Ryanair Strategic Management and Business Planning Case Study

Ryanair Strategic Management and Business Planning Case Study Introduction: Following report is based on the SWOT and PESTEL analysis of the Ryanair. This report will describe about the strengths, weakness, opportunities and threats of the ryanair. We will also examine about the external environmental effect by using the political, Economical, social, technological, environmental and legal analysis. There is briefly history of the ryanair which explain the investments and starting problems and till now, about the condition of internally and externally environment of the ryanair. Firstly discuss about the external environmental impact on the Ryanair and related to the strategy of the Ryanair. Basic objective and aim is to provide low cost fare services and increase profitability and to be a leader of market. By using the technique of PESTAL analysis can forecast the environmental change. For the examiner of environmental change have used different approaches like Bowmens strategy clock, Anoffs matrix, Michaels porters strategy. In addition, for determinant explain the porters five force model which have help out in the analysis of the competitive advantage ,new entrants, threats of substitutes. SWOT analysis is the best way to examine the internally condition of the Ryanair. It has explained about the powerful element and weak elements and also given the information about the new opportunities that Ryanair can get. Strategy Management: Strategy is the way and scope of an organization which achieve their goals in changing environments through its configuration of resources and competence with the aim of fulfilling stakeholder desires over the long term periods. There are following points which explain the term strategy: Strategy is concerned with the long term planning of any organization. Strategy is concerned with scope of any organizational activities. Purpose of strategy is to achieve some advantages for the organization over competition. Strategy is also affected by the values and expectation of those who have power in and around the organization, not only environmental forces and strategic forces. Main purpose of strategy is to achieve its aims and goal of organization. History of Ryanair: Ryanair is one of the most aircraft in the world including 44 bases and the 1100+ low fares more than 26 countries connecting with 175 countries. Ryanair has been launched by Ryan family in 1985 with the share capita  £1 and 25 staff members. In 1986 ryanair has taken permission from British airways and Aer linguis. Services are launched 1st turbo 46 seats aircraft from Dublin to London in May. After three year rapid growth , in 1990 ryanair faced  £20m accumulated losses and Ryan family has invested more  £20m and as copying the southwest airlines it was relaunched again and made new strategies under the new managerial systems and reduces their fares from  £99 to  £59 return tickets. In 1991 ryanair has changes its bases from Lutin to new airport of London Stansted which had new terminal and direct link of rail services. With the passage of time, ryanair has seen many changes every year. In 1995, Ryanair had untaken the British airways and Aer linguis. And also celebrated its 10th birthday with the great celebration. It becomes biggest air route in the Europe and internationally and also lowest fare rate airline domestically. Ryanair growth increased rapidly and employees receives shares of Ryanair and Ryanair received new Boeing aircrafts. In 2000, Ryanair has launched its website for the benefit of customers like booking, accommodation, train facilities and many more allowances as well. Furthermore, Ryanair has employed new employees and has developed career. Ryanair also promoted staff in 2007 and 2008. External Environment: Ryanair is largest low cots airline in the Europe. Ryanair is the largest investing and achieved its growth in friendly environment. Ryanair strategy is trying to improve its performance more. Ryanair has replaced its old Boeing aircraft to the new developed technology aircrafts. Ryanair also reduces the use of fuel and minimise the ratio of CO2 per passenger. Strategy of Ryanair is low cost fare and more profitability. Ryanair also use the point to point journey planner and tried to not landing during the way. It also tried to reduce the time. Ryanair also reduced to affection and disturbance by the noise or aircraft. It used new technology for less noise like new winglets and its help out in reduction of noise. Ryanair is the very low cost which is not offered to passenger for free food, drinks and many things. It safe thing not waste it. Ryanair has increased in tourism, employment level, and infrastructure. Theses external element has great impact on the strategy of the ryanair. Ryanair has basic objective low fares and high profit and giving good customer service to the passengers. With the [passage of time strategy of ryanair is developed and many changes incurred in it. Ryanair strategy is reducing the costs which include personnel, equipment cost, airport access rather than its competitors. Moreover, Ryan air with the high productive source is trying to improve its productivity which helps in reducing the labour cost. Ryanair strategy: After examine the SWOT analysis and Ryanair capabilities now we can easily describe about the strategy of Ryanair. Ryanair has cost minimization strategy through this it want to be leader of market and want to gain competitive advantage. Ryanair strategy is trying to focus on the aviation industry, new fleets, and airport charges route services and managing marketing cost etc. Basic aim and objective of ryanair is to increase low fares services and by doing continues progress want to be European low cost scheduled airline. Moreover, Ryanair