Effects of the Us civil war essays

Effects of the Us civil war essays The American Civil War, from 1861-1865, marked one of the most permanent changes in American history; transforming the country economically, politically and socially, leading to the virtual reconstruction of a burgeoning nation. Whilst the war increased northern prosperity, the South's entire society consequently collapsed entirely. Today the conflict remains the USA's most important internal struggle in its relatively brief history. The war's impact on northern livelihood was a positive one, profiting immensely in areas unobtainable to the south, resulting in the devastation of southern economy and the advancement of the north's. The Civil War was largely a product of divergent economic organisation between the North and the South of the United States. Revolving around 'King Cotton', the Southern economy relied upon slave labour to work its vast plantations. "From 1790 to 1860 some 500,000 slaves grew to 4 million, and in the same period, 1000 tonnes of cotton grew to 1 million" [Zinn: 92: 1980] Slavery had become essential to the Southern way of life; agriculture was depended upon wholly and all available funds were used to perpetuate it, preventing development in other industries. "The South's was a 'low capital' economy that permitted wealth to be created by hard work, given the opportunity of free trade unimpeded by tariffs" [ findout:81: 1976.] African slaves, once paid for, were owned for life and all their children became slaves. This served to firmly establish slavery as a cheap and effective labour source for the Southern plantation owners. This lasted for more than two hundred years. " Cotton production nearly doubled in the 1850's" [Berkley:78:], illustrating increased slave labour to further develop the Gulf Plains and 'frontier' land. (Appendix 1) Eventually, the southern plantation owners went into debt to the northern traders for the transportation of slaves, and as a result a general dislike of Northerner...

The Japanese Christmas Song Awatenbou no Santakuroosu

The Japanese Christmas Song Awatenbou no Santakuroosu Christmas has become a popular celebration in Japan, even though less than one percent of the Japanese are Christian. However, Christmas is not a family time in Japan. In fact, it is not even a national holiday. December 23rd, though, is a holiday because it is the birthday of the present emperor. Most Japanese work on Christmas day, just like any other day. On the other hand, New Years Day is an important holiday where families get together and have a special feast. So, how do the Japanese celebrate Christmas? It is a time for lovers to have a romantic dinner and give presents, much like St Valentines Day. The media now really push Christmas Eve as