Vodafone Is A UK Based Telecommunications Marketing Essay

Vodafone Is A UK Based Telecommunications Marketing Essay In this case report we will provide two detailed strategic options for Vodafone as a telecommunications provider to sustain its growth internationally. We will give reason for our recommendations and evaluate the VRIO Framework of the organization and provide a clear Five Forces Analysis. Vodafone is a UK based telecommunications giant that has been a part of shaping the wireless phone industry as we know it today. Vodafone is present is most European and Asian markets. The company failed in Japan and has yet to enter the American market successfully as an independent company. We have developed two strategies for management to consider. Our first option is highly innovative and requires the company to utilize technology that already exists by forming alliances with providers of internet connections and with phone manufacturers. Our second option suggest that Vodafone should enter the American market as soon as possible providing wireless phone service in the American market place using many aspects of its existing business model. Suggesting the first option involves higher risk than option two. There is however room for sustainable growth with both options. Case 3-11: Vodafone; E Pluribus Enum Mission and objectives of Vodafone: Vodafone is the worlds largest provider of voice and data communication services to consumers and enterprise customers. The company employs about 66,000 people around the world. The company headquarter is situated in Berkshire, UK. Vodafone operates through single reportable business segment: supply of communications services and products. At the end of March 2007, the company had 206 million customers world wide. (Vodafone, 2007) Vodafones strategic objectives: Revenue stimulation and cost reduction in Europe Innovate and deliver on our customers total communication needs Deliver strong growth in emerging markets Actively manage our portfolio to maximize returns Align capital structure and shareholder returns policy to strategy Key issues and problems; Key issues and problems for Vodafone include how the company manages to coordinate its growth and to maintain its competitive advantage in the dramatically changing market environment of the dynamic telecommunication sector. VRIO: Table 1.1 The VRIO framework Value Rarity Imitability Organization Competitive implications Network infrastructure Yes No No Yes Competitive parity Diversified revenue base Yes Yes No Yes Temporary competitive advantage Leading market position Yes Yes Yes Yes Sustained competitive advantage Network infrastructure One of Vodafones key technologies and resources is the strong network infrastructure that supports its operations. To be able to provide mobile services, a strong network infrastructure is fundamental for the company. Vodafone operates 2G networks, through GSM networks, in all its mobile operating subsidiaries, offering its customers services such as voice, text messaging and basic data services. All the networks operate GPRS or 2.5G as well, which enables wireless access with mobile devices to data networks like the internet. Vodafone also controls 3G networks offering its customers mobile broadband data access services allowing data download speeds of up to 384 kilobits per second. 2006 launched High Speed Downlink Packet Access (HSDPA) technology shortens download times significantly with data transmission speeds of up to 3.6 megabits per second and makes the usage of mobile broadband services much more pleasant for the customers. HSDPA is enabled in the existing 3G network with a fter software updates. (Vodafone, 2007) The strong network infrastructure is a valuable resource and enables the company to respond to the growing customer needs with high quality services now and in the future. This valuable resource is not a rarity in the wireless telecommunication industry and therefore it cannot be costly for the competitors to imitate. Many of the worlds large mobile operators have the same access to the same technology as Vodafone and a control over massive networks. Vodafone is very well organized to exploit the full competitive potential of the network infrastructure by providing the employees a productive and safe working environment with attractive performance based incentives. This resource is an organizational strength and generates a competitive parity. Diversified revenue base By acquisitions, stakes in companies, and partner networks Vodafone has strategically expanded its presence to consider the whole world. The company has equity interests in 25 countries. Vodafones partner network arrangements extend to a further 38 countries. (Vodafone, 2007) Vodafone has significant mobile operations in countries such as Germany, Italy, Spain, UK, Egypt, Kenya, South Africa, Australia and New Zealand. In 2007 the largest geographic region was Germany with a contribution of 17.1% to the total revenue, followed by UK 16.3%, Spain 14.1%, Italy 13.5%, and other Europe 13.5%. Arcor and Pacific contributed 9%, Middle East, Africa and Asia 8.2%, and Eastern Europe the rest 9% of the revenues. (Datamonitor, 2007) Vodafones global reach and geographically diversified revenue base is a valuable resource for the company. This valuable resource helps the company to compensate its risks and losses. As diversified as Vodafones revenue base is it is a rarity within the wireless te lecommunication industry. Vodafones strategy is to actively manage their portfolio by