they got so angry with the mariner that they hung the albatross around his neck. This was a constant reminder for the mariner about his sin, which had brought immense suffering to the whole crew. An albatross around one’s neck has become an idiom since. An albatross refers to a mistake that one has done and cannot undo it, and which is constantly adding to the suffering. For example, a person bought a motor car, spends money on it to recondition it, but the car is not selling. It is only demanding more expenditure, because of going out of order frequently. So, the car is an albatross around his neck. The old mariner also had this albatross around his neck which constantly reminded him of his mistake or, in this case, sin. Whenever he looked at it, he was reminded of what he did that angered the Nature. Sagar (2005, p.15) writes that, â€Å"When the Ancient Mariner wantonly kills that Albatross, the other sailors think it as an unpardonable sin. They believe that no human being has the right to decide who is to live and who is to die. So they decide punishment for his sin.à ¢â‚¬  The sin has also been understood in terms of the mariner’s pride, in literature. Pride has been known as man’s earliest sin, which dates back to Adam and Eve. Literature suggests that mariner’s act of shooting the bird of good omen has something to do with human pride. The albatross came with a lot of good luck for the ship. But the mariner decided to shoot it because he thought that he could do well without it, that he was enough to

Legal systems and skills Essay Example | Topics and Well Written Essays - 2000 words

Legal systems and skills - Essay Example The House of Lords (HL) believed that the Act’s purpose was meant to protect human embryos made externally, rather than the manner in which the embryo formed. They ruled that parliament did not intend any distinguishing between CNR and fertilization created embryos, especially since CNR at the time was thought impossible. The HL decided that parliament did not mean to leave CNR formed embryos unregulated; therefore, the Act applied. For this reason, the Court opined that CNR was legal. Summarize the facts and legal arguments in this case Bruno Quintavalle undertook litigation on behalf of a claimant, Pro-life Alliance, in order to seek a declaration that CNR created human embryos were not created via fertilization. He claimed that embryos from CNR were not within an embryo’s definition for the Act’s purpose. The Secretary of State, as the defendant, argued that Section 1(1) of the HFE Act should be purposively interpreted so that the fundamental subject the Act r eferred to was a live human embryo, rather than the manner in which the embryo was created1. The sub-section, in this case, would be read with the words, defining the embryo was a live human embryo where fertilization has been completed, in the event that the embryo was produced by fertilization2. Parliament’s clear intention, thus, was the control of human reproduction through licensing or prohibition using the HFE Act. Crane J., despite acknowledging that purposive interpretation was a powerful argument, he held that this interpretation would allow an impermissible extension and re-writing of the definition3. Crane J.’s decision, however, was appealed successfully by the Secretary of State for Health with Lord Phillips MR, who gave the Court of Appeal’s main judgment, contended that parliament’s legislation was mostly related to how embryos were treated. Therefore, although the legislation expressly contemplated embryos as being created through fertiliz ation, the question, fundamentally, was whether the CRN produced embryos did fall into a similar category or genus as fertilization-produced embryos. Considering that both embryo types were fundamentally identical in their ability to develop into adults of their relevant species, the two types of embryos were clearly held as being in the same genus4. As far as legislative policy was concerned, Lord Phillips held that the intention of parliament was in order to control the use and creation of human cells; therefore, it was essential that those embryos created through CNR should be considered as part of the regulatory scheme that the Act created. In addition, the Master of the Rolls contended that no countervailing considerations existed that could militate against a purposive approach to the case. Even though, some of the provisions in the legislation were not applicable to CNR created embryos, it did not remove the importance of enhancing effect of parliament’s intention. The se inconsistencies were not as serious because, in various cases, they are remediable by HFE Act regulations, and in some different cases, they do not have much practical significance that those embryos produced through CNR should undergo exclusion from the HFE Act. After the Appeals Court, denied authorization of appealing against this judgment, the petitioners were still able to petition the HL successfully5. However, following Pro-life

Anderson County School District 3 Election Research Paper

Anderson County School District 3 Election - Research Paper Example Many may wonder what kind of job or task exactly the candidate is up for. Members of the Board are expected to consign themselves to regular turnout at Board meetings, which entails 3 half-day meetings and 1 full-day meeting a year at the school. It is expected that members serve on at least one Board committee, working group or occasional task force during their term of office. Board committees normally meet 3-4 times a year at the school. Members are encouraged to attend other events and activities that are held by the school, including Graduation Day in mid-September. Members may also be required to attend occasionally special activities to be held at schools, such as audit visits by outside agencies. The role is expected to require an average of 12 days annually, in addition to reading and travelling time. This is just but a tip of what the post entails. The school board exists to ensure that the mission of the school is attained. To do this, members of the Board need to keep themselves informed of progress in the school, higher education, and most significantly, the performance of the school. Members of the Board are expected to participate fully in the development of the school’s corporate and operating plans and to ensure proper allocation and use of the school’s resources in meeting the objectives of those plans is assured. Curiosity might be on the rise on what exactly Danny Davis and Ray Graham are contending for, or rather why each found it within their means to vie for an assistant governor’s position. Well, it is nothing other than to assist in the Governing Board of Anderson School District Three. It is rather clear to note what this means as the election winner had a straight seat in the Board Governing Anderson School. This would earn him control, which is noted as one of the key aspects that candidates always go for in a given election (Parker 29) In brief highlight of the candidates for these election posts comes the first candidate Danny Davis. Danny Davis is an IT technician, currently working as a transportation manager and a board member of the same school at present. On the other hand, our second man Ray Graham works in the Anderson County Sheriff’s Investigation Department. By this time, it might be true to conclude that Ray Graham commands larger grounds than his mate, and this might end up playing a vital role in the outcome of the elections. Both Danny and Ray are renowned members of the society and either of them can make a good governing assistant in the school board. This election is undoubtedly of great importance. First and foremost, each candidate has outspokenly laid out his points and what he intends to manifest once elected to the position. Just to point out one of each, Ray Graham intends to introduce t he fair treatment of all kids in the district, in an equal manner, as opposed to fair treatment for a few as it may be said to be as of now. He also promised to ensure equal opportunities for all students in matters and issues concerning them. Ray Graham also promises to move Anderson County School District forward in matters pertaining to resources, teachers and the faculty’s need to educate their children at higher levels, allowing them to further their opportunities for success at completion of their education. Danny Davis, on his part, maintains that with the election outcome in his favor, he

Why Corporate Social Response Matters Essay Example | Topics and Well Written Essays - 2000 words