being a time for romance. Thats why Christmas Eve is more important in Japan than Christmas day itself. Fancy restaurants and hotels are often booked solid at this time. In December, Christmas classics are played everywhere. Most popular Japanese Christmas songs are for lovers. Here is a Japanese Christmas song for children called, Awatenbou no Santakuroosu (Hasty Santa Claus). You can check out the animated version of Awatenbou no Santakuroosu on Youtube. The Lyrics of Awatenbou no Santakuroosu 㠁‚ã‚ Ã£  ¦Ã£â€šâ€œÃ£  ¼Ã£ â€ Ã£  ®Ã£â€š µÃ£Æ' ³Ã£â€š ¿Ã£â€š ¯Ã£Æ' ­Ã£Æ' ¼Ã£â€š ¹Ã£â€š ¯Ã£Æ' ªÃ£â€š ¹Ã£Æ'žã‚ ¹Ã£  ¾Ã£ Ë†Ã£  « や㠁 £Ã£  ¦Ã£  Ã£ Å¸Ã£ â€žÃ£  Ã£ â€žÃ£  § ãÆ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£ â€žÃ£  Ã£ â€žÃ£  § ãÆ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã© ³ ´Ã£â€šâ€°Ã£ â€"㠁 ¦Ã£ Å Ã£  Ã£â€šÅ'よ é ËœÃ£â€šâ€™Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³ ãÆ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³ 㠁‚ã‚ Ã£  ¦Ã£â€šâ€œÃ£  ¼Ã£ â€ Ã£  ®Ã£â€š µÃ£Æ' ³Ã£â€š ¿Ã£â€š ¯Ã£Æ' ­Ã£Æ' ¼Ã£â€š ¹Ã£ Ë†Ã£â€šâ€œÃ£  ¨Ã£  ¤Ã£  ®Ã£ Å¾Ã£ â€žÃ£  ¦ è  ½Ã£  £Ã£ â€œÃ£  ¡Ã£ Å¸Ã£ â€šÃ£ â€žÃ£ Å¸Ã£ Å¸ ãÆ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£ â€šÃ£ â€žÃ£ Å¸Ã£ Å¸ ãÆ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£  ¾Ã£  £Ã£  Ã£â€š Ã£  Ã£â€š Ã£ â€˜Ã£  ® 㠁Šé ¡â€Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³ ãÆ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³ 㠁‚ã‚ Ã£  ¦Ã£â€šâ€œÃ£  ¼Ã£ â€ Ã£  ®Ã£â€š µÃ£Æ' ³Ã£â€š ¿Ã£â€š ¯Ã£Æ' ­Ã£Æ' ¼Ã£â€š ¹Ã£ â€"㠁‹ã Å¸Ã£ Å'㠁 ªÃ£ â€žÃ£ â€¹Ã£â€šâ€° è ¸Å Ã£  £Ã£ Å¸Ã£â€šË†Ã¦ ¥ ½Ã£ â€"㠁  ãÆ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã¦ ¥ ½Ã£ â€"㠁  ãÆ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£  ¿Ã£â€šâ€œÃ£  ªÃ£â€šâ€šÃ¨ ¸Å Ã£â€š Ã£â€šË† Ã¥Æ'•ã  ¨Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £ ãÆ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £ 㠁‚ã‚ Ã£  ¦Ã£â€šâ€œÃ£  ¼Ã£ â€ Ã£  ®Ã£â€š µÃ£Æ' ³Ã£â€š ¿Ã£â€š ¯Ã£Æ' ­Ã£Æ' ¼Ã£â€š ¹Ã£â€šâ€šÃ£ â€žÃ£  ¡Ã£  ©Ã¦  ¥Ã£â€šâ€¹Ã£â€šË†Ã£  ¨ Ã¥ ¸ °Ã£  £Ã£  ¦Ã£  Ã£ â€¢Ã£â€šË†Ã£  ªÃ£â€šâ€° ã‚ ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³Ã£Æ' ©Ã£Æ' ³Ã£ â€¢Ã£â€šË†Ã£  ªÃ£â€šâ€° ã‚ ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³Ã£Æ' ©Ã£Æ' ³Ã£â€š ¿Ã£Æ' ³Ã£Æ'â€"ãÆ' ªÃ£Æ' ³Ã© ³ ´Ã£â€šâ€°Ã£ â€"㠁 ¦Ã¦ ¶Ë†Ã£ Ë†Ã£ Å¸Ã£â€š ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³Ã£Æ' ©Ã£Æ' ³ ã‚ ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³Ã£Æ' ©Ã£Æ' ³Ã£â€š ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³Ã£Æ' ©Ã£Æ' ³ 㠁‚ã‚ Ã£  ¦Ã£â€šâ€œÃ£  ¼Ã£ â€ Ã£  ®Ã£â€š µÃ£Æ' ³Ã£â€š ¿Ã£â€š ¯Ã£Æ' ­Ã£Æ' ¼Ã£â€š ¹Ã£â€šâ€ Ã£ â€¹Ã£ â€žÃ£  ªÃ£ Å Ã£  ²Ã£ â€™Ã£  ® 㠁Šã ËœÃ£ â€žÃ£ â€¢Ã£â€šâ€œÃ£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³Ã£Æ' ªÃ£Æ' ³ ãÆ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³Ã£Æ'‰ãÆ' ³ ã‚ ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³Ã£Æ' ©Ã£Æ' ³Ã£â€š Ã£ â„¢Ã£â€šÅ'㠁 ¡Ã£â€šÆ'㠁  Ã£â€š Ã£   Ã£â€šË† 㠁Šã‚‚㠁 ¡Ã£â€šÆ'ã‚ ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³ ãÆ' ªÃ£Æ' ³ ãÆ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ' Ã£Æ' £Ã£Æ'‰ãÆ' ³ ã‚ ·Ã£Æ' £Ã£Æ' ©Ã£Æ' ©Ã£Æ' ³ Romaji Translation Awatenbou no SantakuroosuKurisumasu mae ni yattekitaIsoide rin rin rinIsoide rin rin rinNarashite okure yo kane oRin rin rin rin rin rinRin rin rin Awatenbou no SantakuroosuEntotsu nozoite okkochitaAitata don don donAitata don don donMakkuro kuro ke no okaoDon don don don don donDon don don Awatenbou no SantakuroosuShikataganaikara odotta yoTanoshiku cha cha chaTanoshiku cha cha chaMinna mo odoro yo boku toCha cha cha cha cha chaCha cha cha Awatenbou no SantakuroosuMo ichido kuru yo to kaettekuSayonara shara ran ranSayonara shara ran ranTanburin narashite kietaShara ran ran Shara ran ranShara ran ran Awatenbou no SantakuroosuYukaina ohige no ojiisanRin rin rin Cha cha chaDon don don Shara ran ranWasurecha dame da yo omochaShara ran rin cha cha chaDon shara ran The Use of ~bou Awatenbou means, a hasty person. ~bou is attached to some words and expresses ~ person, ~ person who does ~ in an affectionate or ridiculing manner. Here are some examples: Okorinbou 怒りんå Å  - a short-tempered or irritable personKechinbou 㠁‘㠁 ¡Ã£â€šâ€œÃ¥ Å  - a stingy person; a miserAmaenbou 甘㠁ˆã‚“å Å  - a pampered or spoiled person.Kikanbou 㠁 Ã£ â€¹Ã£â€šâ€œÃ¥ Å  - a naughty or unruly personAbarenbou æš ´Ã£â€šÅ'ã‚“å Å  - a rough or disorderly person.Kuishinbou é £Å¸Ã£ â€žÃ£ â€"ã‚“å Å  - a gourmandWasurenbou Ã¥ ¿ËœÃ£â€šÅ'ã‚“å Å  - a forgetful person The Prefix ma Makkuro means as black as ink. Ma is a prefix to emphasize the noun that comes after ma. The Japanese title for Rudolph the Red Nosed Reindeer is Makkana ohana no tonakai-san. Lets look at some words that include ma. Makka çÅ"Ÿã  £Ã¨ µ ¤ - bright redMakkuro çÅ"Ÿã  £Ã© »â€™ - black as inkMasshiro çÅ"Ÿã  £Ã§â„¢ ½ - pure whiteMassao çÅ"Ÿã  £Ã© â€™ - deep blueManatsu çÅ"Ÿå ¤  - the middle of summerMafuyu çÅ"Ÿå† ¬ - the middle of winterMakkura çÅ"Ÿã  £Ã¦Å¡â€" - pitch-darkMasski - at the very firstMapputateu - right in twoMassara - brand new The Prefix o The prefix o is added to kao (face) and hige (beard; mustache) for politeness. Again, the title Makkana ohana no tonakai-san (Rudolph the Red Nosed Reindeer) includes the use of the prefix o as well. Hana means nose and ohana is the polite form of hana. Onomatopoeic Expressions There are many onomatopoeic expressions used in songs. They are words that describe sound or action directly. Rin rin describes a ringing sound, in this case the sound of a bell. Don expresses thud and boom. It is used to describe the sound that Santa Claus makes as he comes down a chimney.

