The Experience Of Interning At Ey - 962 Words

I had the opportunity of interning at EY from June 3rd to August 3rd, 2015. I interned in the Baltimore office with 26 other interns as a part of the Assurance service line. Over the course of the internship, I had the opportunity to attend regional training for interns in Washington D.C. in addition to a service line training, lasting a total of 5 days combined. We received general information in training about the company, their mission, organizational structure, and employee expectations. The training that covered the service line was very extensive and structured. We learned about the expectations for auditors during an engagement as well as how to work some of the EY programs used during an audit so that we would have a better idea of how to complete assigned tasks while working on the clients we were scheduled to work with. Additionally, they also answered important questions about how to interact with a client and explained the importance of independence. The first client I wa s assigned to was a healthcare provider with about 4 hospitals as subsidiaries. The client was at its year-end and the audit team was at the beginning stages of the audit. Being on this client for approximately 3 weeks, I was able to learn a lot on this engagement. One of the main responsibilities that I had for the first week was rollforward of documentation in addition to summarizing meeting minutes. I learned that rollforward procedures with certain documentation saves the auditors a lot of

Cttls Analyse Role of Initial Assesment Essay examples

Task 1 †¢ Analyses the role of initial assessment in the learning and teaching process. †¢ Describe and Evaluate different methods of initial assessment for use with learners. †¢ Analyze ways in which sessions plans can be adapted to the individual needs of the learners. †¢ Identify and evaluate opportunities for learners to provide feedback to inform practice. †¢ Identify and liaise with appropriate and relevant parties to effectively meet the needs of the learners. Analyze the role of initial assessment in the learning and teaching process. The role of initial, assessment in the learning environment and teaching process is to identify different kinds of information from learners†¦show more content†¦It may be that some of your learners arrive late. You could plan a starter activity to allow time for this†. Timing often have to be adapted, as some learners finish activities earlier than others, rather than leaving learners with nothing to do whilst the other learners catch up, the teacher should ensure a few extension activities are planned. When facilitating a group discussion some learners contribute to learning more than the teacher anticipates, therefore the timings of the other activities that are planned have to be amended. Resources, alternative activities, location, handouts, varying delivery methods will maintain interest and will allow you to adapt for different groups of learners. Set homework if the task hasnt been completed in class. Identify and evaluate the opportunities for learners to provide feedback to inform practice. Learners should be given the opportunity to provide feedback throughout the course, this is necessary in order to evaluate teaching. Feedback from learners can be obtained informally as a group discussion or individually. Daines advises (2006:29) â€Å"People do expect feedback about what they are doing. Constructive feedback tells them that they are on the right lines, working to an appropriate standard and provides them with ideas on how to improve and develop. It is, motivating and confirms that what’s being

