Laws of England and Wales Essay

â€Å"The defendant who seeks to avoid criminal liability on the basis that s/he was suffering from a mental disorder at the time of the alleged crime must have a defence that falls within one of the following, legally recognised, categories: Insanity, Diminished Responsibility or Automatism. While, at one level or another, these â€Å"mental disorder defences† share common characteristics, they each differ significantly. Unfortunately, this point does not appear to be fully appreciated in English Law.† Discuss the validity of this statement. Inherent in our legal system is an idea of culpability. The word itself embodies notions of moral responsibility and blame. There are two elements that will allow us to determine whether or not someone is to be considered culpable. The first is that the person on whom we wish to apportion blame is an actual agent of harm as opposed to a mere causer. That is to say that they are instrumental in an action and are not simply a victim of a spasm or similar associated condition. The second is that he/she has the capacity to understand the laws and moral order that exist within society. Hart’s principles of justice assert that ‘a moral license to punish is needed by society and unless a man has the capacity and fair opportunity or chance to adjust his behaviour to the law, its penalties ought not be applied to him.† Such deep-rooted notions of culpability have necessitated development in the area of defences to ensure that those who fall outside of the legally recognised parameters of accountability are afforded ‘protection’. Amongst such defences are Insanity, Automatism and Diminished responsibility. This essay will identify the similarities and differences of these defences by exploring their theoretical foundations and determine whether, in practice, they are sufficiently understood by the courts to achieve their desired end. The theoretical basis for an insanity defence is embedded in the notions of fair opportunity as discussed above. It is felt that the insane man is ‘too far removed from normality to make us angry with him’. The impetus of the law and its functions might well be considered outside of his comprehension and similarly, so too might the moral implications of his act. Therefore, it would not be either ‘efficacious or equitable’ to hold such a man criminally  responsible . As Duff remarks of the potential insane defendant â€Å"if she cannot understand what is being done to her, or why it is being done, or how it is related as a punishment to her past offence, her punishment becomes a travesty?†. Therefore, if a defence of insanity is successful the defendant will be given a ‘special verdict’ namely ‘not guilty by reason of insanity’. Although this special verdict may bring indefinite detention (a fact which is reconciled in theor y by ‘compelling considerations of public interest’ ) it still serves to reflect a lack of culpability and therefore, blame. The basis on which the non-insane automatism defence is founded is somewhat more fundamental than that of insanity. It was developed to exculpate those who had been the victim of events rather than those who had fallen foul to circumstance . A plea of automatism is ‘not merely a denial of fault, or of responsibility. It is more a denial of authorship’ in the sense that the automaton is in no way instrumental in any criminal act. Lord Dilhorne remarked in Alphacell that â€Å"an inadvertent and unintended act without negligence? might be said, not caused’. Others have described such acts as ‘acts of god’. It is with this class of act that the defence of automatism is concerned – acts which might be said seen as ‘inconsistent with the requirement of an actus reus’ . This lack-of-instrumentality concept is reflected by the fact that on a finding of automatism a defendant will be granted an unqualified acquittal by the courts. Detenti on is unnecessary for as well being blameless, the automaton presents no future threat to society. Whilst Insanity and Automatism serve as general defences in law, Diminished responsibility operates only as a defence to murder. It offers those ‘bordering on insanity’ the opportunity to argue that at the time of the killing they were ‘suffering from such abnormality of mind’ so as to ‘substantially impair their mental responsibility’. If such an argument is successful (all other things being equal) the potential murderer will be convicted of manslaughter and hence will escape the mandatory life sentence that a finding of murder brings. The defence’s existence is justified (much like insanity) by notions of responsibility and blame. The doctrine, it was felt, ‘was needed to reflect the view that where there was less responsibility there ought to be less punishment.† Despite some clear differences in the three defences’ theoretical foundations and intentions, it could be said that technically they have become somewhat confused in law. Discussion will now turn to the two automatism defences before then going on to examine diminished responsibility in context. Whilst both automatism defences are grounded in the idea that ‘where there is no responsibility there should be no blame,’ policy reasons have necessitated their independent development. Because of this, the person who seeks to raise automatism as a defence is subject to a very tight definitional distinction. This tight definitional distinction between automatism and insanity is highlighted by Glanville Williams when he describes non-insane automatism as ‘any abnormal state of consciousness†¦.while not amounting to insanity.’ Such statements offer little definitional worth, as to understand automatism we must first understand insanity and this, as will become clear, is no easy task. The contemporary framework of the insanity defence can be found in M’Naghten’s Case where Lord Tindal authoritatively ruled that?: â€Å"?to establish a defence on the ground of insanity, it must be clearly proved that, at the time of the committing of the act, the party accused was labouring under such a defect of reason, from disease of the mind, as not to know the nature and quality of the act he was doing; or, if he did know it, that he did not know he was doing what was wrong.† Subsequent development of a non-insane automatism defence, for reasons discussed above, necessitated judicious refinement of these insanity parameters to insure that those who sought to invoke the former were deserving . Therefore, considerable onus was placed upon the meaning of the rules, especially the phrase ‘disease of the mind’. First, it was decided that ‘mind’ referred to the mental faculties of reason, memory and understanding and not simply the organic mass that is the brain. Then, in Sullivan, (the defendant was charged with assault which, he  claimed, was the result of the post-ictal stage of an epileptic seizure) the definition expanded to catch transient and intermittent impairment of the mind. It was held that the permanence of a disease ‘cannot on any rational ground be relevant to the application by the courts of the M’Naghten rules’. This finding ran contrary to contemporary medical definitions and began to impinge upon the design of the non-insane automatism defence: that being to catch one-off, faultless incidents of automatism. Perhaps more significantly, Sullivan continued to develop Quick on what is now thought to be the defining boundary between the two defences, that of internal and external causes. This distinction was cemented in Burgess where Lord Lane explicitly referred to the difference between internal and external causes as the point on which the ‘case depends, as others have depended in the past’ The defendant in Burgess was a sleepwalker who assaulted a friend whilst in a somnambulistic state. It was held that somnambulism was a disease of the mind under the M’Naghten rules largely because it was considered a ‘pathological’ (and therefore, internal) condition by expert witnesses in cross-examination. While, to some, this internal/external distinction ‘makes good sense,’ to others its effect is wholly inappropriate, as it fudges the boundaries between the theoretical rationales of insane and non-insane automatism. Irene Mackay, for example (as well as pointing to contradictory obiter ) attacks the distinction with reference to its effect. She contends that sleep ‘can hardly be called an illness, disorder or abnormal condition. It is a perfectly normal condition.’ Of interest here, Graham Virgo points to anecdotal evidence that cheese might cause sleepwalking. If such evidence could be substantiated, the somnambulist could potentially escape a special verdict by virtue of the fact that eating cheese would be considered an external cause. Such a consideration is far from easily reconcilable with the aforementioned notions of blame and responsibility as expounded by Hart’s principles of justice. Mackay continues to attack Burgess on a second defining point. She contends that the court failed to properly adopt the definition of ‘disease of the  mind’ as put forward by Lord Denning in Bratty – namely that it is â€Å"any mental disorder which has manifested itself in violence and is prone to recur.† Considering statistical evidence showing that no one had ever appeared before a court twice charged with somnambulistic violence, Mackay remarks ‘something which is prone to recur must be at least ‘inclined to recur or have a tendency to recur or be to some extent likely to recur.’ Despite such protestations, current medical opinion is that sleepwalking is caused by internal factors and may be likely to recur . Therefore it is suitable for M’Naghten insanity as defined. The result of these calculated distinctions between the two defences is that ‘epileptics, sleepwalkers, those suffering from arteriosclerosis and diabetics during a hyperglycaemic episode, may all now be regarded as insane.’ This is surely an unacceptable position. After all, such people appear to fit far more comfortably within the (theoretical) realms of automatism than insanity. They are rational people, capable of recognising rule following situations, who are (largely) the victims of one off incidents of involuntariness. If we are to label a diabetic insane because they neglected to take their medication, are we to do the same with one who gets a migraine from omitting to take aspirin? The difference of cause is the resultant harm and the need for the courts to protect society. Incidentally, close scrutiny of the M’Naghten rules leads us to conclude that where a defendant’s inability to recognise he was doing something wrong was due to something other than a defect of reason caused by a disease of the mind he would generally have no defence at all. Things do not get any clearer when the defence of Diminished Responsibility is brought into the frame. The statutory provision for the defence is found in Section 2(1) of the Homicide Act 1957 and provides that a person shall not be convicted of murder: â€Å"If he was suffering from such abnormality of mind (whether arising from a condition of arrested or retarded development of mind or any inherent causes or induced by disease or injury) as substantially impaired his mental  responsibility for his acts or omissions in doing or being a party to the killing.† The problems begin with semantics and normative questions of degree: what qualifies as ‘abnormality of mind,’ how much is ‘substantially’ and what is ‘mental responsibility’? Even debates on the questions have offered little assistance. For example, the Government, in an attempt to explain the key term, said that ‘abnormality of mind’ referred to conditions ‘bordering on insanity’ while excluding ‘the mere outburst of rage or jealousy’. Such an explanation is obviously of little worth considering that ‘the response of judges and psychiatrists?[to the section]? have ranged from the very generous to the very strict’. In fact the courts it seems, have entertained ‘practically any ground where it was thought morally inappropriate to convict the defendant of murder’. For example, psychopaths, reactive depressives , alcoholics and those in ‘disassociated states’ or suffering from ‘irresistible impulses’ have all been brought within the protective scope of the section. Lord Parker in Byrne, also attempting to clarify the section’s ambit, said that it dealt with ‘partial insanity or being on the border line of insanity’. He went on to add that ‘Inability to exercise will-power to control physical acts? is? sufficient to entitle the accused to the benefit of this section; difficulty in controlling his acts? may be’. Confusions are evident here for, as Smith and Hogan note: ‘A man whose impulse is irresistible bears no moral responsibility for his act, for he has no choice; a man whose impulse is much more difficult to resist than that of an ordinary man bears a diminished degree of moral responsibility for his act’ It would appear then, that the former should be acquitted as insane rather than have his punishment mitigated. However, if the inability to control his acts is not caused by a ‘defect of reason’ or ‘disease of the mind’ then the defendant has no defence in insanity. In this respect therefore, the defence of diminished responsibility appears to be patching up the deficiencies of M’Naghten; acting as ‘a device for circumventing the embarrassments that flow from a mandatory sentence,’ or the stigma attached to a finding of insanity, by allowing judges to â€Å"follow in a common sense way their sense of  fairness.† Greiw, writing in 1988 comments on the section. He suggests that the section is not to be seen as a definitional aid rather it is ‘to be seen as legitimising an expression of the decision-maker’s personal sense of the proper boundaries between murder and manslaughter’. The result of the lax and open wording has allowed the defence of diminished responsibility to be used almost as a catch-all excuse, spanning, and adding to, the defences of insane and non-insane automatism. It has been able to accommodate states of mind and circumstance that would be insufficient for either automatism or insanity whilst at the same time justifying this accommodation by virtue of the increased severity of a murder charge. To some this position is considered entirely unacceptable and contrary to the theories of blame and responsibility discussed hereto. Sparks for example, comments ‘to say that we are less willing to blame?a man if he does something wrong, surely does not mean: we are willing to blame him less, if he does something wrong.’ It would seem however, that due to the inadequacies of M’Naghten and the acceptance that some states of mind falling short of insanity should be considered mitigatory, the courts had little choice but to develop the defence of diminished responsibility in this way. From the issues discussed in this essay it is clear that whilst, in theory, the three defences of Insanity, Automatism and Diminished Responsibility, do indeed exhibit differences, in practice they have become somewhat amalgamated. This is probably due to two factors: First, it must be accepted that ‘there is no sharp dividing line between sanity and insanity, but that the two extremes? shade into one another by imperceptible gradations.’ This proposition leads us to conclude that first, the problem is one of definition. Second, the courts are aware that ‘pleading a blackout is one of the first refuges of a guilty conscience and is a popular excuse’. Therefore, they have tended to view the problem of involuntariness ‘with great circumspection and have adopted a restrictive approach as to when there should be a complete exemption from liability’. In order to balance this definitional problem with the requirement of  certainty, whilst ensuring that only the deserving are completely acquitted, the law has had no alternative but to define distinct parameters. It is these parameters which have both caused the fudging of the two automatism defences and necessitated the creation of a diminished responsibility defe nce. Whilst, in some respects, this amalgamation is unacceptable, its effect has been to provide blanket coverage for those defendants suffering from either a mental disorder, disassociated condition or episode of sudden involuntariness. Far from saying that the law has failed to ‘fully appreciate’ the differences it appears that the courts, due to restrictions, have simply created ad hoc a range of defences whose purpose is to reflect, on a continuum, impeachable notions of culpability. Bibliography. Books 1. Ashworth, Principles of Criminal Law (2nd ed., Oxford, 1995) 2. Clarkson. C.M.V. & Keating. H.M. Criminal Law. Text and Materials. (4th ed., 1998, Sweet & Maxwell) 3. Hart. H.L.A., Punishment and Responsibility, (1968, Oxford) 4. Smith , J.C. B. Hogan., Criminal Law (6th Edition, 1988, London, Butterworths.) 5. Williams. G., Textbook of Criminal Law (2nd ed., Stevens & Sons. 1983) Articles Dell, Diminished Responsibility Reconsidered. [1982] Crim.L.R. 809 Duff. R.A., Trial and Punishments J.L.S.S. 1986, 31(11), 433 Goldstein. A., The insanity Defense (1967) Griew. E., The future of Diminished Responsibility. Crim. L.R. 1988, Feb, 75-87 Laurie. G.T., Automatism and Insanity in the Laws of England and Scotland. Jur. Rev. 1995, 3, 253-265 Mackay. I., The Sleepwalker is Not Insane. M.L.R. 1992, 55(5), 714-720 Padfield. N.,Exploring a quagmire: insanity and automatism. C.L.J. 1989, 48(3), 354-357 Royal Commission on Capital Punishment, Cmnd. 8932 (1949-1953) Smith. J.C., Case and Comment. R. v. Hennessy. (1989) 86(9) L.S.G. 41; (1989) 133 S.J. 263 (CA) Smith. K.J.M. & Wilson. W., Impaired Voluntariness and Criminal Responsibility: Reworking Hart’s Theory of Excuses ? The English Judicial Response. O.J.L.S. 1993, 13(1), 69-98 Sparks. Diminished Responsibility in theory and Practice (1964) 27 M.L.R 9 Virgo. G., Sanitising Insanity ? Sleepwalking and Statutory Reform C.L.J. 1991, 50(3), 386-388 Cases 1. Alphacell [1972] 2 All ER 475 2. Burgess [1991] 2 W.L.R. 106 C.O.A. (Criminal Division) 3. Byrne [1960] 3 All ER 1 4. Cooper v. McKenna [1960] Q.L.R 406 5. Hennessy (1989) 89 Cr.App.R 10, CA 6. Kemp [1956] 3 All ER 249; [1957] 1 Q.B.399 7. M’Naghten’s Case (1843) 10 C & F, 200, 8 Eng. Rep. 718. 8. Quick and Paddison [1973] Q.B. 910 9. Seers [1985] Crim.L.R, 315 10. Sullivan [1984] A.C. 156 (House of Lords) 11. Tandy [1988] Crim.L.R 308 12. Tolson (1889) Legislation 1. Homicide Act. 1957. 2. Trial of Lunatics Act 1883

