Corporate Treasury Gains In Popularity Among Biz Majors

Corporate Treasury Gains In Popularity Among Biz Majors by: Pearly Tan on February 13, 2018 | 0 Comments Comments 487 Views February 13, 2018Rutgers Business School recently launched a corporate treasury course for finance majors looking for a Wall Street alternative. Courtesy photoRon Richter hears a common narrative among his students at Rutgers Business School. They want to become investment bankers. â€Å"Most finance majors are thinking about Wall Street,† says Richter, who has taught Working Capital Management to juniors and seniors at Rutgers for nearly three decades. â€Å"But Wall Street isn’t the only street,† he advises.While the course has been around for a while, a new partnership — the formation of which was led by Richter — is geared toward the thought that finance doesn’t have to revolve around the traditions of Wall Street anymore. Now almost a year old, New Jersey-based Rutgers Business School and Citigroup’s Tre asury and Trade Solutions division have teamed up to show finance-minded business majors a unique option for their skill set. With the cooperation, not only do students in Richter’s class take a day trip to visit Citigroup’s lesser-known but essential division in New York, they also work on a month-long case study under the mentorship of Citigroup staff members. â€Å"Students often start out thinking only about investment banking, hedge funds, and bringing companies public,† Richter tells PoetsQuants for Undergrads. â€Å"Most don’t think about the corporate finance side, about trade finance, cash management, and fixed income, because they feel these jobs aren’t exciting. But all companies collect money and pay bills, and many deal with currencies, transactions, and foreign contracts every day.†Working in corporate treasury means working with everyone spending or receiving cash, says Richter, which also means interacting with almost every d epartment and division in a firm. To help ensure the financial health of the company, corporate treasurers help plan financial strategy, and advice and manage financial growths and risks through various means. To do their jobs, treasury staff work may include borrowing money, buying derivative products, doing analytical work, forecasting, and issuing stock or debt on a daily basis. In short, corporate treasury staff are busy people with unique challenges every day, says Richter. The responsibilities and potentially frantic environment come with a lucrative compensation package. According to Glassdoor, a corporate treasurer at a company like Genentech can earn over $250,000 annually. Six figures is standard for many corporate treasurers. TAKING THE COURSE TO THE COMPANYCitigroup’s Treasury and Trade Solutions division employs 22,000 employees across 100 countries in three areas. Their cash management staff develop working capital solutions, trade staff focuses on trade service s and supply chain finance, and trade and multi-product offerings staff specialize in developing integrated payables solutions for the firm. When he isn’t teaching, Richter sits on the board of Junior Achievement of New Jersey, a nonprofit organization that teaches youth about financial literacy. It’s where he met Michael Fossaceca, Citigroup’s North America Region Head for Treasury and Trade Solutions, who was also on the board. As board members are invited to talk about their work from time to time, Richter says he heard about Fossaceca’s work and he knew he had to invite him to his class. â€Å"He was doing exactly what I was teaching,† Richter recalls. Following a very well-received talk in Richter’s class, the partnership was solidified in spring 2017, where students worked in teams of five under the remote guidance of a Citibank executives on a case study from the treasury and trade solutions division. However, Richter realized that hi s students were sometimes hesitant to reach out to their professional mentors via phone or email without having first met them. So last fall, during the second iteration of the class, Richter took his students on the short trek to Citigroup’s New York City division office. During the four hour visit, students ate with Citibank staff, heard about the different work aspects of the treasury and trade solutions group, participated in roundtables where they got to ask questions, and finally received their case study briefing. â€Å"In the four hours, the students broke barriers and got a chance to see the real applications of what they were learning in class,† Richter says.CONNECTIONS TO MENTORS PROVING VALUABLE TO STUDENTSWith the nature of the classroom setting, most biz majors spend the majority of their time learning within the walls of a traditional classroom. Besides the occasional case competition or other experiential learning opportunities, learning largely remains lecture-based. Sometimes firms do come and visit campuses for presentations or recruiting, but even with that exposure, students like Marika Tsamutalis say it’s difficult to know exactly what they want to do in their selected majors. â€Å"Some courses lack the connection to the real world and how we can apply what we learn in the classroom to business situations,† Tsamutalis, now a senior at Rutgers, says. â€Å"The exposure to mentors heightened our awareness of opportunities after graduation as they shared what they do everyday. It highlighted a side of finance that is often overlooked, but has many great entry opportunities for students after graduation.†CREATING A CORPORATE TREASURY PIPELINEStill, Citigroup’s participation in helping students explore the lesser-known finance areas is not totally altruistic. By investing resources to encourage interest in treasury and trade solutions, and by partnering as mentors, the organization is grooming an attr active crop of finance graduates who already have experience and skills in the area — and who have ties to the company. â€Å"I think it’s a brilliant idea,† says Jim Kaitz, president and CEO of the Association of Financial Professionals (AFP). â€Å"Mike (Fossaceca) is someone I know well and treasury is often not taught at undergrad or even MBA levels. By investing time and working on practical case studies, these students can get a sense of what a career in the division would look like and this creates a pool of candidates for Citigroup.†Tsamutalis says the Citigroup mentors — who also provide feedback on graded classroom presentations — have helped her class learn about the treasure industry outside of textbooks. Plus, she says, it has given her the experience of presenting in front of management — something rare for a classroom setting. â€Å"You don’t really hear of too many ‘field trips’ in college,† Tsamutalis says.SCHOOLS DOING THEIR STUDENTS A ‘DISSERVICE’ NOT TEACHING CORPORATE TREASURY The AFP also contributes to growing the awareness and knowledge of lesser known finance divisions through its certification programs and by hosting one of the largest networking events globally for finance professionals. Two certificate examples are the Certified Treasury Professional (CTP) and Certified Corporate Financial Planning Analysis Professional (FPA), which are both recognized globally. While individuals can apply for the certifications independently, AFP also has partnerships with over 20 business schools in the country, including Northern Illinois University’s College of Business, Arkansas State University’s College of Business, and Bellevue University’s College of Business, to have the CTP as part of their curriculum. With the CTP certification program