This Assignment has 3 other posts:
International Trade Assignments Page 1 INTERNATIONAL TRADE (ECON 1086- RMIT, Australia) (ECON 1269- RMIT, Vietnam) (ECON 1089- SIM, Singapore) Information on ASSIGNMENT 1 PLEASE CHECK RMIT/SIM CANVAS FOR RELEVANT DUE DATE; IT IS UP TO YOU TO FIND THESE OUT. Instructions for submission: 1. Click on Assignmentson Canvas. 2. Click on Assignment 1. 3. On the right-hand corner, click on Submit Assignment. 4. Attach your file by clicking on Choose File. 5. Once you selected your file containing your assignment, click on Submit Assignmentat the bottom. To answer the questions 1 and 2, first get the data and follow these steps. Notice that World Bank regularly updates its data, therefore its crucial to obtain all data as soon as possible. 1. Questions 1 and 2 require you to obtain data for Paraguay and Poland. 2. Obtain country-level data on: I. Imports of goods and services (in current US$) II. Exports of goods and services (in current US$) III. GDP (in current US$) IV. GDP per capita (in current US$) V. GINI Index (World Bank estimate) from the World Bank’s World Development Indicators (http://databank.worldbank.org/data/reports.aspx?source=world-developmentindicators). [Note that if your browser (such as Chrome) does not open the webpage, try a different browser (such as Internet Explorer)] 3. For simplicity, use data measured in current US dollars ($) as indicated above. 4. Pick data ranging from 2001 to 2014. 5. DO NOT attach Excel files to the assignment. International Trade Assignments Page 2 Assignment 1 (25% of your final grade) Check CANVASfor due dates. *** Follow the instructions above on how to get the data. *** Read Chapters 1 and 2 of the textbook very carefully. 1. Calculate openness as a percentage for Paraguay and Poland. Explain how you calculated openness, i.e., write down the formula. Using a graph of Openness (as a percentage) versus time, explain in up to 200 words how openness has changed for these countries from 2001 to 2014. Put Paraguay and Poland in the same graph and make sure your graph is properly labelled. (7 marks) 2. Explain in up to 200 words the relationship between Openness and economic development by calculating the correlation coefficient between GDP per capita (proxy for economic development) and Openness for Paraguay and Poland, respectively. [Here you have to use the CORREL command in Excel]. (6 marks) 3. Consider the following model of trade between Home and Foreign. Assume throughout that those two countries are the only two countries in the world, at least for purposes of trade. There are two goods: Corn and Radio. Consumers always spend one-third of their income on Corn and the remainder on Radios. The only factor of production is labour. Each home country worker can produce 2 units of Corn or 3 units of Radios per unit of time, while each foreign worker can produce 2 units of Corn or 4 units of Radios per unit of time. There are 30 workers in Home and 60 workers in Foreign. (a) Which country has an absolute advantage in Radios? In Corn? (2 marks) (b) Which country has a comparative advantage in Radios? In Corn? (2 marks) (c) Draw the typical worker’s budget line in both countries (put Corn on the vertical axis and Radios on the horizontal axis). (2 marks) (d) Draw the production possibility frontier for each country (put Corn on the vertical axis and Radios on the horizontal axis). (2 marks) (e) Find the autarky relative price of Radios in both countries (i.e., the price of Radio divided by the price of Corn). (2 marks) (f) What is the optimal consumption and production for each country under autarky? (2 marks) Recommended text: International Trade by John McLaren, (Wiley, 2012). 3 AC 2360 – Principles of Internal Auditing Course Project - 15 Marks Due Date: This Project is divided into two pieces, Part A and Part B. In Part A you are the manager of a company and must do a risk assessment on your business objectives. In Part B you are the Internal Auditor and must provide assurance on the risk management work done by the company. This Project is worth 15 % of your overall course mark. It should contain; a cover sheet, table of contents, details and schedules as laid out in Part A and B below. The Project is due to me no later than April 1, 2018. If it is late, marks will be deducted. You should bring your work to class, and we will review each section of the Project in class. Good Luck with this, I hope you enjoy it! Here is the marking scheme for this project; 1. Presentation / Format ( 5 % ) • Cover Page • Table of Contents • Bibliography • Format 2. Part A – Management’s Risk Assessment ( 65 % ) • Description of the business • Description of the business objectives • Description of the risks to the business objectives • Explanation of the controls to manage the risks • Assessments (assertions) on risk management status • Preparation of schedules / templates 3. Part B – Internal Audit Assurance ( 30 % ) • Review of each risk and control • Audit opinion of each control • Audit summary and conclusions of risk management work done PART A – MANAGEMENT’S RISK ASSESSMENT This part is written narrative; 1. First you should give a brief description of your business so that I have an idea of what your business is, and what it is trying to achieve. 2. Next you need to establish your business objectives (things you want to achieve). You need one Strategic Objective, two Operational Objectives, two Reporting Objectives (internal / external), and one Compliance Objective. (six objectives in total) 3. Now you need to determine and explain one risk for each of the six objectives. 4. Then you need to explain what controls you need to put in place to manage these risks. 5. Next you need to assess each objective / risk based on impact and likelihood, on a scale of 1 – 5. 6. Now make management assertions (statements) on your ability to achieve each of you six business objectives, based on your assessments. This next part is filling in the templates and risk matrix; 7. Complete the attached Managing Risk Worksheet - Schedule 1. 8. Complete an Identification of Critical Risks Graph – Similar to Schedule 2. PART B – INTERNAL AUDIT ASSURANCE This part is written narrative. 1. First you should provide a review (test) of each of the six risks and controls. 2. Next you should prepare an opinion of each control. Does it reduce the risk to an acceptable level? 3. Now provide an Audit Summary and conclusions on the risk management work done by the business. What level of assurance can you provide senior management and the Audit Committee that the risks are being managed to their expectations? This next part is filling in the template; 4. Complete the Internal Audit Review of Controls Worksheet – Schedule 3 SCHEDULE 1. MANAGING RISK WORKSHEET OBJECTIVE RISK CONTROL ASSESSMENT (1-5) 1. --------------------- ------------------------ Impact / Likelihood 2. --------------------- ------------------------- Impact / Likelihood 3. ---------------------- ------------------------- Impact / Likelihood 4. ______________ ________________ Impact / Likelihood 5. _______________ ________________ Impact / Likelihood 6. _______________ ________________ impact / Likelihood SCHEDULE 2. IDENTIFICATION OF CRITICAL RISKS (L/M/H) IMPACT 0 5 4 3 2 1 1 2 3 4 5 LIKELIHOOD SCHEDULE 3. AUDIT REVIEW OF CONTROLS WORKSHEET MANAGEMENT AUDIT OPINION RISK CONTROL ASSESSMENT AGREE / DISAGREE 1. 2. 3. 4. 5. 6.
