The Spotted Owl, the Forests Products Industry, and the...

The Spotted Owl, the Forests Products Industry, and the Public Policy I. Introduction A. The Spotted Owl B. Logging Industry II. Conflicts of Interest A. Economic needs 1.Unemployment B. Preservation Needs 1.Endangered Species Act 2.Special Interest Groups III. Resolutions A. Possible Solutions B. Eventual Outcome 1. Loss of Interest a. Other Species Demand Attention 2. Migration 3. Repopulation Abstract The spotted owl was seen as a symbol of all things environmental during the late 1980s and early 1990s. The logging industry was well on its way to destroying most of the old growth forests of the Pacific Northwest. Environmentalists swarmed the area, sabotaging logging efforts and calling†¦show more content†¦Many people have wondered why this insignificant owl gets more press than the decimation of salmon streams nationwide, when it would have no economic impact on our society as a whole. The logging industry has made millions of dollars from the harvesting of old growth lumber over the past several decades. Recently, they have become more responsible about clear-cut logging. Harvested forests are often replanted to provide for future wildlife habitat and logging efforts. However, this doesnt help the spotted owl. It needs old growth forests with their tangle of massive trees and thick dense brush. The logging industry is threatened by this small owl. Thousands of jobs have been lost. Families are starving. Lumber prices have skyrocketed. So this sets up a struggle. Loggers need the lumber for economic prosperity. Environmentalists want to protect this owl. How will both parties win? Can both parties win? There are many issues that arise out of this conflict. The public needs cost efficient lumber. The loggers need their jobs. The spotted owl needs a home. One of the largest concerns, dealing with the spotted owl / forest industry debate, is the loss of jobs. There were 21,000 jobs lost during the time that this debate took place (Ross, 1999). The amount of job losses in the logging and milling industry at this time were not solely attributed to the spotted owl controversy. The downward trend in the timber harvest

Politics Free Essays

string(123) " Here we may firmly assert that the media failed to serve the public in way of representing vital and burning information\." Nowadays mass media plays significant role within the society structure and has grand influence on its development. Media already is tightly intervened with all the spheres of our everyday life. It is generally accepted that the press form public opinion and understanding. We will write a custom essay sample on Politics or any similar topic only for you Order Now Media also has the power to shape even the country’s policy. Kathleen Hall Jamieson and Paul Waldman examine all these burning questions and give even more information in their book â€Å"The Press Effect: Politicians, Journalists and the Stories that Shape the Political World†. Their central thesis is that the stories the press tells are shaped not by a â€Å"liberal agenda† or a â€Å"right wing conspiracy† but rather by the desire, even pressure, to cast the news in a dramatic, easily packaged form. Jamieson and Waldman produce an incisive analysis of political media coverage, and how the press and the people both fail to think critically about one of the most important components of our political process – politicized media. â€Å"The Press Effect† makes a nonpartisan, well-documented, and very persuasive case that the mainstream media doesn’t so much report the news as create it. Focusing mostly on the 2000 presidential campaign and its aftermath, and on coverage of 9/11, the book also touches on historical issues and their presentation as well. Wide-ranging and accessible, â€Å"The Press Effect† is a must for news junkies and political buffs, and an excellent addition to any journalism, social studies, or government classroom. To illustrate more vividly the events the authors represent numerous recent examples, from media participation in spreading fabrications during the election campaign to the weight of journalists on the outcome of the 2000 presidential election in the United States. Too often, authors argue, reporters merely analyze the strategies used by the opposing instead of sorting out the facts behind the issues. While acknowledging that the truth can be indefinable and very subtle, the authors cite a few exemplary cases of journalistic truthfulness and reliability and fact-finding. This important book, makes obvious the fact that media misrepresentation is far too complex and subtle to be explained by mere liberal or conservative bias, belongs in all journalism collections. The authors of â€Å"The Press Effect† suggests that the media frames issues and political figures in a way that their future stories on the matters or subjects will tend to fit neatly inside the predetermined scene. In view of the fact that the media is a follow-the-leader game, once a frame takes hold it doesn’t let go very easily. Jamieson and Waldman utilize this speculation mainly to explore the 2000 Election between Gore and Bush. Unfortunately, there are simply no trustworthy ways of establishing definite effects of media products on public, opinions, attitudes or behavior. There are few credible analyses of how different media events, or the outcomes of particular media organizations, produced particular perceptions in media audiences. Taking into consideration the conformity between media representations and public opinion considered within