Extraction of Caffeine from Tea Leaves - 1151 Words

Extraction of Caffeine from Tea Leaves Introduction Caffeine is soluble in boiling water and as a result it is easily extracted from tea bags by steeping in hot water. This process leaves behind the water insoluble portions of the tea bag. However, water extracts more than just caffeine, so a final separation is done with an organic solvent that will dissolve primarily caffeine. The organic solvent used in this experiment is Dichloromethane (CHâ‚‚Clâ‚‚). Dichloromethane is less polar than water and this difference in polarity allows the separation. Extraction of the tea with the Dichloromethane, followed by evaporation of the organic solvent leaves crude caffeine, which on sublimation yields a relatively pure product. Sublimation is†¦show more content†¦On the TLC plate our tea extract traveled almost the same distance as pure caffeine. The Co-spot traveled the exact same distance as the pure caffeine. The Rf values for caffeine and the Co-spot were 0.166. The Rf value of the tea extract was 0.133. The diff erences in the spots could be due to some impurities in the tea extract and differences in concentration of each spot. After the sublimation 0.003g of pure caffeine was scraped from the test tube. The melting point range of the pure caffeine was tested and found to be 237-239 degrees Celsius. The actual melting point of caffeine is 238. Conclusion The results of the TLC plate showed that the tea extract was very close to the sample of pure caffeine. It was slightly off possibly due to impurities that remained in the tea extract. The caffeine weighed in the flask after the liquid-liquid extracted was 0.012g, which was different from the weight of the caffeine obtained after the sublimation. This difference was likely due to impurities in the caffeine before being purified by sublimation. The caffeine that was extracted from the sublimation experiment had a melting point of 237-239 degrees Celsius, which is the same as the reported value for caffeine. The sublimation resulted in having a totally pure extract of caffeine. Questions 1. Why is sodium chloride added to the tea solution beforeShow MoreRelatedUsing Solid Liquid Extraction Of Caffeine From Tea Leaves867 Words   |  4 PagesThe purpose of this experiment was to use solid-liquid extraction to isolate a crude sample of caffeine from tea leaves and then subsequently purify the isolated sample via sublimation. The two solvents used in the extraction were water and dichloromethane. In addition to caffeine, tea leaves also contain other compounds that must be dealt with including cellulose, proteins/pigments, tannins, and saponins. Cellulose is not soluble in water as a result of its high molecular weight and thereby doesRead MoreCaffeine Lab Report769 Words   |  4 Pagesthe experiment caffeine [C8H10N4O2], is based on a series of procedures. Firstly, it is important to examine the structure of caffeine which is an alkaloid. Typically alkaloids are nitrogen based and found in plants, caffeine itself is composed of a purine ring with functiona l groups of a amide, amine and alkene respectively. Furthermore, Caffeine includeds a lone pair on the nitrogen atom asserting several functional properties(Zhao et al. 206). Under examination of the caffeine structure severalRead MoreEffectiveness Of An Extraction Process And Purification Process955 Words   |  4 Pageseffectiveness of an extraction process and purification process by sublimation is observed and used to selectively separate caffeine from teabags. In the first part of the experiment, water soluble materials, including caffeine, within the teabags are extracted into hot water because the solubility of caffeine in water increases as temperature increases. This is due to the concept that increasing kinetic energy through increasing temperature will allow the molecules in the solute to break apart from the intermolecularRead MoreEssay Separation of Benzoic Acid and Acetanilide1243 Words   |  5 PagesReport 13 October 2011 Table of Contents Separation of Benzoic Acid and Acetanilide 3 Extraction and Purification of Caffeine from Tea 4 Extraction of Trimyristin from Nutmeg 5 Conversion of t-butanol to t-butyl chloride 6 Appendix 7 Calculations 8 Literature and Experimental Values of Benzoic Acid and Acetanilide 9 Experimental Caffeine IR 10 Literature Caffeine IR 11 Experimental Trimyristin IR 12 Literature Trimyristin IR 13 Experimental Tert-Read MoreEssay Acid Base Extraction1511 Words   |  7 Pages Acid Base Extraction The purpose of this laboratory assignment was two-fold, first, we were to demonstrate the extraction of acids and bases, finally, determining what unknowns were present. Second, we were to extract caffeine from tea. These two assignment will be documented in two separate entities. Introduction: Acid/base extraction involves carrying out simple acid/base reactions in order to separate strong organic acids, weak organic acids neutral organic compounds and basic organic substancesRead MoreExtraction