The Importance Of Education In Public School Education

Education, for both youth and adults in the United States has been labeled to have extreme importance. The United States is blessed to have the right to a free education and access to resources to help develop further education. This right is not restricted to those with a learning disability or special need. Students found to have a special need (i.e. autism, down syndrome etc.) are given the same opportunity to be educated. By attending schools with children who have these challenges, it is noticeable that specific students are treated differently based on their condition, specifically, autism. These students should be educated based on the extent of their condition, but should not be denied the opportunity to be with their peers. Being†¦show more content†¦46.) A public classroom is the least restrictive location for a child. If a child can withstand a classroom setting, they should be given the opportunity to experience public school as other children are. This is a law that schools are to abide by. If a child, or their parent(s), wish for their child to participate in classroom activities, the school is required to allow them. The opportunity for autism children to be in classes with their peers not only benefits the child with autism, but also the children around them. Growing up in an elementary school, where a large portion of the disabled children attended, I had the opportunity to observe and interact with autistic children during school hours. If children are introduced to those with autism at an early age, they can be more understanding and compassionate towards children with autism, helping them to have a more positive learning experience. It is much easier to introduce children to each other when they are young and still developing social skills. Autistic children are given the right to attend public classrooms, but the classroom environment isn’t always for every child. Children with low functioning autism may not be able to handle the stresses of being in a public classroom with other large quantities of children. These children should not be forced to attend classes that they should not feel comfortable. If children attend classesShow MoreRelatedTuition Free Public College Education1677 Words   |  7 PagesAnd Education for All: Tuition-Free Public College Education Everyone has the right to an education and education should be as accessible as possible to fulfill this need. Without an education, people are rendered powerless. Education gives people the power to go wherever and do whatever they want in life. This is especially true for higher education and a college degree is needed now more than ever. In the United States, in order to get ahead in a career or go up the social ladder, one needs aRead MoreHigh School And The Neural And Scholastic Benefits Essay1626 Words   |  7 PagesGerald Ford said, â€Å"Music education opens doors that help children pass from school into the world around them a world of work, culture, intellectual activity, and human involvement. The future of our nation depends on providing our children with a complete education that includes music.† Music can do so much for the youth of the nation because it encourages group cooperation, independent study, and a way to relax. 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This value is shared even more widely among African-American and Hispanic parents.* * 84% say that it is extremely (37%) or very (47%) important to have a college degree in order to get ahead.1 * 87% strongly (68%) or somewhat (19%) agree thatRead MoreAmerica s Equal Opportunity For The Education System Essay1416 Words   |  6 Pagesopportunity it provides for its citizens. Anyone must be able to get a quality education, get jobs they want, and be productive members of society. However, there has been debate lately on how equal the opportunities are for the majority of American citizens. Many Americans have a harder time getting the quality education they deserve because of their social or economic status. 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While their reasons for doing so are certainly valid, it is not the best education they can provide for their children. A public school education has more to offer in terms of curriculum, available resources, and social interaction. Public education has received much criticism for having low test scores and low graduation rates; however, millions of studentsRead MoreThe Evolving Role of Government Education Essay1185 Words   |  5 PagesGovernment in Education What are the roles of federal and state government when it comes to American education? The roles of education have evolved from historic liabilities to current liabilities. There are many laws and cases that have had an impact on American education that still has a strong influence on education today such as the debate between church and state, racial desegregation, and education finances. Other impacts as relevant are testing standards and special education programs thatRead MoreChildren s Academic And Social Competencies1549 Words   |  7 Pagesthroughout school; children who enter school not ready to learn struggle with academic difficulties and [can] manifest social and behavior problems in later school years† (Duncan et al., 2007; Ladd, 2006). â€Å"When a young child enters kindergarten ready for school, there is an 82 percent chance that child will master basic skills by age 11, compared with a 45 percent chance for children who are not school ready† ( Pritzk er, B. J et al., 2015). Children who are considerably less ready to start school tendRead MoreEssentials Of A Good Education By Diane Ravitch996 Words   |  4 Pagesnamed, â€Å"Essentials of a Good Education.† In the article, education activist Diane Ravitch, expresses her opinion about how the public education and schools in the United States are failing society. She indicates that schools are wasting their money and time on preparing students to pass state test instead of teaching them valuable life skills needed to succeed. She provides interesting support for this argument and explains why schools need to stop teaching the importance of test scores and focus

An Ideal Understanding Of The Catholic Christianity...