investing into markets that offer a strong local position. With strict financial investment criteria Vodafone maximizes its and its shareholders returns. (Vodafone, 2007) Vodafones competitors would not face a cost disadvantage in trying to imitate this resource. It is more about the strategy that a company implements than about the financial resources. Vodafone is well organized to exploit the full competitive potential of this valuable and rare resource. The Boards goal is to make sure that the companys employees are aware of Vodafones strategic goals and mutual obligations. This resource is an organizational strength and distinctive competence and generates a temporary competitive advantage. Leading market position Vodafone is the worlds leading mobile telecommunications company. Vodafone operates in Europe, the Middle East, Africa, Asia Pacific and the US by subsidiary undertakings, associated undertakings and investments. In countries with significant operations Vodafones market shares are impressive; Germany 36%, Italy 33%, Spain 31%, UK 26%, South Africa 58%, US 25%, Egypt 48%, and Australia 18%. (Datamonitor, 2007) A strong market share with the market leader position is an extremely valuable and rare resource which improves the companys brand image and gives it a solid foundation to enter new potential markets. This resource is imperfectly imitable and the competitors would face a cost disadvantage in obtaining or developing it. Vodafones market leader position is based on the passion and effort of the companys employees. The company is well organized to manage effectively its employees to reach their full potential and benefiting them selves and the company. This resource is an organizat ional strength and sustainable distinctive competence and generates a sustained competitive advantage. 5 Forces Vodafone: Rivalry: The threat of rivalry in this business is impacted by the low number of big firms in the market. There are a few numbers of large firms worldwide that competes for the market share; this lowers the threat of rivalry. The firms that are in the business however are very competitive and because of a relative slow market growth in this industry the firms fight over the market shares that are out there and that increase the threat. There is also a low level of switching costs to the consumer and a low level of product differentiation and this further brings the threat level of rivalry up. So in the mobile network industry the threat of rivalry is fairly high. Substitutes: The threat of substitutes for voice and data communication over the traditional network is moderate. People calling over long distances could instead of picking up a phone go to a computer and call through that. The low costs of computer calling could potentially take over most long distance calling. The more local calls and business calls would be more secure for the mobile market, although cell phones with the ability to use the internet to make calls are being made available and will soon take a considerable market share of calls made. The threat of substitutes can be reasonable high in this industry. Buyers: The threat of buyers in this industry can be considered fairly low. The individual buyer has no impact on the price of the products offered. Suppliers: Suppliers power in some aspects of this industry is high. In the cell phone part of the business the suppliers of the phones can have a big impact on the price of products and the condition of the deal they make with the provider. One clear example of this is when apple launched their new I-phone. They made an exclusive contract with ATT so they had the exclusive right to be the service provider to their phone in America. So the suppliers power in this industry is high. New Entry: The threat of entry is highly influenced by the economy of scale of the existing companies. The large well established companies that have a strong foothold in the market and a known brand name would make entry for a new company costly. Although there are some new arrivals the larger firms control the market and will put pressure on any new entries. The threat of new entries is fairly low for the bigger companies. Table 2.1 Market Positioning Grid: High Tele2 TeliaSonera Low DKSonofon Coverage BT Vodafone VirginMobile ATT High Market Share Low Market Share Coverage Main Problem Statement: How can WE revolutionize the wireless telecom industry? Strategic Option 1: There is a lot of buzz in the telecommunication market about 2G and 3G networks. It was the dream of the CEO of Vodafone to bring the 3G network into the hands of the American consumers a few years back, but Vodafones partner in America did not want to invest in the new 3rd generation network. The new technologies that are out in the market now can give Vodafone the opportunity to be in front of all the competition in the American market. What we propose that Vodafone enters the American market with a 6th generation phone and phone service for cell phones. The type of phone is a phone that not only works on the regular network used to day in America but can also use the internet to make calls, not only to other Vodafone customers but to all networks. The technology is not new and exists today in America, but not in the mobile phone market. Vonage and Comcast offer their customers a phone service based over digital networks and not over standard phone lines. The way Vodafone is going to differ themselves from the existing firms is to offer this to cell phones. The way that this system works is that