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The Streaming Epoch ‘Netflix’

In the beginning, there was “television” then it was “cable” and now it’s “NetflixX”.

The era has vanished where for Entertainment we had only the “Traditional Options”- Going to Theatre for the Morning Shows, Matinee show, Night Show or the last option Television with the same daily soaps and the same movies routinely which left us with no self-choice. This new dawn aroused with all new thoughts, exigency of variety, Hi- Speed Internet, less efforts- more output, One-Touch and done, mood swings for each minute right from a year-old baby to Grand’s everyone is addicted to the Trend.

And to talk about the current Trend in People especially the Youngsters is all about “Streaming Services” “Video on Demand Services” which offers one’s with a whole online streaming of a package full of Movies, TV Shows, LiveNews, TV Series those produced in-house that too all sorted in a manner for ease of operating and searching as per one’s mood.

NETFLIX is one which started the trend and took off more for creating an active role of both Producer and Distributor for both Movies and Television Series and also offers it’s “Netflix Original” content through its online library. Netflix released an estimated 125 + original movies and TV Series in 2016 which was more than any Network and Channel and forecasted for 700 +.

So on its wide varieties and the power to relate with the touchpoints of what the viewers are expecting especially the youths they subsequently got growth in their subscribers. To be more specific it’s has reached 250 million subscribers and counting daily with more and more. NETFLIX works on subscribe and watch basis, no kind of content is free to watch let that be Netflix’s original content, any Movies, TV Shows, Series and etc.

Initially, there was “Television” then it was “Cable” and now it’ s “NETFLIX” Contents of NETFLIXLicensed, 2nd Run: This incurred of the movies with great popularity and are already released. In this NETFLIX buys the online streaming rights and license fee for the particular duration depending on the watching frequency and popularity on the content. Licensed Original: This acquires the content which is been produced by some other companies, but the distribution rights are acquired by NETFLIX.

This trend started in 2013. Self-Produced Original: Netflix started its own production content in 2016 in which all rights are incurred right from the Production to Release from the Original Content “Stranger Things”. In Self-Produced originals, the cost of the licence fee and buying the rights to stream cost a lot which got skipped in their own casting, Production, and Release, and got more popularity by its original content. The main revenue generated from NETFLIX generates by its Monthly Subscriptions which is chargeable and varies with your Watching Habits or Watching style, whether you prefer on your Mobile App, Laptop, your iPad/ Tablet or Television. The monthly packs are variable too with respect to one’s preference to ”Watch – on”, satisfaction on different categories like HD, Ultra HD, access to Unlimited Movies and with regards to packages like Mobile, Basic, Standard, and Premium with variations in costs depending on the usage of individuals. The best strategy of NETFLIX is that it’s one month of Free Trial, which subsequently makes the customers habitual and addicted to the Content. Mainly the TV Series whose most Trending example in Indian Youths, which is an original content made my NETFLIX especially for Indian audience, took a budget of 100 Cr for NETFLIX for its second season which is “Sacred Games” after which due to word of mouth created in the surrounding NETFLIX created its own craze and now has become unstoppable and eventually resulting in increased number of Subscribers which indirectly results in increased revenue.

According to 2018 financials, revenue generated by NETFLIX was 16 Billion Dollars. Which owns 151.6 million paid subscribers.

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In a report known as “Brydon Report”, a former London Stock Exchange chair Sir Donald Brydon has suggested that the audit profession has lost its way. This was the third report commissioned by the former Prime Minister Theresa May to provide an Independent Review into the Quality and Effectiveness of Audit. After a series of high profile corporate failures such as the construction company Carillion, the retailer BHS, and the travel company Thomas Cook has shaken up the Financial Reporting Council and the British lawmakers. It has also raised questions on the effectiveness and reliability of the audit.

“Audit is not broken but it has lost its way and all the actors in the audit process bear some measure of responsibility”- Sir Donald Brydon

In a 135 pages report, Brydon has highlighted the shortcomings of the current external audit practices, especially the BIG FOUR FIRMS- PwC, Deloitte, KPMG and EY. These firms conduct the audit of FTSE-100 companies and therefore, there is almost no competition which is part of the problem. The report whilst highlighting the problems also gave various recommendation to improve the quality and effectiveness of the audit.

Key Identifications

The report suggests that there should be a change in the definition of the audit and it should be “written in plain English.” Brydon also believes “audit lacks a clearly understood and fully encompassing purpose.” The current definition fails to clearly describe the purpose of the audit and how and why it should be conducted. The change in the definition will help the auditors to make use the unique opportunity they have to verify, confirm and inform the stakeholders with everything that’s going on in the company and not just the financial statements.

"There has been a slow evolution, since the 1970s, in the role of audit from being just a periodic external check on the accuracy of financial reporting towards a value-adding function, but this has further to go."

Along with the shift in definition, auditors should be given proper training to make use of modern technology. Auditors also fail to make their reports more informative and useful.

“The purpose of an audit is to help establish and maintain deserved confidence in a company, in its directors and in the information for which they have a responsibility to report, including the financial statements, and the balance sheet

The auditors should look beyond the accuracy of financial statements and communicate better with the shareholders and other stakeholders. In current audit practices, even if auditors found a point of concern, they don’t inform it to the shareholders instead just discuss in the closed rooms with the directors, CEO and CFO. Thereby, they fail to grasp the opportunity to expand the scope of the audit and communicate better.

"In hiding behind the need only to confirm and verify, many auditors have failed to grasp the opportunity to make their reports more informative. Many do take this opportunity in private, communicating well beyond the narrow confines of auditing standards when reporting to audit committees, but not to shareholders or other stakeholders."

Recommendations

Following are the key recommendations made by Sir Donald Bryden.

•A redefinition of audit and its purpose;

•The creation of a corporate auditing profession governed by principles;

•The introduction of suspicion into the qualities of auditing; the extension of the concept of auditing to areas beyond financial statements;

•Mechanisms to encourage greater engagement of shareholders with audit and auditors;

•A change to the language of the opinion given by auditors;

•The introduction of a corporate Audit and Assurance Policy, a Resilience Statement and a Public Interest Statement;

•Suggestions to inform the work of BEIS on internal controls and improve clarity on capital maintenance;

•Greater clarity around the role of the audit committee;

•A package of measures around fraud detection and prevention;

•Improved auditor communication and transparency;

•Obligations to acknowledge external signals of concern;

•Extension of the audit to new areas including Alternative Performance Measures; and

•The increased use of technology.

Source: Brydon review final report

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