Is Dar Al Islam - 1441 Words

one is Dar al-Islam - furthermore the other is Dar al-Harb. Either you are a Muslim plus fit in to the dwelling of Islam, or you are of the dwelling of war and to be discarded as well as dreaded. To live external of Islam places you at peculiar with your society, your persons, and your principles in addition to your God. They fear each who exists in this odd globe that lives comparable to Islam except is within resistance to it (Inglehart, Norris, 2002, p. 27). 1.8 Al-Bassmala: the Verse of Mentioning the Name of God Being used to Instill fear in their Faithful Husain, (2004) in his study has observed that In Chapter 16, Verse 98 of the Holy Quran, Allah extol to Him teaches Muslims to seek refuge with Him from the Stoned Shaitan (Satan) when they begin narrating the Holy Book. The Stoned Shaitan is a citation to the tale of Ibrahim (Abraham), harmony be upon him, who tossed stones at Satan, while the second was attempting to deter him from submission to God. The actual primary Chapter of the Holy Quran, Al-Fatiha (The Opening), begins with Al-Bassmala, which is the verse of stating the name of God. It affirms: In the name of Allah, the Beneficent, the Merciful. This is deemed the opening verse of the Holy Quran.Every chapters of the Holy Book begin with it apart from Al-Tawba (Chapter 9) (EVANS, 2011). Consequently, when Muslims begin declaiming the Holy Quran or begin praying, they utter: I seek refuge with Allah from the Stoned Shaitan. Then they pursue thatShow MoreRelatedAl Islam : A Major Economic And Cultural Center1220 Words   |  5 PagesAt this time world were divided into two parts: Dar Al-Islam which was the house of Islam and Dar Al-Harb the house of war.In order to be a part of Dar Al Islam a country/empire must be ruled by a muslim government.The outside world, which has not yet been subjugated, is called the House of War-the name that Dar Al Islam gave to the Europe because of christian being. -DAR AL ISLAM -Was a major economic and cultural center in the word.Dar al Islam provided a common language of traders on IndianRead MoreUnity And Diversity Of Islamic Civilization. Set In The1508 Words   |  7 Pages(Quran, Al-Mujadila 58:11). When analyzing Ross Dunn’s The Adventures of Ibn Battuta, the unity and diversity of the Islamic civilization becomes evident through the eyes of Ibn Battuta. Ibn Battuta spent most of his travels accompanying the Dar al-Islam, an Islamic culture that unified believers through the shari’a . It extended all the way from the Atlantic coast of West Africa to Southeast Asia and was the foundation of social order. However, for Ibn Battuta and his associates, Dar al-Islam meantRead MoreThe Shia s View On Abu Bakr1093 Words   |  5 Pagesperiod (610-622)— the struggle when being pressured and persecuted. The lesser Jihad (622-632) is more physical and outward Jihad, more relating to violence. Jihad al-Nafs is the struggle with oneself, or soul. The Jihadd al-Saif is the struggle of the soul. The Khawarij’s even adopted the concept of jihad as one of their pillars of Islam (Rahman 37). The Quran describes it as a system similar to checks and balances in which one group has the responsibility to check other groups if they violate thereRead MoreThe Recent Engagement Of Contemporary Islamic Thought With Modernity875 Words   |   4 Pagesof western modernity. In this context, Islam and the discourse of western Muslim intellectuals have gradually gained visibility and significance through the continuing migration and the growth of new generations in the western societies. Western Islam also has emerged in the hearth of modernity; yet did not follow the same patters of classical modernization trends. However, it could not escape the hegemonic influence of modernity. As a result, western Islam is emerging not only as a response to theRead MoreThe Islamic Religion Of Islam1478 Words   |  6 Pagesthe Muslims were very obeying of their ruler and their religion. An example of proper loyalty shown by the Muslims is during the crusades. In today’s society, people continue to break the rules of the Quran through terrorism. Terrorist groups like Al-Qaeda and Isis are two examples of Islamic terrorist organizations. Since the time we studied in class, the Islamic religion has turned to a much more violent religion The Quran is the most sacred document to the Islamic people and basically tellsRead MoreAnother Advancement Of The Tang Dynasty Was Its Arrangement1620 Words   |  7 Pagessupply of Rome s best conventions: law. Byzantine Empire Themata-750-en.svgAnother of the Byzantine Empire s developments was provoked by a squeezing security issue: the progress of Islam on its eastern boondocks. Securing its outskirts against brute attacks was a noteworthy issue for the late Roman Empire, however Islam spoke to an a great deal more composed front. To counter this danger the Byzantine Empire built up an arrangement of majestic association called the topic framework. Every topic, orRead MoreThe Encounter Between War And Religion932 Words   |  4 Pagesthat have been waged in excess and end in killing. Islam and War Islamic belief in found in the Qur’an. According to our text, â€Å"Warfare is sanctioned as one form of jihad, or struggle to establish and spread the peace and justice of Islamic community.† (Sanders, 2006, pg. 320) Islamic communities believed that the world was divided into two separate groups. These groups were that of either Dar ar-Islam, which was peace and justice, or that of Dar al-Harb, which was chaos and war. In order for the jihadRead MoreChristianity And Islam : The World s Largest Religions1501 Words   |  7 PagesChristianity and Islam are two of the world’s largest religions. According to Pew Research â€Å"there are 2.18 billion Christians of all ages around the world and there are about 1.6 billion Muslims.† The two religions share many similarities. For example both religions teach that â€Å"there is One true and only God, the righteous and transcendent Creator of all things in heaven and earth† (34). Both religions have foun dational texts, Christianity has the bible and Islam has the Quaran. Although among theirRead MoreA New Society : The Expansive Realm Of Islam879 Words   |  4 PagesHelen Santos April 7, 2016 History 110A-Section 04 MWF 11:00AM Chapter 14: A New Society: The Expansive Realm of Islam Chapter 14 in the book Traditions and Encounters: A Global Perspective of the Past by Herrry H. Bentley and Herbert F. Ziegler is mainly about Muhammad, the prophet, and his world, the expansion of Islam, economy and society of the early Islamic world, and its values and cultural exchanges. This chapter begins with the Muhammad and the message he brings. It all began in the ArabianRead MoreAl-Shabaab Terrorist Group1590 Words   |  6 PagesIntroduction: Al-Shabaab as a terrorist group poses a significant threat in Somalia and in the global community. This paper will start by discussing the background. In this part the paper will show how the group has evolved from Al-Ittihad Al-Islam (AIAI) to the Islamic Court Union (ICU) and lastly to Al-Shabaab. Before discussing the group’s threat of national security, homeland and international, this paper will provide the conceptual meaning of key terminology, such as national security, homeland

The Freedom Restoration Act Should Not Be Treated Like...