instead of the cell phone using the regular network to connect the calls it makes, it uses any wireless internet access that it can connect to. This means that calling people from you cell is virtually free and you would only pay a monthly charge on you cell phone to Vodafone. If you cannot find a wireless network to connect to, the phone can use a regular phone network as a backup. With a strategy to enter and take a market share in America like this one, you do not have to make large fixed investments in the hardware. Instead you have a 6th generation phone that can be operated on both the old networks and on digital networks. To get these phones and plans out to a large customer group, Vodafone should concentrate on the big cities first, making a encrypted wireless network available in the city that only their phones can access. This way the company can see how the customers like being connected to a faster and better network with a more advanced phone then available in the American market. The latest hype in the American cell phone market is the Iphone; this phone is looked into one carrier and can over the carriers network connect to the internet. The phone is locked to one carrier (ATT) but can be hacked and used by others. The Vodafone would be configured so that you cannot hack it by the software allowing the consumer to connect and call for free to any phone in the world by simply not connecting that person to the Vodafone network. The phone could be free for all providers to sell but some functions on the phone like IP communication would be useless. Since this is one of the biggest selling points for the product you basically lock the customer in to your carrier. To be able to make money of you customers you set a fixed monthly payment for the plan and no extra charges for calling people over the wireless networks, but standard charges for regular charges made from the phones. Strategic Option 2: It is hard to try to develop a strategic option to revolutionize the telecom industry for a company that has already been involved in shaping the industry for many years. Option 2 will differ from Option 1 in multiple areas. For option 2 we propose that Vodafone enters the American market place as soon as possible as Vodafone the company instead of through subsidiaries. Vodafone has always focused their marketing efforts mainly through sponsorships of large sports teams such as Manchester United Football Club and McLaren Mercedes Benz Formula 1 team along with hundreds of others. We believe that Vodafone can copy many of the elements that European customers have been satisfied with directly over to the American market which is currently lagging behind by almost five years compared to Asia and almost two years compared to Europe. Providing 3G service in the United States is needed and we believe that Vodafone could successfully gain market share in the United States. Vodafone has very high brand equity world wide and we believe that it is time to establish a grip on the US market. Recommendation Implementation: It is easy to see similarities between Vodafone and Sir Richard Bransons Virgin Corporation, other than the fact that the logos look similar. They are both UK based companies that are very dynamic and the company cultures are similar. Both companies are not afraid to be innovative and to move in new directions. We therefore recommend that Vodafone choose to move forwards with Option 1. This option involves the most risk, but we firmly believe that the industry is moving more and more towards telecommunication via wireless broadband connections. Just take a look at the Apple iPhone which with just one push on the touch screen switches from WI-FI to pure telephone mode. The iPhone does not provide IP-voice communication yet but we firmly believe that it is just a matter of time before it and others will. Implementing Option 1 we recommend that Vodafone establish strategic alliances with certain US based companies to be able to provide WI-FI hotspots that the handheld devices connect to. Also establish alliances or strengthen alliances with the phone manufacturers. We recognize that there are some privacy issues with Option 1 that needs to be solved, but this could not be done overnight and those issues will apply to the Vodafones competitors, such as ATT as well. We choose to recommend Option 1 because we have identified an opportunity for Vodafone to become the industry innovator and leader also in the United States over time. And we believe that it is possible due to the fact that the company is dynamic and it is not afraid to explore new opportunities. The same level of brand equity can be achieved in the US as in Europe and Asia. Lessons Learned: There are many valuable lessons in this case. First lesson is that in order to sustain growth in an industry as rapidly changing as technology companies always has to look for ways to be innovative and renew themselves in order to stay competitive and current. Another lesson is that a dynamic company without too many constraints to change can be extremely successful in rapid paced industries. We therefore identify a significant opportunity for Vodafone to emerge into new markets in the future. iReferences: Vodafone, (2007). Annual report 2007. Retrieved November 6, 2007, from vodafone.com Web site: http://www.vodafone.com/etc/medialib/attachments/agm_2007.Par. 62252.File.tmp/Vodafone_RA_2007_web.pdf Datamonitor, (2007 July 26). Vodafone group plc, compan profile. Retrieved November 6, 2007, from EBSCOhost Web site: http://web.ebscohost.com/ehost/ pdf?vid=7hid=3sid=6cebab29-68f7-4981-b9c3-485f73f9fcb1%40SRCSM1