This idea presents an ideal understanding of the catholic Christianity perception of a wife. It was the understanding of the Catholic Christians and a construction that looked a perfect presentation of how and what a wife should be. Though we cannot dispute the opinions presented by Monica, we can only try to understand it better as according to the condition and circumstances we are living. The confessions were done several years back however they carry an intrinsic meaning and reason why they are still relevant. We can uphold the argument as presented by Augustine’s mother; however, we have to acculturate the concept into the modern world and social construction by just fitting the idea in the most applicable way. Part 1 Augustine’s Confessions were based on Catholic Christianity. The Catholic Church itself adopted several philosophies to build their own doctrines. According to Hardon (1987) Augustine had in mind that the idea of happy life, progressing family and the idea of a family with the head. According to him this needed to have a head that other subjects were to be submissive to. In a marriage, the family primarily is made up of two individuals, a wife and a man. The man will traditionally assume the head of the family. During the medieval period, a head had to be respected and followed. The idea of a leader was not transformational but transactional leadership. Hence in the process Augustine thought that the idea of his mother Monica, being subservient toShow MoreRelatedEthical Principles Of Ethics And Corporate Ethics3491 Words   |  14 Pagesregulating behavior. When someone conforms to the codification, you consider this person to be moral. And yet, the notion of how we ou ght to behave and the reality of how we do behave are varied and real morality behaves in accordance with one s perception of morality. Often, doctrines or moral duties that support the quality of an action which renders it good, is moral. Definitions: Sacred Texts: Religious texts, also known as scripture, scriptures, holy writ, or holy books, are the texts whichRead MoreMarriage12231 Words   |  49 Pagesproposes to investigate selected Polytechnic University of the Philippines students’ attitude towards marriage. The changes about marriage norms such as teenage pregnancy, cohabitation, marriage separation and annulment and how it affects one’s perception. This is done because attitudes are known to affect behavior and knowing the advantages of marriage it can be useful in hypothesizing the future of marriage. It then sets out to investigate demographic factors that influence these attitudes. Read MoreImportance of Intercultural Communication to Ist7702 Words   |  31 Pageshumankind and the dominating sources of conflict will be cultural. 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Censorship has been around for as long as humans had the ability to voice their opinion and his fellow man has deemed it appropriate to chastise this opinion. †¢ In Plato’s ideal state outlined in The Republic, official censors would prohibit mothers and nurses from relating tales deemed bad or evil †¢ Shi Huang Ti: Penchant for burning books †¢ Freedom of speech in ancient Rome was restricted to those in positions of

Auditing Management Expressions of Confidence

Question: Discuss about the case study Auditing for Management Expressions of Confidence. Answer: Introduction: 1. Accounting has been an essential element of finance since the ancient times. In the historic times accountants used to be called as bookkeepers who maintained the records of accounting transactions. However, with the constant development in the process of accounting, it has become professionally certified since the 19th century. There has been development in accounting in many different ways that upgrades the nature of accounting, regulatory system, accounting standards and principles. Accounting is a set of records and recognition of financial transactions that helps in analysis of the performance of the organization or individual in an accounting or financial year. Accounting helps in assessment in assessment of profit and loss in a financial year as well as determines the value of assets and liabilities at the end of the accounting year (Mohammadi, 2015). Though the basic concept of accounting has remained same since the ancient times, the methods, principles and standards have been developing for preparation of accounting statements. Preparation and recording of accounting transactions manually have been developed to that in a computerized manner. Several accounting software have been invented and updated over the period to make the process of recording transactions easy and accurate. Apart from that, conventional method developed to modern accounting method so that the desired results are more accurate. For example, computation of depreciation involved historical value of assets under the conventional method of accounting. But in case of modern accounting method, recent value of asset is considered that produces accurate and fair depreciation charges. In order to keep pace with the recent economic trend, accounting principles and standards are being developed to provide transparent and accurate results. Like standard on recording fo reign exchange transaction according to the closing exchange rate on the recording day provides accurate profit and loss on foreign exchange deals (Soh, Leung Leong, 2015). Similarly, auditing has also been developed over the period to serve the users more efficiently and effectively. It is an organized form of scrutiny and verification of accounting records and statements to evaluate the authenticity of the same. Auditing is a concept, which is formed on the basis of accounting and revolves around the concept of examination of books of accounts and statements. Auditing is conducted to examine whether these statements and records depict a true and fair image of an organizations books of accounts. Just like the accounting information, methods and standards that regulates the process of auditing also been developed from time to time. The accounting and auditing boards have specified the limits of capital and turnover of the assessees exceeding which requires mandatory auditing (Ezzamel Xiao, 2015). Auditing is conducted for both companies and individual assessees depending on their value of turnover. In case of companies, different types of auditing are considered as required by the Corporation laws and auditing standards. For example, internal audit, periodical audit, tax audit, bank audit, forensic audit and many more so that the users of the financial statement can get true picture of the companys performance (Westermann, Bedard Earley, 2015). Auditor is required to provide an opinion on the correctness and fairness of the financial statements through qualified, unqualified and adverse report. The process and requirements of stating such opinions and conclusions have been developed over the period so that it depicts a clear picture (Klychova et al., 2015). As provided in the case of Whigarian view of history, it is true that continuous process of any act with a positive belief always generates progressive and developed results. Similarly, in accounting