Why Corporate Social Response Matters - Essay Example When the businesses do align their strategies according to the principles, then they can ensure that technology, market and finance develop in such a manner that can be beneficial to the economies as well as societies all over the world (United Nation Global Impact, 2011). 1.2 Roles in Promoting CSR In the current times, there have been changes in the corporate world with the evolution of time. After the financial crisis that took place in the year 2008, the companies have started focusing upon the Corporate Social Responsibility (CSR) initiatives by means of promotions of transparency as well as responsibility. United Nations (UN) has instigated the UN Global Compact whose main objective is to promote CSR thereby directing upon human rights, anti-corruption, environmental causes as well as labor rights. ... been observed that UN has made planning to involve 20,000 companies by the year 2020 so that the values of the Compact can be turned into universal values endorsed by the business world (Chul-Ki, 2011). 1.3 Impact on Private Sector CSR The private sector plays a major role in the progress of most of the countries by generation of the employment opportunities, generation of new technologies and thereby enabling equitable economic growth. The function of the private sector is not just obliging of its economic activities but also it has a significant role to play in context of social responsibilities towards its stakeholders, environment as well as communities in which the business tends to operate. There are many reasons behind the incorporation of UN Global Compact in private sector for participation in the voluntary corporate governance within a non-regulatory model. The three main reasons are the financial crisis within the United Nations, the alteration in the leadership and the id eological shifts. Structural alterations within the organizations are also defined as one of the significant reasons behind the invitation of Global Compact in the organisation (Arevalo & Fallon, 2008). UN Global Compact tends to encourage the private sector to embrace, endorse and take into account numerous core values in the context of human rights, labor standards as well as environmental practices (United Nations. Economic and Social Commission for Asia and the Pacific, United Nations. Economic and Social Commission for Asia and the Pacific. Development Research and Policy Analysis Division, 2004). 1.4 Cases of Successful Intervention in Private Sector CSR The United Nations Global Compact has successfully intervened in the private sector as has been observed in case of Ford Motors. It

The Jewish Museum - Berlin Essay Example | Topics and Well Written Essays - 9000 words

The Jewish Museum - Berlin - Essay Example The Holocaust and the genocide of the Jews in the past are sensitive topics, and many Berliners as well as people from other parts of the country attribute feelings of guilt and remorse at the treatment of the Jews at the hands of the Nazi authorities. The opening of such cultural representations in Berlin thus attracted my attention. The purpose of the dissertation is to explore the Museum in relation to its architecture and its historical and cultural significance. The result of the research would be that I would be able to critically understand the dynamics and the cultural interplay of the Jewish and the non-Jewish communities. With this research I also attempt to establish the potential role that the Jews of the present Germany can play. The research has been done through resources available on the Internet as well as through books and scholarly articles. The research has extensively depended upon the research material that has been available on the Internet and through books and articles. The start of the dissertation gives an introduction of the Museum. This includes information about the Museum ranging from the number of people who visit it to the significance of the construction of a cultural representation in Berlin. The history of the Museum gives information about its history. The next section relates to the architecture of the building and explores how the architect has used architectural designs to represent the Jewish culture as well as the manifestations of the Holocaust. The sections about irony and how the architect has dealt with it discuss in detail the conflict that exists between the construction of cultural representations in a city that was once the propagator of violence against the Jews. An irony exists in the building of a museum that integrates and promotes the history of the Jews in a city that was the hub of anti-Jewish activities. The architect has taken many steps to make

Public School Uniforms Outline Assignment Example | Topics and Well Written Essays - 750 words

Public School Uniforms Outline - Assignment Example However, there has been a rise in a group of people opposing the idea. Critics argue that uniforms do not add any value to the education of the students. They argue that most reforms which proponents cling on are not solely because of the use of school uniforms, but a combination of several reform measures taken by the institution (Draa, 2005). The effectiveness of the policies in terms of law and finance is also questioned (Brunsma et al, 1998). The rapid change of clothing trends that target the youth has created problems among the youth, who are mainly the majority in schools and colleges. There is an unending appetite among the youth to appear fashionable among their peers; hence an increase in unscrupulous means of acquiring the clothes (Draa, 2005). Students who cannot afford such lavish dressing may feel inferior in schools; hence the need of uniforms. Uniforms make everyone equal and eliminate the need of unhealthy competition between students in schools. Competition among the students over their appearance results in taunts and even fights (Holloman et al, 1996). The school community is made up of different kind of people, from different backgrounds. Allowing the students to dress up as they wish would make the school environment look chaotic. Different communities have their own unique dress codes; that could be their tradition and due to lack of exposure and tolerance, students wearing them can be ridiculed by others. The administrators ease the social problems, tension and appearance related issues by embracing the use of uniforms (Draa, 2005). The use of school uniforms is for the safety of the children themselves. According to Draa (2005), there are cases where school-age children are robbed or even killed for their shoes and clothes which are of high demand. The role of uniforms in the prevention of violence is framed as a safety issue for the students in schools