Lottery Addiction: Its Effects on the Respondents’ Economic Status in Nasugbu, Batangas

LOTTERY ADDICTION: ITS EFFECTS ON THE RESPONDENTS’ ECONOMIC STATUS IN NASUGBU, BATANGAS A Research Paper Presented to MR. JOSEPH B. EVANGELISTA Nasugbu Christian Faith Academy, Inc. In Partial Fulfillment Of the Requirements as Secondary Graduates by Sibelle Justine L. Gallivo Richard Jason R. Dastas Angelica B. Magpantay Ronnel Aries B. Ilao Mark Bryan A. Urena Regine N. Antazo Alfred C. Drio March 2010  ©2010 Sibelle Justine L. Gallivo Richard Jason R. Dastas Angelica B. Magpantay Ronnel Aries B. Ilao Mark Bryan A. Urena Regine N. Antazo Alfred C. DrioAll Rights Reserve ABSTRACT Title:Lottery Addiction: Its Effect on the Respondents’ Economic Status in Nasugbu, Batangas 2. Researchers :Sibelle Justine L. Gallivo Alfred C. Drio Angelica B. Magpantay Mark Bryan A. Urena Regine N. Antazo Richard Jason R. Dastas Ronnel Aries B. Ilao 3. Publication 3. 1Date: 3. 2Place: 3. 3Region: IV-A CALABARZON 4. Institution 4. 1Name: Nasugbu Christian Faith Academy, Inc. 4. 2School Y ear: 2009-2010 5. Statement of the Problem 1. Personal profile of the respondents in terms of: 1. 1 sex 1. 2 civil status 1. 3 salary range 2.What are the effects of lottery to the economic status of the respondents? 3. What is the relationship of the respondents; bet to their employment status? 4. Who usually give the biggest bet: employed or unemployed? 5. Who usually play lotto: employed or unemployed? 6. What are the advantages and disadvantages of playing lotto? 6. Summary of Findings Profile of Respondents With the total of fifteen (15) respondents, nine (9) or 60% were female while six (6) were males eleven (11) or 73. 3% were married while four (4) or 26. 7% were single by civil status; eight (8) or 53. % of the respondents falls on salary bracket of Php 1,500 t0 5,000, four (4) or 26. 7% with no salary , two (2) or 13. 3% range a salary from Php 10,000 to 20,000 while a salary range of Php. 30,000 and above has one (1) or 6. 7%. Effects of Lottery to the Respondent’s Economic Status Most of the enumerated effects listed by the respondents were affects the budget of the family resulting to the increase of allotted budget; affects the family relationship due to additional burden brought by playing lotto; intentional use of budget allotted to the children’s needs, and; highly emphasized fall of economic status.Relationship of Respondents bet to their Employment Status Employed versus unemployed status of the respondents established outstanding relationship with their bet. Eleven (11) or 73. 3% were employed thus give there usual or bigger bet compared to four (4) or 26. 6% unemployed. Usual Lotto players between employed and unemployed Employed respondents were the major lotto player since they have the means to gamble as compared to unemployed respondents. Advantages and Disadvantages Most of the respondents believed that playing lotto can only give hope of becoming rich through winning the jackpot prize.Most likely playing lotto was disad vantages: fall of their economic status; family budget/allocation suffered; unwise use of the money; becoming unproductive citizen; lead to addiction thus committing unacceptable actions due to gambling 7. Conclusions 1. Since majority of the respondents were married and female, they invest their future through playing lotto hoping to win the jackpot prize. 2. Since most of the respondents were employed, they have the high tendency of playing lotto because of their source of money as well as the tendency to put the biggest bet. . Since the respondents feels the negative effects of playing lotto in their economic status they would probably limit or refrained from playing lotto. 4. Since lotto playing was disadvantageous, the respondents surely realized its implication to their family as well as to the community. 8. Recommendations 1. Instead of investing family’s future through the chance of luck, find a real and long-term job that will secure your future, better to gain the v alue of worth rather than relying on your chance. 2.Lotto fanatics should not rely much on winning since it is computer operated this east to manipulate. 3. Employed lotto players should not give their biggest bet although they gave the means or source to gamble. 4. Male use/spend family’s budget wisely instead of gambling in lotto. 5. Local Authorities should impose law governing the age allowed to bet in lotto since it is a form of gambling. 6. Avoid becoming addicted in playing lotto since it is disadvantages in nature. 7. Further study about this interesting topic for future preference. APPROVAL SHEETThis research paper entitled, â€Å"LOTTERY ADDICTION: ITS EFFECTS ON THE RESPONDENTS’ ECONOMIC STATUS IN NASUGBU, BATANGAS†, prepared and submitted by Sibelle Justine L. Gallivo, Richard Jason R. Dastas, Angelica B. Magpantay, Ronnel Aries B. Ilao, Mark Bryan A. Urena, Regine N. Antazo, and Alfred C. Drio in partial fulfilment of the requirements as Secondary G raduating Students, has been examined and approved by our Research Teacher, MR. JOSEPH B. EVANGELISTA, with a grade of _____________. Accepted and approved, _____________________ Mr. Joseph B. Evangelista ACKNOWLEDGMENTThe researchers sincerely acknowledge their debt of gratitude to those in one way or another contributed and gave assistance to the preparation and completion of this study. Mr. Joseph B. Evangelista, for providing original ideas and opinions which made the completion of this study possible. Our Parents, who gave us financial aid and supported us morally that serves as our strength. The Borja Family, who helped us in distributing our questionnaires. Our Relatives and Friends, who shared their wisdom, time and effort as well as their suggestions valuable to our study.Our Alma Mater, Nasugbu Christian Faith Academy, Inc. , for the support, knowledge and for molding us to become productive and inytellectual students capable of competing in all aspect. To our Respondents, for their time, effort and invaluable assistance in answering the questionnaires that serves as our main source of informations. And above all, to Our Almighty Creator, for gracing us strength, wisdom and holy guidance as we accomplish all these things. A. B. M. A. C. D. M. A. U. R. N. A. R. R. D. R. B. I. S. L. G. DEDICATION To our beloved parents: Mr. and Mrs. Regino Antazo Mr. nd Mrs. Joseph Dastas Mr. and Mrs. Christopher Drio Mr. and Mrs. Christopher Gallivo Mr. and Mrs. Antonio Ilao Mr. and Mrs. Noeh Magpantay Mr. and Mrs. Lourdeliza Urena To our brothers and sisters: Angelo Magpantay Christopher Drio Jr. Jerome Dastas Rose Marie Eliza Raizza Mae Dastas Ray Anthony Ilao Reynaldo Antazo Resty Antazo Richel Antazo Rose Marie Eliza Antaso Ruby Antazo Ruel Antazo Ruiter Allan Ilao This piece of work is humbly dedicated. The Researchers TABLE OF CONTENTS Page Title pagei Copyright Pageii Abstractiii Approval Sheetvi Acknowledgementvii Dedicationviii Chapter I.THE PROBLEM AND ITS B ACKGROUND Introduction1 Statement of the Problem3 Statement of the Hypothesis3 Assumptions3 Significance of the Study4 Scope and Limitation of the Study4 Definition of Terms4 II. REVIEW OF RELATED LITERATURES AND STUDIES Foreign Literature6 Local Literature6 Foreign Studies12 Local Studies15 III. METHODS OF RESEARCH AND PROCEDURE Design and Method of Research19 Sample and Sampling Techniques Used19 Statistical Treatment of Data21 IV. PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA Sub-problem 1. What is the profile the respondent’s terms of: 1. sex 2. civil status 3. alary range22 Sub-problem 2. What are the effects of lottery to the economic status of the respondents? 22 Sub-problem 3. What is the relationship of the respondents bet to their employment status? 22 Sub-problem 4. Who usually give the biggest bet: employed or unemployed? 23 Sub-problem 5. Who usually play lotto: employed or unemployed? 23 Sub-problem 6. What are the advantages and disadvantages of playing lot to? 23 V. SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS Summary 25 Findings25 Conclusions26 Recommandations27 BIBLIOGRAPHY28 APPENDICE A. Questionnaires CURRICULUM VITAE29