Whether big or small, corporations should not be treated like people, let alone granted religious freedom. The Supreme Court continued the horrible trend of pro-corporation rights. Whether one stands with Hobby Lobby, Inc. and considers this case a success of religious freedom or an intrusion, I see it as the court favored corporation’s rights over personal rights. Female workers should be given the availability to use contraceptives. In 2012, the Supreme Court ruled on the case of Burwell v. Hobby. The case dealt with the free exercise clause under the first amendment and the Religious Freedom Restoration Act (RFTA) and whether a for-profit corporation could be exempt from the Affordable Care Act. The free exercise clause of the First Amendment states that Congress shall make no law...prohibiting the free exercise of religion. Therefore, Religious Freedom Restoration Act prohibits the government from â€Å"substantially burdening† a person’s exercise of religion unless â€Å"application of the burden is in furtherance of a compelling government interest† and is the â€Å"least restrictive means of furthering that interest†. The Affordable Care Act sought to provide affordable alternative health resources to female workers, like contraception. Business of more than 50 employees were required to cover the cost of contraceptive in which Hobby Lobby, Inc. believed the coverage of these methods went against their faith. In addition, the regulation would impose a regulatory fee to companiesShow MoreRelatedPolitical Situation in Pakistan14875 Words   |  60 Pagesthe birth of Pakistan every government has appealed for national unity. Pakistan has run into crisis after crises, each graver than the preceding and unity has eluded us despite all the fervent appeals made. There must be serious reasons why crises should exist in abundance and not unity. These reasons need to be examined. Our country has been threatened by two sorts of c rises-a general one affecting the world, but particularly Asia; and the other casting its gloom over the sub-continent. There isRead More5- Islamic Civilization (fall; a force; world peace).6212 Words   |  25 Pageswhich I have rarely seen asked. After Admiral Perry s â€Å"Black Ships† visited Japan in the mid-19th century, the Japanese immediately realised how far they were behind the United States. Accordingly Japanese society transformed itself with the Meiji Restoration and threw itself into a frenzy of modernisation which was so successful that by 1905 they were able to defeat Russia in battle on land and sea. Why did Muslim majority countries which were adjacent to Europe and therefore fully informed how farRead MoreAbout Face: the Face Transplant Debate6103 Words   |  25 Pagesthus restricting movement and resulting in a mask-like appearance. From a surgical standpoint, facial transplant offers an attractive option. By transferring an entire facial skin flap, including the vascular supply, from one person to another, surgeons envision optimal outcome with muscle function that most people take for granted, such as breathing, chewing, and closing their eyes to sleep (Hartman, 2005). This functional improvement should also coincide with improved aesthetic appearanceRead MoreNational Security Outline Essay40741 Words   |  163 PagesPowers Resolution 49 II. The War Powers Resolution: A Debate between JNM and Frederick Tipson 50 CHAPTER 18: The National Security Process 60 CHAPTER 19: intelligence and Counterintelligence 63 CHAPTER 20: Access to Information 65 CHAPTER 21: Freedom of Expression 70 CHAPTER 22: National Security and the Fourth and Fifth Amendments 73 R. J. Rummel, â€Å"Power Kills; Absolute Power Kills Absolutely (Oct. 1991) 77 A. Theories of Confidence-Building Measures 79 J.N. Moore, Law and the IndochinaRead MoreModern History.Hsc.2012 Essay25799 Words   |  104 PagesMODERN HISTORY -2012 Topic one – USA 1919-1941 Topic two – conflict in the pacific Topic three – Douglas MacArthur Topic Four – World War I TOPIC ONE – USA 1919-1941 USA 1920’S * the radio age * felt like istory had turned a corner and never going back * stock market * black Thursday November 24 1929 * the jazz age * a speakeasyyyyyyy How significant were the Republican policies in causing the great depression? The significance of the republic policiesRead MoreSda Manual Essay101191 Words   |  405 PagesCounted in Statistical Reports .................................................. If Member Is Not Accepted ....................................................... No Letters to Members Under Discipline ................................ Church Letters Granted Only to Those in Regular Standing ... Not to Vote Letter Without Member’s Approval ...................... Church Boards Cannot Grant Letters ...................................... Conference/Mission/Field Church ..................................Read MoreSources of Company Law48332 Words   |  194 Pages1 Sources of Company Law 1.1 W HAT IS COMPANY LAW? For the last century and a half a complex body of legislation called the Companies Acts has declared that if anyone presents to Companies House the documents required to form a ‘company’, the Registrar of Companies will issue a Certiï ¬ cate of Incorporation stating, like a birth certiï ¬ cate, that a new person, a ‘limited company’, has that day come into being. This robotic person, ‘owned’ by its shareholders, has no arms or legs, nor evenRead MoreNotes18856 Words   |  76 Pagesmonumental milestone in  ­ the development of Africa. The Africans consider the impact of colonization  ­ on them to be perhaps the most important factor in  ­ nderstanding the u p  ­ resent condition of the African continent and of the  ­ frican people. A Therefore, a close scrutiny of the phenomenon of  ­ olonialism is necessary c to appreciate the degree to which it influenced not only the economic and political development of Africa but also the African people’s perception of themselvesRead MoreControl Theory15246 Words   |  61 Pagesrun dry. This is not to say that Hirschi’s theorizing has been universally popular. His frameworks are bold—critics would say pretentious (Geis, 2000)—because they claim to be â€Å"general theories† that explain crime across types of crime and types of people. Hirschi also has shown little interest in race,class,and gender inequalities that others—especially those from more critical perspectives—see as fundamental to any explanation of crime (see, e.g., Miller Burack, 1993). Regardless of their meritsRead MoreRethinking Mercantalism Essay15042 Words   |  61 Pagesin the first instance because of â€Å"the same passion which has suggested to so many people the absurd idea of the philosopher’s stone.† The Council of Castile sought colonies in the New World exclusively in â€Å"the hope of finding treasures of gold there.† â€Å"The first adventurers of all the other nations of Europe, who attempted to make settlements in America,† Smith noted with contempt, â€Å"were animated by the like chimerical views; but they were not equally successful.†1 With these elegant words

Managing Teams Free Essays

The behavioral psychology of a modern man is that only as the individual joins with his fellows in groups and organizations can he hope to control the political, economic, and social forces that threaten his individual freedom (Hersey, 1996, p. 359). One of the realities of organizational behavior is that we have to work in and with problem-solving groups in order to accomplish our aspirations. We will write a custom essay sample on Managing Teams or any similar topic only for you Order Now   No matter how much individual value is emphasized, almost all of the goals can only be achieved in a group. It is therefore important to apply behavioral science principals and concepts to managing teams more effectively. Creating and managing teams in the workplace can lead to effective outcomes. Teams (formal work groups) are increasingly viewed as productivity engines and just like engines, they require constant care and maintenance (Dumaine, 1994 pp. 86-92). Organizations that are willing to invest in matching the right type of team to the right situation are getting very high returns on their investments.   Success in managing teams depends upon clear and decisive executive management, vision, training as well as involvement of cross-functional group of employees (Hersey, 1996, p. 360). According to Brian Dumaine, there are five types of teams: Problem-Solving Teams: Identify and attack a problem and then disband. Management Teams: Coordinate work from different departments and functions. Work Teams: These are self-managed teams doing daily work. Virtual Teams: They accelerate and use high technology communications to exchange ideas and roles. Quality Circles Groups: They consist of workers and supervisors who meet periodically to address problems. Managing a Productive Team Success in creating a productive team also depends upon the way the teams are put together and how they draw on their experiences. It also depends on how the team is designed. Teams that learned new procedures quickly share three essential characters. They were designed for learning; their leaders framed challenges in such a way that team members were highly motivated to learn; and the leaders’ behavior created an environment of psychological safety that fostered communication and innovation. Another critical aspect of team designing was the extent to which substitution is permitted. For that leaders need to develop conditions for team members such as establishing open communication and developing trust a sense of camaraderie. Executive management team can also dilute the complexity of surrounding strategic issues by giving more sophisticated analyses and comprehensive solutions as well as establishing an appropriate atmosphere for the team because perceptions become reality, understand and manage them; investigate the gaps between perceptions and reality; and act decisively to correct gross misperceptions. As Douglas K. Smith suggests, â€Å"in the end, the wisdom of teams is within the team itself. It is not in creating the high performance organization, managing transformational change, enforcing corporate performance ethics, or inspiring new dimensions of leadership. It is in a small group of people so committed to something larger than them that they will not be denied† (Ward, 2007, pp. 85-90). It is important to develop teams of people (human resource) to fulfill goals and objectives according to a company’s entrepreneurial vision. The internal environment of any organization would favor and encourage corporate team building policies, a complete corporate culture and values to achieve organizational goals and vision. References Creating and Managing Teams from organizationaldynamics.com http://sloanreview.mit.edu/x/48313 John R. Katzenbach and Douglas K. Smith, The Wisdom of Teams. How to cite Managing Teams, Essay examples

