If you buy a Chelsea or Manchester United football shirt and it turns out to be a fake it can be annoying but if you buy medicines and they turn out to be fakes it could be a lot worse as it could kill you.
Illegal copies and fakes of products are one of the big problems facing businesses today (£300 billion is the estimated size of the global counterfeit market) but some scientists have recently developed what they believe could be a cheap solution to the problem.
The technology is currently being developed by a company called Quantum Base and in simple terms involves placing an extremely small microdot onto the product which gives off a unique light signature.
The microdot is really small and I do mean really small – it’s a tiny flake of atoms which is a thousandth of the width of a human hair. Not only will it be impossible for a human to see but it will be unique. The flake of atoms which will make up the microdot will be unique and cannot be cloned. They will be placed on the product at the production facilities and then the atomic structures will be recorded on a database.
The technique for preventing fake products is that when an individual buys a product such as medicine or designer clothes they can scan their phone over the label and an app on their phone will identify the light source from the atomic structure on the microdot and send it to the database to confirm whether or not it is on the database.
If it is on the database, it’s genuine. If it’s not, it’s fake.
An excellent way of identifying whether the product you are buying is real or fake.
As mentioned, the technology is still be developed and made ready for the market by Quantum Base but it looks very promising in terms of helping to eradicate the problem of fake products.
https://www.theexpgroup.com/wp-content/uploads/2017/08/counterfeit-goods-solution.png476847Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2019-05-30 09:22:192019-05-25 20:56:45Is this for real?
Anyone that has studied hard for their exams will almost certainly at one time or another utilised the services of a strong coffee.
Whilst desperately trying to cram that last bit of knowledge into your brain before the exams there is often a temptation to grab a strong coffee late in the night to keep your mind awake.
For years students around the world have been utilising the caffeine in coffee to help get that extra mark or two.
Coffee is said to originate from East Africa where legend has it that a 9th century Ethiopian goat herder by the name of Starbucks Kaldi noticed that after his goats had ate some coffee beans they started bouncing around like teenagers at the local disco.
This started the journey of coffee and associated caffeine hits so loved by students around the world.
Over in Thailand though a new type of coffee has just been put on sale which has, how can I put it, but a pretty unusual processing method.
The key staff involved in the processing function are also unusual as they have massive heads and bodies, weigh on average 4,000 kg and are grey in colour.
Yes, that’s right. The key team members involved in processing coffee are 20 Thai elephants.
The new brew of coffee is “processed” by getting the elephants to eat some coffee beans and then stepping back (in fact stepping way back) and letting the natural digestive juices in their stomachs do the job of “processing” the beans before they are deposited naturally on the ground a day later.
The beans are then handpicked out of the elephant dung by people who probably don’t bite their nails before being dried and then ground into coffee.
The finished coffee is said to have a slight pooey taste smooth flavour without the bitterness of normal coffee and is some of the most expensive coffee in the world selling for nearly £150 per kilo.
It’s certainly an unusual production technique but it’s also for a good cause as 8% of the sales revenue goes towards the Golden Triangle Asian Elephant Foundation, a refuge for rescued elephants in Thailand.
https://www.theexpgroup.com/wp-content/uploads/2016/12/ExP_coffee.jpg453806Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2019-05-24 14:15:202019-05-25 20:51:46Would you drink this coffee?
If you’re in the office at the moment take a look at the person next to you. Would you say that he or she is a “good worker” or a “toxic neighbour”?
A recent bit of research by economists from Harvard Business School has shed some light on the type of person you should be sitting next to.
If you’re an “average worker” and you sit next to a hard working and diligent person then your performance is likely to improve.
Unfortunately though the opposite is true and if you’re an average person who sits next to somebody who isn’t very good at their job then that badly performing person could well take you down to their level.
The researchers studied data from seating plans and reports from over 2,000 employees. The performance of these employees was rated based on the time they spent to complete a task as well as quality and effectiveness. Their efficiency was based on how often they had to ask for help.
