Finance and Accounting Essay Example | Topics and Well Written Essays - 250 words

Finance and Accounting - Essay Example According to most business firms, the definition employed by COSO relates to the aggregate control system of an organization. This paper will discuss the advantages and disadvantages of the forms of documentation presented by auditors. In most organizations, the auditors obtain information regarding the internal control of an organization and summarize the information in a form of documentation. In most instances, they use questionnaires, flowcharts, written narratives in order to present their findings. For example, an internal control questionnaire contains questions regarding the organization. In this form of documentation, negative responses signify weakness while positive answers signify the strengths of the organization. Questionnaires are normally easy to use. Furthermore, they cover a wide a topic of discussion. Contrarily, questionnaires are not flexible, and they may also require assistance while filling the answers (Giove 44). This proves that questionnaires are somewhat time-consuming and ineffective. A written narrative can also be used in the description of the main transaction cycles in an organization. Written narratives have also proved to have both merits and demerits. For instance, a written narrative substantially enhances the understanding of the personnel of the organization. However, this method is time-consuming and presents a difficulty of clear clarification of the content (Giove 45). Lastly, flowcharts can be described as diagrammatic representations of documents and procedures in a sequential manner.

Analysing Different Ethical Theories Philosophy Essay

Analysing Different Ethical Theories Philosophy Essay Ethics may be viewed as the study of human conduct with an emphasis on determination of right and wrong (Fraedrich and Ferrell, 1992). Together with this, it is the assumption that management must adhere to a narrow version of positivism that excludes any reference to intention (Ghoshal, 2005). According to (Mallor et al., 2010), for centuries, religious and secular scholars have explored the meaning of human existence and attempted to define a good life. Ethical theories and principles are the foundations of ethical analysis because they are the viewpoints from which guidance can be obtained along the pathway to a decision. The four ethical theories according to the text are rights theory, justice theory, utilitarianism, and profit maximization. The rights theory covers a range of ethical philosophies that holds that certain human rights are important and must be respected by other society and her rights. Rights are also considered to be ethically correct and legitimate given that a large or ruling population endorses them. Few rights theorists are stringent deontologists, and one of the few is the 18th century philosopher by name Immanuel Kant and his theory is known as the Kantianism. Kant viewed humans as moral actors that are free to make choices and he also believed that humans are able to judge the morality of any action by applying his famous categorical imperative. One of his formulations of the categorical imperative is Act only on that maxim whereby at the same time you can will that it shall become a universal law. The meaning of it is that we judge an action by applying it universally. The most important strength of rights theory is that it protects fundamental rights, unless some greater right takes precedence. A major criticism of the rights theory deal with the near absolute yet relative value of the rights protected, making it difficult to articulate and administer a comprehensive rights theory. The Justice theory which came into limelight by John Rawls in 1971 when he published his book entitled: A theory of Justice, the philosophical underpinning for the bureaucratic welfare state. He reasoned that it was right for governments to redistribute wealth in order to assist the poor and the destitute. Furthermore, Rawls expressed this philosophy in his Greatest Equal Liberty Principle: each person has an equal right to basic rights and liberties. He further limited the principle with the Difference Principle: social inequalities are acceptable only if they cannot be eliminated without making the worst-off class even worse off. Rawlss justice theory has application in the business context which requires decision makers to be guided by fairness and impartiality. The strength of Rawlss justice theory lies in its basic premise, the protection of those who are least advantaged in society. The ethical dilemma for managers is to determine the fair rules and procedures for distributing outcomes to stakeholders. Managers must not give people they like bigger raises than they give to people they do not like, for example, or bend the rules to help their favorites. On the other hand, if employees want managers to act fairly toward them, then employees need to act fairly toward their companies and work hard and be loyal. Similarly, customers need to act fairly toward a company if they expect it to be fair to them-something people who illegally copy digital media should consider. The criticism that justice theory with the rights theory is that it treats equality as an absolute, without examining the costs of producing equality, including reduced incentives for innovation, entrepreneurship and production. Utilitarianism entails a decision maker to maximize utility for society as a whole. Maximizing utility means achieving the highest level of satisfactions over dissatisfactions which means that a person must consider the benefits and costs of her actions to everyone in society. A utilitarian will take action only if the benefits of the action to society outweigh the societal costs of the action. There are two types of utilitarianism, act utilitarianism and rule utilitarianism. Act utilitarianism judges each act separately, assessing a single acts benefit and its cost to societys members. Rule utilitarianism judges actions by a rule that over the long run maximizes benefits over cost. The strength of utilitarianism as a guide for ethical conduct is that it is easy to articulate the standard of conduct; which coincides with values of most modern countries like the USA who is capitalist in nature by focusing on total social satisfactions, benefits, wealth and welfare. In general under ca pitalism, the interests of shareholders are put above those of employees, so production will move abroad. This is generally regarded as being an ethical choice because in the long run, the alternative, domestic production might cause the business to collapse and go bankrupt. If this happens, all of the companys stakeholders will suffer-not just its employees. According to the utilitarian view, the decision that produces the greatest good for the greatest number of people is best. In this case, that means outsourcing the jobs. The criticism of utilitarianism is that it is difficult to measure ones own pleasures, pains, satisfaction and dissatisfaction, let alone those of all of societys members. Profit maximization as an ethical theory requires a decision maker to maximize a businesss long-run profits within the limits of the law. This has been based on the laissez faire theory of capitalism first expressed by Adam Smith in the 18th century and more recently promoted by economists such as Milton Friedman and Thomas Sowell. Profit maximization is closely related to utilitarianism, but it varies essentially in how ethical decisions are made. Profit maximization optimizes total social utility by narrowing the actors focus, requiring the decision maker to make a decision that merely maximizes profits for himself or his organization. The strengths of profit maximization results in ethical conduct because it requires societys members to act within the constraints of the law and a profit maximizer, therefore, acts ethically by complying with societys mores as expressed in its laws. The criticism of profit maximizer is that if profit maximization results in an efficient allocation o f societys resources and maximization of total social welfare, it does not concern itself with how wealth is allocated within Society. An ethical theory that was not found in the text is that of rationalism, which this ethical theory focuses mainly on norms. The moral rationalism is that in which the decisive factor of the truth is not sensory but intellectual and deductive, and it has its major proponent in Emmanuel Kant (Llano, 2002). Mr. Kant attempted to change our everyday, clear, rational knowledge of morality into philosophical knowledge. He went after a technique of using practical reason to reach conclusions which are able to be useful to the world of experience. Kant is also known for his theory that there is a single moral obligation which he called the Categorical Imperative, and derived from the perception of duty. He further stated that these moral norms must be obeyed in all situations and circumstances if our behavior is to observe the moral law. In a way to improve corporate governance and corporate social responsibilities, according to Mallor et al., 2010, one can modify the corporate governance model to educate, motivate, and supervise executives and thereby improve corporate social responsibility. Corporate governance is the structure used to direct and manage business and affairs of the company towards enhancing prosperity and corporate accountability. Corporate critics however did propose a wide rang of cures, all of which have been implemented to some degree and with varying degrees of success. Ethical codes: Ethic codes in a way have been adopted by many large corporations and several industries to guide executives and other employees. The Sarbanes-Oxley Act required that a public company discloses whether it has adopted a code of ethics for senior financial officers, and to disclose any changes in the code or waiver of the codes application. The codes can be viewed in two ways; one sees the codes as genuine efforts to foster ethical behavior within a firm or an industry while others view regards them as thinly disguised attempts to make the firm function better, to mislead the public into believing the firm behaves ethically, to prevent the passage of legislation that would impose stricter constraints on business, or to limit competition under the veil of ethical standards. Better ethical codes make clear that the corporation expects employees not to violate the law in a mistaken belief that loyalty to the corporation requires it. These kinds of codes work best, however, when a corporation also gives its employees an outlet for dealing with a superiors request to do an unethical act. Ethical instruction: Some corporate organizations require their employees to enroll in classes that teach ethical decision-making. The idea is that a manager trained in ethical conduct will recognize unethical actions before they are taken and deter herself and the corporation from the unethical acts. Majority of corporations in this present day express their dedication to ethical decision-making by an ethics officer who is not only responsible for ethical instruction, but also in charge of ethical supervision. The ethics officer tends to be a mentor or sounding board for all employees who face ethical issues. Greater Shareholder Role in Corporations: As shareholders are the vital stakeholders in a corporation in a capitalist economy, several corporate critics argue that businesses should be more attuned to shareholders ethical values and that shareholder control of the board of directors and executives should be increased. Evidence suggests that sources of ethical dilemmas will continue to increase. To understand this assessment, it will be useful to look at four categories of conditions influencing ethical behavior: global, social, organizational and individual. Global: A variety of global conditions affect our lives and our society; many are well-known to all of us. They include the increasing influence of cultural values substantially different from those of our Anglo-Saxon heritage; impacts of a complex global economy on local economic structures; and our rapidly increasing technological capacity to communicate and interact with the global community. Within the past few years we have watched the beginning of the development of a new world order that will be substantially different from our sense of world order developed over the last half century. Among the implications resulting from this picture, two are especially important: (1) we as a people no longer have a secure sense of our role in the world or our control over it; and (2) it has become increasingly acceptable, and even logical, to admit that we simply dont know what the appropriate response is. This era of rapid change has an indirect but important influence on our sense of ethi cal appropriateness. Social: A more direct source of ethical conflicts is social change. Change has been so rapid that some have argued that we have lost our sense of values or that we must seek better mechanisms to resolve value conflicts. This line of reasoning is incorrect for several reasons. First, value conflicts (and, therefore, ethical dilemmas) reflect our social and cultural fabric. Second, stakeholders have a relatively easy time gaining access to our policy making system; therefore, value conflicts are very visible and, frequently, cause our problem-solving process to forge slow, painful compromises. These processes continue to represent one of the great comparative advantages of our society and should not be changed without sober reflection. Organizational: Thirdly, we are witnessing rapid change in the nature and role of the public organization and concepts about administrative behavior. Organizational values are vital influence on the majority of us; thus far our organizational lives are becoming increasingly participatory, open, communicative and interactive. While I believe that the decline of organization hierarchy is among the more positive aspects of our society, it also signals a decline in another source of behavioral guidelines. Individual judgment, group dynamics and social interactions are replacing traditional rules of behavior dictated by the organization. We are also facing increasing conflicts between the bureaucratic ethos and the democratic ethos (Hejka-Ekins, 1998). The bureaucratic ethos includes such traditional organizational standards as efficiency, competence, loyalty and accountability. Individual: lastly, ethical anxieties are caused by changes at the individual level. In particular, individualism and materialism are at the present celebrated within major social institutions and have become a dominate ethos of the baby bust generation. Self-indulgence, greed, self-interest, and privatism are accepted components of the ethos of this generation (Frederickson, 1982). In order to improve the ethical climate of an organization, management must effectively communicate proper ethical behavior throughout the organization. Wimbush and Shephard (1984: 637-647) reported that businesses annually spend an estimated $40 billion on the ethical behavior problems. Thus, pointing to the fact that ethical dimension of employees behavior has a clear impact on the profitability of the company. It is generally accepted that customer satisfaction is one of the most important factors in successful business strategy. Although a company must continue to develop, alter and adapt products to keep pace with customers changing desires and preferences. It must also seek to develop long-term relationships with customers and its stakeholders. By focusing on customer satisfaction, a company continually deepens the customers dependence on the company, and as the customers confidence grows, the firm gains a better understanding of how to serve the customer so the relationship ma y endure. Successful businesses provide an opportunity for customer feedback, which can engage the customer in a cooperative problem solving. As is often pointed out, a happy customer will come back, but a disgruntled customer will tell others about his or her dissatisfaction with a company and discourage friends from dealing with it. When an organization has a strong ethical environment, it usually focuses on the core value of placing customers interest first. An ethical culture that focuses on customers incorporates the interests of all employees, suppliers, and other interested parties in decisions and actions. Employees working in an ethical environment support and contribute to the process of understanding customers demands and concerns. Ethical conduct towards customers builds a strong competitive position that has been shown to affect business performance and product innovation positively.

