Greek Mythology Fear of the Unknown - 1814 Words

Title Greek Mythology: Fear of the Unknown The ancient Greeks lived in an influential and creative time. Music filled the streets, sculptures towered over the city and masterpieces hung on walls everywhere. Children were being educated which led to great philosophers in the future. This city-state was flourishing and is now known today as one of the most advanced ancient civilizations. As progressive as these people were sadly, they were held back by their own beliefs. The fear of a raging hurricane controlled by Poseidon or one of Zeus’s deadly lightning bolts left people scared that these awful things could happen to them which made following the lessons of the stories a lot easier than thinking for themselves. When the†¦show more content†¦No one was allowed to think they were better than any god/goddess in ancient Greece and arrogance was a character flaw that was looked down upon . Niobe was an extremely arrogant woman. She told all of the people of Thebes that she was greater and much more powerful th an Leto and that they should worship her instead. (Hamilton, 250). Artemis and Apollo were outraged at how Niobe was putting herself above their mother so they came down to earth and killed all fourteen of her children (Hamilton, 250). Phaethon was the son of the Sun and when he went to him to find out if he really was his son the Sun said yes and told him that Phaethon could have anything he wanted of him and he would give it to him (Hamilton, 137). Phaethon asked for one day to be able to ride the Sun’s chariot and the Sun knew he had made a terrible mistake (Hamilton, 137). He tried to warn Phaethon that no mortal or god, besides the Sun, could ride the chariot but, Phaethon would not listen and he took the chariot and started to ride off (Hamilton, 137). Soon Phaethon lost all control and the horses went crazy they went up to the top of the sky and then went racing down setting the world on fire (Hamilton, 138). The gods realized the whole earth would be destroyed if they didn’t do something soon (Hamilton, 138). â€Å" Jove seized his thunderbolt and hurled it toward the rash,Show MoreRelatedGreek Mythology: Then and Now Essays1575 Words   |  7 Pages icons). (The New Encyclopedia Britannica. Vol. 24)Mythology is a collection of myths meant to explain the universe. Mythological stories were told in many different cultures and civilizations. The existence of myths is known in every society. Many different myths were conceived to explain occurrences that happened in nature. One of these natural occurrences is the solar eclipse. The word eclipse originates from a Greek word meaning abandonment. Ana Ruiz states in â€Å"TheRead MoreEssay about Exposition of Mythology846 Words   |  4 PagesExposition of Mythology Since the beginning of time people have found great interest in the study of mythology and its origin. For the past five weeks I have been studying this deep and complex issue and have come to the conclusion that without myths history would not be the same. In this paper I will discuss what myths are and how scholars have broken them down. Scholars such as Joseph Campbell go into great detail to explain mythology and how it effects the human life. First you must determineRead MoreCompare Contrast the Theme of Horror in Frankenstein and Macbeth1651 Words   |  7 Pagesin Shakespeare’s Macbeth and Mary Shelley’s Frankenstein The gothic horror genre is a favourite for many readers. We love the suspense and mystery, the desperation, the doom and gloom, the claustrophobia, even the blood. But most of all we love the fear - the feeling we get that gives us pathos with the protagonist that keeps us on the edge of our seats and propels us to turn the page. How do Shelley and Shakespeare provoke our reactions when reading Macbeth (Shakepeare,1606) and Frankenstein (ShelleyRead MoreTheories of Mythology Essay755 Words   |  4 PagesTheories of Mythology The definition of mythology is derived from the word â€Å"myth†. The word itself is developed from the Greek word â€Å"mythos†, which means sagas, legend, or fable. The word â€Å"myth† is a chronicle that seeks to prove the world around us and is passed down from generation to generation (Lincoln, 1999). It is the nature of humans to marvel about the unknown and explain the unaccountable. It is also the desire for knowing that has inspired humans to fabricate amazing stories of hisRead MoreThe Father Of All Monsters1379 Words   |  6 Pagesis perhaps undoubtedly the most disturbing and powerful monster in Greek mythology. Typhon, however, was not just a monster, he was a god, being the son of the Gaia and Tartarus gave him such title. Now just because Typhon is a son of gods, that alone does not make him one of the most feared creatures in Greek mythology, rather than his ascribed status, it is Typhon’s actual physical appearance and capabilities that strike fear into his foes and anyone else who comes across his path. This creatureRead MoreChinese and Greek Mythology1564 Words   |  7 Pagesunderstanding of the beginning of the universe which ultimately resulted in the establishment of religions, beliefs and most pertinent, creation myths. Mythology provides explanations for the worlds mysteries especially in regards to the creation of Earth, Humans and the environment. This comparative paragraph analyzes the similarities and differences between a Greek myth entitled, The Beginning of Things, and a Chinese myth named, Heaven and Earth and Man, contrasted in the aspects of conflict, solutions ,Read MoreArgument Paper Platos Apology1351 Words   |  6 PagesARGUMENT PAPER I APOLOGY: DEFENSE OF SOCRATES PLATO 40C-41C PHILOSOPHY 2010 20 SEPTEMBER 2011 WALTER A. JENKINS JR Plato once said, â€Å"No one knows whether death, which People fear to be the greatest evil, may not be the greatest good.