The Auditor s Responsibility For Detecting Fraud

The main issue in this case is that in the standard audit reports that go with the financial statements, â€Å"the auditor’s responsibility for detecting fraud is not discussed (Mancino, 1997)†. This is occurring because â€Å"auditors do not examine every transaction that happens or event and that would mean there is no guarantee that all material misstatements, whether caused by error or fraud could be detected (Mancino, 1997)†. There should be a spot on the audit report that states the auditor’s roles and their limitation into finding fraud. â€Å"There also seems to be some issues between the rules of the PCAOB has and the language that auditors use in their reports do not match (Holl, 2005)†. They should add a phrase to their audit reports that says it was either caused by error or fraud and to take accountability of knowing fraud had happen since it is the auditor’s job to show that the financial statements are free of material missta tements. Another reason this is occurring is the fact it is pretty much a pass or fail type of report it is not very detailed. The recommendation I would have for handling these issues are getting languages to match what the auditors do and what the investors want to see when they’re reading the auditor’s report. We also need to bring back that the auditor’s reports and include the term â€Å"certify† as if they were to guarantee that they have reviewed the financial statements with an external stamp of approval. â€Å"This leaves it in the auditor’s hands andShow MoreRelatedEssay On Auditing1647 Words   |  7 Pagesfulfilled by auditors which is yet to be comprehensively determined and agreed upon by industry leaders, regulators and governments however according PCAOB Chairman  « detecting fraud is the responsibility of external auditors and that with few exceptions they should find it  »(CFO.com 2004). In deed the responsibility of auditors is being argued nowadays, being recognized as a source of certainty and transparency, an auditor portrays the role of preventer, detector and reporter of fraud and wrongfulRead MoreInternal Controls And The Audit Process1708 Words   |  7 PagesDuring the audit of the financial statements we will be assessing the internal controls in use as mandated by the Sarbanes-Oxley Act of 2002. The act was designed to enhance corporate responsibility as it relates to financial reporting issues. Section 404 covers the internal controls that have been setup by the company. Internal controls are designed to protect the assets of a business from misuse or loss. Internal controls also help the business to streamline processes so that goals can be achievedRead MoreWhat Management and Auditors Can Do to Help Prevent Fraud, Errors and Illegal Acts1157 Words   |  5 PagesJeff Sacks-Wilner Term Paper What Management and Auditors can do to Help Prevent Fraud, Errors and Illegal Acts Fraudulent, erroneous, and illegal acts committed by a public company, usually at a managerial or executive level, have been a very serious problem for many years and have prompted development of strict and updated regulations, such as the Sarbanes-Oxley Act, in an attempt to prevent these occurrences. Unfortunately, these new or updated regulations are not enough to prevent theseRead MoreThe Degree Of Auditor Responsibility For The Detection Of Fraud1790 Words   |  8 PagesThe degree of auditor responsibility for the detection of fraud has been re-defined repeatedly over the history of audit and is still generating considerable discussion in recent years, at the hand of financial crisis and a number of huge scandals, such as Enron – WolrdCom – Parmalat – Satyam Computer Services, which caused auditing to become headline news, and therefore widened the expectations gap between the audit firms and the public, and raised further questions about the audit value t o societyRead MoreClarified Statements On Auditing Standards1705 Words   |  7 Pagesunderstand and apply. It also converged the standards with the International Standards on Auditing (ISAs). The Auditing Standards Board started the project in 2004 after the Sarbanes-Oxley Act was implemented. There was a need for clear standards for auditors after the events that brought the Sarbanes-Oxley Act. Also the International Auditing and Assurance Standards Board began working on clarifying the international auditing standards in 2003 and they went into effect in 2009. The purpose of the ClarityRead MoreThe Ethical Dilemma Of Susan Faces1500 Words   |  6 PagesAU 316.12, the auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by fraud or error. However, absolute assurance is not attainable and thus even a properly planned and performed audit may not detect a material misstatement resulting from fraud †¦Ã¢â‚¬ ¦. Furthermore, audit procedures that are effective for detecting an error may be ineffective for detecting fraud. b) AccordingRead MoreAudit Analysis : Audit And Audit1188 Words   |  5 Pageswrong check fraud; With the expansion of enterprise scale and complex business activities, audit sampling appears that, according to accounting statements balance and accounting data sample extraction section, and then inferring the overall result of the review. This approach will be inevitably sweeping; recently, there was not only reveals the compliance of accounting standards and disclosure errors and fraud dual audit mode, which means gradually expanding the scope of responsibility of the auditRead MoreCase Analysis : The Fraud1004 Words   |  5 PagesThe fraud was carefully carried out over several years by individuals at several organizational layers, including the president, CFO, COO, vice president of marketing, director of accounting, controller, and a host of others. Although the fraud itself did not indicate that the audits had failed, the investors and creditors held that Coopers failed to follow GAAS throughout their audit. Consequently, these plaintiffs felt the auditors were responsible for the losses. The five-month trial concludedRead MoreA Brief Note On District Health Board : Scandals Essay1244 Words   |  5 Pagesincreasingly high expectation that auditors are accountable for detecting all frauds, while the standards require auditors to provide reasonable, but not absolute, assurance. The purpose of the report is to discuss the accountability of auditors in detecting fraud by analysing a $16.9 million fraud of Otago District Health Board (ODHB) perpetrated by Swann and Harford from 2000 to 2006. The report will explain the event, the fraud, the stakeholders, the role of auditors and the current situation. AboutRead MoreSubsequent Events At The End Of The Accounting Period1574 Words   |  7 Pagesavailable to be issued(FASB, 2009). Auditors must evaluate subsequent events at the end of the accounting period and discuss material items with the auditing team. There are two types of subsequent events, recognized and non-recognized(FASB, 2008). Recognized subsequent events are those that provide additional evidence about the conditions that existed on the balance sheet date. This type includes events occurring up to the date of the auditor s report. In it s simplest form, recognized subsequent