Pre-marital Sex in Making Laws for Clouds by Nick Earls :: essays research papers

‘Making laws for Clouds’ by author Nick Earls deals with the journey of an 18 year old boy who struggles to cope with the stresses of sexual desire, supporting his family and taking responsibility for his actions. The town in which he lives has strong religious ideals, so when he ‘weakens’ to the temptations of pre-marital sex he is socially outcast until the town either forgives of forgets his sin. Kane’s mother plays the antagonist when it comes to views on his relationship, she has a firm belief from her pervious experiences that the relationship cant work, she has been in the situation Kane is in and cant seem to believe that not all relationships will end the way that hers did, which was in divorce. Pre-marital sex is the main conflict in ‘Making laws for Clouds’, it involves the whole community as they deal with the crisis put upon them by two young members, Kane and Tanika, who gave in to ‘lust’ at the back of the local church bus. The community deals with it in a rather ‘sweep under the rug’ fashion with everybody knowing what happened but nobody talking about it. Father Steel is the one who comes across the pair and the one who mainly deals with it in the confines of the church. Father Steel doesn’t tell anyone about what happened but every one gathers for themselves what events took place. Harbros boat catching fire and the pre-marital sex aren’t related in the book but when the issues meet it leads to a friendly relationship between Kane and Tanika and Harbo. Harbo becomes a key character in the development in their relationship. Mr. Bell is an antagonist to Harbo, he works against the couple because he doesn’t li ke the idea of pre-marital sex because he has high religious beliefs. Yet another character is against the pair because Kane’s mother is against them. Each of the characters has a unique point of view on the situation that Kane and Tanika find them selves in. Kane and Tanika both know that this is a serious situation and they know that they could get into trouble but like all teenagers they think that they are different. They believe that because they love each other it will be alright, the church doesn’t agree with pre-marital sex which is why they find themselves in so much trouble. Harbo seems to be the only one the young couple’s side, he has a few discussions with Kane and Tanika during the novel, sharing his thoughts, ideas, life experiences and beliefs upon them.

There and Home Again Essay

1 Introduction This term I was asked to plan a holiday for me and my classmates to Beijing, China and at least one other place of my choice. The holiday is to be 21 days long. The second country chosen is Canada and the third is Kenya. 2 Flight Itinerary 2.1 Monday 23rd July depart Rockhampton at 8:00am arrive in Beijing at 11:40pm 2.2 Monday 28th July – Tues 29th July depart Beijing at 2:45pm arrive in Ottawa at 1:44pm 2.3 Monday 4thAugust-Wednesday 6th depart Ottawa at 9:30pm arrive in Nairobi 10:20am 2.4 Monday 11th August- Wednesday 13th August depart Nairobi at 4:40pm arrive in Rockhampton 11:50am 3 Beijing Day Planner 3.1 24th-26th July Departure: Daily Duration: 3 days (start from about 8:00 am and back around 5:00pm) Attraction: Day 1 – Badaling Great Wall, Ming tomb ; Day 2 – Tiananmen Square, Forbidden City, Temple of Heaven, Summer Palace; Day 3 – Hutong, Lama Temple, Panda Zoo and exterior view of Olympic Stadium. Tour Guide Language: English Feature: 3 days small Group tour is to enjoy Mutianyu Great Wall, Forbidden City, Temple of Heaven, Summer Palace, etc. Service include hotel – sightseeing transfer + English tour guide + lunch + entrance tickets. Figure : Great Wall of China 3.2 27th July Relax in hotel 28th-29th July are flying days 4 Ottawa Day Planner 4.1 30th July Day cruise with capital cruises on the Ottawa River to see spectacular views of some of the city’s attractions such as the Parliament Buildings, Canadian Museum of History (formerly Canadian Museum of Civilization), Rideau Falls a UNESCO world heritage site, and the Prime Minister’s residence. 4.2 31st July Relax in hotel 4.3 1st August Full day hop-on, hop-off bus tour with Gray Lines. Opportunity to Hop on and off at over 75 of Ottawa’s most famous city landmarks. 4.4 2nd August Enjoy a day walking around Ottawa and stop for lunch at one of the many cafes along the streets of Ottawa 4.5 3rd August Relax in hotel Figure : Parliament Hill Ottawa 4th-6th August are flying days 5 Nairobi Day Planner 5.1 7th-9th August 3 Days Masai Mara Camping Safari A fantastic 3 day Camping Safari to Kenya’s Masai Mara Reserve via the Great Rift Valley. 5.2 10th August Kickback, relax and unwind and get ready to go home. Figure Hilton hotel Narobi 10th-13th August are flying days Conclusion In order for the whole group to save for this holiday we would need to save $2400 a month which ends up being $590 per week for a year. In order to save up for just me I would need to save $874 per month for a year. It would be impractical for a highschool student my age to save up that much money in that shorter time. Bibliography Ottawa Canada’s capital, 2000, 4/05/14, http://www.ottawatourism.ca/en/visitors/what-to-do/tours-and-sightseeing Capital Cruises, 2007, 4/05/14, http://www.capitalcruisesottawa.com/en/sightseeing.html Beijing landscapes, 2002, 4/05/14, http://www.beijinglandscapes.com/beijing-tour.html Gray line, 2000, 4/05/14, http://www.grayline.com/tours/ottawa/discover-the-capital-1-day-hop-on-hop-off-5874_9/#.U2Ycn3mKC01