and auditing constant development and advancement has been made to serve the society in a better and fair way. Such advancement in both the components of finance has been made with respect to save the time in preparing the accounting statements without any error. Such advancement also helps to maintain the necessary records of accounting as well as of auditing in more concise manner. As the education system and industries in economy are increasing at high percentage, it is very important to develop the systems of managing the organizations that presents clear, unambiguous, accurate and authenticated information. At the same time recognition and measuring turnover, profits, losses, expected returns and other required information should not be time consuming (Bedford Ziegler, 2016). Therefore, it is important to develop the systems of different areas of finance that helps in analyzing the financial position and other relevant information. Accountants and auditors have to be keen on learning and practice the new, developed and advanced areas and techniques so that they can serve the company and society in the best possible manner (Soh, Leung Leong, 2015). 2. Many nations have institutionalized the regulations and standards that govern the system of auditing under which auditor independence has become difficult. Auditors perform their work through analytical procedures to provide a conclusion for their clients business. However, some conflicts of interests occur among the professionals while performing their several jobs to serve one objective. In this regard, many authors have provided theories on moral seduction as well as strategic issue cycle. While some of the theories like Sarbanes Oxley Act does not reflect the true picture on independence of the professionals or auditors that is a consequence of incorrect understanding for the biasness of the auditors (Berman et al., 2015). In presenting the opinion on auditing for the clients, the auditors have to be unbiased to perform their audit work. This is because auditing is conducted to provide reliability and authenticity of the books of accounts and financial statements of the organization. Hence, auditors need to examine the books of accounts independently to provide a reasonable opinion on the correctness and fairness of the accounting information. In delivering the examination and opinion on the books of accounts of the clients, auditors have to present their performance based on the intuition, analytical process, qualitative and quantitative measures. However, in analyzing the books of accounts, auditors have the reasonable responsibility while the absolute responsibility is that of the management of the organization (Guiral et al., 2015). There are several reasons based on structural features that create conflicts of interest between auditor- client relationships that affect the professional judgment of the auditors. The structural features of the profession of the auditors are appointing and removing the auditors by the organizations management. Another feature of the structural issue is undertaking of jobs with the clients. Under the first feature independence of auditors are affected by their appointment terms and conditions. Organizations have the freedom to appoint auditors of their choice based on their set criteria. Such appointment based on the different conditions affect the independence of performance of the auditors. In providing, the opinion of the auditors on the clients financial report might be biased for reasons like fear of being removed from the auditing position, increased audit fees and such other reasons. Such threats and weaknesses on the part of auditors appointment affect the independence on th eir unbiased performance and increase the conflicts of interest with the clients relationships. Besides, individual auditors or audit firms having brand name are perceived to be more independent in performing their audit work and delivering the critical opinion on the financial statements of the organizations (Rupp et al., 2015). In case of second feature, undertaking of jobs with the clients also affects the independence of audit work because of the relationship between auditors and clients. Sometimes, the relationship between them builds a common identity and creates a favorable behavior among the fellow members of the group. Apart from that, auditors perform multiple works for their clients other than the audit work. This multiple work performance affects the efficiency and concentration on reviewing the accounting records and books of accounts to examine its fairness and transparency. Accepting of non-audit works by the auditors are also an essential reasons for conflicts of interest in the client and auditors relationship because of the fear of losing job by the auditors (Asare, Wright Zimbelman, 2015). Most of the nations legislative systems have allowed the interest conflicts that have become common in the recent years. Several theorists have raised the question on why do auditors or clients accepts such policies that create the conflicts in performance of the work as well as providing conclusion on the opinion. Accounting and auditing are the most important components that provide the opinion on the continuity of the organization. Accounting provides the information on the profitability, incomes, expenses, value of assets and liabilities, investments and other vital financial information (Downar, Ernstberger Koch, 2016). On the other hand, auditing provides the authenticity, true and fairness of the books of accounts and financial statements of the company. Auditing stress upon the correctness of the recognition of accounting transactions according to the International Financial Reporting Standards as well as Generally Accepted Accounting Principles. At the same time, process of auditing also takes place following the International Auditing Standards that provides the auditors a proper direction for the better performance (Whittle, Mueller Carter, 2016). Hence, it is important to focus and perform the auditing without compromising on their independence so the users are able to get a clear and true picture of the organization. Stakeholders of the companies should be provided the correct information about the company that helps them in taking better and fair business decisions to achieve the goals (Hoos, Kochetova Kozloski d'Arcy, 2015). 