Gender Bias For Infiltrate Professional Industries Essay

Allowing gender bias to infiltrate professional industries has many different effects, but one of the most problematic would be pay disparity. The gender discrimination that exists in our society today causes expansive wage gaps which favor men, and this is a problem that exists across all levels of working fields. There is a healthy amount of new studies being published every year that lay out the facts about what the gender wage gap looks like for the average American. One of the easiest ways to keep this conversation going is to compare these to the example of gender bias and discrimination that happen on a large stage, such as in Hollywood or the sports world. With the influence that these two monstrous industries have, the women who work within them are in excellent positions to speak out and challenge this issue that is too often pushed to the side. It is important to point out that â€Å"being privileged† does not exempt these ladies from the unfairness of the pay disp arities, and their situations mirror and parallel those of the average working class American women as well. Gender discrimination and gender wage gaps are problems that need to be magnified in order to be eliminated. Most people are familiar with the saying that the American women make x amount of cents to a man s dollar. As pay inequality has increasingly become more of a concern, this is a very popular and simple way to get the facts across. It is better than the gap widening or being stagnant, but theShow MoreRelatedGp Essay Mainpoints24643 Words   |  99 Pagesprovided) a. Gender b. Family c. Equality 14. Governance a. World Governance 15. Others a. Cooperation b. Education c. Crime d. Liberty or Security e. Consumerism 1. Media 1a. New vs. Traditional GENERAL Intro: †¢ The first quarter of 2043 will be when the last newspapers land on front process all over America. This is the prediction the author of ‘The Vanishing Newspaper’ †¦ †¢ Advent of tech has brought a radical change in the media industry †¢ No longer confinedRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pages Smith’s fully global perspectives make clear that even though gender parity has rarely been attained in any society and there have been major setbacks or few advances in INTRODUCTION †¢ 5 many countries, the position of women worldwide has improved dramatically and has very often empowered a substantial portion of humanity in ways that would have been unthinkable a century ago. Jean Quataert’s contribution to gender shifts in the twentieth century focuses more narrowly on the variable