Aid for Drug Addicts

Drug abuse is one of the major concerns of our society today.   It probably has the most negative effects on our communities. It does not only destroy the life of the substance user but also of the others around him. Substance abuse is also directly linked to heinous crimes such as rape, murder and theft.Teenagers are reportedly the most drug users. However, even adults can also be lead to using the substance. There are many factors, most of which are social and psychological, which may have pushed a person to taking in these illegal dugs.Although these persons know the downside of doing drugs, they may have been driven out of curiosity or more probably by their problems to take in drugs. What’s scary about this is that even if the person would want to stop, he becomes addicted to it.A drug addict should be strong enough to fight this addiction. On top of that, he should confide to the persons close to him, and trust them to help him. A drug addict could not fight this probl em alone, he needs to solicit all the help he could get.Drug addiction is defined as a condition wherein a person taking in drugs has much difficulty quitting the habit. Even if you have successfully showed the drug user the potential harm drugs can do to him, it would be very difficult to make him stop using it because his body has become thoroughly dependent on the substance.That is why combating the use of drugs is a problem that is very hard to address. A desire to stop the habit is simply not enough to cure drug addiction. The fight against drugs is not just a fight of one person, or of one family. The government should also be responsible enough to take proactive steps to help address the issue.As mentioned previously, drug abuse can take a large toll on our society. Eventually, crime rates would go up as the drug abuse cases go up. Drug abuse is directly linked to probably every problem and crime you can think of.As soon as a person shows signs of drug abuse, he must be helpe d immediately. Addicted individuals may not open up easily but with proper nurturing, he will soon allow other people to help him.Currently, there are a lot of ways or methods implemented that’s been proven to help remedy drug abuse. These methods vary widely from each other, depending on the type of drugs used.Different drugs have different effects on an individual, and thus, would require specific cures. Other factors that should be considered in curing a drug addict are: the duration of his drug addiction, any medical complications, and most importantly, his social needs. Most of the time, it may also be necessary that the other persons with close ties to the drug addict undergo some form of treatments.Drug addiction is a complicated ailment. Unlike other medical conditions which can be simply treated with a medicine, drug addiction affects the whole being of a person, not just his physical condition. Drug addiction has a major effect on a person’s mental and especi ally social well being. That makes drug addiction a real crisis of everybody.Fortunately, everybody is aware of this crisis. There are concerned non-profit groups aimed to help individuals to recover from their drug addiction. If you’ll just take a good look around in your neighborhood, you can probably hear about certain groups of addicted individuals hoping to cure themselves from drug addiction.Joining one of these groups would greatly help a drug user in his fight against drugs. Here, he’ll learn to interact with other individuals who are also in his same situation. If a friend of yours is suffering from drug addiction, you wouldn’t be able to help him more than to find him a group whom he can relate with.There’s probably no better cure than fighting it together with persons whom he knows can understand what he’s going through. Thus, it is important to encourage drug users to join such groups. Prominent examples of these groups are the Narcotic s Anonymous and Alcoholic Anonymous.If an individual has been seriously addicted to a certain drug, the best option for him is to undergo a residential treatment. Substance abuse rehabilitation centers offer effective drug treatment programs, not only for the addicted individual but also to help his family and friends who may have also been seriously affected by his condition.These residential treatment programs isolate the drug addicts from any contact with drugs or dealers to speed up his drug addiction recovery. There are also outpatient clinics that offer individual and group counseling. Qualified physician and psychiatrist assist individuals in coping with their treatments.Most people would find it helpful to visit a psychiatrist and maybe a psychologist once in awhile to talk about the most common side effects of curing drugs – anxiety and stress. It would be a great help if the government can maybe subsidize counseling centers which provides individuals information on how they can recover from these drug addictions.This may sound quite ironic to some, but drug addiction can also be effectively treated by prescribing other addictive drugs, such as methadone.These drugs are considered replacement drugs. From the term replacement, other less addictive substances are prescribed to the addicted individual to gradually alleviate his addiction on the strong substance.Sometimes, a psychiatrist can come into a conclusion that this is the only way to reliably treat the drug user. However, for those not interested