Amp Financial Company of Australia and New Zealand

This research study analyzes the business of the AMP Financial Company and also evaluates their financial data (Kelly et al., 2016). In the recent days, the AMP Financial Company leads the entire wealth management industry in Australia and New Zealand. The AMP Financial Company helps their customers by providing them financial advice, superannuation services for the business of their customers, retirement income, investments on individual products, life insurance, income protection, etc. The most important business significance of this AMP financial company is to provide services to their customers regarding all banking issues such as income protection, financial advice, selection procedure of banking products, investments in share, property, fixed interest and multi-asset funds, etc. For the AMP financial company their main motto is to understand the customer needs and provide them a good quality service which leads to their satisfaction (Buckless & Krawczyk, 2016). The AMP financia l company mainly helps the other business firms by researching the financial factors which help the firm to develop and improved in future. By accepting the advice and service of AMP financial company the business firms can able to get a better quality product at reasonable price and also can able to improve the standard of their firms. By analyzing the financial data the AMP financial company helps those business firms to maintain a good reputation and corporate image within the market and also helps them to gain a high level of profitability (Abhayawansa, & Guthrie, 2014). The AMP financial company also helps the government through paying revenue on profit and all types of service taxes. In this research study, the researchers want to expand the knowledge which is related to the study of the business procedure and about the financial information of the AMP Financial Company (Chan & Ryan, 2013). By the help of literature review, different literature sources and theories are reviewed for collecting the useful data or information about the research topic. By reviewing that literature the researchers can able to make a better quality research study through which a clear idea about the topic can be derived easily. The research study will undergo various terms that will help in detail explanation of the selected topic (Yang, 2012). In the recent days, there are several numbers of financial institutions which are operating throughout every country. The AMP Financial Company have to follow three numbers of general observations about the literature review before discussing the individual approaches towards the development of the financial system of the company. Firstly, it be comes more necessary to review the literature with extra caution. The recommendations within the study suggest that the countries should also need to introduce some improvement and development and also adopt innovative ideas within their organization (Berk et al. 2013). Secondly, the literature reflects that the donors and the governments have followed an approach which leads to the supply of finance and can able to emphasize the rate of increase of supply and also reduce the rate of loan cost in some specific sectors (Ghasemy et al. 2016). Thirdly the final observation is the donors and the governments have also shied away from the using of the private sectors for providing financial services to those specific sectors. The worth extant in the finance sector is described as per to the character of the financial transaction. In the recent times, the financial sectors are seriously observing contest where Latest Corporation are entering daily (Gattorna, 2016). The AMP Financial Compan y fundamentally describes surroundings where difficulties of the customers are interwoven beside with the services of the organization. Deliver worth to the organization also explain the service that delivers value to the customers (Keneley, 2016). As per Williamson, concerns of the organizations is associated with the customers’ requirements which help in better business activities and also brings a better level of sustainability to the organization. The resource-advantage theory describes the combination of the heterogeneous resources and the heterogeneous demand of the consumers. The capital of an organization can be financial, material, legal, human-based, organizational-based, informational and relational (Oh et al., 2013). As per recognition of the individuality present inside the association, main emphasis needs to be specified so that it can out hit competitor firm as well as draw clientele based on that source. At the time of adopting resource-advance theory, the org anization should try to use the competitive advantage of the company to become the leading financial company and enjoy the greater number of customers compared to their competitor organizations. According to the study of this research process, the researchers found some research question which clears the queries to arise at the time of studying that research paper. The main research questions for analyzing the problems and opportunities of the AMP Financial company are as follows – 1.  Ã‚  Ã‚  Ã‚  Ã‚   What is the fundamental problem? 3.  Ã‚  Ã‚  Ã‚  Ã‚   What is the relationship between the issue and the company? 4.  Ã‚  Ã‚  Ã‚  Ã‚   Why is it important to overcome the problem? 5.  Ã‚  Ã‚  Ã‚  Ã‚   How the company planned to tackle the problem? 6.  Ã‚  Ã‚  Ã‚  Ã‚   How the company planned to broadcast their results? 7.  Ã‚  Ã‚  Ã‚  Ã‚   Is the cash flow is a flow of cash to the shareholders or the company? 8.  Ã‚  Ã‚  Ã‚  Ã‚   Is there having any reduction of value or cost of the fixed assets of the company? 9.  Ã‚  Ã‚  Ã‚  Ã‚   Is the annual net income of the company can able to made that year or it only become a number? 10.   Is the book value become the best proxy to the share values? 11.   Is it become possible for the AMP financial company to have positive net income which never distributes the dividends in the postponement of payments? 12.   Is it better for the company to purchase shares and assets of other company?  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   13.   How is the optimal capital structure calculated? By the help of investigate method, the investigator tried to identify the most suitable research apparatus and techniques for studying the business procedure and the financial activities in the AMP Financial Company and can able to make a better quality research study. Research methodology is defined as the explanation of the process which is undertaken at the time of studying the research topic (Durocher et al., 2015). By the help of these research techniques, the researchers can able to analyze the collected financial data which help to understand the feedback of the respondents in a better way. The researchers generally analyze the financial statement of the company for revealing the importance of those items which is included in the Balance Sheet and Profit and Loss Account. According to Macmillan and Kennedy, Financial Performance is a type of scientific process by the help of which the researchers can able to evaluate the financial strength and profitability of any type of busi ness firms (Yap et al, 2014). Financial performance is actually a snapshot through which the researchers can able to determine the efficiency and ability of the company to survive within the market. By the help of the financial performance, the position of the company within the market can also be determined. Financial Performance is actually the blueprint of all those financial affairs which takes place in the organization (Bazley et al., 2013). Basically, Financial Performance is that medium through which any organization can able to evaluate the entire management performance within the organization. The key aim of the financial performance of a financial statement for the profit and loss account and Balance Sheet of a company is to diagnose the productivity, profitability, activity, liquidity and the financial condition of the business firm (Shaw, 2016). The main objective of the business is to earn satisfactory returns on that funds which are invested within the business. Each and every individual research study has their own frame of times which allows the researcher to arrange their research activities throughout the whole research process. According to Bernard, the Gantt chart is a type of research tool by the help of which the researchers can able to make a list of the task according to the time which is taken by the researcher at the time of the study the whole research process. classification of secondary information sources Preparing interview/survey, ethics form Conclusion as well as recommendations In the table of Gantt chart, the researcher points out the most important tasks which are required to emphasis at that time when the research is conducted. Gantt chart also helps the researchers to understand the status of that particular research study. The research process is a procedure through which the entire research work is taking place. The research process of any research study takes place through certain steps (Bunney & Therry, 2013). In this research study, the researchers want to analyze the financial activities of the AMP Financial Company. Therefore, for determining the financial activities of the AMP Financial Company the researcher follows the following steps – Step 1: At first, the researchers determine the need for the research of the financial performance of the company Step 2: After that they to identify and define the problems Step 3: Then the researchers should establish the objectives of the research study on that particular topic Step 4: After establishing the research objectives the researchers should prepare a research design Step 5: After that, the researchers should able to identify the sources from where the data are collected and also can able to determine the types of information which are collected from various sources. Step 6: Then the researchers determine the process or methods through which they can able to access the data. Step 7: In the next step, the researchers prepares the forms and make a design for collecting the data Step 8: Then the researchers determine the size of the sample and make a plan for the sample collection process regarding the factors which can affect t the sample. Step 9: After that, the researchers collect the data Step: 10 Then they analyze the data critically Step 11: At last, the researchers prepare the whole research paper properly and present it. The data collection process in a realistic sense will permit the investigator in experience different types of public and also help the researchers to improve their interaction skills. By the help of the study of research concepts, the researchers can able to gain knowledge about the process of data collection and also help the researchers to analyze the financial performance of the AMP Financial Company in future (Horngren et al., 2013). The researchers adopt or select the data gathering process depending on the character and types of data collected and according to the topic of the research study. The Data collection process adds value to the research quality by enlarging the platform of knowledge. By the help of data collection process, the researchers can able to collect two types of data. The two types of data are 1) primary data and 2) secondary data. The primary data are those data which are collected by the researchers directly from the environment at the time of conducting t he research process. By the help of main data, the researchers can able to gather the most relevant facts and information though it takes enough time, as it is a long procedure in contrast to secondary data. Whereas, the secondary data are guided on the basis that comprises the online and offline source of data. There are two types of data which are analyzed by the researchers at the time of conducting the research study. The two kinds of data are – 1) Qualitative data and 2) Quantitative data. The research study is more inclined towards the outcomes related to the value due to which the customers can able to obtain a better realization and satisfaction and also can able to serve a better quality of utility as well. After reviewing the financial statement of the AMP Financial Company, the researchers determine the five-year financial summary of the AMP Financial Company. In this research study, the researchers can able to analyze the business and financial performance of the AMP Financial Company. The most important business significance of this AMP financial company is to provide services to their customers regarding all banking issues such as income protection, financial advice, selection procedure of banking products, investments in share, etc. The resources of an organization can be financial, physical, legal, human-based, organizational-based, informational and relational. As per recognition of the individuality present inside the organization, main emphasis needs to be known so that it can out hit competitor firms as well as draw clientele based on that source. The AMP financial company mainly helps the other business firms by researching the financial factors which help the firm to develop and improved in future. By the help of this research study, everybody can able to get a clear idea about the financial performance of the AMP Financial Comp any.   Horngren, C.T., Sundem, G.L., Schatzberg, J.O. and Burgstahler, D., 2013.Introduction to management accounting. Pearson Higher Ed. Bunney, D. and Therry, L., 2013. Employability skills in the Master of Professional Accounting: One school’s journey.  eCULTURE,  3(1), p.3. Shaw, T.M., 2016. The Question of Financial Career Paths: Which Graduate Program and/or Professional Certification Leads to the Greatest Income and Level of Satisfaction Based on a Survey of Professionals working within the Accounting/Finance Fields?. Bazley, M., Hancock, P., Fisher, C., Lovell, A., Berk, J., DeMarzo, P., Berk, J. and DeMarzo, P., 2013.  Financial Accounting: An Integrated. Thomson Pty Ltd, South Melbourne. Yap, C., Ryan, S. and Yong, J., 2014. Challenges facing professional accounting education in a commercialised education sector.  Accounting Education,  23(6), pp.562-581. Yang, Q., 2012.  An investigation of the factors that influence Chinese students to do a Master of Professional Accounting (MPA) program in New Zealand  (Doctoral dissertation, Auckland University of Technology). Buckless, F. and Krawczyk, K., 2016. The relation of student engagement and other admission metrics to Master of Accounting student performance.Accounting Education, pp.1-15. Chan, H.T. and Ryan, S., 2013. Challenging stereotypes: International accounting students in Australia.  Journal of Modern Accounting and Auditing,  9(2), p.169. Durocher, S., Gendron, Y. and Picard, C.F., 2015. Waves of Global Standardization: Small Practitioners' Resilience and Intra-Professional Fragmentation within the Accounting Profession.  Auditing: A Journal of Practice & Theory,  35(1), pp.65-88. Oh, C.H., Park, J.H. and Ghauri, P.N., 2013. Doing right, investing right: Socially responsible investing and shareholder activism in the financial sector.  Business Horizons,  56(6), pp.703-714. Abhayawansa, S. and Guthrie, J., 2014. Importance of intellectual capital information: a study of Australian analyst reports.  Australian Accounting Review,  24(1), pp.66-83. Keneley, M.J., 2016. The breakdown of the workplace ‘family’and the rise of personnel management within an Australian financial institution 1950–1980.Business History, pp.1-18. Gattorna, J., 2016.  Dynamic supply chain alignment: a new business model for peak performance in enterprise supply chains across all geographies. CRC Press. Kelly, G., Delaney, D., Chai, G. and Mohamed, S., 2016. Optimising local council's return on investment from annual pavement rehabilitation budgets through targeting of the average pavement condition index.  Journal of Traffic and Transportation Engineering (English Edition),  3(5), pp.465-474. Berk, J., DeMarzo, P., Harford, J., Ford, G., Mollica, V. and Finch, N., 2013.Fundamentals of corporate finance. Pearson Higher Education AU. Ghasemy, M., Hussin, S. and Daud, M.A.K.M., 2016. Academic leadership capability framework: a comparison of its compatibility and applicability in Australia, New Zealand, and Malaysia.  Asia Pacific Education Review,  17(2), pp.217-233.