One of the interesting bits of the research was finding out whether when a person sat next to a high performing individual that person’s performance improved because they learnt from the better performing individual or they were inspired by him or her.
When the research team split these people back up again the average worker’s performance reverted back to the average level rather than stay at the high performing level. This implied that the improvement was not due to learning new skills but instead was due to being inspired by the good worker.
When it comes to sitting next to a “toxic employee” who doesn’t perform, the bad news is that the negativity rubs off on the good employee almost immediately.
So it may well be worth trying to sit next to the stars of the office rather than the toxic ones
A quick word of warning though and if the person you sit next to has recently asked their boss to move away from you asap then the chances are that you aren’t the star of the office but instead are…
https://www.theexpgroup.com/wp-content/uploads/2017/08/disruptive-employee.jpg9581703Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2019-01-16 23:04:112019-01-17 18:14:57Who are you sat next to?
Should you employ good-looking people or not so good-looking people?
Whilst the obvious answer would appear to be that it doesn’t matter what a person looks like as long as they can do their job properly, researchers in Japan have found out that the attractiveness of an employee can have an impact on the sales of a business.
Interestingly though, it’s probably not the correlation most people would think applies.
Researchers at the Chinese University of Hong Kong studied retail sales in shops and found that the more attractive the shop assistants of the opposite sex were, the lower the sales were. The researchers found that male shoppers were less likely to go into the shop if the more attractive woman in the research study was serving.
Even if they entered the shop with the attractive shop assistant in it, only 40% of them bought something. This compared to 56% who purchased something when a less attractive assistant was serving.
Lisa Wan of the University said “attractive service providers can lead consumers to become self-conscious or embarrassed. This is especially true when the provider is of the opposite sex. Even when the attractive salesperson is the same sex, consumers may feel a sense of inadequacy through self-comparison.
In either case, the shopper may avoid interacting with physically attractive providers, rendering the salespeople ineffective”.
It’s worth mentioning though that the scientists undertaking the research were monitoring a shop selling figures from Japanese comics and the male shoppers were obsessed with computers.
“Male shoppers obsessed with computers” – surely they would only notice the female shop assistant if she was holding a computer?
https://www.theexpgroup.com/wp-content/uploads/2016/09/ExP-blog-geek.jpg9381668Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-12-17 16:47:142018-12-19 22:17:26Should you employ good looking people?
Have you ever sent an email to the wrong person by mistake? What about posting something on social media which, with hindsight you’d wished you hadn’t?
We all make mistakes and it’s not the end of the world but I’ve got a feeling that Magnús Örn Hákonarson will be remembering his recent mistake for a while to come.
Magnús is in charge of his employer’s social media activities and recently what was supposed to be a private message was posted on his employer’s Facebook page.
Magnus works for The Landsbjargar’s Accident Investigation Company in Iceland and he accidentally posted an invite to a party to all the followers of the company. To add to the excitement, this wasn’t a normal party but was an invite to all the followers to take part in a bondage party with a fetish dress code.
The invitation highlighted the dress code as fetish or alternative and included information about safe words, leather masks and whips. Members of the BDSM society Magnus was a member of were able to buy the tickets for 1,000 ISK (£7) whilst non-members had to pay 3,000 ISK (£21).
As soon as he realised his mistake he removed the party invitation from the company’s Facebook page.
Whether or not his colleagues knew about his hobby is by the by. They certainly do now and the nice thing about it is that his employers realised it was a genuine mistake and have been very supportive.
Given his interest in BDSM he might have been slightly disappointed that he wasn’t punished but instead his employers issued a statement saying “There are many people with different backgrounds and interests within the volunteer group. People are engaged in all kinds of sports and hobbies and the rescue team’s board of directors will not distinguish these interests, as long as they are legal.”
What do you do if you work for PwC and you’re due to be promoted to a partner in October?
Well, if you’re Max Livingstone-Learmonth the answer is to catch a suspected handbag thief.