Quality Assurance and Improvement Program †Free Samples to Students

Question: Discuss about the Quality Assurance and Improvement Program. Answer: Introdcution: Analytical procedures deal with the evaluation of financial information and the use of this procedures helps in increasing the efficiency of auditors. Procedures deal with the analysis and evaluation of expected and plausible relationship between non-financial and financial data by auditors. It might involve use of simple methods for analysis purpose along with using complex models comprising of elements of data and existing of relationships. Using the analytical procedures is helpful to auditors in planning state or preliminary stage. Investigation threshold of auditors helps in increasing the efficiency of procedures in planning stage. This would help in increasing the understanding of audit about the nature of business of clients and recognize any audit risks that would arise by considering unexpected balance or unexpected relationship between data presented. Auditors modify audit plan by depicting the extent of deviations from expected values (Knechel et al., 2016). Several tools that are used in analytical procedures include common size analysis, ratio analysis and benchmarking. Common sizing helps in making the financial performance between the entities over the time and it also makes comparison of financial performance over two different time periods. Auditors such as assets can consider many items and liabilities for examining deviations arise. The audit plan can be analysed by auditors by using the benchmarking tool. Such tool will assist auditors in ascertaining the cause of deviations for detecting variances and determining the root cause. In the current case study, the analytical procedure use by auditors would be ratio analysis. This particular tool helps auditor in identifying the performance tends of DIPL over the period of time and comparing it with other indicators. In the particular case study, calculation of several ratios has been done such as current ratio, solvency ratio and profitability ratio. Application of technique of rati o analysis has been applied in the evaluation of financial information provided by DIPL over the period of three years (Decaux Sarens, 2015). Particulars 2013 2014 2015 Profit margin 0.068 0.60 0.06 Solvency ratio 0.62 0.44 0.21 Current ratio 1.42 1.46 1.50 Ratio Explanation Audit impact Current ratio The liquidity position of DIPL is depicted by calculation of Current ratio. DIPL has witnessed an improvement in their liquidity position as demonstrated by increase in current ratio over the time period. Ratio stood at 1.42 in financial year 2013 and it increased to 1.46 and further to 1.50 in financial year 2014 and 2015 respectively. Increase in current ratio is indicative of the fact that ability of DIPL to meet its current obligations using its current assets. Improvement in current ratio 0f DIPL is mainly associated with is writing back of allowance for loss resulting from inventories. Auditors would be efficient while planning the audit because it will assist them in evaluating the financial position of organization (Knechel, 2016). Profitability ratio The comparative analysis is depicted by calculation of profitability ratio for three-year period. Profit margin of IPL has remained more or less same for three year. Ratio stood at 0.068. 0.60 and 0.60 for financial year 2013, 2014 and 2015 respectively. There have been variations in the ratio only by fewer points. Increased profits have been mainly associated with saving of tax amount resulting from higher amount of interest expenses. Any deviation in ratio would assist auditors in ascertain the reason behind the deviation compared to previous years. There has not been any improvement in profitability ratio. Auditors will be able to assess the going concern ability of DIPL by analysing the reason for falling ratio. Future prospects of organization will be planned due to analysis of this ratio (Earley et al., 2016). Solvency ratio From the above figure, it can be seen that there has been fall in solvency ratio is indicative of fact that there is high probability that company will make default on its debt obligations. Solvency ratio for financial year 2013 stood at 0.62, 0.44 and 0.21 for financial year 2014 and 2015 respectively. Falling ratio indicates that company has been relying more on debts borrowed from financial institutions. Auditors would be assessed in determining financial stability during favourable and unfavourable conditions. This particular ratio helps in identifying that there is an increase in financial risks and it is required by DIPL to maintain adequate flow of cash for meeting long and short-term obligations (Chambers Odar, 2015). Identification of two inherent risk factors due to the nature of operation of business of DIPL: The inability of business to meet their obligations and daily requirements lead to generation of business risks. Inherent risk Risk of material misstatement Information technology risks An organization is posed to several threats due to the adoption of advanced technology for carrying out daily operations. Company adopted an Information technology system in year 2015 for integrating into general ledger system. There can be adverse impact on operations of organization if there exists any deficiency in technology system adopted. DIPL has currently adopted a novel accounting system and there are several risks associated with it. Workers currently working in organization do not have sufficient knowledge and expertise in running the accounting system. Moreover, installation and reconciliation of system will put excessive workload on workers and this will pressurize them to get indulge in fraudulent activities. Accounting information system is exposed to several risks due to some sort of uncertainties arising from natural or manmade disasters (Doelitzscher, 2014). It becomes difficult for company to maintain balance between existing system of accounting software and the new advance system for accounting. Furthermore, certain transactions were not properly recorded as preparation of financial statements did not adhere to periodicity concept in accounting. Financial risks Financial risks are the risks that are related with the inability of organization to meet their long-term obligations. With increase in outside liabilities, financial risks of DIPL will also increase. Over the period of last three years, there has been increase in proportion of debt in comparison to equity. Organization has increasing burden of repaying the amount of loan and regular payment of interest. Inability of DIPL to make the regular payment of interests and principal amount on time would threaten the long-term solvency position of organization (Hardy et al., 2014). It is certainly possible in the current scenario faced by DIPL that certain transactions will not be properly recorded in the financial statements. There are several reasons associated with the fraudulent activities due to manipulation by staff members an workers working therein. Obtaining loan from the lending institutions requires DIPL to maintain the ratios at specific level in order to obtain required loan amount. It is required by DIPL to maintain current ratio at level or around 1.5 and solvency ratio less than one. Maintaining such level of current ratio requires organization to inflate their current assets through increasing value of inventories and receivables. For maintaining the level of prescribed debt ratio has forced the company and they have increased the value of retained earnings through inflating value of equity. In addition to this, there are certain factors that would lead to material misstatement in the financial statements presentations. Lack of proficiency and inefficiency among employees has resulted in improper recording of transactions and they are bound to make mistakes (Duncan et al., 2014). There are additional work load for installing the accounting system and this would also results in additional amount of errors. Two types of fraud risk factors that are related with material misstatements arising from fraudulent reporting due to fraud activities are discussed. There are possibilities on part of operations of DIPL that my lead to evolving of Fraudulent activities. Fraud risks Explanation Nature of control environment Fraudulent practices in financial reporting of DIPL would arise because of poor segregation of work and improper definition for description of job. Account payable clerk does the recording of all the transactions related to inventories. Purchase, valuation and quantity of inventories arrived in organization is prepared by accounting clerk. It is certainly possible that there can be manipulation of inventories recording. This can be done by mentioning fewer amount of inventories received during the time of arrival and manipulation of cash transactions can be done by mentioning that there has been excess arrival of inventories. Moreover, DIPL does not have any proper system of documentation that would help in escalating fraud activities. Other activities that can be accountable as fraud is due to excessive work pressure on existing workers resulting dissatisfaction. They will be asked to maintain particular level of inventories and ensure smooth running of novel accounting system. This particular act would also force and pressurized them to get engaged in activities that might evolve fraud in organization. Debt covenants It is required by the finance department of DIPL to meet various criteria and requirements of lending institutions such as maintaining prescribed level of solvency ratio and current ratio. Two covenants were required for acquiring loan of amount 7.5 million from BDO finance. It was required by DIPL to maintain current ratio at around 1.5:1. In addition to this, it was required by them to maintain debt ratio lower than one. The operations of DIPL would be adversely affected if the organization is not able to maintain the ratio at the prescribed level and loan would be taken back. It is certainly possible that DIPL would be able to maintain and stick on the conditions provided by indulging in fraudulent activities (Bepari Mollik, 2015). DIPL can maintain dent ratio below one by inflating value of retained earnings and inflating current assets would help in maintaining the prescribed level of current ratio. Therefore, in order to meet certain stakeholders, DIPL would be pressurized to indulge in some fraudulent activities. Impact of above two identified fraud risks on conduct of audit plan: It is required by auditors while conducting the audit of any organization to reduce the level of risks faced to some possible extents and to certain acceptable level. Fraud risks Impact of such risks on audit plan Nature of control environment It is required by auditors to carry out investigation for enquiring about any deflation in current liabilities and inflation in the current assets. In addition to this, there needs to bed one careful verification of value of retained earnings mentioned in balance sheet. Such fraudulent activities are mainly attributable to the fact that organization has pressure from the management and investors to maintain particular level of ratio as this will help them in gaining return in investment and good rank from credit agencies (Jones Beattie, 2015). Debt covenants It is required by auditors to make a through verification of the valuation of inventories that is arrival of inventories and their sales should be cross verified. Auditors are required to make reconciliation between the quantity of inventories received and quantities of inventories purchased. This will assist auditors in identifying whether the accounting clerk has made any manipulation or not. References: Ahmed Haji, A., Ahmed Haji, A., Anifowose, M., Anifowose, M. (2016). Audit committee and integrated reporting practice: does internal assurance matter?. Managerial Auditing Journal, 31(8/9), 915-948. Bepari, M. K., Mollik, A. T. (2015). Effect of audit quality and accounting and finance backgrounds of audit committee members on firms compliance with IFRS for goodwill impairment testing. Journal of Applied Accounting Research, 16(2), 196-220. Chambers, A. D., Odar, M. (2015). A new vision for internal audit.Managerial Auditing Journal,30(1), 34-55. Decaux, L., Sarens, G. (2015). Implementing combined assurance: insights from multiple case studies.Managerial Auditing Journal,30(1), 56-79. Doelitzscher, F. (2014). Security audit compliance for cloud computing Duncan, B., Whittington, M. (2014, September). Compliance with standards, assurance and audit: Does this equal security?. InProceedings of the 7th International Conference on Security of Information and Networks(p. 77). ACM. Earley, C. E., Hooks, K. L., Joe, J. R., Polinski, P. W., Rezaee, Z., Roush, P. B., ... Wu, Y. J. (2016). The Auditing Standards Committee of the Auditing Section of the American Accounting Association's Response to the International Auditing and Assurance Standard's Board's Invitation to Comment: Enhancing Audit Quality in the Public Interest. Current Issues in Auditing, 11(1), C1-C25. Hardy, C. A., Laslett, G. (2014). Continuous Auditing and Monitoring in Practice: Lessons from Metcash's Business Assurance Group.Journal of Information Systems,29(2), 183-194. Jones, G., Beattie, C. (2015). Local government internal audit compliance. Australasian Accounting Business Finance Journal, 9(3), 59. Knechel, W. R. (2016). Audit quality and regulation. International Journal of Auditing, 20(3), 215-223. Knechel, W. R., Salterio, S. E. (2016).Auditing: Assurance and risk. Taylor Francis. Pitt, S. A. (2014).Internal audit quality: Developing a quality assurance and improvement program. John Wiley Sons. Soh, D. S., Martinov-Bennie, N. (2015). Internal auditors perceptions of their role in environmental, social and governance assurance and consulting.Managerial Auditing Journal,30(1), 80-111.