Policy Analysis Essay Example | Topics and Well Written Essays - 1000 words

Policy Analysis - Essay Example The most fundamental obligation of Homeland Security is to secure and protect the American people. It is the duty and policy of Homeland Security to guide the nation as they commit themselves to achieve a more protected Homeland, which can sustain the people’s way of life. George Bush outlined the range of homeland security threat based on the opening recommendations of National Strategy for Homeland Security. The document provided a good example of how to create public policy (Forest, 2006, p.132). The executive branch of government had to inspect and identify the weaknesses and strengths of Homeland Security. The strengths and weaknesses were identified based on prevention, recovery, protection, deterrence and response. After the identification, the formulated policies intensified the emerging problems leading to the creation of the strategy. The influences of such articles are crucial and should be guarded. It is a statement of purpose without the force of law. The strategy of Homeland Security points out to congress to put on more efforts to work together with homeland security. The congress should not depend on Homeland Security; instead, it should take steps to deliver its responsibilities with respect to protection of the American people and the Homeland. The statement has salient points and the powers required in turning policy into law. It also acts as a reminder on how the president’s powers are delivered to the zenith as they are channelled to legislative and executive branches at the same time. It is extremely valuable to look in detail the roles of the three branches of government in addressing homeland security threats like illegal immigration, street gangs, terrorism, gun ownership, and sale of illegal drugs. Global war on terrorism has triggered the acts relating to how the enemy combatants are treated by use of military operations, conducting local intelligence, and military tribunals. The congress passed a resolution as a respons e to the 9/11 attacks and the continued threat and attacks posed by terrorists (Forest, 2006, p.140). The resolution gave the president powers to apply and emphasize his powers as commander in chief. The president authorizes the use of the necessary force against organizations, persons who planned, committed, and aided the attacks, which occurred in 2001. In addition, under the law, the congress authorises and gives its formal and constitutional powers. In this regard, the United States Army plays the role of defending the national security. This is against continuing threats posed by Iraq and other relevant council resolutions. The president played a role in establishing Iraq’s support of national terrorism. The United States has a long history and valued tradition of welcoming visitors without restrictions. The attacks of 2001 made United States be more cautious because they realise that some visitors come to the United States to raise funds for terrorist activities, and co mmit terrorist acts. It is the responsibility of United States to prevent foreigners with the intent of committing the terrorist attacks. In addition, they should deport, detain, and prosecute other aliens with the same intentions but are residing in the country. After 9/11, the attention of United States enforcement and administration of immigration policy increased (Forest, 2006, 148). The legislation regarding enforcement and a

The Role of Oxidative Stress in Diabetic Retinopath Dissertation

The Role of Oxidative Stress in Diabetic Retinopath - Dissertation Example Insulin is an important component in the regulation of the glucose pathway in humans as well as some other animals. Because of this, the inability to effectively create or use insulin results in significant health problems, and also has the potential to create diabetic complications as the disease progresses (Hartnett et al. 2000). Diabetes dramatically increases the chance of obtaining either a vascular or a microvascular condition (Pennathur and Heinecke 2004). The first form of diabetes is type I, where individuals are unable to produce insulin. People with this form of diabetes make up approximately five to ten percent of the diabetic population. They are also known as insulin-dependent (IDDM), and the two terms can be used interchangeably. In contrast, the remainder of diabetes patients are able to produce insulin but do not have the correct cellular response to the hormone. This is known as type II diabetes. Individuals with this form of the disease are non-insulin-dependent (N IDDM). As diabetes progresses, a number of different complications can develop, including diabetic retinopathy, which results in permanent loss of vision due to tissue damage (Hartnett et al. 2000). ... Because this occurs, the oxidative species are able to significantly damage the tissues of the body (Evans et al. 2003). It is argued that this is strongly related to the development of hyperglycemia (Cvetkovic et al. 2009). The development of complications has significant impact for people suffering from diabetes, resulting in significant decreases in quality of life, among other effects. One particularly strong effect of diabetic retinopathy is that at the current time it is incurable, meaning that people with this complication must life with its effects for the rest of their lives. Currently, diabetic retinopathy is one of the most common complications that occurs as the result of diabetes, and the majority or all suffers will end up with the complication after having diabetes for between 15 and 20 years (Bucolo et al. 2012). Because of the prevalence of diabetic retinopathy and its significant effects, it is crucial to understand the way that this complication develops, and wheth er these mechanisms are able to be used in the development of preventative or curative treatments for the disorder. As with other diabetic complications, oxidative stress is believed to play a crucial role in the development and maintenance of diabetic retinopathy. The aim of this paper is to examine recent research in the field of oxidative stress in diabetic retinopathy, and consider the strengths and weaknesses of current knowledge. It is hoped that the conclusions of this paper will help to inform future research and determine the gaps present in the research on this area. 2. Oxidative Stress in Diabetes Oxidative stress is the underlying factor in most mechanisms of diabetes (Neri

The Economy of Irish Republic Essay Example | Topics and Well Written Essays - 2000 words

The Economy of Irish Republic - Essay Example (Christopher T. Whelan 2007 ).However the current position of the slump in the ICT market has caused a temporary slump in the period of 2006-2007.It has been suggested that a policy focusing on retaining a deflated real exchange rate/real wage rate would benefit Ireland in the longer term.towards a macro-economic balance. (Christopher T. Whelan 2007 )In 2001 alone the interest rate was more than 3 % for the economy and it has been brought down recently to pave the way for a better monetary policy based economic performance by marked increase in public finances strengthened markedly and a cut down in the public debt with a surplus in the Foreign trade balance. (OECD 2001-2006)There have been recent strong gains in the disposable incomes and wealth, and investment has improved but there is a marked danger of the labour supply shortage.The better part of the Irish economy is that it has managed a low inflation rate (5%) for the past one decade despite the high fuel prices in the interna tional market and tax increases in tobacco prices and the service sector. (OECD 2001-2006) Inflationary pressures are also coming from the employment sector but have been avoided in the interests of a tight fiscal and monetary policy.However in the face of the promising productivity growth the monetary conditions in Ireland are expansionary based upon the rapid increases in house prices and private sector credit and lending. (Christopher T. Whelan 2007 ) Tax revenues have also been promising in the face of a booming economy and have enabled sizable tax cuts and increases in real spending over the past three years for the business community.There is also an over all increase in consumer spending based on the successful international and EU trade performance of Ireland with in the past few years.Coming back to the interest rates there has been a peak in overall inflation because of the above factors but the nominal interest rates have been accordingly adjusted to adjust to the hazards of inflation without disturbing an overall real increase in disposable incomes The success of the Irish Economy mainly due to the governments attempts at the effective macro-economic policy management. Currently the Irish Economy has a nominal GDP of 180.7 billion. with a real GDP growth of 6% and a Nominal GDP per capita of $44,500. (National Statistics 2006).With an export industry that relies heavily on food processing, beverages, engineering, chemicals, pharmaceutical and construction and an export industry based upon machinery, transport equipment, chemicals, and beverages the country deals mainly with the US and the Great Britain in terms of Foreign trade. (www.imf.org). Popularly labelled as the "Celtic Tiger" the country has witnessed massive GDP growth in the past three years alongwith its progressive industrial policy and massive foreign direct investment. (Honohan, P. and Walsh, B. 2002) The economy did take a slump during the post 9/11 scenario and there was no longer the

Why life insurance is or is not appropriate in Islamic countries Research Paper

Why life insurance is or is not appropriate in Islamic countries - Research Paper Example The first one of the view that insurance of any kind is prohibited because it is an agreement based on doubts, it is against God’s commands and insurance business is based on interest. Life insurance is used to cover financial loss happening from death. It is impossible to define life insurance in a single definition as there are different ways to explain it. In simple words life insurance is a tool to safeguard against natural calamities. The aim of every individual is to secure his family from future risks. Every person dreams for prosperous life for his near and dear ones, a bright future for their children and self without depending on others. The life insurance guarantees materializing these aims by paying them in terms of money. There was a time when necessities of life were fulfilled by government or charity organizations. As the population increases the resources are shrinking day by day. World is being governed by man-made laws and lust for power and corruption is multiplying in every walk of life. Basic necessities like food, shelter, education and social services are no more available. Even fresh and unpolluted breathing is no more. It seems difficult to make both ends meet. Individual earning in a family when meets with any misfortune like natural death, Job termination, disability etc than one can imagine how he will cope with all this. Here life insurance is the only option available to avail in this situation. Life insurance is a vast subject if studied it will give you a short- cut to fulfill above mentioned noble commitments. After collecting large sum of money from the public the insurance company with the government’s assistance can run various projects at national level. Through all this government uses this cash for various schemes such as power generation, special education, employment generation etc. In return government pays suitable interest so that public should get their maximum profit at

Week 5 discussion questions and participation Essay

Week 5 discussion questions and participation - Essay Example The direct method ignores any other service departments when allocating service cost to production departments. The step down method is different because it recognizes that in some service departments support the activities in other service departments as well as the producing department. The direct method is simpler for accountants to calculate the costs since there are less variables involved. The step down method uses a sequence of service department allocation to arrive at the different costs. In the business world accountants prepare information differently depending on the purpose. Managerial accounting focuses on providing information for internal purposes. Financial accounting on the other hand focuses in making reports for external users of information. Variable costing system monitors changes in costs that occurred on a daily basis. This helps managers in their day to day decision making process. Data and information that is presented to outside users must summarize the results of a period of time. External users are not concerned about the day to day operations of the enterprise. Cost distortions are a potential problem that can lead to many obstacles for a manager. If the costing system is not accurate the managers will make erroneous assumptions that can lead to business errors. For example imagine if a company had a costing system that stated that each unit cost $2.00 to produce. The costing system was distorted and the real cost of the product is $3.05. The made a decision to sell the product at $3.00 which a price that is 50% above cost based on the inaccurate costing system. The manager would lose $0.05 on every sale instead of making a $1.00 profit. If the company is able to develop a costing system that provides a lot of detail the decision seems like a good idea. The manager of that company has to determine if the benefits of maintaining the system outweigh the costs of

Conflict resolution and assertiveness Essay Example | Topics and Well Written Essays - 1000 words