3. Independence is an essential factor every auditor is required to have while performing the auditing work. Management of companies might have interests in showing the accounting records and financial statements that favors the performance of the companies. However, it is the responsibility of the independent auditors to present the audit report free from falsification, unbiased on the analysis of the organizations financial status. An auditor should follow the code of ethics and audit principles and standards to perform the auditing of a company to provide a clear understanding and fair work performance. In order to perform the auditing independently, it is important to have unbiased behavior for the client company and fellow member. In this context, most of the nations have developed the principles and standards of audit performance to regulate the performance of auditors effectively and efficiently (Gold et al., 2015). However, sometimes auditors biased behavior whether knowingly or unknowingly affects the independence of the auditor. Auditors biased performance on the auditing of account statements and financial statements might present the conclusions and results in favor of the client company. But, the same does affect the reliability and competence on the performance of the fellow audit members. Since a financial statement of an organization presents the financial status and performance of business as a whole, it is very important to provide unbiased and credible opinion on the audit reports. Audit reports provide four types of opinion- unqualified opinion, qualified opinion, adverse opinion and disclaimer of opinion that should be form an unbiased appraisal from the companys auditor (Hatfield Mullis, 2015). Unqualified opinion in the auditors report provides a clean opinion on the financial statement of the client company for which the audit was conducted. This type of report is presented when auditor determines each of the accounting records and statements are free from errors, misrepresentation and fraud (Westermann, Bedard Earley, 2015). Qualified opinion is provided when auditors find the account statements free from misrepresentations but do not harmonize with the International Financial Reporting Standards and Generally Accepted Accounting Principles (GAAP) (Westermann, Bedard Earley, 2015). Adverse opinion is presented when the financial statements of a company do not conform with the GAAP as well as it reflects gross misrepresentation of the accounting records. This type of opinion provides a negative impact on the companys financial status and its continuity (Gold et al., 2015). Disclaimer of opinion arises when auditor is not able to perform complete audit procedures to provide accurate report due to certain limitations on the scope from the management (Whittle, Mueller Carter, 2016). Since, auditors opinion on the financial statements of the organization helps the stakeholders to form opinion for various purposes, it is important to give unbiased and fair opinion. Ironic rebound effect is portrays unforeseen problems that emerge when auditors strive to overcome certain thoughts, ideas, beliefs, attitudes while performing the audit procedures. Sometimes auditors being biased towards their clients on forming judgments and opinions on the financial statements of the organization. Such biasness does not reflect the true picture of the companys performance and shows the auditors work against the code of ethics and principles of the audit regulations. Auditing is the examination of books of accounts and financial statements of a company to provide a true and fairness review on the performance of the company. Hence, auditors work in this respect is critical and significant as there are various accounting records that need to be examined by using sampling methods. This method of auditing is based on the probability and random selection. Therefore, ironic rebound effect in case of sampling test may provide false results because the selection should be according to value and number of transactions (Aghazadeh Joe, 2015). In order to form a true and fair opinion on the accounting records of the company the auditor is required to follow the necessary principles and standards that regulate the audit procedures. However, it is not possible to check and verify each of the data, evidence, ledger and documents for the purpose of crosscheck, the auditor should be very careful while selecting the data. Such selection of the data provides the overall opinion on the true and fair view of the organizations performance as well as the transparency in maintain the records. Auditors have to overcome with the rebound effect to provide the credible and clear opinion about the company to serve the stakeholders and other users of financial statements in a better way. The auditor should not form any opinion out of biasness or rebound effect on the companys financial statements that is in favor of the client company (Aghazadeh Joe, 2015). Reference List: Aghazadeh, S., Joe, J. R. (2015). How Management's Expressions of Confidence Influence Auditors Skeptical Response to Management's Explanations.Available at SSRN 2623537. Asare, S. K., Wright, A., Zimbelman, M. F. (2015). Challenges Facing Auditors in Detecting Financial Statement Fraud: Insights from Fraud Investigations.Journal of Forensic Investigative Accounting,7(2). Bedford, N. M., Ziegler, R. E. (2016). The contributions of AC Littleton to accounting thought and practice.Memorial Articles for 20th Century American Accounting Leaders,49, 219. Berman, E. M., Bowman, J. S., West, J. P., Van Wart, M. R. (2015).Human resource management in public service: Paradoxes, processes, and problems. Sage Publications. Downar, B., Ernstberger, J., Koch, C. W. (2016). Reviewing a Friend-The Role of Social Ties in Review Work in Auditing.Available at SSRN 2732480. Ezzamel, M., Xiao, J. Z. (2015). The development of accounting regulations for foreign invested firms in China: The role of Chinese characteristics.Accounting, Organizations and Society,44, 60-84. Gold, A., Klynsmit, P., Wallage, P., Wright, A. (2015). The Impact of Auditor Selection Regime and Audit Committee Appointment Power on Investment Decisions.Available at SSRN 2484415. Guiral, A., Rodgers, W., Ruiz, E., Gonzalo-Angulo, J. A. (2015). Can expertise mitigate auditors unintentional biases?.Journal of International Accounting, Auditing and Taxation,24, 105-117. Hatfield, R. C., Mullis, C. (2015). Negotiations between auditors and their clients regarding adjustments to the financial statements.Business Horizons,58(2), 203-208. Hoos, F., Kochetova Kozloski, N., d'Arcy, A. C. (2015). The Importance of the Chief Audit Executive's Communication: Experimental Evidence on Internal Auditors' Judgments in a Two Masters Setting.International Journal of Auditing,19(3), 166-181. Klychova, G. S., Fakhretdinova, E. N., Klychova, A. S., Antonova, N. V. (2015). Development of accounting and financial reporting for small and medium-sized businesses in accordance with international financial reporting standards.Asian Social Science,11(11), 318. Mohammadi, S. (2015). Full development of the theory of accounting and auditing.International Journal of Accounting and Economics Studies,3(1), 7-9. Rupp, D. E., Wright, P. M., Aryee, S., Luo, Y. (2015). Organizational justice, behavioral ethics, and corporate social responsibility: Finally the three shall merge.Management and Organization Review,11(01), 15-24. Soh, D. S., Leung, P., Leong, S. (2015). The development of integrated reporting and the role of the accounting and auditing profession. InSocial Audit Regulation(pp. 33-57). Springer International Publishing. Westermann, K. D., Bedard, J. C., Earley, C. E. (2015). Learning the Craft of Auditing: A Dynamic View of Auditors' On the Job Learning.Contemporary Accounting Research,32(3), 864-896. Whittle, A., Mueller, F., Carter, C. (2016). The Big Fourin the spotlight: Accountability and professional legitimacy in the UK audit market.Journal of Professions and Organization, jow001.