Adam Smith vs. Karl Marx Legacy on Capitalism and Morality free essay sample

Capitalism remains to be the enduring economic system in societies surrounding exchange and distribution of goods and services. Popular debates center on its issues and controversies on why such a flawed system continue to rule. And no other great names inspired discussions on capitalism than Adam Smith and Karl Marx, extreme sides in the political-economic gamut. This essay aims to decide the point of convergence and divergence in their political-economic philosophy regarding capitalism. Karl Marx and Adam Smith both created a niche in classical economics, proponents of socialism and capitalism, respectively. As one of the original minds behind communism and first and foremost a revolutionary, Karl Marx is often regarded as brilliant radical philosopher of the 20th century. According to Marx, history evolves through the relationship between the â€Å"modes of production† and the â€Å"relations to production† (Engels Marx, 2007).   Adam Smith was the first one to established economics as a science. We will write a custom essay sample on Adam Smith vs. Karl Marx: Legacy on Capitalism and Morality or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He combines his economic teachings with moral theory on how people ought to live (Heilbroner, 1995). His ideas on market forces and the role of the state in economics are his greatest contribution to our economic system today. Karl Marx frowns on the central tenants of capitalism − less and no government intervention in economic affairs, free and steady market competition, private ownership and equal chance for everyone to maximize profits. His hatred to capitalism’s basic ideas leads him to believe that communism is the best political, economic and social system in every society. Production and consumption are the two essential parts of capitalism. For consumption to take place, production should happen. According to Karl Marx, the problem lies in the production side. His belief is that rich factory owners reap the benefits of poor man’s labor (Engels Marx, 2007). Workers are subject to exploitation as capitalists compete in the exchange market and must deliver their goods at the lowest possible cost. In turn, the workers protect themselves being exploited. Karl Marx believes that these social relations of production are inherently problematic, causing the class struggle and ultimately the overthrowing of capitalism by the working class. Like Karl Marx, Adam Smith believes in the importance of production. He believes in a free-trade society where a common man can start a business without government intervention and consumers can buy whatever they want at a price dictated by the law of supply and demand (Smith, 2009). The law of supply and demand in the free market leads to efficiency which keeps the most competitive consumers and producers afloat. There is no need for the state to be involved as the free market has its own devices to always return to equilibrium. Central planning, which is deemed necessary by Karl Marx to allocate resources, is not necessary and posed more burden according to Adam Smith. Both economists have a labor theory of value. For Karl Marx, a commodity should be valued according to the amount of labor it requires to be produced. Commodities have â€Å"use-value† (according to their capacity to satisfy the needs) and â€Å"exchange-value† (monetary value, in relation to other commodities in the market) which differ from one commodity to the other commodity. The amount of labor that goes to the production is their only common denominator and thus should measure the value of all commodities in the market. On the other hand, Adam Smith’s labor theory of value stems from â€Å"spectator sentiment† (Heilbroner, 1995). He identifies two kinds of prices, the natural price and the market price of the goods. According to Smith, the natural price is the value that consumers are willing to pay for the time and pain of the laborer of acquiring the skills along with the risk involved in the production. This natural price depends on the labor hours and effort that went to into making the commodity. However, natural price is not always equal the market price in a competitive market of supply and demand. Through competition, the market price is push to approach the natural price of the commodity. On the division of labor, Karl Marx and Adam Smith recognize its benefits. However, Karl Marx believes that under strict specialization a person is being dehumanized. A worker who is not able to fully grasp the process of creation and do repetitive labor seems more like a machine than a human. On the other hand, Adam Smith maintains that division of labor benefits society as a whole. It promotes specialization where things are done more quickly requiring fewer numbers of workers. A worker is not fit to produce the entire output and specialization allows him/her to focus on the job where he/she is good at. Karl Marx and Adam Smith also disagree in their view of private property. For Marx, all private ownership should be abolished. Capitalism, the system of private ownership of production† alienates human beings from their creation. A laborer only works as a means of survival and obtains no fulfillment from doing so because his/her output does not belong to him/her. These products are sold to the market by the capitalist for more profits. These laborers, born in the working class, are forever workers. The lucky ones born in capitalist class forever belongs to it. Capitalists do not only own the means of production but also control the government, media, universities and maintenance of status quo. He advocates a revolution of the proletariat to overthrow the capitalist class to change the current social, political and economic status.  Ã‚   For Smith, capitalism is not only favorable to the rich population. He argues that because private property exists, everyone has equal right to own, create and earn their own living. A privately owned property, motive to earn and productive actions are the right combination that leads to the natural market functions of the free market economy. He believes that capitalists have noble virtue behind their selfish desires as to avoid being greedy. Unlike Marx, he does not believe revolution as the solution. â€Å"The peace and order of a society is of more importance than even the relief of the miserable,† (Smith, 2009). For him, a revolution is unnecessary because of the benefits derived from capitalism of both capitalists and proletariat. Both have equal chances to better their situation in a free market. Though Karl Marx and Adam Smith seem to oppose one another based on their political ideologies, both their contributions are well regarded and manifest its influence up to these days. Works Cited Engels, Frederick Marx, Karl. The Communist Manifesto. Filiquarian Publishing House, 2007. Heilbroner, Robert L. The Worldly Philisophers: The Lives, Times and Ideas of The Great Economic Thinkers. NY: Robert Heilbroner, 1995. Smith, Adam. The Wealth of Nations. NY: Classic House Books,2009.