† Throughout the history of mankind, man has been fascinated with the mystery surrounding death. For many it is a phenomenon which is feared and for others it is a salvation from the misery and suffering of everyday life. In Plato’s â€Å"Apology†, SocratesRead MoreAnalysis Of Northrop Fryes The Educated Imagination837 Words   |  4 Pagesis able to develop an imagination which allows him to connect to society from an educated perspective. Chapter II: The Singing School illustrates the most basic roots of literature, mythology. Before science had developed far enough to explain the world we live in, humans made sense of the world through mythology. Due to a natural desire to connect with nature, humans created mythological characters of both human and natural elements (gods). One of the main themes in Yann Martel’s Life of Pi isRead MoreConception and Birth of Heroes in Greek Mythology Essay1166 Words   |  5 PagesHero, the word strikes a universal chord making us think of exceptional and spectacular stories or deeds that far surpass any common feat. To the Greeks and many other cultures, the birth of these heroes is important. The birth of a hero sets them, apart often even before birth, from common mortals in Greek mythology. Birth is the first of many major events in our lives, our entrance into the world (Leeming). For heroes, that entrance must be as special as their lives will prove to be. A munda neRead MoreMermaid Essay1751 Words   |  8 Pageslegend, the mermaids share the commonality of the tail of a fish and the torso of a human; however, each mermaid differs between cultures. Around 1000 BC the first recorded appearance of the mermaid in human culture appears in Assyria. In Assyrian mythology, legend says that the beautiful goddess Atargatis falls in love with a shepherd. After accidentally killing her lover, Atargatis throws herself into a lake in hopes of becoming a fish. The goddess was so beautiful that she never became fully fish

Importance Of Contentment In The Necklace - 1396 Words

The Importance of Contentment Society makes people think that the grass is always greener on the side. People are not content with what their blessings are, but what others have and do. So often people look for material things to satisfy our needs instead of looking toward God and focusing on what He has for them. Since Cain first coveted Abel’s sacrifice to God, mankind has dealt with greed and our inability to be content. This lack of contentment will only cause heartache and pain. In â€Å"The Necklace,† the main character Mathilde was a beautiful woman who was born into a lower to middle class family of clerks. She married a minor Ministry official named Loisel. They were not poor. They had a servant and a nice house, but they didn’t have†¦show more content†¦Her husband went out find it, spending all night and the next day, but found nothing. At her husband’s insistence, she lied to Madame Forestier telling her that the necklace’s clasp broke and she sent it out to be fixed. She and her husband searched for an identical necklace. When they found one, it cost thirty-six thousand francs. Knowing how embarrassed his wife would be, Loisel went into debt to buy the necklace to replace the lost one. This led to their experiencing real poverty. They had to sell their house, move into a tiny apartment and fire their servant. Ten years later, when all their debt had been paid, she happened to see Madame Forestier. During her conve rsation, she found out that the original necklace was only a cheap imitation. It was only worth five hundred francs at most (Maupassant). â€Å"The Necklace† ended ironically. One would assume that Guy de Maupassant was trying to teach a lesson about greed, envy, coveting. How being discontent can lead to ruin. Mathilde constantly thought about all the things she didn’t have. She coveted and envied those who had more than she did. Her life was consumed with material things. She resented them and the life she lived. She was loved and had all that she needed, but couldn’t overcome her greed and envy. She even stopped being around her friend who had more than she did. Henri Ren Albert Guy de Maupassant, was a popular writer in 19th Century France. His writing was greatly influenced by his time fighting in theShow MoreRelatedExposition of Plot in Maupassants The Necklace1354 Words   |  6 Pagestelling readers what he observed (Chopin 861). His short story, â€Å"The Necklace,† is no exception. â€Å"The Necklace† is evidence of the literary realism that dominated literature during the 19th century. Cora Agatucci, a professor of Humanities, states that the subjects of literature during this time period revolved around â€Å"everyday events, lives, [and the] relationships of middle/lower class people† (Agatucci 2003). In â€Å"The Necklace,† Maupassant describes an unhappy woman, born to a poor family and marriedRead MoreThe Film Of Orson Welles And Alfred Hitchcock2138 Words   |  9 Pageswealth and property, so much that it is never ending. It is absurd to strive for something that is impossible to attain. The re peated superimposition of objects leads to the understanding that man’s desire for power and intellect never reaches contentment. In contrast to the superimposition used in Citizen Kane, the superimposition in Vertigo unveils characteristics of omniscience. In Scottie s nightmare, his face is â€Å"superimposed atop a matte drawing of a tunnel-like chasm, black rays extendingRead MoreTop 1 Cause for Project Failure65023 Words   |  261 Pages[pic] Anish Mathai Mathew [PMP|MBA] Temenos T24 PROGRAM MANAGER at Union National Bank Thanks to all for making this discussion a great learning and sharing experience. Mathew s noticed a lot of comments emphasizing the importance of Scope Defination and how Scope Creep should be kept away from the project. Mathew agrees, the project should promise only what it can deliver should deliver only what it promised. Nothing more or less. You may find it worth your

Business Plan †Convenience Store Free Essays

