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Essay Slave Trading - 1900 Words

â€Å"African slavery is the corner-stone of the industrial, social, and political fabric of the South; and whatever wars against it, wars against her very existence. Strike down the institution of African slavery and you reduce the South to depopulation and barbarism.† –Lawerence Keitt, South Carolina Congressman, 1860 Slave trading dates back to ancient times, but it did not become popular until the fifteenth century when the Portugese began engaging in slave trading for profit. The colonization of the Americas brought about a new wave of slave importation in the late seventeenth century. A large percentage of the indentured servants and Native Americans were dying from diseases bought to the land by Europeans, and the American†¦show more content†¦Between the seventeenth and nineteenth centuries, many Europeans found their careers in the slave trading market. Approximately twelve million African Americans were captured from their native land of Africa and fo rced to board ships bound for the New World by way of the â€Å"Middle Passage.† In order to maximize profits, slave traders would load a ship well over its capacity. African Americans were shackled and then ordered to lay in rows below the decks of the slave ships. The captives had no room to move around, and therefore laid in their own filth and that of others for several months. Since the slaves were packed into such tight, unsanitary quarters, diseases such as typhoid, measles, and small pox claimed the lives of thousands before the ships ever reached the shores of America. Many slaves escaped a life of bondage by throwing themselves overboard. On average, twenty percent of Africans died before arriving at their destination. Olaudah Equiano, a child of only eleven years old, was kidnapped from his native land of Africa in the 1780s and sold into slavery. He was one of millions that traveled the infamous Middle Passage to the Barbados Islands and one of few who was later able to purchase his freedom. His voyage to the New World was, indeed, brutal, evidenced by the horrific stories included in hisShow MoreRelatedWhy Did Slave Trading Intensify in Nineteenth-Century East Africa?1103 Words   |  5 Pagesthe 19th century the East Africa was marked by the sadness event of slave trading in response to larger demanding markets. For a long time the exportation of slaves was made through the Red Sea and Indian Ocean to supply the Muslin world. However there was a greatly expansion of slave trades to the Atlantic ocean during 19th century. The slave trading increase during the 19th century due to the fact that the exportation of slaves was a profitable business, more than five times the export of ivoryRead MoreSocial Performance of Organizations Essay2146 Words   |  9 PagesPerformance of Organizations Janet Jackson Strayer University BUS475 May 1, 2014 Instructor: The De Beers Company is one of the wealthiest companies in the world. De Beers leads and dominates the diamond industry in diamond mining, diamond trading, and industrial diamond manufacturing. In 1871 a South African man named Cecil Rhodes created De Beers. Rhodes rented water pumps to miners then invested his profits by buying up small mining operations. In 2011 the De Beers Group sold their remainingRead MoreThe Voyages Of The Slave Trade Voyages1504 Words   |  7 Pagesaffected the slave trade voyage, indirectly to investors while directly to the ship owner, captain and others aboard included natural disasters due to weather and navigation, attacks by pirates or competing trading countries, slave rebellions, and diseases as mentioned before. The weather and natural disasters is not widely cited as a great risk to these voyages. Nonetheless, it is imperative in the analysis if we are trying to capture a complete picture of the supply line of slaves to the coloniesRead MoreSla ve Narrative : Literacy And The Trope Of The Talking Book2101 Words   |  9 PagesSlave Narrative: Literacy and the Trope of the Talking Book The literary form of the slave narrative grew out of the first-person, written accounts of individuals who had been enslaved in Britain, the United States and other areas. These narratives documented life under the yoke of slavery, detailing the hardships and abuses these people endured, but they also showed a resilience of spirit and determination as these individuals strove to attain freedom. There are similarities to be found in theseRead More`` Soul By Soul `` By Walter Johnson1741 Words   |  7 Pagesbook written by a leading American historian Walter Johnson in 1999. This book takes us to nineteenth century American cities such as, New York, Philadelphia, Charleston, Washington, and finally New Orleans, where one of the biggest slave markets could be found. At slave markets, such as the one in New Orleans, black people were dehumanized, treated as products, priced and ultimately sold at exhibitions. With subsequent chapters, based on the Louisiana Supreme Court’s re cords, sales papers, lettersRead MoreFlashback into the Slave Market in the Book, Soul by Soul: Life Inside the Antebellum Slave Market by Walter Johnson1249 Words   |  5 PagesAntebellum Slave Market by Walter Johnson gives us a flashback into the slave market located in New Orleans during the 19th century. While many of the information we obtain from slavery is all written account, this book puts everything together to help us get a better idea of what the auctions, slave trades, and antebellum slavery were actually like. The concepts discussed in the book revolve around the rise of domestic slave trading, slavery as compared to a commercial market, the formation of slave communityRead MoreSlavery And The Slave Trade Essay1313 Words   |  6 Pagesuse of the domestic slave trade because of the need for slaves in the tobacco planting lands. Many landowners and planters looked towards the Chesapeake area to seek for slaves. Many slave owners started looking towards that region because the International Slave Trade had been blockaded off. The domestic slave trade began something different; where African Americans were moved to a new location either through being sold or being transferred. Because of the desperate need of slaves in order to earnRead MoreResistance and Opposition From the first slaves came resistance and rebellion in hopes of gaining700 Words   |  3 PagesOpposition From the first slaves came resistance and rebellion in hopes of gaining freedom or simply to make the life of their owners miserable. The African people first began to rebel in their homeland. A number of attempts were made in Africa to either stop the trade or cut it down significantly.’ More attempts were made with the passing or laws preventing slave traders from trading in their village keeping that village safe. Many villages would fight against traders to keep trading from happening butRead MoreThe Positive Side Of Globalization1155 Words   |  5 Pagesfinally, other nations gained economic growth due to the growth of business in Europe. Globalization also caused economical wealth and access to foreign goods due to the triangular trade network. The triangular trade was a trading network in which manufactured goods and slaves were traded over one trade route. Merchants purchased sugar, coffee, and tobacco in the West Indies and took them to Europe. Crops such as cotton, sugar, and rice were not grown in Europe because importing such crops from theRead MoreThe Economy Of The South863 Words   |  4 Pagesthan benefit, because it’s promoted slave economy, monopolistic business nature, and unnecessary suffering. The booming economy of the South relied on slave economy. One good example is the domestic slave trade. The domestic slave trade became a great business between 1800 and1860, an almost universal resource to raise money. However, the unkindness of slave trade it causes thousands of African American to be separated to their families and communities. The slave traders went from one rural village

