Auditing Problem No. 2: KAPA Community Ministry

Kamakailan lamang ay napabalita ang pagsara ng KAPA. Ito ay sa gitna ng diumano’y “scam” sa mga miyembro nito. Ang rason ng Securities and Exchange Commission: Marami ang nagrereklamo sa naturang institusyon. Nangako diumano ang grupo ng 30% “return” kada buwan bilang kapalit ng kanilang “donations.” Habang isinusulat ito, may mga galit pag itinutuwid sila sa financial literacy, at may mga galit pa kay Pang. Duterte.

Sa isyung ito, susubukan natin ang “analytic side”, na importante lalo na sa atin na nasa actual practice. Use all of the skills that you learned in Auditing, RFBT, and Practical Acctg 1. Solve this problem:


You were tasked by your firm to check on the veracity of financial statements from KAPA Community Ministry.

In connection with the engagement, you obtained the financial statement from SEC:

You also inquired members about the businesses engaged by KAPA. Here are their responses:

  1. You may also see our website http://www.kapamilyonaryo.com and look on our various businesses.
  2. Visit GenSan and Tagum City. KAPA has four industrial fishing boats, lobster farm, bangus farm, poultry farm, mango plantation, rice plantation, mining, Tagum Doctor’s Hospital, Tagum Aces, Convention Center, heavy equipments for hauling, and cryptocurrency. You are most welcome to visit and see for yourself.
  3. We have also mining business having 10 billion yearly income. Added to that is our 1,200 hectare banana plantation, hotel, restaurant, and more.

Required:

  1. (Aud Prob: Audit Report) If you will prepare an audit report on KAPA, what type of opinion will you issue?

(a) Unqualified
(b) Unqualified with Emphasis on Matter
(c) Qualified
(d) Adverse
(e) Disclaimer of Opinion

Discussion Questions:

  1. With all the pictures and businesses presented to you, and given the current financial position, would you think they can give 30% interest to their members? Explain.
  2. Were the financial statements fairly stated, in all material respects? Define why or why not.
  3. (Prac Acctg 1: Substance Over Form) A member told that the contributions/investments and returns are “donations” and “love blessings”, respectively. Does it need to be recorded on the books of accounts?
  4. (RFBT: ObliCon) Does the members’ contributions qualify as donation? Explain.
  5. (RFBT: Corpo Code) Being registered as religious organization, is the corporation doing an ultra vires act? Cite also other legal or illegal acts committed, with BP 68 and Revised Corpo Code (R.A. 11232) as bases.

Suggested answers will be available via e-mail, upon request.


Auditing Problem prepared by: TweetNewscaster

ONEUS (원어스) – Twilight (태양이 떨어진다): MV Review

For our next boygroup, we will now review ONEUS, with their song Twilight.

Just a little bit of info, ONEUS is a newly-debuted group consisting of six members: Ravn, Seoho, Leedo, Keonhee, Hwanwoong, and Xion. They are under RBW Entertainment, the same agency who handles MAMAMOO.

For this year, they released their song called Valkyrie, in which their upbeat was very exciting. Now, with their second song, would they retain the momentum they had with their previous song? We will see it later, but you may watch first their MV before proceeding to review proper:


Storyline

  1. Video must have a storyline – 5 points

The storyline revolves on them going inside palace, and afterwards they dance.

While inside, they are figuring on what’s inside it, and viewing the artworks there. The last phase of the video tells that being in control, they are now changing the weather.

1theK, in its official YouTube page, provided a storyline to the MV:

RBW’s new boy band ONEUS releases their mini album “RAISE US”, the second story of “US” series. The mini album “RAISE US” has the meaning that ‘it raises us.’ The previous debut album “LIGHT US” meant ‘ONEUS created with the light shone by people, and their music’ while this album means ‘ONEUS who will take a leap forward based on the light shone by people.’

  1. Theme must be consistent and clear – 5 points

They consistently feature artworks as their theme for Twilight.

Lessons

  1. Moral lesson must be clearly stated – 1 point 

Sorry. I haven’t seen any moral lesson here in the MV.

  1. They must impart something beneficial for their viewers – 5 points

Viewers can learn more about the artworks made, especially during the Renaissance. This is played throughout the whole video.

Aside from that, they featured the beauty of nature at 2:31 – 2:34.

Other Matters

  1. Illustrates gloominess – 8 points

Recently changed this criterion to fit their not being too happy.

  1. Ability of the song to make it to mainstream media – 3 points
  1. Review by other sites – 4 points

TheBiasList noted that K-Pop is going to have more follow-up tracks, since this is a transition from spring to summer. This time, it is a battle on multiple comebacks, especially for new groups like BVNDIT and Cherry Bullet.

The blogger noticed that Twilight and Valkyrie shares “similar guitar loop and dynamic percussion.”

As with other new groups, the second doesn’t match or even surpass its first song. Another bad factor was on the music having its “deep end”, which does not end well overall. The chorus, on the other hand, has less variation, which would help “to keep the momentum going.”

KPopReviewed sees Twilight as “nice” sequel to their debut song, and rated favorably the instrumentals. This is the case on their guitary tune, thumps, and raspiness. The vocals were also a big hit, especially that they made an impact over the combination of their voices. This stood out on the end of pre-chorus.