Internal Control and Shady Accounting Practices

Group 3 1. Why did accounting fraud occur at WorldCom? Fraud occurred at WorldCom for a variety of reasons. The senior executives had unchecked power because the board of directors were only figure heads, the ethics hot-line was nonfunctional, and in internal audit department did report to the appropriate link in the corporate chain to minimize fraud. These reasons, combined with a poor company culture, created the environment where fraud was able to become an acceptable business process. The senior executives at WorldCom had a â€Å"do it or else† attitude that was unchecked by any external force.That external force should have been the board of directors. Unfortunately the board of directors were being directed by the senior executives, given information about WorldCom that was disorganized to hide highly controversial and aggressive accounting techniques. These directors should have recognized they were being used and realized their agency to the stock holders to administer the oversight they were compensated to provide. The ethics hot-line, according to the case, while existed, was not known or trusted by the general population of employees at WorldCom.While many employees were aware of unethical activity, no of them felt that using this channel was a viable solution to addressing problems at WorldCom. Finally, the Internal audit department reported to the senior executive who ultimately steered their activity. If the executive was informed that internal audit was close to uncovering the unethical acts of managers, he directed their internal activity to other areas of the firm and blocked access to their department to the files that could expose the problem.If the internal audit department reported to the board of directors, better policing of executive activity would have been possible. All of these reasons had an element of poor culture in their makeup. Allowing senior executives to bullying their subordinates, inattentive directors, allowing for t he ethics channel to be nonfunctional, and accepting the unethical actions of seniors as the way things get done, ultimately doomed WorldCom to a spiral of actions that had the momentum of everyone's livelihood at stake, with no system in place to automatically apply the brakes to protect the shareholders. . What is the difference between earnings management (or earnings smoothing) and accounting fraud? What are the relevant criteria to use in distinguishing ethical from unethical accounting practices? I don't think there is a difference between earning smoothing and accounting fraud. Both practices intentionally mislead investors to alter their opinion of their holdings. Even if altering earning to smooth it out is mean only to put investors at ease, the underlying goal of smoothing is to change the perception of risk and volatility, which demand premiums in the market.Relevant criteria for distinguishing ethical from unethical accounting practices are if the accounting practice ma terially changes what the average investor values the company at and items addressed in GAAP and other accounting standards that are against conventional accounting guidelines actively used and unchallenged in the business landscape. 3. What internal processes or systems do you recommend to prevent fraudulent practices such as those present at WorldCom?Why were these practices not detected sooner? It appears WorldCom's fraudulent activities was uncovered by the companies own internal accounting department, indicating that at least one of five internal controls – â€Å"monitoring of controls† was functional. However, I believe if there were to have been periodic external auditing from impartial entities outside of WorldCom, the fraudulent activities would have been uncovered sooner than it occurred in 2005.Other internal control processes that could have prevented WorldCom's fraudulent activities and demise are; hiring competent, reliable and ethical personnel, particul arly in leadership positions that the company's board of trustees failed to accomplish, or perhaps were oblivious and complacent with the â€Å"red flag warnings† – falsely professed financial growth and profitability to increase the price of WorldCom's stock, and underreporting line costs (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them.In addition to inflating revenues with bogus accounting entries from corporate unallocated revenue accounts. I also believe there was failure with â€Å"assignment of duties†, or separation of duties if you will. Because, Mr. Ebber's seems to have been in control of his CFO – Sullivan, Controller – Myers, and Director of General Accounting – Yates. All of whom were unethical leaders at WorldCom that helped concoct â€Å"shady† accounting practices that led to the demise of WorldCom. It is my opinion t hat the above mentioned practices were not detected early enough due to micro management of lower taff employees by unethical leadership through autocratic style leadership, and environment that instilled fear in employees for fear of losing their jobs if any concerns were raised. An unfortunate reality that sadly exist in many big corporations, and even in governments. 4. What external processes or systems do you recommend to prevent and detect fraudulent practices such as those present at WorldCom? Were the directors on the board or the external auditors to be blamed?External auditing is an effective process that can in many ways prevent fraudulent activities within organizations, as the respective auditing teams have no â€Å"loyalty† to management or leadership within the company undergoing review by the external auditors. Retrospectively, I believe that the board of trustees of WorldCom at the time of the scandal would have wished that they had carefully looked into the background and leadership style of Mr. Ebber's and his co-conspirators to have checked for any signs of unethical behavior that many companies continue to blindly ignore.Barely about a year ago, Yahoo's former CEO was publicly humiliated, and subsequently fired by the company for â€Å"embellishing his academic credentials†. A very minor issue that could have been easily prevented, had the board of trustees of Yahoo looked thoroughly into Thompson's background by doing their due diligence. Unfortunately, the board of trustees of Yahoo failed at this task, much like what happened back in the late nineties with WorldCom and Ebber's. 5. You are a representative from the SEC.Briefly describe any sections of Sarbanes-Oxley Act of 2002 that you would cite to either Mr. Sullivan or Mr. Ebber's when they refuse to comply with your request for information. Under the federal regulations and securities Section 3(a)(47) of the Securities Exchange Act of 1934 (15 U. S. C. 78c(a)(47)), ref usal of any individual(s), or company(s) to conform to set accounting practices including external auditing by appropriate personnel (entities) will be liable to punitive actions set forth by federal legislations – up to or more than 25-years imprisonment and fines.Additionally, accounting and auditing practices by firms and individuals associated with a particular entity, or provide other services to any or such entities are prohibited to prevent conflict of interest, and accurate reporting of accounting practices. All of which were corporate infractions engaged in by Mr. Ebber's and his co-conspirators at WorldCom. 6. The E/R ratios of other telecommunications companies during the late 1990’s hovered around 50% or at best high 40%. If you were an investor, would you have invested in WorldCom? I probably would have.Despite the fact that WorldCom's E/R ratio seems to have been lower than its competitors , which should have raised a red flag in any potential investors m ind. However, like my decision to still invest in WorldCom despite its â€Å"too good to be E/R ratios†, many investors back then may have ignored what was obvious because WorldCom's â€Å"cooked books† from previous years all â€Å"seemed financially sound†, thanks to Ebber's and his co-conspirators great efforts at evading external auditors, fooling the public and its shareholders, and â€Å"muscling† junior employees to cover up its â€Å"shady accounting practices†.So naturally, any potential investor would probably back then have made the same mistake of investing in WorldCom. Obviously, not expensing largest operating expense â€Å"line costs† – incurred to gain access to other carriers networks to allow WorldCom to complete customers calls, as reported in its SEC filings will make its E/R ratio lower compared to WorldCom's competitors, resulting in an â€Å"inflated performance† – overstatement of earnings and und erstatement of operating expenses. 7. Contrast the roles of Vinson and Cooper in the case.Should Vinson have been charged with committing crime? According to the section â€Å"Resolution of Ethical Conflict† in the Institute of Management Accountants' Code of Ethics, how should employees proceed when under pressure by senior managers to engage in unethical behavior? As stated by James Comey, the U. S. attorney that prosecuted Ms. Vinson's case, â€Å"just following orders† is not an excuse to break the law. Why? Because, like many accounting professionals, Ms. Vinson knew right from wrong as it pertains to the prescriptive law of accounting ethical practices.In her own statement and admissions to prosecutors during the initial stages of her prosecution, and attempt to become a witness for the prosecution to gain leniency. (Pulliam, 2003). She (Ms. Vinson) stated that â€Å"each time she was ordered to â€Å"cook† or cover unethical accounting practices, she tho ught and hoped it will be the last time she caved in for such unscrupulous activities. Unfortunately, she kept on caving for years till the scandal was uncovered†. In light of the facts, and Ms.Vinson and Cooper's knowledge of right and wrong concerning the ethical practices of their chosen professions, it is appropriate for both of them to have been held liable for conspiring and engaging in such fraudulent activities as purported by WorldCom. As outlined by the IMA, accounting professionals in any company that are micro-managed, â€Å"muscled†, or coerced to engage in any fraudulent activities or witness any such improprieties, should first report the issue to an immediate supervisor that is not involve in such activities.In the event such option does not exist, one should then report the issue to a higher management staff that is not involved in such impropriety. it's also advisable for one to seek legal counseling with a private attorney about how to proceed in such matters n the event that reporting to an external body is imminent. Reference:PULLIAM, S. , Staff Reporter of THE WALL STREET JOURNAL Online, June 23, 