Educational Research on Mathematics

Question: Describe about the Educational Research on Mathematics. Answer: Week 2 Theme Why Maths Matters: Illustrating importance of mathematics for people of all demographics and dispelling myths Evidence https://research.acer.edu.au/cgi/viewcontent.cgi?article=1016context=learning_processes The above article resource investigates the perceptions of school students regarding maths mathematical tasks and how mathematics teachers can play a vital role in making students dispel any misconceptions regarding the subject and instead develop considerable interest and enthusiasm. The above article was written by Professor Sarah Buckley of the Australian Council for Educational Research and primarily focuses on the anxiety experienced by students as a result of any mathematics related work. Rationale This resource points out the particular nervous sensation of anxiety which is felt by almost every school student when faced with mathematical tasks. As emotions are a vital part of the learning process, this article dwells into the various psychological disturbances felt by students, the underlying neurological phenomena that occur as a result and investigates the causes along with providing remedial action. The article also give a mention regarding the usage of advanced medical technologies like functional magnetic resonant imaging of the brain to analyse brain activities during maths anxiety that may help root out all these negative aspects. Discussions are also given about various educational and certain social myths that are associated with students mathematical ability, that are the main reasons behind feelings of maths anxiety among students. Additional myths like how girls are not expected to be good at maths and that maths are primarily important for students of technical t echnological fields are also mentioned. Application The article is quite useful in pinpointing some underlying factors that creates anxiety and terror amongst students when they face mathematical work. Private discussions can be held with those students who experience the largest levels of anxiety. They can be counselled to be strong and brave enough to face any mathematical work without hesitation. Parents can be advised to support their children regarding their nervousness towards maths, instead of rebuking them. The myths that students have regarding mathematics can be removed by showing them instances of application of maths in many non technical fields. Any and all negative school community beliefs regarding maths occurs amongst students and mainly in classrooms of the high schools, which cause decline in the academic motivation of many students. Students can thus be encouraged to hold positive discussions and encourage them to arrange unique mathematical problem solving friendly competitions amongst themselves. The exact factors that cause the formation of maths anxiety in students can be addressed/. Students mainly feel nervousness because of their lack of confidence in solving maths problems as almost all maths problems have just one correct answer. Students feel tensed and anxious because of the compulsion to find out the absolute correct answer. This particular aspect can be discussed with them, and advice can be given that it is absolutely normal to make mistakes as long as that mistake teaches something and helps in the overall learning process. (Sarah, 2013) Week 7 Theme Maths in Real World: How mathematics is interwoven in almost all everyday activities in the real world Resource https://www.sfu.ca/~rpyke/Modelling.pdf This resource illustrates several applications of mathematics that pertain to real life situations and incidences. The steps that are required to effectively and logically solve a real life problem using mathematical techniques are shown here. Several examples have been given and detailed step by step descriptions of all the mathematical solutions are shown clearly. In addition, diagrams and proper images are given that lucidly explain the associated concepts and the processes that are used to mathematically solve the real life problems. This article is aimed at facilitating the mathematical learning experience of students aged 15 to 18. Rationale This article is a clear cut presentation that clearly shows how mathematical tools and techniques are used utilized to solve day to day real life problems. Steps required to logically solve problems are properly given. The given procedures show how a word problem that describes some real world event are divide into a number of steps , that help in attaining the required solution quickly and efficiently. Linear programming and operational research techniques are described in a very simple manner using a real life example of a furniture manufacturing company. The method of explanation is very simple and clear, and it is possible for nay school student to understand it without any significant effort on their part. The article emphasizes the usage and application of simple logic on the part of the students to solve the problems and adequate help guidance regarding the steps that are require to be followed are all given in the document. Application Several unique problems are given in the above article and they have real life applications. The first problem deals with finding the profit gained by a furniture manufacturing company; how the company manufactures pieces of wood that have individual pricings and in what way they should assimilate all the various parts so as to make a considerable profit. Relations and equations are also clearly given, and if properly taught and explained to students, they can analyse and understand how mathematics and associated tools can be effectively utilized in solving day to day problems. The situation mentioned in the resource is a typical real life situation and students can gain useful insights on how mathematics is involved and interwoven in every real life situation. Formation of mathematical modelling using data, algorithm and variables is very clearly mentioned in an absolutely uncomplicated