Recruitment And Selection Essay Example for Free

Recruitment And Selection Essay 1.1 Introduction: This report is about the principles and practices involved in the process of strategic recruitment and selection at Automax ltd. Automax Ltd is in business of manufacturing auto components for a wide range of products in India, it operates more than 7 units in India The biggest challenge in Automax ltd is to find, attract and retain the talent and big challenge for employees in this organization is to find good people to work with. Human resource is not only the most important resource for any organisation but is a non replicated resource. The main aspiration of Automax Ltd is that it should be the most preferred company to work for, employees should feel belonged to the organisation and all professional goals needs to be fulfilled. The researcher will discuss the principles and practices used by them for strategic approach to strategic recruitment and selection. As we know that HR functional HR strategies deal with the core areas of HRM like recruitment and selection, performance management, pay issues, employee relations. 1.2 Strategic Recruitment: According to [ (Alan Nankervis, 2009) ]Recruitment and selection within an organisation is an integral part of that organization’s overall human resource management and planning process. It is closely related to other human resources management processes like human resource development, performance appraisal, job design, promotions and transfers, reward management. Strategic recruitment usually refers to the identification of the real  recruitment needs of the organization and fulfilling those needs. The organizational needs should be tied with the overall business needs. In strategic recruitment approach, business strategy should be linked to the recruitment strategy 1.3 Principles of Strategic recruitment : These principles are just the guidelines which helps in designing and implementing effectiverecruitment strategies. 1 .A well defined strategy: There should be a clearly defined and communicated strategy which defines the brand message, target candidates and primary sources.If the strategy is not defined ornot communicated properly it might result in wastage of resources. 2.Pipeline approach : A well defined recruitment strategy should help in building a steady and continuous pipeline of talented applicants. 3.Employment branding : 1. http://www.ere.net/2008/07/07/the-20-principles-of-strategic-recruitin 2. g/ Automax is committed to recruit individuals with appropriate skills, knowledge, expertise and experience and passion to excel in business not only on academic excellence but also on proactive approach they perform effectively. Human dignity, honesty and sincerity are the core values of the company and the recruitment and selection procedures provide mechanism to formulate for assessing and appointing the most effective and able individuals and also ensures that everyone is treated with equality and fairness. Recruitment and selection procedures are designed in such a way that they not only provide the best practise but also comply with legislation.(Sud,2007) It is believed that â€Å"The quality of an organisation can never exceed the quality of the minds that make it up.†At Allied autos it is the responsibility of Human Resource Department to ensure that recruitment procedures should be clear and concise. For example at Allied autos ltd. Strategic HR plan is prepared by the top management which includes in detail the requirement of future human resource, number and type of people required. Preparation of training programme plans so that future needs can be met from inside the company. Preparation of long term recruitment and selection plans. Plans for retaining the able and skilled manpower needs to be prepared. Increased flexibility plans should be prepared so that the company can make best use of human resource. The main aim of any recruitment and selection strategy should of sourcing the best candidate. This can be done by http://www.solgm.co.nz/NR/rdonlyres/D096BC3A-31D7-4044-9732-296D410B26F7/50553/PMFs3.pdf 1.4Resourcing Strategy at Allied Autos Ltd. According to ()HRM is about matching human resources to the strategic and operational needs of the business and it ensures full utilization of the resources. It is not only concerned with the keeping and obtaining the right number and quality of people required but is also concerned with the selecting, promoting and efficiently employing those people who fit the culture and strategic requirement of the organization. The rationale behind resourcing strategy is that the strategic capability of an organization is dependant on the resource capability in the form of people. The main aim of resourcing strategy is to ensure that competitive advantage by a firm is achieved by employing more capable people than rivals. 1.5The strategic hrm approach to resourcing HRM places more emphasis than traditional personnel management of finding people. According to Townley (1989) Organizations are concentrating more on the attitudinal and behavioural characteristics of employees. According to Armstrong,Baron(2002,pg160,161)HRM approach to resourcing is of matching resources with organizational needs does not mean maintaining the status quo rather it means radical changes in thinking about the skills and behaviour which is must for the sustainable growth and cultural change in future. The integration of business and resourcing strategy is based on the understanding of the direction in which organization is going and determination of The number of people required to meet business needs The skills and behaviour required to support this alignment. The impact of restructuring the organization. 1.6Fair Approach to recruitment and selection : There should be no discrimination, there should be incorporation of mutual respect into the recruitment and selection.Should be ethical and equal like power should be used in appropriate manner, use of skilful interview techniques, confidentiality should be maintained. 1.7Sub- sytems of recruitment and selection (Pilbeam Corbridge,2006) 1. Attraction : Suitable candidates should be attracted. 2. Reduction : Anyone unsuitable must be eliminated 3. Selection : proper, assessment, choosing and appointing. 4. Transition: conversion of successful candidate into an effective employee. It should be noted that the involvement of line managers is of crucial importance, it is true that the best laid plans will fails if line managers are not convinced that it is important for the company. 1.8 At allied auto different phases of recruitment 1. Applications are generated by persuading the people to apply. 2. After the applications are received suitable candidates are encouraged to stay until the completion of selection process. 3. Offering of job to suitable candidate sometimes it happens that the same candidate is selected by the 2 different companies than HR department takes every possible step to encourage that candidate to join them. 1.9 Approaches to recruitment and selection: Competency Approach: Torrington et al(2008,pg170). it is concerned with the behaviour that is relevant rather than the competent performance. These models are popular in graduate recruitment where decisions are made about future recruitments. This kind of approach is suitable in service organizations like banks. A Contingency approach: According to [ (french, 2010) ]the underlying principle that organizational policies and practices need to be shaped within a particular context. For example different culture emphasise different attributes when approaching the recruitment and selection of the employees. It is true to a great extent for example if the company is operating across many countries than it needs to recruit the people according to the culture of that place specially the low level staff like KFC is operating across many countries and is recruiting the  operational staff from that culture as it helps them to understand its customers better and make profits but say if for UK branch it recruits outside the culture that its recruitment costs will increase. Traditional Approach: It means getting the right people, it involves a sequence of steps like defining the ideal candidate. Defining the criteria in such a way that there is fit between the job and person like Job description and person specification. This approach was criticised on the grounds that it assumes that there is only one best way to perform a job, resulted in unfair discrimination, one way job. 1.10 Strategic recruitment and selection : It sees human resource as an investment for future, use of sophisticated methods of selection, involvement of stakeholders. On the other hand it is an improvement over the traditional method in a way that it aims at development of people, more reliable, switching from company needs to current market demands. 1.11 Staged approach is the best approach for allied autos as it is into manufacturing of auto components: Recruitment and selection advocates viewing the process as sequential with distinct and inter-linked stages. The model is referred to as the resourcing cycle and it begins with the identification of a vacancy and ends when the successful candidate is performing the job to an acceptable standard. This in turn is a two way process in which organisations evaluate the candidate and the candidate in turn observes the organisation as a prospective employer. This process helps to ensure that not only the best candidate is attracted to apply and accepts the post but also the unsuccessful candidate respects the decision and apply for future vacancies. The first and most important questions to be answered before recruitment are :- 1.Determining a vacancy ? If yes does it needs to be filled in by a newly recruited employee ? It is to be noted that there is not only one way of filling the g ap but there are different way in which the gap can be filled . Recruiting a new employee must be with the dealt in careful manner during recession. For example at allied auto when a new vacancy occurs HR department normally does not recruits new employee immediately, as first step the concerned department where the vacancy occurred try some of the options like reorganise the work, use of overtime, use of an agency. 