Now, this in itself is admirable but Mr Livingstone-Learmonth did it in style as he was actually dressed as a bishop.
“A future partner of PwC dressed as a bishop?” I hear you ask.
Although it may sound strange that he was dressed as a bishop, he was in fact in fancy dress as he was part of a charity world record attempt for the longest non-stop relay.
He was running as part of the I Move London Relay. This involved 2,500 runners taking it in turns to carry a relay baton over a combined distance of 4,000 miles by running 10km and 5km loops continuously over 30 days and nights in central London.
Mr Livingstone-Learmonth was part of the team of runners and according to London’s Evening Standard newspaper, he saw a woman chasing a man who had reportedly taken her bag. He then sprinted 100 metres to her rescue and caught up with the thief keeping him pinned to the wall until the police arrived.
He told the newspaper that “I’m not religious but it does feel a bit like divine intervention that I was there”.
He went on to explain that “A guy shouted, ‘stop that man’, and it was just pure instinct to run after him. I caught up to him and pinned him to a wall with my crosier.”
“I said, ‘It’s not your day if you’ve been run down by a bishop’,” he added.
So, well done to the future partner but one thing is even more impressive – during the struggle he kept hold of the relay baton. If he had dropped it the Guinness World Record attempt would have been jeopardised as it would not have been a complete relay.
Nice work Mr Livingstone-Learmonth.
https://www.theexpgroup.com/wp-content/uploads/2018/08/pwc-handbag.png9441678Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-08-09 21:10:532018-08-10 15:56:16PwC, a Bishop and a thief...
Overall results from the most recent FRC inspections during 2017/18 show that 72% of audits required no more than limited improvements (compared to 78% in 2016/17). Or to put it another way, 28% of the audits reviewed required improvements (category 2B) or significant improvements (category 3).
For KPMG though things were particularly bad. When the FRC looked at their audits within the FTSE 350 (the largest 350 companies on the London stock exchange), they found that 50% required MORE than just limited improvements (compared to 35% in the previous year).
If you take a step back then this really isn’t very good is it. If you went to a restaurant where 50% of the meals served required more than limited improvements you’d be unlikely to go back to that restaurant again and I’m sure that restaurant wouldn’t be in business for much longer.
KPMG are going to face increased scrutiny by the FRC in the next round of inspections. 25% more KPMG audits will be examined over the 2018/19 cycle of work and the implementation of their Audit Quality Plan will be closely monitored.
So what went wrong?
The FRC noted that there were a number of factors. These included a failure to challenge management and show appropriate scepticism across their audits.
Stephen Haddrill, CEO of the FRC, said “At a time when public trust in business and in audit is in the spotlight, the Big 4 must improve the quality of their audits and do so quickly. They must address urgently several factors that are vital to audit, including the level of challenge and scepticism by auditors, in particular in their bank audits. We also expect improvements in group audits and in the audit of pension balances. Firms must strenuously renew their efforts to improve audit quality to meet the legitimate expectation of investors and other stakeholders.”
Whilst the level of quality found within the Big 4 audits fell, the performance of the mid tier companies improved. The FRC inspections on BDO, GT, Mazars and Moore Stephens showed general improvements in the quality of inspected audits.
The FRC’s Audit Quality Review is explained in more detail here and if you’re interested in reading the reports on the individual firms they can be found on the following links:
https://www.theexpgroup.com/wp-content/uploads/2018/07/big-4-frc-report.png9441678Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-07-05 08:39:242018-07-05 08:55:52Room for improvement at the Big 4...
What’s one way of increasing the chances of getting hold of someone’s password?
Does it involve the use of the very latest supercomputer? Does it involve some clever IT geeks hacking into a computer for you?
Or does it involve chocolate?
A bit of research published in the journal Computers in Human Behaviour attempted to find out how people are obligated by the kindness of others. Or in other words, if someone does something nice for a person, how likely is it that the person will be nice back to them?
The researchers in Luxembourg conducted a survey of random people in the street asking them about internet security including questions about passwords.