the work â€Å"The Press Effect† puts an interesting question and not an answer. All in all, the title of the work is rather bold, for it speaks for itself and highlights how important the press is in shaping not only politics but also the society structure. But, apteral, it is not very understandable who is telling these â€Å"stories† that actually shape the political world and who in point of fact are the authors of them, or where they come from. Authors of this work also represent a critique of the media’s deep inclination for close psychological examination of foremost celebrities. In addition they review in brief some techniques of media effects research that are being used throughout the media world, at the same time emphasizing their confines and flaws. They pay attention to the fact what qualities a story should possess to influence strongly the public opinion. But what they are describing is better viewed as connections, mediated in both directions through political characters, representatives of press and public, rather than as direct causal effects. Yet Jamieson and Waldman do try to build up a more detailed approach. They combine critiques of media content with analysis of political rhetorical strategies, including opinion and survey data, thus the authors build up a persuasive and disturbing illustration of media unfairness and of  failure to tell the full story. In other words they what to communicate to the reader that not always the media is a liable source of getting true information. Nevertheless, throughout the book the authors make references to praiseworthy exceptions and admit that there are still many professionals  whose commitment to truth is undisputable. But we should mark that the prevailing idea of Jamieson and Waldman’s study is to raise deep concern about the state of health of American journalism. Jamieson and Waldman outline six critical and very essential functions that the media and the press in particular perform in American society: storyteller, amateur psychologist, soothsayer, and shaper of events, patriot, and custodian of fact. In a function of a storyteller driving by the natural desire to tell a consistent story, journalists have a natural inclination to omit information that is somehow at odds with the general scene. For example, social scientists tell that the media circles create a particular outline or a frame for an event or a person, and all the data that does not comply with this frame is very often tends to be neglected. As an example we make take the following fact from the analyzed book. During the 2000 election course Gore was represented, as a liar so any report he made that could not be verified at once was believed to be a misrepresentation. Bush on the other hand appeared as an intellectually challenged person with a lack of knowledge. Consequently, we seethe confirmation to the statements relayed within the â€Å"Press Effect† the media can easily shape the character either true or misinterpreted but it is immediately is believed by the public and it is very difficult to change that formed image. Here we may firmly assert that the media failed to serve the public in way of representing vital and burning information. You read "Politics" in category "Essay examples" As the Amateur Psychologist the media makes sometimes a monkey business. Rather than examining essential facts and characters the press instead analyzes the motives and strategies of moves made by a political figure sometimes irrelevant to the moment. The result is that an emphasis is made not on issues of importance, but on questions of technique and strategy. Very often the media seizes such facts as what one particular figure is wearing and how it moves rather than the aim he is trying to achieve. Even today, if one political figure announces a new program or political agenda, the mass media is inclined to focus its attention on analyzing why he chooses this particular moment to make the announcement rather than to analyze the suggestion itself. Again we wee that the authors try to communicate to us that the media fails to serve the public especially when it attempts to attribute motives to politicians instead of analyzing their proceedings and their policies. Taking into consideration the function of a custodian of fact imputed to the media it is important to say that it is a natural task of the mass media to explain or even uncover the data, hypothesis, and calculations behind declarations made by political figures in an election or officials in their offices. The media again fails to serve in relaying information to the public when it accepts the basically prejudiced accounts of a political actor and transfers them to the public without challenge. The authors put the question whether it is a fault of media in its unsuccessfulness. In fact, it is the blunder of all three participants within the structure of political system: politicians, mass media, and the electorate. Jamieson and Waldman conclude by stating, â€Å"We believe that if democracy is to thrive, holding journalists to the highest standards is not only reasonable but essential†. It has been observed on many occasions that we â€Å"get the government we deserve†, Jamieson and Waldman make a strong statement that we â€Å"get the media we deserve† as well. The key concept within the work is â€Å"framing,† which seeks to define what aspects of particular stories are given weight in their telling in the media. Analyzing print and broadcast media on a series of  issues over elections 2000, the authors reveal how story may shape the whole attitude