Essay on Plastic Surgery In South Korea - 1362 Words

The South Korean’s seeming fascination with cosmetic surgery is frequently reported on both in Asia and the West, largely for its recounted abnormal use rate by both women and men. Though there is a deficiency in dependable data regarding the amounts of individuals who select to endure cosmetic surgery in South Korea, the statistics are substantial. The estimations range from 15 to 30 percent of all South Koreans have endured some method of plastic surgery, the statistics pertaining to certain age groups of females being characteristically greater (Kim, 2010). This is obviously a huge social issue, and one that eludes simplistic explanations, and perplexes academics and policy makers in Korea. What is emerging from this research is that†¦show more content†¦In conventional depictions of feminineness in the Korean cultural illusory, the females fate is to writhe in that she should be recognized within the civilization and society of males, while men are allowed to be m embers automatically. In this perspective, cosmetic surgery is purely comprehended as a modern expression of women’s obedience to this reason, in which females have to control their figures and be ready to suffer corporeal agony in order to develop into the perfect women. An alternative, yet frequently mentioned impetus for plastic surgery is the assertion that Korean women merely wish to imitate Western aesthetic standards (Savage, 2011). This reason classically comes from research into supposed ‘ethnic’ plastic surgery, which normally depicts minority ethnic people in Western countries as being subjected to hegemonic racism, outlining plastic surgery as an effort to escape persevering cultural prejudgment that compares their typecast inherited corporeal qualities. This research emphasizes double-eyelid surgeries, nose re-shaping and skin lightening, for example, as indication of an effort to be closer to a ‘white’ standard and, thus, evade discrimination. It is argued that a crucial issue regardingShow MoreRelatedSouth Korea And Plastic Surgery2001 Words   |  9 PagesSouth Korea and Plastic Surgery The people of South Korea have a strong connection to plastic surgery which is evident by its usage among both women and men. According to a statistics website called nationmaster.com about 20% of the Korean population have had some kind work done on them. It is estimated that women between the ages of 20 and 50 years old underwent the knife for some reason, be it eyelid surgery or a nose job. While the act of cosmetic surgery mainly occurs in women, it has estimatedRead MoreThe Effects Of Plastic Surgery On South Korea786 Words   |  4 Pages3.2 Plastic Surgery Other industries like dancing school (Figure 8), fashioning boutiques and Spa (Figure 9), wedding photography (Figure 10) and plastic surgery (Figure 11) have also boosted by the Korean wave. Among these industries, the plastic surgery is particularly prominent. Figure 8: Dancing School in South Korea Figure 9: Fashioning Boutiques in South Korea Figure 10: Wedding Photography in Korean Style Figure 11: Korean Plastic Surgery As the Korean wave becomingRead MoreThe Effects Of Plastic Surgery On South Korea1487 Words   |  6 Pagesâ€Å"Kingdom of Plastic† is a fitting name for South Korea where one out of five women have admitted to having some sort of cosmetic surgery procedure. Most Asian countries, including South Korea, have very specific criterias for judging if a person is beautiful. Common beauty expectations for both males and females are high noses, big eyes, and narrow chins. Due to the nature of an Asian bone structure, it is highly unlikely that the previously mentioned beauty standards will occur naturally withinRead MoreBuying The Ideal Face Of South Korea1203 Words   |  5 Pageswomen in the world, South Korea is also a country widely known for its excessive execution of plastic surgery procedures. According to Zara Stone, based on data from a 2010 Survey by the International Society of Aesthetic Plastic Surgeons, she addresses that one out of every five women of all age groups i n South Korea undergoes some sort of surgery procedure, making South Korea the leading country of plastic surgery (2). 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Plastic surgery was once a major taboo in Korea, where those who have gotten it done would be looked down upon on by family and friends, but now the pursuit of perfection has made cosmetic surgery much more popular and open to the public. About one in five women in Korea would have some kind of plastic surgery done, and many neighborhoods and subway stations are lined with advertisements and billboards to promoteRead MoreWeight Loss Essay1206 Words   |  5 PagesWe live in a consumer culture where products and services such as diet pills, slimming creams, weight loss products that tone fat without exercise, liposuction and cosmetic surgery, are just a few of the popular methods that are promoted by advertisers to help people in achieving their ideal body image. Advertisements draw attention to a host of ideologies, by offering products and services that attract consumers who oblige their bodies, minds and souls to achieving the ideal appearance of beautyRead MorePop And Korean Pop Music Essay1511 Words   |  7 PagesMusic, is a South Korean phenomenon that is starting to spread globally thanks to the internet. K-pop has become a popular subculture among teenagers and young adults throughout Asia, and has resulted in widespread sim ulation of fashion and style to be similar to Korean idol groups and singers. With this phenomenon comes something called the K-pop effect, which has led to new standards of beauty in South Korea. There is a rise in popularity of plastic surgery amongst, the youth in South Korea and it looksRead MoreSouth Korea Is Well Known As The Country With The Highest1500 Words   |  6 PagesSouth