Tips for Success at College

Who would not want to be successful at every stage of life? While each person may have a different definition of success, a general definition states that any person who is able to achieve his goals and shows progress in his life is said to be successful. At college, there are several ways in which students can be successful i.e. success in academics, success in student-run societies, success at job and success at sports. Some students are able to achieve all of these while some cannot even be successful in one task. I made up my mind to excel in academics and one other activity which, according to me, would make me a successful student at college. I used to write my essay carefully, submit assignments well before deadline and developed good relations with instructors and teaching assistants. Furthermore, I served as the president of Media and Arts society of my college for one academic year. Following are some tips that can help you become successful at college in any category you want: Developing contacts with people: Experts and graduated students claim that the most successful students among all are those who are in good terms with as many people from various batches as possible. If you have links with people, you will be able to get several tasks done easily through their reference. Also, you can achieve success at societies through your reference: someone you know will definitely favor you over anyone else. So as soon as college begins, start getting involved in ice breaking activities and interact with people by yourself. As a freshman, very few people will approach you to interact so it is your responsibility to talk to people on any topic. Remember, do not annoy people by trying to interact too much. Have the passion and dedication: Nobody in this world can stop a passionate and dedicated person to succeed in anything he wants. Set a clear goal for yourself so that you can work on it with dedication. Spend a lot of time and efforts keeping in mind that you are not alone running in the race. You will meet a number of competitors who would want to reach the heights you are aiming at so you can only win if you regularly show passion and dedication towards the goal. Give your 100% and make it visible to the higher authorities. Get proficient in time management: A lot of students could not achieve everything they want just because they are not able to manage time properly. Learn how to divide all your tasks properly in the available time because the most successful entrepreneurs and industrialists claim time management to be the most crucial thing in life. So from the very first day of college, try allocating the time appropriately between tasks. You can do this in a better way by writing down a timetable for the entire week. Eventually, you will get proficient in time management and focus well on the goals. Eliminate procrastination and laziness from your life: This point is quite self-explanatory. The key to success in any task is avoiding procrastination and laziness at all times. These habits can lead you to miss out on a lot of opportunities. I used to write my essay and do my assignments as soon as they were assigned to me.

2004 Ethical Issues and Criticisms

Enrons (USA) and Parmalats (Italy) Scandals of 2003/2004 Ethical Issues and Criticisms Introduction The recent global economic crisis left on its wake a number of bankrupt business organisations. These were especially those business organisations that were poorly structured or poorly managed such that they were unable to withstand the effects of the crisis.Advertising We will write a custom report sample on Enron’s (USA) and Parmalat’s (Italy) ‘Scandals’ of 2003/2004: Ethical Issues and Criticisms specifically for you for only $16.05 $11/page Learn More However, there are some organisations which filed for bankruptcy within the same period but whose downfall cannot be fully attributed to the global economic meltdown. Those were for example the firms that were embroiled in financial and other forms of scandals whose effects might have made it hard for them to withstand the crisis. An example of companies or business organisations that reported poor performance and filed for bankruptcy in the 21st century is Enron Corp oration and Parmalat SpA. The former used to operate from Houston, Texas, with more than 20,000 employees. The company filed for bankruptcy late 2001. Prior to this, it was considered to be one of the leading organisations in the energy, communications and pulp paper industries. In 2000, this organisation’s revenues were approximated to be more than 100 billion US dollars. However, the company came crumbling down by the end of 2001 after it emerged that the financial records filed by the management were fraudulent and misleading. This is where the infamous Enron scandal emerged from. This was more or less the same for Parmalat SpA by the end of 2003. Before then, the company was hailed as one of the leading dairy firms in the world. Operating from Italy, the organisation has operations in various cities around the world. Apart from dairy products, the company is also known for its production and distribution of fruit juices through its various subsidiaries and outlets all ove r the world. The organisation has more than 140 production plants scattered all over the world. These (together with the other business operations) engage approximately 36000 members of staff. The collapse of this company and the reported financial fraud associated with the fraud made analysts term this as one of the biggest bankruptcies in the continent. It was likened to the Enron scandal mentioned earlier in this paper, with parallels drawn on how the two organisations misrepresented their financial reports prior to their collapse. In this report, the author will critically analyse the ethical issues revolving around the two financial scandals mentioned above. In the report, the author will set out the main issues and criticisms surrounding the two scandals. The extent to which these scandals could be considered as ethical and legal violations will also be analysed.