Marketing Makes Strong Fashion Brands Essay Example | Topics and Well Written Essays - 500 words

Marketing Makes Strong Fashion Brands - Essay Example The essay "Marketing Makes Strong Fashion Brands" discovers the role of marketing in the future of the fashion brands. The stage is called Outward Marketing. Without properly undergoing through these two stages, difficulties may arise according to Carter McNamara, MBA, â€Å"As a result, they often end up trying to push products onto people who really don't want the products at all. Effective inbound marketing often results in much more effective and less difficult outbound marketing and sales.† The key therefore is to conduct good inbound marketing as a foundation to outbound marketing. Bearing this advice in mind, businesses will have a fair chance of succeeding in the highly competitive market. The strongest element in Inbound Marketing that leading companies spend a lot on is Outbound marketing is the outward manifestation that directly interacts with people. The most powerful element of outbound marketing is advertising. The Britannica Concise Encyclopedia defines adverti sing techniques and practices as making â€Å"the public to notice products for the purpose of persuading the public to respond in a certain way.† People will know of the product, identify with it and buy it. Ioana Chioveanu (2006), names this as â€Å"persuasive advertising which induces brand loyalty in consumers who would otherwise buy the cheapest alternative on the market.† This is the very essence of advertising and companies spend a lot on advertising. In fact a survey of the Leading National Advertisers.

Findyourdeal.com Thesis Proposal Example | Topics and Well Written Essays - 1250 words

Findyourdeal.com - Thesis Proposal Example Specifications for all these components are standardized and are available off the shelf in any computer store or an e-commerce website. We will extensively use open source software applications to run our IS resources. Most of the open source software applications are royalty free, and hence will shoot down our costs. Some examples of free and open source applications will be Ubuntu as the operating system, Open Office as the general productivity suite, Mozilla Firefox/Google Chrome as the browser, GIMP as photo editor. We will outsource annual maintenance contracts to local hardware providers, thereby nullifying the requirement of any dedicated manpower for maintenance of hardware resources at out office. We will also employ freelance technical help personnel from lower cost economies to drive down our software maintenance costs. 1. Aggregate deals from companies: To keep costs down in the initial phase, we will use the internet to scout for deals being offered by companies. Sourcing of deals may be done through 3 distinct processes: E-commerce businesses range from a multibillion dollar business like Amazon, to really small mom-and-pop-managed kind of a website that generates not more than$5000 revenues in a month. The set of features required in an e-commerce website obviously depends on the present status of an e-commerce business, and also perhaps on the future growth potential. While the initial two components are common place, it selecting appropriate e-commerce software that will be a critical activity. Available e-commerce systems may be categorized using a whole lot of parameters like, Open source / Proprietary, Off-she Shelf/Custom made, Microsoft Technologies/LAMP based or Product/SaaS. Every available e-commerce component have its own utility and caters to a specific set of customers, we have chosen to use LAMP based open source e-commerce systems for our business. LAMP is an acronym for Linux, Apache, MySQL and

Multi-Disciplinary Working Essay -- Management Work

This essay will aim to relate to an observation of professional social work practice in a Crisis Centre, for people with mental health issues who require support, and short-term accommodation, with the goal of returning home or to a new environment. This essay will focus upon the role of multi disciplinary collaboration regarding the Crisis Centre staff, and Crisis Resolution Home Treatment Team (CRHTT), and to discuss why collaboration appears to play an important and fundamental role within social work practice. The essay will also aim to demonstrate good practice and possible strengths and weaknesses of multidisciplinary working. Within the field of social work practice it does seem evident that ‘multidisciplinary working is work undertaken jointly by workers and professionals from different disciplines or occupations’ (Pearson & Thomas, 2010:342) and has evolved at varying speeds over the past 30 years, in response to imperatives of central government. Evidence suggests that the area mental health was among the first professions to adopt teams of workers from different professions, and the Community Mental Health Team is widely regarded as the model for multidisciplinary working (Community Care, 2010). It seems that , in relation to social work, the distinctive quality that has to be demonstrated is anti discriminatory practice and a holistic approach, by working with a range of situations and people having an attribute for developing multidisciplinary and partnerships (Higham,2006:). The Crisis Centre that has been observed is run by a Local Council, and is a National Health Service Trust based in a local community. The centre also corresponds with the 1975 White Paper entitled ‘Better Services for Mentally Ill’... ...mparison to the Ward: A Service Evaluation of Amethyst House and Crisis Resolution Home Treatment Team: Liverpool City Council and Mersey Care NHS Trust: Liverpool. Thompson, N. (2005) Understanding Social Work, 2nd Ed. Hampshire: Palgrave. Thompson, N. & Thompson, S. (2008) The Social Work Companion. Hampshire: Palgrave. Thompson, N. (2009) Practicing Social Work. Hampshire: Palgrave. SCIE Guide 23: The learning, teaching and assessment of partnership work in social work education www.scie.org.uk/ [accessed 6th November 2010]. Wilson, K. Ruch, G. Lymbery, M. & Cooper, A (2008) Social Work an Introduction to Contemporary Practice; Essex: Pearson. Whittington, C. (2003) ‘Collaboration and Partnership in Context’. In Weinstein, J., Whittington, C. and Leiba, T. (eds.) Collaboration in Social Work Practice. London: Jessica Kingsley Publishers. Ch.1.

