Senin, 19 Desember 2011
Financial Aid Offers in Florida
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There are several financial-aid programs given to students. Each of the programs has different requirements and qualifications. Every university and college in the United States of America have scholarship offerings to students who are financially incapable of supporting their college education. The ones that are given an opportunity are those students who belong in the low-class family income. The statistics showed that most of the intelligent students come from the low-income family, which in the end hinders them to get a quality college education. As you may know, education is your stepping stone to achieve greater success in the future. Among the place in the United States of America that has a very big population is the Florida. This is where you can find the prestigious school, Florida International University. Most students in Florida and their neighboring place want to pursue their education at this school. However, the cost of education in this university is a bit high. Hence, the government made a program to let the students have their education at this school. It is called as Florida student financial aid.
FIU financial aid is made available to those students who have a low-income family status. There are various FIU aid programs made available to interested students. All you have to do is to select that program that will work best for you. The general qualification at any scholarship grant is that you have to be a citizen of the United States of America. If you are aspiring to apply to Florida student aid, all you need to do is to fill their registration form, and be sure to submit all the needed requirements. There are also things that you have to consider with you before qualifying on their program. There are detailed qualifications set by this particular financial aid.
FIU aid is appealing to every student. This is the perfect opportunity to grab. As you may know, the cost of education, especially when you reach college education is a way far expensive. Hence, if you have the help of this particular program, you will never have to worry that much on your tuition fee. If you are planning to grab this once in a lifetime chance, make sure to check out the FIU financial aid requirements. The best time to apply for the scholarship is few months before graduating to high school. This is to make sure that you will win a spot, as many students are applying to the said program. Surely, the Florida student financial aid is a big help to everybody. The program is also known as Bright Futures.
FIU financial aid is only one of the programs offered by the government. There are, in fact, plenty of scholarship grants and programs that the students can cling on to in achieving their dreams of college education. Each state and universities has different programs to offer. All you have to do is to choose the best program that fit for you. Read more info about Florida student financial aid by clicking the link.
Article Source: http://EzineArticles.com/?expert=Antony_Dee
Article Source: http://EzineArticles.com/6762362There are several financial-aid programs given to students. Each of the programs has different requirements and qualifications. Every university and college in the United States of America have scholarship offerings to students who are financially incapable of supporting their college education. The ones that are given an opportunity are those students who belong in the low-class family income. The statistics showed that most of the intelligent students come from the low-income family, which in the end hinders them to get a quality college education. As you may know, education is your stepping stone to achieve greater success in the future. Among the place in the United States of America that has a very big population is the Florida. This is where you can find the prestigious school, Florida International University. Most students in Florida and their neighboring place want to pursue their education at this school. However, the cost of education in this university is a bit high. Hence, the government made a program to let the students have their education at this school. It is called as Florida student financial aid.
FIU financial aid is made available to those students who have a low-income family status. There are various FIU aid programs made available to interested students. All you have to do is to select that program that will work best for you. The general qualification at any scholarship grant is that you have to be a citizen of the United States of America. If you are aspiring to apply to Florida student aid, all you need to do is to fill their registration form, and be sure to submit all the needed requirements. There are also things that you have to consider with you before qualifying on their program. There are detailed qualifications set by this particular financial aid.
FIU aid is appealing to every student. This is the perfect opportunity to grab. As you may know, the cost of education, especially when you reach college education is a way far expensive. Hence, if you have the help of this particular program, you will never have to worry that much on your tuition fee. If you are planning to grab this once in a lifetime chance, make sure to check out the FIU financial aid requirements. The best time to apply for the scholarship is few months before graduating to high school. This is to make sure that you will win a spot, as many students are applying to the said program. Surely, the Florida student financial aid is a big help to everybody. The program is also known as Bright Futures.
FIU financial aid is only one of the programs offered by the government. There are, in fact, plenty of scholarship grants and programs that the students can cling on to in achieving their dreams of college education. Each state and universities has different programs to offer. All you have to do is to choose the best program that fit for you. Read more info about Florida student financial aid by clicking the link.
Article Source: http://EzineArticles.com/?expert=Antony_Dee
Article Source: http://EzineArticles.com/6762362 Financial Aid Offers in Florida
Kamis, 03 November 2011
BI: Tingkat Kredit Macet Bank Asing Tertinggi
Surabaya (ANTARA News) - Tingkat kredit macet atau "Non Performing Loan" ("NPL") sejumlah bank asing di Jawa Timur mencatat angka tertinggi dibandingkan dengan pencapaian bank non-asing di wilayah tersebut.
"Besaran `NPL` bank asing selama triwulan I/2011 di Jatim mencapai 5,18 persen," kata Pemimpin Bank Indonesia (BI) Surabaya, Mohammad Ishak, dihubungi di Surabaya, Sabtu.
Sementara, jelas dia, rata - rata "NPL" di kelompok bank pemerintah masih membukukan pencapaian 3,79 persen, lalu "NPL" di kelompok bank swasta tetap mempertahankan rasio "NPL".
"Mayoritas angka `NPL` mereka di bawah 3 persen atau sekitar 2,55 persen," ujarnya.
Kondisi tersebut, ungkap dia, menunjukkan risiko kredit perbankan yang tercermin dari rasio kredit bermasalah di Jatim selama triwulan I/2011 memperlihatkan grafik naik.
"Contoh lain, `NPL` bank umum pada triwulan I/2011 berada di posisi 3,37 atau lebih tinggi dibandingkan dengan periode yang sama tahun 2010 yakni mencapai 2,96 persen," katanya.
Di sisi lain, imbuh dia, secara sektoral penurunan kualitas kredit tampak di seluruh sektor ekonomi, terutama yang selama ini menjadi kebanggaan Jatim.
"Di antaranya, sektor industri, perdagangan, hotel dan restoran (PHR), serta sektor komunikasi dan pengangkutan tercatat mengalami kenaikan persentase `NPL` daripada periode serupa 2010," katanya.
Ia merinci, di sektor perdagangan, hotel, dan restoran (PHR) membukukan angka "NPL" 4,39 persen selama triwulan I/2011. Sementara, sektor komunikasi dan pengangkutan mencatatkan "NPL" 5,87 persen.
"Kalau sektor industri, angka `NPL`-nya mencapai 3,81 persen pada periode serupa tahun ini," katanya.
Ia melanjutkan, peningkatan "NPL" saat perkembangan sektor unggulan itu tumbuh positif harus menjadi perhatian pelaku perbankan. Salah satunya, lebih mengoptimalkan upaya pengendalian risiko kredit.
"Untuk itu, pelaku usaha perbankan perlu melaksanakan sistem `prudential banking`, sehingga kinerja mereka ke depan semakin membaik," katanya.(*)
Source : http://www.antaranews.com/berita/264750/bi-tingkat-kredit-macet-bank-asing-tertinggi
Copyright © 2011
Kamis, 27 Oktober 2011
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The World Bank
What Is The World Bank?
The World Bank Group (WBG) was established in 1944 to rebuild post-World War II Europe under the International Bank for Reconstruction and Development (IBRD). Today, the World Bank functions as an international organization that fights poverty by offering developmental assistance to middle-income and low-income countries. By giving loans and offering advice and training in both the private and public sectors, the World Bank aims to eliminate poverty by helping people help themselves. Under the World Bank Group, there are complimentary institutions that aid in its goals to provide assistance.
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Membership
There are 184 member countries that are shareholders in the IBRD, which is the primary arm of the WBG. To become a member, however, a country must first join the International Monetary Fund (IMF). The size of the World Bank's shareholders, like that of the IMF's shareholders, depends on the size of a country's economy. Thus, the cost of a subscription to the World Bank is a factor of the quota paid to the IMF.
There is an obligatory subscription fee, which is equivalent to 88.29% of the quota that a country has to pay to the IMF. In addition, a country is obligated to buy 195 World Bank shares (US$120,635 per share, reflecting a capital increase made in 1988). Of these 195 shares, 0.60% must be paid in cash in U.S. dollars while 5.40% can be paid in a country's local currency, in U.S. dollars, or in non-negotiable non-interest bearing notes. The balance of the 195 shares is left as "callable capital," meaning the World Bank reserves the right to ask for the monetary value of these shares when and if necessary. A country can subscribe a further 250 shares, which do not require payment at the time of membership but are left as "callable capital." (Learn more about the IMF in An Introduction To The International Monetary Fund.)
The president of the World Bank comes from the largest shareholder, which is the United States, and members are represented by a Board of Governors. Throughout the year, however, powers are delegated to a board of 24 executive directors (EDs). The five largest shareholders - the U.S., U.K., France, Germany and Japan - each have an individual ED, and the additional 19 EDs represent the rest of the member states as groups of constituencies. Of these 19, however, China, Russia and Saudi Arabia have opted to be single country constituencies, which means that they each have one representative within the 19 EDs. This decision is based on the fact that these countries have large, influential economies, which requires that their interests be voiced individually rather than diluted within a group. The World Bank gets its funding from rich countries as well as from the issuance of bonds on the world's capital markets.
The Parts That Make Up the Whole
The IBRD offers assistance to middle income and poor but credit worthy countries, and it also works as an umbrella for more specialized bodies under the World Bank. The IBRD was the original arm of the World Bank that was responsible for the reconstruction of post-war Europe. Before gaining membership in the WBG's affiliates (the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Center For Settlement of Investment Disputes), a country must be a member of the IBRD.
The International Development Association offers loans to the world's poorest countries. These loans come in the form of "credits," and are essentially interest-free. They offer a 10-year grace period and hold a maturity of 35 years to 40 years.
The International Finance Corporation (IFC) works to promote private sector investments by both foreign and local investors. It provides advice to investors and businesses, and it offers normalized financial market information through its publications, which can be used to compare across markets. The IFC also acts as an investor in capital markets and will help governments privatize inefficient public enterprises.
The Multilateral Investment Guarantee Agency (MIGA) supports direct foreign investment into a country by offering security against the investment in the event of political turmoil. These guarantees come in the form of political risk insurance, meaning that MIGA offers insurance against the political risk that an investment in a developing country may bear.
Finally, the International Center for Settlement of Investment Dispute facilitates and works towards a settlement in the event of a dispute between a foreign investor and a local country. (Learn more in What Is An Emerging Market Economy?)
Adapting to the Times
As mentioned earlier, the main function of the WBG is to eliminate poverty and to provide assistance to the poor by offering loans, policy advice and technical assistance. As such, the countries receiving aid are learning new ways to function. Over time, however, it has been realized that sometimes as a nation develops, it requires more aid to work its way through the development process. This has resulted in some countries accumulating so much debt and debt service that payments become impossible to meet. Many of the poorest countries can receive accelerated debt relief through the Heavily Indebted Poor Countries scheme, which reduces debt and debt service payments while encouraging social expenditure.
Another issue on which the Bank has recently been focusing has presented itself as an endangerment to a country's livelihood: support programs for HIV/AIDS. The WBG has also been focusing on reducing the risk of projects by means of better appraisal and supervision mechanisms as well as a multidimensional approach to overall development. (This includes not only lending but also support for legal reform, educational programs, environmental safety, anti-corruption measures and other types of social development.)
The Bank encourages all of its clients, which number over 100, to implement policies that promote sustainable growth, health, education, social development programs focusing on governance and poverty reduction mechanisms, the environment, private business and macroeconomic reform.