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper wi th 15% OFF Learn More The author will also analyse the impact of the two events on the general public’s views of business operations in USA and Italy. This is in addition to a critical analysis of the extent to which the two events reflect their respective national contexts. Finally, the author will provide informed recommendations on how such scandals can be averted in the future. The Main Issues Enron’s Financial ‘Scandal’: The Main Issues Enron was established in 1985 and emerged to be one of the largest public investment companies in America. This was before its bankruptcy in 2001 as mentioned earlier. The company had invested in more than 30 products in various economic sectors around the world. It was widely associated with its enormous investment in the profitable energy industry (Petrick Scherer 2003). Enron had operated as a successful company for decades. It was one of the most profitable investment companies in America. Thus, ma ny business persons invested in Enron. The company had employed thousands of employees and collaborated with dozens of American companies in its operations. However, the company operated in a fraudulent and unethical manner. One of the key issues that led to the failure and bankruptcy of Enron was the lack of transparency and the dishonesty of Enron’s key top management team and partners. The accounting, auditing and consulting firm- Arthur Andersen- was implicated in the scandal for its dishonest business dealings with Enron (Cramton 2004). The inflation of accounting book records and assets held by Enron evidenced the greediness of the top management in their attempts to enrich themselves by embezzling the shareholders’ assets. The management was involved in inflation of the value of the company’s assets. They intentionally misled the shareholders to believe that the company had stable assets. This also persuaded more investors to entrust their money with the company. Its financial statements were not transparent at all. They were tampered with and manoeuvred to depict a stable performance even when the company was making huge losses (Jennings Marianne 2002). The illegal and unethical behaviour of the management had significant impacts on the American economy and the global economy in extension. Members of the executive awarded themselves with huge compensation packages that seemed to be targeted at enriching them instead of fairly compensating them.Advertising We will write a custom report sample on Enron’s (USA) and Parmalat’s (Italy) ‘Scandals’ of 2003/2004: Ethical Issues and Criticisms specifically for you for only $16.05 $11/page Learn More The compensation in terms of bonuses and stock option for the top management was directly linked to the practice of deal making that disregarded quality accounting practices. This in turn led to a misguided and unhealthy corporate culture wit hin the firm. The employees were encouraged to focus on high, short term returns by the system (Rhode Paton 2002). Parmalat’s Financial Scandal: Main Issues Parmalat was one of the leading multinational food and dairy producers based and founded in Italy before its bankruptcy and collapse in 2003. The company had engaged thousands of employees and thousands of dairy farmers in Italy depended solely on it. Investors had also heavily engaged themselves with the company through the Milan Stock Exchange where it was publicly trading. With its operations in dozens of countries, Parmalat was a major employer and business partner (Coffee 2005). Some of the key ethical issues at Parmalat included the fraudulent financial practices that the company was involved in. Members of the top management team intentionally failed to provide the correct financial information including the status of the company’s debts and losses. The company was making losses and covering them up. The to p management kept it a secret and whoever came close to learning about it was fired including, the chief accounting Officer Fausto Tonna. The cover up, forgery and non-disclosure were directly linked to its bank. Upon its collapse, thousands lost their jobs and investments. The figure below shows the indirect and direct control that one large shareholder (the Tanzi family) had in terms of voting rights. This indicates the extent of unethical control of organisations by some shareholders. The structure provides adequate avenues for a shareholder who was also the chairperson and C.E.O to inappropriately pursue his own interests disregarding those of the other stakeholders. The minority shareholders who had little or no power at Parmalat Corporation were exploited at the expense of the majority shareholder (Melis 2005). Figure 1: Direct and Indirect Control of One Shareholder over ParmalatAdvertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Adapted from: Madsen Vance 2009 Criticisms, Ethical, and Legal Aspects of the Scandals The fall of this Italian giant led to the loss of public confidence on financial reporting. The Italian public and the investing community was largely made to distrust the system of accounting, auditing, and financial reporting that seemed to have worked for ages before. The loss of jobs worldwide made employees of many multinationals to lose confidence and trust of their parent companies. The accounting and auditing professionals all over the world were enormously affected. Ethical questions and concerns were raised as far as their profession was concerned. It is one of the most trusted professions that are supposed to appropriately guide the investors, creditors, members of public, and other stakeholders. But instead, it was implicated in the scandal (Coffee 2005). The Enron scandal brought to fore significant legal concerns. Some of them included the concern whether the banks had enough legal frameworks to prevent the occurrence of such scandals in the future. It also proved that the American investors’ legal protection was not fully effective in this changing market. The legal structures and mechanisms of preventing such scandals were downplayed. This is an indication of the fact that the legal system needs to catch up with the changing markets and investment environment. The state’s role in corporate investigations was also challenged. The state’s failure to put in place enough measures to protect the investors, creditors, and employees made them lose trust in state mechanisms and systems (Wearing 2005). Parmalat and Enron scandals raised major ethical issues touching on marketing and conflict of interest that existed between the companies and their main partners. For example, the illegal collaboration that existed between the Bank of America, Parmalat, Arthur Andersen and Enron in defrauding the investors was unacceptable