Of Caffeine From Tea1878 Words   |  8 Pages EXTRACTION OF CAFFEINE FROM TEA Abstract The method used to separate the organic compound from a mixture of compound is the extraction. It is done by the dissolving of one or more compounds in a good solvent. The solvent which was used in this experiment was 15 ml of dichloromethane into 125ml of water. Caffeine was extracted from 9.19 g of TAZO Awake English Breakfast. Caffeine is soluble in water in 2.2 g/ml at 20 C; it is more soluble than dichloromethane which has 10.2g/ml at 20Read MoreThe Role of Caffeine in Society Essay970 Words   |  4 PagesCaffeine plays an enormous role in society today, from coffee to cokes to candy bars. Companies have made billions off the desire for that extra kick. Caffeine is the most widely consumed behaviorally active substance in the world making it one of the world’s most popular drugs. It’s known for the ability to stimulate the brain and central nervous system. The Chemical structure of caffeine is C8H10N4O2. Before the popular use of caffeine one can assume that peop le were sleepier, and less alert. ConsumptionRead MoreEffects Of Caffeine On Our Lives891 Words   |  4 PagesBiology 30 October 2017 Caffeine Caffeine is one of the most consumed substances in the world. The majority of people consume caffeine as part of their everyday lives. It helps us feel â€Å"alive† in the morning, by giving us the energy and focus that we need throughout the day. Caffeine has many benefits, some of which most people do not even know about. For a drug so commonly used, little attention is paid to the dangerous properties of caffeine products. Because caffeine is part of our everyday livesRead MoreUsing The Solid Liquid And Liquid Extraction Techniques For Extract A Strong Acid1613 Words   |  7 Pages Extraction Aleigha Spaulding Joseph Osazee 10-6-15 Abstract: This report presents the percentage recoveries found when using the solid-liquid and liquid-liquid extraction techniques to extract a strong acid, weak acid, base, and neutral compound from a mixture. During the solid-liquid section of the experiment, 0.5 M NaHCO , 0.5 M NaOH, 0.5 M HCl, and distilled water are used to dissolve and separate the acid, phenol, and amine solutions from the mixture, leaving the neutralRead MoreIsolation of Caffeine from Tea Leaves1831 Words   |  8 PagesIsolation of Caffeine from Tea Leaves Introduction Caffeine is a member of the class of compounds organic chemists call alkaloids. Alkaloids are nitrogencontaining basic compounds that are found in plants. They usually taste bitter and often are physiologically active in humans. The names of some of these compounds are familiar to you even if the structures aren’t: nicotine, morphine, strychnine, and cocaine. The role or roles these compounds play in the life of the plants in which they are found

Article Review Politics And The Policymaking Process

A. Main Theme of Article a. The main theme of the article entitled, â€Å"Politics and the Policymaking Process† is to examine and explain the phases of the policymaking process and identity the theoretical aspects associated with policymaking, as well as, acknowledge the lead contributors in decision making and funding public policies. The article deciphers the policymaking process while identifying the policy problems and the contributors that influence change in public policy. The scholars that contributed to the article, identified five steps in the policymaking process; (1) Identifying policy problems, (2) Formulating policy proposals, (3) Legitimizing public policy, (4) Implementing public policy, and (5) Evaluating public policy. In order to identify policy problems, one must identify the problem’s causes and effects and pinpoint those that contribute to the problem and those that develop solutions to solve those problems. To formulate, legitimize, implement, and evaluate policy proposa ls one must first, identify the first step in the policymaking process. The article concludes with how policies are funded through federal taxes and governmental actions and decisions. B. Summary a. In the beginning of the article, â€Å"Politics and the Policymaking Process†, the author introduces us to the five steps that have been considered the foundation of the policymaking process. (1) Identifying Policy Problems, problems are identified as policy related when a crisis occurs, or anShow MoreRelatedThe Key Characteristics Of Lasswell s Policy Orientation1591 Words   |  7 PagesA Literature Review on the Key Characteristics of Lasswell’s Policy Orientation Lasswell’s formation of public policy is founded upon fundamental characteristics that establish the view that policymaking rests on scientific analysis and a practical application, concluding on the necessity of a policy science to understand the full complexities of policy formation. An analysis and discussion of these characteristics can be found in the following academic articles: ‘Revisiting Lasswell’ by James FarrRead MoreGovernment s Intervention On Healthcare System1031 Words   |  5 Pagesframework offers more detail explanation on the public policy changes than other institutional theory, because veto player framework focuses on the actor instead of the institutions. This paper reviews three articles on welfare state’s policy change. Using the veto player framework, the three articles give the similar conclusion that in order to change the public policy, we should understand the number and position of veto points (Immergut, 1990) whether it is on the executive, legislative or electoralRead MoreEssay about C181 Course Study Guide2397 Words   |  10 PagesResource, please review the Interactive Timeline, The Constitution: The American Revolution and the Nation’s Constitution. 