2003| | Internal Control and Shady Accounting Practices Group 3 1. Why did accounting fraud occur at WorldCom? Fraud occurred at WorldCom for a variety of reasons. The senior executives had unchecked power because the board of directors were only figure heads, the ethics hot-line was nonfunctional, and in internal audit department did report to the appropriate link in the corporate chain to minimize fraud. These reasons, combined with a poor company culture, created the environment where fraud was able to become an acceptable business process. The senior executives at WorldCom had a â€Å"do it or else† attitude that was unchecked by any external force.That external force should have been the board of directors. Unfortunately the board of directors were being directed by the senior executives, given information about WorldCom that was disorganized to hide highly controversial and aggressive accounting techniques. These directors should have recognized they were being used and realized their agency to the stock holders to administer the oversight they were compensated to provide. The ethics hot-line, according to the case, while existed, was not known or trusted by the general population of employees at WorldCom.While many employees were aware of unethical activity, no of them felt that using this channel was a viable solution to addressing problems at WorldCom. Finally, the Internal audit department reported to the senior executive who ultimately steered their activity. If the executive was informed that internal audit was close to uncovering the unethical acts of managers, he directed their internal activity to other areas of the firm and blocked access to their department to the files that could expose the problem.If the internal audit department reported to the board of directors, better policing of executive activity would have been possible. All of these reasons had an element of poor culture in their makeup. Allowing senior executives to bullying their subordinates, inattentive directors, allowing for t he ethics channel to be nonfunctional, and accepting the unethical actions of seniors as the way things get done, ultimately doomed WorldCom to a spiral of actions that had the momentum of everyone's livelihood at stake, with no system in place to automatically apply the brakes to protect the shareholders. . What is the difference between earnings management (or earnings smoothing) and accounting fraud? What are the relevant criteria to use in distinguishing ethical from unethical accounting practices? I don't think there is a difference between earning smoothing and accounting fraud. Both practices intentionally mislead investors to alter their opinion of their holdings. Even if altering earning to smooth it out is mean only to put investors at ease, the underlying goal of smoothing is to change the perception of risk and volatility, which demand premiums in the market.Relevant criteria for distinguishing ethical from unethical accounting practices are if the accounting practice ma terially changes what the average investor values the company at and items addressed in GAAP and other accounting standards that are against conventional accounting guidelines actively used and unchallenged in the business landscape. 3. What internal processes or systems do you recommend to prevent fraudulent practices such as those present at WorldCom?Why were these practices not detected sooner? It appears WorldCom's fraudulent activities was uncovered by the companies own internal accounting department, indicating that at least one of five internal controls – â€Å"monitoring of controls† was functional. However, I believe if there were to have been periodic external auditing from impartial entities outside of WorldCom, the fraudulent activities would have been uncovered sooner than it occurred in 2005.Other internal control processes that could have prevented WorldCom's fraudulent activities and demise are; hiring competent, reliable and ethical personnel, particul arly in leadership positions that the company's board of trustees failed to accomplish, or perhaps were oblivious and complacent with the â€Å"red flag warnings† – falsely professed financial growth and profitability to increase the price of WorldCom's stock, and underreporting line costs (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them.In addition to inflating revenues with bogus accounting entries from corporate unallocated revenue accounts. I also believe there was failure with â€Å"assignment of duties†, or separation of duties if you will. Because, Mr. Ebber's seems to have been in control of his CFO – Sullivan, Controller – Myers, and Director of General Accounting – Yates. All of whom were unethical leaders at WorldCom that helped concoct â€Å"shady† accounting practices that led to the demise of WorldCom. It is my opinion t hat the above mentioned practices were not detected early enough due to micro management of lower taff employees by unethical leadership through autocratic style leadership, and environment that instilled fear in employees for fear of losing their jobs if any concerns were raised. An unfortunate reality that sadly exist in many big corporations, and even in governments. 4. What external processes or systems do you recommend to prevent and detect fraudulent practices such as those present at WorldCom? Were the directors on the board or the external auditors to be blamed?External auditing is an effective process that can in many ways prevent fraudulent activities within organizations, as the respective auditing teams have no â€Å"loyalty† to management or leadership within the company undergoing review by the external auditors. Retrospectively, I believe that the board of trustees of WorldCom at the time of the scandal would have wished that they had carefully looked into the background and leadership style of Mr. Ebber's and his co-conspirators to have checked for any signs of unethical behavior that many companies continue to blindly ignore.Barely about a year ago, Yahoo's former CEO was publicly humiliated, and subsequently fired by the company for â€Å"embellishing his academic credentials†. A very minor issue that could have been easily prevented, had the board of trustees of Yahoo looked thoroughly into Thompson's background by doing their due diligence. Unfortunately, the board of trustees of Yahoo failed at this task, much like what happened back in the late nineties with WorldCom and Ebber's. 5. You are a representative from the SEC.Briefly describe any sections of Sarbanes-Oxley Act of 2002 that you would cite to either Mr. Sullivan or Mr. Ebber's when they refuse to comply with your request for information. Under the federal regulations and securities Section 3(a)(47) of the Securities Exchange Act of 1934 (15 U. S. C. 78c(a)(47)), ref usal of any individual(s), or company(s) to conform to set accounting practices including external auditing by appropriate personnel (entities) will be liable to punitive actions set forth by federal legislations – up to or more than 25-years imprisonment and fines.Additionally, accounting and auditing practices by firms and individuals associated with a particular entity, or provide other services to any or such entities are prohibited to prevent conflict of interest, and accurate reporting of accounting practices. All of which were corporate infractions engaged in by Mr. Ebber's and his co-conspirators at WorldCom. 6. The E/R ratios of other telecommunications companies during the late 1990’s hovered around 50% or at best high 40%. If you were an investor, would you have invested in WorldCom? I probably would have.Despite the fact that WorldCom's E/R ratio seems to have been lower than its competitors , which should have raised a red flag in any potential investors m ind. However, like my decision to still invest in WorldCom despite its â€Å"too good to be E/R ratios†, many investors back then may have ignored what was obvious because WorldCom's â€Å"cooked books† from previous years all â€Å"seemed financially sound†, thanks to Ebber's and his co-conspirators great efforts at evading external auditors, fooling the public and its shareholders, and â€Å"muscling† junior employees to cover up its â€Å"shady accounting practices†.So naturally, any potential investor would probably back then have made the same mistake of investing in WorldCom. Obviously, not expensing largest operating expense â€Å"line costs† – incurred to gain access to other carriers networks to allow WorldCom to complete customers calls, as reported in its SEC filings will make its E/R ratio lower compared to WorldCom's competitors, resulting in an â€Å"inflated performance† – overstatement of earnings and und erstatement of operating expenses. 7. Contrast the roles of Vinson and Cooper in the case.Should Vinson have been charged with committing crime? According to the section â€Å"Resolution of Ethical Conflict† in the Institute of Management Accountants' Code of Ethics, how should employees proceed when under pressure by senior managers to engage in unethical behavior? As stated by James Comey, the U. S. attorney that prosecuted Ms. Vinson's case, â€Å"just following orders† is not an excuse to break the law. Why? Because, like many accounting professionals, Ms. Vinson knew right from wrong as it pertains to the prescriptive law of accounting ethical practices.In her own statement and admissions to prosecutors during the initial stages of her prosecution, and attempt to become a witness for the prosecution to gain leniency. (Pulliam, 2003). She (Ms. Vinson) stated that â€Å"each time she was ordered to â€Å"cook† or cover unethical accounting practices, she tho ught and hoped it will be the last time she caved in for such unscrupulous activities. Unfortunately, she kept on caving for years till the scandal was uncovered†. In light of the facts, and Ms.Vinson and Cooper's knowledge of right and wrong concerning the ethical practices of their chosen professions, it is appropriate for both of them to have been held liable for conspiring and engaging in such fraudulent activities as purported by WorldCom. As outlined by the IMA, accounting professionals in any company that are micro-managed, â€Å"muscled†, or coerced to engage in any fraudulent activities or witness any such improprieties, should first report the issue to an immediate supervisor that is not involve in such activities.In the event such option does not exist, one should then report the issue to a higher management staff that is not involved in such impropriety. it's also advisable for one to seek legal counseling with a private attorney about how to proceed in such matters n the event that reporting to an external body is imminent. Reference:PULLIAM, S. , Staff Reporter of THE WALL STREET JOURNAL Online, June 23, 2003| |

