Impact Of Globalization On India s Economy - 2680 Words

India is a nation that in recent years has been affected greatly by processes of globalisation. India has truly felt the forces of globalisation as it has morphed the very nature of the nations’ economic and societal processes. Globalisation is defined as the integration between different countries and economies leading to the increased impact of international influences on all aspects of life and economic activity. In order to measure the impact of globalisation on India’s economy one must consider the level of economic development and growth in the nation, and also understand the difference between the two. Economic growth refers to the increase in market value of the goods and services produced in an economy over time. It is generally measured by Gross Domestic Product. Economic development however, is a much broader term that refers to changes in overall well being and is measured using a variety of quality of life indicators such as the Human development index. For hundreds of years India has engaged in trade with far flung nations and as such globalisation is not a foreign concept for the nation. However, in recent years as a nation that is quickly emerging as a new economic superpower, globalisation has taken on an increasingly important role in the economy. As of 2011, India accounted for 1.95 % of world trade , a figure that has only come about due to forces of globalisation havi ng an active impact on the Indian economy. India has been forced to trade extensivelyShow MoreRelatedImpact of Globalization on Indian Economy1572 Words   |  7 PagesGlobalization is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. The frontlines of the state with increased reliance on the market economy and renewed belief in the private capital and assets, a process of structural alteration encouraged by the studies and influences of the World Bank and other International organisations have started in many of countries. Also Globalisation has brought in new avenues to developing countries. GreaterRead MoreAnalyze the Effects of Globalization on Native-No Western Cultural Practices1545 Words   |  7 PagesGLT1 Task 1 Analyze the effects of globalization on native-no Western cultural practices Issues in Behavioral Science Jamie B BSN 06/18/2014 Western Governor’s University In this essay, I will discuss the matter of Globalization of two nations, South Korea and India. Globalization can be defined as, in simple terms, as the process of making something, anything available worldwide. It is a collaboration between countries, exchanging goods, services, workers, ideas, and even culture, whichRead MoreHow Globalisation has affected developing countries in the Asia - pacific region1609 Words   |  7 Pagestrend occurring in the world economy is the process of globalization. Globalization is the progressive integration between national economies and the breaking down of barriers between trade and financial flows around the world, which will eventually lead to the emergence of a single world market. Globalization has affected many different nations in different ways, depending on their degree of development and extent to which they are open to the flows of the world economy. China, which is one of theRead MoreGlobalization Essay1084 Words   |  5 PagesIm pact of Globalization The implications of globalization for a national economy are many. Globalization has intensified interdependence and competition between economies in the world market. These economic reforms have yielded the following significant benefits; Globalization in India had a favorable impact on the overall growth rate of the economy. This is major improvement give that India’s growth rate in the 1970 s was very low at 3% and GDP growth in countries like Brazil, Indonesia, KoreaRead MoreGlobalization of Non-Western Countries1100 Words   |  5 PagesAs globalization continues to spread over the world, many countries are beginning to feel its effects. One example is the auto industry. The automobile business is evolving rapidly on a worldwide basis. Car and parts manufacturers are merging, component design and manufacture are now frequently outsourced instead of being created in-house, brands are changing and the giant automobile companies are expanding deeper into providing financial services to car buyers. Meanwhile, all of the biggest, mostRead MoreImpact of Globalization on Non Western Culture Essay1387 Words   |  6 PagesImpact of Globalization on Non Western Cultures Examples of Globalization’s Impact Globalization is far reaching in this day and age. Globalization is the worldwide flow of goods, services, money, people, information, and culture. It leads to a greater interdependence and mutual awareness among the people of the world (Tischler, 2011, 2007, p. 430). One non-Western culture that has been impacted by globalization is China. An example of the impact of globalization on China is their economy. Read MoreGlobalization And Its Impact On Country1578 Words   |  7 PagesGlobalization is the process in which people, companies and governments from different nations globalize their trade or business at international level. Globalization is not a new process, In past years people used to imports and exports of things at a long distance from their hometown to another place but nowadays globalization is very powerful and have a new face and it has been spread all over the world. Globalization is a good way to connect countries, people and do trade on a large scale andRead M oreGlobalization And International Business : Globalization954 Words   |  4 Pages 3/11/15 India Intro Globalization/ International Business In the text International Business, globalization is defined as the â€Å"acceleration and extension of the interdependence of economic and business activities across national boundaries (p 3)†. Many multinational corporations manufacture products in different nations and selling internationally to different nations. With the constant flow of goods and service help the integration of economies and societies. Since the recentRead MoreGlobalization : A Positive Light926 Words   |  4 Pageseasily from all over the world. There are growing worries that globalization makes people lose their character. However, globalization`s dominance can be viewed in a positive light. This essay will explain why globalization will not put people in danger of becoming the same. It will then discuss that globalization helps different nations keep their traditional culture and stimulates economic growth in developing countries. Globalization shall be beneficial to every culture because people could showRead MoreGlobalization s Impact On India1449 Words   |  6 PagesGlobalization s Impact on India How is it that Coca Cola, Pepsi, Sprite and many more drinks are all round the world? Globalization is the reason why many drinks and other ornaments are all over the world. Globalization is when developed and developing countries have global trade, and also companies developing themselves in other countries all around the world. Many of the little things you see have just one owner. For instance, the PepsiCo company owns the famous Quaker Oats, Lays, Pepsi, Tropicana

Movie Analysis Snow White And The Seven Dwarfs