students learn about the corporate treasury function, cash and liquidity management, working c apital management, capital markets and funding, and treasury operations and controls. Kaitz believes that treasury and trade solutions skills are often not adequately taught in schools because the educators are more familiar with the theoretical side than its practice. He says that many of the topical skills required for a candidate to be attractive for such positions are not taught in traditional finance programs, which mostly prepare students to be investment bankers. To further encourage students into areas like corporate treasury, financial planning and analysis, Kaitz says he reaches out and speaks with schools throughout the year, to tell them about the certifications they offer. However, he says, the uptake is rare and slow. He is currently in talks with some schools about integrating the FPA certificates into their curriculum. â€Å"Universities need to understand what companies need from their students and not keep teaching the same thing,† Kaitz insists. â€Å"They are doing their students a disservice at an expensive price when students realize there’s this area they’re interested in but don’t have the skills for.†I-BANKING SKILLS WITHOUT THE ‘TYPE-A PERSONALITY’For Richter, his working capital management class is so popular now that, while it has traditionally only been offered at the New Brunswick campus of Rutgers Business School, he will travel to teach the class at the Newark campus starting this spring semester. With most other courses related to investment banking, all 50 seats in Richter’s class have been filled. While he jokes that he hopes his class is popular because he’s a great teacher, the real reason, he says, could be because more students are realizing that there’s this treasury trade option under the investment banking division. â€Å"Some students are alright taking risks, others are more willing to do 90 hours a week,† Richter maintains. â€Å"Students w ho are excited by my class and being exposed to treasury and financial planning are those who like finance and technology without a Type-A personality. The truth is that the best candidates want to do good work analytically in a ‘Steady Eddie’ position of constant revenue.†DONT MISS: B-SCHOOLS THAT HELP YOU MAKE MONEY AND A DIFFERENCE or BUSINESS ANALYTICS WAVE SWEEPS ACROSS B-SCHOOLS Page 1 of 11

Slavery And United States Rights - 1133 Words

Slavery and states’ rights were the most pressing issues in the 1860 presidential election. Republican candidate Abraham Lincoln won the presidency on the basis of his promise to halt the spread of slavery (Hillstrom). However, not all African Americans lived in slavery. African Americans that lived in freed states had to deal with strict laws that limited their conduct and behavior. Children who lived in northern states were able to receive their education, convicts could serve their sentences, and people could have been buried in cemeteries but on major thing is that they all had to be segregated. African Americans that lived in the southern states lived their life in feared of violence and racism. Many endured mobs lynching, whipped and branded with hot iron. When the Reconstruction period started many Americans believed that everyone should have the same constitutional rights and experience the privileges of citizenship. Which resulted from the south to experience the Jim Crow. Jim Crow laws were a set of ideas, social norms, life ways, role-play symbols, sanctions, and devastations created after the Civil War by white politician’s intent on maintaining a system of oppressive control over African American life and economics (Mzama Asante). Equal rights laws that had been passed during Reconstruction continued to be replaced with discriminatory Jim Crow laws across the South. Although Northerners and Republican lawmakers showed little interest in protecting the rightsShow MoreRelatedAbolition Slavery And The United State Of America859 Words   |  4 Pages In the 1840s slavery become a big issue in the United State of America. Since passing the Louisiana Purchase, the United State start expanding their land. They took over the Indian Territory by forcing them to leave the country or to relocate in the different city. The expansion of the United State leads to decide some state should be a free slave. In the 1820s, they passed a low that request 36’30 parallel are decided to be a free state. Abolition slavery becomes a question In the American societyRead MorePrimary Cause Of The Civil War Essay838 Words   |  4 Pagesmost disputed topics in American history. Some historians argue that slavery was the primary cause of the American Civil War, whereas others argue that slavery may have been a reason, but not the primary cause of the Civil War. They argued that the main reason of the Civil War was State’s rights were being jeopardized, which led to the State’s seceding from the Union. Starting off, the Civil War began because the south wanted slavery mainly because they wanted to have workers without having to pay themRead MoreThe United States of 1776, has just won its independence form the British after a long brutal war800 Words   |  4 PagesThe United States of 1776, has just won its independence form the British after a long brutal war where thousands upon thousands of men died. A new country, fresh to the world, now had to protect itself from destruction within its own borders. The Civil War, would eventually address the threat to this new democracy. What would drive such a young nation, recovering from a long and expensive war, to enter into a Civil War? From 1776 to 1861 the weak but established government of the United States wasRead MoreCivil War Vs. The Right And The Left793 Words   |  4 PagesProfessor Heather ENGL 2327 November 17 2014 Civil war vs. The Right and the Left America is a new country. Here, the first time ever, a group of brave people cut out the bondage from Europe, free the philosophers, thinkers, also gave people desire to founding a new country. In the United States, human rights is the foundation for building this country. â€Å"I hold that in contemplation of universal law and of the Constitution the Union of these States is perpetual.† Read from the Abraham Lincoln First InauguralRead MoreThe Cornerstone Speech And The Thomas Nast s Cartoon863 Words   |  4 PagesThe American Civil War erupted in 1861 due to the constitutional and ideological differences between the Northern and the Southern states. The North advocated for equality and protection of human rights. On the other hand, the South considered the white to be more equal than the blacks. There are two historical documents that bring out the picture of the United States during the 1860s. The documents are the cornerstone speech by Alexander H. Stephens and the edito rial cartoon by Thomas Nast that depictRead MoreThe Slavery Of The United States1449 Words   |  6 Pages â€Å"Slavery is founded on the selfishness of man’s nature; opposition to it on his love for justice.