providing low cost fares for those people who have travelled by other means of transportation and also those people did not ever travel at all. According to the statistical data Ryanair has maintained the recode of punctuality. Ryanair do point to point and non-stop routes which has reduced the cost of services. It also increase the productivity level by using work force which has help out in minimising labour cost. Ryanair also offers Bonuses, compensation, commission on the basis of hours for the encouragement of staff and personnel and crew member and pilot. Ryanair has new reservation system developed internet facility. Ryanair does not compensate with its safety rules, staff training and quality insurance and do not extend its low cost strategy in theses area. For the repairing of the crafts it has contract with the third party according to the European airlines otherwise repairing and maintenance work done by itself in London. Except all of these things ryanai r take care about the customer service, providing food, beverage, travel insurance, car rental and accommodation and it also provide telephonic reservation and different facilities. PESTEL Analysis of Ryanair: Political: In political analysis of ryanair include the internal and external stability of political condition in Europe countries like Middle East. Ryanair has to follow New EU rules and regulation, expansion and duty free sales of products. Government has help to the ryanair to take it internationally. Government also provided full security system to the ryanair. Economical: Outside and inside economy is different in the Europe. Inside economy is stable while outside economy is non stable. Price of fuel is increasing day by day and depreciation of US dollar also increasing. There are some regional subsidies also preferable in the ryanair analysis. Ryan air also created linkage of between new highly speed trains and airport. Social: In social analysis of ryanair, there is increase in grey marketing and also lifestyle of travelling is changing day by day. There is also change in consumers demographics. Demand and preferences of consumers also changed and fluctuated with the passage of time. Technological: Ryanair bought new fleets and advanced technology aircrafts for the consumers satisfaction. It also introduced new software programmes for the improvement in supply chain systems. Ryanair also increase information technology, gambling and competition in the market as well. Ryanair also used satellite television and also try to reduce fuel consumption. Environmental: Ryanair has reduced noise pollution. It has used new technological system to reduce the noise. It also saves the environment from dangerous gases like greenhouse CO2 emission. Legal: Ryanair has followed the legal laws. It has removed the illegal subsidies from airport. Ryanair also claim illegal advertising on the airport. Forecasting Environmental change: Michaels porter generic strategy: Porters generic strategy explains about the cost advantage and differentiation focus. This technique is suitable for those companies who based on cost leadership and differentiation and focus. By using the cost leadership strategy ryanair got the competitive advantage and market leadership. Ryanair has earned very high profit in very short time period by using the low fares. Leadership strategy has given help to the customer for decision making. It has offered to the customer low fares and secondary to secondary flies by using the differentiation. Ryanair has purchases aircrafts not whole fleets but has given best customer service. Ansoffs matrix: Igor Ansoff focuses on the companys present and potential product /services and market situation. There are four possible combinations of growth that is existing product with new product, existing market with new market, market development and product development and diversification. Ryanair has attracted the market towards itself by using the pattern of low cost and reasonable fares. Ryanair has diversified its staff according to the different location and destination. Ryanair is trying to expand its business and developing the staff which will take it towards success. Bowmans strategy clock: Bowmans strategy clock explains competitive position of a company with comparison of competitors. We can analyse the problem and difficulties of Ryanair through this approach from last few years. There are eight different options which can describe the competitive position. These are as follows: low price, low added value, differentiated, hybrid and focus differentiated, increase standard or price, increased price and low value or standard price. From last few years ryanair has performed very affective changes due to its effective managerial system. Ryanair has earned very high profit in very short time by following the affective time schedule giving significant value on the development of Ryanair. National advantage by using techniques of Ryanair: There are different techniques through we can analyse the national advantage of ryanair. Porters five force model: By using the porters five force model, we came to know about the value and importance of the ryanair in Europe market. It includes threat of new entrant, threat of substitute, competitive rivalry, bargaining power of supplier hand customer. Threat of new entrant mean need high profit for coming in the market level and offer customers low fares. Its difficult high investment. It also need flight authorisation. Ryanair has threat of its substitute like ferries, Euro line, cars and rail services and many other substitutes as well. It has also threat from its customers it doesnt have loyalty brand, no switching of the prices, no close relationship with the customer. Air bus and Boeing are the two main supplier of the ryanair and the switch cost from one supplier