of the public. Media coverage of the 2000 presidential election campaign is often said to have assumed the outline of Gore-as-liar and Bush-as-stupid. In part, it is attributed to the media’s need for personality profiling. In describing how the media treated recent political chapters, Jamieson and Waldman are being neither exceptional nor exceptionable. Jamieson and Waldman observe, reasonably, that the press highlights political strategy over policy and also how and why, rather than the what and who. But they are on icy ground when they claim that the responsibility of the press is to determine whose claims were correct. Policies, and any judgments on them, are matters of interpretation rather than statements of fact. The authors are definitely correct to say that media representatives play an essential role in serving the public make sense of policy choices, but that may as often involve judgments on motivation as arbitrations on fact. Telling stories is a bulky part of how we cooperate and how we make sense of things. It is rather significant to take into consideration the specific role of the press and to measure its performance against stated standards. It is a different thing to dispute that the press is the strongest linkage in the story-generating chain or to argue that it is deviating from its primary responsibility in telling stories or to argue that it accommodates too comfortably to the politically dominant story-frames. Jamieson and Waldman are ambitious and daring in seeking to argue all of these schemes, and even more. In addition, they offer much helpful evidence that others will want to scrutinize too. But, on balance, their case is unproven. As to investigate the issue further we should say that one of the most troublesome things about journalism nowadays is how normally and regularly lies and misrepresentations broadcasted on all sides of the political scale. To a great extent, this is the fault of journalists, whose primary job is or has to be to find out and report the truth about the most important issues of the day. Democracy is not supposed to function in well-organized manner if the public is constantly misinformed. Simply giving account of few opposing views also does not help the public find out the truth. There is general tendency that truth telling has to be rewarded and deception has to be punished. Unfortunately, this is not happening now, it is just the goal we are trying to achieve. The task of a real journalist is not to repeat the â€Å"spin† but to find the truth of the particular event and communicate it to public. Here we are bound to cite the authors of the â€Å"Press Effect† â€Å"Reporters should help the public make sense of competing political arguments by defining terms, filling in needed information, assessing the accuracy of the evidence being offered, and relating the claims and counterclaims to the probable impact of the proposed policies on citizens and the country†. Undoubtedly this is the hard work to do. It is much easier to make emphasis on the horse race and characters than to give a definite account and analytical information on the subject. Concluding we may say that this book can be of use not only for amateur readers but also for all journalists and concerned citizens. It gives an interesting and new approach to the problem of mass media truthfulness. It makes one think it over again about the facts we see on the TV, read in newspapers and listen over the radio. It gives the food for meditation over the fact whether we should rely completely on the media sources. â€Å"Press Effect† is the right book for those readers who are just entering the subject of media and are freshmen to the topic. In â€Å"The Press Effect†, Jamieson and Waldman carefully document the interaction between politicians or other political actors, such as press secretaries or campaign consultants and the media in the process of building up an overall message that is supposed to be communicated to the public. From the first sight it may probably come to one’s surprise that the media have actually failed in their task to both politicians and the public. But why and how it is still for us to decide. In this scrupulously researched and documented work Jamieson and Waldman have represented a chain of problems that come about when the media let down the public. The most noticeable and evident effects of this malfunction embrace cynicism about political figures in general, distrust of the government, doubt in the objectivity of journalists, and actually overall voter indifference. In about 200 pages of prose Jamieson and Waldman describe the causes, history, and consequences of the mass media’s failures, including well-documented and unbiased examples. Jamieson and Waldman show that when political campaigns evade or reject to engage the facts of the opposing side, the press often fails to step into the void with the information citizens require to make sense of. â€Å"The Press Effect† is, ultimately, a wide-ranging critique of the press’s role in mediating between politicians and the citizens they are supposed to serve. Reference Brian Trench, reviewed. The Press Effect: Politicians, Journalists, and the Stories That Shape the Political World by Kathleen Hall Jamieson and Paul Waldman. Logos. Spring 2003 Eytan, Gilboa. Media and Conflict: Framing Issues, Making Policy, Shaping Opinions. Ardsley, NY: Transnational Pub Inc: 2002. World In Crisis, Media In Conflict. Database on www.mediachannel.org.   (last accessed February 13, 2006) How to cite Politics, Essay examples Politics Free Essays Our country is challenged with quite a lot of political, economic and social problems at this time. The most controversial on televisions and in actual life is the political issues for it consist with well-known giant names in the republic. The politics of our country is occasioned in an organized framework of presidential, representative and democratic republic whereby the president is both the head of the state and the head of the government. We will write a custom essay sample on Politics or any similar topic only for you Order Now Philippine political system revolves around three separate ND sovereign yet interdependent branches, the legislative branch, the executive branch and the Judicial branch. I salute the framework for I believed that if and only if these positions are filled up by a competent, intelligent and a good-hearted Filipino leader, the Philippine Politics might be one of the world listed excellent political system. The political system itself is already good, I think it is Just the position- holders who ruins the system. If I were to describe Philippine politics, I would express my description through the words hot, double-standard and personal. Philippine politics is hot. I say hot for it is always heard over radios, it is always flashed throughout televisions, it is always read around newspapers here and there and everywhere. Though sometimes it is Just a waste of films and inks for now and again, political ads and news are Just in favor of a particular party, bias with a particular politician and Just making opponent politicians evil in the eye of the public. Politics is double standard. Laws, policies and regulations in the Philippines are affected personally by politicians. I mean the political law-makers make laws in favor of themselves, of their businesses, of their family and co-leagues. Some established laws also are always abided by some, and some can Just ignore some laws. It is double standard, for the powerful ones can Just ignore and escape through the laws, and the poor and weak people are strictly watched out of the laws. Politics is personal. Yes, I say it is personal for some politicians do projects and ordinance that benefit them. They do it for their own progress and for their own sake. They also aka Politics personal for they work name-to-name, it is not what you know, it is whom you know that will make you stay in the political system. To sum up, I say that the Pearl of the Oceans’ Political System is already well established, and Filipinos are blessed to have this excellent system. Now, it is our choice to make it for better or for worst. This is a lesson for us to scrutinize and think very well whom to trust during elections. We should choose the good politicians who match with our good political system. P How to cite Politics, Papers

Planning Of Audit And Risk Analysis Pharma-Myassignmenthelp.Com

Question: Discuss About The Planning Of Audit And Risk Analysis Pharma? Answer: Introducation Accounting is the activity which records the transaction of businesses on daily basis and results are reported to the management of the company at the regular intervals. Auditing is an activity through which the books of accounts are checked and verified by the independent third parties appointed by the company and is known by the name of auditors of the company. Auditors are required to plan their audit first depending upon the nature of the business of the company and the size of the company. For the purpose of this report, Company Mayne Pharma Limited has been selected for the study. In this report, at first the understanding of the business of the client has been discussed and how they are performing their functions. In the second section, regulations and the rules that the pharmaceutical companies are required to comply with have been detailed. In the third section, annual report of the company for the financial year ending two thousand sixteen has been discussed in relation to the changes made in each item of the balance sheet and profit and loss account. After that the risk associated with the business identified and the going concern assumptions are verified. At the last the reference has been made to the concept of social responsibility as to how the company has been performing the same. With this the study has ended up with the conclusions. Understanding Of Clients Buisness The beginning of every audit starts with the understanding of the business of the company as to how the companys main business activities and how does it functions. As per the recent introduction of the auditing standard number 315 which states through the paragraph number eleven that the auditor shall have the understanding of the nature of business of the prospective client before proceeding to the conduct of an audit. In the given case following are the understandings that has been obtained from the Mayne Pharma group limited annual report (AASB, 2006). Business Operations The company is the public limited company and listed in the Australian Stock Exchange. The main focus on the companys business is for supplying or transporting the medicines or the drugs at the place where it is required. In other words, the main business of the company is to deliver the medicines from the place of the manufacture to the place where it will be consumed. The company delivers not only the branded medicines but also the non - branded or the generic medicines across the globe. The second major business activity is to provide the development of contract thereby manufacturing the drugs or the medicines for others. The company has the