Free Essays on White Fang

White Fang is another of Jack London’s tales about the far reaches of the Artic. The journey into the lawless, and mysterious mind of a wild animal you will grow to love. The only survivor of the litter, the young pup was tested early. Already demonstrating a tight grip on life, that later would prove to be crucial. This puppy inherited brute strength from his wolf father, and great intelligence from his dog mother. This would eventually mold him into the freak of nature he was. The pup learned fast, and steadily he grew, both mentally and physically. In the Indian camp the little pup honed all his survival skills thanks to the daily persecution by Lip Lip and the puppy pack. In addition he and his mother were soon separated leaving young White Fang emotionally scarred. This caused a premature puppy hood, which would further help shape White Fang into clever ferocious beast that he would soon need to be. After settling with an Indian family, White Fang was soon sold to the biggest coward in the north. In the hands of Beauty Smith, White Fang was stripped of his freedom and dignity. Forced to fight to the death with strange dogs White Fang had never seen before. Battle after battle does White Fang proves his tenacious hold on life. White Fang now daily grew mad by the constant ridicule and torment he endured by the hands of the coward. After his rescue from the strangle hold of the foreign bulldog, and the tyranny of the Beauty Smith, did the half breed finally settle down, through the ever patient love, and compassion of Weedem Scott. The half wolf returned the deed with great loyalty and lasting companionship. This new relationship would further blossom, and land the Artic beast in the cool Northern California sun. Hard to believe but this wild animal found himself in a new world. After settling in with his master’s family White Fang adjusted quickly to the life... Free Essays on White Fang Free Essays on White Fang White Fang is another of Jack London’s tales about the far reaches of the Artic. The journey into the lawless, and mysterious mind of a wild animal you will grow to love. The only survivor of the litter, the young pup was tested early. Already demonstrating a tight grip on life, that later would prove to be crucial. This puppy inherited brute strength from his wolf father, and great intelligence from his dog mother. This would eventually mold him into the freak of nature he was. The pup learned fast, and steadily he grew, both mentally and physically. In the Indian camp the little pup honed all his survival skills thanks to the daily persecution by Lip Lip and the puppy pack. In addition he and his mother were soon separated leaving young White Fang emotionally scarred. This caused a premature puppy hood, which would further help shape White Fang into clever ferocious beast that he would soon need to be. After settling with an Indian family, White Fang was soon sold to the biggest coward in the north. In the hands of Beauty Smith, White Fang was stripped of his freedom and dignity. Forced to fight to the death with strange dogs White Fang had never seen before. Battle after battle does White Fang proves his tenacious hold on life. White Fang now daily grew mad by the constant ridicule and torment he endured by the hands of the coward. After his rescue from the strangle hold of the foreign bulldog, and the tyranny of the Beauty Smith, did the half breed finally settle down, through the ever patient love, and compassion of Weedem Scott. The half wolf returned the deed with great loyalty and lasting companionship. This new relationship would further blossom, and land the Artic beast in the cool Northern California sun. Hard to believe but this wild animal found himself in a new world. After settling in with his master’s family White Fang adjusted quickly to the life...

Annotated Bibliography Example | Topics and Well Written Essays - 250 words - 25

Annotated Bibliography Example [http://www.nytimes.com/2014/05/05/opinion/finally-some-optimism-about- obesity.html?_r=0 ] The article compares the responses of the government and related institutions in fighting obesity; with the previous actions taken to reduce smoking in the country. The authors feel that the fight against obesity may be successful like the one of tobacco, which became successful in 2009 when the state raised smoking taxes. The article discusses the effects of the obesity pandemic in the United States where a third of adults suffer from the disease while two thirds are overweight. The article argues that the continued rise in the prevalence of the disease would lead to the swelling of productivity, human, medical, and transport costs in the United States. Heuer, Chelsea A. â€Å" ‘Fattertainment’ – Obesity in the Media.† Obesity Action Coalition. 2015. Web. April 19, 2015. [http://www.obesityaction.org/educational-resources/resource- articles-2/weight-bias/fattertainment-obesity-in-the-media] The article explains how the media has increased awareness obesity by using images, movies, commercials, and programs that ridicule obese people. The author argues that the media’s focus on the disease is caused by the American ideology that people are responsible for everything that happens to them. The author, however, argues that although this is a good strategy, it discourages the obese people from losing excess weight. Kotz, Deborah. â€Å"Cause of obesity epidemic remains elusive.† The Boston Globe. July 13, 2014. Web. April 19, 2015. [http://www.bostonglobe.com/lifestyle/health- wellness/2014/07/13/cause-obesity-epidemic-remains- elusive/EEpcpoWB9Fyi6CDUgCw8RP/story.html ] Kotz’s article compares the findings of various studies that have been conducted in the past to find out the exact cause of obesity. The author argues that the varying findings of these researches indicate that no one has found out the real cause of the disease. This means there

Ethical Dillemas and Decision Making Processes Essay

Ethical Dillemas and Decision Making Processes - Essay Example In this essay the researcher attempts to briefly describe various ethical frame-works that are currently used to evaluate and critically engage with the relevance and urgency of values in social work. The researcher believes that it is important to do so because it helps people understand, grapple with and clearly articulate the complexities and contestations involved in values in social work thus helping to build shared meaning and provide alternate explanatory frameworks to aid analysis of ethical dilemmas. The process of reflection on ethical issues is a level deeper than a concrete problem-solving exercise that may not require an in-depth exploration of personal values. A combination of these two can not only decrease the ease with which social workers may come to a decision in crisis situations but also provide people with a richer understanding of the stakes involved in this profession and encourage people to reflect upon their own dispositions and actions, thus ensuring greate r ethicality in their practise and leaving open the possibility of constant dialogue and support. The researcher moves on to examine the vignette provided and attempt to analyse it in relation to the various ethical frame-works and directives for social values that are available in the field of social service. To conclude, the researcher also tries to point out, staying within the scope of this essay, the critiques of the various theories that were elaborated on as well as his own take on some of the issues discussed.

14 Coursework Example | Topics and Well Written Essays - 250 words

14 - Coursework Example I personally think that this assumption is accurate that crimes can be controlled by monitoring the surroundings. it is different from the other techniques as it direct monitoring and controlling the surroundings. People are be watched and actions are taken immediately by the concerning authorities. Environmental manipulation occurs when the surroundings of an individual are used to prevent crimes. These include access control, surveillance, residential areas which include limiting the activities of pedestrians and other unrelated people, use of close-circuit cameras, activity support and motivation reinforcement. Observing all the methods and techniques of environmental manipulation to control crime; I personally think that use of close-circuit cameras would be much effective in crime controlling as such a technique would prevent from more crime and people would be aware of the fact that they are being watched by the official authorities who are monitoring their actions. It would help in controlling drug related crimes more