Opposition to the Bank
While the WBG strives to create a poverty-free world, there are groups that are passionately opposed to the international patron. The opponents believe that, due to the fundamental structure of the Bank, the already existing imbalance between the world's rich and poor is only exacerbated. The system allows the largest shareholders to dominate the vote, resulting in WBG policies being decided by the rich but implemented by the poor. This can result in policies that are not in the best interests of the developing country in question, whose political, social and economic policies will often have to be molded around WBG resolutions.
Moreover, even though the Bank provides training, assistance, information and other means that may lead to sustainable development, opponents have observed that developing countries often have to put health, education and other social programs on hold in order to pay back their loans.
Opposition groups have protested by boycotting World Bank bonds. These are the bonds that the WBG sells on global capital markets to raise money for some of its activities. These opposition groups also call for an end to all practices that require a country to implement structural adjustment programs - including privatization and government austerity measures - an end to debt owed by the poorest of the poor, and an end to environmentally damaging projects such as mining or the building of dams.
Conclusion
It is not surprising that there is a clash of opinion over how aid is given. Indeed, those that offer assistance are going to want to have a say in how the loans are used and what kind of economic policies are fostered in a country's developmental process. Many developing and poor nations, however, are stuck in a quagmire of debt and impoverishment, no matter how much assistance they receive. Given this, we may need to remember that the process of aid is also a developing state, in which both the giver and the receiver should be helping each other reach a poverty-free world.
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Selasa, 25 Oktober 2011
http://www.sovereignman.com
This currency is overvalued
by Simon Black · View Comments
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Burgers make better economic indicators than official statistics ever could.
As I travel, I typically perform an informal price study of my own basket of consumer goods– a loaf of bread, a pack of cigarettes, a liter of petrol, and a handful of… non-family friendly wares.
This is the type of information that is most valuable for me because, everything else equal, goods of similar quality should cost the same around the world.
Unfortunately, Heisenberg was correct when he postulated that I am not capable of being in multiple places at exactly the same time… which is why I get excited whenever the Economist releases a new iteration of its Big Mac Index.
The Big Mac Index compares worldwide prices, converted into dollars, of the McDonald’s signature sandwich. It is an excellent, though certainly not conclusive, indicator of whether a nation’s currency is undervalued or overvalued.
The most recent release from July 16th confirms absolutely what I am seeing on the ground here in Europe: the Eurozone is seriously overvalued…by roughly 30% according to the index.
In other words, the burger will set you back $4.62 based on the current euro/dollar exchange rate, 30% more than the $3.57 paid in the US.
This would suggest, in theory, that the euro should fall from $1.42 to $1.08 in order to achieve parity with the dollar’s purchasing power.
Admittedly, there are some flaws in the index.
Europe is, and always has been, more expensive than the United States– taxes, regulation, and employer contributions are out of control… though I suspect the United States will catch up shortly. These obligations drive up natural price equilibrium and pollute purchasing power parity.
My own experiences suggest that government influence adds 10% to prices in Europe, meaning that the euro’s range should be between $1.18 to $1.25. At its present valuation, the euro is terribly overpriced.
More on this later.
Right now I am in Budapest, one of my favorite cities in the world… Budapest has an amazing mix of culture, beauty, and elegance, with just a hint of sordidness so that it’s not too stuffy. Not to mention it’s every bit as nice as Paris at a significant discount.
I was last here in December when the Hungarian forint was trading at 230 per US dollar. At the time, Budapest was the cheapest ‘nice’ city in the world… this was based on an artificially low, panic-induced exchange rate that I knew couldn’t last.
It didn’t.
Despite being on the brink of economic collapse, Hungary’s forint has gained to 195 per US dollar, an 18% increase; that, plus a small dose of inflation, has reduced Budapest’s price appeal for dollar consumers and investors. Prices are still reasonable, but certainly not ‘cheap’.
In fact, I would say that in terms of cost of living competitiveness, the ship has sailed for the entire European Union, at least for now. There are certainly a few exceptions– parts of Poland, Bulgaria, and Lithuania to a degree.
Fortunately, I expect this to change in the future. The entire continent is anchored on the euro, and that currency is dead man walking… for all of the problems in the United States absolutely pale in comparison to old Europe’s economic and fiscal woes.
Italy, Greece, and Spain in particular are in such financial turmoil, their only solution is the oldie but goodie political tactic of inflating the currency by printing more of it. Barrack Obama is giving a clinic as we speak.
In order for these countries to have full monetary flexibility, they would have to break apart from the Eurozone. The resulting loss of confidence would send the currency spiraling into a historical footnote.
Even monetary disruptions in countries that have pegged their currencies, but not yet fully adopted the euro (… Latvia, for example) have the power to shake confidence in the unified currency.
The likelihood of just one of these events occurring (Italy or Greece dropping the euro, Latvia devaluing, etc.) is effectively 100%– and this is low hanging fruit in my book.
I have an idea to safely profit from the euro’s demise, but I would like to hear from you first, as always… especially if you have an alternative assessment on the euro’s future.
In the meantime, I believe that Asia and Latin America currently present the best cost of living value, and I will be focusing on these regions in future missives.
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Senin, 24 Oktober 2011
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Minggu, 23 Oktober 2011
www.business.salford.ac.uk
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University of Salford - a Greater Manchester University
1. Salford Business School Home
2. Courses
3. Postgraduate
4. MSc International Banking and Finance
General Enquiries
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MSc International Banking and Finance
Key benefits
* Prepares you for the competitive international business environment
* Focus your studies by choosing electives in line with your career plans
* Develops the essential skills required for a career in the modern banking and finance industry
Who is the programme for?
This programme is suitable for students who wish to pursue a high-level career in the world of international banking and finance.
Programme content
Module Information...
This programme will provide you with detailed knowledge of banking and finance operations and the critical skills for dealing with complex and unpredictable situations.
This programme's modules are also listed and described in the Banking & Finance programme brochure.
Download the brochure...
Assessment
You will experience a variety of teaching and learning assessment methods including lectures, seminars, tutorials, case studies, group and individual projects, examinations and reports.
Career progression
A wide range of career opportunities are possible, including finance director, investment banker, corporate relationship manager, private client relationship manager, regulatory compliance manager, equity analyst, structured instrument trader and project finance analyst.
Further Information
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Funding opportunities
Salford Business School occasionally offers a limited number of studentships please contact the admissions tutor for further details. For up-to-date details of funding opportunities please refer to http://www.pg.salford.ac.uk/funding.
Applications
You can now apply online for all Salford Business School full-time postgraduate programmes.
Key Facts
Duration
* 12 months, full-time
* Programmes start in September and January
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Entry Requirements
* A first degree in a subject such as economics, finance, accounting or business studies or
* A comparable qualification from a UK or overseas institution
* Graduates with an aptitude to study banking and finance are also welcome
* Professionals with work experience in the banking or finance sector, preferably with a professional qualification, would also be suitable for this programme, subject to approval through a process of Accreditation of Prior Learning (APL). See below for further information.
* International students must provide evidence of proficiency in English - IELTS 6.5 band score or a score of TOEFL at 575 or above (computer-based 232) with a TWE of 4.0 or above are proof of this
* If your current English language qualification is below this level, you may be able to take one of the many pre-sessional English courses in our School of Languages
Salford Business School welcomes people of all ages to its courses, and is committed to extending opportunities to adults returning to study. These are some of our most well-equipped learners, bringing with them a number of skills and attributes gained from work, family and other life experiences.
Applicants without the specified formal qualifications will be considered through the accreditation of prior learning (APL), which may be certificated or experiential.
We advise you to contact Debbie Cartwright, School APL/APEL coordinator, to discuss your circumstances before submitting an application.
Debbie Cartwright
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0161-295-5923
Placement Years
Students who take the option of a professional placement year generally enjoy much better employment prospects!
Students on all full-time Master courses - with the exception of The Salford MBA - can choose the option of a placement year in place of the dissertation normally undertaken in Semester 3. This includes International Students, who can normally extend their visa to cover the additional year of the programme.
The fee for the Professional Placement Year taken as an option on a Master course is £1,600.
More information about placements...
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The uses of money
What we'll learn:
1) What are the uses of money?
2) Why invest?
3) Don't forget about giving it, too.
Everyone loves money — you can use it to buy all kinds of stuff, like burgers, iPods, and plane tickets to Costa Rica. And Americans are definitely good at spending money.
But there's more that you can do with money than just spend it. You can save it, invest it, or — and let's not forget this — donate it to charity.
Since you probably get the gist of spending it, we'll dive right into saving it. You've heard this since you were wobbling around the floor in diapers: save, save, save. Your parents were right... sort of.
Everyone should have a rainy-day fund for when the car needs a new engine or when the cat needs her gallbladder removed. But what do you do with non-emergency money? Put it in your savings account?
Perhaps a Certificate of Deposit (CD)? Well, that's way better than burying it in your backyard, but it's still not great. Why? Because your money is being lazy.
Your money might be earning a little interest (one or two percent) if you put it in a savings account or CD, but it will barely keep pace with inflation, which is about three percent. That means your money is losing value every year.
If you had $1,000 today, you would need to have $1,030 next year to buy the same amount of stuff. So how can your money keep up? Make it earn more for you.
Enter the stock market. Investing your money gives it the opportunity to make more than one or two percent. (It also gives you the opportunity to lose more than one or two percent, but hopefully by the end of WeSeed's Learn levels, that won't be the case.)
On average, the market pays out about eight percent. That's quadrupling what you would have earned by investing your money in a bank!
And then let's remember that there's always charity. There's a saying we like to throw out every now and then: Make as much as you can, save as much as you can, donate as much as you can, and spend as much as you need.
In all of this talk about making money, we should remember to give some back, too.
Three Facts to Wow Your Friends at a Party
1) Warren Buffett made his first stock purchase when he was 11 years old.
2) In the 18th century, people would store their money in "pygg" (clay) pots or jars, which became known as "piggy banks."
3) The saying "Save your money for a rainy day" comes from an Italian comedy, The Bugbears, written in 1561.
Read Case Study.
Source : © 2011 We Seed. All Rights Reserved.
Minggu, 16 Oktober 2011
http://www.cmsfx.com
Central Banks Set Interest Rates
Since central banks, also known as reserve banks, play the crucial role of setting interest rates they need to be followed and studied by a fundamental (and even technical) Forex trader. Central banks want to achieve financial stability of their currency (i.e. battle inflation) and maintain overall economic growth in their country. Their primary responsibility is to oversee the monetary policy of a particular country or group of countries (in the case of the European Union). Monetary policy refers to the various efforts made to effectively control and manage the amount of money circulating within a nation. Skilled investors are able to properly identify which currency will experience an increase in interest rates based upon a central bank’s statements and incoming financial data. Those investors that are correct in their speculations can predict how the respective currencies should move, and as a result should be able to take the proper long or short positions.
Central Bank’s Role in Fighting Inflation
Central banks act in ways to lessen the effects of inflation on an economy. Inflation refers to a rise in price levels which causes a fall in the purchasing power of a currency. Inflation accounts for an entire basket of goods and services, not just an increase in the price of one item. Monitoring prices of a particular basket is known as indexing and provides a reliable method of tracking inflationary movement.
Inflation’s effects can be felt on just about everyone within a society regardless of whether one engages in trading or not. At times of high inflation, employees will demand more money for their work as the previous hourly wage no longer reflects the same value. In order to pay their employees more, businesses have to raise their prices so that they can also manage to raise the wages of its employees.
www.cmsfx.com
Inflation and Oil (Example)
Inflation Interestingly, inflation can be set off by the increase in price of just one crucial item (food or energy) as well. An example of a volatile commodity that can cause inflation is oil. An increase in the price of oil would cause many other items that use it as an input in the production process (such as gasoline) to also increase in price and therefore begin the inflationary process. Inflation poses a problem to the population because it erodes people’s wealth and standard of living as their bank accounts and wages seem to diminish while prices get higher. The purchasing power of the currency decreases and the currency loses strength. Therefore inflation’s erosive nature necessitates the actions taken by the central bank.