Conflict resolution and assertiveness - Essay Example This essay functions to consider the conflict resolution aspects in terms of the theoretical approach referred to as non-violent communication, exploring the various ways and situations such an approach to interpersonal communication can be implemented. While non-violent communication is a broad category that can be implemented in a variety of contexts and ways, one of the central aspects of this approach is the central importance of treating other humans in a humane way, even during trying situations. One of the important aspects of achieving this mode of communication is through the conscious responding to answers, rather than basing our responses on instinctual and oftentimes angry replies (Rosenberg). In these regards, one of the major problems in conflict resolution is the challenge individuals face when interacting with others through their first level, genuine emotions. It’s in this stage of response that people experience anger and frustration that escalates the confro ntation to levels that prevent it from being resolved in an effective way. Non-violent communication works to prevent these unproductive means of interpersonal relations. In terms of my own personal life I recognize there are many instances when I have fallen prey to means of communication that go directly against these theoretical approaches to interaction. As a means of implementing non-violent communication in my daily life I recognize there are a lot of specific means. While work situations are perhaps most central to these modes of conflict resolution, it’s also clear that I can implement them in my daily life to help improve my interpersonal communication. One such aspect of this implementation occurs when interacting with individuals over the phone. Oftentimes when dealing with companies over phone bills or similar aspects of sales, it’s clear that anger oftentimes surfaces over company policies, or similar things that are not directly related to the operator wi th whom I am conversing. In past circumstances, I oftentimes would resort to becoming angry and arguing with the operators in a heated way, non-violent communication offers a different approach to the situation. Using this type of communication strategy, it’s necessary to consciously step outside of my emotions and consider ways that I can respond to the individuals in a constructive way that doesn’t involve anger or heated-exchanges. Instead, non-violent communication indicates that I should take a second to step back from the situation and consider it in more conscious depth. For instance, instead of directing my anger at the individual on the phone, I should step back and consider that they are merely an aspect of the organization and that the policies that are causing issues are not their personal fault but indicative of the organization. When consciously considering these aspects of communication it becomes clear directing anger at the individual operator makes ve ry little sense and is counter-productive. When this is understood, it becomes clear that the communication can stay within the confines of a particular mode of relations that are conducive to both parties involved. While such means of implementing non-violent communication practices constitute a general approach to the conflict resolutio

Ice Cream Production Essay Example | Topics and Well Written Essays - 1000 words

Ice Cream Production - Essay Example It also has beautiful packaging, creative in the field. We are targeting all health conscious people including those who have diabetes, athletes and have extra weight to shed. We are hoping to supply free samples initially and hope to get feedback. It will be advertised in the diet section of the magazines, and will be exhibited in food shows. It is highly economical cost wise as 1000 grams are produced at the cost of mere 3.47. "Despite the simplicity of the ingredients, the interactions between the components of ice cream are quite complex; because it is an emulsion, a foam and a dispersion at the same time, scientists have always struggled to classify it among the colloid family. This too is a lengthy process and intends to use oats instead of cream. It is necessary to emphasize that strict methods of production are used to produce a healthy alternative to the present form of ice cream and Ice Supreme has the capabilities of reducing obesity being a healthier food. As mentioned earlier, ground oats are used instead of cream and they give a thick creamy texture due to the starch in them. Frozen raspberries and riabena concentrate are blended together and this concentrate is added to milk, which is in turn is pasteurised by boiling it for five minutes. It is left to cool before 3 egg yolks stirred in and the solution is put in ice-cream maker for 30 minutes. Meringue is made using three egg whites, and adding sugar after 15 minutes. It is possible to face problems of too low cereal quantity and too weak flavour after using normal fruit juice. Product has to pass microbiological testing. It is necessary to mention that Ice cream ingredients could be replaced by diverse ingredients, though here we are sticking to the above. "Many commercial, large-scale manufacturers make ice cream from fat, water, milk proteins, sugar, stabilisers and emulsifiers http://www.chemsoc.org/chembytes/ezine/2001/davies_jul01.htm Ice cream is supposed to contain a considerable amount of milk fat and all the conventional ice cream adheres to this fat content. "Ice cream must legally contain more than 10% milk fat. The product also contains up to 15% sucrose, as well as flavorings and emulsifiers. The major component of ice cream is air and the product is essentially a frozen foam" http://www.foodprocessing-technology.com/projects/wells Suggested ingredients are much healthier. Basic ice cream manufacturing steps are mixing, pasteurisation, homogenisation, cooling, ageing, freezing, filling/packing, hardening, and storage and distribution. Mixing involves the initial binding of all ingredients in a suitable vessel which could be preheated. Usually a steam-jacketed, stainless steel vessel is fitted with an agitator and is connected to a pasteuriser and if done so, a calibrated recording deviser should be connected to record temperatures at different stages of heat treatment and the length of time taken should be noted down. It could also be fitted with a homogeniser that could mix the product at a high shear to break up the fat globules in pre-pasteurisation homogenisation or if fitted

Annotated Bibliography Essay Example for Free

Annotated Bibliography Essay In this case, Yun, Cox Sims carried out a study the main purpose being to investigate how to develop a (TOCB) Team Organizational Citizenship Behavior. They examine whether there is a unique relationship between leadership and TOCB. They first offer a theoretical study presenting a literature review on citizenship and leadership behavior. They take citizenship as a result of leadership and probably mediated through job satisfaction. They went further to explain research method present results and finally move on to the discussion and implication part. According to earlier research carried out in this field, it revealed that leader characteristics such as consideration, participation and fairness are linked as evoking (OCB) Organizational Citizenship Behavior at personal level. In this research, they tested whether TOCB relates to other forms of a leadership typology. They also investigated the mediating responsibility of job contentment. Yun, Cox Sims concluded that leader characters influence TOCB both indirectly and directly via job satisfaction, and distinct kinds of leaders’ traits were developed to manipulate both TACB and TOCB. Whilst empowering and transformational leadership revealed that, TACB and TOCB have indirect impacts to job satisfaction. They also indicated that if employees are forced to do what they do not want they will feel less contented than other people will. The aversive managers will not contribute to unhappy employees. The study also indicates that transactional leadership has no impacts on job sa tisfaction, while transformational leadership has a positive result which is in line with earlier researches that showed that an augmenting competence of transformation leadership. This research is extremely helpful to the organization on how to create team organization behavior. The research, however, did not cover group level of analysis. This is a gap identified in this reserach or call for a further research. In this article, Wray-Lake Syvertsen look at how adolescents and children can make a positive input to community, and development knowledge during this period also create the arena for citizenship thought the life span. They start by defining social responsibility and explaining how it develops. They aim at understanding environmental and personal traits in adolescence and childhood that undergird the enhancement of social responsibility. They define social responsibility in relation to the development at the same time stressing on focal aspects that are communal along theoretical traditions. In development viewpoint, they aim at identifying elements of adolescence and childhood that stand for opportunities for development in social responsibility. They then move on to context, discussing the proximal scenery of young people everyday lives that motivate social responsibility. Lastly, they move on to seedbeds of social responsibility that comprise of communities, peers families and s chools. Still in this last context, they discuss techniques of developing social responsibility. Wray-Lake Syvertsen review regarding procedure through which social responsibility is earned in adolescence and childhood throughout the context propose quite promising avenues for changing development route of social responsibility. They argue that a single aspect is not significant; instead, a number of setting such community, family, school, peer environment can lead to seed of social responsibility via both indirectly through cultivating socio-emotional and cognitive competence and openly socialize social responsibility. They also conclude that adult who works together with youth can explicitly integrate a social accountability lens into relations. Assisting young individuals develop bridging community capital via forming connections with various others, for instance, is every potential way for promoting social responsibility. In addition, Wray-Lake Syvertsen think that a social responsibility is mainly controlled by some steady forces and yet has an element that is open to rev iew across the lifetime. Wray-Lake Syvertsen consideration of social responsibility in adolescence and childhood is the substantial aspect for citizenship across lifetime. If all these aspects discussed in this article are put into consideration, then, we can develop adults who are socially responsible. This can further contribute to a community rooted with moral responsibilities. Wray-Lake Syvertsen article assist in identifying factors to consider and breach the gap that they have not considered in studying social responsibility in youth and childhood in drafting the final essay. References Yun, S., Cox, J., Sims, Jr, H. P. (2007). Leadership and Teamwork: The Effects of Leadership and Job Satisfaction on Team Citizenship. International Journal of Leadership Studies (pp. 171 193). Virginia: School of Global Leadership Entrepreneurship, Regent University. Wray-Lake, L., Syvertsen, A.K (2011). The development roots of social responsibility in childhood and adolescence. In C.A Flanagan B.D Christens (Eds) Youth civic development: Work at cutting edge, New Directions for Child and Adolescent Development, 134, 11-25 Source document