2. Attracting Candidates: [ (Armstrong, 2009) ]The most  important step in attracting candidates is to analyse the recruitment strength and weaknesses of the organization. For example previously when allied auto was choosing among the wide selection of candidates is becoming a thing of past. As we know employees are developing their marketability and knowledge-based skills, allied auto is competing to find the best candidate as its image seems to be less attractive to candidates. Allied autos recognised that recruitment process of the company should be made as powerful an incentive to candidates to join as generous pay and condition. For example Former director of human resource system and personnel relations at CGU, David Hope believes that the interview process should be put together with a firm of business psychologists, it will help graduates to understand the brand, culture and company’s commitment to graduate recruitment. Allied autos soon realised that if the recruitment and selection process is well designed it can definitely be an indicator of the future performance and will attract the good candidates, if the candidates can see that there is a positive link between the recruitment process and the job they will be positive about the company. 3.Recruitment Advert: The most widely used method to attract applicants is the recruitment advert. The most effective advert are those that are eye catching and provide sufficient details to attract interest, use of telephone numbers or contact details for informal enquiries will have an important effect on candidates perception of the job and will be encouraging. For example advert of allied autos. 4.Measuring Candidates: CV or application form : it is a document prepared by the individual as a part of the application which includes the details as to education, employment history and other relevant information. In any advert details related to how to apply should be included like whether to send the CV or to fill in a standard application form. Processing application: After the advert the next step is handling applications and processing them. It should be decide in advance internally in the organization as to how these applications needs to be handled. At allied autos standard acknowledgment is sent to all the applicants and then applications are compared and sorted with the key criteria in persons  specification in 3 categories suitable, provisional and unsuitable. Standard letter is sent to the shortlisted candidates for interview and if any of them have not filled in the application form before. 5.Selection: One of the last stage in recruitment and selection is the selection itself. It includes the choice of methods by which a short-listed group is reduced by the employer following the recruitment stage and thus it leads to an employment decision. [ (french, 2010) ].In allied autos relative merits of the shortlisted candidates are assessed against the job description and person specification which explore their skills , experience and knowledge which establish the most suitable candidate for the job. After that the interviews arranged with the respective department and is ensured that they are structured, well prepared and focused. Not more than 5 candidates are interviewed and all the interviews are held the same day. Some jobs involves practical tests and presentations, at allied autos practical tests are taken on the day of the interview and this is informed to the candidates in advance. References are taken for all shortlisted candidates prior to the interviews and are taken in writing and then these references are passed on to HR department for the successful candidates. The successful candidates are given the appointment letter and this is forwarded to the HR department as it is the HR department which will issue the formal offer letter. 1.12Talent Management and Development Techniques: According to (Banfield and Kay,2008) The successful attracting and recruiting of new talent means that the needs of both the organisation and individual tend to match. Ultimate aim of the organisation should be to develop and maintain this pool of talented people by making use of different elements like attraction and retention programmes, roles design, talent management relationship, performance management, career management. At allied autos it is believed that the key to success is sustained focus on technology, systems and human resource. Training needs are identified periodically and all new recruits are trained in technical training centre on pressing machines and other technical fields. Competencies can be used to develop self assessment and encourages  feedback for enhancing improvement and aligning employee goals with business objectives. The need for employees at all levels to be involved in ongoing development of new skills, exposure to new experiences and learning to learn is apparent. Strategic Human Resource Management Page 226 Google Books Result books.google.co.uk/books?isbn=0415099897 Olive Lundy, Alan G. Cowling 1996 Business Economics THE SELECTION PROCESS The ultimate effectiveness of strategically selecting Selection principles Human resource selection is a process of measurement, http://books.google.co.uk/books?id=2Kg9AAAAIAAJpg=PA226lpg=PA226dq=principles+of++strategic+selection+in+hrmsource=blots=zWSI2-Xzi7sig=7L-Zd675CI2AYhMYaYIMFL65PVEhl=ensa=Xei=UyngULa_MO3L0AXMyIG4Dgved=0CFcQ6AEwBQ#v=onepageq=principles%20of%20%20strategic%20selection%20in%20hrmf=false 2.1 Strategic Performance Mangement: â€Å"Strategic performance management encompasses methodologies, frameworks and indicators that help organizations in the formulation of their strategy and enable employees to gain strategic insights which allow them to challenge strategic assumptions, refine strategic thinking and inform strategic decision making and learning.†-Bernard Marr Different tools used for strategic performance management are 1. Mangement by objectives 2. Balanced scorecard 3. Hoshni Kanri 4. Value based management 5. Result oriented management 6. Performance prism Principles of strategic performance management 1.Be honest and open 2. make goals interesting, challenging and engaging 3.build on strengths more than correcting weaknesses Performance management is a broader term, it includes Performance management systems Monitoring and evaluation Performance management in context Measuring performance 2.2Models of Performance Management 1. Balanced Score card : Balanced scored card is a tool used for strategic performance management. This model was developed by Kaplan and Norton in 1960’s.This is used as a tool by the managers to keep track of and to monitor to the activities of the staff within their control. The main advantage of this method is that it is a mixture of both the financial and non financial measures compared to a target within a single concise report. It alerts the areas to the manager where performance deviates from expectations. To many organisations it is positioned as a holistic performance measure as it provides information relating to financial, internal processes, customer perceptions and internal growth and learning. Now increasingly it has been associated with strategy implementation. 2. The EFQM Business Excellence Model: This model was developed by European foundation for quality management for long term sustainability of the strategic objectives. According to EFQM(1999) it is defined as the outstanding practice in managing and achieving results. This model helps the organizations to maintain a balance between the stakeholders and incorporates financial and also an indicator of the future financial performance. It helps the business in identifying the threats and opportunities for improvement against strategic goals, this is used as a basis of self assessment. The main drawback of this modelis it is not standard model and it does not tell how to fill the gaps although it provides a valuable feedback. 2.3Performance management systems : According to (Bevan and Thompson,1992) PMS should communicate the objectives of the organisation to all employees. Departmental and individual performance targets should be related to the organisation objective. Identification of training and development and reward outcomes. Evaluation of the  effectiveness of the process as a whole. 