Korea is well known as the country with the highest plastic surgery rates in the world. This is due to their high beauty standards that have led many women and men to let their faces be put under knives. The society in Korea is very infatuated with what is considered beautiful and satisfying to see in a person. The first impression is considered very important and by impression meaning the appearance of a person. Such as a job interview, the employers tend to look at the person’s face and inRead MoreThe Impact Of Hallyu On Korean Plastic Surgery Industry1601 Words   |  7 Pagespopularity o f â€Å"all things Korean† beyond the border of Korea (Lie 2012), especially to Asian countries and even non-Asian countries such as North and South American, Middle East and Europe. The â€Å"all things Korean† are inclusive of soap opera (also known as television drama), film, music, fashion, cuisine and other elements. However, there are some widespread cultures have sparked controversial debates, noticeably the issues bound to plastic surgery. Nevertheless, in this essay, I am not going to debate

De-globalization and Globalization. Who is the winner Free Essays

Introduction If people look back the development of the world economy over the past decades. Manifestly, the world economy is in the time of prosperity and increasingly perfected, thanks to a notion ‘globalization’, which could be seem as one of the important contributors to promote economic prosperity. The birth of globalization was extremely changed the world economy structure, since it carried out an integrated world-wide market, both developing and developed countries could gain benefits from global integration, such as accelerating economic growth and sharing the overseas markets and plentiful resources, respectively. We will write a custom essay sample on De-globalization and Globalization. Who is the winner? or any similar topic only for you Order Now Some economists even pointed out that globalization has became an inexorable and irreversible trend of world market development. However, the belief of economic globalization was overturned again after the economic crisis in 2008. Specifically, in the process of globalization, there would be some inevitable problems and conflicts, which were criticized constantly over the past decades. With these criticisms, a new term, ‘de-globalization’, has stepped into the global market, apparently, some of the primary developed countries begin to reject trade liberalization, combining with the rising of protectionism. Undoubtedly, the reversed ideology took the global economic market into an embarrassing situation. In so doing, the conception of de-globalization was percolated into some countries quietly. But in fact, the global economic situation has already experienced a downturn during the First Great Depression in 1930s. And now, this is in another period again (Economic and So cial Commission for Western Asia, 2002). By any possibility, the de-globalization seems always followed by each Depression. So it does, in the period of economic recovery nowadays, de-globalization has already permeated everywhere. A Philippine economist, Walden Bello(2004), an adherent of de-globalization, argued that globalization is losing its credits and being in the end, while ‘de-globalization is an opportunity’. Unfortunately, despite the existence of de-globalization, the tendency of economic globalization would not be replaced, because any action would be took by de-globalization cannot continually exist, however, similarly the world economic structure could not get rid of the effect of this wave of de-globalization immediately but soonly. In respect that 80% success in Doha Round of global trade negotiation have more or less impact on Walden Bello’s announcements. Accordingly, it is worthwhile to investigate into the question. Is globalization truly come to the endThe main purpose of this paper is from financiers and economists’ perspective to illustrate de-globalization, which seems as one of outcomes of financial crisis, has side effect on economic recovery, and will not be a last winner in future world economic structure, while globalization definitely is. In this paper, I will outline some possible reasons could give rise to anti-globalization generation, then followed by description and discuss some threats of de-globalization, like protectionism and trade barrier, combining with past examples to prove de-globalization is not the feasible solution of avoiding crisis, it would make crisis worse contrarily. Ultimately, globalization will be back on the economic platform. Finally conclusion will make some suggests that the financial globalization requires more nationals could make efforts on minimize dangers and maximize the benefits., as well as a few prediction for the future global economy structure. Globalization provides both opportunity and challenge, but it follows with the generation of de-globalization The definition of globalization can be briefly describe like a process of movement of goods, capital, labour across world-wild ( Bardhan, Bowles Wallerstein, 2006). The benefits of globalization are overwhelming. For example, when countries open up, a variety of products would be exchanged frequently between rich and poor. This requires both participators should obey the fundamental principle of mutual complementarily and reciprocity, such as one country could offer comparative advantage to the other, in order to come the same target of common development. Additionally, some restrictions will be released, such as abrogating high tariff and limited foreign investment. These preferential policies help to expand economic markets and offer plenty of trade opportunities. In a sense, Foreign direct investment (FDI) is deemed to one important indication of economicglobalization performance and it refers to finance assistance for developing countries, so