Evaluation of Comptronix Corporation: Identifying Inherent Risk and Control Risk Factors Essay

1. Professional auditing standards present the audit risk model, which is used to determine the nature, timing, and extent of audit procedures. Describe the components of the model and discuss how changes in each component affect the auditor’s need for evidence. The audit risk model is used to determine the nature, timing, and extent of substantive audit procedures. The components of audit risk model usually stated as follows: DR = AR/(IR x CR) Where: DR = detection risk; AR = audit risk; IR = inherent risk; CR = control risk Detection Risk: auditors’ procedures will lead them to conclude that a financial statement assertion is not materially misstated when in fact such misstatement does exist. If auditors want to decrease DR, they had better collect more evidence and make sure the validity of evidence. Audit Risk: auditors may unknowingly fail to appropriately modify their opinion on financial statements that are materially misstated. If AR should be keep in low level, which means the other risks also should be low. Inherent Risk: The risk of material misstatement of a financial statement assertion, assuming there were no related controls. As inherent risk increases, PDR decreases, which in turn increases the auditor’s need for stronger evidence. Control risk: The risk that a material misstatement that could occur in an account will not be prevented or detected on a timely basis by internal control. If the strength of internal control is assessed as decreasing, the auditor should pay more attention to control risks. 2. One of the components of the audit risk model is inherent risk. Describe typical factors that auditors evaluate when assessing inherent risk. With the benefit of hindsight, what inherent risk factors were present during the audits of the 1989 through 1992 Comptronix financial statements? Inherent risk is a measure of the auditor’s assessment of the susceptibility of an assertion to a material misstatement assuming there are no related internal controls. Some believe that inherent risk would be greater for some assertions and related account based on some conditions as follows: †¢Complex calculations rather than simple calculations. Once the company lost their a key customer, Management have a strong motivation manipulate sales and operating performance to satisfy investor expectations because the loss of a key customer put too much pressure on management to meet the requirements of external users. †¢Public Offering of Stock: After Comptronix made its public offering of stock , they have the pressure which push the management to manipulate operating performance too meet the expectations from the external users. †¢Technological Improvement: Comptronix is a manufacture company which main products are circuit boards and the circuit boards’ development depend on technological improvement. The technological improvement has a negative impact on operating performance. †¢Pressures from a new star Company: By the first year of the fraud (1989), Comptronix became a new company which can employ more than 1,800 employees in less than a decade , and at same time, the company expanded its the size of the company in three different locations. The rapid development of company made the management adjusted their operations instead of monitoring company operations. †¢Estimation of Accounts: The high inherent risk accounts include Accounts receivable/ payable, inventory, and property, plant, and equipment. But all the accounts’ computation is based on estimation which led the numbers are very unreliable and subjective. †¢Cash Flow Pressures: Comptronix suffered net losses from 1986. Until the company attracted a venture capitalist, the company was able to generate strong sales and profits. Prior to 1989, Comptronix had generated only two consecutive years of profit after several years of net losses. cash flow of financial statement cannot cover many years of recurring losses. The management has motives to make up operating accounts to look perfect to attract more investors. 3. Another component of the audit risk model is control risk. Describe the five components of internal control. What characteristics of Comptronix’s internal control increased control risk for the audits of the 1989-1992 year-end financial statements? Five components of control risk are: control environment, risk assessment, control activities, information and communication, and monitoring. Control environment set the tone of an organization by influencing the control consciousness of people. Risk assessment is management’s process for identifying, analyzing, and responding to the risks. Control activities are policies and procedures that help ensure that management’s directives are carried out. Information is needed at all levels of an organization to assist management in meeting the organization’s objectives. Monitoring of controls is a process to assess the quality of internal control performance over time. The information and communication is seriously weak in that he three executives were able to perpetrate the fraud by bypassing the existing accounting system. They could record the fictitious entries manually and other employees were excluded from the manipulations to minimize the likelihood of the fraud being discovered. Besides, the weak control activity and monitoring is represented by the fact that Mr. Shifflett or Mr. Medlin could approve payments based solely on an invoice. Therefore, the fraud team was able to bypass internal controls over cash disbursements. Internal controls were also insufficient to detect the manipulation of sales and accounts receivable. Mr. Medlin had the ability to access the shipping department system. 