2.4Objectives of performance management at Allied autos 1. Improvement of organizational and individual performance 2. Alignment of individual and organisational objectives 3. performance pay decisions 4. helps in personal development of employees. Reducing poor performance and increasing organizational performance are the main priorities of performance and development function at allied autos. For considering the management of performance issues in the organization it is possible to identify two different reference frames which are associated with the use of term performance management. According to Taylor(2005) these are known as two perspectives on Performance management. Standard Oriented: It is measured at the individual level, focus on improving poor performance, concerned with slippage below expected expectations, Use of formal appraisal systems , incentive based payments and disciplinary procedures ,transactional leadership. Excellence Oriented: It is measured at the organizational level, focuses on enhancing strong performance, concerned with continuous improvement, Use of enhancing job satisfaction, coaching techniques, transformational leadership. In allied autos both perspectives co-exist, it is very difficult to manage both of them together but it is fact that individual performance will lead to organizational performance as it is the individuals who make up the organization. HR department sets the rules and these were written in the policy for example(lateness, absence etc) and these are acceptable by all. Individual performances are measured by the department head or immediate supervisor and if there are deviations then standards are set for those particular workers to improve their performance. On the other hand if we look at excellence oriented approach although it sounds good but if we see the practical aspect of it, does not clearly indicate as to what is the satisfactory level of performance and its main focus is on continuous improvement, it mainly motivates, maximises level of commitment and job satisfaction among the staff. For example at Allied autos this is always the problem, in the manufacturing plant, the performance of production people is always measured on the basis of quantity produced by them and it ignores the quality. If we  look at it practically this kind of data is not correct as it will not provide the accurate results when evaluating the performance. 2.5 Behaviour-Oriented Approach: It has been argued that outcome approach does not provide the proper assessment of individual performance. So, it is argued that behaviour needs to be assessed as much as behaviour. There was an argument that not only the achievements are important but the processes by which they are achieved are also important. It only focuses on what individuals do and remove other environmental factors and the other inputs. Employee behaviour is less readily measured then the criteria used in other approaches. The main methods used are direct observation, the report of others watching them for example peers. Approached used rating scale, critical incidents and reactive approaches. 2.6 Principles of measurement at allied autos. Performance is measured according to the needs of customer, both internal and external, what is considered important by the customer is measured. Strategic plan is prepared which indicates what is to be measured and translating of customer needs to strategic priorities. All the departments are supplied with measured results of the key strategic areas for further improvement by motivating them. 2.7 Classification of measures Performance Appraisal According to Jeanne Murphy, Growth strategists and president of strategic solutions. â€Å" If you can’t measure a goal, then don’t set the goal,† performance should be measured on objective basis. According to Kane(1996),Taylor(2005),measures are classified as 1. Productivity measures: At allied autos sometimes for the casual workers who are actually working in the plant( manufacturing unit)producing spare parts their performance is measured according to the units produced by them, the more the numbers produced the better is the performance. The main drawback with this measure of performance is that it ignores the quality of the output as sometimes there may be some rejections at the customer end or when it goes for quality check. 2. Quality Measures : This involves assessing the individual on the basis of quality of service delivered by him. For example at allied autos in order to measure the performance of staff who is working in the head office or customer care department. The performance is measured  on the basis of customer satisfaction, absenteeism, poor quality work and motivation. It can be internal customer like different departments or external customer to whom the final goods or services are supplied, this kind of performance measurement many a times fails to give accurate results specially when it is converted into quantifiable terms. This assessment method is mostly used in service industry like hospitals, banks etc. 3. Objectives set and Met: This involves assessing the individuals or teams on the basis of objectives set by the top management or the immediate manager or supervisor. As the name indicates performance is measured on the basis of how far the objectives met the criteria defined, are they below satisfaction or objectives or above the satisfaction. To some extent this method is reliable but if say some have some personal bias with the sub ordinate than the boss or the supervisor will not give accurate results. 2.8 Criteria for performance measures-appraisals At allied autos performance measures are set in accordance with the strategic goals: like for example different targets are set for each department and division. Main focus is on both quality and quantity of outputs that can be measured and accomplished. Performance measures at allied autos are based on evidences. Measures that can be verified are taken into consideration. Performance measures at allied are set in such a manner that they help in providing sound feedback and action. Performance measures are comprehensive in respect that they cover almost every area. In order to be achievable measurable targets must be set by expressing the individual requirements. for example : For output : According to (Bratton and Gold,2003)Targets should be clearly defined and should be measurable. Proper defining of the objectives so that an individual should know what is expected, it is the responsibility of the organization to ensure that everyone must understand what is required of them. It is said that objectives should be SMART S-Specific; M-Measurable ; A-Agreed; R-Realistic ; T-Timely Job Related: Job descriptions should be in writing indicating the broad roles and responsibilities. Competencies of the individual or team should be defined in advance. If there are any descrepencies which are normally expected as a result of human nature, it should be the responsibility of the top management to take necessary steps to remove them and use certain strategies to improve performance. 2.8 Strategies used at allied autos for improving performance. 1. Negotiation: At allied autos if it is observed that the performance of any worker is not upto the standard then he is called in by the immediate line manager or supervisor for the discussion to know the reason of detoriation in the performance level sometimes there is some personal problem which results in falling down of performance. 2. Grievance procedure: At allied autos there is proper grievance procedure handling system, grievance booklet is kept in the plant for recording grievances on daily basis. At the end of the day this register is checked by the HR manager and corrective actions are taken. 3. Reward: To motivate the employees and to improve production different reward schemes are in function at allied autos like suggestion reward, attendance reward, long term service reward etc. 4. Improvement in the working environment: Allied auto is taking all the necessary steps to improve the working environment for the workers like previously there was no cooling system in the plant and due to extreme hot weather workers were not able to give their 100% and they started feeling tired quickly, now a new cooling system has been installed in plant with which not only workers are happy but the output has also increased, canteen was renovated, water filtering system was installed keeping in my mind the health and safety of staff. All this have resulted in improved efficiency and low turnover rates. 2.9 Pay Performance Issues The most important factor to be considered in order to improve performance is the Pay issues. Pay should be linked to performance not to time as it is unrealistic and does not motivate the workers. Pay structures should be designed in such a way that they bring in flexibility and multi skilling. Pay should be market driven there should not be any biases. It should be noted that if pay is performance based then it will definitely  help in improving performance. Should be based on performance appraisals and these appraisals should be fair. Some companies now a day’s use 360 degree appraisal: which means feedback is obtained from everyone like peers, superiors, subordinates and then the performance is measured. There should be transparency in pay differentials, there should be equal pay for equal work. According to (CIPD,2012)Performance management is a holistic process as it bring together many of the elements that make up the successful practice of managing people including learning and development. 3.10 Conclusion : It is to be concluded that allied autos has started realising that their employees are their strength and every possible action has been taken and strategies developed not only to recruit the best talent but also to retain them by making use of different development techniques like performance management, career development, performance measure. It is of great importance that strategic principles and practices used in recruitment and selection will have an effect on performance management so recruitment and selection should be done in a sophisticated manner and must be aligned with the business strategy. 3.1References : Armstrong,M.(2009),Armstrong’s Handbook of Human Resource Management.11th ed. London and Philadelphia: Kogan Page Ltd. Armtrong,M. and Baron,A.(2002),Strategic HRM. London: CIPD Banfield, P.and Kay,R.(2008),Introduction to Human Resource Management.1st ed.New York: Oxford Printing Press Bratton,J. and Gold,J.(2003),Human Resource Management Theory and Practice.3rd ed. New York: Palgrave Macmillan Google,books.(2012),People Resourcing. Taylor,S. Available from http://books.google.co.uk/books?id=6f-Yk35qMqcCpg=PA268lpg=PA268dq=perspectives+of+performance+management+by+taylorsource=blots=Elonir4KyPsig=5Ia4pJD8eyY8kEDyxI6692PjM-4hl=ensa=Xei=0VicT5T0K4Ke0QXArf2DDwved=0CDQQ6AEwAA#v=onepageq=perspectives%20of%20performance%20management%20by%20taylorf=false[Electronically accessed 28th April 2012] Rees,G.and French,R.(2010),Leading,Managing and Developing