way, and this will also help students learn the process of creating effective maths modelling sys tems to obtain solutions related to any mathematical or technical problem. Selection of variables and how to appropriately modify them in order to obtain correct solutions can be shown. Furthermore, behaviour of the variables is very logically and simply shown using the basics of coordinate geometry, such a straight lines that represent linear equations in a two dimensional frame. All of these concepts are well within the scope of a high school student and hence they will find it quite easy to analyse and understand the given real life mathematical problems in the article. ("Using Mathematics to Solve Real World Problems", 2010) Week8Theme Maths and early childhood: Techniques that can be used to inspire mathematical learning in young children Resource https://www.esev.ipv.pt/mat1ciclo/DISCUSS%C3%95ES/Picture%20books.pdf The above article puts forth the technique of using picture boos to stimulate and encourage young children about mathematics and how this will in turn enhance the confidence of the children regarding the subject and any kind of mathematical or technical problem solving tasks in the present and the future. The article is written by Marja van den Heuvel-Panhuizen of the Utrecht University of The Netherlands and Humboldt University of Germany, Sylvia van den Boogard of the Utrecht University of The Netherlands and Brain Doig of Deakin University. This is an example of a planned day experience. Rationale This article effectively describes the experiences and observations of the writers regarding the usage of picture and illustrations books that help in encouraging young children of ages five to six to learn more about mathematics. Analysis done shows how these types of books can help the young children to explore in depth the various types and sections of the branch of mathematics. Through mathematical picture books students can clearly understand the basic concepts of arithmetic and mathematics along with their proper application in real life. This is possible as these books illustrate and put forth several real life situations and objects that have technical and mathematical implications .A combination of literature and pictures that lucidly describe mathematical problems along with their associated solutions, helps children learn from the angles of a particular situation or context, enhancing their overall learning experience. Application This resource clearly explains the various ways how the various real life examples and contexts given picture books with appropriate literature help in giving young children an early access and lucid understanding of several mathematical rules and their applications. Children can be taught the basic concepts of geometry through the help of these books. Their mental and cognitive development will be accelerated as a result. They can be asked to differentiate between the various shape, sizes and structures of several objects. Patterns and logical resolution of problems can be taught to them through the myriad of examples given in these types of books. Literatures given I the book can also be used to teach children about any mathematical queries that they have, which in turn help them develop their own ideas and concepts regarding the solution of mathematical problems. Pictures of various things like buildings, vehicles and landscapes are usually shown in these books along with mentione d values of distances heights and lengths etc. and children can be asked to specific or general questions regarding the various distances that are covered by any particular object or road. Other illustrations like a group or flock of animals or birds can be shown to the children and questions can be asked regarding the number of animals, how they are arranged or how many are moving or gathered together or in what direction they are moving. All these examples and contexts explained in a picture book can help in stimulating the learning nature of young children and make them more interested in mathematics. (Marja, Sylvia, Brian, 2009) Week 9 Theme Maths and Primary School: How primary schools should modify maths learning in schools Resource https://www.into.ie/ROI/Publications/MathsPrimarySchool.pdf This resource portrays certain methods through primary school children can get to love mathematics as a subject and gain a better understanding of mathematical tools and techniques that will in turn develop their logic level and problem solving levels. This article is written by the Irish National Teachers Organisation, and aims at improving the learning experience of primary school students with respect to mathematics. A survey shows the effectiveness of the methods given in the article. Rationale This article emphasizes on the importance of mathematics in the daily teaching curriculum of schools. Teachers have been asked to link mathematics to any aspect of the students environment and their own experiences. At the same time, teachers have been asked to encourage students to think logically and relate everyday experiences and activities to the mathematical world. A proper division of the mathematics curriculum structure is given in this resource, where the whole curriculum has been divided into several individual subjects such as numbers, algebra, shapes and spaces, measurements and data collection with associated analysis. Means if assessing the level or amount of a particular students mathematical learning have also been mentioned. In addition, several alternative and unconventional approaches to mathematics learning have been mentioned along with their key focuses and assessment methods. Surveys results have also been given that indicate the impacts and implications of the changes in the learning experiences on students and their learning processes. Application An effective learning experience can be achieved with the proper and perfect application of all the mentioned changes and modifications of the mathematical curriculum. Students can be taught in accordance to the various sub