Parmalat Accounting Scandal | Summary

Parmalat Accounting Scandal | Summary The Parmalat Accounting Scandal 1. What were the events leading up to the Parmalat accounting scandal and ultimately the revelation of the accounting fraud and the reasons behind the scandal? Evolving from a small dairy shop into an international concern, Parmalat appeared to be a gigantic and stable dairy producer. At some point in time, it may well have been gigantic and stable, but in December 2003, shocking news was broken to Parma, Italy, and the world at large. Parmalat was no longer a success as it once may have been, and it was bankrupt, and had been bankrupt for several years without this ugly truth being exposed. The truth had apparently been concealed due to a number of people being at least somewhat aware that something was amiss with transactions on the books, but had not spoken out. Through the years that Parmalat was going bankrupt, there were several events that took place before Parmalat’s condition was finally exposed. To begin with, as early as 1990, there were signs that Parmalat was in debt. In accordance with what has been uncovered, Parmalat’s fraudulent activities are said to have ‘taken off’ in 1990. This was when their stock went public, and reflected the need for a big company like Parmalat to perform in the international market so that their performance improved and met investor expectation (Family Arrests in Parmalat Scandal, 2004). The following year [1991] the Tanzis purchased Parma Football Club of which Tanzis son, Stefano, was president, and also was Parmalat board member. With this purchase, the football club rose to fame quickly, but faced large losses that recorded a deficit of over â‚ ¬77m in 2002. According to investigations, Parma Football Club was the first asset to be sold[1]. Another set of purchases that went along with purchasing the Parma Football Club included Tanzi buying up his competitors. Once he had established Parmalat Milk in the global market, his financial ventures proved to be devastating. This included his family’s financial interest in football and tourism, as well as his failed attempt to outdo Belosconi when he purchased a TV network, Odeon TV. At this point, Parmalat’s finances were a mess. Purchasing Odeon TV Network was a disaster as Tanzi had to sell the network off for a around  £30m. From this point on though, it is said that Parmalat still progressed in spite of its major losses. This was largely achieved through altering the books and attaining bank loans and investments against falsified figures. Parmalat had spent â‚ ¬130 million on Odeon TV, but it collapsed within 3 years. In order to prevent bankruptcy at this point, Parmalat had to sell itself to a company that was already listed on the Milan stock exchange. This helped to produce â‚ ¬150 million from external investors, and paved the way for Parmalat to be in public view in 1990. It also enabled them to patch up some of its accounts[2]. It is thought that Parmalat began altering its books in 1993. If Parmalat had not ‘cooked’ its books it would have registered financial losses every year. However, they registered profits, which meant that they would still be viewed as a viable organization and one that was worth investing in. Therefore, they managed to avoid being suspected of any losses and attracted much investment. Parmalat managed to cover losses through a combination of fictitious transactions and aggressive acquisition. This commenced in 1992, when Parmalat started ‘snapping up’ various companies in Argentina, Italy, Brazil, Hungary and the U.S. However, beyond 1995 it is thought that Parmalat was not able to fund its own needs. Yet it managed to prove to investors that it was registering significant profits. Perhaps, Parmalat’s profits registered were so convincing that the Bank of America alone, in 1997, provided $1.7 billion through bonds and private placements for U.S. investors. It also received $30 million or more as payments and commissions[3]. One of the main events that lead up to the Parmalat accounting scandal exposure includes the company changing its external auditor. In accordance with Italian law, an external auditor can be changed once in 9 years. So, in 1999, Parmalat, in accordance with Italian law replaced Grant Thornton with DeLoitte and Touche. Grant Thornton was keen to keep working with Parmalat, which was a high profile company, as it would be good for their reputation still being developed. Therefore, they recommended that Parmalat spin off its travel and other businesses, and permit these to be under them [Grant Thornton]. Such an arrangement would be convenient to both Parmalat itself and Grant Thornton. Through such an arrangement Parmalat could then satisfy its new external auditors [DeLoitte and Touche] with Grant Thornton making illicit payments to Parmalat. This was made possible through the executives at Parmalat creating debts, and Grant Thornton creating false accounts from which Parmalat could be paid. Grant Thornton would then produce these records to DeLoitte and Touche who saw little wrong with them. Numerous reports reinforce that Grant Thornton was aware of the ‘shell games’ that Parmalat was playing. One example of these games includes case of â€Å"cooking the books,† that reports the Cayman Islands subsidiary Bonlat claiming to have sold a large quantity of powdered milk in a span of one year to Cuba. It claimed that this quantity was sufficient to produce 55 gallons of milk for every individual on that island. Another interesting event that lead up to Parmalat’s exposure of the accounting scandal was that Grant Thornton and Deloitte Touche signed off on its increasingly surreal accounts. In return, it is said that they booked millions of dollars (Parmalat Scandal Deepens†¦, 2006). In Parmalats final weeks, Deutsche Bank had taken on helping it work with Standard Poors, hardly ten days before the exposure. Around this time, analysts around the world kept encouraging investors to continue purchasing its stocks and bonds. In 1999, finance director Alberto Ferraris laid out a financing scheme. He managed this through a Delaware company known as Buconero. This was the Italian for black hole, that Citigroup established for Parmalat in 1999[4]. This company loaned out $137 million to a Swiss subsidiary of Parmalat. From here, the money was transferred to Parmalat companies. In return for Buconero’s service to Parmalat, it received a return of around 6%, in addition to $7 million in payments for Citigroup. Just like Parmalat made use of Buconero, it also used other offshore companies to dress up its debt till the time of its exposure[5]. Back in 1995, Parmalat also commenced concealing its debt through shell companies. It had been losing $300 million annually in Latin America, and decided to wipe this debt off the companys financial records. It managed to do so by using 3 shell companies situated in the Caribbean. The huge debt patchwork through the 90s began to raise concern by the end of the decade. Esteban Pedro Villar, expressed concern and filed an early warning report (Gumbel, 2004). This was regarding Parmalats Latin American set-ups. He had so many questions that his concerns were termed as offensive and ridiculous† (Gumbel, 2004). Then suspiciously, Deloittes Parmalat business in Argentina was terminated. In response, Deloitte was silenced, and the accounts were certified. In addition to the above concern that was demonstrated by a Deloitte partner in Latin America, there were others. On March 28th, 2003, Deloittes Maltese office raised questions regarding a $7 billion intercompany transfer they suspected was fictitious. Wanderley Olivetti, the Deloitte auditor in Brazil, raised such concern at the Milan office regarding Parmalats Brazilian accounts that the matter went straight to Deloittes chief executive in New York City at that time, Jim Copeland. However, Olivettis objections were mysteriously ignored and he was soon removed from dealing with the Parmalat account. Deloitte claims it behaved within its rights to remove any employee it wishes to, and this may be done for a number of reasons. It also said that the investigation of Parmalat started in October 2003, after Deloitte Italy had drawn attention to Parmalats financial dealings[6]. Following the suspicions raised by auditors, Epicurum was established in an attempt to show that Parmalat was due considerable amounts of money. However, this attempt to erase debt from the records at Parmalat failed, and the company admitted that it could not retrieve the amount they were due from Epicurum. One of the key events that led to the exposure of Parmalat includes Tanzi and his son’s meeting with private equity firm Blackstone Group in New York. Tanzi and his son Stefano, one of the main executives at many of the family’s concerns, met with the Blackstone Group to discuss the sale of 51 percent of the family’s share in the food empire. It was in the course of conversation regarding preparation for the books to be opened to a transition team from Blackstone, that Tanzi and his son slipped out with the fact that the cash on hand was less than the 3 billion Euros registered in the company’s annual report. In addition to this, they revealed that there were barely any liquid assets. They even further stated that the company was in debt of about 10 billion Euros. In addition to the suspicion that was brought against Parmalat through observations of its faulty accounting records, it is this final attempt to sell of 51 percent of family shares that marks the end of the road for Parmalat’s long trail of fraud. The following facts presented date-wise are interesting to note as they map the path that Parmalat took since its inception till its end on 13th December 2003: 1961 Parmalat was founded by 22-year-old Calisto Tanzi. It was established as a small family food business that pasteurised and sold milk 1963 Parmalat introduces Tetrapak for packaging its ‘long-life’ milk products. 1980s Parmalat starts producing fruit juice, biscuits and ready-made sauce. 1990 Parmalat is listed on the Milan stock exchange. Through the 1990s Parmalat grows after flotation. It then reaches into America, Brazil, few South American countries, and Eastern Europe and Australia. Tanzi aims at expanding a television network to outdo tycoon Prime Minister Silvio Berlusconi. However, his Odeon television foray flops and costs Parmalat  £30m. Parmalat products also get sale in 20 countries. 1999 Parmalat‘s Bonlat subsidiary is established in the Cayman Islands. 2003 11 November Crisis escalates when shares are hit after auditors raise questions regarding accounting of transactions with mutual fund Epicurum [a Cayman-based company linked to Parmalat]. 15 November Alberto Ferraris resigns from the position of Finance director. 8 December Parmalat admits failure to recover â‚ ¬496.5m from Epicurum. This amount was needed to service debt. 15 December Tanzi resigns as chairman and CEO. 16 December Enrico Bondi takes control of the company. 17 December Bank of America denies the credibility of documents that affirm Bonlat account existence. 24 December Parmalat files for irregular administration operations. 27 December Italian authorities hold Tanzi in their custody in Milan [7] 29 December Tanzi admits to siphoning off â‚ ¬500m of company funds; Bondi takes charge as Parmalat administrator; US Securities and Exchange Commission bring charges against Parmalat for fraud. 30 December Tanzi is formally charged with fraud. 31 December Parmalat officials are arrested. These included former CFO Fausto Tonna and Luciano Del Soldato, and two officials from Grant Thorntons Italian branch that audited Bonlat. 2. How was fraud perpetrated and how was the company able to continue with the fraudulent practice for such a long time? Parmalat started out as many other businesses have. It was first a small dairy shop that slowly progressed and expanded its range of products, and finally turned into a large dairy producer that sold its products in several countries. From the early 1990s and onwards, Parmalat appeared to make significant progress, registering profits annually that was encouraging enough for investors to go on investing in the company. However, the truth of the matter was that these very investors were all being deceived due to Parmalat’s fraudulent practices largely perpetrated by Tanzi, top managers, the Parmalats external lawyer, Gian Paolo Zini, and two external auditors, Maurizio Bianchi and Lorenzo Penca. However, Zini, Bianchi and Penca claim that they are innocent[8]. Falsifying Credibility and Obtaining Loans and Investments: Tanzi and all those who were allegedly involved in what is known to be one of the biggest scams, managed to borrow money from banks and even justified these loans for Parmalat through inflating revenues and fictitious sales in records between 1990 and 2003. They would also ‘cook’ its books in order to make debt vanish. They managed to do this through transferring debt to offshore ‘shell’ companies. In addition to covering up debt in this manner, there were other tactics that Parmalat resorted to (Parmalat Dream Goes Sour, 2004). One of the other methods Parmalat used in order to cover their debt when it got too big to cover with the offshore shell companies included their invention of a bogus milk producer, supposedly situated in Singapore. Parmalat claimed that the company had supplied 300, 000 tons of milk powder to Cuba. This process included Bonlat, a Caymen Island subsidiary of Parmalat. Bonlat had a fictitious account in the Bank of America. This whole setup is so surprising that it has left many baffled as to how could such a fraudulent concept have been so successful and convincing when there was no concrete evidence in it[9]. Looking at the above example of the manner in which Parmalat faked transactions, it can be observed that the whole concept is such that it would have an ordinary person believe that it was authentic. Who would have suspected that any of it was fictitious, particularly because Parmalat had been a company in operation for several years? Ordinarily, one would suspect a company if it had a single concern that was being publicized. However, since Parmalat was projecting trade being conducted that included different physical points, there was little suspicion raised. There was the exporter in Singapore, the importer in Cuba, and Bonlat involved too in the Caymen Islands. The scheme thought up was very believable also because of the fact that Bonlat supposedly had an account in the Bank of America. Different Roles Played to Conceal Debt: Considering the debt that was actually showing up in the books, Parmalat had to have people who could cover it up well enough. This called for people on the inside as well as the outside to co-operate. External auditors, internal auditors as well as the top-notch individuals at Parmalat had to play their roles. One the inside, the books were maintained in the hands of trusted people. External auditors were told to keep this quiet. In this case, it was chiefly Grant Thornton that aided Parmalat in carrying out its fraudulent practice for so long. Grant Thornton’s Role: Grant Thornton played a major role in helping Parmalat continue its long-term