† This saying by Abraham Lincoln tells us that people are really different when it comes to their beliefs and attitudes. Some are so focused on wealth, which is why they have slaves to work for free, and treated them as properties instead of real human beings. On the other hand, some people were against slavery because it violated the basic human rights like the right to life, liberty, and security.Read MoreThe American Abolitionists Book Review Essay1214 Words   |  5 PagesStanley, American Abolitionists is a book that scrutinizes the movement of abolishing slavery in the United States. It examines the movement from its origin in the 18century in the course of the Civil War and the elimination of slavery in 1856. American Abolitionists book focuses on the Am erican Abolitionists who struggled to end slavery and advocated for equal rights for all African Americans in the United States. Harrold mainly focuses his book on the abolitionist movement and the effect of slavesRead MoreThe War Of The American Civil War856 Words   |  4 PagesSlavery may have been established as the catalyst of the American Civil War, but the beginning of the dispute began in the time of the Revolution with a weak decentralized government under the Articles of Confederation. Later gained momentum as territorial expansion set Americans against each other on debating whether the new states should be slave states or free states, it questioned the power of the Federal government regarding state rights, and brought about instability in the unity of the UnitedRead MoreAttitudes Towards The Institution Of Slavery1543 Words   |  7 Pagesof slavery in the Unites States contrasted greatly during the periods of 1830-1860. Over the course of this time period, the Northe rn region of the country became increasingly against the institution of slavery, while the southern region became increasingly supportive of and desperately dependent on the institution of slavery. The southern region of the United States was supportive of the institution of slavery for a variety of reasons. The biggest contributor to southern support of slavery wasRead MoreAlexis Ranieri. Hist 1302:04. May 5, 2017. Final Exam.878 Words   |  4 PagesAlexis Ranieri HIST 1302:04 May 5, 2017 Final Exam Question II Andrew Jackson was the seventh President of the United States of America and served as President from 1829 until 1837. His Inauguration was March 4, 1829. Some of Jackson’s major goals as President were as follows: purge government corruption and privilege, Indian removal, affirm national sovereignty, pay off national debt, kill the B.U.S., and hard currency. These goals were known under the Jacksonian Program. To solve the â€Å"Indian

Biography of Nikola Tesla Free Essay Example, 1250 words

The young scientist thus started his experiments to make an ac motor by using the forces of â€Å"magnetism and induction† (Burgan, 35). At that time, Thomas Alva Edison was establishing â€Å"companies in Europe to provide electric power for lighting and street cars† (Burgan, 37). Nikola’s boss in the telegraph company secured him a job there, in France (Burgan, 35). In 1884, one of his bosses again came to his help. The head of the Paris operations of the Edison’s company assigned him to New York to work with Edison himself (Burgan, 39). And he soon impressed Edison with his skills. Edison offered fifty thousand dollars to Tesla if he could improve the DC generators used in Edison’s power stations (Burgan, 42). But when he finished his work, he realized that Edison had told him that as a joke and disappointed by this, Tesla quit the job (Burgan, 43). Soon Tesla started his company, ‘Tesla Electric Light and Manufacturing’, producing ac motors, transformers and distribution systems (Rajvanshi, 6). Ac motor was built by him, based on the rotating magnetic field (Seifer, 56). We will write a custom essay sample on Biography of Nikola Tesla or any topic specifically for you Only $17.96 $11.86/pageorder now But his investors had some disagreement with his ideas of ac motor and he was thrown out (Rajvanshi, 6). After this, he had work as a laborer for almost one year to make a living. In 1887, Tesla designed and made the  brushless  alternating current  induction motor and demonstrated it before the engineers of American Institute of Electrical Engineers (Rajvanshi, 6). Soon he joined the Westinghouse Electric & Manufacturing Company in its Pittsburgh labs (Rajvanshi, 6). In 1891, Tesla established his own laboratory, the South  Fifth Avenue  laboratory and in the same year proved that wireless transmission of electric energy was possible (Seifer, 57-58). In 1890, when Nikola Tesla showed for the first time that high frequency current can heat up meat and this became the basic theory behing the invention of micro wave oven (Rajvanshi, 7). He created the Tesla generator in 1895. In 1894, Tesla had also publicized a model of wireless communication through radio. Slowly, Tesla became one of the most popular scientists of his time. At the same time, â€Å"a war of currents† raged between Edison’s company and Westinghouse (Rajvanshi, 8). Westinghouse had bought Tesla’s patents in 1889. Before Tesla invented the rotating magnetic field, all the electricity generating factories had to stay close to rivers (Seifer, 56). But Teslaâ €™s invention got rid of the need to have commutators and all the coal-operated power stations also could be got rid of (Seifer, 56).

Essay about Walt Whitman as a Voice for the People

Walt Whitman as a Voice for the People The proof of a poet is that his country absorbs him as much as he absorbs his country. This brilliant quote from Walt Whitman thus ends his preface to Leaves of Grass, and thereafter begins the poem Song of Myself. To many, upon their first reading, this was a crude, shocking and distasteful piece of work. but to me...this was a celebration of life. And not just a celebration of his own life, but of every life, of the American life. Walt Whitman is the voice of the people and this I believe because, while he did write of things that were not seen as aesthetically beautiful by many...including homosexuality, loneliness, and death. And while these topics were not picturesque to†¦show more content†¦You shall not look through my eyes either.... You shall listen to all sides and filter them from yourself. (lines 27-29) I love this line, because ità ­s actually telling people that ità ­s okay to think for yourself. I believe that, here, we can see the coming out of him. Heà ­s speaking for the people...asking them to finally stand taller and think for themselves. This is what I interpreted this line as. Something else that struck me while reading Song of Myself and some of the criticisms on it, was what I like to call The shock factor. I call it this because when this was published, America didnà ­t have much of an identify. It was vast, and searching. Whitmanà ­s poetry seemed to encompass everyone and everything through it. But whats ironic about this is, while Whitman stood as the American voice, finally speaking refreshingly and truthfully...many rejected him. People thought that his style was way to different from what they were used to, and did not understand Whitman. And heaven forbid, his meter was irregular, and his verses did not rhyme! Even Thoreau said It is as if the beasts sp oke. But what came as more of a shock to people was his unleashing of things that were just plain never talked about. Whitman was most certainly one of the first to talk of sexuality, homosexual relationships, lust, and desire, and the more sensual parts of the human body. Although I can see how those whoShow MoreRelatedEssay about Walt Whitman Changes the Face of Literature1035 Words   |  5 PagesWalt Whitman Changes the Face of Literature When Walt Whitman published the first edition of Leaves of Grass it was received with a wide variety of reactions. From critics to fellow poets the reactions to his first volume were often admiring, but also dubious. This pattern continued with each of the six editions of Leaves. Many wondered where this 36 year-old poet of the people came