modules of the modified curriculum. They can be instructed to focus on their mental aptitude and ability to solve problems in a quick manner without any mistakes rather than perform lengthy written calculations with pen and paper. Recordings can be done to help students better understand the process of mental maths. They can also better learn patterns and understand certain mathematical and algebraic sequences when they are taught in these types of modulated teaching methods, which put emphasis on systematic and individualistic teaching of each branch of mathematics. Spatial awareness and real life applications of shapes, sizes and geometrics can be improved through effective integration of a geometric sub module to this teaching procedure. Data analysis by observ ing graphical representations of equations and relations is another important aspect of this particular teaching method that will help better the learning experience of students. Students will be able to better evaluate measure and interpret real life mathematical models and this will assist their ability to relate and link theories with practical applications. (John, 2006) Week 10Theme Maths and Learning Environment: How certain learning environments can help stimulate students to actively learn mathematics Resource https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413379/Good_practice_in_primary_mathematics.pdf This article illustrates the various types of learning environments that can be created to help young children learn actively and get enthused about mathematics. This is British government article that show how practical situations can be introduced safely in eth classroom or teaching area that will help young children to learn more about numbers, mathematical and arithmetical tools and techniques. These teaching methods, if practiced, can provide young children with a very beneficial learning experience. Rationale This article shows the practical and hands on experiences are critical in helping the development of logical and deductive way of thinking and helps in all round mental development of young children. The teaching practices and procedures mentioned in this resource are collected from a wide variety of reputed schools spread all over the United Kingdom. And several useful and key findings have been summarised, that will help a teacher to understand and find out means to better the immediate learning environment of schools. The methods that can be useful to develop the mental capabilities of students and help them in developing fluency in mental calculation methods and help them one problem with several correlated problems through efficient deduction and induction. Applicatio Several methods that can be used to improve the learning environments of students are given. Practical situations and objects can be introduced in the classroom. Children can be taken out into outdoor areas. Games using numbers can be used to teach children regarding several mathematical concepts. The methods also show how students can be taken to markets and bazaars to interact with shop keepers who can teach them about the mathematical calculations that they deal with daily. New ways to solve certain mathematical problems can be taught to the students. Alternative techniques to performing addition, subtraction, multiplication and division can also be taught to the students by putting forth real life concepts and contexts in front of them, through the environment. ("Good practice in primary mathematics: evidence from 20 successful schools", 2011) Week 11 ICT in Maths: How ICT can be used to create new modalities in maths Resource https://www.voiceofresearch.org/doc/Jun-2014/Jun-2014_8.pdf The above resource portrays how information and communication techniques can be used to open up new avenues and create new innovative techniques for mathematical education. The role of ICT has been researched in this case study and focus is mainly on the role it can play in primary mathematical education. Rationale The above article shows how digital technology and communication techniques can help in expanding the scope of learning, with primary focus on mathematics. The various electronic and digital means and how they can be effectively utilized in the mathematical educational field are explained. ICT can help in accessing a wide variety of information from various sources and thus will help in broadening the viewpoint and knowledge base of a student. At the same time, digital means are very effective in providing accurate solutions and results, the key aspect of mathematics, and thus students will be able to identify and correct their mistakes if they are allowed to learn mathematics through innovative ICT. Application As evident from the rationale given, ICT can be used in classrooms with proper supervision to help students gain a broader understanding g about any subject. With regards to mathematics, students can gain access to study materials from educational institutions from any corner of the world. They can thus gain a broader understanding of any mathematical concept, relate it to any everyday situation and also witness how contemporary students from other places are solving problems. The process of transmitting and availing information is a vital component of todays educational world. Laptops, projectors, the Internet etc. all these are very useful resources in the right hands and can help teachers motivate students to understand, deduce and logically solve problems using the various data available through information and communication technologies. (Amarnath, 2014) References Amarnath, M. (2014). Ict And Its Role In Primary Mathematics Education.Voice Of Research. Good practice in primary mathematics: evidence from 20 successful schools. (2011). John, C. (2006). Maths in Primary Schoo. Marja, v., Sylvia, v., Brian, D. (2009). Picture books stimulate the learning of mathematics. Sarah, B. (2013). Deconstructing maths anxiety: Helping students to develop a positive attitude towards learning maths. Using Mathematics to Solve Real World Problems. (2010).