1. Explain Thomas Jefferson’s ideas on unalienable rights and the Social Contract Theory as found in the Declaration of Independence. -How was Thomas Jefferson influenced by John Locke? 2. What is the relationship between the right to vote, popular sovereignty and Republicanism (or a republic)? 3. What were the political and economic weaknesses in the Articles of ConfederationRead MoreEssay Outline on Music1308 Words   |  6 PagesInternational Relations 3.1 (2011): 215+. Academic OneFile. Web. 17 Jan. 2013. We turn to music, we need it, because of its ability to move us, to induce feelings and moods, states of mind. â€Å"Bures notes that the human brain is uniquely configured to process music, and that music processing prepares, stimulates, and organizes the brain in beneficial ways. Munkittrick, David (2010), Music as Speech: A First Amendment Category unto Itself, Federal Communications Law Journal 62(3): 680. MusicRead MoreThe Case Of Cannabidiol ( Cbd )1291 Words   |  6 Pagesthe medical and political arena. The background for the case of cannabidiol (hereafter referred to as CBD) is best told by the story of a little girl named Charlotte Figi living in Colorado; a state where voters legalized marijuana in 2012. In an article written by Maa Figi (2014), Charlotte’s mother shares her daughter’s battle with Dravet syndrome, a gene mutation causing her to suffer from prolonged epileptic seizures commencing when she was three months old. By the age of five, Charlotte hadRead MorePolitical Campaign Finance Reform Essay1895 Words   |  8 Pagesbasis of this ruling is unclear. Unfortunately the overturning of such a ruling would not even guarantee a restored democracy to American elections. Some professionals see corporations and hefty donating figures as an essential part of the election process, while others believe the Citizens United v. Federal Election Committee has taking many of the rights that the founding fathers had fought for. In the following body paragraphs, five sources will be reviewed in hopes of comparing the benefits andRead MoreNationalism And Foreign Policy Making Essay1793 Words   |  8 Pageshigher on the agenda after the level of nationalism has increased. Contribution to the State of Knowledge in the Field My study will contribute to research focused specifically on the correlation between international relations, nationalism and policymaking towards foreign countries in China. In her book ‘Powerful Patriots: Nationalist Protest in China’s foreign relations’ Jessica Chen Weiss provided an analysis of China’s management of nationalist and anti-foreign protests and their diplomatic consequencesRead MoreThe Aftermath Of Shay s Rebellion2048 Words   |  9 Pages(Dunn, 1982). According to Locke, the sole purpose of government was to protect natural rights. A government must be built on the consent of the governed, and it should be a limited government (Schneider and Peardon, 1953). With the creation of the Articles remained the lack of a strong central authority to resolve disputes between the states. To organize the states for the collective good, including the organization of a militia, was crucial to the development of the Constitutional Convention (HamiltonRead MoreEssay on Study Guided3983 Words   |  16 Pagespromoting the general welfare meaning to ensure health and needed things, and securing the blessings of liberty meaning to keep all rights of the people secure. 2. Define government and define politics. Government is the system by which a nation, state or community is controlled under. Politics is the activities associated with the government of a country or area. 3. List and explain four common challenges to democracy. One of the four common challenges to democracy is the fact thatRead MoreThesis on Print Media16077 Words   |  65 PagesSIGNIFICANCE OF STUDY ...................................................................................................3 ORGANIZATION OF PAPER..................................................................................................5 CHAPTER TWO: REVIEW OF THE LITERATURE .......................................................7 MEDIA, PUBLIC AND POLICY AGENDAS.............................................................................7 MAKING A CONNECTION: MEDIA AND PUBLIC POLICY................