In most of his movies, Walt Disney (1901-1966) portrayed death as an inevitable element in the life of a family—an element that repeatedly created a routine of young motherless and fatherless characters. Take, as examples, the movie Bambi ( 1942) in which a deer hunter killed Bambi’s mother, the movie Cinderella (1950) in which Cinderella’s mother dies at the beginning of the movie, the movie Snow White and the Seven Dwarfs (1937) in which Snow White’s mother dies, once again, at the beginning of the movie. In Disney movies, most protagonists have no parents; they have absent parents, adoptive parents, or one parent who dies in the movie. In other words, death, in Disney movies is a norm and not an exception. Why is death such a preponderant element in Disney movies? In 1938, Walt Disney’s mom, Flora, died by asphyxiation due to a defective furnace. She died in the new house that Walt Disney bought for her just a month before the tragedy. She died in her sleep. The same type of death mentioned in movies such as Snow White and the Seven Dwarfs (1937) and Sleeping Beauty (1959). Until the end of his days, Walt Disney felt responsible for Flora’s death. Thus, one may infer that the tragedy is the sole cause of Walt Disney s obsession for producing movies with a motherless or a fatherless child. After all, Disney movies created before 1938, such as the short black and white movie Alice in Wonderland (black and white version, 1923) and the short movie Steamboat Willie (1928)Show MoreRelatedMovie Analysis : Snow White And The Seven Dwarfs1697 Words   |  7 Pagesinto popular culture today. Walt Disney s first animated feature film, Snow White and the Seven Dwarfs marked the start of his monopoly and the turning point for the future of D isney animations. Snow White and the Seven Dwarfs was a remake on the classic Grimm s fairy tale. Walt Disney transformed the original tale into a more romantic and less vulgar version that ultimately became a smash hit upon initial release. Snow White grew to be the precedent for all of Disney animations to come. On theRead MoreAnalysis Of Snow White And The Seven Dwarfs1411 Words   |  6 Pages Snow White and the Seven Dwarfs Film Critique Di’Yana Mathis ENG225: Introduction to Film Professor Sameer Joshi October 2, 2017 â€Æ' Snow White and the Seven Dwarfs Film Critique Snow White and the Seven Dwarfs (1938), is a fantasy film written by Ted Sears and Richard Creedon. This animated movie, made by Disney, was created so young children can watch and enjoy all over the world. This is a very popular film because it was the first animated movie created in England and made in color. InRead MorePerspectives on Gender Roles: Snow White and Mirrors Essay1049 Words   |  5 Pagesoriginal fairytale. In both stories Snow White and the Seven Dwarfs conveys a message about the mirror representing a sense of self on a superficial and deep emotional level. It reinstates many cultural roles that have been put upon both woman and men. It is a story of self discovery and whether or not the characters are able to develop throughout the story in relation to the affects to a â€Å"real life individual†. A common theme in Snow White and the Seven Dwarfs for both the Disney film and the 1812Read MoreSymbolism In Mirror Mirror1517 Words   |  7 Pagesdistinct personalities of the seven dwarfs to the outshining temperament of the haughty, over-the-top Evil Queen played by Julia Roberts. The Evil Queen in this film does not seem so vile but rather more of an excessively excited cougar desperately attempting to get the attention of the handsome young Prince to win his hand in marriage and his fortune, which she frantically needs to cover the debts acquired by her lavish lifestyle. She outshines our main hero Snow White and makes the film what it seemsRead MoreCharacter Analysis : Film Analysis Of Snow White1899 Words   |  8 Pages Analysis of â€Å"Snow White† Jack Franson Lynn University Analysis of â€Å"Snow White† Introduction The current analysis is focused on â€Å"Snow White† by Brothers Grimm. The plot of the fairy tale revolves around the topic of envy of a stepmother to the young and beautiful Snow White. While the later version of the story popularized by the Disney’s production is bright and positive, as this version lacks the gruesome parts of the story. The later cinematic implementation of the fairy taleRead MoreAnalysis Of Walt Disney s Transformational Leadership1726 Words   |  7 PagesIntroduction The purpose of this paper is to act as a consulting analysis on how Walt Disney utilized his transformational leadership and brought to the world one of the most famous entertainment companies in the 20th century. Transformational leaders provide extraordinary motivation by appealing to people’s ideals and values and inspiring them to think about issues in new ways. It begins with a vision and the leader embeds that vision into others through encouragement, enthusiasm and motivationRead MoreSexism and Disney2712 Words   |  11 Pagesincluded elements of social criticism.† All women in Disney princess roles fill one of two roles, and it is very rare that they stray. In the translation of Patricia Digà ³n Regueiro s article The World of Disney Outdated: proposal of critical analysis in school she states: â€Å"The woman is submissive and obedient, is guided by his emotions, is oriented to love and marriage, is caring for the family and the home and often it is presented or the role of women â€Å"evil†or â€Å"the innocent girl†.  GirouxRead MoreEntrepreneur Biography - Walt Disney3092 Words   |  13 Pagesthe Red Cross for a year as an ambulance driver. Upon his arrival back, he had difficulty finding work as an artist or even as an ambulance driver. He then found temporary work at an Art Studio creating advertisements for newspapers, magazines and movie theatres. He also met his first start-up partner Ubbe Iwerks. Finally, he worked for Kansas City Film Ad Company where he learned all about animation and decided to become an animator (Gabler, 2006). Past Startup Background â€Å"Iwerks-Disney CommercialRead MoreDisney s Evolving And Adapting Their Ideologies And How Is Frozen s Narrative Challenging Patriarchal Themes?2353 Words   |  10 Pagesand how Disney is developing these ideologies from Snow White, to Beauty and the Beast, to the modern Brave and Frozen. The Disney timeline begins with Snow White and the Seven Dwarfs (1937) The animated feature introduced the commonly known Disney formula involving a catchy score, good versus evil usually female versus female, young love and cute personified animals. Snow White, despite being visibly flawless with infamous ‘skin as white as snow’, provides no proof of having any motivation exceptRead MoreHow Does Disney Movies Alter A Child s Perception1984 Words   |  8 Pagesto be understood as fiction and not real life scenarios for young children. ` How does Disney Movies Alter a Child’s Perception What’s your favorite Disney movie? Walt Disney is well known for their animated children movies. From Beauty and The Beast to their most recent movie Princess and the Frog, many children grow up watching Disney movies. While watching these movies many people probably never thought of Disney movies as being stereotypical or racial, but as

Essay on Death Comparing Hamlet with My Own Personal...