to another is high because if they do this they need to retained their staff again. Ryanair has more competitive power rather than small airlines because they operate regional level in small airports but ryanair operates on bog airports. Ryanair has threat of its customers, if the prices are sensitive than customer can easily move to other airlines through online advertisement, booking and by offering good customer service so we cannot depend on the customers. Moreover, Price of the ryanair is the main competitive element to others. There is not much differentiation low cost prices to other airlines. As LCC is the high competitive market there are chances to do the same thing. In market there are many competitors they can competition with the prices and profits but in existing situation competitors cannot compete with dead to dead competition by choosing different service routes. SWOT Analysis of Ryanair: Swot Analysis describes the internal situation of the organisation. The main purpose of the SWOT analysis is to know about the strength, weakness, threats and opportunities of the organisation. It is also helpful to bring changes in the strategy of the organisation and came to know about the current the situation and where organisation standing and where it should have to be. Strengths: Ryanair has strong brand image and due to its strong brand image it has reduced the barrier of entry to new airports and has increased the barriers for new entrant. Ryanair is firstly low fares cost airline in the Europe and still maintained its image. London Stansted is the one of busiest aviation traffic zones where are bases of ryanair operationalsing. Ryanair is the innovative and has aggressive marketing quality. Ryanair has enhanced safety, higher fuel efficiency and properly income planning by offering low fares. Single aircrafts has help out in reducing training, maintenance and supervisory cost. Ryanair has reduced it labour cost by reducing by non-unionised it labour forced. Weakness: Negative press report, poor customer services has bad impact on the brand image of the ryanair. Ryanair have low level of trained personnel and also give low level of empathy and moral to the employees but ryanair need well trained craft personnel. If any new taxes are applied on new fares it become cause of misleading, wrong advertisement, misleading website become reason of sensitivity of ryanair. Mobile phones and gambling also not allowed during journey and it is discouraging the customers. Increase in the emission of CO2 and fuel consumption and it has bad impact on environment. Opportunities: If ryanair start better business routes and start new operation by doing merger and acquisition. If ryanair fulfil the EU market requirements then due to its low fare policy it can develop the economy growth and increase the employment opportunities. OPEN SKY agreement can help out to develop its business route and consolidation of low fares. It can attract middle class people for the travelling. Ryanair can also get new fleet on lease and it will be good source of earning. Threats: There many competitors in the market like LLC are direct competitor of ryanair which has affected the share market. Rich people and upper class people dont prefer low fare they want good and high class service so that is also threat for the ryanair. It can create problem to make decision in future. New rules and regulation can be threat for the ryanair, might be it can emphasis to increase the cost. Threat of war and bad weather can create problem in journey planners. Strategic capabilities of Ryanair: Strategic capabilities mean those skills and ability that help out to achiveve the stage of surveillance of market. It has two types. Resources Competences Resources: Threshold resources: Ryanair includes Flights, office equipment, head quarters, finance resources and employees. Core resources: Ryanair has also core resources which is CEO Michael OLeary. Competence : Threshold competences: It includes online banking system, operation of on time delivery, point to point routing. Core competences: Core competence of ryanair is low cost, no frill strategy and route policy strategy. All of these capabilities of the ryanair are the part of the SWOT. We can come to know about the resources of the ryanair and which core concepts and threshold are includes. It is also helpful in analysis of strategy of ryanair. Ryanair competitive advantage: Ryanair have competitive advantage because of its low fares, no frills, point to point fights, online booking, tickles boarding and no refund policies and many more. Except theses there are many reasons like marketing on airports, no cargo service, new air crafts, new fleets and ryanair have corporate partnership which is the reason of high productivity level. Ryanair also provide basic services during journeys. Conclusion and recommendations: At the end, in my point of view Ryanair should have to keep on its competitors which strategy techniques they are using like Virgin airline are using Bowman strategy clock so it should have to use it. Ryanair should have to offer high and good quality service with low prices through these customers will attract more. Yip and Johnson has appraised on their article Transforming Strategy that if the company is offering lower cost with the lower strategy has no work and cannot compete with their rivals. Ryanair has tried to hit the specific market like Ireland UK market by organise growth plans. Ryanair thinks that by increasing the quality service and routes from UK to Europe where the high cost service are available, it can increase the sales. Thus, Ryanair strategy low fare, good service , no frill strategy can make more profit and can increase their income level as well as they can bound in relation with the stakeholders customer and passengers.