from. The very way he presented his first volume of poetry was controversial. Whitman presentedRead MoreSong of Myself by Walt Whitmas Essay1045 Words   |  5 PagesMost people awake to a daily routine, in which they keep eyes dazed staring at the pavement they walk on yet so easily ignore. Usually, these same people go about their business with no more than a passing glance towards their fellow man. However, there is an enigmatic few that are more than mere pawns in the game of existence. They are passionate spectators who take in their surroundings with every sense. They rejoice in the vastness of the electric crowd and become one with it. By all means, theseRead More An Annotation of Section 24 of Walt Whitmans Song of Myself1354 Words   |  6 PagesAn Annotation of Section 24 of Walt Whitmans Song of Myself Walt Whitmans Song of Myself is a vision of the American spirit, a vision of Whitman himself. It is his cry for democracy, giving each of us a voice through his poetry. Each of us has a voice and desires, and this is Whitmans representation of our voices, the voice of America. America, the great melting pot, was founded for freedom and democracy, and this poem is his way of re-instilling these lost American ideals. In this passageRead MoreLangston Hughes And I Hear America Singing By Walt Whitman940 Words   |  4 PagesIn contrasting or comparing literary works it is crucial that the reader analyze the authors voice to gain a better understanding of the theme they are implying. In the contrast between the poems â€Å"I, too, sing America† by Langston Hughes, and â€Å"I hear America singing† by Walt Whitman it is clear that the two poets have very different point of views regarding American patriotism. Walt Whitman’s views on America’s joy and peace in h is poems are very straightforward, while Langston Hughes poem--a responseRead MoreAnalysis Of Walt Whitman s What Came First The Chicken Or The Egg? 1739 Words   |  7 PagesTaylor Fink Professor Jonathan Cook English 231 10 July 2015 Emerson Vs. Whitman and Their Influence on Each Other When talking about Ralph Waldo Emerson and Walt Whitman a similar question of â€Å"What came first the chicken or the egg?† comes to mind. Scholars may argue that without Emerson and his influential sermons and speeches that Walt Whitman would have never found his voice, but how can someone who so many consider one of the greatest poets of all time cease to exist? Ralph Waldo EmersonRead MoreEssay about Emily Dickinson and Walt Witman Clash803 Words   |  4 Pagespoetry has become a way to blend the psychological side of human intellect, with the emotional side of human intuition and curiosity. Emily Dickinson and Walt Whitman were two early poets from the late 19th century. Unlike Walt, Emily liked to write at home, she was a more secluded author who enjoyed to look out the window for inspiration. Walt on the other hand loved to travel. He found inspiration through nature and the diversity of thriving cultures throughout the world. Although these writersRead MoreWhitman And Blake Vs. Blake889 Words   |  4 PagesWhitman and Blake both use animals to symbolize humankind’s experience of Nature The theme of the work is â€Å"Whitman and Blake both use animals to symbolize humankind’s experience of Nature†. To begin with I’d like to tell some information about Whitman and Blake’s life and work. Walt Whitman was an American poet, publicist and reformer of the American poetry. Whitman was the singer of the world democracy†, positive sciences, love and the association without social borders. He was also an innovatorRead MoreA Comparison of Whitman’s Song of Myself with Ginsberg’s Howl1231 Words   |  5 PagesAmerican poetry, unlike other nations’ poetry, is still in the nascent stage because of the absence of a history in comparison to other nations’ poetry humming with matured voices. Nevertheless, in the past century, American poetry has received the recognition it deserves from the creative poetic compositions of Walt Whitman, who has been called â€Å"the father of American poetry.† His dynamic style an d uncommon content is well exhibited in his famous poem â€Å"Song of Myself,† giving a direction to theRead MoreAnalysis Of Walt Whitman s Song Of Myself1178 Words   |  5 PagesACS-Moderns 30 March 2017 â€Å"Ne Te Quaesiveris Extra† But Write a Poem Using the Same Ideas from Another Person The idea that the artist is a single individual coming to stand and speak for the masses is one of Emerson’s main transcendentalist ideas. Walt Whitman met Emerson’s ideal artist description as he spoke as one man for the multitude in his poem, â€Å"Song of Myself†, which openly demonstrates Whitman’s faith in the imperative indivisibility of self-reliance. He shares many of the same ideas as EmersonRead MoreWhat Made Walt Whitman and Emily Dickinson Part of the Romantic Movement?745 Words   |  3 Pages What Made Walt Whitman and Emily Dickinson Part of the Romantic Movement? The Romantic Movement, or period, was from the year 1828 to about 1865. The main feature of the American Romantic period was the celebration and praise of individualism. This time is also considered to be the first period of genuine American creativity. Emotion, instead of reason, became the largest source of inspiration and creativity during this period. All of this was a reaction to all of the constraints that were

Theme for English B – a Colored’s Yearning for Equality

Theme for English B – A Colored’s Yearning for Equality In Langston Hughes poem â€Å"Theme for English B†, the setting begins as the student is instructed to â€Å"go home and write a page tonight†, which raises a question for him: who am I? In contrast to this ordinary assignment, the main character doubts â€Å"I wonder if it’s that simple?† which confuses the readers. Only when the detailed background information of the protagonist is provided does this confusion be removed, â€Å"I am twenty-two, colored, born in Winston-Salem. I went to school there, then Durham, then here to this college on the hill above Harlem. I am the only colored student in my class.† This is also the rising action of the plot, by describing how a colored youth perceived the†¦show more content†¦In this poem, the student supposed that being an African-American would not make his likes differ from that of other races, however, â€Å"So will my page be colored that I write† shows that he was concerned if his white instructor could understand what he wrote, since he was black. Due to the whites’ bias against blacks, Hughes tried to smooth away this kind of discrimination by stating all races share the same human identity. â€Å"You are white – yet a part of me, as I am a part of you.† implies that people are actually influencing one another, in the aspects of culture, way of thinking and language, etc. The climax of the poem must count to â€Å"That’s American.† which infers the concept of ‘melting pot’, stating that America is a country of multi-colored people. It reveals the author’s advocacy to enhance blacks’ understanding of themselves as a people, the yearning for equality and the identity of being a dignified African-American. There are many factors to be considered when determining one’s own identity, including sex, age, language, nationality, ed ucation level, race, economy, etc. Unlike the main character of the poem, I study in a native university, being surrounded by familiar faces of my race. I feel comfortable when I am in the crowd. On the contrary, the protagonist feels awkward in a class of white students, since he’s

Identification of Threats and Its Evaluation in each Situation