The Effects Of Color On Personality And Relationships E

The Effects Of Color On Personality And Relationships The Effects of Color on Personality and Relationships Colorado Christian University When dealing with interpersonal relationships peoples personalities are a large part of how people get along. When you meet a new person you may say that you hit it off or that you just clicked; this is due to how each others personalities coincide with one anothers. Peoples personalities are impacted by there surroundings. This paper will discuss how color affects peoples moods and personalities. All people are affected by their surroundings. Emily Landen after a pilgrimage to several third world countries stated, the children were so malnourished that it made me physically ill to continue to be around them everyday. This is just a brief example of how ones surroundings can affect not only a persons psychological health but their physical health as well. It is the findings of this author that subtle things like color can affect a persons personality. At times in our busy lives it is sometimes easy to overlook some of the little things that may cause influence on how we interact with our wives and children. After much consideration value was found for the argument that there are influences on us daily by the colors that we surround our selves with. Interesting to thing that the color that we paint our rooms may influence whether or not we have a good day at work or whether or not we are in a great mood when we get home. The first known studies of color were done in ancient Greece by Aristotle, theorized that color existed in the form of rays sent down from the heavens by God. His theory was not disputed until the Renaissance when Aguilonius and Sigfrid Forsius developed more sophisticated color systems. Aguilonius's system was the first attempt at defining all colors and was based on his observations of the changing color of the sky from dawn to dusk The world is full of beautiful colors. Colors have subtle effects on our moods everyday. Psychologists have long since theorized that people's preferences for color and color mixes have deep physiological affects on you mood or feeling. In fact, research does suggest that color can affect your being and that your choice of color or combinations of color is significant to your mood. An example of this is that healthy people will prefer colors and color mixtures that reflect their health both physically and mentally. Furthermore, your color preferences are not necessarily fixed and that they will vary even within a given day depending on your mood. An evaluation of what each color must be made. The uses of color have spanned many area. Color has been used for years in medical treatments around the world. Before we can discuss how these colors affect us we must first examine what each color represents independently. Red is the color of energy, vitality and power. It is used for burning out cancer, drying up weeping sores or wounds, etc.; it will warm cold areas to reduce pain. Red is a powerful healing agent for healing diseases of the blood and circulation. It will help with depression. Red is not to be used on people with high blood pressure or anxiety. If you stay under the red ray too long or are exposed to red for a considerable time it will make you very agitated or even aggressive. Orange is also a color of energy. It is used to increase immunity, to increase sexual potency, to help in all digestive ailments, chest and kidney diseases. Orange will have a gentle warming effect if used lightly. Orange, like red should not be used for too long. It is not a good color for nervy people or people easily agitated. Yellow is the color of intellect and it is used for mental stimulation, it will help you think quicker. It is good for clearing a foggy head. To help cure dermatitis and other skin problems and again it must be used carefully because it is very stimulating and it could cause exhaustion and depression. Green is the color of harmony and balance. It is good for tired nerves and it helps with the heart