distributors across different parts of the World including Asia, Europe, North America and Australia. Therefore, the company is into the process of developing, manufacturing, marketing and distributing the products in United States of America. In case of the specialty brands, the company is engaged into the business of the marketing and distri buting only of the products in the United States of America. The company has the record of the last thirty years for the development of the innovative ideas and new technologies which had helped the patients to have the affordable medicines and also have developed the new oral drug delivery system. Thus, the company is engaged in developing, manufacturing, marketing and distribution of the medicines across the World (Singh, 2017 Ullah, 2014). Industry In Which It Operates The company is operating in the pharmaceutical sector. In this sector, all the companies which manufacture the drugs, medicines and thereby marketing and selling will be covered. Whenever any comparison is made, then for the purpose of the benchmarking the strong performer will be selected from the same industry and then comparison is made. The need for determining the industry is correct in the sense that the industry data will provide whether the functions as performed by the particular company is as per the industry current market conditions and the norms. In this way industry defining is very essential and the company is engaged in the pharmaceuticals sector. Regulations For Pharmaceutical Goods The pharmaceutical companies are managed by the department of health, Therapeutic Goods Administration of Australia. From time to time they are bringing the arrangements as to how the pharmaceutical goods are required to be controlled and managed. Following are the regulations as prescribed by the Australian Government for pharmaceutical goods: Labeling and Packing - The Therapeutic Goods Administration of Australia has defined the labeling and packaging guidelines as to how the pharmaceuticals shall be labeled and packed. The department has issued two orders for labeling and packing which is required to be fulfilled by the companies. One is for the prescription medicines issued under order number 91 and the other is for the non prescription medicines issued under order number 90. Some of the common rules and regulations includes like the labels should be clearly pasted in order to enhance the safety of the consumers, providing the dial dispense packing wherever required so as to enable the customer to identify the number of the dosages available in the pack, etc. Efficacy It means that the medicine of the drug that will be given to the patients will be effective for them rather than being an ineffective medicine. The companies have to mention while licensing the new product as to how the medicine will be effective and up to what percentage the same will be effective. It is because as per the common parlance no medicine will provide hundred percent results but the medicine should be like that which will in definite terms meets the criteria of the disease. Safety Norms The companies are required to satisfy the safety norms as defined by the Therapeutic Goods Administration of Australia. It states that the company shall produce the medicine which will be effective and that will not in any case carries the side effects or any other type of risks which can be harmful to the patients. The safety norms are tested clinically and then only approval for listing of the medicine for further manufacture and sale will be made available (DOI Australia, 2016; TGA, 2017). Advertising and Business Promotion The companies though in other countries are allowed to do the advertising and marketing of their medicines to health professionals and to the patients but in actual the Therapeutic Goods Administration of Australia has specified that the company shall not be allowed to do the advertising in the following cases: The advertisement so decided to be made is misleading Will create negative impact in the future in case the medicine works out as non effectives The advertising is totally unreliable where the company is making unnecessary claims like if by having this medicine the headache will be gone definitely with hundred percent otherwise the whole amount will be refunded. Wrong advertising will always lead to the material risks to the life of the public and therefore the company is required to follow all the rules and regulations as defined by the Therapeutic Goods Administration of Australia. Financial Statements Analysis The financial statement consists of the three statements. One is the statement of the balance sheet which helps in determining the financial position of the company as on that date. Second is the statement of the Profit and Loss which provides the financial performance that the company has gained over the years and lastly is the statement of cash flows which provides the detail of the cash inflows and cash outflows that the company has made during the year and helps in determining as to how much has been cash and cash equivalents increased or decreased during the year. In the following table, the changes in the major items of the financial statements of the company for the last two years have been mentioned. Balance Sheet Balance sheet is statement which shows how much the company owes from another person or how much the company owes to the particular liabilities (Company Official Website, 2017). BALANCE SHEET (In '000 dollars) S. No. Particulars 2016 2015 Increase / (Decrease) 1 Trade and Other Receivables 