Auditing Management Expressions of Confidence

Question: Discuss about the case study Auditing for Management Expressions of Confidence. Answer: Introduction: 1. Accounting has been an essential element of finance since the ancient times. In the historic times accountants used to be called as bookkeepers who maintained the records of accounting transactions. However, with the constant development in the process of accounting, it has become professionally certified since the 19th century. There has been development in accounting in many different ways that upgrades the nature of accounting, regulatory system, accounting standards and principles. Accounting is a set of records and recognition of financial transactions that helps in analysis of the performance of the organization or individual in an accounting or financial year. Accounting helps in assessment in assessment of profit and loss in a financial year as well as determines the value of assets and liabilities at the end of the accounting year (Mohammadi, 2015). Though the basic concept of accounting has remained same since the ancient times, the methods, principles and standards have been developing for preparation of accounting statements. Preparation and recording of accounting transactions manually have been developed to that in a computerized manner. Several accounting software have been invented and updated over the period to make the process of recording transactions easy and accurate. Apart from that, conventional method developed to modern accounting method so that the desired results are more accurate. For example, computation of depreciation involved historical value of assets under the conventional method of accounting. But in case of modern accounting method, recent value of asset is considered that produces accurate and fair depreciation charges. In order to keep pace with the recent economic trend, accounting principles and standards are being developed to provide transparent and accurate results. Like standard on recording fo reign exchange transaction according to the closing exchange rate on the recording day provides accurate profit and loss on foreign exchange deals (Soh, Leung Leong, 2015). Similarly, auditing has also been developed over the period to serve the users more efficiently and effectively. It is an organized form of scrutiny and verification of accounting records and statements to evaluate the authenticity of the same. Auditing is a concept, which is formed on the basis of accounting and revolves around the concept of examination of books of accounts and statements. Auditing is conducted to examine whether these statements and records depict a true and fair image of an organizations books of accounts. Just like the accounting information, methods and standards that regulates the process of auditing also been developed from time to time. The accounting and auditing boards have specified the limits of capital and turnover of the assessees exceeding which requires mandatory auditing (Ezzamel Xiao, 2015). Auditing is conducted for both companies and individual assessees depending on their value of turnover. In case of companies, different types of auditing are considered as required by the Corporation laws and auditing standards. For example, internal audit, periodical audit, tax audit, bank audit, forensic audit and many more so that the users of the financial statement can get true picture of the companys performance (Westermann, Bedard Earley, 2015). Auditor is required to provide an opinion on the correctness and fairness of the financial statements through qualified, unqualified and adverse report. The process and requirements of stating such opinions and conclusions have been developed over the period so that it depicts a clear picture (Klychova et al., 2015). As provided in the case of Whigarian view of history, it is true that continuous process of any act with a positive belief always generates progressive and developed results. Similarly, in accounting and auditing constant development and advancement has been made to serve the society in a better and fair way. Such advancement in both the components of finance has been made with respect to save the time in preparing the accounting statements without any error. Such advancement also helps to maintain the necessary records of accounting as well as of auditing in more concise manner. As the education system and industries in economy are increasing at high percentage, it is very important to develop the systems of managing the organizations that presents clear, unambiguous, accurate and authenticated information. At the same time recognition and measuring turnover, profits, losses, expected returns and other required information should not be time consuming (Bedford Ziegler, 2016). Therefore, it is important to develop the systems of different areas of finance that helps in analyzing the financial position and other relevant information. Accountants and auditors have to be keen on learning and practice the new, developed and advanced areas and techniques so that they can serve the company and society in the best possible manner (Soh, Leung Leong, 2015). 