The components of cultural identity Essay Example | Topics and Well Written Essays - 1000 words

The components of cultural identity - Essay Example Their understanding of just how to make a behavioral change happen and maintain it in a sustainable way is impressive. Australian companies do understand the values that underlie beneath a values-based leadership." (Human resource magazine, 2009) One of the Australia’s biggest supermarket chains is Woolworth retailers. Woolworths possess dominant position in the groceries as well as consumer interest in electronics. Woolworths Limited came in to being in 1924, first store at imperial arcade. The company has the logo of â€Å"The Fresh Food People† and it is famous throughout Aussie as key slogan to represent companies’ strategy. On 22 August 2008, Woolworth re-launched its identity as a competitive stance for modern, safer and more likeable brand. Woolworth uses aggressive promotional strategy. Woolworth realizes the importance that promoting the product before its launch in the market. Promotion brings in handsome results and profits. Woolworth makes use of comp onents of culture identity to create and market its products and services. Paragraph # 1 As define by Jamson2007 in his book class differences often define groups of people sharing common values, behavior, attitudes. Though sources of wealth might differ, the rich often share values and behavior similar to others. Woolworth knows that its elite customers value quality above all. So depending upon the demands of its customers, Woolworth creates and markets its products. Woolworth knows that for better quality products the best quality raw materials have to be use. To ensure that its products are quality approved it imposes TQM (total quality management). For special Woolies- production lines the local clothing manufacturers have to separate Woolies production lines from others in their plant. This is for ensuring proper quality control procedures and quality demand requirements. Woolworth constructs its advertising strategy considering the target market. Woolworth target status-consc ious clientele who value their reputation above everything else and measure it in terms of quality at inconsiderate price ranges. For such quality valuing class, Woolworth ensures the strategy of even at a fraction of price gets double the quality.† Such strategy of offering double quality at each penny attracts the upper class clientele, who share common values and behavior and even attitudes. Jameson2007 further points out that the prestige of social class depends on family history, celebrity, or power. As a result, Woolworth tries its best to appeal new target markets using such means. For instance, Woolworth has tried attracting more affluent clientele by introducing new product lines associated with prominent designers or celebrities. A recent example of such is the new advertising campaign of Jupiter Drawing Room in The Cape Town. Woolworth â€Å"W† Collection ads featured well-known business clientele including Seeff Properties' Samuel Seeff, Sasol's Christine Ra mon and other well-known captains of the business industry all proudly sporting the Woolies "W" Collection. It is a great advertising strategy that is been use as a testimonial route because today customers from age groups tend to more inclined towards celebrities and their choices. Paragraph#2 Organizational strategy and decision-making often needs to account for cultural differences related to density or regional

Tolerable Misstatement Assignment Example | Topics and Well Written Essays - 1000 words

Tolerable Misstatement - Assignment Example There is normally a high risk of misstatement for accounts receivable as there is a possibility that debts may not be collectible due to the inability of customers (debtors) to pay. It is important to ensure that the amounts are collectible so that adequate provisions can be made. Tests should be done to determine the age of the debts in comparison to the terms given to debtors’ confirmations should also be sent on the bass of materiality. Additionally, the auditor should ensure that amounts stated as receivables are not disputed due to poor record keeping or inadequate controls over cash receipts. The amount represented by 2% is $172. Therefore, if the amounts are misstated by that amount it is not a major problem. However, if the amount by which the figure is misstated is greater than $172 then there is a cause for concern. The receivables figure has declined by over 30% while revenues have increased. It is important to determine the reason for this. Receivables are suscepti ble to both intentional and unintentional misstatements and a lot of work will be required to verify such balances. Prepaid advertising $200 The tolerable misstatement of 2% is within the limits recommended (Willis & Adams 3-2). Prepaid advertising is a current asset that may be fairly easy to check as it involves making a determination of the amount paid for advertising. However, if the number of advertisements is large or the dates when the advertisement should start and end are not recorded then there is the risk that it may be misstated. Explanations to support Work Paper 3-8, continuing ACCOUNT NAME TOLERABLE MISSTATEMENT EXPLANATION Computer hardware and software $400 The change over prior year is approximately 8% and indicates that there were substantial additions to this fixed asset. It is normal that all additions to fixed assets are verified. Additionally, the amounts amortized should be tested to ensure that the computations are accurate. Furthermore, they should be check ed to ensure that the assets included are properly classified. However, a 1% misstatement is immaterial and therefore tolerable (Willis & Adams 3-2). Leasehold improvements $150 The tolerable misstatement of 5% appears to be rather high since this is a fixed asset. This type of asset normally requires 100% verification. However, there has been no major change in leasehold improvements from the prior year. Willis & Adams (3-2) indicates that the tolerable limit for total assets is 0.5%. When compared to total assets the amount is very immaterial and so a tolerable limit of 5% for this asset is immaterial. Accumulated depreciation and amortization $150 The amount for depreciation is prone to error and it has to be thoroughly checked. There has been an approximate 15% increase and this increase needs to be verified. There is really no room for error as its calculation is very objective. Explanations to support Work Paper 3-8, continuing ACCOUNT NAME TOLERABLE MISSTATEMENT EXPLANATION I ntangible assets, net $100 The valuation of intangible assets is subjective and so there is the risk of misstatement. Although the change is approximately 300% it is not large in comparison to other fixed assets. Since the total amount is small a tolerable misstatement of 6% would not significantly affect the materiality levels for total fixed assets. Accounts payable $180 Accounts payable is prone to misstatement and so companies are prone