4. The board of directors, and its audit committee, can be an effective corporate governance mechanism. Discuss the pros and cons of allowing inside directors to sere on the board. Describe typical responsibilities of audit committees.What strengths or weaknesses were present related to Comptronix’s board of directors and audit committee? As shareholders have limited access to the sufficient information, they are hard to monitor the daily transactions and management. They would delegate the responsibilities to the board of directors. Then, board of directors require inside directors to provide sufficient information in order to make decisions those are in the maximum profits of shareholders. However, if the inside directors have improper purposes, it’s easily to be a manipulation tool for management. Audit committee is responsible for ensuring that the company’s financial statements and reports are accurate and use fair and reasonable estimates. More specifically, it is charged with overseeing the financial reporting and disclosure process, monitoring choice of accounting policies and principles, overseeing hiring, performance and independence of the external auditors, oversight of regulatory compliance, monitoring the internal control process, overseeing the performance of the internal audit function, and discussing risk management policies and practices with management. The control environment is significantly influenced by the effectiveness of its board of directors or its audit committee. Factors that bear on the effectiveness of the board or audit committee include the extent of its independence from management, the experience and stature of its members. However, among the seven individuals in Comptronix board of directors, five members are either inside directors or directors had close affiliations with management. In addition, the primary responsibility of the board of directors is to protect the shareholders’ assets and ensure they receive a decent return on their investment. Board members act as trustees of the organization’s assets and must exercise due diligence to oversee that the organization is well managed and that its financial situation remains sound. But the composition of Comptronix’s board of directors obviously lacks objectivity. A qualifying audit committee should be composed of independent directors who are not officers or employees of the organization and who do not have other relationships that impair independence. However, The audit committee of Comptronix is made up two outside directors and one gray director, which would inevitably impair the independence. What’s more, to qualify, the committee must be composed of outside director with at least one qualifying as a financial expert. Nevertheless, for Comptronix Corporation, there is no indication of whether any of these individuals had accounting or financial reporting backgrounds. Lastly, the audit committee met only twice during 1991, it was not efficiently and sufficiently to monitor and oversee the financial reporting. 5. Public companies must file quarterly financial statements in Form 10-Qs, that have been reviewed by the company’s external auditor. Briefly describe the key requirements of Auditing Standards (AU) Section 722, Interim Financial Statements. Why wouldn’t all companies (public and private) engage their auditors to perform timely reviews of interim financial statements? The term interim financial information means financial information or statements covering a period less than a full year or for a 12-month period ending on a date other than the entity’s fiscal year end. A review consists principally of performing analytical procedures and making inquiries of persons responsible for financial and accounting matters, and does not contemplate (a) test of accounting records through inspection, observation, or confirmation; (b) tests of controls to evaluate their effectiveness; (c) the obtain net of corroborating evidence in response to inquiries; or (d) the performance of certain other procedures ordinarily performed in an audit. The decision to have a review engagement is a joint decision of the client and auditor. So a review would be performed when the benefits to the auditor and to the client exceed the costs to both parties. In general, firms with high complexity are more likely to be reviewed than firms with low complexity. Firms with high growth opportunities a less likely to be reviewed than those with low growth opportunities for they may be associated with higher information and litigation risks. And it’s also about the firms’ audit assurance and insurance needs. 