Questions: 1. For each Situation, Identify and Evaluate any threats in relation to Auditor Independence.2.Identify any Safeguards to those threats Identified above Assignment. 3.In relation to the Purchasing of Equipment and Spare Parts, Describe two Business risks to MSL that Crampton and Hasaad will Consider in Planning the 2015 Audit.4.For each Business risk Identified in 1 describe a Specific Audit Risk that Could arise. Answers: 1.Identification of Threats and Its Evaluation in each situation Chris - Situation 1 The situation implies that there is the clear threat of promotion or advocacy. The presence of these threats is followed by the pressure which is imposed on the auditor to promote the company, its goods and its services to the public in lieu of which the auditor will have the financial or non financial interest in an organization. The same has been happened in this situation, the auditors were asked to promote the company in an open seminar otherwise the firm will lose the audit engagement. The evaluation will depend on the degree of the negative effect imposed on the integrity and objectivity coupled with the independence of the auditor. Chris - Situation 2 The situation implies that there is the threat of self interest. The self interest may be financial or non financial. It occurs when the company gives some extra benefits to maintain the healthy relationships and to get the audit done very smoothly. The same has happened in this situation as the auditor has got the complementary fourteen days package of the audit partner and family. The evaluation will depend on the acceptance of the complementary gift by the auditor. If its accepted with full spirit then the risk will be high. Michael Situation 3 The situation implies that the threat of familiarity or threat of intimidation exists. It occurs when the member of the audit team has direct or indirect relationship with the officers or directors of the company and there are chances of having the audit observation resolved due this relation. The same has happened in this situation where Michael father is the Finance Controller of the company. The evaluation will depend on nature of the relationship and trust therein. In this situation, risk is high. Annette Situation 4 The situation implies that there is threat of self review. This type of threat occurs when the same person has been selected and engaged as member of audit team who has done the services other than the audit towards the same company. The same has happened in this situation as Annette has performed the accounting and taxation work of the same company for two months. Therefore, there will be possibility that Annette might leave some mistakes or correct some mistakes during the audit knowing that this is hers fault. The evaluation of threat will depend on the presence of the mistakes and its materiality and its correction by the member of audit team (ICAEW,2015). 2.Safeguards for situation posing threats to independence The safeguards of maintaining the auditor independence has been defined in three parameters: From the acts, laws and rules and regulations thereinCreated within the audit firm andCreated by the audit client (Livine,2015) The safeguards under the said parameters are listed therein:Code of conduct shall be formulated for the auditors of the company detailing the work that shall be done keeping in consideration the maintenance of objectivity, integrity and independence.Requisite experience shall be given to the professionals or member of audit team before entering into the work area.Creating the provision where the non audit service to the client shall be restricted to the extent which will not hurt the independence of auditor.Creating the system where the member needs to disclose if he or she has relationship with any officers or employees of the company or has worked earlier with the company with different work other than audit. Governance system of the company shall be strong enough where the complementary benefits or any other kind of financial or non financial interest to be provided to the auditors of the company shall be prohibited 3.Business Risks In relation to the purchase of equipment made by the company, two business risks have been identified:First business risk is pertaining to the main equipment. The supplier company has not provided any provision for getting the equipment replaced if any manufacturing defect is come to the notice of the company or its customers within the given period of time or not provided any provision for warranty for the equipment. The company has only provided the warranty for spare parts and that too for one year. It shows that in case of purchase made in bulk and if customer returns the same on account of the manufacturing defect or improper working then the company will be in total loss clubbed with affecting the going concern presumption (Becker,2015).Second risk that the company will face is the loss of stock during the transportation from port to factory and from the UK, USA and China port to the Australia port. The risk is mainly due to the insufficient information about whether the loss o f stock if any occurs during the transit from overseas to port will be borne by the company or by the supplier. If it will have to be borne by the company then the company will again be in the situation of loss (EY, 2016 4.Risks in Audit The following risks have been identified for the business risks discussed above: First risk that pertains to the non provision of warranty is Detection risk. Detection risks occur when the auditor is not able to check and verify certain event or transactions due to non availability of relevant information. Further the risks will continue even after the auditor applies the substantive and compliance procedures to know the causes and effects of the event or transaction that has happened he is not able verify the same. The account balances that may be affected by this type of risk are provision made for warranty, provision made for replacement or provision for loss of stock (Becker,2015). Second risk that will be faced in the second situation is the risk of inherent. This risk implies that the company is facing with the inherent limitations which have been originated since its incorporation and the first purchase and have been continued till date. Due to the inherent limitation the company does not have any documents supporting that the loss of stock if any occurs during transit will be borne by the supplier. Thus, these types of limitations have generated inherent risk. The account balances may include the stock, debtors and creditors (Becker,2015) References: Becker E, (2015), Audit Risk vs. Business Risk, available at https://www.osyb.com/blog/small-business/audit-risk-vs-business-risk/ accessed on 25/04/2017. EY, (2016), Top 10 Business Risks, available at https://www.ey.com/Publication/vwLUAssets/EY-business-risks-in-mining-and-metals-2016-2017/%24FILE/EY-business-risks-in-mining-and-metals-2016-2017.pdf accessed on 26/04/2017. ICAEW, (2015), Reviewing Auditor Independence, available at https://www.icaew.com/-/media/corporate/files/technical/audit-and-assurance/audit/guidance-for-audit-committees/reviewing-auditor-independence.ashx accessed on 26/04/2017 Livine G, (2015), Threats to Auditor Independence and Possible Remedies, available on https://www.financepractitioner.com/auditing-best-practice/threats-to-auditor-independence-and-possible-remedies?full accessed on 27/04/2017

Business Intelligence in SMEs Analytical Processing