Some of the people interviewed were given chocolate and some weren’t.
30% of those that were not given chocolate revealed their passwords which to me is a surprisingly high percentage and just goes to show that quite often human stupidity is the weakest link in internet security.
For the people who were given chocolate at the beginning of the interview the figure rose to 44% and if the chocolate was given just before the question on passwords was asked an incredible 48% gave their passwords! Yes, nearly half of the people asked their passwords as part of a survey told a complete stranger their password if they had been given chocolate.
Andre Melzer, the author of the study said that “when someone does something nice for us we automatically feel obliged to return the favour”.
So, in conclusion, if someone walks up to you in the office and offers you a piece of chocolate be careful what you say…
https://www.theexpgroup.com/wp-content/uploads/2016/07/chocolate.png9211637Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-05-25 02:55:442018-05-25 02:55:44Would you do this for a bit of chocolate?
Do you have children? Have they ever told you a lie? Even a small teeny weeny lie?
Well, if they have then although you may not be particularly pleased with them, it may actually mean that they have good memories and excellent thinking skills.
Psychologists at the University of Sheffield tested 135 children and found that those children that lied performed much better than the honest children in the group.
The children in the study were aged between 6 and 7 years old and during the study they were given a trivia game. The answers to the trivia game were on the back of the card which they had been given. Initially, each child was in a room accompanied by one of the researchers but the researcher then left the child alone with the card with the answer on the back.
Before leaving the room the researcher told the children not to look at the answer but what the children didn’t know was that when they were alone in the room there were hidden cameras which were monitoring whether they would look at the answers on the back.
25% of the group subsequently cheated and looked at the answers on the back of their cards but claimed that they hadn’t cheated when the researcher returned to the room.
At a later stage, all of the children had to perform a separate memory test and the research found that the children who had lied performed significantly better than those children who didn’t lie.
Dr Tracy Alloway, project lead from the University of North Florida was also involved in the research and said that “this research shows that thought processes, specifically verbal working memory, are important to complex social interactions like lying because the children needed to juggle multiple pieces of information while keeping the researcher’s perspective in mind”.
This has got me thinking as a lot of the readers of this blog are accountants or studying to be accountants.
“Thought processes”, “verbal working memory”, “juggling multiple pieces of information” and “keeping other people’s perspective in mind” are all skills which many accountants need.
Does this mean that you would make a good accountant if you were a good liar when you were a child?
Whatever your answer is, I’m not sure I would believe you…
https://www.theexpgroup.com/wp-content/uploads/2016/02/Young-accountant.jpg7691361Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-05-03 13:00:252018-05-03 13:00:25Would a good liar make a good accountant?
I’ve been a qualified accountant for a fair few years now.
I had the pleasure of bumping into my first auditing lecturer last week. It was at a business mixer event and even though it was a long time since we last saw each other he really hadn’t changed that much.
We got talking and I reminded him of something that he told me that I’ve remembered ever since and to me is a great way of explaining what is meant by “True and Fair”. Those of you that have studied financial reporting papers will be aware of the importance of “True and Fair” in connection with financial statements.
In summary, financial statements should provide what is generally understood as a true and fair view of the reporting entity’s financial position, performance and changes in financial position.
I always remember my lecturer telling me the story of the ship’s captain that was having a problem with his first mate who was always drunk. In the end the captain wrote an official entry in the captains log saying “Today, the first mate was drunk.”
The first mate was upset about this and the next time he took charge of the ship when the captain was asleep, he wrote in the log that “Today, the captain was sober”. This of course implied that on other days the captain wasn’t sober as he was drunk.
Now, the statement “today, the captain was sober” was clearly true but I’ll leave it up to you to decide whether or not it was fair!
https://www.theexpgroup.com/wp-content/uploads/2018/05/True-and-fair.jpg33065878Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-05-02 12:47:142018-06-12 06:03:21The Captain was sober, the First Mate was drunk. Was that true? Was that fair?
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