123716 64657 59059 2 Other Current Assets 887653 5333 882320 3 Trade and Other Payables 1020553 59980 960573 4 Interest bearing loans 76331 61756 14575 From the above table, the following has been inferred: Trade and other receivables have been considerably increased by $59059 thousands which represent approximately 95 percent of the value of the trade and other receivable for the year 2015. The other current assets have been increased by $882320 thousand which is basically increased by the recognition of contracts rights that has been arisen in relation to the transaction made with Teva Pharmaceuticals Limited. Reason for selecting the trade payables is that it has been considerably increased by $960573 thousand. The interest bearing loan has been increased by $14575 thousand and it depicts that the company has been using the banking facilities. Profit And Loss Profit and loss statement provided the details as how the company has performed over the last two years. PROFIT AND LOSS ACCOUNT (In '000 dollars) S. No. Particulars 2016 2015 Increase / (Decrease) 1 SALE OF GOODS 206629 96316 110313 2 RD Expense 8731 5588 3143 3 Marketing and Distribution 38029 17549 20480 4 Finance Expense 2494 5945 (3451) From the above table, the following has been inferred: At first the revenue has been selected. It is because it has been remarkably increased from 96316 in the year 2015 to 206629 in the year 2016. The company has expended more in the research and development head which means that the company might have undertaking the manufacturing or any other research process. The marketing and the distribution expense have been incurred at the rate of more than hundred percent increases as compared to the earlier year. The company has paid the finance expense with the high amount which shows that the companys liquidity position is strong. Cash Flows Cash flow statement provides the detail of the cash movement made under the three heads operating, financing and the investing activities and as to how the cash has been flowed. CASH FLOWS (In '000 dollars) S. No. Particulars 2016 2015 Increase / (Decrease) 1 Operating activities 53504 22420 31084 2 Investing Activities (83798) (95504) 11706 3 Financing Activities 17990 115109 (97119) From the above table, the following has been inferred: Higher cash flow from operating activities has been welcomed because of the fact that the higher cash flows is due to the high receipt of the value from the customers. Increase in investing activities has been mainly due to the fact that the intangible approximately twenty percent of the previous years have been purchased. Decrease in financing activities have been encountered because of the fact that the company has repaid approximately 70% of his term loan and other borrowings which are running in the balance sheet and obtained from the banks or any other financial institutions. From the above analysis, it is very well established that both the financial years have drastic change in the value of items reported in the balance sheet, profit and loss account and cash flows of the company. Identification Of Risks As pet the nature of the business of the company and the complexity of the case within which the company is working, the following has been estimated as risks which are associated with the revenue: Increase in the Revenue - One of the major risks that has been encountered by the company is the increase in the value of revenue. It has created the shocking news for the company in the market. On the one hand the companys revenue has been increased considerably over the last years and on the other hand the company has paid the maximum of the amount of the loan outstanding in the books of accounts. If this is the practice adopted by the company then there would have been the risk of utilizing the short term funds against the payment of the long term funds. As per the generally accepted accounting policies the company is not required to do so and in case it has been done then it shall be mentioned in the auditor report. Thus, if the same practice is followed then there will be the risk of liquidation in the future. Increase in the Expectation of the customer - In this current scenario, there is great pressure from the customers regarding the new products that will be launch and when it will get started to be available at the shops. The customers are ready to pay for their better health but the company does not have sufficient knowledge and worth and thus will bring down the reputation of the company. Poor Productivity As per the industry norms, the level of output of the Pharma companies is stable and stagnant. But the company have generated higher revenue which details that the there might be some chances of the manipulative practices and has thus increased the risk of having the material misstatements (AASB, 2013). Poor Management - In the current scenario, the nature of the work and the official climate which the company has belongs to that of the traditional one which has increased the chances of having the violation of the accounting principle which in turn will be regarded as the material misstatements (MSH, 2017). Thus, in this manner the risks have been identified. Going Concern Assumption As per the going concern assumption of the accounting principles, it has been mentioned that the financial statements of the company shall be prepared and presented on the basis of the going concern assumption. In other words it means the financial statements are prepared so as to give impression that the company will exists and work for future years. There