in using other drugs to cure their drug addiction, they could consider acupuncture detoxification. This remedy may also be used to treat drugs, as well.There are really a lot of ways to recover from drug addiction. A lot of ideas and programs have already been developed and proven to effectively cure drug addiction.These programs have successful outcomes. In deciding which of these is the best type of recovery program for an individual, one should consider several factors including the type of drugs being used, the personality of the addicted individual, his concept of religion and spirituality, mental and physical fitness, and of course, the affordability of the program.Despite the improvements of the medical sciences in combating drug addiction, still the most widely accepted â€Å"cure† for drug addiction is abstinence from these addictive substances. The old adage, Prevention is better than cure, holds true in the fight against drug addiction.Treatments for drug addiction don’t usually come cheap, and they also don’t come easy. It requires hard work for both the addicted patient and the people around him.It can affect the lifestyle of every people he constantly makes contact to. Thus, nothing can be better than preventing people from using these addictive drugs in the first place.Since most people are tempted to try drugs for the first time during their teenage years, it is important that they develo p a good relationship between their family, peers and educators.Prevention programs should reduce the risk factors of taking in drugs and at the same time enhance the protective factors. Probably the strongest of the factors is the person’s behavior and support he gets from the people he usually interacts with.At this stage of a young adult’s life, family bonding is deemed to be very important. Parental supervision is very critical in substance abuse prevention.A god parent-child communication is very beneficial in monitoring some factors which may possibly lead the child from taking in drugs. Parents are also the best educators when it comes to drug information and their harmful effects. Studies have shown that whatever the parents says and act have the greatest effects on an individual.Ineffective parenting, especially if the parents also abuse drugs, will likely result in a child who would be a victim a drug abuse in his later life.

Investigating the development and importance of the auditing standards

The regulative environment makes it compulsory that organisations such as limited liability companies must be audited by an independent external hearer qualified under the ordinances of professional organic structures internationally or nationally to guarantee that the company is working in conformity to the company jurisprudence set by several states. An external hearer maps as an independent organic structure appointed by and studies to stockholders to show an sentiment whether the fiscal statements are prepared, in all stuff respects, true and just and in conformity to the applicable fiscal coverage model ( Pflugrath G. , Martinov-Bennie N. and Chen L. , 2007 ) . In describing to the stockholders, the hearer provides sensible confidence whereby they do non vouch fiscal statements are free from material misstatements but instead at an acceptable degree. Professional organic structures worldwide carries a responsibility to put auditing criterions to play a function of helping hearer s in executing responsibilities in order to supply high degree of assurance to intended users of the Financial Statements ( Noreen, 1988 ; Siegel et al. , 1995 ; Wotruba et al. , 2001 ) .2.0 Main Report2.1 Development of auditing criterionsThere are three regulative environments which govern statutory audits and one of them is scrutinizing criterions. At International degree, the International Federation of Accountants ( IFAC ) is the planetary organisation for the accounting profession. An independent standard-setting board under IFAC is known as the International Auditing and Assurance Standards Board ( IAASB ) . The IAASB developed the International Standards on Auditing ( ISAs ) to be carried out on audit battles. As for National degree, ordinances differ as there are assorted standard scene organic structures which choose to follow the ISAs by modifying it or to put their ain criterions to accommodate harmonizing to single states. In Malaysia, the Malaysian Institute of Account ants ( MIA ) , a member of IFAC is responsible in developing the Malaysian Approved Standards on Auditing ( AI ) which adopts the modified ISAs. However, the latest development states the execution of a new board which is the Audit and Assurance Standard Board ( AASB ) ( Cosserat and Rodda, 2009 ) .2.2 Importance of the auditing criterions.An scrutinizing criterion is a signifier of the current best pattern applicable in statutory audit battles by sanctioned hearers which sets a minimal degree of proficient proficiency to guarantee work done is of high quality auditing and at the same clip supplying high degree of confidence ( Jubb and Houghton, 2007 ; Simnett, 2007 ) . It is a signifier of benchmarking the strength of accomplishing aims of the professional organic structures in being a function theoretical account in the accounting profession as stated by Watkins et Al. ( 2004 ) , and besides safeguarding the place of hearers whilst scrutinizing fiscal statements. Through professional and ethical criterions such as independence and unity, Alfredson, K. et Al. ( 2005 ) states that hearers carry out elaborate