6. Describe whether you think Comptronix’s executive team was inherently dishonest from the beginning. How is it possible for otherwise honest people to become involved in frauds like the one at Comptronix? We don’t think Comptronix’s executive team was inherently dishonest from the beginning. In opposite, we think there are two main reasons for the company committed the fraud. The first is its weak internal control. First comes to the company’s board of director. The board of directors is responsible for overseeing the actions of management. Factors that bear on the effectiveness of the board include the extent of its independence from management, the experience and stature of its members, the extent to which it raises and pursues difficult questions with management, and its interaction with the internal and external auditors. the audit committee of the board of directors should be composed of independent directors who are not officers or employees of the organization and who do not have other relationships that impair independence. In addition, the audit committee should have one or more members who have financial reporting expertise. However, Comptronix’s board of directors consist of the CEO and the COO of the company, And two of the other five directors who had close affiliations with management, one served as the company’s outside general legal counsel and the other who served as vice president of manufacturing for a significant customer of Comptronix, and one of the remaining outside directors who was a partner in the venture capital firm that owned 574,978 shares (5.3%) of Comptronix’s common stock, the second outside director who was the vice chairman and CEO of the local bank originally loaning money to the company, and the third outside director who was president of an international components supplier based in Taiwan. And there was no indication of whether any of these individuals had accounting or financial reporting backgrounds. 28.6% of the board consisted of inside directors. And even all of the board of directors disobey the independence and effectiveness of the formation of the board of directors. The interest relationship with the company increased the potential risk for the management to commit fraud. The second reason is the huge pressure of harsh competition for the companies in the industry. The fraud was motivated by the loss of a key customer in 1989 to the three executives’ former employer, SCI. Since the first manipulation of the financial statement, they were forced to manipulate the other years and evidences to hide the manipulation, which created a vicious circle. In conclusion, the weak internal control system provided a good environment for the commission of fraud. The huge pressure of the company brought the motivation of the fraud. Both of them played important roles for the honest people to become involved in frauds. 7. Auditing Standards (AU) Section 316, Consideration of Fraud in a Financial Statement Audit, notes that three conditions are generally present when fraud occurs. Research the authoritative standards for auditors and provide a brief summary of each of the three fraud conditions. Additionally, provide an example from the Comptronix fraud of each of the three fraud conditions. (1) Three fraud conditions First, management or other employees have an incentive or are under pressure, which provides a reason to commit fraud. Second, circumstances exist—for example, the absence of controls, ineffective controls, or the ability of management to override controls—that provide an opportunity for a fraud to be perpetrated. Third, those involved are able to rationalize committing a fraudulent act. Some individuals possess an attitude, character, or set of ethical values that allow them to knowingly and intentionally commit a dishonest act. (2) Examples The incentive for top company executive to do fraud is that after the company went public, the company needed an increasing number for profit on the income statement, to attract more investors and make the stock price higher and higher. One of the opportunities for fraud perpetrated in Comptronix is that their internal controls were so insufficient. The three executives had so many authorities to get access to various accounts. They can get control of both checks and accounts payable, which enable them to make fake equipment purchasing recording. Because Comptronix`s quarterly filings were unaudited, the executives were successful in manipulating quarterly financial statements. After they successfully manipulated 1989 year-end sales and receivables, they thought their performance may not be discovered by external auditors and SEC, so they began recording fictitious quarterly sales frequently. 