As we live our lives, we dont really take the time to stop and take notice of the little things going on around us. We dont question why the sky is blue or why does the sun rises. Those are questions that we can easily search and find the answer to. What challenges the mind the most in my opinion is complete uncertainty. When there isnt a definite answer, you have to paint your own picture on what you think it will be. The spellbinding question of â€Å"How can I accept the idea that someday my life will end† will definitely have your mind racing in a million different directions.Hamlet found himself aqquring death when he states in his monolouge that â€Å"To die, to sleep.To sleep, perchance to dream—ay, there’s the rub, For in that sleep of†¦show more content†¦There isnt a way to sugarcoat the fact that you will one day become nothing but a body 6 feet below in the ground. You see everyday on the news how somebody has been killed and you feel sympat hy for them, but have you ever thought that in the future someone will be feeling the same sympathy for you. We didnt grow up being taught that death was something to welcome with open arms. In all actuality we are avoiding something that is bound to happen whether we want it or not. The famous quote â€Å"everything good must come to an end† is a good way to connect the good â€Å" your life† with the end â€Å"death† to further your understanding of how short life really is. Know that nothing lasts forever and every day that you are blessed with will never come again. Acknowledging the fact and taking it one step at a time will lessen the amount of worries you have when facing the death that is creeping upon us.Its not the simplest process, if anything its a very emotional rollercoaster. Think about everything and act upon it because most of us want to be remembered by the positive contributions we did while we were walking the Earth. The more enlightened I b ecame on my religious faith, the more courage I gained. I know without a doubt in my mind that there is a much more greater , everlasting life ahead of me. As a Christian, I know that my loving Father in Heaven awaits me. I know that my great grandmother, grandfather and my precious unborn sibling are all there, whichShow MoreRelatedThe Nature of Evil in William Shakespeares Hamlet Essay1739 Words   |  7 Pagesetymonline.com/index.php?term=evil) However, what one ultimately defines as evil depends on ones personal experiences, frame of reference, and culture. For instance, during World War II, the Americans believed that dropping an atomic bomb on Hiroshima was an act of good as it ended conflict with the Japanese. On the other hand, the Japanese viewed it as an act of evil as the bombings resulted in the deaths of thousands of people. This proves that good and evil cannot always be seen as simply black orRead MoreComparing The Novel Third Business By Robertson Davies And The P lay Hamlet By William Shakespeare1481 Words   |  6 Pages Comparing the novel Fifth Business by Robertson Davies and the play Hamlet by William Shakespeare, it is clear that both main characters place power and personal ambition above all else. Throughout the novel and the play readers are able to experience, what happens to Percy Boyd Staunton and Claudius as they place power and their own personal ambitions above all else. When characters place power and personal ambition above all, they become more distant from loved ones, lose the ones they loveRead MoreHamlet - Rouge and Peasant Slave Solo Analysis Essay978 Words   |  4 PagesIn one of Hamlets most well known soliloquies, Rouge and peasant slave, the character Hamlet first introduces his extreme internal conflict. The soliloquy takes place after the ghost of his father has presented him with the order of avenging his murder by killing his own uncle, the same uncle who inherited the throne and wedded his very own mother. However, Hamlet still remains uncertain about holding the g host credible, so he devised a plan. He asks actors to perform a murderous play, whichRead MoreCorruption Of The Nation, The Community, And The Individual1573 Words   |  7 Pageseffect, corruption will continue to tarnish society’s mores. In Hamlet, Shakespeare uses the motifs of disease and decay to exhibit that moral corruption destroys society. When a leader is corrupt, his country is linked to his moral deterioration, thus the state deteriorates as he does. Hamlet, alone, ponders the current condition of Denmark. After his father has died, his uncle, Claudius, obtains the throne and marries Queen Gertrude. Hamlet depicts the country as a deteriorating garden to emphasizeRead MoreAn Honest Representation Of The Liar1650 Words   |  7 PagesLiar: Gertrude Hamlet, by William Shakespeare, has long been the victim of dissection by English professors and their students. Its multi-faceted plot and sheer length make it a ripe specimen for analysis about nearly anything, given the right spin, but particularly present in this work, and differing from Shakespeare’s usual focal point, is the role of minor characters. While in his other plays the name Messenger is given to one whose sole role is to be a messenger, Hamlet gives full characterRead MoreTwelfth Night, As You Like It by William Shakespeare1153 Words   |  5 Pagesplays and sonnets give clue. When going to a Shakespearean play one will find the experience in its self, is one of love, loss, and tragedy. People would come from all around to feel the way Shakespeare wanted the audience to feel. He wanted to express his life and his way of thinking through his art which was dramatic writing. Shakespeare expresses his love through his plays such as Twelfth Night, As You Like I t, Hamlet and many others through his use of wit, humor and dramatic talent. In his lifeRead MoreSurface, Depth, And A Reflected World Of Hamlet1830 Words   |  8 PagesStevenson Dr. Sigler EN 102 16 November 2015 Surface, Depth, and a Reflected World of Hamlet Although dynamic characters typically develop through solely personal obstacles, William Shakespeare uses the character of Hamlet as a contradiction by illustrating his growth through other characters. In Hamlet, Prince of Denmark, Shakespeare strategically uses Laertes and Fortinbras in order to foil the character of Hamlet. An extended metaphor of a pond is created and through tangled family ties, internalRead More Analysis of Ophelia from Hamlet Essay5117 Words   |  21 PagesAnalysis of Ophelia from Hamlet Ophelia is gentle, loving and beautiful. She is also obedient to her father and loyal to her family and it is this which draws her into the circle of disaster and leads to her untimely death. She is deeply in love with Hamlet and believes his tenders to be sincere, but her obedience to both her father and her brother must come first. Laertes tells her to beware of Hamlets interest as it is driven by lust, not love. He also points out the difference in theirRead More Comparing the Use of Language in Titus Andronicus and Hamlet2966 Words   |  12 PagesComparing the Use of Language in Titus Andronicus and Hamlet As characters of high birth and important political positions, Titus and Hamlet are necessarily observed closely by those around them for their reaction to the tragic events that have taken in place in their lives; and it is primarily the unique language with which they express their grief and anger that disconcerts both their enemies and their friends, and keeps them under an exacting scrutiny for the duration of their eponymousRead MoreStudy Guide Literary Terms7657 Words   |  31 Pagesline Though I have seen my head (grown slightly bald) brought in upon a platter, . . . In the New Testament, John the Baptists head was presented to King Herod on a platter 5. ambiguity-A statement which can contain two or more meanings. For example, when the oracle at Delphi told Croesus that if he waged war on Cyrus he would destroy a great empire, Croesus thought the oracle meant his enemys empire. In fact, the empire Croesus destroyed by going to war was his own 6. analogy- A comparison

Hunger For Power By George Orwell - 1728 Words