string(45) " customers flow when Buster’s is launched\." Business Plan Buster’s A cozy Store that designed for your needs [pic] Business Plan by Lydia Chan CONTENTS[pic] 1. Executive Summary Buster’s is a convenience store specialized in servicing daily needs of occupants of the office building where it is located. It offers variety of products to satisfy customers’ daily needs including snacks, pre-wrapped sandwiches, bottle/canned beverages, stationery, greeting cards, newspapers, paperback books and small gift items. We will write a custom essay sample on Business Plan – Convenience Store or any similar topic only for you Order Now The first Buster’s Store was set up in 2007, a 1,000 square feet store located in the lobby of Empire Centre in Kennedy commercial district. This store is solely owned and managed by Lydia Chan. With fully focused and correct business strategy, Buster’s been able to get break-even in the eleventh month, and reaches to an annual revenue to US$300,000 last year. It has successfully built up an image of a convenience store that is friendly and customized to the occupants of the Empire Centre and the neighborhood buildings. With the proven success of the first Buster’s Store, Lydia is fully confident to expand the business by opening a second store with identical business strategy. The key to success is to find another perfect location. The golden opportunity is now appearing, there is a new office building, Sky Tower, will be opened by end of this year. Sky Tower is just two blocks away from Empire Centre. Besides the advantage of easy management derived from the close by location of the two stores, to make this location perfect for Buster’s is that Sky Tower is an A grade eighty-storey office building which create huge number of potential customers for Buster’s. 1. Mission The Mission of Buster’s is to provide friendly service and good quality of products to occupants of the buildings. Good mix of variety product items are perfectly meet customers’ needs in their daily work lives. 2. Objectives 1. To make Buster’s the preferred convenience store for the occupants of the building where it is situated and the neighborhood. 2. To break-even by the end of the first year. 3. To achieve a net profit of 5% by year three. 3. Keys to Success 1. Establish an image that Buster’s is â€Å"their† convenience store for the customers. 2. To turn over inventory an average of 15 – 20 times per year. 3. To provide friendly service and premium quality products. 2. Company Summary The first Buster’s store is owned and operated by the founder, Lydia Chan, in Sole Proprietorship. The concept of this new venture is a convenience store that specially services occupants of the office building where it is situated. The first store was set up in 2007 located in Empire Centre in Jordan district. It is a 1,000 square feet store in the lobby with 2 full time employees. In 2009, annual revenue of this store is US$300,000. With the earned capital and experiences from the first store, Lydia believes it is the mature time to expand her business by establishing a second store. In order to strengthen the financial and professional background, the second store will be in partnership set up. 1. Ownership The new Buster’s store is privately owned corporation in partnership basis. Lydia Chan owns 75% of the second store. She will work full-time in the store in the first year to ensure smooth day to day operation. In the second year and onwards she will be half day in the first store and half day in the second one. Carmen Chan owns 25% of the second store. Carmen is the elder sister of Lydia, she is a chartered accountant in Hong Kong Bank. She will provide financial advice and assistant for Buster’s. 2. Employees Base on the experience of the first store, we anticipate two employees are sufficient for the daily operational need. There are two full-time shop assistants in the first Buster’s store, Christine and Mina. Christine, high school graduated, joined Buster’s since it was launched in 2007. Her experiences in nurturing infancy Buster’s and daily operation are valuable to the second store. She will be promoted as shop supervisor and transfer to the new store. Christine will be responsible to coach and mentor the other new hired shop assistant, service customers, keep tract inventory/replenishment and report customers’ comments/complaints to Lydia for ensuring corrective action be taken. We will hire another shop assistant to work together with Christine. Criteria are High school graduate with 1-2 years retailing sales experience. 3. Financials 1. Start-up Finance Summary Anticipated start-up cost of the new store is US$200,000. The main cost of start-up will be inventory. It is estimated that the initial inventory purchase will be $100,000. In addition, $30,000 will have to be spent on fixtures and fittings for the store. Since it is a brand new building, there will be no maintenance needed before move-in. Funding will be come from the combination of the two owners from their own savings. Lydia Chan (75% ownership) – contributes US$150,000 Carmen Chan (25% ownership) – contribute US$50,000 2. Start-up Cost Summary This table shows a summary of start-up cost and expenses [pic] 3. 3 Anticipated Revenue and Operating Cost for the First Year pic] 3. 4 Pro-forma cash flow projection for the first year of operation [pic] 5. Break even Analysis The following chart and table show the break-even analysis for Buster’s [pic] [pic] 3. 6 Anticipated return on investment in the first three Years The following table provides the anticipated return on investment from the perspective of three years into the revenue [pic] 4. Marketing /Sales 1. Sum mary of Marketing and Sales Strategy Buster’s new store will be situated in the lobby of Sky Tower, a new office building in a concentrated commercial area, Kennedy District. Busters’ key customers are occupants of Sky Tower. According to the information from the Building Management office, 80% of the total vacant units were leased out and under interior fixtures and fittings stage. These companies will be moving in within two to three months which will secure customers flow when Buster’s is launched. You read "Business Plan – Convenience Store" in category "Papers" 4. 2 Market Segmentation Occupants of the building are owners and employees of medium to sizable international corporations. They can be divided into 3 market segments : A) Aged 25 – 39 Male They require speedy service, just pick and pay. Half of them are wealthy Yuppies in managerial level, they do not mind to pay a little higher for the convenience and good quality. They are busy in work and social life, our fresh pre-wrapped sandwiches, popular bottled beverages and high end imported snacks will suit their needs. B) Aged 22 – 35 Female Same phenomenon as other prosperous cities, all ladies are keen to slim down their bodies and are cautious in selecting food. It is more obvious for this age group of ladies. They always search for healthy food and snacks. On every category of food, Buster’s will have a special corner for healthy food with notes on shelves for their easy perusal. Healthy food including vegetarian brown bread pre-wrapped sandwiches, low calories snacks, herbal tea and fruit juice types of bottled beverages and etc. These ladies may be secretaries or work in the administrative departments who are responsible to purchase stationeries for the offices. They will naturally select Buster’s for convenience while they are purchasing their own personal needs. This is a critical customers group for Buster’s. C) Miscellaneous This includes the middle-aged group, outsiders/visitors and etc that they have varied or unpredictable buying pattern. Continuous analysis of this group is required in a quarterly basis when Buster’s store is launched to ensure our service and products cover their needs. 