fraudulent practice. It did so because it had a great deal to gain from Parmalat, and so did Parmalat have a lot to gain from Grant Thornton working with them. Grant Thornton was and up and coming auditing firm that needed to be have sound clients in order to help its reputation in the market. Parmalat paid Grant Thornton considerable amounts to conceal debts. Quite obviously, this seemed to work for several years, and did so till 1999, when Parmalat were compelled to replace Grant Thornton with DeLoitte and Touche. This was necessary because by Italian law, an external auditor should be changed every nine years. Parmalat abided by the law, but was also proposed a way of continuing its fraudulent practice. With DeLoitte and Touche taking charge as external auditors meant that debts would no longer be concealed, and Parmalat could be exposed. This could have happened in 1999. However, since Parmalat maintained Grant Thornton for its spin offs [its travel and other businesses], they were able to continue tricking everyone far and wide. This scheme was simple as well, and included another series of false records in order to show that Parmalat was still making profits annually. This was possible through illicit payments that these spin offs could make to Parmalat. Executives at Parmalat would create debts while Grant Thornton would create false accounts from which they could make payments to Parmalat. They would produce these records to DeLoitte and Touche, and they would be approved[10]. More Actions that helped to Conceal Parmalat’s Debt: Basically, it could be asserted that it was the executives on the inside of Parmalat and the external auditors that were hand in glove; together they managed to conceal debt. However, in addition to this practice that lasted for many years, the innovative idea of offshore concerns enhanced credibility. In addition to this, the fact that Parmalat products were popular in several countries meant that fewer questions would be asked. Also, for a whole decade none of the auditors in any location raised any concerns. It is thought that the amount concealed by 1995 amounted to $300 million annually in just Latin America. By this time, debt was already enormous and it is obvious that a great deal was being done to conceal it well enough. However, since Parmalat’s increasing debt went unnoticed for a few more years, it is obvious that more action needed to be taken in order to make sure that it stayed covered. This meant that Parmalat had to transfer debt off its financial statements. In order to do this, it had to make use of ‘shell’ companies in the Caribbean. These companies had to show sales, and Parmalat would send them fictitious invoices in order to legitimize the sales. Parmalat would then make out notes to banks in order to show them that they were owed so much finance. Against these notes, Parmalat would be granted loans, as it appeared that the Parmalat was making profits. In order to make their debts disappear, Parmalat transferred its debts to its offshore subsidiaries that were based in tax havens (Parmalat Dream Goes Sour, 2004). The Beginning of the End: Parmalat had been making use of offshore shell companies until 1999. Parmalat shifted operations of its three offshore shell companies to Bonlat, in the Cayman Islands in 1999. This is thought to be the beginning of the end for Parmalat. At this point, debt was so high that it was becoming difficult to conceal it. Fictitious assets at Bonlat amounted to around $8 billion, which forced Parmalat to create a Cayman Islands-based investment fund, Epicurum, which would take over part of the fictitious credit. It was Epicurum that caught auditors’ attention as well as Italys stock market regulator [November 2003]. It was just a matter of a month before everything was exposed and the company officially was declared bankrupt[11]. Finally, it may be asserted that it was the auditors through which Parmalat managed to deceive everyone for so long with the help of top-level management at Parmalat. If Parmalat had not been able to get Grant Thornton to work in their favor along with their internal auditors and top-level management, the entire scam would not have been possible. This dates back to the beginning of the fraud when Parmalat first began to conceal its debt. If it did not have an external auditor on its side to conceal the large debt it incurred because family business and unnecessary purchases, Parmalat’s debt would have been in public view in the early 1990s. However, this was not to be due to a ring of people working to conceal debt. Though there were several people involved in making debt disappear off the records, it can be observed that it was the auditors that made each of Parmalat’s fraudulent schemes possible. This is true to say whether one looks at the debt covered in the earlies t days of fraud or towards the end. The fictitious transactions with shell companies too were made possible due to the auditors who ‘cooked’ the books. However, it can also be asserted that the auditors were not solely to blame in making sure this fraud lasted for so long, as there had to be others in on these schemes too. This included key people of Parmalat such as the executives, its CEO, its internal auditors as well as external auditors and individuals at key financial institutions. In order for a fraudulent scheme to last as long as it did in the case of Parmalat, there had to be a whole ring of people involved, which also explains why it took such a long time and deep investigation to uncover all those were responsible for the scandal. 3. The role and the responsibility of auditors in preventing financial scandals and ensuring and upholding the principles of good corporate governance. In organizations such as Parmalat and other large organizations where there are several shareholders and many people dependent on the progress of these corporations, executives and top-level managers have a responsibility towards them. Generally, it can be asserted that corporate governance refers to ways in which rights and responsibilities are shared between various corporate participants, the management and the stakeholders[12]. Governing corporations such as Parmalat consists of fixed processes, customs, policies, laws and institutions that impact the way it is directed and administered. These are processes that should have been conducted responsibly in order to make sure that Parmalat made progress. If Parmalat was facing debt, executives and all those concerned should have been honest and made sure that these debts were made known (Gumbel, 2004). This would have saved the organization in its earliest days of trouble. Therefore, it can be asserted that being honest and responsib le in corporate governance is important. It is important to assert that corporate governance also encompasses the relationships among the many participants involved in the process (the stakeholders) as well as the goals for which the corporation is managed or governed. The principal participants are the shareholders, management and the board of directors. In addition to these main players there are other stakeholders: employees, suppliers, customers, banks and other lenders, regulators, the environment and the even community[13]. This is because all these people and institutions are affected in one way of another by the actions and repercussions of a corporation and the decisions it makes. In view of the many people that corporate governance impacts as in the case of Parmalat, accountability, fiduciary duty and mechanisms of auditing and control are of immense importance. Responsibility of Auditors: Auditors, whether they are external or internal auditors, have responsibility towards all those involved with a corporation. Particularly, it may be asserted that there are many individuals who are not directly involved with the operations of a corporation, but they may be dependent on its operations significantly. These are the kinds of people that really need to be protected, and auditors have a great responsibility towards them (Gunz and McCutcheon, 1996, 7-15). To begin with, a very basic and generally stated duty of auditors is to make sure that a corporation’s operate efficiently, their records are maintained properly, and its taxes are handed in on time. Auditors generally offer these services to their clients, which include government, public and management accounting. In offering these services, their role includes preparing reports, analyzing, and verifying financial statements and documents for the purpose of providing information to their clients. By performing these tasks honestly and not concealing any information auditors fulfill their duties (Gunz and McCutcheon, 1996, 7-15). This is precisely what is required of them when they deal with huge corporations like Parmalat. The role of auditors would include exposing whether the corporation is actually making huge annual profits or whether they are concealing their debts[14]. In addition to the roles that auditors play in offering their services to corporations, other services they provide include financial and investment planning, budget analysis, information technology consultation, and limited legal services. However, these are services can only be carried out if they perform their fundamental duties responsibly. This is because the figurers that they provide after performing their fundamental tasks impact these additional processes. For example, if debts of a corporation are not presented accurately and annual profits are fictitious, how can an authentic and realistic budget be prepared? Therefore, it can be asserted that auditors cannot work and produce any realistic figures if they distort debts and profits made annually. In recent times, this is what has been occurring. Corporations hire auditors to check their statements. Somehow, these auditors have gotten involved in illegal behavior and have hidden debts and elevated profits. Based on these fig ures they helped in painting pretty pictures for the corporation’s reputation in the market. This is how Parmalat managed to remain in the global market for a long time without being suspected of having immense debt. Having asserted the above, it is also important to consider the fact that in the US there are limitations imposed on auditors that investigate a corporation’s financial statements. Due to the fact that there have been corporate scandals that have involved auditors being involved, it is now illegal for an accounting firm that audits a corporation’s financial statements, to advise areas such as investment banking, legal matters, etc. of that firm. One exception to this prohibition is that auditors may provide advice on tax issues that would benefit the company (Young, 1997). Forensic Auditing: Having asserted the necessity of making accurate reports of financial figures regarding a corporation’s annual budgets or debts, it must be asserted that one major and specialized accounting practice is forensic accounting. Several public accountants specialize in this, as it is of growing importance in today’s world where corporate scandals appear to occur frequently. Forensic accounting includes investigation and interpretation of white-collar crimes. This type of crime includes bankruptcies, securities fraud and embezzlement, and contract disputes. In addition to this, criminal financial transactions, such as money laundering, are also included in white-color crime. It can be asserted that auditors who specialize in forensic accountancy play an important role in preventing corporate scandals such as the one that took place with Parmalat. However, it should be remembered that auditors who do not specialize in forensic accountancy are no novices. This means that if there are any unusual entries and irregularities in records, any auditor should be to detect them, and this is why all auditors are said to have responsibility to report any irregularities[15]. Though auditors generally are able to detect any irregularities, those that specialize in forensic accounting make use of accounting and finance knowledge, law and investigative techniques. They use this combination in order to detect illegal activity in a corporation, and it is obviously a greater advantage to them as they are more specialized. It is known that there are several forensic accountants that work in tandem with personnel from law enforcement departments during investigations. However, this occurs normally after a corporate scandal has been detected. Considering this, it might be a good idea for forensic accountants to work in this manner as part of regular and standard procedure in order to safeguard everyone involved with a corporation. If such a practice were adopted as standard procedure, it would become more difficult for financial scandals to take place. This is considerate of acknowledging that corporations usually appoint their own auditors. Auditing firms might be required to adhere to practices that would make regular procedures more thorough and transparent as a result[16]. Aside from considerations for current practices of audit firms and ones that could be included in order to prevent financial scandals, the general concept of internal and external auditors reviewing and analyzing financial statements of firms aims at doing the same thing. Fundamental Responsibilities of Auditors: It is the primary responsibility of internal auditors to make sure records are accurately maintained. These records are also checked for any form of irregularity, which may include things like mismanagement or even fraud. Internal auditors are not only supposed to maintain records of financial figures, but their roles also encompass examining the firm’s operations with regard to finance and information systems, management, and internal controls. Examining these operations are important as they help to make sure that financial records are accurately maintained. In addition to this, these steps also examine the adequacy of controls to protect the firm against financial scandals (Gunz and McCutcheon, 1996, 7-15). Further, it can be asserted that internal auditors have the responsibility of evaluating important areas of the corporation such as effectiveness, compliance with all standards and corporate policies and procedures, efficiency, laws, and government regulations. Since there are so many types of operations to take care of in a corporation, there are areas of specialization for internal auditors as well. Some of these may include environmental, engineering, electronic data-processing, legal, insurance premium, banking, and healthcare auditors. The reason for specialization in these areas is because there are technical procedures that need to be understood in order to evaluate things like efficiency and effectiveness. Having deeper understanding of individual industries helps internal auditors to evaluate a corporation’s operations more specifically (Bavly, 1999, 25-30). Among the important steps that internal auditors may take towards better controls within a corporation, recommendation of better controls is high on the list of priorities for better auditing processes. An example of recommendations that internal auditors may make in a firm, internal auditors may help managers through co