Hunger for Power in Nineteen Eighty-Four and The Inheritors â€Å"Selfish desire is found in the senses, mind, and intellect, misleading them and burying wisdom in delusion.† Stated by Lord Krishna in the Mahabharata war to Arjuna, this statement is especially true in George Orwell’s Nineteen Eighty-Four and William Golding’s The Inheritors. These classic dystopian novels illustrate the harsh realities of oppression and the selfish mentality of humans who solely intend to claim power. The antagonizing groups in these novels are the Party and the Homo sapiens, who develop several methods to fulfill their lustful intention of ruling eternally through misery by either tormenting or murdering, and by utilizing comparatively advanced technology such as the telescreen and boulders. Their intelligence is suppressed because they do not bother caring for those who are suffering from their unjust actions. In fact, their sole purpose is to claim power by harming innocent pe ople. Hence, although these novels consist of contrasting settings, Nineteen Eighty-Four and The Inheritors are similar because their societies control people through despair and technology for solely claiming power and not caring for morality. Firstly, Nineteen Eighty-Four and The Inheritors are related because the societies in these novels control people through despair. In Nineteen Eighty-Four, the Party constantly manipulates the minds of its citizens and rewrites historical records in order to keep the inhabitantsShow MoreRelatedTotalitarianism in Orwells Mind Essay1053 Words   |  5 PagesIngsoc are embodiments of everything that author George Orwell hates in government. 1984, a book written by Orwell, depicts a society called Oceania, in which unwary citizens are obedient to the Party, a totalitarian regime. Totalitarianism is defined as a political system in which a centralized government does not tolerate any form of political dissent and seeks to control many, if not al l, aspects of public and private life. Another one of George Orwell’s books, Animal Farm, is an allegory aboutRead MoreMacbeth and Animal Farm Essay901 Words   |  4 Pagesï » ¿AO3 = explain links between the texts, evaluating writers’ different ways of expressing meaning and achieving effects Focus on progression of power Compare the way George Orwell and William Shakespeare present and develop power and attitudes to power in Animal Farm and Macbeth. Writer’s sharing of attitudes other characters and writers AO1 = respond to texts critically and imaginatively; select and evaluate relevant textual detail to illustrate and support interpretations AO2Read MoreAnimals Take Over in Animal Farm by George Orwell1370 Words   |  6 PagesIn the novel â€Å"Animal Farm† by George Orwell, the animals take over the farm and develop their own independent society. Just as it happened during the Russian Revolution of 1917. George Orwell underlies the tension between the oppressed and the exploiting classes between the condescending ideals and harsh realities of socialism. During the course of the literary piece by George Orwell makes it clear how the animals are mistreated by â€Å"Mr. Jones â€Å", because of this treatment they are receiving; OldRead More1984 Reader Response Essay599 Words   |  3 Pagesgovernments power and intentions. I became aware of the potential manipulation of which the government could impose upon us. The very thing which I depend on for security and protection may be a conniving entity which feeds off of it’s own power and corruption. As I flourished in my naivety, I was unaware that the people I trusted, whom I believed to be wholly dedicated to our well-being as a society, could betray us at any moment they see fit. I gravely overlooked the potential and the power that theRead MoreEssay about 1984 by George Orwell. Novel Analisys973 Words   |  4 PagesIB Literature 04-30-2013 1984 by George Orwell represents the struggle of power and control within government and also depicts the possible outcome of communism or a dictatorship like it taking over the world. Orwell does this by representing the weather as a mood and tone of the novel as well as the amount of freedom the characters have. He also uses imagery such as the telescreens and signs with logos that represent oppression. Orwell uses Winston as the main character and also as a mainRead MoreAllegory in Animal Farm, by George Orwell Essay1024 Words   |  5 PagesGeorge Orwell wrote the novel Animal Farm. Orwell uses the genre of allegory to illustrate his satirical views of the Russian Revolution. As Britain and Russia were allies during the War, Orwell was forbidden to straightforwardly express his opinion. During the Second World War, George Orwell wrote the novel â€Å"Animal Farm†. Orwell uses the genre of allegory to illustrate his satirical views of the Russian Revolution. As Britain and Russia were allies during the War, Orwell was forbiddenRead MoreLiterary Context Of Dystopian Literature1746 Words   |  7 PagesThis is namely seen in Jack London’s Iron Heel, published in 1906 or Yevgeny Zamyatin’s We, published in 1920 or even Aldous Huxley’s Brave New World, published in 1932. However, it is in George Orwell’s 1984 that a truly horrific dystopian world is portrayed. Full of torture, misery, fear and repression, Orwell manages to manipulate and distort the idea of utopia and instead creates a place in which humans have no control over their own lives. The part of 1984, which is so compelling and interestingRead MoreGeorge Orwell s Animal Farm993 Words   |  4 Pages In George Orwell’s Animal Farm despite how great a government system is, it is only as good as the people who govern. Animal Farm is a story about oppressed animals overthrowing their humans and taking control over the farm. However things were fine up until the pigs started turning corrupt. The story is told through the eyes of a common animal and the events that occurred on Animal Farm. The narrator is never known but it is apparent that is it just a common animal and this gives the retellingRead MoreAnalysis of George Orwell ´s Animal Farm1077 Words   |  5 Pages‘Animal Farm’ is considered as one of George Orwell’s most popular and enduring works. Utilizing the form of the animal fable the short novel chronicles the story of a group of barnyard animals that revolt against their human masters in an attempt to create an Utopian state. Orwell satires the rise and decline of socialism in the Soviet Union and the emergence of the totalitarian regime of Joseph Stalin. The key members of the Russian revolution are parodied as farmyard animals: Trotsky as snowballRead MoreWinston Smith: A Tragic Hero Essay1198 Words   |  5 Pages A tragic hero can be described as a great or virtuous character in a dramatic tragedy who is destined for downfall, suffering or defeat. In George Orwells 1984, the protagonist Winston Smith is best described as a tragic hero. 1984 presents an imaginary future world where a totalitarian state controls all aspects of people’s lives. Oceania’s entire population is under totalitarian rule and is completely ignorant to the ideas of freedom of speech, action and thought. Winston Smith lives

Auditing solution free essay sample

Fraud is an intentional act involving the use of deception that results in a material misstatement of the financial statements. Two types of misstatements are relevant to auditors’ consideration of fraud (a) misstatements arising from misappropriation of assets and (b) misstatements arising from fraudulent financial reporting. Intent to deceive is what distinguishes fraud from errors. 2-26 Three common ways that fraudulent financial reporting can be perpetrated include: Manipulation, falsification or alteration of accounting records or supporting documents Misrepresentation or omission of events, transactions, or other significant information Intentional misapplication of accounting principles 2-27 The reporter’s statement makes sense. Asset misappropriations are much easier to accomplish in small organizations that don’t have sophisticated systems of internal control. Fraudulent financial reporting is more likely to occur in large organizations because management often has ownership of or rights to vast amounts of the company’s stock. As the stock price goes up, management’s worth also increases. However, the reporter may have the mistaken sense that financial fraud only occurs rarely in smaller businesses. That is not the case. Many smaller organizations are also motivated to misstate their financial statements in order to (a) prop up the value of the organization for potential sale, (b) obtain continuing financing from a bank or other financial institution, or (c) to present a picture of an organization that is healthy when it may be susceptible to not remaining a going concern. Finally, smaller organizations may conduct a fraud of a different sort, i. e. misstating earnings by understating revenue or masking owner distributions as expenses. This is often done to minimize taxes. It would also be a mistake to think that asset misappropriations do not happen in larger organizations. Whenever controls are weak, there is an opportunity for asset misappropriation. When the opportunity is coupled with motivation and a belief that the fraud could be covered up, some of those opportunities will result in asset misappropriation. 