Submarines :: essays research papers

The Evolution of the Sumarine Due to War The submarine is an extreamly useful tactical tool. Bred through war, the submarine is one of the most advanced covert weapons technologies today. The submarine is a ship designed and built to travel under water. A "true" submarine spends the majority of time under water and is capable of staying under water indefinaltely(Rush 140). The only "true" submarine today is the nuclear sub. The first "true" submarine is the U.S.S nautilus(Rush 141). There are two main types of war affiliated submarines, attack submarines and ballistic missile submarines. The attack submarine is designed to seek and destroy enemy submarines and surface ships. The much larger ballistic missile submarine is designed to carry multiple warheads to attack enemy cities and military facilities ashore(Polmar 748). The submarine origionated over 2,000 years ago when Alexander the great went below the Mediteranian Sea in a glass barrel(Wyckoff 13). Submarines were toyed with by scientists through the years but not many uses were found for the concept of a submersable until the revolutionary war. The first attack submarine was the Turtle, designed by a student at Yale university by the name of David Bushnell, it's purpose was to sink a British war ship in New York Harbor(Polmar 750). It's mission was a failure but none the less was the first attempt to sink a ship with a submersable(Polmar 750). The first success was made durring the Civil War(Polmar 750). The Confederate sub Hunley rammed the Union ship Housatonic in Charleston Harbor, and both the Hunley and the Housatonic sank(Polmar 750). The Hunley's weapon consisted of an explosive at the end of a long pole wich was to be set off when in close enough proximity to the ship it was to attack(Polmar 750). The submarine has advanced dramaticly due to war. The first major advancement in submarine technology is the invention of a gasoline and batery powered submarine by John P. Holland(Polmar 750). This ship was bought by the US Navy in 1900 and named the U.S.S Holland(Polmar 750). The U.S.S Holland was capable of speeds of 6 knots submerged(Polmar 750). The gasoline and battery powered combination allowed for submarines to run on gasoline while surfaced, and by battery power when submerged and combustion was no longer possable without wasting valuable oxogen within the submarine. The next leap in the technological development of the submarine was the periscope developed by Simon Lake in 1902(Polmar 750).

Role of Women in the American Revolution

Role of Women in the American Revolution The role of women played in any given war is quite often severely underestimated. This sentiment especially goes for the American Revolutionary War, where women actually played an absolutely essential role in our victory against the British. Not only where there different types of women who had helped, but there were many different ways each of them helped–particularly as nurses to help save lives and tend to injured soldiers. Without women helping in the war, we would have most certainly lost (National History Education Clearinghouse).One way that women helped out in the war was that they went directly to the source–by dressing up as men and going to fight in the front lines, women (e. g. Deborah Samson) were able to help America emerge victorious (â€Å"People of the Revolution†). Some women fought in a more subtle manner, by keeping house back home and tending to their husband’s businesses while they were at war (Zitek). They boycotted British products by participating in the Homespun Movement, where they wove their own clothing rather than wearing British-imported dresses, which served as a major act of bold defiance.Other women even acted as spies (e. g. Lydia Darragh in 1777, who eavesdropped on quartered British soldiers and relayed their plans of attack to the American patriots) during the war, helping the patriots win. (â€Å"www. revolutionary-war. net†). Different types of women also participated in the Revolutionary War. Patriotic women boycotted against British products, helped care for their husband’s property on the home front, and had even spied on British soldiers (â€Å"www. revolutionary-war. net†).However, loyalist women also played a role in counteracting these efforts. Loyalists as well as patriots acted as spies (e. g. Ann Bates, Miss Jenny) and in general posed as an obstacle for the patriotic women (Buesche). As for Native-Americans, Native-America n women supported the British, as they knew that a patriotic win would result in further westward expansion and further destruction of their homes. African-American women were pushed into the workforce as blacks in general were recognized as a powerful labor-intensive force (Zitek).In addition to all the roles patriotic women played in helping America emerge victorious, one of the biggest methods was nursing. Battle nurses were organized into army ranks, the highest rank having been ‘matron’. Their necessity was so that the ratio for wounded soldiers to nurses was 10:1. Even George Washington himself had found female nurses indispensable–he demanded they be present to help nurse soldiers back to health on and off the battlefield (National History Education Clearinghouse). Overall, women were an integral and vital part of the Revolutionary War.While few fought on the front lines, others helped in more subtle ways that showed rebellion and helped edge the USA towar ds long-awaited victory. Men thought women were incapable of understanding