Stress :: essays research papers

This report is on stress, what causes it, how and why, and how it can be cured. It will tell you all about stress, why it's important for people to understand, and what it can do to you and other people. Stress affects everyone and everything, that's why it's important that we all be properly educated on it. First we need to understand what stress is. Stress is basically the body's nonspecific response to any demand. Another way of describing stress is any nervousness or anxiety. Almost all people relate the word stress to discomfort or pressure. What they are actually thinking of is distress, which is often referred to as stress. There are many things that cause stress. In my opinion, this is the most important part of this whole report because knowing the cause for stress can help you avoid stressful situations. Just about any problem using thought can cause stress. One of the most stressful of all things, especially for teenagers, are social events. Popularity, friends, relationships, and looks are more stressful things to teenagers than parents. However, adults tend to face such stressors as meeting deadlines, fear of failure, anger, and frustration at the workplace. Everybody is effected by stress when it comes to things like wars, pollution, poverty, overcrowding, and crime. It is important to learn how to live with these situations, because it is nearly impossible to get through life without encountering them. Most people know that stress could be bad, but how bad? Physicians have proven that stress-related disorders, diseases brought on or worsened by psychological stress, are more likely to happen to people with very busy lives. The sad results of too much stress can be: depression, drug use, crime, dropping out of school, accidents, and even suicide. These psychosomatic disorders commonly involve the autonomic nervous system, which controls the body's internal organs. Some kinds of headache and back and facial pain, asthma, stomach ulcers, high blood pressure, and premenstrual stress are examples of stress-related disorders. (Funk & Wagnall's.) Respiratory disorders also can be affected by stress. Most common of these is asthma which may be caused by emotional upsets. (Funk & Wagnall's.) In addition, emotional stress can cause or aggravate many skin disorders, from those that produce itching, tickling, and pain to those that cause rashes and pimples. Treatment of stress-related disorders is sometimes limited to relieving the particular physical symptom involved; for example, hypertension may be controlled with drugs. (Funk & Wagnall's.) Psychological treatments are attempts to help the person to relieve the source of stress or to learn to deal with it. Combinations of physical and psychological treatments are often recommended. There are many type of "toys," that help deal with stress also,