2. Many nations have institutionalized the regulations and standards that govern the system of auditing under which auditor independence has become difficult. Auditors perform their work through analytical procedures to provide a conclusion for their clients business. However, some conflicts of interests occur among the professionals while performing their several jobs to serve one objective. In this regard, many authors have provided theories on moral seduction as well as strategic issue cycle. While some of the theories like Sarbanes Oxley Act does not reflect the true picture on independence of the professionals or auditors that is a consequence of incorrect understanding for the biasness of the auditors (Berman et al., 2015). In presenting the opinion on auditing for the clients, the auditors have to be unbiased to perform their audit work. This is because auditing is conducted to provide reliability and authenticity of the books of accounts and financial statements of the organization. Hence, auditors need to examine the books of accounts independently to provide a reasonable opinion on the correctness and fairness of the accounting information. In delivering the examination and opinion on the books of accounts of the clients, auditors have to present their performance based on the intuition, analytical process, qualitative and quantitative measures. However, in analyzing the books of accounts, auditors have the reasonable responsibility while the absolute responsibility is that of the management of the organization (Guiral et al., 2015). There are several reasons based on structural features that create conflicts of interest between auditor- client relationships that affect the professional judgment of the auditors. The structural features of the profession of the auditors are appointing and removing the auditors by the organizations management. Another feature of the structural issue is undertaking of jobs with the clients. Under the first feature independence of auditors are affected by their appointment terms and conditions. Organizations have the freedom to appoint auditors of their choice based on their set criteria. Such appointment based on the different conditions affect the independence of performance of the auditors. In providing, the opinion of the auditors on the clients financial report might be biased for reasons like fear of being removed from the auditing position, increased audit fees and such other reasons. Such threats and weaknesses on the part of auditors appointment affect the independence on th eir unbiased performance and increase the conflicts of interest with the clients relationships. Besides, individual auditors or audit firms having brand name are perceived to be more independent in performing their audit work and delivering the critical opinion on the financial statements of the organizations (Rupp et al., 2015). In case of second feature, undertaking of jobs with the clients also affects the independence of audit work because of the relationship between auditors and clients. Sometimes, the relationship between them builds a common identity and creates a favorable behavior among the fellow members of the group. Apart from that, auditors perform multiple works for their clients other than the audit work. This multiple work performance affects the efficiency and concentration on reviewing the accounting records and books of accounts to examine its fairness and transparency. Accepting of non-audit works by the auditors are also an essential reasons for conflicts of interest in the client and auditors relationship because of the fear of losing job by the auditors (Asare, Wright Zimbelman, 2015). Most of the nations legislative systems have allowed the interest conflicts that have become common in the recent years. Several theorists have raised the question on why do auditors or clients accepts such policies that create the conflicts in performance of the work as well as providing conclusion on the opinion. Accounting and auditing are the most important components that provide the