and unethical. People wh o had trusted these companies with their pension lost everything. The public lost faith in the American and Italian investment markets. The failure of the American and Italian regulatory authorities to prevent the occurrence of these scandals had far reaching implications on members of the public who for years depended on these stock markets as an investment channel (Wearing 2005). Impacts on the Public’s View of Business Behaviour in USA and Italy The American education system- especially the standards set in business, accounting and law schools in teaching ethics- was highly questioned. Ethical concerns were raised on the level, standard, and quality of ethical education and training of business and accounting students. Education- which is highly regarded as the absolute remedy for unfair and unjust business practices- was viewed as having failed. This is especially so given that most of these executives were highly educated and experienced in their respective professions ( Berndt 2000). Key Issues Corruption was endemic at Enron and Parmalat organisations. At Enron, the top management used shareholders’ assets to improve their financial standing. Derivatives and stock option bonuses that the top management provided themselves with were illegal, unfair and unjustified. These are the people who the shareholders entrusted with their assets to protect their financial interests. Instead they were stealing from the company and shareholders’ assets. At Parmalat, the influence of family businesses on voting rights was noted. The ownership and control structure at Parmalat was largely characterised by one major shareholder. This led to indirect and direct control over the company’s financial gains (Wearing 2005). Non-disclosure of the correct accounting records characterised both firms. This lack of disclosure as far as the correct accounting records such as book balances, asset portfolio and balance sheets was concerned misled all the sta keholders. This unethical practice by the executives was intentional and aimed at harming not benefiting the employees, creditors, shareholders, and the investing public (Madsen Vance 2009). Parmalat’s misguiding and misleading information was intended for the shareholders and other stakeholders. The falsified financial information and doctored accounting records made the American and the investing public lose trust and respect for the auditing and accounting profession. These dishonest and fraudulent acts shattered the trust the public had on the American securities’ exchange market as well as the trust of employees and shareholders as far as the protection of their interests by top leadership is concerned (Madsen Vance 2009). Other major ethical issues of concern in the organisations include the relationship with the suppliers, customers, competitors and marketers. Ethical concerns for the customers include the quality and safety of the product. Conflict of interes t and illegal business practices existed in both firms. At Enron, the consulting and auditing firm- Arthur Andersen- was at the centre of the unethical business practices (Crane Matten 2010). According to investigations carried out at Enron and Parmalat, the top leadership had adequate remuneration packages. In spite of this, they used improper mechanisms- such as the use of unfair derivatives and stock options- to enrich themselves using the shareholders’ assets (Berndt 2000). This is an indication of the extent of corporate greed among top managers and leaders. They also supported a greedy corporate culture that focused on short-term benefits. At Enron, the top leadership seemed to support the culture of â€Å"get returns quick, no matter the means, and don’t get caught†. Enron and Parmalat had loyal shareholders and hardworking employees. Top leaders in every organisation are expected to safeguard the interests of these stakeholders. This is vital for the su ccess of the organisation. However, the leadership in both organisations sacrificed shareholders’ interests and employees’ rights for their own personal interests (Melis 2005). Measures to Avoid such Scandals in the Future and Recommendations Internal Investigation and Prevention It is a requirement for every company to have mechanisms such as internal auditing to detect flaws and prevent or correct them on time. However, it is not enough to simply assume that all organisations have proper internal systems. Research has shown that with proper internal mechanisms, companies are less likely to experience fraud, dishonesty and other unethical business practices. It is therefore necessary for organisations to put in place proper internal auditing, accounting and overall business investigation mechanisms (Coburn 2006). Whistle Blowing Whistle blowing is done by the bold and courageous individuals in an organisation. The support and encouragement accorded to whistle blowers at Parmalat and Enron could have prevented the scandals. Whistle blowers could have observed and disclosed the unethical, immoral, and illegal business practices at the organisation at an earlier stage. This could have saved many parties from losing their jobs and investment. Organisations from all over the world should encourage whistle blowing at every level of the business entity. Employees and managers cannot be effective whistleblowers and cannot raise the alarm if they are not accorded proper training in expected organisational ethical practices (Crane Matten 2010). The Amendment and Enactment of Laws National and international laws are vital in regulating the conduct of multinationals such as Parmalat and Enron. The American and Italian laws on unfair business practices, unethical behaviours by the executives and laws on corporate governance were not adequate. Although the concerned parties were legally charged in a court of law- and some of the cases are still ongoing in th e legal system- there is need to enact more laws that properly address key modern unethical and illegal business practices (Coburn 2006). Government policies, measures and laws should be adjusted to include the changes taking place due to globalisation. The American employment laws were questioned after the occurrence of the Enron scandal which left thousands jobless. The American public and workforce lost faith in employee’s protection and rights laws. It was therefore an appropriate measure to amend and adjust some of the key American employment