The Events Described in Seven Pillars of Wisdom by T. E. Lawrence

The Events Described in Seven Pillars of Wisdom by T. E. Lawrence Introduction Seven Pillars of Wisdom is a historical autobiography written by T. E. Lawrence. During the First World War, British instigated the revolt of Arabs against Turkey while she herself engaged Germany. The plan was for British to win the war from two fronts, though the idea was sold to the Arabs as a freedom campaign which Britain was apparently ready to support.Advertising We will write a custom essay sample on The Events Described in â€Å"Seven Pillars of Wisdom† by T. E. Lawrence specifically for you for only $16.05 $11/page Learn More Lawrence was part of this revolt, fighting alongside Arabs even though he was aware that his government was being dishonest with the Arabs. Chapters 41 through 58 detail Lawrence’s expedition’s imminent arrival at Akaba. Discussion Lawrence wrote that this story ought not to be read as the history of the Arab movement but as the history of him in it (Lawrence). The book therefore comprises of the feelings, experiences and reflections of Lawrence and all the other personalities around him who found themselves caught up in these historical moments. Quite a number of significant players are to be found between chapters 41 and 58 of the book since the Arab revolt involved many people. Foremost, there is Lawrence himself, the Briton charged, on behalf of the British government, to lead the expedition to take Akaba. Lawrence is aware of the insincerity of the British government in its dealings with the Arabs. For this reason, he is guilt ridden and hopes to make the revolt work not only to satisfy British interests but also to ultimately free the Arabs. Then, there are the Arabs, under the leadership of Auda Abu Tayi and Nasri. The Arabs are happy and excited at the prospect of freedom. They are painfully unaware of the immensity of the task they have undertaken and innocently trustful of the good intentions of the Britons. Unseen, but constantly felt, is the presence of the B ritish government and the depth of its insincerity. The chapters describe the passage of Lawrence’s expedition across the deserts and over the ranges of present day Saudi Arabia as it heads for Akaba. The town was deemed strategically important since it could hamper the approach of the British via the Mediterranean Sea as it portended a risk to the operations of the Suez Canal (Lawrence). Akaba, today known as Aqaba, is a strategic port town in present day Jordan, but was at the time under the control of the Turks. These chapters vividly describe the fatigue experienced by the men from riding camels all day; the discomfort of being scorched by the desert sun; the distress of being caught in the sand whirling in the desert wind; the thrill of the constant threat of coming under attack from unknown enemies; and under all this, the knowledge by Lawrence that the whole affair was a lie.Advertising Looking for essay on biography? Let's see if we can help you! Get your firs t paper with 15% OFF Learn More It being an account of individual experiences, the most important occurrence in the chosen chapters is the deep and profound guilt that is felt by Lawrence. Since the Arabs are deemed distrustful of institutions, and could therefore not be prevailed upon under the mere assurance of the British government to go to war, it had fallen upon Lawrence to be the face of the British to the Arabs. He had strived, and succeeded, in gaining their confidence. He however knew that the McMahon pledges and the Sykes-Picot treaty would come to naught once the war was won (Lawrence). In pushing forward with the expedition, he would be taking advantage of the trust the Arabs had in him, and by exploiting their thirst to free Syria and putting the lives of men at risk on the basis of false pretenses. Having assured them that â€Å"England kept her word in letter and spirit† after which the Arabs fell in line behind him, he felt nothing but consist ent and bitter shame (Lawrence). It is for the need to assuage this guilt that he endeavored to steer the Arab Revolt in such a fashion that it would become â€Å"its own success† and in so doing, Britain would be unable to deny the Arabs their moral earned rights (Lawrence). After the liberation of Syria, The General Syrian Congress arrived at the following resolutions detailing the wishes of Syrians: â€Å"that the people of Syria wanted their independence to be recognized; that they rejected the idea of political tutelage; that they rejected any attempts to divide Syria; and that they would be appreciative of foreign assistance for a limited period of time† (Glubb 106-7). France was however given the mandate to occupy Syria by the Supreme Council of Allies and the British army was soon replaced by that of the French. This was in spite of the fact that Syrians were strongly against foreign occupation. Consequently, Amir Feisal, who had fought in the Arab Revolt, rece ived an ultimatum demanding his recognition of the French mandate in Syria (Glubb 109). The contemporary significance of the events described in the chapters chosen arises from their causal relationship with the sequence of occurrences that followed. The areas in Syria that were occupied by the French happened to be the ones that had been promised to the Arabs in the Sykes-Picot Agreement (Glubb 112). The fact that Britain went back on its word on this particular instance, in view of the ensuing political upheaval in Syria for the subsequent decade, ended up in the Arabs being consistently suspicious of the intentions of the British. Even though no such claims had been made by British, it was felt by the Arabs that the original intention behind the British actions was for Syria to be divided up between France and Britain.Advertising We will write a custom essay sample on The Events Described in â€Å"Seven Pillars of Wisdom† by T. E. Lawrence specifically for you fo r only $16.05 $11/page Learn More The French occupation of Syria resulted in the eventual adoption of Western political and cultural concepts. The eventual adoption of democratic institutions of governance, though of a rather primary kind, and the increased imitation of Western culture by young generation Syrians led to the neglect of significant cultural practices. For instance, the apparent gradual loss of the traditional politeness and manners that has previously characterized the Syrian tradition has been attributed to this contact with western culture (Glubb 187). Conclusion The events described in â€Å"Seven Pillars of Wisdom† are of great significance. Through them we get insights behind the complex relationship between Britain and Arabs. It could be argued that in Lawrence is to be found the incarnation of the British sentiment towards Arabs after the events in Syria. The dishonesty of the British in their dealings with Arabs resulted in the French oc cupation of Syria and a deeply ingrained suspicion of Britons by Arabs. The British might not have been able to go against the occupation of Syria by France. What matters however, is that they had conspired to dishonor their promises to the Arabs even prior to the French entry into the equation. This suspicion reinforced by other historical occurrences, still characterizes how Arabs view not only the British but the whole of the Western world. Glubb, John. Britain and the Arabs: A Study of Fifty Years 1908 to 1958. London: J.B.G Ltd, 1959. Print. Lawrence, Thomas. â€Å"Seven Pillars of Wisdom.† 2011. Web. Project Gutenberg.

Politics in the Guilded Age essays

Politics in the Guilded Age essays Discuss Politics in the Gilded Age. Include major political events and issues, and the roles of the bloody shirt, corruption, patronage, and reform movements. The term Gilded Age was named for a Mark Twain book. It meant covered with gold, and was applied to this period as a whole. This was a period of corruption in sordid politics. The Republicans and Democrats didnt really have strong opposing beliefs during this period. The Republicans supported high tariffs and sound money. The Democrats supported lower tariffs and expanded currency. Both rural and urban classes supported each party. They worked with spoils and local issues. Both parties worked to please everyone, and to attract voters. Since both parties were so close in strength, it caused the elections to be fought harder. The Republicans used the waving of the bloody shirt tactic. This meant that they brought back the past in order to avoid the real issues. They portrayed the Democrats as rebel traitors. The Republicans were against alcohol. The Stalwarts were led by Senator Conkling from New York and were the hard core machine of elections. Senator Blaine led the Half-Breeds from Maine, and they wanted to be in control of it all. The mugwumps were a group that turned Democrat because of the corruption of the Republican presidential nominee, Senator Blaine. One president was Grant during this period. He was elected into office for his past war experience. He had little knowledge of politics, and depended on his fellow politicians. These men, in turn, involved in scandals to embezzle money from the government. One was the Great Mobilier scandal; it dealt with the Union Pacific Railroad. The Construction Company hired themselves at inflated prices to build railroad lines, and distributed shares of stock to congressmen. A scandal during Grants ...

Compel, Impel, and Propel

Compel, Impel, and Propel Compel, Impel, and Propel Compel, Impel, and Propel By Maeve Maddox A reader asks, Would you explain the differences among compel, impel, and propel. Here is an instance that I read:â€Å"†¦I find myself returning again and again to the question of what compels us - what propels us - to record our impressions of the present moment in all their fragile subjectivity.† The pel in compel, impel, and propel derives from the Latin verb pellere, â€Å"to drive,† as in the way one drives sheep, forcing them to go in a certain direction. compel: transitive verb. To urge irresistibly, oblige, force. â€Å"The police compelled the motorist to stop.† impel: transitive verb. To drive, force, or constrain a person to some action by acting upon her mind or feelings; to urge on, incite. In a literal sense, impel means to cause something to move onward. An engine, for example, impels a vehicle. propel: transitive verb. To drive away or out. to drive or push forwards, onwards, or in a specified direction; to cause to move along. Figuratively, propel means â€Å"to encourage or promote an enterprise or activity.† One can â€Å"propel a person† in the sense of urging or spurring him on. In the example provided by the readerwhat compels uswhat propels usto record our impressions, both compel and propel convey the idea of being driven to do something. Compel conveys the idea that the person is being forced to do it; propel shows that the person is encouraged to do it by the same â€Å"what† that forces him to do it. Three other pellere verbs in English are: dispel: to drive asunder, scatter expel: to drive out repel: to push or thrust away Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:How to Structure A Story: The Eight-Point ArcDisappointed + PrepositionThe Two Sounds of G

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Current Issues in Health Care Administration - Article Example In this regard there are reforms which are currently being instituted aiming to extend the coverage to more than 30 million uninsured U.S. residents through a huge expansion of Medicaid and establish new federal health insurance premium subsidies. In Kansas City, there are primary health care facilities from more than 20 hospitals providing over 5,000 beds covered by 435 congressional districts. The article specifically outlined how the congressional districts categorized businesses in Kansas City who would avail of the health reforms. The distinguishing characteristic is the size of the business depending on the number of employees and wages. The following chart will clearly illustrate the proposed reform: In addition, the districts were subdivided according to the local representatives who govern them. The following table illustrates the number of residents covered, number of businesses eligible for tax credits and exchanges. Whatever controversies or skepticism that this plan might face, it is important to realize that America’s health care system needs to be immediately rehabilitated to better address the needs of the

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21st Century Education - Essay Example This study outlines that in the last few centuries, education has become more and more available to people and largely thanks to the invention of the printing press and other means of spreading written material, which has been the most outstanding vessel for knowledge literacy. Thus, it has increased, and when 100 years ago we may have said that a person is well educated simply because they knew how to read and write, today those are mere basics in education, and very many people with literacy skills, yet they do not qualify as educated. Even knowledge by itself does not suffice for one to be educated, â€Å"Familiarity with a list of words, names, books, and ideas is a uniquely poor way to judge who is well-educated†. Being educated today means that one needs to have not only knowledge, but also the professional, social, and ethical skills that come with it, as well as experience in dealing with people.From this paper it is clear that  many art colleges teach skills, which are not particularly specific to any job. For example, a student from the faculty of Education can use the same degree to apply and probably get a job, as a customer relations manager in a firm yet there are people who go to school to study the latter. The skills learnt in Arts College are versatile and can be applied in a variety of fields.  However, some of the existing professions cannot be practiced by anyone who is not qualified and certified for them.