3. Product Strategy Buster’s emphases are on friendly service and good quality of products that fit the requirements of people in their workplace. We do not just follow what selling in super markets or franchised convenience stores. We focus on customization. The following listed are the key categories for Buster’s. A) Pre-wrapped sandwiches : Homemade sandwiches with 4 different choices of fillings : egg and ham, beef, chicken breast and assorted vegetables. These are basic pre-wrapped sandwiches. In addition, we also provide small individual packed fillings such as chess, tomato, cucumber and eggs as supplements, so customers can design and make their own sandwiches in their offices. This will satisfied customers who are looking for variety of choices but without burdening our inventory. B) Bottled/Canned beverages The most popular bottled/canned beverages are available in Buster’s which including soft drinks, coffee, tea and milk. We also provide healthy drinks such as herbal tea, flower flavored tea, juice, Soya bean milk, flavored mineral water, and etc. C) Snacks Popular branded snacks of chips, chocolates, candies and gums are must items in the shelves. To take care of the needs for customers who are pursuing for healthy life, special selection of snacks such as sun-dried fruits, organic food, low calories/calcium crackers, sugar free candies/gums are also available in our â€Å"Healthy Corner†. D) Stationery and Greeting Cards To take care of the sudden or urgent needs of the office people, we will provide certain basic items of stationery and greeting cards but to cautiously control this category of goods occupying not exceed 10% of total display/shelf space. E) Gifts Small gifts can also be found in Buster’s. Regular items are gift sets of premium chocolates and tea bags which are appropriate round the year and for all occasions. Buster will display specialty gifts in front desk for festivals like New Year, Valentines’ day, Easter, Halloween, Christmas and etc. The specialty gift sets to serve both purposes of stimulating sales and decorating the store to lift up spirits. F) Newspapers Magazine The top five Best selling newspapers are available in Buster’s. 6 – 8 different categories of magazines about fashions, accessories, entertainment, computers, automobiles to cover varied customers’ desires. 4. Pricing Strategy As mentioned in the product strategy section, most of the categories are not common products as other convenience stores because Buster’s emphasis is on premium quality food and drinks. She is comparatively not facing harsh price comparison as other franchise convenience stores for different target customers. Buster’s customers, occupants of Sky Tower, mainly are yuppies and office ladies, who are willing to pay a little more for convenience and better quality. Therefore, Buster’s price ranges for key products are : ? Pre-wrapped sandwiches US$4. 0 – US$5. 5. ? Premium quality and healthy snacks US$2. 5 – US$7. 0 ? Canned/bottled beverages US1. 2 – US$3. 0 ? Common products that are also available in other convenience stores : 5 to 10 percent higher than them. Target is to reach gross margin (sales deduct cost of goods) at 37. 5 – 38% 4. 5 Promotion Strategy Buster’s customer base is concentrated and close-by, they will pass by the store everyday when they go to work. Location is our best promotion tool. Occupants of Sky Tower will know the existence of Buster, so our focus of promotion is to attract them to stop by Buster’s and to experience the difference with other ordinary convenience stores. They will be impressed by our friendly service, wide ranges and unique food and beverages. Word-of-mouth will be our largest promoter. A) Flyers Flyers, an effective and inexpensive way to notify people in Sky Tower and neighborhood buildings that their store â€Å"Buster’s† is opening soon. Flyers will be passed around at the building entrance a week before grand opening. On face side of flyers is an attractive designer sketch of the Buster’s store (sketch is used to be more attractive than photo or words), and on the reverse side is a list of product items that will be available in Buster’s. Distribution of flyers will be continuous after Buster’s is opened. Distribution spots will also be increased to cover the neighborhood buildings. B) Buster’s Card For initial purchase exceeding US$10, a Buster’s Card will be provided with a Buster’s logo stamp on it. Each $10 purchase onwards will earn a stamp. When accumulated to 5 stamps, a free gift will be given. This is effective to stimulate customers to buy more, or to request their colleagues to consolidate the purchase (Word-of-mouth advertising). Gifts are selected products from the store such as snack, stationery, chocolate, etc and will be changed each month to maintain freshness of the game. . 