plants to value a capable affair whether it is of true and just position. Once a decision is made, the sentiment obtained would find the degree of assurance the populace would hold towards the fiscal statements ( Alfredson, K. et al. , 2005 ) . This adds on to cut downing the hazard factor faced by users of the fiscal statements ( Martinov, 2004 ) as it deters managers of an entity to transport out deceitful activities. At the same clip, it besides indirectly strengthens the audit profession as the populace would hold an increased assurance degree taking to a better feeling towards hearers in general ( Simnett, 2007 ; Dellaportas, Senarath Yapa and Sivanantham, 2008 ) . As processs of executing a statutory audit is consistent and of principles-based, it becomes less stiff and flexible to be implemented on the audit plants carried out on fiscal statements. Aside from that, as agreed by Noreen, 1988 ; Siegel et al. , 1995 ; Wotruba et Al. ( 2001 ) ; it may be able to cut down clip factor as hearers are able to be after and analyse which country are important to be tested more and frailty versa because they are already well-versed with the audit processs set by the criterions. However, this may present as a menace because the usage of their ain opinion becomes excessively subjective and therefore, they may be given to be excessively indulgent during audit processs and beltway on of import affairs. Hearers could even deliberately choose non to execute so much elaborate work and merely province fiscal statements as true and just since wittingly for the past history, it has been stated as so ( Jones et al. , 2003 ; Herron and Gilbertson, 2004 ) . From this affair, it can be of advantage to managers to carry on deceitful activities because hearers can merely see an sentiment on fraud but non able to observe and forestall it. It is the responsibility of the direction and managers to go to to deceitful possibilities in a company. With that said, they may choose to non follow deliberately by declining to unwrap gray countries in its fiscal statements or relevant information needed to execute the audit ( Cosserat and Rodda, 2009 ) . While saying to be able to accomplish high quality audits worldwide, a smattering of states still implement their ain auditing criterions to accommodate their national statute laws and traditions ( Samuels and Piper, 1985 ; Tarca, 1998 ; cited in Dellaportas, Senarath Yapa and Sivanantham, 2008 ) . This is likely due to the fact that there are still many developing states which do non hold professional organic structures for such a intent as this or even states like in the United States of America whereby they adopt a different criterion which is of rule-based ( Simnett, 2007 ) . All this may reciprocally do a hold and obstructor to harmonisation of criterions across the Earth in concurrence to international convergence ( Weetman, 2006 ) . Aside from that, consistent updating and alteration of criterions poses a demand to maintain oneself updated taking to a deficiency of assurance while executing responsibilities due to inaccurate executing of criterions implied on audit work as there are restrictions to how much one can make at a period of clip. Being excessively proficient with ordinances may do hearers to be ‘stiff ‘ in their public presentation and therefore, lack grasp on findings of samples, trial objects and the appraisal of analytical processs.2.3 Aims and Activities of IAASB and AASBWork done by the IAASB is monitored by the inadvertence organic structure known as the Public Interest Oversight Board ( PIOB ) whereby the populace ‘s involvement is involved sing proper revelations and transparence of issues that concerns to bettering the overall mission and to accomplish aims of the professional organic structure ( Dellaportas, Senarath Yapa and Sivanantham, 2008 ) . IAASB came up with a development of a plan in the twelvemonth 2004, which functions to redraft the full ISAs either partly to change countries in the ISAs or to to the full bring down new lucidity conventions where applicable. The Clarity Project reached a degree of completion upon confirmation by the PIOB and now contributes 36 freshly clarified criterions as guidelines in confidence battle by qualified hearers worldwide ( Accountants Today, June 2009 ) . Judging from the fact that the criterions now clearly identifies the aims and duties an hearer faces, a better apprehension of the full construct and public consciousness are gained ( Buchanan, F.R. , 2003 ) . The freshly improved criterions are by-far less proficient and therefore, easy to be adopted by practicians to be implemented on processs carried out for confidence battle. The whole intent of carry oning the lucidity undertaking is to do the criterions more appropriate and updated with the recent environment and at the same clip to help and update users of relevant information and a clearer position of using each criterion for the benefit of the populace ( Dellaportas, Senarath Yapa and Sivanantham, 2008 ) . The assurance of the populace in fiscal coverage activities would finally be increased ( Alfredson, K. , Leo, K. , Picker, R. , Pacter, P. and Radford, J. , 2005 ) . It is in a manner a good thing to invariably upgrade and redraft the criterions to accommodate the current coverage environment ( Humphrey, C. and Turley, S. , 2006 ) . However, there may be a little disadvantage in the sense of doing the revised criterions known to its users. The professional organic structures would necessitate to carry on seminars or station