the intricacies of war and were proven incorrect time and time again. Whether through spying, healing, or fighting, without women, Britain most certainly would’ve overpowered America in the Revolutionary War. Citations Buesche, John. â€Å"Spy in a Petticoat. † Teaching History. National History Organization Clearinghouse, n. d. Web. 24 May 2012. Buesche) National History Education Clearinghouse, Browse tech for teachers. N. p. , n. d. Web. 24 May 2012. . (National History Education Clearinghouse) People of the revolution, P.. â€Å"Voices of the American Revolution. † Deborah Sampson. N. p. , n. d. Web. 24 May 2012. . (â€Å"People of the Revolution†) â€Å"Revolutionary War Spies. † www. revolutionary-war. net. Rose Creek Village, 2010. Web. 24 May 2012. . (â€Å"www. revolutionary-war. net†) Zitek, C.. â€Å"Women in the American Revolution. † . N. p. , n. d . Web. 24 May 2012. . (Zitek)

Brain Imaging Techniques Used Today - 1645 Words

Brain Imaging Techniques Duane Perrin Eastern Oregon University 11/11/2016 Since the beginning of time people have been trying to understand what is going on inside our heads. With the development and continuous advancement of brain imaging techniques it has become possible to do just that. It is now possible to produce both structural and functional images of the brain. While brain imaging techniques have advanced significantly throughout history and proven extremely useful, they still have their limitations. The purpose of this paper is to give a brief history of brain imaging developments, explain the major brain imaging techniques being used today, and provide information about what each scan can and can’t tell us about the human mind and brain. A brief history of brain imaging as described by Raichle (2009) begins with the introduction of computerized tomography (CT) in the early 1970s and development of magnetic resonance imaging (MRI) shortly thereafter, which prompted the invent and use of positron emission tomography (PET), and then functional magnetic resonance imaging (fMRI) which came in the 1990s (p.119). Since then other forms of brain scanning technology have appeared such as the Magnetoencephalography (MEG) scan, and other variations of PET and MRI such as diffusion tensor imaging (DTI). The appearance of these types of brain imaging techniques has provided great insight into the structure and function of the human mind. First, it is importantShow MoreRelatedAnalysis Of Cognitive Neuroscientists892 Words   |  4 PagesCognitive neuroscientists use several brain imaging methods that look at the structure or function of the brain to study cognition. 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In Alzheimer s disease, the brain cells degenerate and die, causing a steady decline in memory and mental function. Current Alzheimer s disease medications and management strategies may temporarily improve symptoms. This can sometimes

Schmidt Surname Meaning and Family History

The surname Schmidt is an occupational surname for blacksmith or metalworker, from the German word schmied or the Danish smed. Schmidt is the German equivalent of the English surname SMITH. SCHMITZ is another German variant of this surname. SCHMIDT is the 2nd most common German surname  and the 31st most common Danish surname. Surname Origin:  German, Danish Alternate Surname Spellings:   SCHMID, SCHMITT, SCHMITZ Famous People with the Surname SCHMIDT: Kendall Schmidt - American actor and singerOtto Schmidt - Soviet geophysicist and polar explorerHelmut Schmidt - Chancellor of West Germany from 1974–1982 Where is the SCHMIDT Surname Most Common? Despite its German origins, the SCHMIDT surname today is most prevalent in the United States, according  to surname distribution from  Forebears. It is more common  based on population percentage, however, in countries such as Austria (where it ranks 22nd in the nation), Denmark (31st), Greenland (41st), Switzerland (43rd) and  Liechtenstein (48th). According to  WorldNames PublicProfiler, Schmidt is found most frequently in Germany. The surname is common throughout the country, but used by the greatest number of individuals in Thà ¼ringen and Sachsen-Anhalt. Schmidt is also extremely common in  Sà ¸nderjylland (Southern Jutland), Denmark. Genealogy Resources for the Surname SCHMIDT: Common German Surnames Their MeaningsUncover the meaning of your German last name with this free guide to German surnames meanings and origins. Schmidt  Family Crest - Its Not What You ThinkContrary to what you may hear, there is no such thing as a Schmidt  family crest or coat of arms for the Schmidt surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male line descendants of the person to whom the coat of arms was originally granted. Smith DNA ProjectOver 2400 individuals with the Smith surname—including variations such as Schmidt, Smythe, Smidt and Smitz—have joined this DNA project to use DNA in combination with genealogy research to sort out over 220 distinct groups of Smith descendants. Schmidt Family Genealogy ForumSearch this popular genealogy forum for the Schmidt surname to find others who might be researching your ancestors, or post your own Schmidt query. FamilySearch - SCHMIDT GenealogyExplore over 3.6  million results from digitized  historical records and lineage-linked family trees related to the Schmidt surname on this free website hosted by the Church of Jesus Christ of Latter-day Saints. SCHMIDT Surname Family Mailing ListsRootsWeb hosts several free mailing lists for researchers of the Schmidt surname. DistantCousin.com - SCHMIDT  Genealogy Family HistoryExplore free databases and genealogy links for the last name Schmidt. GeneaNet - Schmidt  RecordsGeneaNet includes archival records, family trees, and other resources for individuals with the Schmidt  surname, with a concentration on records and families from France and other European countries. The Schmidt  Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Schmidt  surname from the website of Genealogy Today.----------------------- References: Surname Meanings Origins Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998. Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997. Back toGlossary of Surname Meanings Origins