Affects of Inflation on Interest Rates and Investment
If inflation is a concern then the central bank will raise interest rates to appease the inflationary pressure. Higher interest rates will cause inflation to slow because it will cost more for companies and consumers to borrow from banks to fund either investment spending or consumption (i.e. for consumers it will be harder to refinance a mortgage on a house to free up spending money). With more restrictive access to money, economic activity slows down and so do inflationary pressures.
The higher interest rate will cause the currency to appreciate in the eyes of investors, both domestic and foreign, as they will benefit from a higher yield on the country's assets. If the currency is now appreciating relative to other currencies, then Forex traders will buy into it in order to trade with the trend, sending even more money towards that economy.
It is therefore a delicate balance that central banks have to strike. They would like higher interest rates to strengthen the currency and promote foreign investment, but they must be aware that higher interest rates hurt domestic businesses and consumers that rely on borrowing money from banks.
In the following pages, we shall look at an example of interest rates and central banks, and their impact on the Forex market at work.
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Table of Contents
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Forex Basics Lessons
Lesson 1. Introduction to the Foreign Exchange
* What is Forex?
* Operation
* Aspects of Trading
Lesson 2. How Trading Works and Terminology
* How Forex Trading Works
* Explanation of Margin and Leveraged Trading
* Risk Management
Lesson 3. A Sample Trade
* Setting Up An Example
* Opening two Positions
* Initial Changes, 4 Hours Later
* The Next Day, 24 Hours Later
* Candles Can Paint A Story of Wild Activity - 26 Hours Later
* Retraction from a Big Move - 30 Hours Later
* Two Days Later - 48 Hours Later
Analysis and Trading Lessons
Lesson 4. Exchange Rates and Supply and Demand
* Calculations of Exchange Rates
* Supply and Demand
* Actors that Affect Supply and Demand
* Central Banks
Lesson 5. Central Banks and Interest Rates
* The Role of Central Banks
* Market Reactions to Central Banks – FOMC Example
* FOMC Example Continued
* Central Banks You Need to Know
Lesson 6. Fundamental Analysis
* What are Fundamental Factors?
* Reaction of the Forex Market to a Fundamental Release
* Macroeconomic Indicators
* Inflation and Inflation Indicators
* Employment Indicators
Lesson 7. Technical Analysis
* Chart Types
* Trends
* Concept of Support and Resistance
* Trend Reversal Patterns
* More Reversal Patterns - Various Tops and Bottoms
* Continuation Patterns
* More Continuation Patterns
Lesson 8. Risk Management – Creating A Trading Methodology
* Structuring a Plan for Trading
* Risk Management Techniques
* Using Exposure Per Trade in Examples
* Psychology of Trading
* A Trader’s Journal
Progress Meter
0 out of 8 Lessons Completed!
Lesson 5: Central Banks and Exchange Rates
5.3 Market Reactions to Central Banks - FOMC Example
www.cmsfx.comWe will attempt to show how important interest rates are to currency movements by examining price action on the Forex market during a recent central bank tightening campaign. The following example focuses on the EUR/USD pair.
Let’s investigate the implication of the United States Federal Reserve’s interest rate decisions to the value of the US Dollar.
Dollar Gaining
www.cmsfx.com EUR/USD - December 2004 - December 2006:
The Euro started 2005 at a high exchange rate, 1.3500 Dollars per Euro. US interest rates had been hovering at very low rate of 1% prior to this time and the Euro was appreciating. In 2005, on the other hand, there was steady Euro depreciation. The US central bank, the Federal Reserve, continued a campaign, started in July 2005 to gradually raise interest rates from 1%. At every subsequent meeting of the Federal Open Market Committee (FOMC), federal officials increased the base interest rate by .25%. Financial markets reacted to this gradual hiking campaign by favoring and strength ending the Dollar. When 2006 started, the EUR/USD pair traded around 1.2000, a change of 13 cents or 1300 pips. The central bank's actions were a major cause for the Dollar appreciating in 2005.
Trend Reverses
www.cmsfx.com EUR/USD - March 2005 - April 2006:
In December ‘05, at the 1.2000 level, the Euro finds support and begins to gain (second rectangle). At this time investors are speculating that the Fed tightening campaign is likely coming to an end. Similar speculation, and Euro appreciation, happened between July and August ‘05 (first rectangle). In February the Fed’s base rate was raised to 4.50%. Speculation that the Federal Reserve would finally pause after 15 straight rate hikes continued throughout March and the first half of April, creating an upward trend favoring the Euro.
* Home
* >Forex Education
* >Online Forex Course
Table of Contents
Close
Forex Basics Lessons
Lesson 1. Introduction to the Foreign Exchange
* What is Forex?
* Operation
* Aspects of Trading
Lesson 2. How Trading Works and Terminology
* How Forex Trading Works
* Explanation of Margin and Leveraged Trading
* Risk Management
Lesson 3. A Sample Trade
* Setting Up An Example
* Opening two Positions
* Initial Changes, 4 Hours Later
* The Next Day, 24 Hours Later
* Candles Can Paint A Story of Wild Activity - 26 Hours Later
* Retraction from a Big Move - 30 Hours Later
* Two Days Later - 48 Hours Later
Analysis and Trading Lessons
Lesson 4. Exchange Rates and Supply and Demand
* Calculations of Exchange Rates
* Supply and Demand
* Actors that Affect Supply and Demand
* Central Banks
Lesson 5. Central Banks and Interest Rates
* The Role of Central Banks
* Market Reactions to Central Banks – FOMC Example
* FOMC Example Continued
* Central Banks You Need to Know
Lesson 6. Fundamental Analysis
* What are Fundamental Factors?
* Reaction of the Forex Market to a Fundamental Release
* Macroeconomic Indicators
* Inflation and Inflation Indicators
* Employment Indicators
Lesson 7. Technical Analysis
* Chart Types
* Trends
* Concept of Support and Resistance
* Trend Reversal Patterns
* More Reversal Patterns - Various Tops and Bottoms
* Continuation Patterns
* More Continuation Patterns
Lesson 8. Risk Management – Creating A Trading Methodology
* Structuring a Plan for Trading
* Risk Management Techniques
* Using Exposure Per Trade in Examples
* Psychology of Trading
* A Trader’s Journal
Progress Meter
0 out of 8 Lessons Completed!
Lesson 5: Central Banks and Exchange Rates
5.4 FOMC Example Continued
Let's continue examining how the market reacts to changes in the US interest rate outlook. We turn to 2006.
Euro Uptrend Continues
1. On March 28th the Federal Open Market Committee (FOMC) continued their campaign to hike rates by increasing the base rate for the 15th consecutive time by .25% to 4.75%.
Even though the FOMC raised rates, which would favor the currency, the Euro continued climbing against the Dollar. Investors and traders kept up the speculation that the Federal Reserve was ready to end their campaign. The only question was how much further further they would go.
www.cmsfx.com EUR/USD - December 2005 - May 2006
2. On April 14th, Greg Ip, a prominent Wall Street Journal reporter that follows the Federal Reserve closely, wrote that its officials were divided regarding the need for further tightening, fueling investors’ expectations that the base rate would stop at 5%. This news along with other Dollar negative factors (a standoff with Iran over their nuclear ambitions) accelerated Dollar losses for the next four weeks.
www.cmsfx.comThe EUR/USD pair went from trading at 1.2100 to 1.2900 which is a significant 800 pip move that translates to a change of $8,000 dollars for a 1 Lot position. Whether the position gained or lost the 800 pips depends on whether the open position was a buy or sell of the pair.
3. On May 10th, the FOMC met and raised the rate to 5%. In the announcement that accompanied the rate hike the Federal Reserve officials said that “further tightening would depend on incoming economic data”. This statement clouded the intentions of the FOMC for their next meeting, which was scheduled for June 29th. A couple of days later when the pair closed in on 1.3000, it stopped trending and entered a ranging market as investors analyzed what the Federal Reserve would do next.
www.cmsfx.com
Federal Reserve Chairman Moves Markets with Hawkish Talk on Interest Rates
The start of June brought some clarification to investors and traders. The still new Federal Reserve chairman Ben Bernanke, at a speech, said that “recent inflation measures were higher than his comfort zone”. These comments were regarded as highly “hawkish” a term to mean an official that favors higher interest rates. “Dovish” statements are those that favor cutting rates. Bernanke's comments caused the Dollar to immediately strengthen as it seemed that the base rate would not stop at 5%, contradicting the earlier speculation that had built up following the Wall Street Journal news report and analysts predictions.
www.cmsfx.comIn the next 7 trading sessions, the EUR/USD moved from 1.2950 down to 1.2550 a change of 400 pips (or $4,000 for a 1 Lot position). We have already explained what role inflation plays in the considerations of central bank officials.
The Dollar strengthened on the changing US interest rate outlook, touching the older upper (green) trendline we had drawn previously in March/April. From this point, the pair enters another, larger ranging market with price bouncing between 1.2900 and 1.2500. The ranging market developed because investors and traders were unsure about what would happen next since higher inflation readings meant that the FOMC could continue raising rates. If inflation did not pose a problem then the FOMC could pause in their rate hiking campaign.
Now that we have taken you through an example of how central banks impact the Forex market let’s take a closer look at the main central banks.
5.5 - 8 Central Banks You Need to Know
The world’s central banks possess similar forms of operation and structure although their long term goals may vary.
There are eight major central banks within the world economy today:
1. US Federal Reserve Bank (USD)
2. European Central Bank (EUR)
3. Bank of England (GBP)
4. Bank of Japan (JPY)
5. Swiss National Bank (CHF)
6. Bank of Canada (CAD)
7. Reserve Bank of Australia (AUD)
8. Reserve Bank of New Zealand (NZD)
www.cmsfx.com Federal Reserve Bank- United States
The Federal Reserve The most influential bank is the US Federal Reserve Bank because the US dollar is the most heavily traded currency. The Federal Reserve’s Federal Open Markets Committee (FOMC) decides on interest rates and is made up of 7 governors of the Reserve Board and 5 of the 12 district reserve presidents. The Federal Reserve meets 8 times a year and its key official is Ben Bernanke, the chairman of the Federal Reserve. Twelve regional Federal Reserve Banks were created so that the economic operations of the United States can be monitored efficiently.
The FOMC committee meets about every six weeks. The FOMC is comprised of members from the Federal Reserve Board that are both appointed and approved through joint efforts of the President, Congress and regional Federal Reserve Bank presidents. The decisions made by the FOMC are closely watched by investors both within and outside of the US because it gives traders an idea of the economic sentiment, which can be used to predict possible interest rate movements.
www.cmsfx.com The European Central Bank
European Central Bank The European Central Bank was established after the creation of the Euro in 1998. It oversees the actions of the other member European central banks such as the Banque de France or Ufficio Italiano dei Cambi. The European Central Bank has a group similar to the Federal Open Markets Committee that helps decide on the changes that may need to be made to monetary policy. The committee is known as the Governing Council and is comprised of 6 members of the executive board of the European Central Bank in addition to all the governors of the national central banks from the countries which use the Euro. The Governing Council meets twice a week but only changes policy at 11 of these meetings. The key official associated with the Governing Council is Jean-Claude Trichet, who is the President of European Central Bank.
www.cmsfx.com The Bank of England
Bank of EnglandThe Bank of England consists of a committee known as the Monetary Policy Committee. It is comprised of 9 members, which include a governor, 2 deputy governors, 2 executive directors and 4 outside experts. The main official associated with the Bank of England is a man by the name of Mervyn King who is the governor of the Bank of England. The Monetary Policy Committee meets once every month in order to discuss any policy changes.
www.cmsfx.com The Bank of Japan
Bank of Japan The Bank of Japan also has a committee that consists of the Bank of Japan governor, two deputy governors along with 6 other members.