The success of the Nationalist cause in the Spanish Civil War Essay Example for Free

The success of the Nationalist cause in the Spanish Civil War Essay The success of the Nationalist cause in the Spanish Civil War was due primarily to the help it received from its foreign allies: For what reasons would you agree or disagree with this statement? A snapshot of 1936-1939: Britain and France tiptoe around Italys conquest of Abyssinia and their second conquest of the football World Cup. Stalin delivers a constitution, an illusion, distracting from his bloody purges. Austria and Czechoslovakia are devoured into The Third Reich. The Fair Labour Standards Act comes into play in the US fighting recession, and unemployment. The Popular Front of France makes sweeping social changes under the guidance of Leon Blum. In 1937, the 999-telephone number for emergency services is introduced in the UK. The Empire is falling apart, and Mahatma Ghandi leads a campaign of civil disobedience against British rule. The Irish Free State becomes Eire, Japan invades China. Spain has its own problems: disorganised parliamentary government a problem solved by military rule. Upon its becoming a problem, is saved by farmers, and in turn, by socialists. Yet confusion and deterioration reign and soon the actual landscape of Spain is covered with that which the weather cannot wash away. No, painting is not made to decorate apartments. Its an offensive and defensive weapon against the enemy -Pablo Picasso, 19451 In support of the reasoning that Foreign aid won the nationalists the war, using a chronology full of examples can support this.2 As the war begins, Franco is flown from Las Palmas to Morocco by an unsuspecting British pilot, Captain Babb, who visits General Sanjurjo in Lisbon the previous week. The Nationalist initiative is gained and a week later the rising begins. To apply common-sense investigative techniques to this, intervention doesnt quite begin until both forces make requests on July 20th. Hitler joins with Mussolini in providing transport for Franco and The Army of Africa to cross the Straits of Gibraltar. The importance of this act of intervention in holding the initiative shouldnt be underestimated. Francos Army of Africa, (was) composed of foreign legionnaires and Moorish mercenaries perhaps the blood-thirstiest and certainly one of the most professionalised troops at the disposal of any European nation at the time3 Within two months of German and Italian involvement, Army of African troops were involved in two separate but decisive victories. Under Colonel Juan Yague they were responsible for capturing Badajoz, and thus linking the two parts of Nationalist Spain. In Alcazar, a besieged garrison of Falange and Guardai were saved from near-certain defeat when troops reclaimed the military academy. An offensive early in 1937 in the Southern province of Malaga showed the Italian addition was having a definite impact, much better organised than the Republicans defending the city. The Non-Intervention Committee under the order of Britain put a clamp on France, the only external power assisting the Republicans after only three weeks. Arms and aircraft ceased from supply, and a week later, the Nationalists mounted a successful battle taking Majorca, Catalan troops fled, under cover of Jamie I. Surely a note of nationalist planning that ten days later an air attack badly damaged the ship off Malaga by the Straits. Majorca stricken, was thenceforth the base for many of the 660 Italian aircraft set to bomb the Republic through three years. As for the Navy, the Nationalists had few ships. Two heavy cruisers under construction were important in sea battles, weight and direction provided by the purchase of four Italian destroyers, and two Legionarii class submarines from the November of 1936. Italians manned these almost entirely, independence lessened on occasion by the presence on ship of one Spanish liason officer. Twenty-six vessels were over-all involved. Technical and logistical support was offered, also from the Germans, to the Nationalist Navy. These ships were used in long and hard convoy warfare, shore bombardment, blockade and counter-blockade, and they were deadly, as stated below, Despite a common lack of personnel, the nationalist Navy was better organised and commanded, and that would translate into a more aggressive attitude4 It is also interesting to note that Spanish naval construction was monopolised by the SECN5, it largely owned by British firm, Vickers-Armstrong. Almost all ships were designed referring to Royal Navy vessels and many British technical advisors continued to work in Spanish shipyards during the course of the war. * * * * * * * * * * * The conclusion is inescapable that the defeat and destruction of the Spanish Republic must be attributed as much to British diplomacy in the years 1936 to 1939 as to German aircraft and Italian infantry -Puzzo6 Baldwin and Chamberlains 1936 Non-Intervention committee was about as successful as the rest of their appeasement policy. While the rules of the NIC were observed by the democracies, they were openly flouted by the dictatorships7 Choking the French aide meant that the Spanish Republics only course of action was to flee into the arms of Russia. Outside of the international brigades, the Soviet Union was the biggest supporter of Caballero and Negrins defending armies. Paradoxically, their help was also a hindrance. Stalins opening gestures in the war, and much of the way through, were in their own way a form of appeasement. He had hoped to keep out of Hitlers view for as long as possible. Lee suggests he had been trying to warn Britain and France of the danger the Fuhrer represented, pulling out when it became clear they were no longer interested. Whatever the actual truth, Stalin had not supplied the Republic with enough arms to do the job properly. On October 25th, a substantial part of the third largest gold reserve in the world was transferred to Russian hands. The army of Africa while fighting for Madrid, were still occupying Spanish-Morocco without problem, aided by the Moroccan government, who had matched Italys number, sending out seventy-five thousand troops.8 Along another border, Dr. Salazar sent 20,000 Portugese soldiers to assist the generals. Portugal also provided the Nationalists with places to plot during the Civil War, and geographically, a route for the importing of arms and war materials. As touched upon briefly in the paragraph dealing with Russia, an obstruction, which benefited Franco, was the corporate factor. The Texas Oil Company, The Standard of New Jersey and Atlantic Refining, Texaco, Shell all had a stake in a Nationalist victory: while the U.S government and its people favoured cosy isolationism9, the corporate