2-28 a. A Ponzi scheme occurs when the deposits of current investors are used to pay returns on the deposits of previous investors; no real investment is happening. b. The key elements of the Bernie Madoff fraud include: Fabricated â€Å"gains† of almost $65 billion Defrauded thousands of investors Took advantage of his high profile investment leader status to establish trust in his victims Accomplished the scheme by keeping all the fraudulent transactions off the real financial statements of the company Employed a CPA who conducted a sham audit Led to the PCAOB now having oversight of the audits of SEC-registered brokers and dealers c. The Bernie Madoff fraud is primarily a case of asset misappropriation. However, it is important to note that asset misappropriation then led Madoff to commit fraudulent financial reporting to hide the asset misappropriation. 2-29 a. Management perpetrated the fraud by filling inside containers with water in the larger containers filled with oil. Further, they transferred the oil from tank to tank in the order in which they knew the auditors would proceed through the location. b. The goal was to overstate inventory assets, thereby understanding cost of goods sold and overstating income. c. The Great Salad Oil Swindle is primarily a case of fraudulent financial reporting. 2-30 Incentives relate to the rationale for the fraud, e. g. , need for money, desire to enhance stock price. Opportunities relate to the ability of the fraudster to actually accomplish the fraud, e. g. , through weak internal controls. Rationalization is the psychological process of justifying the fraud. 2-31 The fraud triangle recognizes that when these three factors appear together the likelihood of fraud increases. For example, an individual needs to have an opportunity to commit the fraud, such as a weakness in internal controls. Second, there must be some pressure or incentive to conduct the fraud, e. g. there is a real or perceived economic problem. Third, the perpetrator must be able to rationalize, or somehow justify his/her otherwise unacceptable behavior. Therefore, if one of the three elements is not present, fraud can still be perpetrated, but it is less likely. 2-32 Factors, or red flags, that would be strong indicators of opportunity to commit fraud include: inadequate segregation of duties, opportunities for management override, absence of monitoring controls, complex organizational structure, unauthorized access to physical assets, inadequate reconciliations of key accounts, especially bank accounts, access to cash that it not supervised or reconciled by someone else. 2-33 The ability to rationalize is important. Unless fraudsters are outright criminals, they will often be able to come up with an excuse for their behavior. â€Å"Accounting rules don’t specifically disallow it† or â€Å"the company owes me† are potential rationales. Other common rationalizations include: Financial pressures for either improved earnings or improved balance sheet Personal factors, including the personal need for assets Debt covenants Personal wealth tied to either financial results or survival of the company Unfair financial treatment (perceived) in relationship to other company employees â€Å"It is only temporary†, or â€Å"it’s a loan from the company† â€Å"I deserve it† â€Å"The company is so big they won’t miss it† â€Å" The company is unethical† â€Å"The company comes by its profits in a way that exploits people†. 2-34 a. incentive b. incentive c. opportunity d. incentive e. rationalization f. opportunity 2-35 Refer to Exhibit 2. 3 for brief descriptions. a. Enron: fraudulent financial reporting b. WorldCom: fraudulent financial reporting c. Parmalat: fraudulent financial reporting d. HealthSouth: fraudulent financial reporting e. Dell: fraudulent financial reporting f. Koss Corporation: asset misappropriation g. Olympus: fraudulent financial reporting h. Longtop Financial Technologies: fraudulent financial reporting 2-36 a. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence; requires an ongoing questioning of whether the information and audit evidence obtained suggests that a material misstatement due to fraud may exist. b. Professional skepticism is necessary to detecting fraud because without it the external auditor will be easily convinced of alternative explanations to the fraud that management will provide to conceal the fraud. c. The key behaviors necessary to successfully exercise professional skepticism include validating information through probing questions, critically assessing evidence, and paying attention to inconsistencies. d. It is difficult to exercise professional skepticism in practice for a variety of reasons including, the nature tendency to trust people (especially client personnel with whom you have worked), lack of repeated exposure to fraud, many repeated exposures to situations that do NOT involve fraud. e. Personal characteristics and behaviors that might make you skeptical about an individual include some of the following: Providing inaccurate or conflicting evidence Interacting in a difficult or unhelpful manner Acting in an untrustworthy fashion Engaging in conspicuous consumption of material possessions beyond the level to which their salary would normally make that lifestyle possible. Publicly available evidence exists that might help you assess whether an individual warrants increased skepticism. Information can include: tax liens, credit scores, and legal filings. 2-37 a. If a company has good products, it would be expected that it should have comparable profitability with other industry participants. The fact that it does not have that profitability, coupled with a weakness in internal controls over disbursements, should lead the auditor to embrace the idea that there is an opportunity for a disbursements fraud and that such a fraud could be hurting the reported profitability of the company. b. The company is doing better than its competitors and it appears to have achieved these better results through cost control. While cost control might be a valid explanation, the auditor should consider other potential explanations such as inappropriately capitalizing expenses, inappropriately recognizing revenue, etc. c. The company would appear to be using ‘window dressing’ in order to bypass debt covenants. It is doing so by sharply discounting current sales. These actions are not necessarily fraudulent, but they may be created to portray a misleading picture of the current economic health of the organization. d. This brief description mirrors that of the Koss case where the CFO was very intimidating, not a CPA, and possessed limited accounting experience. The company did not increase profit during her tenure. The external auditor should consider these factors to suggest a heightened risk of fraud. 2-38 Some of the key findings of the COSO study included: The amount and incidence of fraud remains high. The median size of company perpetrating the fraud rose tenfold to $100 million during the 1998-2007 period. There was heavy involvement in the fraud by the CEO and/or CFO. The most common fraud involved revenue recognition. Many of the fraud companies changed auditors. The majority of the frauds took place at companies that were listed on the Over-The-Counter (OTC) market rather than those listed on the NYSE or NASDAQ. 