as the article ‘Economic and S ocial Commission for Western Asia’ in 2002 pointed out the global FDI inflow was increased from US$59 billion in 1982 to US$1491.9 billion in 2000. These figures illustrated the integration of the world economy experience rapid increase in 1990s. A higher FDI index means a nice condition of integrating into global economy. Whereas, the course of globalization is unstable. The global FDI inflow suddenly slumped more than 50 percent in 2001, accounts for 735.1 billion. This may implies that in the process of global economic growth, there would carry certain risks and threats for the reasons of economic turndown. In some extent, globalization has possibility of increase inequality and poverty (IMF Staff, 2000). More apparently, there is common acknowledgment that the developed countries hold comparative advantages of economy, such as technology and management skills, while they are advanced so far than developing countries. Undoubtedly the maximum profit will belongs to the former, and the later may not gain benefits in the short run, even suffer enormous damage and clash. Besides, competition may be the primary principle, more and more wealth would flow into the winner instead of the loser. Inequality and poverty, nevertheless, do not tell the whole story. The current world-wide economy is remaining in global economy structure. The growth of economic globalization is processed in challenges and opportunities. Even as Chow mentioned in 2001, in the year of China joined WTO, some investigators were worried about that, is it a positive impact on China’s economic development or a disaster for domestic enterprisesAs the matter of fact, China has obtained excellent achievement in economic improvement over these years. Globalization provides China large amounts of opportunity to export manufacture goods, and it also brings fearful harm, i.e. China is one of the biggest victims in the financial crisis (Hillebrand, 2009). Perhaps just because of these challenges and opportunities existence, the idea of de-globalization would come out. As Bello said that the world is in the end of globalization in 2009, while in the next year the chief Pascal Lamy said ‘Finishing Doh a round by 2011 is technically doable’ ( Tralac, 2010), which illustrated the goal of decreasing trade barrier and trade protectionism has finished about 80 percent, the remaining 20 percent needs a lot efforts on political wishes. In a certain extent, the progress of Doha round negotiation takes a great strike to the spread of de-globalization. The arising of de-globalization is not by chance, it might be a consequence by financial crisis. There is no doubt that the current world economy is growing fast, and the economic globalization has been obviously reached in a high level, while the potential risks are still existed. Even though crisis is not just result of globalization, there is a certain relationship between globalization and crisis (Lobaton et al 2001), i.e. Financial volatility and crisis will be infected by countries liberalized their financial systems. For instance, the financial crisis in 2008 was caused by American sub-prime loans. once sub-prime loans were collapsed, the crisis spread immediately to all over the world. That was lead to most countries were suffering inflation, unemployment even bankruptcy in the period of economic downturn. To confront with the serious recession, from small companies to international economic organizations carried out flexible measures, whereas some developed countries put pro tectionism and trade barrier forward on economic platform. So far, this has mostly promoted de-globalization raising. The global economy structure ups and downs, but it does not mean the end of globalization The global economy structure has experienced a downturn 70 years ago, and nowadays other downturn reoccurred after financial crisis. And this stage, protectionism as the main outcome of de-globalization. Protectionism will not beneficial to economic recovery, on the contrary, it could make the matter worse, while free trade would be a better choice. As a result of financial crisis, some developed countries are motivated for the sake of keeping survival of domestic industries, they persisted in carrying out protectionism. One of the typical examples is United States, in Jan 2009, American claimed ‘American Recovery and Reinvestment Act’, abbreviated ARRA provision or ‘Buy American’ provision (Keffer, 2009), which intended to simulate the American economy by ‘Stimulus Bill’ to support American jobs and domestic industries. In despite of this provision was criticize by many critics, American still keep the foreign products away from them. But is it a really an advisable actThe ‘Stimulus Bill’ is only for supporting iron and steel industries, however if being observe deeply of ‘Buy American’, which means all products relate to iron and steel industries, from raw material to finished product, should be made, produced, packaged in the United Stated only. But in particular, the difficulties in this procedure make suspicions about the feasibility of this provision. Even Keffer, the president of EBAA Iron Sales, was come out the words that, the act of ‘Buy American’ provision is far reaching (2009). Additionally, the implementation of the rescue plan is still in animadversion. Though the clause’s target is to stimulate American economy by creating jobs for Americans, in fact it seems to reverse. Because it can be argue that the disadvantages of ‘Buy American’ provision are likely overwhelmed by its advantages. Imaging that, there is a good chance for world economy could accelerate recovery, if governments are willing to persist in liberalizing the domestic financial sector cross countries capital movement, with making a concerted effort, the world economy will not be worse in the period of financial crisis. Since these contradictory