opinion on the continuity of the organization. Accounting provides the information on the profitability, incomes, expenses, value of assets and liabilities, investments and other vital financial information (Downar, Ernstberger Koch, 2016). On the other hand, auditing provides the authenticity, true and fairness of the books of accounts and financial statements of the company. Auditing stress upon the correctness of the recognition of accounting transactions according to the International Financial Reporting Standards as well as Generally Accepted Accounting Principles. At the same time, process of auditing also takes place following the International Auditing Standards that provides the auditors a proper direction for the better performance (Whittle, Mueller Carter, 2016). Hence, it is important to focus and perform the auditing without compromising on their independence so the users are able to get a clear and true picture of the organization. Stakeholders of the companies should be provided the correct information about the company that helps them in taking better and fair business decisions to achieve the goals (Hoos, Kochetova Kozloski d'Arcy, 2015). 3. Independence is an essential factor every auditor is required to have while performing the auditing work. Management of companies might have interests in showing the accounting records and financial statements that favors the performance of the companies. However, it is the responsibility of the independent auditors to present the audit report free from falsification, unbiased on the analysis of the organizations financial status. An auditor should follow the code of ethics and audit principles and standards to perform the auditing of a company to provide a clear understanding and fair work performance. In order to perform the auditing independently, it is important to have unbiased behavior for the client company and fellow member. In this context, most of the nations have developed the principles and standards of audit performance to regulate the performance of auditors effectively and efficiently (Gold et al., 2015). However, sometimes auditors biased behavior whether knowingly or unknowingly affects the independence of the auditor. Auditors biased performance on the auditing of account statements and financial statements might present the conclusions and results in favor of the client company. But, the same does affect the reliability and competence on the performance of the fellow audit members. Since a financial statement of an organization presents the financial status and performance of business as a whole, it is very important to provide unbiased and credible opinion on the audit reports. Audit reports provide four types of opinion- unqualified opinion, qualified opinion, adverse opinion and disclaimer of opinion that should be form an unbiased appraisal from the companys auditor (Hatfield Mullis, 2015). Unqualified opinion in the auditors report provides a clean opinion on the financial statement of the client company for which the audit was conducted. This type of report is presented when auditor determines each of the accounting records and statements are free from errors, misrepresentation and fraud (Westermann, Bedard Earley, 2015). Qualified opinion is provided when auditors find the account statements free from misrepresentations but do not harmonize with the International Financial Reporting Standards and Generally Accepted Accounting Principles (GAAP) (Westermann, Bedard Earley, 2015). Adverse opinion is presented when the financial statements of a company do not conform with the GAAP as well as it reflects gross misrepresentation of the accounting records. This type of opinion provides a negative impact on the companys financial status and its continuity (Gold et al., 2015). Disclaimer of opinion arises when auditor is not able to perform complete audit procedures to provide accurate report due to certain limitations on the scope from the management (Whittle, Mueller Carter, 2016). Since, auditors opinion on the financial statements of the organization helps the stakeholders to form opinion for various purposes, it is important to give unbiased and fair opinion. Ironic rebound effect is portrays unforeseen problems that emerge when auditors strive to overcome certain thoughts, ideas, beliefs, attitudes while performing the audit procedures. Sometimes auditors being biased towards their clients on forming judgments and opinions on the financial statements of the organization. Such biasness does not reflect the true picture of the companys performance and shows the auditors work