6 Competition Despite of having the competitive edge of location, we anticipate Buster’s will face competition from 2 areas. A) Convenience Stores This competition will be from national franchises such as 7-11 and Circle K. They have established extensive network of chain stores and are well-known to Hong Kong people. People are almost pass by two to three these conveni ence stores in their everyday life. Due to consolidation of bulk purchase, these franchises obtain strong bargaining power with suppliers for both costs of goods and payment terms. There is one 7-11 store located in the main street, 8 minutes walking distance from Sky Tower, and one Circle K in the opposite corner to 7-11. It is inevitably Sky Tower people will pass by these stores. Buster’s strategy in competing with these stores is not pricing but differentiation. ? Product flexibility Franchise convenience stores are selling standardized products regardless of demographic/geographic needs. Buster’s customer base is concentrated and focused. Products are selected according to their lifestyle, habits and preferences. We are also flexible and prompt to alter products items base on customers’ and sales feedbacks. ? Unique and high quality food and beverages Buster’s target is to have 70% of product items not identical to those convenience stores. Our tasty homemade sandwich is a typical example while other stores are selling mass produced sandwiches. ? Customers’ relationship Buster’s customers are actually our neighbors that we are working in the same building. This benefits us to build close relationship while other convenience stores focus on speedy in-and-out service. B) Plagiarist Start-up capital of lobby convenience store is comparatively lower than other main street retailing stores or franchise convenience stores. Low entrance barrier will attract people who want a start-up venture by copying the same concept as Buster’s. 5. Operation 1. Location of the business The new business venue of Buster’s will be located in the lobby floor of Sky Tower, a new office building in No. 23 Harbor Road, Kennedy District, Hong Kong. When Lydia, owner of the first Buster’s store, decided to open the second store, she had gone through serious research and calculation because location is essential to be successful and profitable. The following listed are factors why Sky Tower is the right place. ? Scale and income level of Customer base Sky Tower is an A-grade commercial building, tenants are mainly big corporations in business relating to international trading, banking and investment, insurance, accounting and etc. Anticipated total occupants will be 3,000 to 4,000. Most of them are professionals and/or high income level employees. This creates a beneficial customer base for Buster’s. ? Close by location of the two Buster’s Stores Sky Tower is just two blocks away from the first Buster’s store, this creates advantage for the owner to manage the two stores in the long run. In addition, the two stores can help each other if there is urgency for products that are out of stock. Staff can deliver the urgently needed goods to the other store within 10 minutes. ? Surroundings Sky Tower’s surroundings are also commercial buildings, with some exclusive restaurants and casual cafe. No convenience store located in adjacent buildings, just two which are 8 to 10 minutes walking distance. All these neighbors are valuable and potential for Buster’s. 2. Operation of the business A) Hours of Operation The common working hours for offices (white collar) in Hong Kong is 9:00 AM to 6:00: PM, Monday to Friday, some work on Saturday 9:00 AM to 1:00 PM. For Buster’s, business hours is 8:00 AM to 7:30 PM Monday to Friday, 8:30 AM to 2:00 PM on Saturday. Opening at 8:00AM is to serve breakfast for customers. Close at 7:30 PM is to take care of the needs for customers who are required for over-time works which is very common in Hong Kong. To ensure Buster’s employees are not exhausted by long working hours, operation will be in two-shift. The 2 employees work from 8:00 AM to 5:00 PM, and the shop manager (that is the owner) take the second shift from 10:00AM to 7:30PM. B) Service Procedures Friendly service is Buster’s emphasis and promise to our customers. This must be clearly shared with employees that without their efforts, Buster’s will not get success. They are required to follow the below listed service procedures to ensure a cheerful shopping experience to every customers. ? Greeting with smile Greet every customer with a friendly smile who enters the shop. For familiar customers, chat with them to build-up an on-going relationship. ? Serve efficiently and effectively For customers who have clear decision on what to buy, serve them efficiently. For customers who are browsing, hesitating what to buy or unfamiliar with Buster’s products, staff must to offer help by providing advices/recommendations or a brief introduction of Buster’s products according to customers’ desires. Nevertheless, no hard sale, customers are still welcomed without purchase. ? Interaction When customers prepare to pay and leave, we must to say â€Å"Thank you† and â€Å"Goodbye† with eye-contact and friendly smile. This is the last process step and interaction with customers in a transaction, it is vital to leave a cheerful image in their mind which can be deep-rooted. C) Inventory management Effective inventory management is essential for Buster’s to maintain wide variety of product items in limited space. Ultimate goal is to maintain a minimal but adequate stock and make replenishment in a weekly or bi-weekly basis depend on products’ feature and turn-over. POS system will be employed to control in-and-out systematically and to minimize human error. Cashier will input sold items automatically. Every end of the day, Christine (Shop’s supervisor) to generate and check inventory status report and pass to Shop Manager for analysis and deciding which items needed to replenish. Christine is also responsible to input data everyday when suppliers deliver goods to ensure inventory record is up-to-date. 6. Legal Issues The following listed legal documents and licenses will be well prepared and to ensure they are all completed and valid before the launch of Buster’s. Business license in partnership proprietor basis ? â€Å"Buster’s† trade mark registration ? Tenancy Agreement with Sky Tower Property Management Office ? Employment contract with the two Buster’s employees ? Purchase Medical insurance for employees ? Business Insurance Legal Consultant will be hired to ensure accuracy of legal documents and coverage . 7. Challenges A) Sustainability of Buster’s competitive edge Location is Buster’s competitive edge as we are close to the concentrated customer base. This edge will be threatened if there are any new retail tores open in the surrounding areas, they can be hypermarket or new concept food stores that tempting Sky Tower people willing to sacrifice the convenience but to walk a little bit far to try new shopping experience. B) Constantly excite customers Our customer base is young, high-income group; they have strong purchasing power that leads them to have extensive options. They pursue for premium quality and trendy commodities. It is an on-going challenge for Buster’s to keep having products that excite customers. – End – How to cite Business Plan – Convenience Store, Papers