Where relevant make reference to the royal art ancient empires of Essay

Where relevant make reference to the royal art ancient empires of Ghana and Mali - Essay Example This statue consists of a distinct style that brings out the real nature of the chief’s authority. The lines on the surface of the robe show the depth of the folds express on the sculpture. This only brings out the richness of the textile worn by the chief (Walker and Chaplin, 1997). This is an image of the King of the Kuba people from the Democratic Republic of Congo. The king of the Kuba people was in charge of the political, economic and social organization of the kingdom. As a sign of authority, the king would adorn a distinct head gear comprising of certain feathers. These feathers were a symbol of authority only fit for the king. The other pieces of clothing contain exquisitely embroidered textiles that have organized geometric patterns. He also has anklets on his feet and bracelets on his arms, and he is holding a spear in his right hand. As a king, it was his duty to protect his people as well as command all the political power in the region. Adorning in such attire was a way of expressing the power commanded by the king since no one else could wear

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Where relevant make reference to the royal art ancient empires of Essay

Where relevant make reference to the royal art ancient empires of Ghana and Mali - Essay Example This statue consists of a distinct style that brings out the real nature of the chief’s authority. The lines on the surface of the robe show the depth of the folds express on the sculpture. This only brings out the richness of the textile worn by the chief (Walker and Chaplin, 1997). This is an image of the King of the Kuba people from the Democratic Republic of Congo. The king of the Kuba people was in charge of the political, economic and social organization of the kingdom. As a sign of authority, the king would adorn a distinct head gear comprising of certain feathers. These feathers were a symbol of authority only fit for the king. The other pieces of clothing contain exquisitely embroidered textiles that have organized geometric patterns. He also has anklets on his feet and bracelets on his arms, and he is holding a spear in his right hand. As a king, it was his duty to protect his people as well as command all the political power in the region. Adorning in such attire was a way of expressing the power commanded by the king since no one else could wear

Lenove Research Paper Example | Topics and Well Written Essays - 6000 words

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Optimal Economic Uncertainty Index Test

Optimal Economic Uncertainty Index Test CHAPTER 4 METHODOLOGY AND EMPERICAL RESULT OFÂ  OPTIMAL ECONOMIC UNCERTAINTY INDEX 4.0 Introduction This chapter discussed about the methodology, data analysis and the results obtained from different tests for Optimal Economic Uncertainty Index. The generalized method of moments (GMM) parameter is using to estimate the benchmark parameters for the small structural model following by the grid search method. Lastly this chapter will closing by a conclusion. 4.1 Model Specification of OEUI The optimal economic uncertainty index is using the small structural model which is described by Svensson (2000 as the basic idea of contemporaneous model of the economic uncertainty. The equations of small structural model is written in logarithmic form which are represent the inputs for the small structural model except the real interest rate gap, the inflation gap and the economic uncertainty index. All of the variables in this model are presenting in gap form by using potential value or equilibrium value as a benchmark to calculated the deviations of the actual value from the potential values. is the real output gap, is the inflation gap, is the real exchange rate gap, is the real interest rate gap. The equations can be written as below: (2) (3) (4) (5) (6) Equation 2 is an IS curve which is explain the relationship of aggregates output, real interest rate and real exchange rate and the Equation 3 is presenting an open economy Phillips curve which is explain the relation of unemployment and inflation to derive the aggregate supply curve. Following equation 4 is a reduced form of the exchange rate which is determines the real exchange rate gap and captures the concept that a higher real interest rate gap. And Equation 5 is a monetary policy reaction function. Equation 6 is a contemporaneous economic uncertainty function. This function assumes describes the relation of economic uncertainty with the shocks of macro variables and policy variables which is output gap, inflation gap, exchange rate gap and interest rate gap. The positive signs on and indicate that the output gap mitigation and the inflation reduction could reduce economic uncertainty. However the negative signs on and indicate that the central bank increasing the exchange rate and the interest rate to reduce economic uncertainty. The origin of the theoretic model of the optimal economic uncertainty index assumes that the central bank minimize the discounted expected loss subject to the small structural model by using a set of inflation, output gap and interest rate values. Below is the model of central bank’s period loss function which is assumed to be quadratic for the inflation gap, the output gap and the interest rate gap. (7) , and stand for the weights attached to the stabilization of the real output gap, the inflation gap and the real interest rate gap. In addition, as the discount factor ÃŽ ² of the loss function of structural Eq.1 approaches unity, it can be shown that the loss becomes proportional to the expected unconditional value of the period loss function as below where is and represent the unconditional variance of the real output gap and the inflation gap, respectively. (8) The variance in the monetary policy instrument is often put in the loss function of the central bank. The unconditional variance of the real interest rate gap ( ) is mainly to prevent an unrealistic situation of high interest rate volatility. , and are the weights attributed to the stabilization of the real output gap, the inflation gap and the real interest rate gap, respectively. 4.2 Data Description This study are using the quarterly from quarter one 1994 to quarter four 2012 taken from a variety of sources which is discusses in chapter 3. The gap form data series is generated by: The real output gap (): the difference between the logged time series of the current real output and the potential real outputs, which is then multiplied by 100. The real interest rate gap (): the difference between the current real interest rate and the potential real interest rates The real exchange rate gap ( ): the differences between the logged time series of the current REER and the potential REER The inflation gap (): the difference between the current inflation rate and the potential inflation rates. The potential real output, desired inflation, real interest rate at the potential output and real exchange rate at potential output is generated by using The Hodrick–Prescott (HP) filter with a smoothing parameter (ÃŽ ») 1600. 4.3 Empirical Result The grid search method calibrates the small structural model using the generalized method of moments (GMM) parameter estimation for the benchmark parameters. The GMM method has been commonly applied to estimate small-scale macroeconomic models (Clarida et al. 1988; Gali and Gertler1999; Smets 2003). The parameters estimated from the small structural model using the GMM method are reported in Table 1. Table 1 GMM estimation of the standard macroeconomic reaction function Dependent variable Independent variable(s) Parameter China Indonesia Selected Asian countries 0.908***(0.037) 0.504***(0.056) -0.219***(0.041) -0.640***(0.074) -0.084***(0.016) -0.106***(0.029) 0.074*(0.041) 0.313***(0.031) 0.403***(0.101) 0.285***(0.078) -0.047**(0.023) -0.098***(0.018) 1.223***(0.309) 1.370***(0.500) 0.575***(0.109) 0.144*(0.085) 0.373*(0.214) 1.188***(0.101) -0.141**(0.071) -0.081***(0.030) Table 2 continued Dependent variable Independent variable(s) Parameter Thailand Selected Asian countries 0.760***(0.047) -1.185***(0.231) -0.197***(0.069) 0.077***(0.015) 0.335***(0.113) -0.023***(0.007) 1.344***(0.410) 0.107***(0.037) 0.656***(0.103) -0.112**(0.050) Source Author’s calculations using EViews software Standard errors are in parentheses. *, **, and *** denote statistical significance at the 10%, 5%and 1%levels, respectively. The list of instrumental variables for the estimates above includes lagged values of the real output gap, the inflation gap, the real interest rate gap and the real exchange rate gap. Following Table 3 shows the estimated optimal coefficients of economic uncertainty in the benchmark setting. These coefficients are globally optimal because they depend on all of the state variables. Specifically, optimized economic uncertainties are optimal only in the sense that they represent solutions to the specified constrained optimization problem. Table 3 Optimal coefficients, unconditional variances of goal variables, losses (result depend on , and ) and optimized economic uncertainty index for selected Asian countries Preference Selected Asian countries , , China Indonesia Thailand 2.95 2.95 2.50 0.25 0.40 0.10 0.40 1.45 1.45 1.90 2.95 2.95 1.584 1.141 1.220 1.190 1.116 1.109 2.460 1.800 1.726 3.389 2.708 2.760 : selected Asian countries China Indonesia Thailand Source Author’s calculations using RATS econometrics software ais . b is the contemporaneous optimal economic uncertainty index; The estimated optimal coefficients of the optimal economic uncertainty index enable to derive the optimal economic uncertainty index over the sample period. This specification includes all related endogenous variables at the optimal level, specifically the real output gap, inflation gap, real exchange rate gap and real interest rate gap. These variables are then weighted using the estimated optimal coefficients and aggregated to find the optimal economic uncertainty index. To find out the validity of the derived indexes as measures of economic uncertainty, four significant economic upheavals that garnered global notoriety are selected as benchmarks for discussion: the Asian financial crisis (July, 1997), the dot-com bubble (March, 2000), the subprime crisis (Quarter 4, 2007) and the global financial crisis (September, 2008). The computed time series of the optimal economic uncertainty index for all of the selected countries are stationary. Figure 4.1 Optimal economic uncertainty index for China The notations (a, b, c and d) represent four economic upheavals that garnered global notoriety which is a stated for the Asian financial crisis (July, 1997), b stated for the dot-com bubble (March, 2000), c stated for the subprime crisis (Quarter 4, 2007), and d stated for the global financial crisis (September, 2008). The global recession periods (the shaded areas) described by the IMF are 1998, 2001–2003 and 2008–2009. (Source Author’s calculations) Optimal economic uncertainty index (OEUI) in China has been through different phases of development during the year 1994 to 2012. A higher positive value of OEUI was shown on the Asian crisis and the dot-com bubble. Afterward, a higher MCI higher positive value of OEUI also shown between the subprime crisis and the global financial crisis on year 2008. Figure 4.2 Optimal economic uncertainty index for Indonesia The notations (a, b, c and d) represent four economic upheavals that garnered global notoriety which is a stated for the Asian financial crisis (July, 1997), b stated for the dot-com bubble (March, 2000), c stated for the subprime crisis (Quarter 4, 2007), and d stated for the global financial crisis (September, 2008). The global recession periods (the shaded areas) described by the IMF are 1998, 2001–2003 and 2008–2009. (Source Author’s calculations) Figure 4.2 shows the optimal economic uncertainty index (OEUI) for Indonesia. According to figure 4.2, Optimal economic uncertainty index (OEUI) in Indonesia has been through different phases of development during the year 1994 to 2012. It was a sharply drop of MCI during the Asian crisis. Thereafter, a higher OEUI was shown on the dot-com bubble during the year 2000. Anyway, OEUI of Indonesia merely stable during the subprime crisis and the global financial crisis. Figure 4.3 Optimal economic uncertainty index for Thailand The notations (a, b, c and d) represent four economic upheavals that garnered global notoriety which is a stated for the Asian financial crisis (July, 1997), b stated for the dot-com bubble (March, 2000), c stated for the subprime crisis (Quarter 4, 2007), and d stated for the global financial crisis (September, 2008). The global recession periods (the shaded areas) described by the IMF are 1998, 2001–2003 and 2008–2009. (Source Author’s calculations) Figure 4.3 shows the optimal economic uncertainty index (OEUI) for Thailand. According to figure 4.3, Optimal economic uncertainty index (OEUI) in Thailand has been through different phases of development during the year 1994 to 2012. It was a rose of OEUI during the Asian crisis. Thereafter, a negatif value of OEUI was shown on the dot-com bubble during the year 2000, the subprime crisis and the global financial crisis.