against the code of ethics and principles of the audit regulations. Auditing is the examination of books of accounts and financial statements of a company to provide a true and fairness review on the performance of the company. Hence, auditors work in this respect is critical and significant as there are various accounting records that need to be examined by using sampling methods. This method of auditing is based on the probability and random selection. Therefore, ironic rebound effect in case of sampling test may provide false results because the selection should be according to value and number of transactions (Aghazadeh Joe, 2015). In order to form a true and fair opinion on the accounting records of the company the auditor is required to follow the necessary principles and standards that regulate the audit procedures. However, it is not possible to check and verify each of the data, evidence, ledger and documents for the purpose of crosscheck, the auditor should be very careful while selecting the data. Such selection of the data provides the overall opinion on the true and fair view of the organizations performance as well as the transparency in maintain the records. Auditors have to overcome with the rebound effect to provide the credible and clear opinion about the company to serve the stakeholders and other users of financial statements in a better way. The auditor should not form any opinion out of biasness or rebound effect on the companys financial statements that is in favor of the client company (Aghazadeh Joe, 2015). Reference List: Aghazadeh, S., Joe, J. R. (2015). How Management's Expressions of Confidence Influence Auditors Skeptical Response to Management's Explanations.Available at SSRN 2623537. Asare, S. K., Wright, A., Zimbelman, M. F. (2015). Challenges Facing Auditors in Detecting Financial Statement Fraud: Insights from Fraud Investigations.Journal of Forensic Investigative Accounting,7(2). Bedford, N. M., Ziegler, R. E. (2016). The contributions of AC Littleton to accounting thought and practice.Memorial Articles for 20th Century American Accounting Leaders,49, 219. Berman, E. M., Bowman, J. S., West, J. P., Van Wart, M. R. (2015).Human resource management in public service: Paradoxes, processes, and problems. Sage Publications. Downar, B., Ernstberger, J., Koch, C. W. (2016). Reviewing a Friend-The Role of Social Ties in Review Work in Auditing.Available at SSRN 2732480. Ezzamel, M., Xiao, J. Z. (2015). The development of accounting regulations for foreign invested firms in China: The role of Chinese characteristics.Accounting, Organizations and Society,44, 60-84. Gold, A., Klynsmit, P., Wallage, P., Wright, A. (2015). The Impact of Auditor Selection Regime and Audit Committee Appointment Power on Investment Decisions.Available at SSRN 2484415. Guiral, A., Rodgers, W., Ruiz, E., Gonzalo-Angulo, J. A. (2015). Can expertise mitigate auditors unintentional biases?.Journal of International Accounting, Auditing and Taxation,24, 105-117. Hatfield, R. C., Mullis, C. (2015). Negotiations between auditors and their clients regarding adjustments to the financial statements.Business Horizons,58(2), 203-208. Hoos, F., Kochetova Kozloski, N., d'Arcy, A. C. (2015). The Importance of the Chief Audit Executive's Communication: Experimental Evidence on Internal Auditors' Judgments in a Two Masters Setting.International Journal of Auditing,19(3), 166-181. Klychova, G. S., Fakhretdinova, E. N., Klychova, A. S., Antonova, N. V. (2015). Development of accounting and financial reporting for small and medium-sized businesses in accordance with international financial reporting standards.Asian Social Science,11(11), 318. Mohammadi, S. (2015). Full development of the theory of accounting and auditing.International Journal of Accounting and Economics Studies,3(1), 7-9. Rupp, D. E., Wright, P. M., Aryee, S., Luo, Y. (2015). Organizational justice, behavioral ethics, and corporate social responsibility: Finally the three shall merge.Management and Organization Review,11(01), 15-24. Soh, D. S., Leung, P., Leong, S. (2015). The development of integrated reporting and the role of the accounting and auditing profession. InSocial Audit Regulation(pp. 33-57). Springer International Publishing. Westermann, K. D., Bedard, J. C., Earley, C. E. (2015). Learning the Craft of Auditing: A Dynamic View of Auditors' On the Job Learning.Contemporary Accounting Research,32(3), 864-896. Whittle, A., Mueller, F., Carter, C. (2016). The Big Fourin the spotlight: Accountability and professional legitimacy in the UK audit market.Journal of Professions and Organization, jow001.