A&P and Araby essays

A&P and Araby essays John Updike's A characteristic of both writers' works, each rendition offers its own unique perspective upon the young man's romantic infatuation. Not only are descriptive phrases shared by both stories, but parallels occur with each ending, as well (Doloff 113). What is even more telling of Updike's imitation of Joyce's Araby is the fact that the A & P title is hauntingly close in pronunciation to the original story's title. The theme of A & P and Araby are so close to each other that the subtle differences might be somewhat imperceptible to the untrained eye. Both stories delve into the unstable psyche of a young man who is faced with one of life's most difficult lessons: that things are not always as the...

The Freelance Writing Course is Re-Opening Today

The Freelance Writing Course is Re-Opening Today The Freelance Writing Course is Re-Opening Today The Freelance Writing Course is Re-Opening Today By Ali Hale Remember January? You probably made some new year’s resolutions. Maybe, like many writers, you wanted to finally make some money from your words. Back in January, we launched something new here on Daily Writing Tips: the Freelance Writing Course. A bunch of fantastic students spent six weeks in January and February learning all about freelance writing online and building their own freelancing businesses. The doors have been closed for four months, but we got such great feedback on the course that we’re opening them up again for 72 hours! Here is what one of the students said about the course: Thank you for the course! It was more than worth the price tag. I actually remember thinking: They could be charging so much more for this. Why? Because there are thousands of websites and books with advice about freelance writing, blogs, content mills or running a business but I havent found one with such comprehensive look at everything, with the action steps to take me from dabbling to professional! This really helped me see all of the avenues I have open and choose the ones that are going to give me the biggest pay off in money and experience right now. Thanks again! (Jessica Vaughan, United States) The course is a six-week program designed to teach you everything you need to know about making money freelance writing online. You’ll get written lessons every week (that you access on a special members’ site). They’ll cover: Week #1: Becoming more productive and effective – if you can write fast without sacrificing quality, you’ll massively increase your earnings. Week #2: Setting up your own freelancing website and building up your online writing credentials – essential if you want to be taken seriously. Week #3: Writing great content for the web – so you can provide editors with exactly what they want. Week #4: Finding great clients and high-paying jobs – so that you get paid well for your writing, instead of toiling away for peanuts. Week #5: Running your business effectively – because if you can’t communicate well with clients or if you miss deadlines, you’ll soon find yourself out of work. Week #6: Using social media to find jobs and promote yourself – the way you use social media can make or break your writing career. Three years ago my life changed forever when I left my day job to become a full-time freelance writer. Now, I get to do what I love all day long. This course teaches you exactly how I did it – so that you can do the same. And you won’t be alone. You’ll be taking the course as part of a whole group of writers (hundreds of them!). You’ll have a forum where you can get to know them – and where you can get advice and support directly from me, whenever you need it. So that everyone can go through the course together, though, we are keeping the doors open for 72 hours only, until midnight (GMT) this Friday, 6th May. If this is what you’ve been waiting for click here to read all the details and join us. We’d love you to be our next success story. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Freelance Writing category, check our popular posts, or choose a related post below:Arrive To vs. Arrive At7 Patterns of Sentence Structure30 Nautical Expressions