laws. These laws should be updated in tandem with the changing workplace environment especially due to globalisation. The US Securities Exchange and New York Stock Exchange need to adjust to the changing investment environment and the changes in corporate crime and investment frauds (Coburn 2006). The community should play the vital role of rewarding ethical standards. It is the role of the society to embrace acceptable values, stan dards, and behaviour as well as punish the unacceptable ones. As a result of this, individuals such as managers and employees will feel obligated to do what is acceptable and right in their operations. This will help in building communities that are morally and ethically sound, conducive for the mutual coexistence among individuals (Melis 2005). Education and Training Business, accounting, auditing and legal professions are inextricably intertwined with business operations of an organisation. It is important for individuals in these professions to be highly qualified in their field and have adequate business ethics education. The occurrence of the scandals at both Enron and Parmalat does not necessarily mean that the executives did not have enough education on ethics. However, it may imply that although they did have the knowledge of what was expected of them, they decided to be arrogant for their own personal gains. It is therefore critical to introduce courses on ethics at all lev els for employees and managers in an organisation (Giovanni 2005). Ethical decision-making processes should be supported at all levels in an organisation. At Enron, this vital role was supported but was not adequately effective due to top leadership’s structure and secrecy. Employees were hard-working and gave positive results. They also engaged in collective and individual ethical decision making mechanisms. For example, the former vice president indicated that the management had interactive board meetings to solve organisational or departmental problems. However, there were certain issues that these meetings could not address. He cited that he once questioned the fact that he did not have complete access to financial records which was vital in making decisions for the development of the firm (Madsen Vance 2009). Therefore, there was lack of support for ethical decision-making mechanisms. Every organisation should embrace ethical decision-making processes among employees an d managers. It helps create and sustain ethical relationships with key stakeholders. Ethical decisions help an organisation to identify its risks, prevent, avoid and solve them. It enhances accountability, efficiency, and transparency which are necessary in today’s global markets (Crane Matten 2010). Code of ethics in an organisation serves as a cornerstone and check point for ethical standards of behaviour. Every organisation sets its codes of ethics expected to be followed in the workplace. Designing ethically sound code of ethics, implementing them and sustaining them in an organisation is crucial for its success. They should be well communicated to employees and other members of the organisation. Enron had a strong code of ethics and code of conduct. Nevertheless, it did little to prevent the unethical behaviours of top leadership in the organisation (Rhode Paton 2002). Codes of ethics without proper communication, implementation and continued revision can do little in maintaining ethical standards of behaviour. It is everyone’s role in the organisation to understand, implement and translate these codes of conducts and ethics at the workplace (Guorevitch Shinn 2005). Conclusion There is no amount of regulations or legislations that will ultimately prevent or stop executives, managers and employees from engaging in unethical organisational practices. It is the responsibility of individuals to learn and adopt ethics at their respective positions in the organisation. Organisations on the other hand must change and adopt codes of conducts or ethics to act as ethical guidelines. Due to globalisation, various core aspects of organisational business activities have changed. Ethical decision-making processes should be supported to enhance accountability, effectiveness, transparency, and corporate image as well improved relationships among key stakeholders. Enhanced transparency and accountability leads to enhanced overall efficiency and organisati onal performance. It helps organisations to conduct their activities in an ethically acceptable manner that ensures economic stability worldwide. References Berndt, M 2000, Global differences in corporate governance systems: theory and implications for reforms, Harvard Law School, Harvard. Coburn, NF 2006, ‘Corporate investigations’, Journal of Financial Crime, vol. 13 no. 1, pp. 32-38. Coffee, JC 2005, A theory of corporate scandals: why the United States and Europe differ, Oxford University Press, Oxford. Cramton, RC 2004, Enron and the corporate lawyer: a primer on legal and ethical issues, Free Press, New York. Crane, A Matten, D 2010, Business ethics, 3rd edn, Oxford University Press, Oxford. Giovanni, D 2005, ‘Investors trust after Parmalat scandal: the role of corporate governance’, Journal of Business Management, vol. 4 no. 4, pp. 34-49. Guorevitch, PA Shinn, J 2005, Political power and corporate control: the new global politics of corporate gover nance, Princeton University Press, New York. Jennings, A Marianne, M 2002, ‘Primer on Enron: lessons from a perfect storm of financial reporting, corporate governance and ethical culture failures’, Journal of International Business Management, vol. 5 no. 2, pp. 23-39. Madsen, S Vance, C 2009, ‘Unlearned lessons from the past: an insiders view of Enrons Downfall’, Corporate Governance, vol. 9 no. 2, pp. 216-227. Melis, A 2005, Corporate ownership control, 2nd edn, Winter, New York. Petrick, JA Scherer, RF 2003, ‘The Enron scandal and the neglect of management integrity capacity’, American Journal of Business, vol. 18 no. 4, pp. 53-58. Rhode, DL Paton, PD 2002, ‘Lawyers ethics and Enron’, Journal of Business Ethics, vol. 3 no. 2, pp. 34-38. Wearing, R 2005, Cases in corporate governance, Sage Publishers, London.

Black & Decker (SWOT analysis) Research Paper Example | Topics and Well Written Essays - 1250 words

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Opera houset promotion Assignment Example | Topics and Well Written Essays - 500 words

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