Question: Discuss about the Business Intelligence in SMEs for Analytical Processing. Answer: Introduction Business Intelligence is nothing but the umbrella term that refers to various applications of software utilized for analyzing the raw data of a particular organization (Chen, Chiang Storey, 2012). In other words, as a discipline, Business Intelligence is made up of various related services or activities such as the querying, reporting, online analytical processing as well as data mining (Luhn, 2014). This particular report has the prime aim to portray the fact how the business intelligence play a key role in the implementation of the business operations of especially the small and medium sized enterprises. Therefore, this report includes a case study on CapaBungas business operation with the help of which this report evaluates the successfulness of the product after the incorporation of the business intelligence solution in their business operations of the Bison Analytics. This report provides a brief overview of the entire case study made on CapaBunga. Therefore, this report also p ortrays the features of the QuickBooks accounting software package, with the help of which all the business operations of CapaBunga are performed. On the other hand, based on this case study, this report sheds light on the role or the impact of the business intelligence on the business operations of the small and medium organizations. Therefore, this study also focuses on the identification and the analysis of the consequences with the business intelligence in the businesss.es. However, at the end of this report, few important and effective recommending strategies have been briefly illustrated with the help of which the shortcomings of business intelligence can be addressed. Case Study Description CapaBunga is a reusable cap made up of silicon that can reseal a wine bottle after the removal of the cork. Two winery owners invented CapaBunga in the wine country of Northern California (CapaBunga and the Bison System for QuickBooks Analytics, 2016). Mire Murphy and Walt Averill have taken their inspiration from the bungs those are utilized for sealing barrels at the time of making wine. This product has simplified the storage of wine in a great manner. However, the emphasis of CapaBunga on simplification didnt end there. CapaBunga is enjoying their enhancing growth. The products of this organization are catching on worldwide, along with France (CapaBunga and the Bison System for QuickBooks Analytics, 2016). It has brought about their next few significant as well as very crucial challenges such as managing the commission structure as well as managing the inventory items for their wide array of rep groups. Primarily, the only way through which, the organization was capable of getting this particular detail from QuickBooks was for spending many hours with the spreadsheets laboring for finding the exact data items as well as getting every data item into the proper field on their spreadsheets (CapaBunga and the Bison System for QuickBooks Analytics, 2016). Walt called on Bison Analytics for helping him for getting the information of management that he required from his QuickBooks file. The Bison System was quickly capable of giving Walt the analytics of QuivkBooks that he required for running his business of selling CapaBunga with the help of the extraction of the QuickBooks data with its industry-leading software. According to Walt, they have become much more now than the past days. They have received two custom reports of QuickBooks from the Bison Analytics (CapaBunga and the Bison System for QuickBooks Analytics, 2016). The first report can be capable of managing their inventory by separating the individual parts of inventory from the inventory assemblies so that they have a proper number of sales by state and by item. The second report is regarding their detailed summary of the commission for their industry reps. Walt has continued getting the proper data out of the QuickBooks is very difficult to do. The most important thing is that Bison System has considerably streamlined their work. They also know that the numbers are reliable as well as accurate with the help of this particular approach. Walt can be able to manipulate the information for viewing it anyway (CapaBunga and the Bison System for QuickBooks Analytics, 2016). He also wants to see it in his dashboards and reports. Therefore, it all runs on controlling cruise and he gets these important reports just the way he wants to see them every day. The Chief Executive Officer or CEO of Bison Analytics, Kurt Steckel has noted the fact that the use of CapaBunga of the Bison System is precisely why they have implemented the system. On the other hand, with a few key indicators, a cookie-cutter would not support their explosive development. Bison Analytics have brought an entirely QuickBooks business intelligence solution as well as customizable QuickBooks Analytics to the developing businesses (CapaBunga and the Bison System for QuickBooks Analytics, 2016). Bison Analytics can enable the businesses for creating the proper reports that they require. The Bison System is actually in a distinct league. Therefore, they can unlock their data by permitting them for using their data however they would like. Thus, Walt has agreed with the point that, the Bison System is working very well and the people working with this system are easy for working with. He also considered that it is a great improvement for them over the tedious spreadsheets they were doing. Influence of QuickBooks in Business Intelligence Many of the businesses utilize the accounting data in terms of creating financial statements for several business aspects. Therefore, the similar data have also been utilized for assessing the performance of the business of CapaBunga, monitoring trends as well as identifying scopes of improvement for the business operations of the organization (Anandarajan, Anandarajan Srinivasan, 2012). These insights of business are very crucial in order to guide the fact-based decisions as well as the strategic thinking of the business activities of CapaBunga. The reporting app such as Fathom used by Bison Analytics can convert its QuickBokks online data into the useful business intelligence so that the business can see how well exactly the business of CapaBunga is performing as well as take action while required (Chaudhuri, Dayal Narasayya, 2011). By connecting reporting app with the QuickBooks account of the business, Bison Analytics is capable of evaluating the growth, cash flow, profitabilit y, revenue as well as the other key performance indicators for helping this business to become more profitable (Chen, Chiang Storey, 2012). The QuickBooks can provide the business an opportunity for gaining in-depth insights with the key performance indicators of the business activities or operations of CapaBunga. The Key Performance Indicator is the value that is can be measured for demonstrating the fact how an organization can effectively is achieving a major business objectives (Chen, Chiang Storey, 2012). Therefore, choosing the proper key performance indicators for a business depend on the industry as well as which part of the business the organization desire to improve (Cody et al., 2012). The financial KPIs can help the business of CapaBunga for assessing the financial health as well as performance of the business (Dhar Stein, 2014). The key performance indicators often are grouped into categories such as growth, cash flow, efficiency, activity as well as profitability. On the other hand, the non-financial