Online Payments Assurance and Security Term Paper

Online Payments Assurance and Security - Term Paper Example The demand for quick, suitable and safe payment substitutes is increasing rapidly. Along with this, there is an alteration in the way commerce takes place in the recent times. One of the easiest ways to identify the significance of electronic payments is to imagine a world without them. In other words, if electronic payments come to a sudden pause then in such circumstances most of the facets of commerce such as trade, travel and internet might confront terrible consequences. Although cash and cheque still plays a vital role in making payments, there are many problems associated with these payment options such as lack of speed and convenience. These also face issues related to safety demanded by the consumers, governments as well as businesses in today’s fast-paced and ever-dwindling world. It can be mentioned that the extensive utilization of the electronic payments along with the sophisticated network that interconnects many consumers, financial institution and merchants in the world are at the center of commerce (OECD, 2012). The significance of the electronic payments is apparent not only in industrialized countries but in developing countries as well. One of such costs is related with interchange where a comparatively small fee is offered to the card issuers by card acquirers. It is worthy of stating that interchange comprises part of most of the expenses that issues are supposed to bear for the purpose of creating the advantage that merchants enjoy while accepting the payment cards. It has often been observed that the advantages of payment system and the significance of interchange go unnoticed. Most of the people are aware of the fact that electronic payments which are vast and complex permit the transaction to take place within no time. It is these systems that permit the cardholders to make use of their card at any part of the country and with the same ease and convenience that they experience at their area. The online payment system permits peo ple to travel with greater peace of mind because they are aware of the fact that they do not need to carry huge amount of money. The very same systems rationalize the checkout process for consumers as well as merchants (Master Card, 2012). Payment systems are considered to be a significant part of the electronic commerce. Even though in electronic markets, common media of interchange is generally utilized, it is observed that there is escalation of the spatial distance between the buyers as well as the sellers which in turn increases their worries after having successfully completed their dealings. There are numerous payment methods available in online auction markets. They are personal check, credit card, debit card and prepaid card among others. There are different risks, costs as well as convenience associated with each form of online payment method (Peffers & Ma, n.d.). The main objective of the study is to identify how the companies can enhance their security measures so that

Child Abuse Research Paper Example | Topics and Well Written Essays - 3000 words

Child Abuse - Research Paper Example The rates are probably much higher than these estimated numbers. Hence it is legal, ethical, moral and life-or-death decision to report and handle child abuse and neglect. It is not only difficult to identify abused children; it is also difficult to handle the management of these children. This article is intended to gain insight into various types of abuse, their effects on the children and strategies available to manage such children. Definition of child abuse and neglect The definition of child abuse and neglect varies from state to state and country to country. According to the Child Abuse Prevention and Treatment Act (CAPTA) of United States (cited in McDonald, 2007), abuse is "a recent act or failure to act that results in death, serious physical or emotional harm, sexual abuse or exploitation, or imminent risk of serious harm; involves a child; and is carried out by a parent or caregiver who is responsible for the child’s welfare." The definition is for that abuse cause d by caregiver or parent of the child. Also, failure to act, because of which serious harm has resulted, is also considered as abuse or neglect. It is important to note that harm or negligence caused by other acquaintances or strangers is not considered as child abuse or neglect. While direct or indirect infliction of any sort of physical, mental or sexual injury is considered as child abuse, deprivation of the basic necessities like food, clothing, care and medical attention is considered as child neglect. Types of child abuse and neglect The most common type of child abuse is physical abuse. Anger on the part of the parent or caregiver can miscalculate the extent of damage that can be inflicted to the child resulting in physical injuries. In most cases, the injuries are unintentional. Physical abuse can occur from any form of physical act either by parent or caregiver or by any other person who is responsible for the child (McDonald, 2007). The injury may range from simple bruise to severe fractures. Since bruise is an indication of damage to body tissue and breaking of blood vessels, discipline methods which cause bruises are considered as child abuse. The physical abuse may even lead to death. These injuries are termed abuse irrespective of the intentions behind the acts. Neglect is another type of child abuse that merits importance (McDonald, 2007). Failure on the part of the parent, caregiver or guardian to provide for the basic needs of the child is called neglect. The neglect may be physical, medical, educational or emotional. Inadequate provision of required food, shelter and proper supervision is called physical negligence. Medical negligence is failure to provide proper medical care or appropriate mental health treatment. Failure to attend to appropriate education needs of the child on the part of the parent, caregiver or guardian is known as educational negligence. When there is no proper attention to the emotional and psychological needs of the ch ild, emotional negligence ensues (McDonald, 2007). Allowing the child to consume alcohol and take illicit drugs or other dangerous substances or drugs is also considered as emotional negligence because, children do not know the difference between right and wrong and it is the duty of the parents or caregivers to help them adapt to good conducts and behaviors (McDonald, 2007). When child abuse involves sexual activity which cannot be comprehended to by the child, it is known as sexual abuse. While