2-39 a. The various failures and environmental characteristics during the time of the Enron fraud include: Weak management accountability. Weak corporate governance. Accounting became more rule-oriented and complex. The financial analyst community was unduly influenced by management pressure. Bankers were unduly influenced by management pressure. Arthur Andersen was unduly influenced by management pressure, especially since consulting revenues at Enron were very high. b. In terms of the fraud triangle, Incentives: management was very concerned about managing stock prices through keeping debt off the balance sheet; the underlying business model of the company was not working; the company had strayed too far away from its â€Å"utility† roots and employees were taking significant risks in the financial markets that did not yield expected profits, thereby creating strong incentives for top management to conduct the fraud. Opportunity: corporate governance and external auditor accountability were lacking. Rationalization: although not discussed in the text specifically, there have been speculations in the press that management thought they were smarter than everyone else and that they were very confident that they could get away with the fraud. It is difficult to know the internal rationalizations of top management. 2-40 Auditing standards historically have reflected a belief that it is not reasonable for auditors to detect cleverly implemented frauds. However, it is increasingly clear that the general public, as reflected in the orientation of the PCAOB, expects that auditors have a responsibility to detect and report on material frauds. Professional auditing standards do require the auditor to plan and perform an audit that will detect material misstatements resulting from fraud. As part of that requirement, auditors will begin an audit with a brainstorming session that focuses on how and where fraud could occur within the organization. Auditors also need to communicate with the audit committee and management about the risks of fraud and how they are addressed. The auditor should then plan the audit to be responsive to an organization’s susceptibility to fraud. 2-41 The three ways in which individuals involved in the financial reporting process, including the external auditor, can mitigate the risk of fraudulent financial reporting include: Acknowledging that there needs to exist a strong, highly ethical tone at the top of an organization that permeates the corporate culture, including an effective fraud risk management program. Continually exercising professional skepticism, a questioning mindset that strengthens professional objectivity, in evaluating and/or preparing financial reports. Remember that strong communication among those involved in the financial reporting process is critical. Will these actions be effective? This should promote a lively debate among students if this question is discussed in class. Some will argue that frauds happen no matter what, so these types of actions will be futile. Others will be more optimistic, arguing that these actions, if consistently applied, could help to mitigate fraud risk. 2-42 a. The financial literacy, integrity, and reputation of Board members enhance credibility of the regulation and oversight of the auditing profession. Inspections by the PCAOB act as a highly visible enforcement mechanism, hopefully leading to higher quality audits. Further, information that is learned through the inspection process can be used as a basis for modifying and enhancing auditing standards. b. These sections improve auditor independence by separating consulting and auditing by the same audit firm. The partner rotation requirement ensures that a â€Å"fresh set of eyes† will be responsible for oversight on the engagement. c. The â€Å"cooling off† period helps to avoid conflicts of interest between top members of the engagement team and the client. By requiring a cooling off period, an auditor will not be unduly influenced (or appear to be unduly influenced) by the possibility of high-level employment with the client. d. Audit committees clearly serve the role of the â€Å"client† of the auditor. They act as surrogates for the shareholders who are the actual audit client. They act as the liaison between management and the external auditor. By being independent they gain credibility and ensure that the external auditor can rely on them to perform their governance role. By requiring that audit committees can hire their own attorneys and by ensuring that they have adequate monetary resources the external auditor has confidence that they will act as truly independent monitors of management. e. The certification requirements help address the risk of fraud by forcing the CEO and CFO to take internal controls and high quality financial reporting seriously. By forcing them to sign, they will likely require individuals below them to provide assurance that those departments or organizational units are each committed to internal controls and high quality financial reporting as well. Of course, a signature is just a signature! So, the likelihood that a CFO who is committing fraud will certify falsely is probably 100%. Thus, this mechanism is not without practical flaws. f. It addresses off-balance sheet transactions and special purpose entities, which were the main mechanisms used to conduct the Enron fraud. g. A strong internal control system is critical to preventing fraud. These sections of Sarbanes-Oxley Act mandate the disclosure of weak internal controls, thereby providing a strong motivation to managers to ensure that controls are effective. By requiring external auditor assurance on management’s assessment, financial statement users can believe in management’s assertions about controls. h. One member of the audit committee needs to be a financial expert to ensure that there is the knowledge necessary on the audit committee to critically evaluate management’s financial reporting and internal control choices. Without that knowledge, the committee may be unduly influenced by management’s preferences. i. It imposes strict penalties for destroying documents, which is what caused the downfall of Andersen. 2-43 No, nonpublic organizations are not required to abide by the Sarbanes-Oxley Act. However, many organizations view these requirements as â€Å"best practice† and so nonpublic organizations sometimes adhere to certain requirements of the Sarbanes-Oxley Act voluntarily. 2-44 The major parties involved in corporate governance, and their role/activities are as follows: Party Overview of Responsibilities Stockholders Broad Role: Provide effective oversight through election of board members, through approval of major initiatives (such as buying or selling stock), and through annual reports on management compensation from the board Board of Directors Broad Role: The major representatives of stockholders; they ensure that the organization is run according to the organizations charter and that there is proper accountability. Specific activities include: †¢Selecting management †¢Reviewing management performance and determining compensation †¢Declaring dividends †¢Approving major changes, such as mergers †¢Approving corporate strategy †¢Overseeing accountability activities Management Broad Role: Manage the organization effectively; provide accurate and timely accountability to shareholders and other stakeholders Specific activities include: †¢Formulating strategy and risk management †¢Implementing effective internal controls †¢Developing financial and other reports to meet public, stakeholder, and regulatory requirements †¢Managing and reviewing operations †¢Implementing an effective ethical environment Audit Committees of the Board of Directors Broad Role: Provide oversight of the internal and external audit function and over the process of preparing the annual financial statements and public reports on internal control Specific activities include: †¢Selecting the external audit firm †¢Approving any nonaudit work performed by the audit firm †¢Selecting and/or approving the appointment of the Chief Audit Executive (Internal Auditor) †¢Reviewing and approving the scope and budget of the internal audit function †¢Discussing audit findings with internal and external auditors, and advising the board (and management) on specific actions that should be taken Regulatory Organizations: SEC, AICPA, FASB, PCAOB, IAASB Broad Role: Set accounting and auditing standards dictating underlying financial reporting and