debates were quickly increased, Some scholars have to reconsider the feasible of this provision, When United States sent a protectionism massage to the world and held in opposition to the leitmotiv of G-20, as well as WTO and Doha Round Negotiation. A bad impression might be set up by other nations. A literature was done by Hufdauer and Schott in 2009, pointed out ‘buy American is bad for America (and everyone else)’. In more specific terms, as the act was run counter to the world trade common goal, it could break U.S trade obligation and national reputation. More surprisingly, economic stimulus bills have little assistance on U.S. jobs, because both iron and steel industry are capital intensive, which may have less demand on labour force supply, It could be suppose that the reinvestment on iron and steel would make 1,000 new jobs, which is a small proportion, alternatively, if expand the plan to stimulate all manufactured goods, the most gain is 9,000 jobs. Apparently, U.S. iron and steel industry would end up with more costs than gains. With the growing up spearhead of protectionism, a terrible consequence was embroiled in worldwide. from the aspect of economics, more and more economists are worried about that, United States, as a powerful developed country, was act protectionism rampantly, these would cause other countries are imitative of American’s tail. Imaging that if the other countries are imitating of practicing protectionism universally, the world economy situation, especially for global trade system, will in confusion and ultimately intensify the negative impact of financial crisis as well as deteriorate world economy environment. Since the clause arose a mass of discontentment by worldwide opponents, the supporters have brought forward some altisonant phrases, like ‘the purpose is to make sure we are creating jobs in the United States and not in China’ (Horsley, 2009), and ‘US taxpayer money should go to US workers’ (Hufbauer,et al 2009), at the same time, Europeans began to increase its pressure on US and went against of ‘Buy American’ clause. They stressed that the act not only aggravated protectionism but also induce retaliatory moves (BBC News, 2009). The more serious is that, American went ahead and did this could provoke spiteful retaliate on trade, which could be followed by the possibility of the relationship between trade partner break up, consequently, the danger may be the eruption of trade war. As a matter of fact, terrible calamities can be traced back in history. Normally, they are catastrophic and temporary. For instance, regarding the great depression in 1930, the U.S. government legislated the Smoot-Hawley Act, which was aim to protect U.S. companies from foreign contention. Nevertheless this decision was completely deviated from the original purpose, according to the congressman Wally Herger (2010), the Smoot-Hawley Act was the ‘signature failure of 20th century protectionism’. Specifically, the tariffs, was increased a highest level in history recording, on more than 2,000 import products, and it became the highest tariff barrier over the world, then war of trade was broke out. In consequence, other counties took retaliatory tariffs on trade to United States, this could resulting in its import and export underwent a big loss, accounted for more than 50 percent, as well as world trade was slumped dramatically. Thus with the increase of protectionism would not the feasible solution of stimulating the economy recovery, instead it brings a lot of harm and pushes United States slumped deeper into great depression. So it can be seen that, the disadvantages of protectionism outweigh its gains. Furthermore, the failure of globalization is a temporary phenomenon not permanent. These can be validated by the past lessons. For example, the tensional relations on trade between India and China have lasted for a long time, unfortunately the economic downturn heightens the tensions dramatically. (Wonacott, 2009). On Jan. 23 2009 India government carried out a ban on import of toys from China for 6 months (Srivaslave, 2009). During the period of implementing this restriction, the inventories from China import toys were sold out less than in one month, this give rise to toy’s price in India market went up by around 30 percent to 100 percent. In this case, India has no choice to compromise with protectionism soon. Actually, the 6 months ban was only lasting for 39 days. While it is still need to admit that, whether ‘Smoot-Hawley’ or ‘India-China toys ban’, after all they are measures to meet an emergency, perhaps protectionism proceeds from nationalism by governments who are in suffer of great depression, so it seems that these kinds of rescue policies can be understood. Rescue policies might not have much impact on economic recovery but could help to comfort morale of their own communities in some extent. Once countries are hurting by huge unemployment, they must do something even if the ending will much severer than before. Whereas, through testify the failure of protectionism, to learn lessons of that, de-globalization would not the ending, a better global structure will be estimated later. Conclusion The financial globalization would retrogress into meltdown is seem as a necessity consequence of history process, the same as globalization, de-globalization is not the exception. Global economic integration has underwent vicissitudes over last decades, it reached in such high level at the beginning of 21 century, because it has the feature of quickly infection, financial markets become deeper and more advanced. One of the benefits of financial globalization is the preeminent contribution on developing countries commerce. Specially for China gained big advantage over export manufactured goods, however the prosperous phenomenon enable risks were invaded in market. Although financial globalization encourages