Related Local Literature Essay Example for Free

Related Local Literature Essay This study deals with the review and analysis of the literature and studies relevant to inventory management techniques that the researchers will be using in the optimization. It consists of information culled from studies and literature, both local and foreign, from which this study is subject to. This chapter will certainly help in giving the reader a better understanding of what is Economic Order Quantity model and Dynamic Programming to optimization of the inventory system. Definition: Inventory Inventory refers to any kind of resources having economic value and is maintained to fulfil the present and future needs of theconsumers. It is a physical stock of items that business or production enterprise keeps in hand for efficient running of affairs or its production. Inventory is the quantity of goods, raw materials or other resources that are idle at any given point of time. Inventory control is the means by which materials of the correct quantity and quality is made available as a when required with due regard to economy in storage and ordering costs and working capital. It is also defined as the systematic location, storage and recording of goods in such a way that desired degree of service can be made to the operating shops at a minimum ultimate cost† (S.C sharma (1999). P. 509, 512). Inventory model: Economic Order Quantityand Dynamic Programming For over a century, the literature encompassing hundreds of books and journals has included frequent writings of management scientists applying quantitative methods to help inventory managers make two critical decisions: how much inventory to order, and when to order it. Inventory management started as early as the beginning of the 20th century when F. W. Harris originally developed the lot size formula or the EOQ model in 1915. R. H. Wilson independently developed the same formula in 1918. Apparently, Wilson popularized the model so the EOQ model is also referred to as the Wilson EOQ model. The EOQ formula has been independently discovered many times in the last eighty years. It is simplistic and uses several unrealistic assumptions. In Cargal discussed the basic EOQ model; he said that they cannot determine what quantity of an item to order when ordering supplies. Despite the many more sophisticated formulas and algorithm available, some large corporations still use the EOQ formula. In general, large corporations that use the EOQ formula do not want the public or competitors to know they use something so unsophisticated. The variables, graph, and the formula was also discussed in this paper. The classic EOQ model has been directly used in practice but which, more importantly, represents the key foundation of decision rules dealing with more complicated circumstances.Different variations and applications of the EOQ model in production and inventory operations were expanded over the years such as dealing with the quantity discounts, shelf-life considerations, replenishment lead time and constraints on the replenishment. Further advancements in inventory management took place when dynamic programming was used, with R. Bellman as its founding father. However, earlier works in DP were produced by Arrow, Karlin and Scarf. Bellman, who popularized DP, used the stochastic models for the inventory management problems. But in 1958, Wagner and Within started with a deterministic model, referred to as the Wagner-Within method, with known demands in each period, and fluctuating costs from one period to the next. A few years later, results for the stochastic model were established by Iglehart and Wagner with Veinott, which involves a demand with a continuous distribution. Inventory models have been applied and adapted by organizations. Silver enumerated the extensive research and application done over the years. In retail inventory management, retail outlets are increasingly adopting equipment that permits capture of demand data and updating of inventory records at the point of sale. In integrated logistics, a very complex system, it utilizes operations inventory management where maintenance, transportation and/or production are involved. In interactions with marketing, inventory management is applied on how to routinely take account of the effects of promotional activities on the control of inventories, how to predict and account for the effects of the system on the demand pattern, and the allocation of the shelf space in outlets such as supermarkets. Stock on Inventory The American Institute of Accountants defined the term inventory as â€Å"the aggregate of those items of tangible property which (1) are held for sale in the ordinary course of business, (2) are in process of production for such sale or (3) are to be available for ‘sale’. In Nigeria, inventory is usually referred to as stock-in-trade or work-in-progress. Stock may consist of (i) Raw materials and supplies to be consumed in production (ii) work-in-progress, or partly manufactured goods, (ii) Finished stock or goods ready for sale. Stocks are valued in a fundamentally different way from fixed assets; the latter are usually valued at cost less accumulated depreciation. No method of stock valuation is suitable for all types of business in all circumstances. Stock is valued at cost less any part of cost, which needs to be written off when net realizable value or the replacement price is lower than cost. The Functions of Inventory Inventories perform a number of vital functions in the operations of a system, which in turn makes them critical to the production sector as well. Without inventories, organizations could not hope to achieve smooth production flow, obtain reasonable utilization of machines and reasonable handling cost or expects to give reasonable service to customers. The basic function of inventories whether they are raw materials, work-in-progress or finished goods are that of decoupling the operations involved in converting inputs into outputs. This allows the successive stages in the purchasing, manufacturing and distribution process to operate reliance on the schedule of output, of prior activities in the production process. Furthermore, the decoupling function allows both time and spatial separation between production and consumption of products in the operating system. Lastly, inventories can also be used for other purposes apart from the decoupling functions. For example, when inventories are displayed, they serve as promotional investment. Raw materials and finished inventories are frequently accumulated to wedge against price rises, inflation and strikes. Inventories also serve to smooth out irregularities in supply. In essence, inventories act to decouple organizational activities, thereby achieving lower costs of operations. Inventories act to reduce procurement costs, and inventories act to provide good customer service and smooth production flow by providing onetime delivery and avoiding costly stock shortages. Inventories ordered in large quantities can result in lower freight charges and price discounts. On the other hand, inventory requires tying up capital that would otherwise be invested elsewhere. Inventory also requires costly storage space; and such costs as insurance, spoilage obsolesce, pilferage and taxes must be incurred as a result of maintaining inventory. Hence, there is an appropriate opportunity cost associated with their value. It is therefore, the duty of the management to seek decision rules that will actually balance these controversies of costs for a given system. It is in response to this management quest for guidance in handling inventory decision situations that a number of techniques (models) have been developed to serve as aid to management in achieving optimal inventory solutions. Inventory Cost The objectives of materials management are to minimize inventory investments and to maximize customer service. It is a plan to see that, the goals can be inconsistent or even indirect conflicts the role of the materials management is thus to balance the objective in relation to the existing conditions and environmental limitations. The basic object of inventory management is to maximize customer service through maintaining appropriate amount of inventory with minimum possible cost. Inventory costs are costs associated with the operation of an inventory system. Thus the relevant costs included inventory are the following: The purchase cost (P)The purchase costs of an item are the unit purchase it is obtained from an external source or the unit production costs it is produced internally. For the purchase items it is the purchase costless modified for different quantity levels manufacturing items the unit cost include direct labour or company overhead. Ordering or set up cost (C)This is the cost of placing an order. This cost directly with the number of order or setups placed and not at all weigh the size of the order. The ordering cost included making analysing materials inspecting materials follows up orders and doing the processing necessary to complete the transaction. Carrying costs or holding costs (H)There are costs of items (inventories) in storage. These costs vary with the level of inventory and occasionally with the length of item an item is held. The greater the level of inventory overtime, the higher the caring cost caring casts can be included the costs of losing the use of funds field up in inventory like storages casts such as rent of building heating cooling righting security, record keeping, deprecation obsolescence, product deterioration etc. Stock out cost (shortage cost) This is the cost as a result of not having items in storage. This can bring loses of good will profit loss of incur back order cost and delay in the customer service. Establishing the correct quantity to order from vendors or the size of lots submitted to the firms productive facilities involves a search for the minimum total cost resulting from the combined effects of fewer individual costs holding costs, setup costs ordering costs and storage costs (Tersine, R.J, 1994. PP. 13-15) Inventory Costing Method There are three methods of inventory costing method. These are:First – in First – out (FIFO)This method is based on the assumption that costs should be computed out in the order in which incurred. Inventory is thus stated in terms of recent costs. Last – in First – out (LIFO)is a method based on the assumption that goods should be charged out the latest cost be the latest cost be the first that are charge out. Inventories are thus stated in terms of earliest cost.Weighted average method is a method based on the assumption that goods should be charged out at an average cost such average being influenced by the number of unites acquired at the price. Inventories are stated at the same weighted average cost.