face was happy enough to supply credit, but only to the Nationalists, as was the Bank of Westminster; Britain had a big foreign investment in Spain: ownership of the Pyrite factories and mining operations for an essential ingredient in ammunition was another factor leading to its decision to play at tacit neutrality. Demoralisation must have hit hard on the 26th April 1937, when the merciless Legion Condor bombed the towns of Guernica and Durango, and Bilbao fell under heavy artillery bombardment. Hauptmann Werner Molders, an inspired and gifted combat leader and tactical leader and his crew had recently been fitted with brand new Messerschmitt Bf109Cs Ds in July 1938. More than a match for (Russian) Polikarpovs new creations, these fighters were accompanied by 6,000 men, Heinekel 51s and Junker 52 bombers. Eleven aircraft squadrons laying down a landscape of destruction from Guernica to Ebro, and far beyond. With much of the Basque mountain range already taken, the town of tradition was certainly a target, and its status as a communications centre made it more so. The ruthless destruction of people and buildings brought international condemnation and a sense of loss difficult to forget through the decades. Clearly, mass influx could be the term applied to foreign assistance in this war. The Republicans were assisted with international brigades while Eoin O Duffys Blueshirts and the young French monarchists joined with the Falange in aiding Franco. There are however a number of other factors connected with the Nationalist victory having little to do with outside involvement. The superior military organisation and structure is one such factor, they possessed a greater number of middle-ranking officers and experienced soldiers. An example of this can be found by studying The Battle of Santander, were General Fidel Davilas forces were vastly outnumbered, but won due to Gamirs soldiers being poorly trained and low on weaponry. Francos armies were better supplied, with imaginative yet solid strategies. His motto, Duty, Discipline and Order. He was careful not to let one group become too dominant, and successfully united the politically diverse. The advance on the Mediterranean coast successfully cut the Republic in two; yet before crossing the Ebro, Franco handled the decisive factor sensibly and allowed his troops time to rest and re-equip. His campaign was one fought with caution and discretion, confidence and well timed capture of opportunity. In stark contrast, the Republicans were in a state of disunity such was their ideological range, and this is typified by the situation in Barcelona in 1937 and by the civil war within a civil war on the streets of Madrid at wars close. Divisions over the primary objective of the war can only have made easier the nationalist mission. The length of Francos leadership of Spain, his keeping the Republic of World War II through to his good choice of successor are aspects of evidence of the Nationalist strength outside foreign allegiance. With a view to the statement and the scope of 1936-39 to which this essay refers, I cannot judge. Much of the corporate world acted as if their involvement was necessary, whilst seeing a Nationalist victory as something of a safe bet. I can neither agree nor disagree with the statement, these facets of fact, are inseparable. To have stopped Francos Army of Africaand its well-trained Civil Guards and police auxiliaries, would have been nothing less than miraculous once it established a strong base on the Spanish mainland. That hastily formed, untrained and virtually unequipped militiamen and women slowed up Francos armys advance on Madrid for four months and essentially stopped it on the outskirts of the capital is a feat for which they have rarely earned the proper tribute from writers on the civil war of the past half century10 Indeed, for Bookchin has not mentioned that the first rising in Madrid failed on July 1936, and was continually thwarted until the Nationalists entered on March 28th, 1939. The capital Madrid was relentlessly defended time and time again over those three years, with and without foreign aid. Perhaps not such a safe bet after all. Bibliography Picasso , Alfred H. Barr (1946) International Brigades, Legion Condor, Spanish Civil War Factbook, www.skalman.nu Spanish Civil War, http://history.acusd.edu The main events of the Spanish Civil War, www.users.dircon.co.uk Spanish Civil War, www.sispain.org Warships of the Spanish Civil War (1936-1939), Author unknown http://webforodigital.es/uphm/mgl/buques/spanishcivwar.htm Spain and The Great Powers, 1936-1941, Dante Puzzo ,Columbia University Press, 1962. European Dictatorships 1918-1945, Stephen J. Lee, Routledge. The Spanish Civil War, Hugh Thomas, Penguin, 1992 Roper-Fortune Poll, Janurary 1939, Mach 1939 , reprint. Mastering Modern World History, Norman Lowe, Palgrave 1997 Modern World History Made Simple, K. Perry, Heinemann/London, 1976 Paul Preston, The Spanish Civil War: Right Versus Left in the 1930s Oxford Concise Dictionary of Quotations, ed. Elizaeth Knowles, OU Press, 2001. Chambers Concise Dictionary, ed. Catherine Schwarz, Chambers Harrap, 1997 Encyclopedia Britannica Hutchinson Encyclopedia- The Millenium Edition, ed. Roger Tritton, 2000 World Atlas, European Map Graphics Ltd, 1996 This text may be reprinted as the user sees fit. Feedback on its facility is welcome. [emailprotected] 1 In interview with Simone Tery, 24 March, 1945, in Alfred H. Barr, Picasso (1946) 2 I have chosen to use a combination of five chronologies along with other materials for greater clearness. The components of this timeline are internet-based, www.skalman.nu http://history.acusd.edu www.users.dircon.co.uk and www.sispain.org, with addition to the chronology from The Encyclopedia Britannica. 3 After 50 Years: The Spanish Civil War by Murray Bookchin, www.spunk.org 4 Warships of the Spanish Civil War (1936-1939) , Authors name not searched http://webforodigital.es/uphm/mgl/buques/spanishcivwar.htm 5 Sociedad Espanola de Construccion Naval aka The Spanish Corporation of Naval Construction, from the same source as above. 6 If Im correct, this is from Dante Puzzos Spain and The Great Powers, 1936-1941, Columbia University Press, 1962. I got it from pg. 253 of Stephen J. Lees European Dictatorships 1918-1945, published by Routledge. 7 That ones direct from Lee on the same page, it just seemed to fit right in. 8 Hugh Thomas, The Spanish Civil War, Penguin, 1992 9 Roper-Fortune Poll, Janurary 1939. Its worth noting that the same poll conducted amongst Americans at the end of the Spanish Civil War, the March edition, recorded a preparation amongst readers for war, and their involvement in it. 10 After 50 Years: The Spanish Civil War by Murray Bookchin, www.spunk.org