will not be any case which leads to the closure of the operations of the company (Boyce, 2005). In the given case, the company has recalled some of its major brand products and removed them from sale. Although the company is having the major business of brand products but the company will not be affected as the companys main line of activity or the main line of business would not stopped rater it will keep going. If the major brand products have been discontinued then the company will still in the business of selling the products which are generic in nature and are not branded. Thus, in this way the going concern assumption will not be affected. Social Responsibility And Reporting Social responsibility plays the very important role in the success of ever organization whether it is big or small, whether it is effective or non effective. Social responsibility is defined as the responsibility of the company towards the society of the country within which the company is operating. The corporations Act, 2001 along with the accounting standards, has prescribed that the company is required to report the companys policies and procedures in the report to ensure that the company is not affecting the rights and the privileges of the society and also takes care of the society. The report which is prepared is known as the corporate social responsibility (Shaw, 2008). The company has issued the first sustainability reporting for the year ending 2016. Thus, in this the first report will be analysed. The report has been prepared in accordance with the Global Reporting Initiative standards. The report has contained the thirty eight clauses and each clause has been detailed. The report has contained the bifurcation of the stakeholder detailing the mechanism to be appointed for the engagement and the examples of the different key interest that the stakeholders have in the business of the company. For instance customers are the main stakeholders of the company. Their engagement with the business of the company has been entered through the visits at the office or separate meetings. Their key interest in the working of the company would be to have the good quality of product; the supply of the products shall be timely delivered to the customers of the company and also the pricing strategy adopted by the company. The bifurcation of other stakeholders has a lso been mentioned. In this manner the social responsibility statement have been prepared. As it is the first time of issuing the corporate social responsibility, the certificate of assurance may be obtained from the external parties. Conclusion An auditing plays the significant role in the success of every company. The auditing helps in verifying each and every function of the business of the company and reporting the discrepancies if any to the management of the company. In the report the analysis have been made of the financial statements of the company Mayne Pharma Limited and how each item of the financial statements of the company is important for the stakeholders of the company. Audit plan has been detailed with the clear understanding of the business of the company and has been ended up with the social responsibility of the company. Each item of the financial statements has been detailed and the interpretation thereon has been made. In order to conclude, each and every company shall represent the true and fair view of the state of affairs of the company and the financial performance of the company and along with that the auditor shall report any material misstatement to the management of the company and if requires shall be reported to stakeholders as the key audit matters specified in New Auditing standard 701. . References AASB, (2006), ASA 300 Planning and Audit of a Financial Report available athttps://www.auasb.gov.au/admin/file/content102/c3/ASA_300_28-04-06.pdf accessed on16/09/2017. AASB, (2013), ASA 315 Identifying and Assessing the Material Misstatements through understanding the entity and its Environment available at https://www.auasb.gov.au/admin/file/content102/c3/Nov13_Compiled_Auditing_Standard_ASA_315.pdfaccessed on 13/09/2017. Boyce J, (2015), PWC Pharma Industry Surveys Highlights available at https://medicinesaustralia.com.au/media-release/2015-pwc-pharma-industry-survey-highlights-challenges-for-innovative-medicines-sector/ accessed on 16/09/2017. Company Official Website, (2017), Annual Report available at https://www.maynepharma.com/about-us/about-mayne-pharma/ accessed on 17/09/2017. DOI Australia, (2016), Australian Industry Report 2016, available at https://industry.gov.au/Office-of-the-Chief-Economist/Publications/AustralianIndustryReport/assets/Australian-Industry-Report-2016.pdf accessed on 16/09/2017. MSH, (2017), Pharmaceutical Legislation and Regulation available at https://www.msh.org/sites/msh.org/files/mds3-ch06-legislation-mar2012.pdf accessed on 16/09/2017. Shaw B, (2008), Australian Pharmaceutical Industry at a Crossroad? available at https://medicinesaustralia.com.au/files/2009/12/Australian-Pharmaceutical-Industry-Report-2007.pdf accessed on 16/09/2017 Singh R, (2017), Financial Management in Pharmaceutical Industry, available at https://www.slideshare.net/dentobizz/drricha-project-cfm accessed on 16/09/2017. TGA, (2017), TGA Regulatory Framework available at https://www.tga.gov.au/tga-labelling-and-packaging-regulatory-framework accessed on 17/09/2017. Ullah A, (2014), Planning and Audit of Financial Statements available onhttps://leaccountant.com/2014/12/08/asa-300-summary-planning-an-audit-of-financial -statements/ accessed on 16/09/2