Where Are They Now 3Oh!3 free essay sample

If you were to hear the catchy lyrics, â€Å"Shush girl/shut your lips/do the Helen Keller and talk with your hips,† you would probably bop your head to the beat and maybe even sing the chorus. But what if you were asked the song title or the artist? Chances are, you would not remember. Forgetting details about the small group 3Oh!3 is extremely common. The band consists of two members, Sean Foreman and Nathaniel Motte, both from Boulder, Colorado. They were introduced to the music scene when they released their first self-titled album, 3OH!3, in 2007, and grabbed the attention of producers at Atlantic Records. The band was soon signed to a division of Atlantic Records, Photo Finish Records, and began to work on its second album, Want. Want is possibly 3Oh!3’s most famous album. With hits like Don’t Trust Me and Starstrukk, the two-piece ensemble quickly rose to popularity. We will write a custom essay sample on Where Are They Now: 3Oh!3 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Foreman and Motte played top festivals including the 2008 and 2009 Warped Tour, and the 2009 Alternative Press Tour. Due to the band’s successful exposure, popular artists, such as Marina and The Diamonds, and Stephen Jerzak, covered their songs. By 2012, 3Oh!3 earned a gross revenue total of $12.9 million. In 2009, their song, My First Kiss, featuring Ke$ha, reached the peak position of 15 on the Billboard Top 40, and was played on countless radio stations across the country. However, after 2009, 3Oh!3’s popularity and presence in the media plummeted. Of course, that’s not to say that 3Oh!3 isn’t technically around anymore. A little bit over a year ago, on August 6, 2014, they announced their fifth studio album, which will be coming out soon. But the main question is: what happened? A quick survey of several students at PHHS revealed that only three out of 10 people recognized the band’s name. 3Oh!3’s name no longer has the recognition that it once had. The band is not as influential as it was before. Part of 3Oh!3’s downfall could be due to their music genre. Categorized as synthpop, electronic rock, crunkcore, and even dubstep, 3Oh!3’s music was always upbeat and electronic. However, Jon Caramanica, a music critic from The New York Times, called them â€Å"unreliable,† and â€Å"not as clever.† Their lyrics referenced sex and underage drinking, which definitely did not please parents. After 3Oh!3’s 2010 album release, Foreman and Motte spent three years working on their next album. Due to the lack of new content, they were no longer in the spotlight. The band’s irrelevancy could be due to low attendance of fans at concerts between 2011-2012. One user comment on TicketMaster.com from October 7, 2012, complained, â€Å"expected more people†¦ was kinda empty.† The introduction of the band LMFAO to the music scene is believed to be another reason for the departure of 3Oh!3. LMFAO became a one-hit wonder with its song Party Rock Anthem, which was released just in time to take over 3Oh!3’s 15 minutes of fame. The members of LMFAO are no longer together, but are working on separate projects. Although 3Oh!3 isn’t popular anymore, songs from its older albums, such as Don’t Trust Me and Starstrukk are perfect for a #ThrowbackThursday.