Bonnie and Clyde Film - 621 Words

Genre categorization is important because it helps to organize and classify movies. People make a lot of decisions based on the genre of the film; this is one of the main ways in which audiences select what movie to see. Most genres follow the same theme, story formula, setting, and story formula. If every genre followed the same set of rules one would think that after awhile these movies would become predictable and therefore lose its spark. There is also the notion that people and society change and evolve, making certain genres irrelevant and not relatable to the overall movie lover population. So how do film makers who are known and generally stick to a certain genre, keep audiences from losing interest? They simply evolve with society by changing the rules of a certain genre and one way to do this is genre breaking. Genre breaking can be defined as a film that is classified as a certain genre but breaks the genre tradition, by keeping the traditional theme of the genre but chang ing the setting, presentation, and story formula. By doing this, the film still follows the essential idea of the genre’s traditional theme, but the way it goes about doing it is totally different and can usually be seen as a parody. The best example of genre breaking would be the film Bonnie and Clyde made in the 1967 by Arthur Penn. Bonnie and Clyde is seen as a gangster film, and follows the overall theme of a gangster film. The theme of a gangster film is the American Dream, which tries toShow MoreRelatedThe Story of Bonnie and Clyde1294 Words   |  5 PagesFilms throughout American history have focused on such a wide array of topics – a lot of them having to do with the time period in which they were produced. Some of these topics appear all throughout the history of film, one of them being crime. No matter where you go or where you look, whether it be in a certain place or a certain time period, you can’t escape crime; it’s always there – which is why I think crime is such a popular topic in American films. One of the most popular crime films inRead MoreSzu Hua Wu. Bonnie And Clyde- The New Style Narrative And1671 Words   |  7 PagesSzu Hua Wu Bonnie and Clyde- The New style narrative and the originate of the New Hollywood era In the late 1960s and 1970s, a turning point of the American cinema had begun. Young directors started thinking a new style of film which differed from the past of the Hollywood films. At the time where the Vietnam War was happening, depressions and rebellions spread over the country. 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Independence of External Auditor free essay sample

By:- shubham kanchhal Auditor independence  refers to the independence  of the auditor  from parties that may have a financial interest in business being audited. Independence requires integrity  and an objective approach  for the audit process. This concept requires the auditor  to carry his work freely and in an objective manner. The purpose of an audit to enhance the credibility of a financial enhancements by providing reasonable assurance from an independent source that present a true and fair view in accordance with an accounting standard. This objective will not be met if users of the audit report believe that auditor may have been influenced by other parties, more specifically company directors  or by conflicting interests. In addition to the technical competence, auditor independence is the most important factor in establishing the credibility of an audit opinion. The role of an external audit is to ascertain that the financial statements that are communicated to external stakeholders are a true and fair representation of both performance and their position. We will write a custom essay sample on Independence of External Auditor or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In doing this, they provide comfort to external users of these statements that what they are reading has been prepared in accordance with all the accounting and other mandatory and professional requirements. The onus of being able to read and interpret the information contained in the financial statements rests with the users, and no interpretation of the information is required by the auditors. Independence of the external auditor  means independence from the parties that have an interest in the results published in financial statements of an entity. The support from and relation to the audit committee of the client company, the contract and the contractual reference to public accounting standards or codes generally provides independence from management, the code of ethics  of the Public Accountant profession) helps give guidance on independence from suppliers, clients, third parties. The role of the external auditor in the supervisory process requires standards such as independence, objectivity