Lawn Party Essay -- essays papers

Lawn Party Ann Beattie writes her short story â€Å"The Lawn Party† as a male narrator. Because men tend to be less emotional than women are, this makes the narrator’s point of view more believable. Although this is a story that moves from one agonizing situation to another, the lack of human emotion leaves one with a somewhat empty feeling. One could infer that the author removed all sensitivity from the narrator in an attempt to make him appear aloof, indifferent, and even somewhat callous. The narrator lost his arm in a car accident. When asked if he would like a plastic arm or claw, he rejected both. When asked what he would like, he calmly responded â€Å"air†. Later in the story, he complained that he has to sip beer because it would be annoying if he had to set the beer down to wipe his mouth. He also received a letter from the college where he worked, stating that they hoped all was well and that he would be back to work in the fall. His only thought was that it would be difficult to teach art with only one arm, but then dismissed the entire issue as if it was unimpor...

Othello’s Diabolism Essay -- Othello essays

Othello’s Diabolism  Ã‚        Ã‚   In Shakespeare’s tragedy Othello, there is present through most of the play such an overwhelming amount of evil that the audience can scarcely remain undisturbed.    Alvin Kernan’s â€Å"Othello: an Introduction† explains the diabolism existing under the name of â€Å"honest Iago†:    â€Å"Honest Iago† conceals beneath the exterior of the plain soldier and blunt, practical man of the world a diabolism so intense as to defy rational explanation – it must be taken like lust or pride as simply a given part of human nature, an anti-life spirit which seeks the destruction of everything outside the self. (75)    Even the imagery in the drama has its evil aspect. Kenneth Muir, in the Introduction to William Shakespeare: Othello,   explains the instances of diabolic imagery in the play as they relate to the infecting of the Moor by the ancient:    The same transference from Iago to Othello may be observed in what S. L. Bethell called diabolic imagery. He estimated that of the 64 images relating to hell and damnation – many of them are allusions rather than strict images – Iago has 18 and Othello 26. But 14 of Iago’s are used in the first two Acts, and 25 of Othello's in the last three. The theme of hell originates with Iago and is transferred to Othello only when Iago has succeeded in infecting the Moor with his jealousy. (22)    In his book of literary criticism, Shakespearean Tragedy, A. C. Bradley gives an in-depth analysis of the brand of evil which the ancient personifies:    Iago stands supreme among Shakespeare’s evil characters because the greatest intensity and subtlety of imagination have gone to his making, and because he illustrates in the most perfect combination th... ... 1996. http://www.eiu.edu/~multilit/studyabroad/othello/othello_all.html No line nos.    Wayne, Valerie. â€Å"Historical Differences: Misogyny and Othello.† The Matter of Difference: Materialist Feminist Criticism of Shakespeare. Ed Valerie Wayne. Ithaca, NY: Cornell University Press, 1991.    Wilson, H. S. On the Design of Shakespearean Tragedy. Canada: University of Toronto Press, 1957.    Wright, Louis B. and Virginia A. LaMar. â€Å"The Engaging Qualities of Othello.† Readings on The Tragedies. Ed. Clarice Swisher. San Diego: Greenhaven Press, 1996. Reprint from Introduction to The Tragedy of Othello, the Moor of Venice by William Shakespeare. N. p.: Simon and Schuster, Inc., 1957.    -- -- --. Introduction. The Folger Library General Reader’s Shakespeare: The Tragedy of Othello, the Moor of Venice. New York: Washington Square Press, 1957.   

South Africa Gdp Compared to Brazil’s

Personal quote: Through economics, engineer the world†¦ ECONOMICS 232 BRAZIL- SA REPORT Introduction In 2010, South Africa joined The BRIC and set its level of ambition not only as an African leader, but also as an emerging world class economy along Russia, China, India and Brazil. This report will analyze and look at the economic trends and fluctuations between the later and South Africa from the year 2000 to 2010 using released World Bank data. AnalysisAccording to the World Bank, South Africa GDP was of about one hundred and thirty two billion in 2000 while Brazil’s was at six hundred and forty four billion Dollars. Over the following decade 2000 – 2010, the two economies registered a considerable and equal improvement of their total production with a respective increase of 41 % for South Africa and 42% in the case of Brazil. The GDP per capita on the other hand increased at a lower rate over the same period. While South Africa leveled up by 22. 4%, Brazil bette red its GPD per capita by 25 . %. This further entails a GDP yearly increase of $ 1095 /capita with regards to the former, and $1409/capita for the later. A better look at aggregate expenditure components will provide more detailed resources in explaining the above increase of GDP within the two economies. In 2000, South Africa and Brazil consumption by households ( C ) was about 63% and 64% of GDP, largely above the rest of the components where total gross capital formation ( I ) lied low with 16% and 18% respectively, and lastly a total government expenditure ( G ) of 18 and 19%.As it appears, the two economies spent relatively equivalent proportions of their expenditure aggregate component on GDP. At the end of the decade,2010, total consumption ( C ) rose by 49 % for both economies, Investment ( I ) strongly incremented by 93% with regards to South Africa and 52% in the case of Brazil which correlated with a respective increase of 3. 17% and 45% increase in the money supply in b oth countries over the period.Parallel to the increase in GDP, the two economies registered noticeable increases of Gross Value Added ( VGA ). In fact, between 2000 and 2010, South Africa VGA increased by 38% while Brazil as usual experienced a little higher accretion of 41 %. Looking at sectorial contribution, tertiary sector imparted for more than half of total VGA in 2000 as illustrated by the graphs below. 1. 1 South Africa World Bank 2000 data analysis : Sectorial Contribution to VGA . 2 Brazil World Bank 2000 data analysis : Sectorial contribution to VGA In 2010, South Africa tertiary contribution to VGA only increased marginally by 3% and hence moved from 65% in 2000 to 68% in 2010 where it leveled up to Brazil’s. Conversely, primary and secondary sector contribution deteriorated between 2000 and 2010 . The South African primary sector declined from 3% to 2% while the secondary also experienced a marginal decline of 3%.On that point, Brazil went through proportional ch anges with secondary sector falling from 28% to 25%, leaving the primary with a small yet surprising amelioration of its contribution from 5. 60% to 5. 86% . Graph 2. 1 and 2. 2 provide a more visual depiction of the above facts. 2. 1 South Africa World Bank 2010 data analysis : Sectorial contribution to VGA 2. 2. Brazil World Bank 2010 data analysis : Sectorial contribution to VGA Besides the above increase in VGA, another important factor to be onsidered is how the level of openness of both countries drastically evolved over the decade 2000 -2010. South Africa exports incremented by 13% while Brazil’s skyrocketed by 86%. This implies that Brazil opened to the rest of the world at a much higher level, local firms growing into world competitors, which not only appreciated the country’s currency but increased its competiveness and decreased dependency on imported products. South Africa imports increased by 73% in contrast to Brazil which only increased by 21%.This high level of imports from South Africa will eventually result in the deterioration of the balance of payment. Moreover, while Brazil rate of unemployment oscillated between 6 and 9% over the decade, South Africa experienced a rather high rate of unemployment, the lowest in 2007 and 2008 with an average rate of 23% and the highest between 2002 and 2003 with an average of 31%. Conclusion This report deciphered and revealed an objective analysis of two BRICS economies, precisely South Africa and Brazil over ten years, 2000-2010. Erouane Langard 747 Words