8. Auditing Standards Section 316, Consideration of Fraud in a Financial Statement Audit, notes that there is a possibility that management override of controls could occur in every audit and accordingly, the auditor should include audit procedures in every audit to address that risk. a. What do you think is meant by the term â€Å"management override†? Management override of internal controls is the intervention by managers in handling financial information and making decisions contrary to internal control policy. Managers may think they have the ability to operate outside of the internal controls, but this is not true. b. provide two examples of where management override of controls occurred in the Comptronix fraud. For example, Mr. Medilin, as controller and treasurer, has the authorization to manipulate both sales documents and accounts receivable documents. Thus he can enter bogus sales into the accounting system then make fake accounts receivable to overstate the company`s earnings. Moreover, in order to overstate the equipment and accounts payable, the three company executives cut fake checks to the bogus accounts payable vendors associated with the fake purchases of equipment. However, the check preparing and recording of equipment purchases jobs should be distributed to different staff. Handling these two jobs at the same time by same executives provide them opportunity to make overstated recording of equipment purchasing. c. Research AU Section 316 to identify the three required auditor responses to further address the risk of management override of internal controls. Three required auditor responses to further address the risk of management override: (1) Examining journal entries and other adjustments for evidence of possible material misstatement due to fraud. (2) Reviewing accounting estimates for biases that could result in material misstatement due to fraud. (3) Evaluating the business rationale for significant unusual transactions.

Penny Press Creator Benjamin Day Changed Journalism

Benjamin Day was a printer from New England who started a trend in American journalism when he founded a New York City newspaper, The Sun, which sold for a penny. Reasoning that a growing working-class audience would respond to a newspaper that was affordable, his invention of the Penny Press was a genuine milestone in American journalism history. While Day’s newspaper proved successful, he was not particularly suited to being a newspaper editor. After about five years of operating The Sun, he sold it to his brother in law at the very low price of $40,000. The newspaper continued to publish for decades. Day later dabbled with publishing magazines and with other business endeavors. By the 1860s he was essentially retired. He lived on his investments until his death in 1889. Despite his relatively short tenure in the American newspaper business, Day is remembered as a revolutionary figure who proved that newspapers could be marketed to a mass audience. Early Life of Benjamin Day Benjamin Day was born in Springfield, Massachusetts, on April 10, 1810. His family had deep roots in New England going back to the 1830s. While in his teens Day was apprenticed to a printer, and at the age of 20 he moved to New York City and began working in print shops and newspaper offices. He saved enough money to start his own printing business, which nearly failed when the cholera epidemic of 1832 sent a panic through the city. Trying to salvage his business, he decided to start a newspaper. Founding of The Sun Day was aware that other low-cost newspapers had been tried elsewhere in America, but in New York City the price of a newspaper was generally six cents. Reasoning that working-class New Yorkers, including newly arrived immigrants, would read a newspaper if they could afford it, Day launched The Sun on September 3, 1833. At the outset, Day put the newspaper together by repackaging the news from out of town newspapers. And to stay competitive he hired a reporter, George Wisner, who ferreted out news and wrote articles. Day also introduced another innovation, newsboys who hawked the newspaper on street corners. The combination of a cheap newspaper that was easily available was successful, and before long Day was making a good living publishing The Sun. And his success inspired a competitor with far more journalism experience, James Gordon Bennett, to launch The Herald, another penny newspaper in New York, in 1835. An era of newspaper competition was born. When Horace Greeley founded the New York Tribune in 1841 it was also initially priced at one cent. At some point, Day lost interest in the day-to-day work of publishing a newspaper, and he sold The Sun to his brother in law, Moses Yale Beach, in 1838. But during the short time he was involved in newspapers he had successfully disrupted the industry. Day’s Later Life Day later launched another newspaper, which he sold after a few months. And he started a magazine called Brother Jonathan (named for the common symbol for America before Uncle Sam became popular). During the Civil War Day retired for good. He admitted at one point that he had not been a great newspaper editor, but had managed to transform the business â€Å"more by accident than design.† He died in New York City on December 21, 1889, at the age of 79.