Outsourcing Model of Drugs Development in The Pharmaceutical Industry

Qusestion: Describe the outsourcing model of drugs development in the pharmaceutical industry? Answer: Introduction In the field of pharmaceuticals, outsourcing can be defined as, the contracting or making a partnership model with a third party for related studies and services. The concept of outsourcing was not new, as it came from the general venture of business firms. In the present context of competitive marker and globalization of services and products, the objectives are linked with long-term goals (Higgins, Rodriguez, 2006, pp.351). In this context, focusing on third party for the services implies two peculiar advantages, viz. (i) do not require any critical strategies; (ii) do not need any special competency or capabilities. Talking particularly about the drug development, the outsourcing can be more or less linked with RD outsourcing and clinical development (jones, 2000, pp.341). Furthermore, before discussing the core concepts of outsourcing the drug development, it is also important to discuss that the term is subjected to be more competitive and challenging, similar to other subjects, such as resource planning, insourcing and marketing. Important considerations The key considerations with respect to outsourcing models of drug development in pharmaceutical industries can be made rebuttal with following points (Govender, 2007): When to make the outsourcing Vendor selection and criteria assumption according to the requirements Not to conflict with the in-house expertise and resources Deciding a cost-effective strategy for making outsourcing Recruitment of patient for making the control and variable studies Matching to the guidelines and policies of local, national and international regulatory and ethical classes Cost-effective strategies for outsourcing of drug models by pharmaceutical companies Some of the key considerations, which are pre-requisite for making the settings and assumptions of outsourcing, are discussed in this context. It is more for the companies to identify the cost-effective strategies as they can help in making the model studies fruitful, both according to organizational objective and cost-effective strategies of organization (Gupta, 2009, pp.219). Cross-checking whether the in-house resources and expertise are sufficient for execution of drug candidate studies and clinical services. To check the resources, with respect to requirement and availability. Identification and assessment with respect to the resource. It is necessary to analyze whether the resources are sufficient and optimal for the execution of the studies. Another important consideration is to analyze and cross check whether the in-house project for the same will be cost-effective. Time is also one of the crucial factors. Hence, the time-effectiveness of the work should also be analyzed. Current outsourcing relationships in pharmaceutical industries It is noteworthy to mention that the present report do not contains the figures of investment and reference of specific pharmaceutical firms. The reason being is the cost and the nature of projects (pilot-scale and major projects) differs according to the stages of drug developments (Kaplan Laing, 2005). The current practices of pharmaceutical firms are: Objective to adopt measurable goals and objectives Ensure the service and cost is beneficial for both the parties Mutual respect and partnership model where both parties can learn from each other Appropriate management system and documentation Tract and measure the performance at every stage of drug development or clinical study phases Involvement of both positive and negative feedback from both the ends Progress review, audit and monitoring of the each and every steps Definite communication skills and utilization of conflict resolution strategies Loyalty, confidentiality and appropriate authorization of the information Conclusive note The financial, scientific and appropriate protocol are the key considerations in the process of outsourcing for the drug development procedure in the pharmaceutical firms. Key benefits associated with the outsourcing process are (Lim, K. 2004, pp.287): Increased value of the stakeholders Competitive advantage Accurate resource management and time effective process Improved and organized focus on the core process Cost reduction Technical and scientific ad-hoc support is available to all quality and type of drug designing process. Increase in the regional and global capabilities Source: Goldman Sachs, PhRMA, EFPIA and authors estimates and analyses A general figure of the outsourcing revenue related information spanning from year 1999 to 2007 can be found from figure 1. It can be noted that the revenue being invested in the outsourcing is being increased in the year wise comparison of the global scenario. The outsourcing services can be linked with computation models (docking, high thoughput screening), cell line studies (various cancer cell line), genetic studies (preparing heat map, knock-out gene), animal model studies (mouse, monkey and other), human trials (volunteers individual and diseased individual) and various other techniques, models and experimental tools needed for the course of drug designing. References: GOVENDER, I. 2007. An analysis of the key drivers, decision making and strategic issues with respect to outsourcing in the SA pharmaceutical manufacturing industry. GUPTA, S., WOODSIDE, A., DUBELAAR, C., BRADMORE, D. 2009. Diffusing knowledge-based core competencies for leveraging innovation strategies: Modelling outsourcing to knowledge process organizations (KPOs) in pharmaceutical networks. Industrial Marketing Management, 38(2), 219-227. HIGGINS, M. J., RODRIGUEZ, D. 2006. The outsourcing of RD through acquisitions in the pharmaceutical industry. Journal of Financial Economics, 80(2), 351-383. JONES, O. 2000. Innovation Management as a Post Modern Phenomenon: The Outsourcing of Pharmaceutical RD. British Journal of Management, 11(4), 341-356. Kaplan, W., Laing, R. (2005). Local production of pharmaceuticals: industrial policy and access to medicines. World Bank HNP discussion paper. LIM, K. 2004. The relationship between research and innovation in the semiconductor and pharmaceutical industries (19811997). Research policy, 33(2), 287-321.