Key Performance Indicators are employed typically for measuring the common functions of business such as marketing as well as sales, staff information, operations, production and the customer service (Golfarelli, Rizzi Cella, 2014). Therefore, the Key Performance Indicators should be reported as well as monitored to be effective and it can be done with the help of a reporting system of the QuickBooks file. The business can spot where the performance of the business requires improvement as well as take necessary steps of correcting the wrong business activity with the help of the reporting system of the QuickBooks file. Apart from that, the business of CapaBunga can drive few important aspects of the business in order to accomplish the business goals of the organization. The QuickBooks can simply help to set the boundaries, recognize the work-life balance, plan for the future business operations as well as consider other utilities as well (Howson Hammond, 2014). The QuickBooks simply utilize the aspect of the business intelligence that BI can increase the inventory control for understanding the reason of investment in the business intelligence tools in inventory control. Importance of the implementation of Business Intelligence in Small and Medium Enterprises Business Intelligence is nothing but the umbrella term that refers to various applications of software utilized for analyzing the raw data of a particular organization (Turban et al., 2013). In other words, as a discipline, Business Intelligence is made up of various related services or activities such as the querying, reporting, online analytical processing as well as data mining (Dhar Stein, 2014). Therefore, the organizations utilize the Business Intelligence in terms of improving decision making process, cutting costs as well as identifying the opportunities of new business. Business Intelligence is more than just the corporate reporting as well as more that the set of numerous tools for coaxing data out of the enterprise systems (Golfarelli, Rizzi Cella, 2014). CIOs utilize the Business Intelligence in terms of identifying the inefficient processes of business those are ripen for re-engineering. The business folks can jump in as well as begin analyzing data themselves with the help of the Business tolls of todays world rather than waiting for IT for running the reports of complex. The democratization of the access of information can help the users back up with the difficult numbers as well as the decisions regarding the business that would be based otherwise only on the gut feelings as well as ancedotes (Moss Atre, 2013). Therefore, the Business Intelligence can hold great promise, implementations can also be dogged by the cultural as well as technical challenges. Executives have to assure that the data feeding applications of Business Intelligence is consistent as well as clean so that the users of the Business Intelligence can easily trust it (Chaudhuri, Dayal Narasayya, 2011). For the Small as well as the Medium sized organizations, Business Intelligence can play a significant role in establishing their business processes. The small as well as the medium size companies can represent the huge majority of all the organizations. These can make a contribution to the innovation, the creation of job as well as the economic growth of an organization (Vitt, Misner Luckevich, 2012). Therefore, for the small and medium sized enterprises, the adoption of the solutions of the Business Intelligence has really become important in the todays hyper-competitive markets where the companies are seeking for becoming more efficient, proactive as well as agile in the processes of making effective decisions for the development of the business processes of a particular organization (Cody et al., 2012). In the last few years, the necessity that has been implemented regarding the incorporation the solutions of IT in order to help in the process of making effective and significant decisions as well as the usage of the tools of Business Intelligence are identified by the most of the entrepreneurs. In todays technological world, it has become clear that the information systems play a major role in order to enable the small and medium enterprises for becoming more competitive in the business world (Lnnqvist Pirttimki, 2016). The tools of business Intelligence can have numerous advantages for businesses with the emphasis increase in the communication among the users, ease of the access to information as well as the decrease in the process of information distribution (Anandarajan, Anandarajan Srinivasan, 2012). On the other hand, the information is available in the real time, flexibility as well as versatility in order to adapt the reality of the organization and is helpful in the decision making process (Michalewicz et al., 2016). Moreover, the Business Intelligence can bridge several users as well as systems that have to access information by giving an environment that facilitates the access to information required for the regular activities and by doing that it allows the company for analyzing the perform ance of business. The Business Intelligence can significantly drive the small as well as the medium organizations for attaining the tangible advantages such as the cost savings as well as ROI and the intangible benefits, which are just as important (Larson, 2015). In addition, the Business Intelligence can minimize the decision latency by integrating as well as consolidating information from several sectors, also can store this particular information is structured, which are easier for analyzing and accessing as well (Jourdan, Rainer Marshall, 2014). The major or the top five intangible advantages recognized are the more efficient processes, improved decisions, better strategies as well as better information. An integrated as well as adequate Business Intelligence solution can implement the competitive advantage required for the small and medium enterprises to become successful. Moreover, the small and medium enterprises those have implemented already a Business Intelligence tool realized the fact th at are now more capable of facing the competitive market environment as well as can more effectively compete (Chen, Chiang Storey, 2012). The successful businesses of the small and medium enterprises carefully manage the bottom line of the business and always are conscious about the business investment value. The companies require the robust planning tools in terms of becoming more competitive like business intelligence for deriving effective and accurate decisions regarding business. The small as well as the medium enterprises can also improve the key performance indicators and can also be more competitive as well as successful in the market (Anandarajan, Anandarajan Srinivasan, 2012). These tools simply enhance the long term profitability as well as ensure that the crucial and important information is not overlooked and ignored. Challenges of Business Intelligence Along with the huge advantages, Business Intelligence has few challenges as well as shortcomings for the organizations in order to conduct their business operations in todays rapidly growing business world (Howson Hammond, 2014). The common challenges of the Business Intelligence highlight few interesting issues faced by the organizations while it comes to the production of the management reports. Delivering the self-service analysis or reporting One of the most crucial as well as significant issues with the conventional tools of business intelligence is that they are very complicated