Auditing Theory and Practice

Question: Discuss about the Auditing Theory and Practice. Answer: Introduction Bio sustainable Feeds (BSF Ltd) are an Australian Bio Research firm that is conducting the research on the use of bacteria to produce the fish. The firm is engaged in the research of the sustainable aqua culture feeds for two decades. The research firm has brought the issues relating to the conversion rate of low value fish into high value fish. The conversion of high value fish was actually related to the plant based wet feed. The benefit of such conversions are putting the poors at the risks of malnutrition and this diversion of growing the luxury fish by diverting the human quality food crops is at the costs of poor people health. The research conducted by BSF regarding this matter has costs the firm an expense of $ 160 million AUD and is expected to cost $ 200 million AUD in developing the alternative aqua culture feed. The government of the Australia (CSIRO) has made a provision of $ 500 million AUD for the BSF Ltd. However the firm has spent only $ 100 million AUD on alternativ e aquaculture feeds. The firm has committed to spend a total of $ 700 million AUD over the next year to develop the alternative aqua culture feed. It is required to conduct the audit about the BSF research. The audit is conducted by looking into the company group whether it is large or small group. The engagement of the audit should be profitable to the firm being audited. Steps needs to be considered before accepting to do an audit: The audit firm needs to investigate the potential client, the related business activities and the owners. This is done to evaluate that there is any unacceptable risks associated with the client by seeing that the integrity of the client is questioned. This is performed by flowing the customer due diligence procedures. The audit firm should also look in for ethical threats such as is there any issues relating to the confidentiality or conflict of interest. In this context, the BSF Ltd is a research firm, so the structure of the business needs to be evaluated and whether the firm is competent enough to perform the potential work (Biggs et al. 2012). However, the pre conditions of performing the audit of the firm can be listed down below: The auditor has to determine that the framework for the financial reporting in the preparation of the financial statement is acceptable or not. The auditors have to perform several tasks in this regard. The auditor needs to evaluate the nature of the entity to be audited and whether the financial reporting framework is applicable and is prescribed by the rules and regulations. The auditors should seek information about the business of the client and assess the standards which are relevant to the industry. The auditors has to ensure that the firm of the client to be audited has relevant expertise and skills and whether auditing such clients would not pose any problems or leads to conflict of interest of the existing client. The auditors should consider the audit fee whether it is accordance with the level of the auditors work and the ethical requirement. The agreement of management must be obtained by the auditors and the responsibility is understood by the management regarding the preparation of the financial statements according to the applicable framework. The auditor has to make sure that the management is providing him access to all the information, which is necessary to carry out the audit. The auditors have to be ensured that the management has prepared the financial statement, which is free from any material misstatement, which might happen due to fraud or errors. The auditors should decline the audit engagement if the management is imposing the limitation on the work of audit regarding the proposed audit engagement. The limitation is resulting in disclaiming the financial statement opinion. The auditors have to reject the auditing proposals if the framework according to which the financial statements are prepared is not acceptable. However, as per the IFACs code, the decision to accept performing the audit cannot be considered as one off matter. The assessment of the client continuance is very important and it should be fully documented (Budescu et al. 2012). Before accepting the audit of the potential client, the audit firm can obtained the information from the sources such as the financial statements, media, reports prepared by the financial analyst, credit rating by the rating agencies, third party enquiry. Now, if the auditors accept to do the auditing of the concerned firm, it needs to undertake the following procedure: The auditors have to confirm that the previous auditor has been conducted in requirement with the legal and applicable framework. The appointment of the proposed auditors has to be in accordance with the statutory requirements. The last step would be to submit the engagement letter. Audit risk is the risk associated with the opinion of the auditor that the auditor has made the inappropriate opinion on the financial misstatements of the concerned company or the organization. One of the objectives of the auditor is conduct the audit in a way that reduces the audit risks to appropriately low level. The inherent risks of BSF limited stands at 90% The control risk is estimated at 5% The detection risk stands at 80% Now, the audit risks are evaluated by using the Audit risk model. The auditors take into consideration the control risk and inherent risk and they are to make an audit engagement and the detection risk form the residual risk. The inherent and control risks are risk of entity and they are independent of the audit of the financial statements. The audit efforts are not sensitive to the changes in the control risks. However, the effort varies with the changes in the level of inherent risks (Contessotto and Moroney 2014). The detection risks of BSF Ltd are high at 80% which indicate that the auditors would not be able to detect the material misstatement. It shows the effectiveness of the auditors in conducting the audit procedures. Therefore is a high chance that the auditor would not be able to detect the materiality in the financial statements. However, the