Auditor Liability: History, Changes and the Enron Case

Auditor Liability: History, Changes and the Enron Case Audits are carried out to ascertain the validity and reliability of the companys information especially financial information and provide an assessment on the effectiveness of the internal control system. Auditors are responsible to express appropriate audit opinion on the financial statements so as to give a true and fair view of the companys financial position based on the audit evidence they obtained throughout the audit procedures performed. Although auditors need not purposely design audit procedures to detect fraud, they are required to disclose the fraud that they have identified immediately. Recently, audit liability has become an international issue that attracts the concern of practitioners and academicians alike. Auditors liability is the possible legal obligation of an auditor for breach of contract or negligence. Auditors liability can be derived from contract law where auditor is bound by the contract or engagement letter and auditors liability is based on breach of contract; common law where the auditors liability concept is based on auditors negligence, gross negligence or fraud that are developed through court decisions; or statutory law where liability is developed through state statutes or Federal securities laws. An auditor can be held liable for breach of contract, negligence, gross negligence or fraud. Breach of contract will cause the auditor to be liable to their clients while negligence, gross negligence or fraud will lead to the auditors liability towards clients and also third parties. 2.0 The Evolution of Auditors Liability This report will basically discuss on the trend of auditor liability to third parties in United Kingdom (UK) and United States (US) as the liability pressure in these two countries is predominantly intense. The trend of auditor liability to clients will not be discussed in this report as it does not change much. This is because the auditors liability to clients occurs only when there is breach of contract, i.e. when the auditor fails to meet the requirements that were established in the contract or normally in the engagement letter. Prior to 1970s, claims against auditors were relatively rare although the issue of auditors liability to clients and certain third parties has always been there. Nowadays, the number of lawsuits against auditors and public accounting firm have increase in the countries such as US, Canada, UK and Australia. Hence, the auditing profession faces litigation crisis and needs to spend a lot of time and costs defending against the lawsuits. The increase in litigation has brought about some negative effects. For instance, the litigation cost and cost of professional liability insurance of an audit firm has increased which will affect the ability and going concern of the audit firm, and increasing number of capable and experienced accountants leaving the profession which may lead to the issue of lack of accounting professionals in future. Unless action is taken, the future of auditing is under threat; this is clearly not in the publics interest (Ward, G., 1999). As there are many negative effects from the litigation, many researches have been done and proposed that the auditor liabilitys scope should be limited to reduce the litigation risk of an audit firm. The most common suggestions include replacing of joint and several liabilities with proportionate liability, capping of auditor liability to a particular limit and so forth. The scope of auditors liability is expected to be limited in future if the suggestions have been implemented. According to Pacini, C., Hillison, W. Sinason, D. (2000), the trend of the legal liability of auditor to third parties has emerged towards a narrower scope. 2.1 United Kingdom (UK) The issue of auditor liability in UK can be determined at the national level where the decision that binds on all the courts in the country is made at the highest national court. Before 1964, it is relatively difficult for a third party to sue an auditor for negligent misstatements. However, the situation has change in 1964 due the case of Hedley Byrne Co. vs Heller Partners Ltd. (1964). After Hedley Byrne case, there was an apparent trend in the expanding of the scope of duty of auditor to third parties. The case of Hedley Byrne generally provides certain tests that must be satisfied for extending the auditors duty of care to third parties: (1) the auditor must aware that the financial statements are to be used for a particular purpose, (2) a known party was intended to rely on financial statements for that purpose, and (3) there must have been some conduct on the part of the auditor linking him to that party, which indicates the auditors understanding of that partys reliance (Messier, W. F., 2007). This case has brought about the concept of reliance where the auditor will be liable if they had been negligent in conducting audit and the third party had relied on the financial statements audited by them. For auditor to be liable to third parties, it must be reasonable for a third party to place reliance on the auditors report and that the auditors were alert that the person would rely on the report. Next, the case of JEB Fasteners Ltd. vs Marks Bloom Co. (1981) and Twomax Ltd. and Goode vs Dickson, McFarlane Robinson (1982) had emphasize on the concept of foreseeability which seems to lead to the view of unlimited auditor liability. The auditors should be able to anticipate that third party will use the audited financial statement as a guideline in decision making process. Both cases had resulted in the growing number of third parties which have a legal right to sue auditor for negligence. In other word, auditors liability to third parties has increased. According to Pacini, C., Hillison, W. Sinason, D. (2000), the widening area of auditor liability to third parties was virtually reversed by the decision of the House of Lords in the Caparo Industries plc. vs Dickman Others (1990) case. From Caparo case, it was held that three necessary tests must be done in order to determine whether a duty of care by auditor can be imposed. First, the foreseeability of the occurrence of damages due to the misstatement must exist. Secondly, a relationship of proximity must exist between auditor and the suing party. Lastly, it must be just and reasonable to put into effect the duty of care on the one party for the benefit of the other. Auditor will only be liable to the third parties if these three criteria have been fulfilled. Since Caparo case, several cases involving alleged auditors negligence have occurred and the UK courts continued to limit the auditors liability to third party. In a nutshell, the Caparo decision has lessened the scope of auditor liability to third parties for negligent misstatements and cutting back the trend of extending the auditor liability to the unlimited class of investing public. 2.2 United States (US) In US, the issue of auditors liability is determined by the state courts or state legislatures separately where different judicial reasoning are applied in different jurisdictions which results in various rules of law in different states. Four different legal standards have evolved in different states of US to judge the auditor liability to third parties which include privity rule, near privity standard, restatement standard and lastly reasonable foreseeability standard. Different states will adopt different standard which will lead to a different result. Until the mid 1980s, the trend of the auditors liability in US still reflected a tendency toward widen scope of auditor liability to third parties. 1986 is the turning point of auditors liability in the US when Illinois passed an accountant privity statute and since then a trend has emerged toward a more narrow scope of duty to third parties (Pacini, C., Hillison, W. Sinason, D, 2000). 2.3 Summary As a conclusion, the evidence supports a trend towards limiting auditor liability to third-party in both UK and US. 3.0 Current Status of Auditors Liability 3.1 Public Perspective Fraud detection The extend of auditors liability largely depends on the responsible that is borne by a particular auditor. However, the liability pressures enforced to auditor has been increasing in several countries. The current public perspective is that auditors are no longer merely responsible to provide true and fair view on financial statement, but also responsible of detecting fraud on the company operation (Reffett.A,2010). Auditors negligence may as a result cause them to get involved in legal suits. A research has shown that the legal environment in five main countries, which include United Kingdom, Canada, Australia, New Zealand and USA, has examined the legal climate in relative to the auditors liability because third parties in those countries are filling lawsuit against auditors negligent misrepresentation in the financial statement. Therefore, current legal framework is trying to narrow down the liability of auditors to reduce their litigation risk (Reffett.A ,2010). In addition to that, auditor is now currently refusing to accept high risk client audit engagement and increase the cost for professional liability insurance so as to reduce their liability. That is because they need to protect their professions. Otherwise, auditors liability will become gradually heavier as if they will be sued when they failed to detect fraud. Yet, should auditor free from their negligence on the financial statement as their scope of responsibilities are mainly not detecting fraud? (Hassink. H, Meuwissen.R, Bollen.L ,2010). To clarify that, some researches have been done. Research has shown that there is certain level of fraud that can be detected by auditors. Therefore, if auditor fails to detect certain level of fraud, he is said to be liable for negligence. There are a certain standard which has been set to determine auditors liability. Those are the level of evidence for the type of fraud cases to be detected by auditors; determine whether auditors have complied with auditing standards regarding fraud to the impact on various context variables that has been detected by auditors. Another issue raised is that whether or not auditors who are able to collect more fraud evidence are considered to be doing the right things. The answers are still in question and it is really based on judgments from the public (Pacini.C , Hillison.W , Sinason.D ,2000). Because of that, expectation gap somehow exist while carrying out the audit work. 3.2 Lender Perspective Interjecting themselves into decision making of a company Auditor is responsible of expressing opinion on the going concern position of client. If auditor fails to express the opinion, auditor will be liable for negligence. However, in fact, auditors are expressing opinion based on the sufficient information provided by the accountants. However, if auditors express an opinion on the existence of the company for the next twelve months, auditors get involved into decision making process of a company (Pacini.C , Hillison.W , Sinason.D , 2000). These responsibilities should be borne by accountants of that company. That is because the time frame provided by auditor to access the going concern of a company will be too short. Therefore, the opinion provided may not be correct. Yet, as the issue of going concern for a company is important for users, especially lenders and suppliers, they may file lawsuit against auditors due to auditors negligence. 3.3 Legal Perspective Judges have bias in making evaluation on auditors decisions Auditors will often make their professional judgment while making decisions. Yet, sometimes, they may fail to foresee anticipated financial problems or any fraudulent act of the client. However, judges has become bias for evaluating the decision made and liability borne by auditors, especially after the failure of Arthur Anderson in discovering that its client has significantly understated the amount of obsolete inventory (Anderson. J.C, Jennings. M.M, Lowe.D.J, Reckers.M.J , 1997). By law, auditor will be liable for their negligence as if they do not exercise due care while conducting an audit. However, when judges tend to believe that auditors purposely breach its professions and professional requirement, they may make wrong judgments while determining the liability of auditor. To reduce the auditors liability, accounting profession has enacted the audit standards to expand auditors responsibilities to reduce the number of audit failures. However, these efforts will not help a lot as if they are done alone. Most importantly, we have to debias the judges in their decision making process. There are lots of methods that have been used to debias or to reduce the judgment errors. That is because judges play important roles in controlling important element of the trial. For example, there are some specific methods designed for judges to determine the liability borne by auditors. Therefore, a correct judgment can be reached. However, in reality, judges do not really believe in due diligence of auditor because of the increase in number of corporate scandals in recent years. Despite the bias view by judges, UK government has talk on contributory negligence to reduce the liability against negligent auditors. In addition to that, US Private Securities Litigation Reform Act enabled auditors to have negotiation on proportional liability so as to protect auditors from their liability towards shareholders. However, the enforcement of those acts seems to be the main reason behind US audit failures. It is claimed that auditors are given substantial protection. That is because the situation has made the investor has no way to sue parties like law and accounting firm which may get involved in fraudulent activities (Anderson. J.C, Jennings. M.M, Lowe.D.J, Reckers.M.J , 1997). 3.4 Shareholder Perspective Auditor needs to give absolute opinion rather than reasonable opinion on financial statements To reduce the power of manipulation of directors, auditors are indirectly becoming the agent appointed by shareholders to be independent parties of company and directors. Yet, shareholders at the same time doubt the independent of the auditors while they carry out their audit work. That is because they do not know the extent of the auditors honesty and integrity (Sikka.P, Filling.S, Pik Liew, 2009). However, as shareholders are constrained by lots of liability arrangement which can safeguard auditors professions, shareholders hold on to the opinion that auditors hold the responsibility to discover any irregularities in the company and any inconsistency raised. Therefore, auditor holds a responsibility that they have to be able to assess the effectiveness of the internal control inside the corporation, supported with relative substantive procedures within a short audit period. After carrying out all the audit work, it is the responsibility of auditor to reach to an accurate conclusion, especially those concerning financial difficulties and going concern of the clients company. Auditors are liable for shareholders in respect of the truthfulness of the presentation of financial statement. Their liability is going to be heavier because of the increase of complexity of the accounting environment and practices (Sikka.P, Filling.S, Pik Liew ,2009). 3.5 Summary As a whole, it is still a question whether less liability for auditors in certain areas will encourage more accurate financial statement. These are still challenges ahead for the auditor, especially facing legal suits filed by third parties due to misrepresentation of financial statement. 4.0 Relevance of the Topic 4.1 Enron Case Summary of the Case During the 1990s, Enron is a relatively small domestic Texan energy company. Then, Enron become one of the largest US corporations with a selection of international energy trading and utility operations. Enron has a strong profits grew and its market value has reached $70 billion (Accountancy as cited in Unerman ODwyer, 2004). However, concerns relating to Enrons profitability and the major share sales by senior executives have driven a slow but continual decline in share prices in August 2000. In October 2001, US stock market was shocked by the announcement of Enron about the accounting adjustments leading to a significant loss for its third quarter of $618 million and a decrease in its reported net asset value of around $1.2 billion. (BusinessWeek cited in Unerman ODwyer, 2004). At the following weeks, the aggressive earnings management practices by hiding large scale losses and liabilities on off balance sheet was revealed. The senior executives of Enron had created about 3500 off balance sheet partnerships (Special Purpose Entities (SPEs)) (Sloan cited in Unerman ODwyer, 2004). Enron filed for Chapter 11 within 2 months. It has become the largest corporation to enter Chapter 11 bankruptcy with $55 billion estimates of outstanding liabilities. Many official inquiries into Enron where started after the company was collapsed (McLean cited in Unerman ODwyer, 2004). Auditor of Enron Arthur Andersen Arthur Andersen, one of the Big Five global auditing firms, was auditor of Enron. In January 2002 allegation surfaced that, Andersen had shattered most of its working papers with Enron when the Securities and Exchange Commission (SEC) initiated the investigations into accounting practices at Enron (The Business cited in Unerman ODwyer, 2004). Further investigations disclosed that Andersen had played a key role in developing the aggressive earnings management techniques executed by Enron. Andersen was exposed to conflicts of interest because it made more fees in 2000 from selling consulting services to Enron ($27 million) than it did from auditing the Enrons accounts ($25 million) (McLean cited in Unerman ODwyer, 2004). Many clients of Anderson were switched to other big auditing firms because they lost faith in Andersen after these revelations. Andersen was collapsed due to this withdrawal of trust. As a result, there are only Big Four global auditing firms after Enron case. SOX and its impact on Auditors Liability Sarbenes-Oxley Act (SOX) was enacted after the collapse of Enron. A lot of major developments in auditors liability have arisen in US as a result of SOX. The main purpose of SOX is to increase the transparency of financial reporting by improving corporate disclosure and governance practices and to encourage an ethical climate (Toda McCarty as cited in Chung, Farrar, Poonam Thorne, 2010). Auditors liability to third parties has increased because SOX specifies the scope of third parties to whom an auditor owes a duty of care, and requires accounting firm to issue additional financial reports, add disclosure in financial reports or issue new reports about themselves (Chung et al., 2010). Since third parties could rely on this new information which is not previously required when making investment or credit decisions, it increases auditors liability to third parties. In addition, SOX has higher penalties for violations of it as compared to previous legislation. This amendment increases significantly the legal liability of auditors practicing in US. International Reactions after Enron Case In response to SOX, many countries all over the world for example Canada, U.K.., Australia and New Zealand have enacted their legislation. New oversight bodies have been created in U.S. and Canada (Chung et al., 2010). Moreover, the legislation in U.K. and Australia has been modified, and the Institute of Chartered Accountants in New Zealand has issued corporate governance guidelines (Chung et al., 2010). The quick actions taken by countries are to fulfill shareholders demand after numerous failures on trying to increase the auditors liability to third parties. Malaysian Reactions after Enron Case In Malaysia, Malaysian regulators have constructed a more organized and disciplined financial reporting structure to ensure compliance and provide more confidence to the public (MIA Editorial Team, 2002). Hence, Malaysias auditor liability has increased in post-Enron era. Nevertheless, numerous fraud events were discovered in local companies such as Transmile, Megan Media and the Port Klang Free Zone in recent years. Thus, then-Prime Minister Tun Abdullah Ahmad Badawi declared the need to set up an audit oversight mechanism to control and administer the financial reporting of the Public Interest Entity (PIE) in his Budget Speech 2008. In year 2010, Parliament of Malaysia has approved the Securities Commission (Amendment) Act 2010 which gives the permission to set up the Audit Oversight Board (AOB). The AOBs mission is to oversee the auditors of PIE and protect investors interest by promoting confidence in the quality and reliability of their audited financial statement (Gomes, 2010). Moreover, AOB will ensure that Malaysian regulatory framework for auditors are in line with international practices. The establishment of AOB virtually increases auditors liability. 