notices to all members of the professional organic structures to inform them of such amendments that has taken topographic point. This finally takes clip and attempts and may even incur a little cost to be carried out. Similarly the IAASB, the AASB plays a similar function in continuing an acceptable degree of quality professional services and high ethical behavior amongst practicians. The MIA further justified the desire of standing-out in the standard-setting procedure trusting that Malayan market can be integrated internationally so that point of views can be mentioned earlier alternatively of acquiring secondhand attending in order to germinate criterions that are more suited to the nature of the Malayan market ( Izma N. , 2009 ) . Implementing the ISAs by the AASB is a signifier of doing attempts to heighten the fiscal markets of Malaysia in going more competitory and stable. At the same clip, it besides improves professional unity and quality of audit plants by hearers. Under the backing of the MIA, AASB will go on to run into rigorous outlooks of stakeholders every bit good as traveling towards a holistic international convergence of criterions and enhance assurance of users through proper counsel in audit and confidence services. This may turn out to be a good measure in front in concurrence to be inline with the harmonisation of criterions in the universe today and besides to prepare the fiscal place of the state in order to hike assurance of the public one time once more ( Chan and Leung, 2006 ) . Therefore, conformity with scrutinizing criterions such as the ISAs and implementing it into aims and duties stated by the professional organic structures need to be acted out rapidly so as to non fall behind in clip because it can be rather a drawn-out procedure which is non accomplishable overnight ( Izma N. , 2009 ) .2.4 Further RegulationsCodes of Corporate Governance Corporate administration is the system whereby companies are directed and controlled. Cosserat and Rodda, 2009 mentioned that it is utile in avoiding affairs such as struggles of involvement seen in the bureau theory between the directors ( agents ) and the stockholders ( principal ) . In conformity to the UK Combined Codes of best patterns, the board of an entity is encouraged to organize an audit commission to guard the independency and objectiveness of hearers. An audit commission plays a function as an independent point of mention to turn to sing issues of struggle between the board of managers and the external hearers. Aside from that, in order to better external audit processs, they have a responsibility to supervise the unity of managers in fixing fiscal statements. Codes of Ethical motives The burden is ever on the hearer non merely to be ethical but besides to be seen as ethical. The International Ethics Standards Board for Accountants ( IESBA ) establishes a conceptual model for all practicians to adhere to five regulations: unity, objectiveness, professional competency and due attention, confidentiality and professional behavior. Menaces to these rules are to be identified and applied with several precautions to extenuate it. Hearers are subjected to ethical demands by professional organic structures because the public relies on hearers to bring forth an independent sentiment during confidence battles ( Pflugrath G. , Martinov-Bennie N. and Chen L. , 2007 ) . They farther elaborated that a high quality audit, consisting of professional competency and due attention features need to be conducted as hearers have entree to confidential information of the entity. Company Law An hearer is required to execute an one-year audit abiding by statutory responsibilities to describe to stockholders on whether fiscal statements are of a true and just position and in conformity to approved criterions. They need to be independent and persevering and province if sufficient information has been obtained and that the company has kept proper records harmonizing to the jurisprudence. The hearer must besides name out lacks of their findings in the hearer ‘s study. The company jurisprudence besides determines the rights, assignment, remotion and surrender of hearers and the liability of hearers to stockholders and 3rd parties ( Cosserat and Rodda, 2009 ) .3.0 DecisionThe result of these findings discussed has added cognition to a better apprehension of the full audit and confidence rhythm. The responsibilities of an external hearer must be based on appropriate conceptual models developed either internationally or nationally harmonizing to the suitableness of several states. They need to execute a statutory battle required by the company jurisprudence, which is of high but non absolute confidence that the fiscal statements are free from material misstatements. An overview of the constitution of scrutinizing criterions, its aims and importance to benchmark the quality of hearers in executing responsibilities and corporate administration, company jurisprudence and ethical codifications as extra ordinances in heightening the function of hearers were identified. Furthermore, the chief thought of separating IAASB and AASB on its maps and activities in the universe today has added cognition to the deepnesss of 1s ‘ head. Therefore, the several standards-setting boards need to foster enhance and beef up its actions and processs in order to accomplish international convergence and quality criterions to function the public better and increase in its objectiveness effectivity.

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