detection risk cannot be reduced to zero because the auditors cannot inspect the accounts of balances on 100%. The risk can be reduced if the auditors perform their task very efficiently. The detection risk should be reduced that is the auditors should try to reduce the detection risks in face of control and inherent risk (Boritz and Huo 2013). The acceptance of the audit firm in performing the role of the audit of the BSF Limited depends on the overall risks, which would be given by the Audit risk model (Srivastava and Shafer 2012). The formula for calculating the audit risk is given by: Audit risk = inherent risk * detection risk * control risk = 0.9 * 0.8 * 0.05 = .036 The audit risk came out to be 3.6 % . The audit risk is below 10% and the firm generally tries to keep the audit risks below this. The audit risk computed for the BSF ltd is 3.6 %, which is, much less than the accepted level. Therefore, the auditors should accept the role of conducting the audit of the research firm. The auditors develop the audit programs so that the operations and the control system of the firm to be audited are checked. In order for the auditors to obtain the sufficient information and evidence, the audit staffs perform the audit program, which include list of the audit procedures. After the accounting systems are understood and the strategy is developed, the individual audit procedures are developed. The audit program would include the substantive tests and the other test of control, which the auditors intend to perform. In order for the auditors to justify the audit opinion, the auditors prepare the auditors program and it forms a significant part of the auditors working paper. The audit program is conducted to assist the planning and performance of the audit carried out. It forms the mean to review the audit works and to record and control the execution of the audit work conducted (Tabor 2013). The auditors should document such things, which help in providing the evidence to support his opinion in the audit work. The following items is to be included in the audit program The work of the audit banks and the detailed information of their work should be provided in the audit program. The audit program is prepared by considering the nature of the client. The auditors should prepare the work assigned to the assistant separately. The auditors need to prepare the working papers, as it would help in retaining the connection with the audit performance. However, the working papers are prepared in the current and permanent audit files (Kumar and Sharma 2015). The permanent audit file should contain the matters, which would continuously affect the performance of the audit. In this regard, it would include the following: Copy of memorandum of association of BSF Ltd Extracts of important legal documents, minutes and agreements of the BSF Ltd Information about the internal control system and accounting of the BSF Ltd The organizational structure of BSF Ltd should be provided Information about the legal adviser of the BSF Ltd Bankers of the entity Letter of engagement The above listed information and the documents would pertain to more than one financial year. However, the documents pertaining to the current financial year are prepared in the current audit file. The timing, nature and extent of the audit procedures performed by the auditors and the consequences of such procedures on the BSF Ltd Analysis of the accounts of balances of the BSF Ltd The financial statement of BSF Ltd if audited by another auditor, the details of the same has to be provided. The file should also contain the understanding of the auditors regarding the internal control system and accounting of BSF Ltd Working papers form a part of audit programs conducted by the auditors. The performance indicators and the key ratios would help in identifying the trend of the business and this would provide the auditors the information regarding the types of ratio to consider in identifying the trend and analyzing the review. The constitutional documents of BSF Ltd such as the line of business that is here in this context is research firm, structure of the capital , address of the BSF Ltd and its objective are also to be accounted for. The audit program should also identify the time involved in the completion of the job, which would be assigned to the assistant, and this needs to be signed by them after job completion (Griffith et al. 2012). The auditors shall have many issues regarding the recording of the financial transactions for the business entity. These include the authenticity as well as transparency for the transactions for the business entity. Arens et al. (2012) mentioned that such financial transactions have to be recorded earlier in the books of accounts. However, there remains a time lag between the actual occurrence of the financial transactions and the recording of the financial transactions in the books of accounts. This leads to discrepancies in the recording of the journal entries as well results in financial discrepancies. The full set of journal entries in the year 2013 to 2016 shall have an impact on the operational policies of the business entity. The journal entries shall have to be recorded as per the job roles and the operational policies of the business entity. According to Furnham and Gunter (2015), the auditors need to have an intensive study of the organizational policies of the business ent ity to evaluate the operational strategies of the business entity. This would help the auditors to have a proper understanding of the financial situation of the business entity. The primary responsibility of the auditors relates to the treatment of the CISRO grant. The CISRO grant shall have to be measured as per the needs of the business entity. As such, it remains necessary to evaluate that the grant of CISRO is utilized in the bests possible manner for the business entity. Thus, the expenses which are allocated for production and distribution have to be investigated thoroughly. In regard to this, the vouchers have to be examined thoroughly to prevent any manipulation. Chandler and Edwards (2014) mentioned that the primary issue concerning the job role of auditors is misleading information. As such, it remains essential that there is full cooperation between the audit team and the management of the organization to facilitate