economic prosperity, the potential risks and challenges also give rise to chance of appearance of financial crisis. Consequently, a shock of new round de-globalization was accompanied by the harm of economic depression. Thereby, globalization may have certain responsibility on the depression. So it does, any form of de-globalization activities are existed by the name of protectionisms will not be permanently lasted. The significant defect of de-globalization may be worse off the world economy than financial crisis does, usually these consequences are expressed as damage national reputation and rising of trade war. Hence, as the common wish of people, globalization would not really end, the current global structure is just in a temporary phenomenon, the reverse will be turn back again. Manifestly, all the comments can conclude in a word, ‘financial globalization is not necessarily to be reversed, particularly for partially integrated economies, even if the possibility of that happening still exists’ (Lobaton, et al, 2001). As far as I concerned, the threats of anti-globalization should be read as a harrowing lesson that leans toward protectionism. For those prime ministers of countries, the most useful effort I can make is to suggest that blindly insist on de-globalization cannot really protect their profits from harmful impact of financial crisis. The possible solution is that to reconsider regulatory mechanism on international trade and find out an appropriate new order in the process of globalization, because it is irrational to reject one thing when have problems on it. Financial system globalization is inevitable to avoid. Globalization is the ultimately trend of the world, the same as the earth, is in round, and entirely a whole, so does economic system. We should be smart optimists, in the sensitive downturn period, the global economic bodies are periodic reversal, but the most important is to remember that the global society begin to take into re-globalization soon. Just as Director-General of World Trade Organisation, Pascal Lamy, said that Doha round of trade negotiations is ‘technically doable’, it is still must complete remaining 20 percent by 2011, and it just requires much more efforts on political promise, the agreement will be achieved eventually. The future financial global structure of all countries may not only consider maximise self-interest. But more and more of them will choose to gain common development opportunity in becoming mutually beneficial pattern. Accordingly, keeping both rich and poor countries’ markets open, the growth in one part of the world can help stimulate the recovery over the world. Reference list Bardhan, P. Bowles, S. Wallerstein, M. (2006) Globalization and Egalitarian Redistributionc. Princeton University Press, 326pp. BBC. News ‘EU attacks ‘Buy American’ clause’, BBC News, (3 February 2009). Bello, W. (2004) Globalization: Ideas for a New World Econmy, London: Cox Wyman. Bello, W. (2009) The Virtues of Deglobalization. September 3, 2009. Chow, G. C.(2001) The Impact of Joining WTO on China’s Economic, Legal and Political Institutions. Princeton: Princeton University. Economic and Social Commission for Western Asia, (2002) ‘Annual Review of Developments in Globalization and Regional Integration in The Countries of The ESCWA Region’ Economic and Social Commission for Western Asia, 10Dec. Herger, W. (2010) Soft Protectionism Threatens U.S.Prosperity, [Online], Available: http://herger.house.gov/index.php?option=com_contentview=articleid=665:soft-protectionism-threatens-us-prosperity-june-2010catid=72 [June 2010] Hillebrand, E. (2009) ‘Deglobalization Scenarios: Who WinsWho Loses?’, International Studies Association Annual Conference, 5 Feb. 2009, pp.15-18. Horsley, S. (2009) Buy-American Stimulus Provison Sparks Debate, [Online], Available: http://www.npr.org/templates/story/story.php?storyId=100212839 [3 Feb.2009] Hufbauer, G.C. and Schott, J.J. (2009) Buy American is bad for America (and everyone else), [Oline], Available: http://www.voxeu.org/index.php?q=node/3000 [5 Feb. 2009] IMF Staff, (2000) Globalization: Threat or opportunityApril 12,2000 ( Corrected January 2002) Keffer. J. (2009) ‘An Open Letter from Jim Keffer, President-EBAA Iron Sales’, EBAA IRON- Your connection to the future, 27 March. Lobaton, P.Z. and Schmukler, S.L. (2001) Financial Gloabalization: Opportunities and Challanger for Developing Countries, 30, May.a Srivastava, M. (2009) India-China Trade Tensions Rise, [Online], Available: http://www.businessweek.com/globalbiz/content/feb2009/gb20090211_202935.htm [11 Feb. 2009]. Tralac. (2010) Finishing Doha round by 2011’technically doable’- Lamy. [Online], Available: http://www.tralac.org/cgi-bin/giga.cgi?cmd=cause_dir_news_itemnews_id=93271cause_id=1694 [23 Sep. 2010]. The Economists, (2009) ‘Turning their backs on the world’ The Economists, Feb. 19th Wonaott, P. (2009) ‘Downturn Heightens China-India Tension on Trade’, The wall Street Journal, vol. 20, March. How to cite De-globalization and Globalization. Who is the winner?, Essay examples

Manufacturing Service Operations Management -Myassignmenthelp.Com