5.0 Own Opinions Regarding the Issue of Auditors Liability 5.1 Impacts of Increased Auditors Liability Article entitled Scope of Auditors Liability, Audit Quality, and Capital Investment mentioned that the accounting profession has been facing increasing number of third-party lawsuits since 1960s. Lawsuits against auditors have resulted in direct financial effects as well as other non-financial effects to the profession and society. Audit firms are experiencing increased costs to settle lawsuits which include the management time and insurance premiums. Moreover, audit firms have suffered negative impact on reputation due to the negative publicity arising from litigation. Also, from the article entitled Auditor liability to third parties: an international focus, it is claimed that the increase in litigation for auditors has led to some detrimental effects. One of the effects is accounting firms now have became more persistent in rejecting the engagement with clients that are viewed to possess high-litigation-risk. Besides that, theres a decrease in the availability and increase in the cost for professional liability insurance. Eventually, many of the experienced accountants gradually depart from the profession. In addition, Bialkin and Cooper (1986) warned that the trend of expanding the scope of auditors liability to third parties will result in a fall in the quality level as well as the scope of services provided by the profession. 5.2 The Need to Minimize Auditors Liability Therefore, theres a need to minimize auditors legal liability. We need to minimize the legal liability of auditors because if the legal liability of auditors continues to rise without any control enforced, the profession might face a severe lack of experienced people in the profession. Accountants and auditors will start quitting the field fearing that they might be the next to face litigation due to negligence. This will eventually results in a chaos in the corporate world when the day where no competent auditors are available to audit the financial statements arrived. In order to minimize auditors legal liability, steps have been taken by the professionals and by individual firms. 5.3 Ways to Minimize Auditors Liability A special committee was formed by the American Institute of Certified Public Accountants in the late 1985 in order to develop a legislative program for liability reform. The program focuses to limit the scope of auditors liability to third parties by retaining the privity standard. Privity approach, Restatement approach, Foreseeability approach Derek K. Chan (2002) concluded in his paper that from an efficiency approach, the privity approach is the best approach to confine an independent auditors work if compared to Restatement approach and foreseeability approach. This is because privity approach provides the firm a credible mechanism where the firm can identify lenders into two groups within its own discretion 1. Lenders who are eligible to recover their losses from the auditors; 2. Lender who are excluded from recovering their damages from the auditors. Restatement approach provides less flexibility for the firm to decide which lenders are eligible, hence expands auditors liability. The foreseeability approach offers no flexibility at all to the firm as this approach broadens auditors liability to include foreseeable third parties who will rely on the audited financial statements. In our opinion, the privity approach is in fact the best approach thus far in order to limit auditors liability. Furthermore, in order to minimize auditors liability, auditors should be setting proper audit plans and perform the best audit strategy. They should follow closely every audit guidelines provided, and never cross over the forbidden lines. 5.4 The Need to Impose Litigations on Auditors Generally, auditors nowadays are quick to issue standard unqualified opinion on financial statements due to the legal protection system. Moreover, although litigations are imposed to auditors, due to the limited liability, auditors are continuing with their tendency to issue the standard unqualified report. Example of legal protection system According to the article entitled Auditors liability-no need to detect fraud, the author concluded that fraudster is not supposed to sue his auditors for failing to detect his fraud. Applying ex turpi causa non oritur actio, if one is engaged in illegal activity, one cannot sue another for damages that arose out of that illegal activity. In the case Moore Stephens (a firm) v. Stone Rolls Ltd. (in liquidation) [2009] UKHL 39, the House of Lords has decided that the illegality defense still applies. In other words, it is determined that Stone Rolls Ltd could not rely on its own illegal acts to claim for damages from its auditor. However, in our opinion, this principle ex turpi causa non oritur actio cannot universally pardon auditors of a duty to detect fraud nor to totally protect them from any litigation. Auditors should undergo a fair trial and be judged reasonably if they were found guilty of conspiracy in the fraud case. Additionally, co-operation between auditors and directors increase the tendency of auditors to issue the standard unqualified opinion. Modifications and adjustments are made for the benefits of management and auditors at the expense of shareholders. As a result, apart from the effort to minimize the auditors liability, in our opinion, theres still a need to impose appropriate legal actions on auditors who are involved in fraud cases because this is the right thing to do in order to maintain the fairness in the corporate world as well as to place emphasis on the importance of ethics and integrity in the profession. 5.5 Conclusion Suggestions Therefore, from our groups perspective, the current condition of auditors liability indicates an imperative need to strike a balance between imposing litigation on auditors who commit fraud or who fail to comply with the approved auditing standards and minimizing auditors legal liability at the same time. In addition, auditors should be well aware of their real masters which are the shareholders. They should get on the job and reveal the fraudsters if any were found. Auditors should be carrying the burden of being accountable for pensioners and investors lost funds. Our group believes that it is time to strike a change in the auditing industry. Auditors should chuck away their old habits and ensure that figures are appropriately presented. Moreover, auditors who had committed fraud should be blacklisted. Audit firms should be brave to accept blames and consequences whenever any fraud is found due to negligence of auditors. Last but not least, we should encourage perfect market competition in this industry. More auditing firms should rise and its time to stop large firms oligopolistic position. 6.0 Conclusion Increased auditors liability poses an advantage for the shareholders and other third parties who use the audited financial statements. This is because with more auditors liability, auditors will tend to be more cautious in their works. They will place emphasis on the importance of conducting appropriate audit procedures and to disclose any discrepancy found. Besides that, they will abide by the law and follow the auditing standards closely in order to avoid any unnecessary litigation. However, as discussed, it is proven that an increase in the auditors liability brought a lot of negative impact on the auditing and accounting profession. People started to response in ways that will protect themselves such as quitting the job or reject high risk audit engagement. Hence, its still an issue as whether less liability or more liability for auditors in certain areas will encourage more accurate and better assurance in the audited financial statements. Why Do the Same Notes Sound Different in Instruments? Why Do the Same Notes Sound Different in Instruments? Why do instruments sound different despite playing t/he same notes? When we listen to music, we are exposed to various different instruments. Choice of instrumentation is one of the main factors that contribute to the overall feeling of a song. Even though major and minor chords and scales can be played across most instruments, the instrument that is chosen to play the note plays a large part in what the musician wants to express. For instance, a double bass playing an E may come across as serious, but a flute playing the same note may come across as cheerful. I aim to investigate why such is the case. Across all instruments, notes are produced by creating standing wave, which will be discussed below. It is these standing waves that cause the air surrounding the object to vibrate, causing a sound wave to spread out. The main factor that causes different sounds in an instrument is the harmonic frequencies and overtones that an instrument outputs on notes, with other factors such as material affecting this factor. A vibrating string does not produce a single frequency, but a mixture of fundamental frequencies and overtones. Say that that an A note is being played on a violin string. If just the fundamental harmonic is heard, it would sound dull. It would also sound similar to other instruments playing the same note in the same pitch, provided only the fundamental frequency is being heard. However, when the string is bowed, multiple harmonic frequencies are produced at the same time. You cannot necessarily hear each harmonic note being played, as all these harmonics blend in to produce the overall sound you are hearing. This image shows the harmonic frequencies, also known as the harmonic scale, that are involved when an A note is played on a violin. These are found by stopping the vibrating string at certain intervals. Pythagoras noticed this when he stopped a vibrating string halfway along its length, which brought the pitch to an octave higher. He did this every half interval of the previous half interval, and found that the pitch consistently became an octave higher. He also found that when the string was stopped a third way through, an octave and a fifth was produced, which also produced increasing pitches in octave intervals. To examine the formula relating the wavelengths, we need to understand how waves are formed on a string. A standing wave is produced when a driver transfers energy to the medium. Energy is transferred down the string, and as it is trapped between two points, reflects of one end and superimposes with waves coming in the opposite direction. However, standing waves6 do not occur at any frequency. Only at specific frequencies do standing waves occur. When transferring energy to the medium at the right frequency, the fundamental frequency is produced. In the case of a violin, the bow that bows the string is the driver, and the string is the medium. Let L be the length of the string, and ÃŽ » be the length of the wave. Let F be the frequency, and velocity of the string be V. As velocity is constant, and v = F ÃŽ », F is inversely proportional to ÃŽ ». At the fundamental frequency5, ÃŽ »0 = (2/1)L and F0 = (v/ ÃŽ »0) , as depicted in this image http://www.chemistry.wustl.edu/~coursedev/Online%20tutorials/Waves.htm As the string is stopped at certain intervals, as Pythagoras did, nodes and antinodes are produced. This is a result of constructive and destructive interference occurring, nodes being points of displacement where destructive interference occurs, due to a Ï€ phase difference, and antinodes being where constructive interference occurs, due to a 2Ï€ phase difference, as shown in this image. http://www.chemistry.wustl.edu/~coursedev/Online%20tutorials/Waves.htm This causes ÃŽ »1 = (2/2) L, F1 = (v/ ÃŽ »1) Considering the fact that the first harmonic causes a relation of ÃŽ »0 =2L, we can see from this image that the wavelength has halved. When the string is stopped a third of the length through, such an image occurs. This produces ÃŽ »2 = (2/3)L, F2 = (v/ ÃŽ »2). The pattern is consistent for the fourth, fifth, sixth and so on harmonic. From here a formula can be formed relating the wavelength of the harmonic to the length of the string. For the first harmonic, ÃŽ »0 = (2/1)L and F0 = (v/ ÃŽ »0). In the second, the denominator of coefficient of L increases by one, whilst F varies according to the wave being produced, in the relationship of Fn ∠ (1/ ÃŽ »n), and the same thing occurs for the third harmonic. So, for the nth harmonic, n being a natural number, this formula shows what the wavelength will be; ÃŽ »n =(2/n)L. As discussed, previously, a note produced on an instrument creates various harmonics. Therefore, by taking the sum of the amplitudes of each harmonic, we can find the shape of the wave produced when a note is played. This is depicted below. 2 A fundamental note of, say, 100 Hz 2 A second harmonic of, say, 200 Hz 2 Adding both waves together produces the resultant patterns above. Just from this very simple example above, we can already visually see how mixtures of harmonics and overtones create interesting waves. From this we can see that different instruments harmonic scales must have different properties. The various harmonics on each instrument do not necessarily have the same strength. For instance, a clarinet is strong in the odd numbered harmonics, but weaker in the even numbered harmonics, whilst a flute is stronger the other way round. 1 As a real life example, this graph shows all the frequencies that are produced when a violinist bows a D note, at 294 Hz. http://www.nagyvaryviolins.com/tonequality.html From close inspection we can see that the first harmonic occurs at around 300Hz. The second harmonic occurs around 600Hz, and the next harmonic at around 900Hz. This fits in with the relationship of Fn ∠ (1/ ÃŽ »n). In each harmonic step, the wavelength decreases, but the frequency increases which is the case above. From the first to second harmonic the wavelength goes from 2L to L, which is a decrease of scale factor  ½. Yet the frequency has increase by a scale factor of 2, which fits the relationship. This graph shows the frequencies produced when a vocalist produces the same note, at the same frequency. http://www.nagyvaryviolins.com/tonequality.html You can see by comparison that there are similarities in the shape of each graph, but with subtle differences. Although the harmonics occur in the same pattern as above, their peaks are slightly different, and at frequencies beyond 5000 Hz the frequencies outputted by the vocalist have a much lower dB than the violin. Therefore we can conclude that the harmonic scales, as shown on the first page, must vary for each instrument. The various harmonics1 on each instrument do not necessarily have the same strength. For instance, a clarinet is strong in the odd numbered harmonics, but weaker in the even numbered harmonics, whilst a flute is stronger the other way round. However, even the same instruments have certain characteristics that distinguish them from other instruments in the same category. For example, a Gibson Les Paul, a type of guitar, produces a much heavier tone than a Fender Stratocaster, and you can even tell the difference between a cheap Les Paul and a custom shop Les Paul if you listen closely. This is down to the materials used to create the instrument, and the dimensions chosen. This is explained below, using the example of a violin. The belly and back plates of a violins4 body are designed to easily resonate. To identify these frequencies, the Authors of this page mechanically drove isolated violin bellies. The force applied is the driving force, and to see the frequency response an accelerometer was used. The acceleration was then monitored, enabling them to plot the ratio of force to acceleration against frequency. Chlandi patterns7 were then used to identify which frequencies the plates resonated at most easily. Chlandi patterns are symmetrical patterns formed when a standing wave is formed on the plate. To see these patterns, granules of sand are placed on the plate, much like iron fillings are used to show the magnetic field of a magnet. The most important frequencies patterns were placed on the graph below. We can see that the resonant frequency is 163Hz as it is forms the most symmetrical pattern, and is the first symmetrical pattern to occur. Resonant frequency is found using the formula6 F = 1/2Ï€ sqrt (k/m), where K is the spring constant and m is the mass. Therefore the closer the frequency is to this frequency, the closer it is to the resonant frequency. Therefore k and m vary according to dimensions and materials used, the resonant frequency varies between instruments, even of the same make. Gibson Les Paul guitars3 are made from mahogany, a dense wood, whilst Fender Stratocaster guitars are made from either ash or alder wood. These types of wood are lighter and less dense than mahogany, which results in the brighter tone Fender Stratocasters are known for, and the heavier and darker tone Gibson Les Pauls are known for. It is the way that the wood responds to the vibrations that travel through it when a note is played that causes this. As discussed above, the body of a violin has certain frequencies it resonates best at. It can be applied here, and can be deduced that the denser material does not pronounce higher frequencies with the same clarity as the less dense material, therefore causing this difference in tone. To conclude, it seems that the main factor that affects the quality of a note produced on an instrument is the harmonics that an instrument produces. The fundamental frequency and harmonics that are expressed the most depends on the dimensions of the instrument and the materials. Even in the cases of the same instrument they can sound different depending on the skill of the maker. It is fascinating to realise that the reason why there are so many instruments in the world and why we are able to experience all these different sounds and feelings are essentially down to the physics of standing waves and resonance. Sources: http://homepage.ntlworld.com/terence.dwyer/The%20Harmonic%20Series%20Explained.pdf http://www.phys.uconn.edu/~gibson/Notes/Section4_2/Sec4_2.htm http://www.differencebetween.net/object/difference-between-gibson-and-fender/ http://newt.phys.unsw.edu.au/jw/violintro.html http://www.physicsclassroom.com/class/sound/Lesson-4/Fundamental-Frequency-and-Harmonics Adams S. and Allday J., Advanced Physics, Oxford, Oxford University press, pg http://skullsinthestars.com/2013/05/02/physics-demonstrations-chladni-patterns/