Movie Review Talk Back and Youre Dead Essay Example For Students

Movie Review Talk Back and Youre Dead Essay How sweet the thought of being mutually in love with someone! Admittedly, experiencing the so-called true love? at such a young age is something that each one of us wishes for. Almost all of us will fall in love as we go through the teenage stage of our lives †if not at least get infatuated †and that is something natural. This movie is about how two young individuals fell in love with each other despite their backgrounds. Talk Back and Youre Dead ? was originally an online novel written by Alesana Marie. It was first published and posted on an online writing community called Wattpad on March 26, 2011 and was later published and mass-produced by PSICOM. The book †which got the attention of the general public, specifically the teens† also did not escape the eyes of interested film producers, which led to its movie adaptation. The film was released on August 20, 2014 and was directed by Andoy Ranay under Viva Films and Skylight Films. The movie was majorly a mish-mash of scenes, jumping from one situation to another, with a lot of kilig-moments inserted in between. It tried to cramp a 30-chapter book into a two-hour film, which, of course, was not enough, thereby resulting to the overall rushed feel of the movie. Subsequently, it tried to feed the audience more than they could accept. Due to the fast pace of the movie, the audience was bombarded with countless information and revelations in order to build in their minds the framework of the whole story. It showcased the typical Filipino-style conflicts that are often seen in our own televisions every night in teleseryes, wherein the typical cool guy falls head over heels in love with a girl with an exceptional beauty but has a deep dark secret, family and business rivalry, having a supposed amnesia from the beginning, parent disapproval, and arranged marriages. Ideally, in order for a film to be a great success, it must present something unusual to its target audience. People are starting to get tired of the typical and cliche storylines, and so, they are searching for something new to the taste and a breath of fresh air. Nevertheless, one fresh concept was presented through the infusion of the concept of gangs in the story, considering the social status of the characters. According to Siegel Welsh, the causes of delinquency are often rooted in the social forces that are found solely in lower-class areas: poverty, unemployment, and social disorganization. However, it might be related to some non-economic factors like intelligence, personality, socialization, family dysfunction, educational failure, or peer pressure. (2008) The writer used this to her advantage to create great scenes, events, and conflicts. Conflicts were presented one after the other without even resolving the former one clean. Some scenes left the audience hanging, because they left the conflict without explaining why it happened, and how the next scene came to place. Taking this as an example, there was a scene wherein TOP or Timothy Odell Pendleton (Portrayed by James Reid) got seriously mad at Miracle Samantha Perez (Portrayed by Nadine Lustre) and Jared Red ? Dela Cruz (Portrayed by Joseph Marco), TOPs best friend, for having been arranged for marriage. TOP said a lot of hurtful words which were below the belt and even cursed the two of betraying him, and walked out of the scene afterwards. It was very surprising, then, that the next scene showed was TOP and Sam being sweet to each other. The actors acting skills can also be a great factor towards the overall impact of the movie. Reid somehow got in character for TOPs foreign speaking rich kid character considering that he is one himself. In contrast to that, his portrayal of being a delinquent was somehow sloppy and unconvincing. It might be because of his body built which is not suitable for that kind of role. The scene that he fought 10 men double his size and won the fight alone is not something that will happen in real life, even he is a real master of martial arts ?. It was all for aesthetic purposes, after all †to give the book a lead dream guy. .u09e922239f0d09cd0768eaf21de840c4 , .u09e922239f0d09cd0768eaf21de840c4 .postImageUrl , .u09e922239f0d09cd0768eaf21de840c4 .centered-text-area { min-height: 80px; position: relative; } .u09e922239f0d09cd0768eaf21de840c4 , .u09e922239f0d09cd0768eaf21de840c4:hover , .u09e922239f0d09cd0768eaf21de840c4:visited , .u09e922239f0d09cd0768eaf21de840c4:active { border:0!important; } .u09e922239f0d09cd0768eaf21de840c4 .clearfix:after { content: ""; display: table; clear: both; } .u09e922239f0d09cd0768eaf21de840c4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u09e922239f0d09cd0768eaf21de840c4:active , .u09e922239f0d09cd0768eaf21de840c4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u09e922239f0d09cd0768eaf21de840c4 .centered-text-area { width: 100%; position: relative ; } .u09e922239f0d09cd0768eaf21de840c4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u09e922239f0d09cd0768eaf21de840c4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u09e922239f0d09cd0768eaf21de840c4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u09e922239f0d09cd0768eaf21de840c4:hover .ctaButton { background-color: #34495E!important; } .u09e922239f0d09cd0768eaf21de840c4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u09e922239f0d09cd0768eaf21de840c4 .u09e922239f0d09cd0768eaf21de840c4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u09e922239f0d09cd0768eaf21de840c4:after { content: ""; display: block; clear: both; } READ: Freddy Got Fingered - Movie Review EssayLustre, on the other hand, did not possess the rich kid aura expected of her character, and the way she spoke English did not represent someone who grew up in an environment wherein everyone prefers English to Filipino, which most rich families do. In terms of acting, she was excellent, although sometimes, she went a little overboard of her character. Again, it can be attributed to time-constraints that they failed to build up the characters emotions and feelings. The on-screen chemistry of the two lead roles cannot be doubted. The two of them complimented each other, which helped the romantic scenes become a big success for the movi e. The cheesy kilig-worthy scenes were very evident in the movie despite of the ups and downs of the rollercoaster flow of the story in which they succeeded †taking into consideration that it is, in fact, a romantic film. The occasional jokes also made the drama less intense and less heavy for the audience to handle, which is a good point for the movie. It was a very big challenge for the crew to remain faithful to the book while trying to sum up all the events in such a short period of time and, it was evident in the released movie that they had a hard time doing so. Since it was based on a book, many of its audience were the ones who got hooked by the book series. They, more or less, expected something more from the movie that would give justice to the story, and stimulate all the emotions they felt while reading the book  ¦ and it seems that this movie missed the bullseye. To sum it up, it was a film that would only be appreciated by those who have read the book. It might have been a better TV series than a movie. Nevertheless, it was a big hit to the Filipino moviegoers. Bibliography: Siegel, L., Welsh, B. (2008). Juvenile delinquency: the core (3rd ed.). California, USA: Cengage Learning, Inc.