auditing concepts; set the expectations of audit quality and accounting quality Specific activities include: †¢Establishing accounting principles †¢Establishing auditing standards †¢Interpreting previously issued standards Enforcing adherence to relevant standards and rules for public companies and their auditors 2-45 These principles include the following: The boards fundamental objective should be to build long-term sustainable growth in shareholder value for the corporation. Successful corporate governance depends upon successful management of the company, as management has the primary responsibility for creating a culture of performance with integrity and ethical behavior. Effective corporate governance should be integrated with the companys business strategy and not viewed as simply a compliance obligation. Transparency is a critical element of effective corporate governance, and companies should make regular efforts to ensure that they have sound disclosure policies and practices. Independence and objectivity are necessary attributes of board members; however, companies must also strike the right balance in the appointment of independent and non-independent directors to ensure an appropriate range and mix of expertise, diversity, and knowledge on the board. 2-46 a. Independent directors are more likely to stand up to management and report fraud than those directors that are not independent. b. Holding meetings without management present enables a frank and open discussion, including enabling board members with concerns about potential fraud or weak management to alert other board members to express those concerns. c. By having a nominating/corporate governance committee composed of independent directors, the organization is more likely to attract high quality board members that are not unduly influenced by management. And by having a corporate governance committee, this important element of control achieves prominence in the organization and acts as a deterrent to fraud. d. Having a written charter and an annual performance evaluation ensures that the committee responsibilities are appropriate, and that the responsibilities are actually accomplished (or shareholders are alerted if they are not accomplished). Accomplishing such activities acts as a deterrent to fraud. e. By having an independent compensation committee, top management will be less able to inappropriately influence compensation decisions for themselves. f. Having a written charter and an annual performance evaluation ensures that the committee responsibilities are appropriate, and that the responsibilities are actually accomplished (or shareholders are alerted if they are not accomplished). Accomplishing such activities acts as a deterrent to fraud. g. This requirement ensures an adequate size and independence of the audit committee, which acts to strengthen governance and deter fraud. h. Having a written charter and an annual performance evaluation ensures that the committee responsibilities are appropriate, and that the responsibilities are actually accomplished (or shareholders are alerted if they are not accomplished). Accomplishing such activities acts as a deterrent to fraud. i. These requirements encourage a high quality set of corporate governance behaviors, which taken together act as a deterrent to fraud. j. By making the ethics issue a prominent disclosure, it encourages management and other individuals within the organization to take it more seriously. It acts to encourage a high quality â€Å"tone at the top†. k. By requiring this disclosure, users of the financial statements can evaluate for themselves whether the foreign companies’ governance is adequate, or gain an appreciation for governance differences. This knowledge encourages companies to adopt corporate governance mechanisms that they otherwise may not, thereby affecting the control environment and the opportunity for fraud. It also helps users know where deficiencies may exist, making them more skeptical. l. It attempts to ensure that the top-level executives place the appropriate importance on corporate governance and that they would be required to disclose if their company is not compliant, which would alert users to heightened fraud risk. m. An internal audit function is important to the control environment. Having that oversight internally improves internal control, thereby deterring fraud. 2-47 a. This requirement forces audit committees to take internal controls seriously, and to consider any potential independence impairments for the external auditor. Both internal controls and high quality external auditing are critical for the prevention and/or detection of fraud. b. This requires the audit committee to be engaged and informed about financial accounting at the company; being engaged and informed enhances the ability of the audit committee to detect fraud. c. Analyst interactions and the pressure to meet their expectations provide incentives for fraud. By requiring that the audit committee discuss the earnings release process, audit committees have more control over what and how management engages with analysts, and that control should assist in deterring fraud. d. Understanding risk assessment and risk management should alert the audit committee to weaknesses therein, thereby encouraging positive change, which should thereby deter fraud. e. Meeting separately with these groups encourages frank conversations about concerns, and such communication is key to deterring or detecting fraud. f. By understanding the nature of any problems that the external auditor is having with management, the audit committee gets a good sense of potential management aggressiveness, and the sources of disagreement between the auditor and management. In addition, this requirement gives the external auditor someone to turn to in reporting fraud on the part of management. g. By setting hiring policies regarding employees of the external audit firm, the audit committee can ensure that management is not exerting undue influence over the members of the audit team by possibly promising them employment at the company. h. By reporting regularly to the board of directors, the audit committee is put in a position of power in the organization, thereby giving them the clout necessary to oversee management and deter fraud. 2-48 a. The audit committee must be comprised of â€Å"outside† independent directors, one of whom must be a financial expert. The audit committee now has the authority to hire and fire the external auditor, and will therefore serve as the auditor’s primary contact, especially for accounting and audit related issues. In addition, at many organizations the audit committee sets the scope for and hires internal auditors. They would also review the work of both internal and external auditors. b. The audit committee certainly takes on much more responsibility with the new regulation. They will now be much more informed about the audit function and financial reporting processes within their company. The auditor must report all significant problems to the audit committee. For auditors, the reporting relationship should reinforce the need to keep the third-party users in mind in dealing with reporting choices. c. The audit committee is basically in a position of mediator, but not problem solver. One member must be a financial expert, but all members must be well versed in the field. This financial knowledge can help the audit committee to understand the disagreement. Ultimately, the company would like to receive an unqualified audit opinion. If the external auditor believes a certain accounting treatment to be wrong, they do not have to give an unqualified opinion. The audit committee’s responsibility is to assist in resolution of the dispute so that financial reporting is accurate. Skills of audit committee members that would assist in this type of situation include interpersonal skills, negotiation skills, and communication skills 2-49 Factors Explain Your Reasoning and the Implications of Poor Governance a. The company is in the financial services sector and has a large number of consumer loans, including mortgages, outstanding. This is not necessarily poor governance. However, the auditor needs to determine the amount of risk that is inherent in the current loan portfolio and whether the