It meets once or twice a month and the key official associated with the Bank of Japan is Toshihiko Fukui who is the governor of the Bank of Japan.
www.cmsfx.com The Swiss National Bank
Swiss BankThe Swiss National Bank has a very small committee that consists of just 3 people and is typically more conservative as far as interest rate movements are concerned.
The committee meets quarterly and the key official associated with the Swiss Bank is Jean-Pierre Roth who is the Chairman of the Swiss National Bank.
The Royal Bank of Canada
The Bank of Canada also has a committee which is known as the governing council. The governing council consists of the governor of the Bank of Canada, the senior deputy governor and four deputy governors. The committee meets about 8 times a year and the key official associated with the bank is David Dodge, who is the governor of the Bank of Canada.
The Reserve Bank of Australia
The Reserve Bank of Australia consists of a monetary policy committee which contains a central bank governor, deputy governor, the secretary to the treasurer and 6 independent members appointed by the government. The committee meets about eleven times a year and the key official for the Reserve Bank is Ian Macfarlane, who is the Governor of the Reserve Bank of Australia.
The National Bank of New Zealand
Finally, the National Bank of New Zealand unlike all the other banks has no committee. In fact, all the power of monetary policy lies in the hands of one individual: the central bank governor. The decision is made about 8 times a year by Alan Bollard who is the governor.
6.1 What are Fundamental Factors?
www.cmsfx.comIn the currency market, there exist two basic types of analysis: fundamental analysis and technical analysis. Technical analysis will be discussed in the next lesson. Fundamental analysis gauges the intrinsic value of a country's economy, and judging on its expected future performance, positions are opened to take advantage of the anticipated trends in the currency market.
Fundamental Factors
News that has an impact on the economy both directly and indirectly is considered a fundamental factor. These fundamentals are separated into three major categories: economic factors, financial factors, and political factors which include crises.
Economic and financial factors have the biggest impact on currencies movements. The reason that economic and financial data releases are watched is the uncertainty concerning the release's outcome or results. The fundamental reports are kept under strict secrecy up to the time of the actual occurrence. Central banks, for example, change the discount rate confidentially and even though the markets closely watch these events, sometimes the outcomes do not coincide with the predictions. The deciding factor in whether a fundamental release will have an effect on the currency market is how closely the actual results come to economists' predictions. If the fundamental release matches predictions then it should have already been "priced in" to the market beforehand. However, if the release strays from the anticipated numbers, then it will have a bigger impact on the market.
The dates and times of economic data release are well known and are anticipated by the market. There are many resources available on the Internet concerning financial, and economic indicators. CMS provides an Economic Calendar for the dates of critical fundamental announcements and events.
Political factors can include elections, high level talks, and crises. Some political factors, such as a presidential election or a G-7 meeting are scheduled beforehand and can be anticipated. A political crisis such as a nuclear test by a rouge nation such as N. Korea, or a terrorist attack such as 9/11 can have dramatic effects on the currency markets and are almost impossible to predict. However, only big political events that can affect the patterns of trade or working of an economy or group of economies will have an effect on the financial markets.
Next we will look at an example of a fundamental release and a political crisis.
* Home
* >Forex Education
* >Online Forex Course
Table of Contents
Close
Forex Basics Lessons
Lesson 1. Introduction to the Foreign Exchange
* What is Forex?
* Operation
* Aspects of Trading
Lesson 2. How Trading Works and Terminology
* How Forex Trading Works
* Explanation of Margin and Leveraged Trading
* Risk Management
Lesson 3. A Sample Trade
* Setting Up An Example
* Opening two Positions
* Initial Changes, 4 Hours Later
* The Next Day, 24 Hours Later
* Candles Can Paint A Story of Wild Activity - 26 Hours Later
* Retraction from a Big Move - 30 Hours Later
* Two Days Later - 48 Hours Later
Analysis and Trading Lessons
Lesson 4. Exchange Rates and Supply and Demand
* Calculations of Exchange Rates
* Supply and Demand
* Actors that Affect Supply and Demand
* Central Banks
Lesson 5. Central Banks and Interest Rates
* The Role of Central Banks
* Market Reactions to Central Banks – FOMC Example
* FOMC Example Continued
* Central Banks You Need to Know
Lesson 6. Fundamental Analysis
* What are Fundamental Factors?
* Reaction of the Forex Market to a Fundamental Release
* Macroeconomic Indicators
* Inflation and Inflation Indicators
* Employment Indicators
Lesson 7. Technical Analysis
* Chart Types
* Trends
* Concept of Support and Resistance
* Trend Reversal Patterns
* More Reversal Patterns - Various Tops and Bottoms
* Continuation Patterns
* More Continuation Patterns
Lesson 8. Risk Management – Creating A Trading Methodology
* Structuring a Plan for Trading
* Risk Management Techniques
* Using Exposure Per Trade in Examples
* Psychology of Trading
* A Trader’s Journal
Progress Meter
1 out of 8 Lessons Completed!
Lesson 6: Fundamental Analysis
6.2 Reaction of the Forex Market to a Fundamental Release
Lets take one through an example of how to use a fundamental data release to trade Forex. Then we will show an example of a political crisis.
Release of a Fundamental Indicator (Non-Farm Employment Change)
On November 3rd, 2006, the United States Department of Labor released a monthly report called the Non Farm Payroll. This fundamental indicator (the term for a report or release) measures the change in employment in the United States for the previous month, excluding the farming sector.
www.cmsfx.com For this release the figures came in above expectations of economists. As a result the Dollar strengthened that day as the data suggested that the labor sector of the US economy was doing better than expected.
As you can see, on November 3rd, there was a huge surge as price moved downward from around 1.2770 to 1.2680, a move of 90 points, or "pips" in forex lingo. There aren't any other candles in the surrounding time period where price moves as much as the 30 minutes after the release of the Non Farm Employment data.
A Political Crisis
www.cmsfx.com
Nukes This chart shows the reaction of the currency market to a geopolitical crisis. In this crisis, North Korea detonated a nuclear weapon in a test of their nuclear capabilities. How a particular currency will respond to geopolitical dangers depends on many factors. Here, the Japanese Yen suffers because it is a neighbor of North Korea and because the two countries have tense relations they are opposed to each other militarily. Obviously, any attack by North Korea on Japan would damage the Japanese economy. When traders got wind of these developments on Friday, October 6th, they sold the Yen and bought the Dollar. The price changed around 100 pips, meaning the amount of Yen you needed to get one Dollar went up from 117.90 to 118.90. Or, in other words it now cost one more Yen to buy a US Dollar.
Safe Haven
www.cmsfx.comSince a nuclear test by North Korea is very Yen negative, the Dollar would do better since it's the opposite currency in this particular pair. The Yen's weakness withstanding, the Dollar would have still gained on this geopolitical event because it is considered a "safe haven" currency. During times of danger, investors will move their money out of riskier investments and put them into more stable ones. Since the US is the sole superpower left in the world, it naturally attracts those investors that want to park their money in a safer economy.
www.cmsfx.comThe US's "safe haven" status doesn't always work in times of danger in the world. If there is a geopolitical event that directly affects the United States, such as a terrorist attack, or something less immediate, such as military posturing against a state like Iran investors might sell the Dollar. Traders would be worried that the threats might come to action and there would be a war between the two countries. A war with Iran weakens the Dollar because the US economy is so tied to the oil market, of which a large proportion travels through the Persian Gulf. A military engagement against Iran would disrupt oil deliveries and cause hardship for the American economy in other ways. So, as we mentioned before, there are many factors to consider during a political crisis to see what effect it will have on a particular currency.
© 2011 Capital Market Services, LLC. All rights reserved. Privacy Policy and Risk Disclosure
Selasa, 11 Oktober 2011
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Biggest market in Makassar catches fire
The Makassar Mall, the largest market in South Sulawesi, has been alight since Monday evening.
At the time of writing Tuesday morning, the flames were still consuming most kiosks located in the four-story market.
The Jakarta Post observed that most shop owners failed to salvage their merchandise as the blaze spread quickly.
Muliati, 34, a clothes store owner, said she lost all her goods.
“I couldn't save any of my goods, which are worth around a Rp 400 million total,” she said, adding that she had just purchased new stock.
The market, which has been operational since 1993, is the largest market in the province. It comprises 2,500 kiosks, mostly selling clothes and garments.
Eyewitnesses said the fire was first seen coming from the second story at the north end of the market at 11:30 p.m. local time. Officers and security guards attempted to douse the blaze but to no avail.
The city fire brigade has deployed 20 fire engines to extinguish the fire. Combustible material and narrow alleys have made the firefighting effort difficult.
No fatalities or injuries were reported in the incident.
Minggu, 07 Agustus 2011
Debt Ceiling Crisis: Putting Things Into Perspective
Home
Economy Headlines
S&P Downgrade Sets Off Alarm Bells in Europe
S&P Downgrade: Does It Portend a Death Spiral?
U.S. Credit Rating Still at Risk
Debt Ceiling Crisis: Putting Things Into Perspective
Obama Announces New Fuel Economy Standards
George Soros Quits Quantum Fund
Congress The compromise bill that emerged Sunday night from behind closed doors is being loudly trumpeted in an attempt to persuade recalcitrant conservatives in both houses to vote for something — anything — in time to avoid the August 2 deadline.
A careful analysis of the ultimate compromise bill yields some important conclusions. First of all, there is nothing in the law or statutes that states categorically that the nation will default if the August 2 deadline isn’t met. This is merely a “best estimate” by Treasury Secretary Timothy Geithner as to when he will run out of options to continuing paying the government’s bills by “borrowing” from various pots of money such as the federal government employees’ retirement plan. If he is able to do that, it’s unclear why he would run out of other options automatically on the 2nd.
Second, a default is different from a debt ceiling. A debt ceiling prohibits the government from continuing to borrow to pay its bills. It’s similar to maxing out the family credit card. The family’s “debt ceiling” has been reached. On the other hand, a default is making a late payment or not making one at all. With the government’s income estimated to be about $200 billion in August, any default on any of the national debt would be a decision and not a necessity, because the debt service in August is estimated to be only about $30 billion. Any decision not to pay the interest on the national debt, or not to make Social Security payments, would come from the White House. And so, if there is a default, or a delay, that would come directly from President Obama and would not be as a result of the debt ceiling. It would be a political decision made by the President himself.
Next, the more closely one looks at the compromise bill, the more one is persuaded that it will make scarcely a dent in the rapidly rising national debt. The measure appears to raise the debt limit immediately by an amount large enough to pay the government’s bills until after the election, thus avoiding the necessity of reopening the debt ceiling discussion again with the attendant political damage Obama would otherwise suffer during the election. The legislation also makes the same ephemeral promises to cut government spending, all dressed up to look substantial, but taking place toward the end of the decade, and including such fiscal sleights-of-hand as counting the potential winding down of the wars in Iraq and Afghanistan as cuts. There is also included the inevitable bipartisan committee to determine what further cuts can be made to the budget, with their recommendations coming in November, and likely to have the same lasting impact of the previous committee recommendations that have so far been successfully ignored by both Republicans and Democrats. And in case any of those recommendations gain traction and actually make their way into a bill that reaches the President's desk, he will likely veto it.