Question: Discuss About The Manufacturing Service Operations Management? Answer: Introduction: Andy, a well known auditor in the present case due to the personal and professional competencies has failed to bring a considerable customer base for its firm which has two other auditors. In order to secure his position in the firm of auditors, Andy is in search of potential clients to provide auditing and assurance services. For the same purpose, the auditor has responded to the tender of a large company named as Office Supplies Ltd. The company was a supplier of products such as office furniture and technologies and has already appointed an auditor to carry the overall audit of the company. While undertaking any auditing engagement, the engagement member must comply with the fundamental principles of auditor such objectivity, independence, professional competency, professional behaviour and integrity (Whittington Pany, 2010). There principles are necessary to be maintained by the auditor to respect the profession of auditing and to gain the trust of general public in auditing profession. In complying with these basic principles the auditor may have to face various threats such as threat of self-interest (APESB, 2010). Ethical issues: The ethical issues that are involved in the present case are as follows: First of all, while responding to the tenders the auditor must make efforts to communicate with the existing auditor of the proposed company to identify the reasons for which the existing auditor is withdrawing from the audit engagement of the company. Without communicating with the current auditor, the auditor would be held guilty of professional misconduct if he accepts the audit in such case (Rossouw, Prozesky, du Plessis, Prinsloo, 2010). Moreover, charging an unreasonable fees excessively higher than that of the competing auditing firms is also not an ethical practice on part of auditor. The auditor must also not solicit the clients using the modes that are not generally open to the professional auditors. In the current case, the relatives of the auditors i.e. his wife and the sister of his wife are manipulating the employee (Silvya) in the organisation of proposed company to make arrangements for the auditors appointment, which is not as per the ethical standards of the profess ional auditors. Further, the auditor might take the help of Silvya to obtain the appointment as the auditor in OS Ltd. by using unethical ways such as manipulation, bribing, undue influence etc. whereas adoption of such ways is not ethical in any sense. In order to secure the safe partnership in the firm of auditor, Andy might accept certain conditions of the management of the company which are not ethically or professionally acceptable under the professional and ethical standards of auditing profession (Jackling, Cooper, Leung Dellaportas, 2007). The wife of the auditor and her sister are under no obligation to comply with the ethical and professional ethical standards of the auditing profession that are applied to Andy, being the member in practice of institute. Therefore, their acts of interacting with Silvya and demanding the memo of evaluation of managing director of the company are not professionally unethical. However, Silvyas act of communicating the important and sensitive information regarding her managing directors decision is not morally and professionally correct due to the fact that the confidentiality of the company is getting affected through Silvyas actions. It might also be possible that the independence of the firm of auditors will also be affected if the appointment as the auditors of OS Ltd is accepted because the management of the company may offer such appointment on certain conditions (Jackling, Cooper, Leung Dellaportas, 2007). The managing director may instruct the firm not to provide adverse or qualified opinion on the true and fair view of financial statements of the company. Courses of actions: In the present case, the auditor must first of all communicate with the existing auditor with the permission of the proposed company. The auditor must ask the existing auditor to provide all the necessary information and facts which have become the grounds for his resignation from the place of auditor. Further, the auditor must also disclose his relationship with the employees of the company before being appointed as the auditor. The auditor must also ensure that there is no ambiguity or confusion of work responsibilities between the auditor and management of the company. For this purpose, the auditor make proper documentation of everything that is being discussed between the company and auditor. Moreover, the auditor must not charge any unreasonable fees for the provision of auditing services. Also, the auditor must ensure that the only such service that the auditors are competent and eligible to provide, are provided by them to the new client. Furthermore, the auditor must ensure t hat the principle of independence is not adversely affected by such appointment (Hoffman Zimbelman, 2009). The auditor must also not take his family relationships in between his professional engagements. The company can sue the auditor and the assistant of the managing director for indulging in the practices that are not in the interest of the company. Moreover, if the auditor gains the appointment through the inappropriate modes or ways, the company and other person who is affected by his behaviour can sue the auditor for which the regulatory bodies can impose heavy penalties and fines (Brown, Stocks Wilder, 2007). Inventories are the integral part of any business and hence they requires to be properly valued in the financial statements of the company. The undervaluation and overvaluation of inventory can adversely affect the true picture of companys profitability and hence it can be used as a tool to manipulate the profits of the company so as to mislead the users of financial reports. Audit of the company is undertaken with the objective of providing the correct opinion on the truthfulness and fairness of the financial statements. During the auditing engagement, the auditor are required to obtain sufficient and appropriate audit evidences to provide the reasonable level of assurance to the audit report users. Inventory audit is an important element of overall audit process of the company which requires significant attention of the auditor. Following are some of the key assertions of inventory audit: Key Audit Assertions: Completeness of the inventory records: Auditor of the company carries the audit of the inventory held by the company to ensure that all the inventory units are recognised in its financial