authenticity as well as transparency in the books of accounts. In addition, the auditors have to identify the discrepancies in the management of the organization. According to Evetts (2014) this is a major obstacle to the growing business sustainability of the organization in the international market. The auditor has to possess the responsibility to allocate the Research and the development expenses as per the production and the operational department of the organization in an adequate manner. The auditor has to investigate the possible expense that has remained unaccounted. These expenses can lead to the embezzlement of funds as well as the discrepancies in the financial recording of the shareholders of the organization. As such, this shall be necessary for the auditors to develop relevant auditing measures for organizational growth and sustainability. The BSF ltd research has been stated as socially responsible and environmental friendly. As such, the business entity has adhered to the necessary social as well as environmental measures in executing its daily business functionalities. Besides this, it has a strong internal auditing system implemented that to enable frequent monitoring of the environmental processes in the organization. In regard to this, it can be said that the brand has implemented stringent business operational policies. This shall help the workers involved in the production as well as the distribution to get all the aids and amenities to deliver their daily work. According to Hayes et al. (2014), the human resource department of BSF Ltd has to play a major role in the well being of the workers. Thus, the auditing processes that are implemented in the business organization have to be fair and transparent and shall not be biased to any particular party. This has been one of the reasons due to which the BSF resear ch can be called socially responsible. In addition, BSF ltd invested substantially in the research procedure to attain the research objectives However, it can be said that the research procedures has been implemented in the business organization to attain the long term goals and the objectives of the business entity. The research procedure has been subjected to environmental laws as well as regulations in the research work. As such, the society has not been hampered in any manner. Regular consumer feedback was taken from the clients relating to the research procedure. Lenz and Sarens (2012) mentioned that the grant from Commonwealth Scientific and Industrial Research Organization (CSIRO, Federal Government of Australia has enabled BSF Lt to implement advanced technology mechanisms in the research procedure. The brand has developed an alternative aquaculture feed to assess the research procedure and take appropriate measures for organizational growth. BSF Ltd has the patent over the bacteria based feed technology. As such this has assisted the business entity to gain a distinctive brand identity in the domestic as well as the international market. As such, the brand possesses the ownership over the patent based technology in the international market. This has ensured that the productivity as well as the level of customer satisfaction for the brand. The brand has made considerable investments for the development of such technology to aid organizational growth (CBC 2016). In this regard, it can be stated that the bacteria based feed technology has been solely the innovation of BSF ltd that has brought considerable enhancements in this sector. The research process has been on the use of bacteria to produce fish feeds from wood chips, sugar cane residue as well as methane gas. Thus these required considerable usage of time as well resources on the part of BSF technology. The research process has cost BSF $ 160 million AUD in the recen t years. In addition, the research process is expected to cost more $ 200 million in the research expenses for the business entity (Rust et al. 2011). Thus, the research process is expected to contribute enormously to the development of newer technology mechanisms. In addition, BSF limited has developed strategically alliances with similar brands operating in the same product and service line. As such, this has brought enormous innovation to that field. Thus, the sharing of technology as well as the financial and the operational processes of the business entity has brought about new innovation in the workplace. Lothe (2013) stated that the BSF Ltd has been the leading business unit that has been able to match the expectations of the consumer through the help of technology. Besides this, BSF ltd has been extensively using the bacteria feed technology in its manufacturing process. As such, this has assisted the business entity to survive in an intensely competitive market. Sarker et al. (2016) mentioned that the bacterial feed technology has been widely used to obtain fish feed from the wood chips as well as the sugar cane residue. The research from the past decade indicates towards the growing need of fish feed for the production of fish. Thus, this innovation from BSF ltd has made it easier for the development and the supply of fish products to the market. As such, BSF Ltd has played a pivotal role in the development in meeting the demand of the market and making the industry productive. Therefore, BSF Limited should have exclusive rights and control over the patent feed technology. References Arens, A.A., Elder, R.J. and Beasley, M.S., 2012. Auditing and assurance services: an integrated approach. Prentice Hall Biggs, S.F., Mock, T.J. and Watkins, P.R., 2012. Auditor's use of analytical review in audit program design.Accounting Review, pp.148-161. Boritz, J.E. and Huo, K., 2013. 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Seidel, T., 2014.The Effective Use of the Audit Risk Model at the Account Level. UNIVERSITY OF ARKANSAS. Srivastava, R.P. and Shafer, G.R., 2012. Belief-function formulas for audit risk.Accounting Review, pp.249-283. Tabor, R.H., 2013. Internal control evaluations and audit program revisions: some additional evidence.Journal of Accounting Research, pp.348-354. Voiculescu, A. and Bumbescu, S.S., 2014. Explaining The Audit Risk And Its Components: A Comparative Case-Study Based On Audit Reports.Annals-Economy Series,4, pp.138-148. Working papers form a part of audit programs conducted by the auditors.