Most important, however, is that if all of these magical “pixie dust” cuts actually took place, the national debt would still skyrocket, or, as Senator Rand Paul recently pointed out, there would be no change in the “trajectory” of government spending.
A review of the Congressional Budget Office’s “baseline” projections of the national debt, published in January, is sobering. The report states that “if current laws remain unchanged … and tax and spending policies unfold as specified in current law, [then] by the end of 2021, [the national debt] is projected to climb to $18 trillion.” But
[t]he baseline projections understate the budget deficits that would arise if many policies currently in place were extended [such as the Bush tax cuts] rather than allowed to expire. [Emphasis added.]
[If those policies were not extended], the budget deficit would be about double the baseline projection. [Emphasis added.]
In other words, the CBO’s projections of the country’s national debt by the year 2021 are so gigantic, approaching possibly $30 or $40 trillion, that the entire present discussion about cutting government spending is fraudulent, deceitful, and a complete waste of time.
There are, however, voices of reason and good sense emanating from some members of Congress who haven’t been hoodwinked into thinking they are doing something substantial, including longtime big-government foe, Rep. Ron Paul (R-Texas). In his address to the House last Friday, Ron Paul noted that the Boehner bill was a sham and a fraud from the beginning:
This evening Congress is [being] asked to vote for a bill that claims to reduce spending in the future, thereby accepting the fiction that legislation passed today somehow can control Congress in the future…
The claim that spending cuts in this bill equal the amount by which it increases the debt ceiling also is mistaken…[because] that cut is phased in over ten years. [This] ignores the time value of money, not to mention the inevitable erosion of the purchasing power of the U.S. dollar…
This bill merely reduces future spending increases…
It sends a terrible message to [the] bond markets. It signals those markets that Washington intends to continue borrowing and spending as usual, and it is precisely this lack of serious austerity planning that will drive interest rates higher. Unless we act now to control spending, potential purchasers of our bond debt will soon demand a much higher premium to offset the very obvious risk that they will be repaid in highly depreciated dollars.
The same concerns were iterated by his son, Senator Rand Paul (R-Ky.) during an interview with Greta Van Susteren on Fox News when she asked him how he would vote on the debt ceiling bill.:
Paul: I can’t vote for any plan that doesn’t balance [the budget].
Van Susteren: No balanced budget amendment?
Paul: No, that doesn’t balance. His plan will never balance. In 10, 20 years, there isn’t a significant change in policy that will ever balance the budget. So I can’t vote for any plan that doesn’t balance. [Furthermore] under the Boehner plan [in 10 years the national debt] will be $21 trillion. It is too much. It doesn’t change the trajectory we are on.
Van Susteren: I guess you don’t like the Senator Reid plan coming out of the Senate?
Paul: My litmus test for raising the debt ceiling [is] we have to significantly change what we are doing. I don’t think we are to be trusted with more money. Somebody who spends unwisely shouldn’t be given more money…
Van Susteren: Are you a spoiler..?
Paul: Actually we have been…
Van Susteren: If you don’t have the numbers to win in the U.S. Senate, you are going to walk away with zilch, other than principle…
Paul: Right. I think that is important.
In an editorial in the Washington Post, Tea Party Nation founder Judson Phillips asked,
Why is the Tea Party intransigent on the debt ceiling? Why is the Tea Party pushing congressional Republicans so hard that we have a crisis?
The Tea Party understands what so many in Washington seem to have forgotten: We do not have a debt crisis. We have a spending crisis. There is only one way you get to a debt crisis — you spend too much money…
The Tea Party movement understands that if we allow Congress to borrow more money or raise taxes, all we are doing is funding the endless expansion of government…
We in the Tea Party understand a basic concept: when you are in a hole, quit digging…
At some point, this will end. American cannot keep borrowing money it does not have. There is a common fate for those who spend too much money. If you doubt that, visit a bankruptcy court sometime.
The editorial in this weekend’s Investors Business Daily makes a very important point:
[The Tea Party] is one of the most formidable grassroots movements in American history. What they stand for is right, and would make our Founding Fathers proud. And they’ve demonstrated that they’re the real deal, not shills for those who are a little right of center within the Republican party.
They should take pride in realizing that because of their movement, real spending reform is indeed politically possible — just not this year…
As Sun Tzu advised: “He who knows when he can fight and when he cannot will be victorious.” For the Tea Party, now is the time to lock and load and wait till next year.
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Economy Headlines
S&P Downgrade Sets Off Alarm Bells in Europe
S&P Downgrade: Does It Portend a Death Spiral?
U.S. Credit Rating Still at Risk
Debt Ceiling Crisis: Putting Things Into Perspective
Obama Announces New Fuel Economy Standards
George Soros Quits Quantum Fund
Congress The compromise bill that emerged Sunday night from behind closed doors is being loudly trumpeted in an attempt to persuade recalcitrant conservatives in both houses to vote for something — anything — in time to avoid the August 2 deadline.
A careful analysis of the ultimate compromise bill yields some important conclusions. First of all, there is nothing in the law or statutes that states categorically that the nation will default if the August 2 deadline isn’t met. This is merely a “best estimate” by Treasury Secretary Timothy Geithner as to when he will run out of options to continuing paying the government’s bills by “borrowing” from various pots of money such as the federal government employees’ retirement plan. If he is able to do that, it’s unclear why he would run out of other options automatically on the 2nd.
Second, a default is different from a debt ceiling. A debt ceiling prohibits the government from continuing to borrow to pay its bills. It’s similar to maxing out the family credit card. The family’s “debt ceiling” has been reached. On the other hand, a default is making a late payment or not making one at all. With the government’s income estimated to be about $200 billion in August, any default on any of the national debt would be a decision and not a necessity, because the debt service in August is estimated to be only about $30 billion. Any decision not to pay the interest on the national debt, or not to make Social Security payments, would come from the White House. And so, if there is a default, or a delay, that would come directly from President Obama and would not be as a result of the debt ceiling. It would be a political decision made by the President himself.
Next, the more closely one looks at the compromise bill, the more one is persuaded that it will make scarcely a dent in the rapidly rising national debt. The measure appears to raise the debt limit immediately by an amount large enough to pay the government’s bills until after the election, thus avoiding the necessity of reopening the debt ceiling discussion again with the attendant political damage Obama would otherwise suffer during the election. The legislation also makes the same ephemeral promises to cut government spending, all dressed up to look substantial, but taking place toward the end of the decade, and including such fiscal sleights-of-hand as counting the potential winding down of the wars in Iraq and Afghanistan as cuts. There is also included the inevitable bipartisan committee to determine what further cuts can be made to the budget, with their recommendations coming in November, and likely to have the same lasting impact of the previous committee recommendations that have so far been successfully ignored by both Republicans and Democrats. And in case any of those recommendations gain traction and actually make their way into a bill that reaches the President's desk, he will likely veto it.
Most important, however, is that if all of these magical “pixie dust” cuts actually took place, the national debt would still skyrocket, or, as Senator Rand Paul recently pointed out, there would be no change in the “trajectory” of government spending.
A review of the Congressional Budget Office’s “baseline” projections of the national debt, published in January, is sobering. The report states that “if current laws remain unchanged … and tax and spending policies unfold as specified in current law, [then] by the end of 2021, [the national debt] is projected to climb to $18 trillion.” But
[t]he baseline projections understate the budget deficits that would arise if many policies currently in place were extended [such as the Bush tax cuts] rather than allowed to expire. [Emphasis added.]
[If those policies were not extended], the budget deficit would be about double the baseline projection. [Emphasis added.]
In other words, the CBO’s projections of the country’s national debt by the year 2021 are so gigantic, approaching possibly $30 or $40 trillion, that the entire present discussion about cutting government spending is fraudulent, deceitful, and a complete waste of time.
There are, however, voices of reason and good sense emanating from some members of Congress who haven’t been hoodwinked into thinking they are doing something substantial, including longtime big-government foe, Rep. Ron Paul (R-Texas). In his address to the House last Friday, Ron Paul noted that the Boehner bill was a sham and a fraud from the beginning:
This evening Congress is [being] asked to vote for a bill that claims to reduce spending in the future, thereby accepting the fiction that legislation passed today somehow can control Congress in the future…
The claim that spending cuts in this bill equal the amount by which it increases the debt ceiling also is mistaken…[because] that cut is phased in over ten years. [This] ignores the time value of money, not to mention the inevitable erosion of the purchasing power of the U.S. dollar…
This bill merely reduces future spending increases…
It sends a terrible message to [the] bond markets. It signals those markets that Washington intends to continue borrowing and spending as usual, and it is precisely this lack of serious austerity planning that will drive interest rates higher. Unless we act now to control spending, potential purchasers of our bond debt will soon demand a much higher premium to offset the very obvious risk that they will be repaid in highly depreciated dollars.
The same concerns were iterated by his son, Senator Rand Paul (R-Ky.) during an interview with Greta Van Susteren on Fox News when she asked him how he would vote on the debt ceiling bill.:
Paul: I can’t vote for any plan that doesn’t balance [the budget].
Van Susteren: No balanced budget amendment?
Paul: No, that doesn’t balance. His plan will never balance. In 10, 20 years, there isn’t a significant change in policy that will ever balance the budget. So I can’t vote for any plan that doesn’t balance. [Furthermore] under the Boehner plan [in 10 years the national debt] will be $21 trillion. It is too much. It doesn’t change the trajectory we are on.
Van Susteren: I guess you don’t like the Senator Reid plan coming out of the Senate?
Paul: My litmus test for raising the debt ceiling [is] we have to significantly change what we are doing. I don’t think we are to be trusted with more money. Somebody who spends unwisely shouldn’t be given more money…
Van Susteren: Are you a spoiler..?
Paul: Actually we have been…
Van Susteren: If you don’t have the numbers to win in the U.S. Senate, you are going to walk away with zilch, other than principle…
Paul: Right. I think that is important.
In an editorial in the Washington Post, Tea Party Nation founder Judson Phillips asked,
Why is the Tea Party intransigent on the debt ceiling? Why is the Tea Party pushing congressional Republicans so hard that we have a crisis?
The Tea Party understands what so many in Washington seem to have forgotten: We do not have a debt crisis. We have a spending crisis. There is only one way you get to a debt crisis — you spend too much money…
The Tea Party movement understands that if we allow Congress to borrow more money or raise taxes, all we are doing is funding the endless expansion of government…
We in the Tea Party understand a basic concept: when you are in a hole, quit digging…
At some point, this will end. American cannot keep borrowing money it does not have. There is a common fate for those who spend too much money. If you doubt that, visit a bankruptcy court sometime.
The editorial in this weekend’s Investors Business Daily makes a very important point:
[The Tea Party] is one of the most formidable grassroots movements in American history. What they stand for is right, and would make our Founding Fathers proud. And they’ve demonstrated that they’re the real deal, not shills for those who are a little right of center within the Republican party.
They should take pride in realizing that because of their movement, real spending reform is indeed politically possible — just not this year…
As Sun Tzu advised: “He who knows when he can fight and when he cannot will be victorious.” For the Tea Party, now is the time to lock and load and wait till next year.
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Rabu, 29 Juni 2011
LA Area Malls and Shopping Centers
Beverly Center in Los Angeles
Beverly Center in Los Angeles
West LA and Beverly Hills, including Beverly Center Shopping Mall, Rodeo Drive, Two Rodeo, Century City Shopping Center and Westside Pavilion.
