Risk assessment( example more likely to be killed by a falling air Term Paper

Risk assessment( example more likely to be killed by a falling air craft part or eaten by a shark) - Term Paper Example Individuals also need it to enhance their hindsight. This paper analyses two such relevant arguments, both for and against. Risk assessment is a process that incorporates five major stages in order to curb any chances of danger. The processes of examination differ greatly depending on the complexity of the risk at hand, however; the following stages are commonest in most organizations and companies. Identification of the hazard is the first stage, and this refers to anything that may cause an accident, for instance chemicals, open sewages, and open electrical wires. This stage involves identifying how the hazard may cause hard to other people. For every identifiable hazard, the assessor should be able to clarify whoever is likely to be affected by the hazard. This involves both individuals and groups of people, though; it does not involve writing down the names of every single individual. Having spotted the hazard and the people who are likely to be affected, an action has to be taken. This stage involves taking all the reasonable precautions in order to curb the expected risk. Recording the results of the risk assessment process and implementing them is a critical stage. This involves putting the risk assessment results into action in order to minimize the probability of the related forms of danger. The final stage calls for the assessment of the entire process. The final stage is critical in the evaluation of the procedures used to review the risk assessment process and helps in the making of any possible adjustments. The departments of fisheries in various countries have considered water activity choice, depth of the water, distance away from the shore, presence and population of marine sharks and temperature of water as key risk factors of being eaten by the shark (Ian, 121). In Western Australia, for instance, those bathing within 25 meters away from the shores of its capital, Perth, are safer

BarChris Construction Case Study Example | Topics and Well Written Essays - 250 words

BarChris Construction - Case Study Example The misappropriated entries included current assets having a 15% overstatement of $609,689; 42% understatement in contingent liabilities amounting to $618,853; gross profit overstatement of $230,755; $519,810 worth of sales’ overstatement; undisclosed loans to officers totaling to $386,615; and an overstatement in backlog of orders among other figures. Auditing involves the application of accounting principles as they relate to costs and revenues. Following the sale and leaseback cases, the judge’s argument that the gain on the debentures was improper is misleading since this approach is accepted in GAAP. Although the customers who acquired the leaseback properties incurred overwhelming arrears on their discounted notes, it is not considered a reasonable standard for auditors to concern themselves with the effects of business strategies of the companies they audit. Hence, as earlier stated, the auditors’ responsibility is to access, point, question, and report on accounting activities and not on investment or business strategies associated with the gains (United States District Court, 1968). The case of Berardi places himself at the center of blame for the problems associated with BarChart’s accounting misappropriations. The merits of blaming Berardi for the problems facing BarChris include his inability to dedicate more time to review the results of the S-1 review, the hiring of an inexperienced accountant, and concealing of information such as loans to officers. In order to rectify these causes of the primary problems, Berardi could have hired a qualified accountant, should have dedicated more time to review accounts, and conducted regular internal audits (United States District Court, 1968). United States District Court. (1968). Escott v. Barchris Construction Corporation 283 F. Supp. 643 (S.D.N.Y. 1968). Accessed online on February