Foundation of Taxation Law ITAA 1997

Question: Discuss about the Foundation of Taxation Law for ITAA 1997. Answer: 1. Issue As per the given case, Peta has received receipts to the tune of $ 600,000 from the sale of tennis courts and the aim in this light is to offer opinion on whether the same would be ordinary income (Section 6-5). Rule The assessable income as derived by the taxpayer in ITAA 1997 is dealt by the following two sections. Section 6(5) As per this section, proceeds or income that is earned in accordance with the ordinary concepts would be included as assessable income but no details or examples are included in the exact legislation with regards to application of the same (Barkoczy, 2015). Hence, in accordance with the case laws on this statute, an understanding has emerged whereby income under this section primarily consists of the following three categories (Gilders et. al., 2015). Personal exertion related proceeds An obvious example of the same is income obtained through employment (known as salary) since the employee offers activities or work that is commercially having worth for the employer. Investments related proceeds The various instances of proceeds under this section would be dividend obtained from securities, interest obtained from accounts and rent obtained from property. Business related proceeds: In the event that taxpayer conducts business activities, then proceeds from the same would be assessable income. However, in line with the factors identified in TR 97/11 business activities need to be segregated from hobby as proceeds from latter are non-assessable (Woellner, 2014). Section 15(15) Any income/proceeds that the taxpayer derives through engagement in a one-off transaction (also called isolated transaction) would be termed as assessable income provided the main purpose of the taxpayer enacting the activity or proposal is to obtain monetary gains. This understanding has also been propagated in TR 92/3 ruling and was also hailed in the landmark case Westfield Limited v. FCT (1991) (Sadiq et. al., 2015). Application The intention with which Peta (taxpayer) bought the house is outlined below. Residential use of the property to act as a dwelling for taxpayer and her family. Construction of new units on the land occupied by the tennis courts and subsequent liquidation of the same resulting in monetary gains. But, before the taxpayer could implement her plans of building units, she got an alternative proposal whereby the local tennis club showed interest in taking ownership of the tennis courts provided restoration of the same to acceptable condition may be performed. Peta realised that this proposition would bring huge gains for her and driven by these gains she carried out the necessary restoration while incurring a capital cost of $ 100,000 in the same. These tennis court were then sold for $ 600,000 to the tennis club. It would be fair to opine based on the given facts that the $ 600,000 would not be ordinary income as defined in Section 6-5. This may be explained in view of Peta not being engaged in the business of restoration of tennis courts. Clearly while no information is provided about the same but the same could be inferred from the fact that the initial plan to construct units for sale. Also, the other information presented especially using the house for residential purpose suggests that the above activities do not constitute business for Peta. Further, the $ 600,000 proceeds obtained from sale of tennis courts will be assessable income for the taxpayer but the same would be as per Section 15(15). Clearly, Peta here did not have any plan to restore the tennis courts as her plan was to build units. Thus, the restoration activities were specifically implemented with the intention of realising the gains from selling of these. Also, these activities were carried out once Peta received the offer from the tennis club which assured her of the returns from the isolated transaction as this is not her profession or business. Conclusion On the basis of the arguments presents, the logical conclusion that can be drawn is that the sales proceed would not be ordinary income (Section 6-5) even though these would be assessable but under Section 15-15. 2. Issue On the basis of the given information, the concern is to compute the tax liability that would arise for ABC Ltd. on account of the host of fringe benefits extended to Alan. Rule Expense Fringe benefits are incurred only when the spending by the employer is on expenses of personal nature for the employee. Also, in accordance with Section 58X, Fringe Benefit Tax Assessment Act, 1986 (FBTAA, 86), providing any electronic device which is mobile is excluded from the ambit of FBT (Fringe Benefit Tax) provided it is strictly deployed for professional use only (Wilmot, 2012). School fees As school fees of the employees children needs to be borne by the employee only, thus payment of the same by employer would lead to expense fringe benefit (Deutsch et al., 2015). Taxable value (Expense fringe benefit Fees) = Employers payment towards school fees * Gross up factor The value of the gross up factor would be derived from the fact as to whether the school fees attract GST or not (Gilders et. al., 2015). FBT liability (Expense fringe benefit Fees) = 0.49* Taxable value (Expense fringe benefit Fees) Dinner Whenever the employer holds meals outside the normal business premises, it would lead to the extension of meal fringe benefits. In order to compute the relevant tax liability regarding this, there are namely two methods on offer as highlighted below. Actual Method This method is of use when the employer has not invited client for the meal. This is because, in this method, the tax on account of fringe benefit is applied on the whole meal expense. For employees and their respective associates, the employer has entitlement for deduction of the expenditure on meal for the tax calculation. But the same is not available for clients. Hence, in case of presence of clients, the alternative approach (50:50 split method) is better (Hodgson, Mortimer Butler, 2016). FBT liability (Meal Fringe Benefit Actual Method) = 0.49* Expenditure of meal incurred by employer *Gross up factor 50-50 Split Method As per this approach, only half of the actual meal bill is used for computation of liability related to FBT. As highlighted above, this is preferable when clients are present in sizable number since this would help in reducing the overall liability associated with FBT. It is imperative to note that even under the application of this method, deductions with regards to meal expenditure on employees is still valid but same would be applicable only to the extent of 50% (Nethercott, Richardson Devos, 2016). FBT liability (Meal Fringe Benefit 50:50 Split Method) = 0.49* 0.5*Expenditure of meal incurred by employer *Gross up factor Application It is evident from the case facts that the employer (ABC) pays employees (Alan) mobile bill but since the phone is not used to make any personal calls, thus no fringe benefit is deemed to have been extended and resultant no FBT. Also, the act of providing a mobile by ABC to Alan in line with Section 58X would be exempt from FBT. School fees ABC payment towards school fees = $ 20,000 The gross up factor to be used here is 1.9608, as the school fees is GST exempt. FBT liability (Expense fringe benefit Fees) = 0.49 * 20000 * 1.9608= $19,215.84 Dinner The given information reflects that ABC is giving the dinner outside the office and thus meal fringe benefits would occur, the calculation of which is highlighted below. Number of invitees (including associated of employees) for dinner = 40 Actual food bill at the Thai Restaurant = $ 6,600 Since associates and employees are equal in number, hence, the actual spending in relation to food on employees would be half of the actual bill or $ 3,300 The meal fringe benefit extended on an individual basis by the employer = 3300/20 = $ 165 In accordance with minor fringe benefit exemption, no FBT liability would result here as the fringe benefits extended are of nominal value i.e. not higher than $ 300. As per the given information, the employee head count changes to five and thus assuming the same expense as earlier, the nominal exemption would not apply now. Also, it is known that the clients are excluded from this dinner, hence the relevant approach is the actual method as is apparent below. FBT liability (Meal Fringe Benefit Actual Method) = 0.49 * 6600 *2.1463 = $ 6,941.13 It is possible for ABC to lower the tax liability by claiming GST input credits with regards to the GST paid on food bill at the Thai Restuarant (Barkoczy, 2015). There has now been an inclusion of clients, and hence as per the previous section discussion, the method would shift to 50:50 split and resultant FBT liability is computed below. FBT liability (Meal Fringe Benefit 50: 50 split Method) = 0.49* 0.5*6600 *2.1463 = $ 3,470.6 Conclusion On the basis of the above argument, it is clear that two benefits namely school fees and dinner would lead to FBT liability of ABC. With regards to dinner, the underlying FBT implication would be determined by number of people invited and whether clients have been included in the list or not. References Barkoczy,S 2015.Foundation of Taxation Law 2015,7th edn, CCH Publications, North Ryde Deutsch, R, Freizer, M, Fullerton, I, Hanley, P, Snape, T 2015. Australian tax handbook, 8th edn, Thomson Reuters, Pymont Gilders, F, Taylor, J, Walpole, M, Burton, M. Ciro, T 2015. Understanding taxation law 2015, 8th edn, LexisNexis/Butterworths. Hodgson, H, Mortimer, C Butler, J 2016, Tax Questions and Answers 2016, 5th ed., Thomson Reuters, Sydney, Nethercott, L, Richardson, G Devos, K 2016, Australian Taxation Study Manual 2016, 4th ed., Oxford University Press, Sydney Sadiq, K, Coleman, C, Hanegbi, R, Jogarajan, S, Krever, R, Obst, W, and Ting, A 2015,Principles of Taxation Law 2015,8th edn, Thomson Reuters, Pymont Wilmot, C 2012, FBT Compliance guide, 6th edn, CCH Australia Limited, North Ryde Woellner, R 2014, Australian taxation law 2014, 8th eds., CCH Australia, North Ryde