for using. Few individuals with an organization can only know how to operate the business intelligence tools (Isik Jones Sidorova, 2013). The Bottlenecks can be formed around these major individuals as well as it can also slow down the entire process of reporting. Analyzing or reporting across several systems the second biggest as well as the most crucial challenge faced by the organization is reporting or analyzing across several systems. These days, most of the organizations have collected already a huge bulk of data surrounding the business activities or operations (Chen, Chiang Storey, 2012). The consequence is that this particular data is spread often over the various systems as well as software, which makes it hard for bringing together. Process of unlocking data buried in systems if an individual has the data in place already as well as he or she knows there it is, it doesnt mean necessarily that it is accessible easily (Watson Wixom, 2012). Getting at the information as per the requirement, it can become tremendously painful process while the data is actually buried in the complicated software as well as systems. Reducing the production costs of reports - The costs can spiral out of control very easily, with the traditional projects of Business Intelligence (Liautaud Hammond, 2015). The individuals need to fork out for all the ongoing support as well as maintenance costs along with these tools. Derivation of the Mobile Business Intelligence It is not surprising for seeing that there is a huge demand for the mobile business intelligence as the mobile devices are changing constantly (Turban, Sharda Delen, 2011). The senior executives as well as the busy managers can be capable of accessing the insights they require while they require them, wherever, they are on the range of various devices. Conclusion and Recommendations Conclusion After the entire discussion made in this report it can be seen that the major effectiveness of the Business Intelligence is associated with the successful implementation of the business processes of various organizations especially the small and medium sized organizations. The Business Intelligence tools are becoming essential for the business activities of the organizations to be performed. Therefore, the shortcomings of the business intelligence solutions should be removed as well as overcome so that these tools can successfully implement the business operations of all the organizations all over the world. The important fact is that overcoming the shortcomings with the business intelligence can effectively help the small and medium sized enterprises to implement their business operations. Recommendations Delivering the self-service analysis or reporting The businesses should make an investment in a self-service tool of business intelligence with the help of which the business can easily overcome the challenges delivering self-service analysis by proving power to those people who need it really. The companies those democratize the utility of these tools over the business by making them more user friendly and by achieving a remarkably high ROI on their investments as an outcome. Analyzing or reporting across several systems The businesses should exact data from these several sources as well as bringing these sources together into a centralized data warehouse can make it very easy for gaining reliable as well as quick insights. Process of unlocking data buried in systems The individuals in the business organizations should be capable of manipulating as well as transforming it into the correct shape very easily. Individuals can easily clean their data and can get it into the exact shape and apply any rules or calculations of business by utilizing an effective ETL process and a data warehouse. Reducing the production costs of reports - There should a fixed prices set up fee with the cloud based Business Intelligence as well as all ongoing costs are should be covered under the price of the subscription made in a monthly basis. Reference list Anandarajan, M., Anandarajan, A., Srinivasan, C. A. (Eds.). (2012).Business intelligence techniques: a perspective from accounting and finance. Springer Science Business Media. CapaBunga and the Bison System for QuickBooks Analytics. (2016).Bisonanalytics.com. Retrieved 1 October 2016, from https://bisonanalytics.com/more/case-studies/capabunga-quickbooks-analytics/?nabe=4853591734484992:1 Chaudhuri, S., Dayal, U., Narasayya, V. (2011). An overview of business intelligence technology.Communications of the ACM,54(8), 88-98. Chen, H., Chiang, R. H., Storey, V. C. (2012). Business Intelligence and Analytics: From Big Data to Big Impact.MIS quarterly,36(4), 1165-1188. Chen, H., Chiang, R. H., Storey, V. C. (2012). Business Intelligence and Analytics: From Big Data to Big Impact.MIS quarterly,36(4), 1165-1188. Cody, W. F., Kreulen, J. T., Krishna, V., Spangler, W. S. (2012). The integration of business intelligence and knowledge management.IBM systems journal,41(4), 697-713. Collins, J. C. (2014). 11 Tips to Optimize QuickBooks Reporting: With Proper Guidance, CPAs Can Help Their Clients and Companies Use QuickBooks to Implement an Efficient and Effective Financial Reporting Routine.Journal of Accountancy,218(3), 64. Dhar, V., Stein, R. (2014).Seven methods for transforming corporate data into business intelligence(pp. 126-148). Englewood Cliffs, NJ: Prentice Hall. Golfarelli, M., Rizzi, S., Cella, I. (2014, November). Beyond data warehousing: what's next in business intelligence?. InProceedings of the 7th ACM international workshop on Data warehousing and OLAP(pp. 1-6). ACM. Howson, C., Hammond, M. (2014).Successful business intelligence: Unlock the value of BI big data. McGraw-Hill Education. Isik, ., Jones, M. C., Sidorova, A. (2013). Business intelligence success: The roles of BI capabilities and decision environments.Information Management,50(1), 13-23. Jones, D., Jones, M. (2016). Using QuickBooks Accounting Software to Improve Financial and Production Records for Better Decision Making. In2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas(No. 229772). Southern Agricultural Economics Association. Jourdan, Z., Rainer, R. K., Marshall, T. E. (2014). Business intelligence: An analysis of the literature 1.Information Systems Management,25(2), 121-131. Larson, B. (2015).Delivering Business Intelligence. New York. Liautaud, B., Hammond, M. (2015).e-Business intelligence: turning information into knowledge into profit. McGraw-Hill, Inc.. Lnnqvist, A., Pirttimki, V. (2016). The measurement of business intelligence.Information systems management,23(1), 32. Luhn, H. P. (2014). A business intelligence system.IBM Journal of Research and Development,2(4), 314-319. Michalewicz, Z., Schmidt, M., Michalewicz, M., Chiriac, C. (2016).Adaptive business intelligence(pp. 37-46). Springer Berlin Heidelberg. Moss, L. T., Atre, S. (2013).Business intelligence roadmap: the complete project lifecycle for decision-support applications. Addison-Wesley Professional. Siegel, D. J. (2013). Charting a New Financial Course: Using QuickBooks to Analyze and Shape Your Practice.Law Prac.,39, 38. Turban, E., Sharda, R., Delen, D. (2011).Decision support and business intelligence systems. Pearson Education India. Turban, E., Sharda, R., Aronson, J. E., King, D. (2013).Business intelligence: A managerial approach. Upper Saddle River, NJ: Pearson Prentice Hall. Vitt, E., Misner, S., Luckevich, M. (2012).Business intelligence. Microsoft Press. Watson, H. J., Wixom, B. H. (2012). The current state of business intelligence.Computer,40(9), 96-99.