Hollywood and nearby, including Hollywood & Highland, Universal CityWalk, Melrose Avenue and Robertson Boulevard Shopping District in West Hollywood.
Downtown and nearby, including California Market Center, LA Fashion District, Santee Alley, Cooper Design Space, Grand Central Market, LA Flower District, Little Tokyo District, Olvera Street, Citadel Factory Outlet.
Mid Wilshire and nearby, including The Grove, Original Farmers Market, West Third Street, Koreatown Galleria and Koreatown Plaza.
Santa Monica and nearby, including Third Street Promenade, Santa Monica Place, Montana Avenue, Main Street Santa Monica, Venice Beach Boardwalk, Malibu Country Mart.
South Bay / Redondo Beach, including Del Amo Fashion Center, Manhattan Village Mall, South Bay Galleria, Plaza El Segundo, South Bay Pavilion.
Burbank / Pasadena and Inland Empire, including Americana at Brand, Burbank Town Center, Downtown Burbank, Glendale Galleria, Old Town Pasadena, Paseo Colorado, Santa Anita Fashion Centre, Victoria Gardens.
LAX area, including Howard Hughes Promenade, Fox Hills Mall, Helms Furniture District.
San Fernando Valley, including Northridge Fashion Center, Panorama Mall, Sherman Oaks Galleria, Topanga Shopping Center, Sherman Oaks Fashion Square.
Los Angeles Shopping Malls
Santa Monica Place
Long Beach and nearby, including Lakewood Center, Long Beach CityPlace, Shoreline Village, Ports O' Call Village, Los Cerritos Center, Westminster Mall.
Disneyland / Anaheim and nearby, including Downtown Disney, Knott's California MarketPlace, Buena Park Downtown, Cola Corner, Anaheim Gardenwalk.
Orange County and nearby, including The Block at Orange, Brea Mall, The Market Place, Fashion Island, Irvine Spectrum Center, South Coast Plaza.
Away from LA, including The Oaks Mall in Thousand Oaks, Valencia Town Center, Lake Arrowhead Village, Ontario Mills.
More Shopping Pages
Original Farmer's Market in Los Angeles
Original Farmer's Market
Bargains LA - A list of stores where you can find items for low prices.
Factory Outlets - Stores where retail chains often offer discounts on items from previous seasons.
Farmers Markets in or near Los Angeles - There are dozens of Farmers Market venues in the LA area, including the Original Farmers Market. Follow the link to find a comprehensive list of local farmers markets.
Where the Stars Shop - Seeing-Stars reveals some of the special places where Hollywood stars go to shop.
Short links to this page: http://LAtourist.com/shopping -or- http://inLA.us/shopping
Los Angeles Travel website divider
Los Angeles Travel website divider
LAtourist © 1999-2011 Z-Drive Computer Service
Z-Drive Computer Service, Los Angeles, California, U.S.A.
Privacy Policy / Terms of Use
Beverly Center in Los Angeles
West LA and Beverly Hills, including Beverly Center Shopping Mall, Rodeo Drive, Two Rodeo, Century City Shopping Center and Westside Pavilion.
Hollywood and nearby, including Hollywood & Highland, Universal CityWalk, Melrose Avenue and Robertson Boulevard Shopping District in West Hollywood.
Downtown and nearby, including California Market Center, LA Fashion District, Santee Alley, Cooper Design Space, Grand Central Market, LA Flower District, Little Tokyo District, Olvera Street, Citadel Factory Outlet.
Mid Wilshire and nearby, including The Grove, Original Farmers Market, West Third Street, Koreatown Galleria and Koreatown Plaza.
Santa Monica and nearby, including Third Street Promenade, Santa Monica Place, Montana Avenue, Main Street Santa Monica, Venice Beach Boardwalk, Malibu Country Mart.
South Bay / Redondo Beach, including Del Amo Fashion Center, Manhattan Village Mall, South Bay Galleria, Plaza El Segundo, South Bay Pavilion.
Burbank / Pasadena and Inland Empire, including Americana at Brand, Burbank Town Center, Downtown Burbank, Glendale Galleria, Old Town Pasadena, Paseo Colorado, Santa Anita Fashion Centre, Victoria Gardens.
LAX area, including Howard Hughes Promenade, Fox Hills Mall, Helms Furniture District.
San Fernando Valley, including Northridge Fashion Center, Panorama Mall, Sherman Oaks Galleria, Topanga Shopping Center, Sherman Oaks Fashion Square.
Los Angeles Shopping Malls
Santa Monica Place
Long Beach and nearby, including Lakewood Center, Long Beach CityPlace, Shoreline Village, Ports O' Call Village, Los Cerritos Center, Westminster Mall.
Disneyland / Anaheim and nearby, including Downtown Disney, Knott's California MarketPlace, Buena Park Downtown, Cola Corner, Anaheim Gardenwalk.
Orange County and nearby, including The Block at Orange, Brea Mall, The Market Place, Fashion Island, Irvine Spectrum Center, South Coast Plaza.
Away from LA, including The Oaks Mall in Thousand Oaks, Valencia Town Center, Lake Arrowhead Village, Ontario Mills.
More Shopping Pages
Original Farmer's Market in Los Angeles
Original Farmer's Market
Bargains LA - A list of stores where you can find items for low prices.
Factory Outlets - Stores where retail chains often offer discounts on items from previous seasons.
Farmers Markets in or near Los Angeles - There are dozens of Farmers Market venues in the LA area, including the Original Farmers Market. Follow the link to find a comprehensive list of local farmers markets.
Where the Stars Shop - Seeing-Stars reveals some of the special places where Hollywood stars go to shop.
Short links to this page: http://LAtourist.com/shopping -or- http://inLA.us/shopping
Los Angeles Travel website divider
Los Angeles Travel website divider
LAtourist © 1999-2011 Z-Drive Computer Service
Z-Drive Computer Service, Los Angeles, California, U.S.A.
Privacy Policy / Terms of Use
Minggu, 26 Juni 2011
Bookkeeper Charged With Stealing from Alderbrook
Written by Dedrick Allan Saturday, 25 June 2011 07:28
A Belfair woman has been charged with stealing approximately $190,000 from Alderbrook Resort and Spa. 42-year-old Candace L. Ralston remains in Mason County Jail after being charged with three counts of first-degree theft and one count of forgery. Investigators believe Ralston took the money from the resort's cash deposit system while working as an accounting assistant and accounting manager between November 2009 and April 2011. An accounting firm that looked at Alderbrook's books told Mason County sheriff's detectives that Ralston took most of the money from the resort's cash deposit system, and she reconciled the books by creating a "gift cards payable" line to cover for the thefts. She also had printed checks, signed by the resort's human resources manager, that she was later able to transfer into her personal account and forged the human resources manager's signature on a check to pay for a time share vacation in Mexico. Ralston was arrested June 7 and her bail has been set at $250,000.
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A Belfair woman has been charged with stealing approximately $190,000 from Alderbrook Resort and Spa. 42-year-old Candace L. Ralston remains in Mason County Jail after being charged with three counts of first-degree theft and one count of forgery. Investigators believe Ralston took the money from the resort's cash deposit system while working as an accounting assistant and accounting manager between November 2009 and April 2011. An accounting firm that looked at Alderbrook's books told Mason County sheriff's detectives that Ralston took most of the money from the resort's cash deposit system, and she reconciled the books by creating a "gift cards payable" line to cover for the thefts. She also had printed checks, signed by the resort's human resources manager, that she was later able to transfer into her personal account and forged the human resources manager's signature on a check to pay for a time share vacation in Mexico. Ralston was arrested June 7 and her bail has been set at $250,000.
< Prev Next >
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©2011 Olympic Broadcast and Media - All Rights Reserved Site Design and Hosting by i1 mediaworks
Kamis, 06 Januari 2011
http://www.referenceforbusiness.com
Reference for Business
Encyclopedia of Business, 2nd ed.
Reference for Business » Encyclopedia of Business, 2nd ed. » Assem-Braz » Auditing
AUDITING
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The American Accounting Association defines auditing as a systematic process of objectively obtaining and evaluating the accounts or financial records of a governmental, business, or other entity based on established criteria. While auditing focuses largely on financial information, the process also may involve examination of nonfinancial documents that reveal information about a business's conduct. Handled by a trained accountant, an audit and the auditor's report provide additional assurance to users of financial statements that the information presented in financial statements is accurate, and can help companies assess their performance and their compliance with applicable regulations.
TYPES OF AUDITORS
There are three types of auditors: internal, governmental, and external (i.e., independent auditors or certified public accountants). Internal auditors are employees of the organization whose activities are being examined and evaluated during an independent audit. The primary purposes of internal auditing are to review and assess a company's policies, procedures, and records and to review and assess a company's performance given its plans, policies, and procedures. Therefore, internal auditors review financial records and accounting systems, assess compliance with company policies, evaluate the efficiency of company operations, and assess the attainment of company goals.
Governmental auditors include accountants employed by the U.S. General Accounting Office (GAO). The GAO serves as the accounting and auditing branch of Congress. These governmental accountants perform accounting and auditing tasks for the entire federal government. In addition, most states have their own accounting and auditing agencies, which resemble the GAO. Because the GAO and its state counterparts are separate agencies from the departments and agencies they audit, they are similar to external auditors. Consequently, federal and state departments and agencies often have their own internal auditors, who provide internal auditing services similar to those described above. Moreover, GAO auditing largely has the same focus as internal auditing: examining financial records, assessing compliance with laws and regulations, reviewing efficiency of operations, and evaluating the achievement of objectives.
In contrast, the independent auditor is not an employee of the organization being audited or an employee of the government. He or she performs an examination with the objective of issuing a report containing an opinion on a client's financial statements. The attest function of external auditing refers to the auditor's expression of an opinion on a company's financial statements. Generally, the criteria for judging an auditor's financial statements are generally accepted accounting principles. The typical independent audit leads to an attestation regarding the fairness and dependability of the statements. This is communicated to the officials of the audited entity in the form of a written report accompanying the statements.
Investors and lenders are the primary users of financial statements and they rely on financial statements to make decisions such as whether to buy stocks or bonds, lend money, and extend credit. By conducting audits, external auditors make financial statements consistent and meaningful. To assess a company's position accurately, investors and lenders need credible financial information on a company's sales, profits, debt, value, and so forth. Companies usually have their own accountants and managers prepare their financial information, which could bring about a conflict of interest. Hence, users of financial statements demand the services of independent auditors to verify the accuracy of company information and lend credibility to the financial information, which is called attestation. Since individual users cannot verify information contained in financial statements, auditing by external accountants reduces the number of mistakes in financial statements and prevents companies from issuing fraudulent statements. In addition, the Auditing Standards Board in 1997 issued its statement "Consideration of Fraud in a Financial Statement Audit," which requires greater effort on the part of external auditors to ensure that financial statements are free from fraud and misstatements.
TYPES OF AUDITS
Major types of audits conducted by external auditors include the financial statements audit, the operational audit, and the compliance audit. A financial statement audit (or attest audit) examines financial statements, records, and related operations to ascertain adherence to generally accepted accounting principles, meaning that the audit determines whether companies have followed the financial reporting standards given by various sanctioning boards such as the Financial Accounting Standards Board. An operational audit examines an organization's activities in order to assess performances and develop recommendations for improved use of business resources. A compliance audit has as its objective the determination of whether an organization is following established procedures or rules. Auditors also perform statutory audits, which are performed to comply with the requirements of a governing body, such as a federal, state, or city government or agency.