statements. Auditor must also check that any portion of inventory if held by the third party, is actually recorded in the entitys books of accounts of the client entity (Quizlet, 2018). Accuracy of inventory data maintained by the company: The data maintained regarding inventory must be accurate enough to serve the auditor a base to draw conclusions for the purpose of forming an audit opinion (DeHoratius Raman, 2008). The auditor must ensure that inventory is correctly recorded in the financial statements and there are no errors in its measurement and valuation (Accounting Simplified, 2013). This is necessary to be ensured by the auditor so as to conclude that financial statements of the company are free from any material misstatements (Karacaer, Gohar, Aygn Sayin, 2009). Valuation of inventory: The inventories must be valued appropriately using the reasonable method of stock valuation so that the financial statements of the company depicts the true state of companys profitability. The auditor must carefully identify the method that is employed by the entitys management and check its reasonability looking at the nature of inventories (Prasad, 2017). Rights and obligations regarding the inventory: Only those inventories must be recorded in entitys stock registers that are owned by the entity. The auditor undertakes the audit procedures to confirm that the financial statements of the company carries only such inventory that is possessed by it. The recording of inventory that is in possession of third party in the companys financial statement would affect the true state of entitys profitability and liquidity position (AS 2510). Existence of inventory with the company: The inventory which is shown in the financial statements of the company must be in actual existence. An auditor performs several audit procedures to ensure that the inventory which is in true existence is only recorded by the entity. They need to ensure that the company is not making false claims of holding any inventory when in reality it does not hold any such inventory (Freedman, 2018). Audit procedures for Inventory Audit Audit procedures to be applied to achieve each of the objective that is above discussed: There can be various audit procedures that can be employed by the auditor of the company to check the appropriateness of the inventory records of the company. One of the most relevant method of inventory audit is the attendance of physical count of the inventory by the auditor himself. The personal observation of approaches used by the management of the company for the inventory count helps the auditor to ensure that the management is using the correct approach to measure and value the inventory and also the condition and quality of inventory. When the inventories of the client company is held in the warehouses or the stores of the company, the auditor must personally visit such places to ensure that the management of the company is not involved in any ill-practices of manipulating its inventory records (Low and Tan, 2011). However, they may be certain circumstances when it is not possible for the auditor to physically attend the inventory counting process due to the location or time factors. Then in such unavoidable situations the auditor must extend the audit procedures as far as possible. In the instant case of audit of GHT Ltd. it was impracticable for the auditor of the company to visit the place of actual inventory taking for the purpose of inventory audit due to the fact that there was limited time to conduct the entire audit engagement. In this situation, there could be various alternative audit procedures that might be performed by the auditor to confirm that the financial statements are not materially misstated typically in the areas of inventory. To form the opinion on the genuineness of the overall financial statements prepared and presented by the management of the company, the auditor is required to critically assess the each of the significant element of the financial statements. Therefore, the audit of inventory must be undertaken by performing the alternative procedures in the cases where it is not possible for the auditor to perform some of the necessary audit procedures. The alternative audit procedures are discussed below: Invoice reconciliation: The auditor must check the corresponding invoices of the transactions of purchase and sale of inventory so as to determine the actual inflow and outflow of inventory from the business of the clients organisation. The invoices helps the auditor to cross verify the inventory records with the evidences of the actual transactions related to inventory. The invoices also helps the auditor to determine the all the necessary elements of cost of purchase and sale of inventory such as freight, taxes and other charges (Office of auditor general of Canada, 2017). Internal controls: The auditor must carefully study the report of internal auditor in regards to the inventory held by the company. Auditor must ensure the continuous functioning of controls and their adequate monitoring by the internal auditor. The management of the company must be regular and competent enough to record and measure the inventory that is held by the company (Corporate Finance Institute, 2018). It is the professional duty of the auditor to ensure that strong internal controls are implemented by the entitys management for the inventory valuation. If during any stage of the audit engagement the auditor realises that the financial statements of the company are materially misstated due to the incorrect inventory records, he must communicate the matter with the company and request them make the required adjustments in the records (Accounting Tools, 2017). Analytical procedures: These are the key substantive audit procedures that improves the overall audit quality. Under these procedures the comparative study of companys current gross margin