Poverty is a state of mind Essay

Even though some people make millions, poverty is still a problem in today’s society. There is an increasing gap between the wealthiest and the poorest people. This is also a problem in Britain. But is poverty really a state of mind? That is the controversial statement made by freelance writer Bernard Hare who in an essay from 2012 writes about his childhood in poverty in a mining family in Leeds. As an adult, he experiences a different kind of poverty. Bernard Hare was born in 1958 into a poor mining family in Leeds, but he never felt the poverty as a child. His explanation for this is that their house was warm, the neighbors were welcoming, and that he spent a lot of time with his grandmother who lived across the street. Because he did not want to end up in poverty like his parents and also after being encouraged by his grandmother, he got into grammar school and later college. He started to get into fights at stadiums because he supported the football club, Leeds United. He was also arrested on more than one occasion. When Hare got to college, he started to drink and smoke. But he turned it around and became a successful social worker in London until he also had to provide for his father due to mining strikes. After that it all went downhill for Hare. He took drugs, drank, and sold drugs and stolen items. This changed in 1995 when he met the Shed Crew who was a group of 10 to 14 year olds living in an old shed in Hare’s old neighborhood. It put things in perspective and in 1997 he decided to become a writer because he wanted to tell the world the story about the Shed Crew. The final product was a memoir called Urban Grimshaw and the Shed Crew. Hare uses contrasts in this essay to get his point across. First of all, there is the contrast between his childhood life and his adult life and the differences between the two kinds of poverty he has experienced. Secondly, there is the contrast between the poverty he lived in as a child and the poverty he sees with the Shed Crew. Bernard Hare has lived in poverty for the most of his life, but it has been two kinds of poverty. As a child he lived in absolute poverty where there was not always food at the end of the week. His parents drank and smoked occasionally but according to himself he had a good childhood anyway. He was loved and cared for even though the means were limited. However as a young adult, he went down the wrong path which included drugs, drinking, and criminal behavior. There he experienced a different kind of poverty. In a  way, he chose to be poor. As he also says so himself, he was capable of making good money but he chose the criminal way of life. You can take the boy out of poverty, but you can’t take poverty out of the boy. (P 3 ll. 163-164) As previously said, Hare was loved as a child even though they were poor. That is the biggest difference between Hare†™s childhood and the Shed Crew’s childhood. The Shed Crew had nobody to care for them, and they had been let down by society. Nobody is there to take care of them and to make sure that they will get a decent childhood. He uses his own experiences to shed light on how horrible the Shed Crew’s childhood has been. Hare was poor in terms of money but was rich on love and supporting company – mostly from his grandmother. However, the Shed Crew is poor both in terms of money, but they are also lacking love and support from responsible adults. They are lacking both in the spiritual and the materialistic way whereas Hare’s childhood was safe and good. Throughout the entire essay, Hare uses a lot of pathos in this essay while reflecting on his life story. He shares little, happy anecdotes from his childhood which are written in a humorous way, and he tries to create a mental picture of his childhood. As the years go by, the stories get darker and darker. There is not as much humor in his teenage and adult stories as there is in the childhood stories. This shows that the childish ignorance has disappeared from his mind and that he is now more aware of what is going on around him. Hare also writes that sometimes the decisions you make can effect whether or not you end up in poverty and more importantly how sometimes your choices in life can prevent you from getting out of poverty. For instance, Hare’s grandmother, who was teetotal, said this to him because his parents drank and smoked. â€Å"You’ll never have any money if you drink or smoke† (†¦) I was becoming aware that there might be a self-inflicted element to some people’s poverty. (P 2 ll. 93-94, ll. 98-100) Is poverty really just a state of mind? The state of mind of the person in question might be a contributing factor to whether or not that person is in poverty. However, to say that it is exclusively the state of mind is an exaggeration. There are a lot of contributing elements to why people are poor and the mindset of the person could be an important factor. In some cases it is and in other cases it’s just a matter of not having enough money to live. At least, it was a question of a state of mind for Bernard Hare.

Body image by Hye Young Byun Essay

Some deny it, some may not show, but we all know that every woman is self-conscious about her body and want to fix it. How often do you look yourself in a mirror and imagine how good you would look if you lost ten pounds? It is either that your butt is too big or too small, or your waist is too thick, your legs look like tree trunks, or your nose is too high or flat, your eyes are too small or your skin is oily and the list seems endless. The heroin chic is on trend, where a person is too skinny she looks to be involved in heroin abuse. Recently, a 22 year old woman Luisa Ramos died of heart failure from Anorexia Nervosa. Actresses and models are becoming younger, thinner and taller. Media knows that we have low self-esteem so they attack us, women of all ages. Many women regardless of nationality or age contain negative body image and if they do not develop healthier body image, they will suffer physically and emotionally. How bad is our negative body image? During childhood, we grow up, looking at Barbie dolls, which is too skinny in size that if she were made into living person, her back would be too weak to support her upper body, and her body would be too narrow to contain only than half of a liver and only a few centimeters of bowel. When we grow older, we watch makeup and beauty product ads that contain models that are severely underweight. Studies have shown that 81% of women in Canada feel anxious and insecure after watching a 30 second advertisement promoting beauty improvement on TV. (Wellness edu) Firstly, our negative body image causes us to think that we are bigger in size than reality. A study found that women overestimate the size of their hips by 16% and their waists by 25% yet they were correctly able to estimate the size of a box. (Nancy Hayssen blog-Shocking body image statistics) We think that our body is fatter than it actually is, because we feel depressed when comparing our ‘normal’ body to ‘fake’ images in media. Secondly, containing unhealthy body image makes us have unnecessary fear of gaining weight. Recent study stated that young girls are more afraid of becoming fat than experiencing nuclear war, cancer or even losing their parents. (Wellness Edu) It is terrifying to see that media’s influence even applies to women in such young age. Lastly, having an unhealthy body image will cause women and even men to waste unbelievable amount of time fitting into the ‘ideal’ body. Two out of five women and one out of five men would trade up to five years of their lives to achieve their weight goals. (Wellnessbeing-edu) Also, the average woman in North America spend 2.5 years of her life washing, styling, cutting, coloring, cramping, and straitening her hair at home or in salon. (120 Wolf, 1991) We become prisoner of perfect body without even realizing it. Lots of us think it is not a big deal. But here’s the problem. Body image involves our perception, emotions, imagination and physical sensations. Having negative body image damages all of these parts. Having negative body image will bring many negative effects to women. Firstly, it will lead to depression or lower self-esteem. Feeling insecure and less confident, women are more likely to believe or fall in for the exaggerated advertisement shown in media. They will look at air brushed models or celebrities who has gone through several cosmetic surgeries, and feel ashamed of their own body. Women will experience financial damage from spending lots of money into cosmetics, clothes, diet products, and even cosmetic surgeries. The diet industry itself is worth between 40 to 100 billion dollars a year only selling temporary weight loss programs! (People magazine Sept.2000) Secondly, unhealthy body image will lead to Eating disorders or bad habits. One of four women in early 20s in North America uses unhealthy methods of weight control like fasting, skipping meals, excessive exercise, laxative abuse, and self- induced vomiting.(American research group Anorexia Nervosa& related Eating Disorders Inc.) The pressure to be thin is not only affecting older women but young girls as young down to 5 or 6. Nearly half of all girls wish to be thinner. (â€Å"Appearance Culture in Nine-to 12-Year-Old Girls: Media and Peer Influences on Body Dissatisfaction†) Last, but not least, women could develop disorders like Anorexia Nervosa. Anorexia is a disorder where a person has extreme fear of gaining weight, and women with this disorder believe themselves to be overweight when they are actually visibly underweight to the point where they need hospitalization. Up to 450,000 Canadian women were affected by Anorexia Nervosa or extreme eating disorder in 2006. (Teen Vogue 2006) Many women if not all, mostly think that worrying a little about their health is not a big deal or a good thing. But they don’t even realize how severe their worrying has become. It has become severe to the point where they lose their identity. If you as a woman do not stop having unhealthy body image, it will lead to very unhappy life. So how do we not have negative body image? It seems so hard to just let go and be free. Women’s biggest concern and biggest interest is beauty. There are lots of ways to keep you healthy, but free of pressure, and stay beautiful but still have positive body image. First, you need to accept people of all sizes and shapes. (Margo Maine’s book â€Å"Body Wars,†) You can even make a list of people that you admire regardless of their body. Does their outer appearance affect how you feel about them? Appreciating the people around you will help you appreciate yourself. Secondly, another way to avoiding having negative body image is to question Media’s messages. (What Do You See When You Look in the Mirror?, Thomas F. Cash, Ph.D., Bantam Books, New York, 1995.) Media is a powerful source that could influence women. 96% of normal women in Canada do not match up to the models and actresses shown in the media. Average model is 5’10† with weight of 110 pounds, while the average woman is 5’4†³ with weight of 142 pounds. Women should remember that most of the images presented have gone through Photoshop or have been airbrushed. They also need to learn that media is not hundred percent honest to reality. Lastly, women today need to learn to listen to their body, not abuse it. They should eat when they are hungry. Staying fit in the healthiest way is to eat when you feel hunger, and to exercise in an enjoyable way, regardless of stress, or pressure to lose weight. While listening to their body women should also ask themselves this question: Would I rather spend my precious time with my family, friends, on school, and on career? Or would I spend it on pursuing the â€Å"perfect body image†? I don’t think anyone would give up their quality time with family on for accomplishing lower weight goals. All of these things will bring great benefits to your life. Today, in Canada, we have freedom to accomplish whatever we want to. Yet, women are prisoners of beauty myth, and appearance. Negative body image is a serious problem and has damaging effects on women’s self-esteem and it can lead to depression, as well as an eating disorder or other disorders like Anorexia Nervosa. It also causes women to waste time on diets, or improving their outer beauty, and also fear gaining weight more than anything. Medias influence us every day, producing air brushed models that are severely underweight. Media causes women to feel angry and anxious about their own body. But we can develop healthier body image if we appreciate ourselves for who we are and listen to our body. We lose lots of women in Canada that starve themselves to death. Women need to learn to self-love and respect their body instead of abusing it. Our bodies are not our enemies, and it is our responsibilities to stay unique and set our own trend.