Auditing Standards: Objectives and Importance

Auditing Standards: Objectives and Importance Introduction The regulatory environment makes it mandatory that organizations such as limited liability companies must be audited by an independent external auditor qualified under the regulations of professional bodies internationally or nationally to ensure that the company is working in accordance to the company law set by respective countries. An external auditor functions as an independent body appointed by and reports to shareholders to express an opinion whether the financial statements are prepared, in all material respects, true and fair and in accordance to the applicable financial reporting framework (Pflugrath G., Martinov-Bennie N. and Chen L., 2007). In reporting to the shareholders, the auditor provides reasonable assurance whereby they do not guarantee financial statements are free from material misstatements but rather at an acceptable level. Professional bodies worldwide carries a duty to set auditing standards to play a role of assisting auditors in performing duties in order t o provide high level of confidence to intended users of the Financial Statements (Noreen, 1988; Siegel et al., 1995; Wotruba et al., 2001). Main Report Development of auditing standards There are three regulatory environments which govern statutory audits and one of them is auditing standards. At International level, the International Federation of Accountants (IFAC) is the global organization for the accounting profession. An independent standard-setting board under IFAC is known as the International Auditing and Assurance Standards Board (IAASB). The IAASB developed the International Standards on Auditing (ISAs) to be carried out on audit engagements. As for National level, regulations differ as there are various standard setting bodies which choose to adopt the ISAs by modifying it or to set their own standards to suit according to individual countries. In Malaysia, the Malaysian Institute of Accountants (MIA), a member of IFAC is responsible in developing the Malaysian Approved Standards on Auditing (AI) which adopts the modified ISAs. However, the latest development states the implementation of a new board which is the Audit and Assurance Standard Board (AASB) (Cosserat and Rodda, 2009). Importance of the auditing standards. An auditing standard is a form of the current best practice applicable in statutory audit engagements by approved auditors which sets a minimum level of technical proficiency to assure work done is of high quality auditing and at the same time providing high level of assurance ( Jubb and Houghton, 2007; Simnett, 2007). It is a form of benchmarking the intensity of achieving objectives of the professional bodies in being a role model in the accounting profession as stated by Watkins et al. (2004), and also safeguarding the position of auditors whilst auditing financial statements. Through professional and ethical standards such as independency and integrity, Alfredson, K. et al. (2005) states that auditors carry out detailed works to value a subject matter whether it is of true and fair view. Once a conclusion is made, the opinion obtained would determine the level of confidence the public would have towards the financial statements (Alfredson, K. et al., 2005). This adds on to reducing the risk factor faced by users of the financial statements (Martinov, 2004) as it deters directors of an entity to carry out fraudulent activities. At the same time, it also indirectly strengthens the audit profession as the public would have an increased confidence level leading to a better impression towards auditors in general (Simnett, 2007; Dellaportas, Senarath Yapa and Sivanantham, 2008). As procedures of performing a statutory audit is consistent and of principles-based, it becomes less rigid and flexible to be implemented on the audit works carried out on financial statements. Aside from that, as agreed by Noreen, 1988; Siegel et al., 1995; Wotruba et al. (2001); it may be able to reduce time factor as auditors are able to plan and analyze which area are crucial to be tested more and vice versa because they are already well-versed with the audit procedures set by the standards. Nevertheless, this may pose as a threat because the use of their own judgement becomes too subjective and thus, they may tend to be too lenient during audit procedures and bypass on important matters. Auditors could even intentionally choose not to perform so much detailed work and just state financial statements as true and fair since knowingly for the past history, it has been stated as so (Jones et al., 2003; Herron and Gilbertson, 2004). From this matter, it can be of advantage to directors to conduct fraudulent activities because auditors can only consider an opinion on fraud but not able to detect and prevent it. It is the duty of the management and directors to attend to fraudulent possibilities in a company. With that said, they may opt to not comply intentionally by refusing to disclose grey areas in its financial statements or relevant information needed to perform the audit (Cosserat and Rodda, 2009). While stating to be able to achieve high quality audits worldwide, a handful of countries still implement their own auditing standards to suit their national legislations and traditions (Samuels and Piper, 1985; Tarca, 1998; cited in Dellaportas, Senarath Yapa and Sivanantham, 2008). This is probably due to the fact that there are still many underdeveloped countries which do not have professional bodies for such a purpose as this or even countries like in the United States of America whereby they adopt a different standard which is of rule-based (Simnett, 2007). All this may inversely cause a delay and obstruction to harmonization of standards across the globe in conjunction to international convergence (Weetman, 2006). Aside from that, consistent updating and revision of standards poses a need to keep oneself updated leading to a lack of confidence while performing duties due to inaccurate execution of standards implied on audit work as there are limitations to how much one can do at a period of time . Being too technical with regulations may cause auditors to be stiff in their performance and thus, lack appreciation on findings of samples, test objects and the assessment of analytical procedures. Objectives and Activities of IAASB and AASB Work done by the IAASB is monitored by the oversight body known as the Public Interest Oversight Board (PIOB) whereby the publics interest is involved regarding proper disclosures and transparency of issues that concerns to improving the overall mission and to achieve objectives of the professional body (Dellaportas, Senarath Yapa and Sivanantham, 2008). IAASB came up with a development of a program in the year 2004, which functions to redraft the entire ISAs either partially to alter areas in the ISAs or to fully inflict new clarity conventions where applicable. The Clarity Project reached a level of completion upon verification by the PIOB and now contributes thirty-six newly clarified standards as guidelines in assurance engagement by qualified auditors worldwide (Accountants Today, June 2009). Judging from the fact that the standards now clearly identifies the objectives and obligations an auditor faces, a better understanding of the entire concept and public awareness are gained (Buchanan, F.R., 2003). The newly improved standards are by-far less technical and thus, easily to be adopted by practitioners to be implemented on procedures carried out for assurance engagement. The whole purpose of conducting the clarity project is to make the standards more appropriate and updated with the recent environment and at the same time to assist and update users of relevant information and a clearer view of utilizing each standard for the benefit of the public (Dellaportas, Senarath Yapa and Sivanantham, 2008). The confidence of the public in financial reporting activities would eventually be increased (Alfredson, K., Leo, K., Picker, R., Pacter, P. and Radford, J., 2005). It is in a way a good thing to constantly upgrade and redraft the standards to suit the current reporting environment (Humphrey, C. and Turley, S., 2006). However, there may be a slight disadvantage in the sense of making the revised standards known to its users. The professional bodies would need to conduct seminars or post notices to all members of the professional bodies to inform them of such amendments that has taken place. This eventually takes time and efforts and may even incur a slight cost to be carried out. Likewise the IAASB, the AASB plays a similar role in upholding an acceptable level of quality professional services and high ethical behaviour amongst practitioners. The MIA further justified the desire of standing-out in the standard-setting process hoping that Malaysian market can be integrated internationally so that viewpoints can be mentioned earlier instead of getting secondhand attention in order to evolve standards that are more suitable to the nature of the Malaysian market (Izma N., 2009). Implementing the ISAs by the AASB is a form of making efforts to enhance the financial markets of Malaysia in becoming more competitive and stable. At the same time, it also improves professional integrity and quality of audit works by auditors. Under the patronage of the MIA, AASB will continue to meet stringent expectations of stakeholders as well as moving towards a holistic international convergence of standards and enhance confidence of users through proper guidance in audit and assurance services. This may prove to be a good step ahead in conjunction to be inline with the harmonization of standards in the world today and also to groom the financial position of the country in order to boost confidence of the public once again (Chan and Leung, 2006). Thus, compliance with auditing standards such as the ISAs and enforcing it into objectives and responsibilities stated by the professional bodies need to be acted out quickly so as to not fall behind in time because it can be quite a lengthy process which is not achievable overnight (Izma N., 2009). Further Regulations Codes of Corporate Governance Corporate governance is the system whereby companies are directed and controlled. Cosserat and Rodda, 2009 mentioned that it is useful in avoiding matters such as conflicts of interest seen in the agency theory between the managers (agents) and the shareholders (principal). In accordance to the UK Combined Codes of best practices, the board of an entity is encouraged to form an audit committee to guard the independence and objectivity of auditors. An audit committee plays a role as an independent point of reference to turn to regarding issues of conflict between the board of directors and the external auditors. Aside from that, in order to improve external audit procedures, they have a duty to monitor the integrity of directors in preparing financial statements. Codes of Ethics The onus is always on the auditor not only to be ethical but also to be seen as ethical. The International Ethics Standards Board for Accountants (IESBA) establishes a conceptual framework for all practitioners to adhere to five rules: integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Threats to these principles are to be identified and applied with respective safeguards to mitigate it. Auditors are subjected to ethical requirements by professional bodies because the public relies on auditors to produce an independent opinion during assurance engagements (Pflugrath G., Martinov-Bennie N. and Chen L., 2007). They further elaborated that a high quality audit, comprising of professional competence and due care characteristics need to be conducted as auditors have access to confidential information of the entity. Company Law An auditor is required to perform an annual audit abiding by statutory duties to report to shareholders on whether financial statements are of a true and fair view and in accordance to approved standards. They need to be independent and diligent and state if sufficient information has been obtained and that the company has kept proper records according to the law. The auditor must also list out deficiencies of their findings in the auditors report. The company law also determines the rights, appointment, removal and resignation of auditors and the liability of auditors to shareholders and third parties (Cosserat and Rodda, 2009). Conclusion The outcome of these findings discussed has added knowledge to a better understanding of the entire audit and assurance cycle. The duties of an external auditor must be based on appropriate conceptual frameworks developed either internationally or nationally according to the suitability of respective countries. They need to perform a statutory engagement required by the company law, which is of high but not absolute assurance that the financial statements are free from material misstatements. An overview of the establishment of auditing standards, its objectives and importance to benchmark the quality of auditors in performing duties and corporate governance, company law and ethical codes as additional regulations in enhancing the role of auditors were identified. Furthermore, the main idea of distinguishing IAASB and AASB on its functions and activities in the world today has added knowledge to the depths of ones mind. Thus, the respective standards-setting boards need to further en hance and strengthen its actions and procedures in order to achieve international convergence and quality standards to serve the public better and increase in its objectivity effectiveness.