and integrity to achieve. Even though the regulator and the external auditor perform similar functions, namely the verification of financial statements, they serve particular interests. The regulator works towards safeguarding financial stability and investor interests. On the other hand, external auditor serves the private interests of the shareholders of a company. The financial audit remains an important aspect of the corporate governance that makes management accountable to shareholders for its stewardship of a company. External auditor may however, have a commercial interest too. The debate surrounding the role of external auditors focuses particular on auditor independence. A survey by the magazine â€Å"Financial Director† shows that the fees derived from an audit client in terms of non-audit services are significant in comparison to fees generated through auditing. Accounting firms sometimes engage in a practice called â€Å"low balling† where they set audit fees less than the market rate and make up for the deficit by providing non audit services. As a result, some audit firms have commercial interest to protect too. There is a concern that the auditors interests to protect shareholders of a company and his commercial interests do not conflict with each other. Sufficient measures need to be in a place to ensure that the external auditors independence is not affected. The new directive states that all firms listed on the stock market must have an independent audit committee which will recommend an auditor for shareholder approval. It also states that auditors or audit partners must be rotated but does not mention the separation of auditors from consultancy work despite protests that there is a link to compromising the independence of auditors. However this may be because Brussels also shares the view that there is no evidence confirming the correlation between the levels of non-audit fees and audit failures and that as a result, sufficient safeguards are in place. There are three main ways in which the auditor’s independence can manifest itself. Programming independence is  essentially protects the auditor’s ability to select the most appropriate strategy to conduct an audit. Auditors must be free to approach a piece of work in whatever manner they consider best. As a client company grows and conducts new activities, the auditor’s approach will likely have to adapt the account for these. In addition, the auditing profession is a dynamic one, with new techniques which is constantly being developed and upgraded which the auditor may decide to use. The strategy methods which the auditors intend to implement cannot be inhibited in any way. While programming independence protects auditors’ ability to select an appropriate strategy,  investigative independence  protects the auditor’s ability to implement the strategy in whatever manner they consider it necessary. Basically, auditors must have unlimited access to all company information. Any queries regarding a company business and accounting treatment must be answered by the company. The collection of audit evidence is an essential process, and cannot be restricted in any way by Client Company. Reporting independence  protects the auditors’ ability to choose to reveal to the public any information that they believe should be disclosed. If company directors have been misleading shareholders by falsifying accounting information, they will strive to prevent the auditors from reporting this. It is the situations when auditor independence is most likely to be compromised. The increased competition between the larger firms means that the company image  is very important. No audit firm wants to have to explain to the press about the loss of a big client. This gives the directors of the large company a commanding position over its audit firm and they may look to take advantage of it in anyway. The audit team would feel pressurized to satisfy the needs of the directors and in doing so they would lose their independence. There are two important aspects to independence which must be distinguished from each other: independence in fact (real independence) and independence in appearance (perceived independence). Together, both forms are essential to achieve the goals of independence. Real independence refers to the actual independence of auditor, also known as independence of mind. More specifically, real independence concerns the  state of mind  an auditor is in, and how the auditor deals with a specific situation. An auditor who is independent in fact has the ability to make an independent decision even if there is a perceived lack of independence present, or if the auditor is placed in a compromising position by company directors. Many difficulties lie in determining the fact that whether an auditor is truly independent, since it is impossible to observe and measure a person’s mental attitude and its personal integrity. Similarly, an auditor’s objectivity must be beyond question, but how can this be guaranteed and measured? That is why perceived independence is of such importance. It is essential that the auditor not only acts as independently, but appears independent too. If an auditor is in fact independent, but one or more factors suggest otherwise, this could potentially lead to the public concluding that the audit report does not represent a true and a fair view. Independence in appearances also reduces the opportunity for an auditor to act otherwise than independently, which subsequently adds credibility to the audit report.