Internal auditors also perform financial statement audits, operational audits (which are also referred to as performance auditing and management auditing), and compliance audits, although their audits have a different scope and their reports a different purpose. Because of the potential for conflicts of interest, internal auditors perform financial statement audits for internal use only. Nevertheless, much of the work internal auditors do is similar to the work external auditors do, except that it is not intended for external use. In addition, an operational audit involves reviewing an organization's activities to evaluate performance, attainment of business goals, and efficient use of resources. Internal auditors also perform compliance audits to ensure conformity with company policies as well as with applicable government laws and regulations. Even though internal auditors are employees of the companies they audit, they nevertheless strive for independence insofar as possible.
AUDITING STANDARDS
The auditing process is based on standards, concepts, procedures, and reporting practices, primarily imposed by the American Institute of Certified Public Accountants (AICPA). While these standards and procedures constitute the foundation of auditing for all three types of auditors, other organizations such as the Institute of Internal Auditors and the General Accounting Office impose their own standards and procedures, which apply to internal auditing and governmental auditing, respectively. The auditing process relies on evidence, analysis, conventions, and informed professional judgment. General standards are brief statements relating to such matters as training, independence, and professional care. AICPA general standards are:
1. The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor.
2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.
3. Due professional care is to be exercised in the performance of the examination and the preparation of the report.
Standards of fieldwork provide basic planning standards to be followed during audits. AICPA standards of field work are:
1. The work is to be adequately planned and assistants, if any, are to be properly supervised.
2. There is to be a proper study and evaluation of the existing internal control as a basis for reliance thereon and for the determination of the resultant extent to which auditing procedures are to be restricted.
3. Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmation to afford a reasonable basis for an opinion regarding the financial statements under examination.
Standards of reporting outline the required auditing standards relating to the audit report and its contents. AICPA standards of reporting are:
1. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.
2. The report shall state whether such principles have been consistently observed in the current period in relation to the preceding period.
3. Informative disclosures to the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.
4. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefore should be stated. In all cases where an auditor's name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor's examination, if any, and the degree of responsibility he or she is taking.
THE AUDITING PROCESS
Auditors generally conduct audits following four general steps: planning, gathering evidence, evaluating evidence, and issuing a report.
In planning the audit, the auditor develops an audit program that identifies and schedules audit procedures that are to be performed to obtain the evidence. The auditor must be aware of potential problems involved in the auditing process, such as whether company property and debt actually exist or whether company transactions actually took place. In addition, the auditor usually formulates a hypothesis about company financial information at this step, such as "Company financial reports are accurate" or "Company financial reports are inaccurate." Audit evidence is proof obtained to support these hypotheses and ultimately the audit's conclusions.
After the planning is completed, the auditor must collect the evidence necessary to support the audit's conclusions. Evidence-gathering procedures include observation, confirmation, calculations, analysis, inquiry, inspection, and comparison. An audit trail is a chronological record of economic events or transactions that have been experienced by an organization. The audit trail enables an auditor to evaluate the strengths and weaknesses of internal controls, system designs, and company policies and procedures. The auditor must evaluate the initial hypothesis based on the evidence and accept or reject the hypothesis as a result. Finally, the auditor prepares a report based on the findings of the other steps, which involves making a decision about company records and claims and whether the actual evidence supports company records and claims.
AUDIT REPORTS
The independent audit report sets forth the independent auditor's opinion regarding the financial statements. The auditor's opinion indicates whether the financial statements are fairly presented in conformity with generally accepted accounting principles, and applied on a basis consistent with that of the preceding year (or in conformity with some other comprehensive basis of accounting that is appropriate for the entity). A fair presentation of financial statements is generally understood by accountants to refer to whether:
1. The accounting principles used in the statements have general acceptability.
2. The accounting principles are appropriate in the circumstances.
3. The financial statements are prepared so they can be used, understood, and interpreted.
4. The information presented in the financial statements is classified and summarized in a reasonable manner.
5. The financial statements reflect the underlying events and transactions in a way that presents the financial position, results of operations, and cash flows within reasonable and practical limits.
The auditor's unqualified report contains three paragraphs. The introductory paragraph identifies the financial statements audited, states that management is responsible for those statements, and asserts that the auditor is responsible for expressing an opinion on them. The scope paragraph describes what the auditor has done and specifically states that the auditor has examined the financial statements in accordance with generally accepted auditing standards and has performed appropriate tests. The opinion paragraph expresses the auditor's opinion on whether the statements are in accordance with generally accepted accounting principles.
Various audit opinions are defined by the AICPA's Auditing Standards Board as follows:
1. Unqualified opinion: An unqualified opinion states that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the business in conformity with generally accepted accounting principles.
2. Explanatory language added to the auditor's standard report: Circumstances may require that the auditor add an explanatory paragraph (or other explanatory language) to the report.
3. Qualified opinion: A qualified opinion states that, except for the effects of the matter(s) to which the qualification relates, the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the business in conformity with generally accepted accounting principles.
4. Adverse opinion: An adverse opinion states that the financial statements do not represent fairly the financial position, results of operations, or cash flows of the business in conformity with generally accepted accounting principles.
5. Disclaimer of opinion: A disclaimer of opinion states that the auditor does not express an opinion on the financial statements.
The fair presentation of financial statements does not mean that the statements are fraud-proof. The independent auditor has the responsibility to search for errors or irregularities within the recognized limitations of the auditing process. An auditor is subject to risks that material errors or irregularities, if they exist, will not be detected.
Investors should examine the auditor's report for citations of problems such as debt-agreement violations or unresolved lawsuits." Going concern" ' references can suggest that the company may not be able to survive as a functioning operation. If an "except for" statement appears in the report the investor should understand that there are certain problems or departures from generally accepted accounting principles in the statements that question whether the statements present fairly the company's financial statements and that will require the company to resolve the problem or somehow make the accounting treatment acceptable.
In contrast to the standardized report of external auditors, internal and governmental auditors prepare a variety of reports that serve a variety of purposes, depending on the auditing assignment and goals. Both internal and governmental reports strive to communicate information clearly and concisely. Government reports tend to emphasize the efficient use of resources by the government departments being audited, whereas internal reports tend to vary greatly because of the plethora of interests and purposes companies may have for auditing.
LEGAL RESPONSIBILITIES
The legal responsibilities of the auditor are determined primarily by the following:
1. Specific contractual obligations undertaken.
2. Statutes and common law governing the conduct and responsibilities of public accountants.
3. Rules and regulations of voluntary professional organizations.
SEE ALSO : Balance Sheet ; Compliance Auditing ; Income Statement ; Internal Auditing
[ Charles Woelfel ,
updated by Karl Heil ]
FURTHER READING:
American Institute of Certified Public Accountants. AICPA Professional Standards. Chicago: Commerce Clearing House.
Delaney, P. R. CPA Examination Review: Auditing. New York: John Wiley & Sons, 1994.
Farrell, Barbara, and Joseph Franco. "The Changing Role of the Auditor: An Analysis of Viewpoints from the Auditors' Perspective." Mid-Atlantic Journal of Business, June 1998, 101.
Robertson, Jack C., and Frederick G. David. Auditing. Plano, TX: Business Publications, 1985.
Taylor, D. H., and G. W. Glazen. Auditing: Integrated Concepts and Procedures. 7th ed. New York: John Wiley & Sons, 1996.
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Encyclopedia of Business, 2nd ed.
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AUDITING
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The American Accounting Association defines auditing as a systematic process of objectively obtaining and evaluating the accounts or financial records of a governmental, business, or other entity based on established criteria. While auditing focuses largely on financial information, the process also may involve examination of nonfinancial documents that reveal information about a business's conduct. Handled by a trained accountant, an audit and the auditor's report provide additional assurance to users of financial statements that the information presented in financial statements is accurate, and can help companies assess their performance and their compliance with applicable regulations.
TYPES OF AUDITORS
There are three types of auditors: internal, governmental, and external (i.e., independent auditors or certified public accountants). Internal auditors are employees of the organization whose activities are being examined and evaluated during an independent audit. The primary purposes of internal auditing are to review and assess a company's policies, procedures, and records and to review and assess a company's performance given its plans, policies, and procedures. Therefore, internal auditors review financial records and accounting systems, assess compliance with company policies, evaluate the efficiency of company operations, and assess the attainment of company goals.
Governmental auditors include accountants employed by the U.S. General Accounting Office (GAO). The GAO serves as the accounting and auditing branch of Congress. These governmental accountants perform accounting and auditing tasks for the entire federal government. In addition, most states have their own accounting and auditing agencies, which resemble the GAO. Because the GAO and its state counterparts are separate agencies from the departments and agencies they audit, they are similar to external auditors. Consequently, federal and state departments and agencies often have their own internal auditors, who provide internal auditing services similar to those described above. Moreover, GAO auditing largely has the same focus as internal auditing: examining financial records, assessing compliance with laws and regulations, reviewing efficiency of operations, and evaluating the achievement of objectives.
In contrast, the independent auditor is not an employee of the organization being audited or an employee of the government. He or she performs an examination with the objective of issuing a report containing an opinion on a client's financial statements. The attest function of external auditing refers to the auditor's expression of an opinion on a company's financial statements. Generally, the criteria for judging an auditor's financial statements are generally accepted accounting principles. The typical independent audit leads to an attestation regarding the fairness and dependability of the statements. This is communicated to the officials of the audited entity in the form of a written report accompanying the statements.
Investors and lenders are the primary users of financial statements and they rely on financial statements to make decisions such as whether to buy stocks or bonds, lend money, and extend credit. By conducting audits, external auditors make financial statements consistent and meaningful. To assess a company's position accurately, investors and lenders need credible financial information on a company's sales, profits, debt, value, and so forth. Companies usually have their own accountants and managers prepare their financial information, which could bring about a conflict of interest. Hence, users of financial statements demand the services of independent auditors to verify the accuracy of company information and lend credibility to the financial information, which is called attestation. Since individual users cannot verify information contained in financial statements, auditing by external accountants reduces the number of mistakes in financial statements and prevents companies from issuing fraudulent statements. In addition, the Auditing Standards Board in 1997 issued its statement "Consideration of Fraud in a Financial Statement Audit," which requires greater effort on the part of external auditors to ensure that financial statements are free from fraud and misstatements.
TYPES OF AUDITS
Major types of audits conducted by external auditors include the financial statements audit, the operational audit, and the compliance audit. A financial statement audit (or attest audit) examines financial statements, records, and related operations to ascertain adherence to generally accepted accounting principles, meaning that the audit determines whether companies have followed the financial reporting standards given by various sanctioning boards such as the Financial Accounting Standards Board. An operational audit examines an organization's activities in order to assess performances and develop recommendations for improved use of business resources. A compliance audit has as its objective the determination of whether an organization is following established procedures or rules. Auditors also perform statutory audits, which are performed to comply with the requirements of a governing body, such as a federal, state, or city government or agency.
Internal auditors also perform financial statement audits, operational audits (which are also referred to as performance auditing and management auditing), and compliance audits, although their audits have a different scope and their reports a different purpose. Because of the potential for conflicts of interest, internal auditors perform financial statement audits for internal use only. Nevertheless, much of the work internal auditors do is similar to the work external auditors do, except that it is not intended for external use. In addition, an operational audit involves reviewing an organization's activities to evaluate performance, attainment of business goals, and efficient use of resources. Internal auditors also perform compliance audits to ensure conformity with company policies as well as with applicable government laws and regulations. Even though internal auditors are employees of the companies they audit, they nevertheless strive for independence insofar as possible.