risk could have been managed through better risk management by the organization. The lack of good risk management by the organization increases the risk that the financial statements will be misstated because of the difficulty of estimating the allowance for loan losses. b. The CEO’s and CFO’s compensation is based on three components: (a) base salary, (b) bonus based on growth in assets and profits, and (c) significant stock options. This is a rather common compensation package and, by itself, is not necessarily poor corporate governance. However, in combination with other things, the use of ‘significant stock options’ may create an incentive for management to potentially manage reported earnings in order to boost the price of the company’s stock. The auditor can determine if it is poor corporate governance by determining the extent that other safeguards are in place to protect the company. c. The audit committee meets semi-annually. It is chaired by a retired CFO who knows the company well because she had served as the CFO of a division of the firm before retirement. The other two members are local community members – one is the President of the Chamber of Commerce and the other is a retired executive from a successful local manufacturing firm. This is a strong indicator of poor corporate governance. If the audit committee meets only twice a year, it is unlikely that it is devoting appropriate amounts of time to its oversight function, including reports from both internal and external audit. There is another problem in that the chair of the audit committee was previously employed by the company and would not meet the definition of an independent director. Finally, the other two audit committee members may not have adequate financial experience. This is an example of poor governance because (1) it signals that the organization has not made a commitment to independent oversight by the audit committee, (2) the lack of financial expertise means that the auditor does not have someone independent that they can discuss controversial accounting or audit issues that arise during the course of the audit. If there is a disagreement with management, the audit committee does not have the expertise to make independent judgments on whether the auditor or management has the appropriate view of the accounting or audit issues. d. The company has an internal auditor who reports directly to the CFO, and makes an annual report to the audit committee. The good news is that the organization has an internal audit function. However, the reporting relationship is not ideal. Further, the bad news is that a staff of one isn’t necessarily as large or as diverse as it needs to be to cover the major risks of the organization. e. The CEO is a dominating personality – not unusual in this environment. He has been on the job for 6 months and has decreed that he is streamlining the organization to reduce costs and centralize authority (most of it in him). A dominant CEO is not especially unusual, but the centralization of power in the CEO is a risk that many aspects of governance, as well as internal control could be overridden. The centralization of power in the CEO is a risk that many aspects of governance, as well as internal control could be overridden, which of course increases the risk of fraud and the risk faced by the external auditor. f. The Company has a loan committee. It meets quarterly to approve, on an ex-post basis all loans that are over $300 million (top 5% for this institution). There are a couple of elements in this statement that yield great risk to the audit and to the organization, and that are indicative of poor governance. First, the loan committee only meets quarterly. Economic conditions change more rapidly than once a quarter, and thus the review is not timely. Second, the only loans reviewed are (a) large loans that (b) have already been made. Thus, the loan committee does not act as a control or a check on management or the organization. The risk is that many more loans than would be expected could be delinquent, and need to be written down. g. The previous auditor has resigned because of a dispute regarding the accounting treatment and fair value assessment of some of the loans. This is a very high risk indicator that is indicative of poor governance. The auditor would look extremely bad if the previous auditor resigned over a valuation issue and the new auditor failed to adequately address the same issue. Second, this is a risk factor because the organization shows that it is willing to get rid of auditors with whom they do not agree. This is a problem of auditor independence and coincides with the above identification of the weakness of the audit committee. Contemporary and Historical Cases 2-50 a. Management at Koss may have placed a high level of trust in Sachdeva because they knew her for a long period of time and she did not exhibit behaviors that caused concern. Further, management at the company was reportedly quite relaxed in its approach to monitoring and control. These behaviors led to a lack of professional skepticism on the part of management. b. Grant Thornton was obligated to uncover the fraud in the sense that they ignored red flags (weakening financial condition, poor internal control and monitoring) that should have alerted them to problems in the company. Grant Thornton experienced an audit failure because they issued unqualified audit opinions on materially misstated financial statements. c. Sachdeva’s lavish lifestyle should have raised suspicions because her level of conspicuous consumption far exceeded her apparent ability to pay given her relatively modest salary. However, her lifestyle may have been explained away or ignored because of her husband’s prominent medical pr

The Yellow Wallpaper By Charlotte Perkins Gilman free essay sample

The Yellow Wallpaper By Charlotte Perkins Gilman Essay, Research Paper Charlotte Perkins Gilman # 8217 ; s narrative, # 8220 ; The Yellow Wallpaper, # 8221 ; explores the restricted social functions of both Jane and John. Gilman, a strong protagonist of adult females # 8217 ; s rights, focal points on her history with depression through this narrative ( Hill 150 ) . Traditionally, the adult male must take attention of the adult female both financially and emotionally while the adult female # 8217 ; s function remains at place. Society tends to pin down adult male and adult female and forestall them from developing emotionally and intellectually. Although Gilman focuses on the adversities of the adult female, she besides examines the function of the adult male in society. Repression generated by societal gender functions hinders work forces and adult females from geting self-individuation. The repression of Jane ties into her deficiency of exposure to emotional and rational stimulation. Jane # 8217 ; s feminine emotions towards her environment assistance in her restraint. We will write a custom essay sample on The Yellow Wallpaper By Charlotte Perkins Gilman or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Representing the laterality of maleness over the reticent female, Jane observes the female figure, who looks as if she is behind bars, in T he form of the wallpaper ( 1156 ) . The adult female who unsuccessfully attempts to mount out of the form symbolizes Jane’s frivolousness in seeking to change feminine social functions ( 1158 ) . Significantly, the maternal inherent aptitudes of Jane remain enslaved due to her milieus. The babys room, incorporating Windowss â€Å"barred for small kids, † represents the suppression of Jane’s motherly responsibilities ( 1150 ) . Jane is unable to take attention of her ain babe. The garden which Jane can see through her barricaded Windowss, bases for her birthrate which she is incapable of obtaining ( 1149 ) . Intentionally, Jane’s rational art remains held back. Get downing to â€Å"write for a while† in a diary against the wants of those around her, represents the suppression of Jane’s effort at originative stimulation ( 1149 ) . The xanthous wallpaper hinders Jane’s recovery in that it confuses her whenever she attempts to decode itsâ €™â€ ¦ The remainder of the paper is available free of charge to our registered users. The enrollment procedure merely couldn # 8217 ; t be easier. Log in or registry now. It is all free!