3 More Cases of Misplaced Modifiers

3 More Cases of Misplaced Modifiers 3 More Cases of Misplaced Modifiers 3 More Cases of Misplaced Modifiers By Mark Nichol When sentence elements that provide additional, nonessential information are not positioned in proximity to the word or phrase they directly pertain to, the sentence is often awkward at best and confusing at worst. Each example below demonstrates how misplacing a reference to a year or a point in time may muddle the meaning of a sentence; discussion and revision provide a solution to each problem. 1. He was a part of the first lineup in team history to make the playoffs in 1978. The sentence reads nonsensically as if the lineup was the first to get to the playoffs in a particular year, but the point is that it was the first to do so in the team’s history; the year of the achievement is identified as an afterthought. To avoid the implication that the particular year is integral to the achievement rather than incidental to it, the year should be set off from the keyword playoffs, and the best place for the phrase â€Å"in 1978† is at the head of the sentence: â€Å"In 1978, he was a part of the first lineup in team history to make the playoffs.† 2. It became a second home for Jones in 1995, whose mother died from cancer that same year. The adjective/noun phrase whose mother is associated with Jones, so the two sentence elements should be adjacent and not interrupted. As with the previous example, relocate â€Å"in 1995† as an introductory phrase: â€Å"In 1995, it became a second home for Jones, whose mother died from cancer that same year.† 3. A quick search of the vehicle revealed thirty bottles of hard liquor, a case of hard lemonade, a jar of marijuana, and a pile of prescription drugs in one girl’s purse, police said. This sentence implies that all the items were found in the (necessarily massive) purse, but the intended meaning is clear when the modifying phrase â€Å"in one girl’s purse† is located parenthetically before the final item in the list to specify that that is the only item found in the purse: â€Å"A quick search of the vehicle revealed thirty bottles of hard liquor, a case of hard lemonade, a jar of marijuana, and, in one girl’s purse, a pile of prescription drugs, police said.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:Is She a "Lady" or a "Woman"?Hang, Hung, HangedWood vs. Wooden