AUDITING STANDARDS
The auditing process is based on standards, concepts, procedures, and reporting practices, primarily imposed by the American Institute of Certified Public Accountants (AICPA). While these standards and procedures constitute the foundation of auditing for all three types of auditors, other organizations such as the Institute of Internal Auditors and the General Accounting Office impose their own standards and procedures, which apply to internal auditing and governmental auditing, respectively. The auditing process relies on evidence, analysis, conventions, and informed professional judgment. General standards are brief statements relating to such matters as training, independence, and professional care. AICPA general standards are:
1. The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor.
2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.
3. Due professional care is to be exercised in the performance of the examination and the preparation of the report.
Standards of fieldwork provide basic planning standards to be followed during audits. AICPA standards of field work are:
1. The work is to be adequately planned and assistants, if any, are to be properly supervised.
2. There is to be a proper study and evaluation of the existing internal control as a basis for reliance thereon and for the determination of the resultant extent to which auditing procedures are to be restricted.
3. Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmation to afford a reasonable basis for an opinion regarding the financial statements under examination.
Standards of reporting outline the required auditing standards relating to the audit report and its contents. AICPA standards of reporting are:
1. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.
2. The report shall state whether such principles have been consistently observed in the current period in relation to the preceding period.
3. Informative disclosures to the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.
4. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefore should be stated. In all cases where an auditor's name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor's examination, if any, and the degree of responsibility he or she is taking.
THE AUDITING PROCESS
Auditors generally conduct audits following four general steps: planning, gathering evidence, evaluating evidence, and issuing a report.
In planning the audit, the auditor develops an audit program that identifies and schedules audit procedures that are to be performed to obtain the evidence. The auditor must be aware of potential problems involved in the auditing process, such as whether company property and debt actually exist or whether company transactions actually took place. In addition, the auditor usually formulates a hypothesis about company financial information at this step, such as "Company financial reports are accurate" or "Company financial reports are inaccurate." Audit evidence is proof obtained to support these hypotheses and ultimately the audit's conclusions.
After the planning is completed, the auditor must collect the evidence necessary to support the audit's conclusions. Evidence-gathering procedures include observation, confirmation, calculations, analysis, inquiry, inspection, and comparison. An audit trail is a chronological record of economic events or transactions that have been experienced by an organization. The audit trail enables an auditor to evaluate the strengths and weaknesses of internal controls, system designs, and company policies and procedures. The auditor must evaluate the initial hypothesis based on the evidence and accept or reject the hypothesis as a result. Finally, the auditor prepares a report based on the findings of the other steps, which involves making a decision about company records and claims and whether the actual evidence supports company records and claims.
AUDIT REPORTS
The independent audit report sets forth the independent auditor's opinion regarding the financial statements. The auditor's opinion indicates whether the financial statements are fairly presented in conformity with generally accepted accounting principles, and applied on a basis consistent with that of the preceding year (or in conformity with some other comprehensive basis of accounting that is appropriate for the entity). A fair presentation of financial statements is generally understood by accountants to refer to whether:
1. The accounting principles used in the statements have general acceptability.
2. The accounting principles are appropriate in the circumstances.
3. The financial statements are prepared so they can be used, understood, and interpreted.
4. The information presented in the financial statements is classified and summarized in a reasonable manner.
5. The financial statements reflect the underlying events and transactions in a way that presents the financial position, results of operations, and cash flows within reasonable and practical limits.
The auditor's unqualified report contains three paragraphs. The introductory paragraph identifies the financial statements audited, states that management is responsible for those statements, and asserts that the auditor is responsible for expressing an opinion on them. The scope paragraph describes what the auditor has done and specifically states that the auditor has examined the financial statements in accordance with generally accepted auditing standards and has performed appropriate tests. The opinion paragraph expresses the auditor's opinion on whether the statements are in accordance with generally accepted accounting principles.
Various audit opinions are defined by the AICPA's Auditing Standards Board as follows:
1. Unqualified opinion: An unqualified opinion states that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the business in conformity with generally accepted accounting principles.
2. Explanatory language added to the auditor's standard report: Circumstances may require that the auditor add an explanatory paragraph (or other explanatory language) to the report.
3. Qualified opinion: A qualified opinion states that, except for the effects of the matter(s) to which the qualification relates, the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the business in conformity with generally accepted accounting principles.
4. Adverse opinion: An adverse opinion states that the financial statements do not represent fairly the financial position, results of operations, or cash flows of the business in conformity with generally accepted accounting principles.
5. Disclaimer of opinion: A disclaimer of opinion states that the auditor does not express an opinion on the financial statements.
The fair presentation of financial statements does not mean that the statements are fraud-proof. The independent auditor has the responsibility to search for errors or irregularities within the recognized limitations of the auditing process. An auditor is subject to risks that material errors or irregularities, if they exist, will not be detected.
Investors should examine the auditor's report for citations of problems such as debt-agreement violations or unresolved lawsuits." Going concern" ' references can suggest that the company may not be able to survive as a functioning operation. If an "except for" statement appears in the report the investor should understand that there are certain problems or departures from generally accepted accounting principles in the statements that question whether the statements present fairly the company's financial statements and that will require the company to resolve the problem or somehow make the accounting treatment acceptable.
In contrast to the standardized report of external auditors, internal and governmental auditors prepare a variety of reports that serve a variety of purposes, depending on the auditing assignment and goals. Both internal and governmental reports strive to communicate information clearly and concisely. Government reports tend to emphasize the efficient use of resources by the government departments being audited, whereas internal reports tend to vary greatly because of the plethora of interests and purposes companies may have for auditing.
LEGAL RESPONSIBILITIES
The legal responsibilities of the auditor are determined primarily by the following:
1. Specific contractual obligations undertaken.
2. Statutes and common law governing the conduct and responsibilities of public accountants.
3. Rules and regulations of voluntary professional organizations.
SEE ALSO : Balance Sheet ; Compliance Auditing ; Income Statement ; Internal Auditing
[ Charles Woelfel ,
updated by Karl Heil ]
FURTHER READING:
American Institute of Certified Public Accountants. AICPA Professional Standards. Chicago: Commerce Clearing House.
Delaney, P. R. CPA Examination Review: Auditing. New York: John Wiley & Sons, 1994.
Farrell, Barbara, and Joseph Franco. "The Changing Role of the Auditor: An Analysis of Viewpoints from the Auditors' Perspective." Mid-Atlantic Journal of Business, June 1998, 101.
Robertson, Jack C., and Frederick G. David. Auditing. Plano, TX: Business Publications, 1985.
Taylor, D. H., and G. W. Glazen. Auditing: Integrated Concepts and Procedures. 7th ed. New York: John Wiley & Sons, 1996.
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Read more: Auditing http://www.referenceforbusiness.com/encyclopedia/Assem-Braz/Auditing.html#ixzz1AJnB5TLt
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Financial Accounting Workshops
Objective
Financial Accounting Workshops are designed to give the CFA® candidate a true understanding of the accounting material and confidence to those who may not deal with these issues everyday. Even those candidates who complete an all-inclusive review course often feel ill-prepared for the complex accounting topics.
Instructor
The workshop instructor is John A. Harris. John is a Certified Public Accountant and CFA charterholder with more than 20 years of experience in credit and financial management. He has a comprehensive grasp of financial accounting issues, as well as the ability to make those issues understandable and applicable in daily practice.
John received both an MBA and MS from the University of North Texas and a BBA from Texas Tech University. He has lectured for the Boston University Exam Review, the Dallas Society of Financial Analysts, the Financial Analysts Society of South Africa, the Houston Society of Financial Analysts, the Italian Society of Investment Professionals, the Netherlands Society of Investment Professionals, the Swiss Society of Investment Professionals, Texas Christian University, the Twin Cities Society of Security Analysts, the UK Society of Investment Professionals, and the University of Texas at Arlington Center for Professional Development.
Comments
"Presentations were exceptionally clear and concise"
"John and his material completely changed my attitude about my ability to pass this section of the exam"
"Excellent instructor, excellent notes, very effective lectures"
"John made the tough material easy to understand"
"I particularly liked the simple and direct way he presented the material"
"John did a great job of reducing the complicated accounting issues to their elements"
Money Back Guarantee
Attend until the lunch break and if you are not completely satisfied your registration fee will be refunded in full.
CFA Institute does not endorse, promote, or warrant the accuracy or the quality of the products or services offered by Financial Accounting Workshops. CFA Institute, CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Financial Accounting Workshops cover only accounting topics. The workshops are developed to complement the CFA Program curriculum and to facilitate the learning process. The workshops are not to be used as a substitute for study of the core curriculum.
The information published on this web site is provided with the express intention of providing general guidelines and information on matters of interest. The application and impact of laws and regulations varies widely. Accordingly, the information contained herein is not intended to serve as legal, accounting, tax, investment or other advice. While we have attempted to ensure that the information contained herein is correct, Financial Accounting Workshops and John A.Harris, CPA are not responsible for any errors or omissions, or for the results obtained from the use of this site.
Financial Accounting Workshops
7905 Citadel Court
Fort Worth, Texas 76182
Phone: (817) 514-7360
Fax: (817) 514-7374
E-mail: john@accountingworkshops.com
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©1996-2010 Financial Accounting Workshops. All rights reserved.
Last modified: 07/06/2010
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Financial Accounting Workshops are designed to give the CFA® candidate a true understanding of the accounting material and confidence to those who may not deal with these issues everyday. Even those candidates who complete an all-inclusive review course often feel ill-prepared for the complex accounting topics.
Instructor
The workshop instructor is John A. Harris. John is a Certified Public Accountant and CFA charterholder with more than 20 years of experience in credit and financial management. He has a comprehensive grasp of financial accounting issues, as well as the ability to make those issues understandable and applicable in daily practice.
John received both an MBA and MS from the University of North Texas and a BBA from Texas Tech University. He has lectured for the Boston University Exam Review, the Dallas Society of Financial Analysts, the Financial Analysts Society of South Africa, the Houston Society of Financial Analysts, the Italian Society of Investment Professionals, the Netherlands Society of Investment Professionals, the Swiss Society of Investment Professionals, Texas Christian University, the Twin Cities Society of Security Analysts, the UK Society of Investment Professionals, and the University of Texas at Arlington Center for Professional Development.
Comments
"Presentations were exceptionally clear and concise"
"John and his material completely changed my attitude about my ability to pass this section of the exam"
"Excellent instructor, excellent notes, very effective lectures"
"John made the tough material easy to understand"
"I particularly liked the simple and direct way he presented the material"
"John did a great job of reducing the complicated accounting issues to their elements"
Money Back Guarantee
Attend until the lunch break and if you are not completely satisfied your registration fee will be refunded in full.
CFA Institute does not endorse, promote, or warrant the accuracy or the quality of the products or services offered by Financial Accounting Workshops. CFA Institute, CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Financial Accounting Workshops cover only accounting topics. The workshops are developed to complement the CFA Program curriculum and to facilitate the learning process. The workshops are not to be used as a substitute for study of the core curriculum.
The information published on this web site is provided with the express intention of providing general guidelines and information on matters of interest. The application and impact of laws and regulations varies widely. Accordingly, the information contained herein is not intended to serve as legal, accounting, tax, investment or other advice. While we have attempted to ensure that the information contained herein is correct, Financial Accounting Workshops and John A.Harris, CPA are not responsible for any errors or omissions, or for the results obtained from the use of this site.
Financial Accounting Workshops
7905 Citadel Court
Fort Worth, Texas 76182
Phone: (817) 514-7360
Fax: (817) 514-7374
E-mail: john@accountingworkshops.com
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©1996-2010 Financial Accounting Workshops. All rights reserved.
Last modified: 07/06/2010
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