Bridge To Terabithia Essay Research Paper There free essay sample

Bridge To Terabithia Essay, Research Paper There are many chief subjects in Bridge to Terabithia. One of the most of import is Jesse and Leslie # 8217 ; s charming land in the forests called Terabithia. Terabithia is a little palace they built in the forests where they go to get away and hold charming escapades. The # 8220 ; span # 8221 ; is a rope they use to swing over the dry brook. Another chief subject is Jesse running every forenoon during the summer so he can be the fastest smuggler in 5th class, merely to be beat by Leslie, the new miss in town. One more subject is Jesse being the lone male child in his house. He has two evil older sisters, who ever get their manner by whining. He has a younger sister who looks up to him and a babe sister, who of class, gets all the attending. Every clip the babe cries his female parent assumes it # 8217 ; s because Jesse had something to make with it. We will write a custom essay sample on Bridge To Terabithia Essay Research Paper There or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A few chief thoughts are the differences between Jesse # 8217 ; s household and Leslie # 8217 ; s household. Jesse # 8217 ; s household is rather hapless and high strung. Jesse # 8217 ; s female parent is a homemaker. She cooks ; she cleans and raises the kids. Jesse # 8217 ; s male parent is normally angry. He works and attempts to convey place some money. Until he gets laid off but even so he doesn # 8217 ; t give up. He wakes up at the same clip of all time forenoon to travel to the unemployment office. Jesse # 8217 ; s two older sisters are Brenda and Ellie. All they do is whine to acquire off of making their jobs and knock Jesse for anything. His younger sister May Belle, looks up to him but he tries to move like an older, tougher brother and doesn # 8217 ; t give her much idea, even though he loves her. The youngest sister, Joyce Ann isn # 8217 ; t truly mentioned except when Jesse tries to force May Belle to her so she # 8217 ; ll leave him entirely and when Jesse # 8217 ; s female parent cries at him because of her. Jesse # 8217 ; s avocations are his art and running. Before Leslie moved in, his best friend see med to be Miss Bessie, the cow. She would watch him run every morning. Leslie’s family on the other hand is actually rich. Both her parents are writers and they decided to move because they felt they were getting too absorbed in their money and lifestyle. Leslie is an only child but even though she is it seems as if she doesn’t spend much time with her father. When her father was fixing up the house and asked her to help she felt so needed and happy. It seems as if he’s always busy with his books that he barely spends time with her. Leslie calls her parents by their first names, which confuses Jesse. Leslie’s hobbies are scuba diving and making up great stories. An important message is how Jesse was always so afraid of water, mainly because he couldn’t swim and Leslie gave him the courage to swing over the creek. It was ironic how she ended up drowning in the end. Another important message was how Jesse and May Belle â€Å"connected† in the end after Leslie died. He took her to Terabithia and over a real bridge that Jesse made. May Belle was now part of Leslie’s and Jesse’s kingdom. She was the new queen of Terabithia. I was upset when I finished the book. I wasn’t expecting Leslie to die on Jesse’s â€Å"perfect day†. The poor boy had enough problems. I don’t think his best friend should’ve died. I really enjoyed the ending. Through out the book I felt as if May Belle was always excluded and she really needed her older brother. I was very glad to see that Jesse brought May Belle to Terabithia and made her the new queen. I hated to two older sisters, they seemed to be cold hearted. I didn’t like Janice from school either until I found out what her problem was. All in all I thought it was a great book with many characters and lots of ambition. I was happy to see that even though Leslie died, Terabithia did not.