or the unit cost is compared with that of previous years so as to understand the significant changes also the inventory turnover ratio of the company can also be analysed to identify any irregularities in the inventory areas (Loughran, M., n.d.). Audit sampling: This is also one of the most popular audit procedure under which the auditor carries checking on the selected areas instead of carrying lengthy and comprehensive checking (Lumen, n.d.). The materiality level of the transactions is determined by the auditor and then the transactions that meets the materiality criteria are checked in detail using the above discussed audit procedures (Gay Simnett, 2005). Outcomes of the above audit procedure In the stock sheet provided by the management of GHT Ltd of 15th May, 2018 is examined by the auditors of the company and it is found that there is a vast difference between the value reflected in the financial reports of the company as on 31st March, 2018 and the value determined as per the relevant accounting standards i.e. lower of cost and net realisable value. The significant difference in the closing inventory valuation are identified to be unreasonable is casting the doubt on the authenticity of the financial reports of the company. The companys method of stock valuation is thus found to be inappropriate. Moreover, it is also observed that the data maintained in respect of inventory is not accurate as the sales quantity for certain orders is shown as negative which is not practically possible. This indicates that the internal control procedures in the areas of inventories is quite weak and hence they need to be improved. The undervalued closing inventory of the company may adv ersely affect the profitability of the position of the company. Further it is also observed that the company is dealing in a wide range of items and hence maintaining a mix of various inventory items. However, the company has not maintained the inventory record in the systematic order by categorising the inventories according to their nature and purpose. It has been identified there are certain inventory items that have reported gross loss and therefore they required significant attention of the auditor of the company. The following items have reported loss and hence they are checked with due attention and by performing extensive audit procedure such as analytical audit procedures. Also it is found that there are certain inventory items for which the first in first out method of stock valuation is not correct. There are certain inventory items for which company has executed a sales of more than $25000 which has been set out as the materiality level and hence these sales are critically cross verified with the invoices of the sales to check the genuineness of the sales figure as shown in the financial statements of the company. Further Audit implications: Once all the audit procedures that were practicable to be applied for the inventory are applied, the auditor is in the position to form an audit opinion on the true and fair view of entitys financial statements. The audit procedures enables the auditor to conclude as to whether the financial statements are free from any material misstatements or not, due to any fraud or errors on part of management or any third party. In this case, the auditor has observed that the value of closing stock as reflected in the financial statements is not in line with the value determined as per the generally accepted accounting principles. Therefore, the auditor is obliged to identify the reasons of such differences in the valuation of inventory. The auditor shall assess the reasonability of the method approach used by the management of the entity in valuing its inventory as the year end. The auditor shall communicate the differences in the opinion in valuing the closing stock of the inventory between h im and his client. It is the responsibility of the auditor to make sure that the management agrees to the auditors suggestion and incorporates the same in the financial statements. However, if the client company does not agree with the auditors recommendations, the auditor must make necessary efforts that are required in such situations (Chung Monroe, 2001). They must examine the appropriateness of withdrawing their firms name with their client organisation. However, if is not reasonable to disassociate the name of auditors firm with the name of the company, then auditor must express the audit opinion through the audit report to the readers of report. In this case, since the inventory value is significantly varying from the value as per the GAAP and relevant accounting standards, the auditor shall issue adverse audit opinion. If the difference in the inventory values as per companys method and relevant accounting standards was negligible or acceptable, the auditor could have issued qualified report (Arens, et al., 2007). Conclusion: Even if the management of GHT Ltd is contending that the inventory records of the company contains no material discrepancies, the auditor shall not conclude his audit engagement on the basis of the said contention. Rather the auditor must make necessary and appropriate efforts to identify the reasons of heavy variations between the stock record of 15th May, 2018 and the financial report of the company as on 31s March, 2018. The auditor must apply possible substantive and compliance procedures to check the authenticity of inventory records of the company. If after performing these audit procedures, the auditors does not find any satisfactory reason of such differences, he must qualify the report. References: Accounting Simplified, 2013. Assertions in the Audit of Financial Statements. Available at: https://accounting-simplified.com/audit/introduction/audit-assertions.html Accessed on 31-01-2018. Accounting Tools, 2017. Inventory audit procedures. 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