On the visuals, they also fared well, particularly on featuring a castle.

Added point was on their fierce choreography, which showcased the backflip.

Negative points were on lack of energy on the verses to make it more memorable. Added to that is their lack of certain storyline, as they are “serious” in interacting with the video’s contents.

  1. Review of the music video as a whole – 5 points

They placed the music in the appropriate context. Them being in a lonely, sad place calls for sad tunes. If not sad tunes, it must be slow enough but equally exciting.

On the visuals, the video was quite dark, partly due to their outfits, and partly due to being inside the hall.

Broken mirror (1:15), which represents broken love that cannot be mend anymore.

Cage (1:05), which represents their desire to be free.

Diamond (1:25), representing luster.

Ring (1:26), which is traditionally associated with marriage, a forever with partner.

On music, I have to rate it at only four points, as it is almost exciting. The music, meanwhile, is deafening on the chorus. For dance, I have to rate it at three points as some steps cannot be learned easily.

  1. Other factors
  • Shares some concepts from other groups – 5 points

ONEUS shared some concept from BTS, particularly on the latter’s song Blood, Sweat, and Tears. This was on featuring artworks, and themselves dancing behind these.

  • Features the 1theK logo – 5 points

ONEUS is part of 1theK group.

The logo can be seen at 4:02 at the castle, before the video ends.

This can also be seen at the beginning and end of the video, at the lower right side.

TweetNewscaster’s Overall Rating: 88.18%

Final Words

This year, we see an increase in number of new groups. At the same time, existing groups are taking a rest on their previous laurels or making an indefinite hiatus. This situation gives the former chances to feature themselves in the sea of K-Pop.

It is recommended that they also stick to the genre which will make them know further. Them being consistent on their genre on the first two songs is a great move. Hope this review helps them in their desire to improve on their next comeback.

News and Tidbits (June 14, 2019)

We haven’t recovered yet with MOMOLAND plaguing with various issues, and here comes again the dating issue with Nancy. Rumors tell that she is dating with Q from THE BOYZ:

 

Fearless forecast: MOMOLAND’s next comeback will feature only six members. Or it will feature all except Nancy.

The agency should think twice on reacting again to these kind of issues. Without her, their next project would not be popular here in PH. Aside from that, other groups will take over their lead. More and more groups are taking the stage, and MOMOLAND will further go to their pre-Bboom Bboom level, if they don’t handle these issues properly.

***

Jennie was bashed over her being sick at BLACKPINK’s fanmeeting in various places, especially in PH. Those bashers conveniently forgot that somehow, even if she was sick, Jendeukie managed to be present in various events with Blinks. With her status, and if given chances to be on noontime TV show, she will surely be present there.

 

 

 

They made themselves known to Filipinos in their previous concert in Manila, so no excuses or apologies are necessary. And since this is just a fanmeet, Jennie can take a rest if needed.

***

Though not a fan, I felt pity on B.I from iKON. He left the group and YG Entertainment over the drugs issue.

 

 

If some artists under YG Ent are involved in various issues like these, then there must be problem with the latter.

***

Speaking of MOMOLAND, I took a screenshot of them being featured in 1theK YouTube page (last May 12):

As I view it, I can’t help but feel sad for them.

***

So far, the latest songs that are playing on radio were BTS’ Boy With Luv, BLACKPINK’s Kill This Love, BTS’ Idol, and MOMOLAND’s Baam.

***

This blog’s Fifth Annual Report will be launched next month or on August. Similarly, MV Reviews will be limited or suspended for the whole of July to finish misheard lyrics.

We are also going to limit full English misheard lyrics due to lack of time. Again, only select songs will be misheard.

***

Idalangin din sana natin ang paggaling ni Eddie Garcia, na ngayon ay comatose pa rin.

Nakilala si Eddie Garcia sa pagganap niya sa pelikula at telebisyon sa maraming taon. Latest na Ang Probinsyano. Hindi pa rin nawawala ang kanyang kalibre bilang aktor. Dahil isa lang ang sikreto niya: Tuloy lang sa trabaho.

Lumalabas na may problema dito ang GMA lalo sa safety.

***

Nawala na sa Facebook ang page na “The Same Video of Irene Dancing Different Songs.”

Bakit nangyari ito? More on admin issues. May nangyaring takeover sa admin position.

***

Regarding Miss Sass and the KAPA issue:

Siguro, kailangan munang hintayin na humupa ang isyu bago siya magpaliwanag. Mahihirapan siyang magpaliwanag sa mga taong galit sa isyu. Kahit kung tutuusin ay tama siya.

Nakakalungkot lamang na ang dami pa ring nagmamarunong pagdating sa finances. Ayaw mapagsabihan. Bakit di na lang sila ilagay sa Dept. of Finance o sa Dept. of Budget and Management? Baka sila na ang makaka-solve sa budget deficit ng gobyerno.

Kung matigas pa rin ang ulo nila, better for Sass to let them go. Just in case na magkaproblema, wala silang sisisihin kundi ang sarili nila.

The closure of KAPA is just a tip of the iceberg, at mauulit ang ganitong senaryo kung walang long-term solution para diyan.