Practices in the Pharmaceutical Industry

Practices in the Pharmaceutical Industry Several controversies have been hitting the pharmaceutical industry in the last few years. The larger percentage of the controversies ranges from Medicare fraud to high-priced medications that are marketed by these firms. From the researcher’s point of view, big pharmaceutical corporations are putting huge profits on top of patients, spiraling shammed public relations campaigns and more. Before the recent changes, Medicare CEOs and these companies had been reported to have involved in frauds worth billions of shillings.Advertising We will write a custom essay sample on Practices in the Pharmaceutical Industry specifically for you for only $16.05 $11/page Learn More The indications are that the costs of the drugs are rising more rapidly than any other thing a patient can pay for. It has been found that medications are the most rapidly increasing part of the patient health care bill. It is argued that most of the patient’s expenditure on drugs ha s also risen. The reason is that the quantities of drugs that are being prescribed have increased. Moreover, the practitioners are prescribing new ineffective drugs that are more expensive than the old effective less costly drugs. More appalling is the fact that the prices of these consistently prescribed drugs are in a great deal jacked up, in most cases a number of times a year. The discounts as well as other incentives the medical practitioners such as the oncologists are receiving are used as a reason for hiking the prices. The government as well as other researchers has found that these benefits are unwarranted. The most shocking thing about these drug price controversies is that the trusted health care providers have an ulterior motive behind these prescriptions. Researchers found out that there is a correlation between the methods through which cancer doctors are being paid to the choice of drugs they use in a particular treatment of cancer such as chemotherapy (Abelson par.9 ). Once the oncologists have decided on the type of treatment, the mode of payment influences the type of drug prescription. As opposed to the expectations those who are fairly paid are likely to prescribe more expensive drugs. Reports indicate that most of the pharmaceutical firms’ representatives provide hand-outs to influence medical practitioners to recommend the drugs they represent. Going by analytic reviews of the articles on the diabetes drugs Avandia, it is true that drug manufacturers are paying medical experts to make positive conclusions about their drugs safety and effectiveness. In fact, Avandia case is one out of many (Bakalar par.1).Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More There are several cases where the medical expert opinions are influenced by the financial handouts. It is agreed among the medical professionals that the interaction between the pharm aceutical companies and the health providers are not in the best interest of the patient. Moreover, most of the doctors agree that solicitation of drugs directly from these companies compromises the ethical standards and impractical, most can be influenced by free gifts and hand outs from these companies. Some sections of the medical profession argue that their treatment decisions are for the best interest of the patients (Abelson par.7). The argument is that doctors only prescribe drugs that are clinically recommended. Moreover, quality health care must be more costly. However, in the case of cancer therapy, there is no any evidence that one type of chemotherapy drugs are working better than the others. In this case, the medical practitioners have the wide array of manufacturers or the pharmaceutical agents to choose from. Therefore, regardless of their persistence that their therapy decisions are based on what they feel is best for the patient; medical practitioners are influenced by other factors such as payment policies as well as other financial influences coming from the drug manufacturers. Abelson, Reed. Pay Method Said to Sway Drug Choices of Oncologists. 8 March, 2006. Web. https://www.nytimes.com/2006/03/08/health/pay-method-said-to-sway-drug-choices-of-oncologists.html?mtrref=undefinedgwh=10D3E21F5F61FEE361D3E4D9E3C8AB76gwt=payassetType=REGIWALL. Bakalar, Nicholas. Study Sees a Slant in Articles on Drug. April 12, 2010. Web. https://www.nytimes.com/2010/04/13/health/13diab.html?ref=healthmtrref=undefinedgwh=F37B9DF9C8BF26E83D20C904000D78BFgwt=pay.

Pros and Cons of Globalization Research Paper Example | Topics and Well Written Essays - 6250 words

Pros and Cons of Globalization - Research Paper Example (Mcausland 5-20). It certainly controls a global process. The concept of globalization is however quiet old. Some connotations refer it with a revolution, a concept and a global market establishment which is free from social and political colonialism, regression and destabilization while others refer to stability and development, cooperation and integration and progress. The interpretation of globalization is defined by an individual’s social status, political ideology, and cultural background, local and religious and ethnic background. According to Pugel (104-140), â€Å"Globalization is the system of interaction among the countries of the world in order to develop the global economy. Globalization refers to the integration of economics and societies all over the world. Globalization involves technological, economic, political, and cultural exchanges made possible largely by advances in communication, transportation, and infrastructure.† Thus it can be understood that no particular definition is capable of defining globalization encompassing its entire positive and negative traits. However, many researchers and authors have provided descriptions which comprehend one or more realities of globalization. Globalization is a process which shrinks the world by diminishing distances and bringing things closer to one another. It can be compared to the availability and increasing ease through which individuals at one corner of the globe can interact with another individual at the other end of the globe, for mutual benefit. The term global society was coined by Albrow (1990). According to him, globalization can be referred to all those activities and processes through which individuals around the globe are incorporated into one societal world, known as global society. Globalization is increasingly becoming omnipresent (Friedman 10). It is regarded as one of the most important change in the history of human culture. This can be reflected in various domains, especially in social structures, social relationships which are widely dispersed around globe. It has been found out the criticism surrounding globalization is equally strong. Recent growth of various anti-globalization campaigns and groups are a proof that people are not completely satisfied with the policies and opportunities provided by a globalised economy. According to critics, globalization has resulted in weaker and smaller countries losing their culture and traditional features. Globalization has created so many associations and pacts within countries that economic crisis are spreading from one country to another at a much faster rate than expected. Critics also argue that dictatorship of more powerful countries over others is becoming clearer. Nations are not able to control migration or financial flows. Inequality as well as unemployment is other factors which have pushed globalization into the negative side. The current research is aimed an analyzing the pros and cons of globalization. Globalization and its various concepts will be discussed in order to get a better view of its present status as well as history and evolution. The various advantages and