Why the Legal Drinking Age Shouldnt be lowered Essay Example for Free

Why the Legal Drinking Age Shouldnt be lowered Essay In the United States, the legal drinking age for all fifty states and the District of Columbia is twenty-one. The drinking age is twenty-one because the government decided this is when a person becomes legally responsible to handle the repercussions of consuming alcohol. The U. S. has the highest legal drinking age in the world. Only four countries in the world have a legal drinking age over eighteen, making the US an exception rather than the rule. Some people may argue that the government should lower the drinking age since you legally become an adult at age eighteen, but I completely understand this law and am totally for it. Underage drinking has become an epidemic that has spread all over the world, but more so in the United States than any other country. This is disturbing because the brain is not fully developed until a person is around twenty-two years of age. Therefore, it should be harder for minors to obtain alcohol, and the legal drinking age should not be lowered. What is alcohol, and where did it come from? Alcohol is a natural substance formed by the reaction of fermenting sugar with yeast. The production of alcohol started about 10,000 years ago. It all started around the Black and Caspian Seas with wine, and slowly made its way around the surrounding areas. Mesopotamia and Egypt were thriving with wine productions by 3,000 B. C. (Narconon). A thousand years later, a Roman God, Dionysus, started appearing in the literature, and was the god of the grape harvest. Then, about 700 years after that, in addition to wine, India started manufacturing beer. This new production spread rapidly, and the Hebrews adopted the new beverage for many different new medicines. After that, the Jews began to use wine and beer in sacred rituals and ceremonies. Although some cultures accepted alcohol, others rejected it completely. Because these alcoholic beverages were spreading so quickly, they raised curiosity. A medical school in Italy began doing experiments, and finally developed something called distillation- a purer, stronger alcohol (Narconon). From Italy, these new drinks spread to England and Scotland, and eventually found their way over to America. Drunkenness became a huge problem in America, so the government passed the Prohibition Act of 1920. Originally, the eighteenth amendment to the U. S. Constitution prohibited the manufacture, sale, transport, import, or export of all alcoholic beverages. Upon its ratification by the states, Congress voted its approval in 1919. Thus the law was passed, and became known as the National Prohibition Act of 1920 (American Medical Association). The eighteenth amendment was repealed in 1933, which made the Prohibition Act null and unenforceable. After prohibition, most states restricted the minimum legal drinking age to twenty-one. Between 1970 and 1975, twenty-nine states lowered the minimum legal drinking age to eighteen, nineteen, or twenty. These changes were made when other activities, such as voting, were lowered. In between September 1976 and January 1983, the minimum legal drinking age for every state was set at the age of twenty-one. Although this is the law in our country, it is also incredibly easy for minors to obtain alcohol. As always, there are different ways to work around the law. These are issues that must be addressed. Some of these ways include a fake I. D. , a minor giving someone money to go buy it for them, going somewhere that will sell to minors, or even stealing it from their parents liquor cabinet. A fake I. D is fairly cheap and also easy to get if you know the right people. For the most part, if you were a minor trying to get alcohol you could go up to any random person, and eight times out of ten that person would go buy it for you. There are also places minors could go to buy it themselves like little gas stations around the lower socioeconomic societies. The reason that these gas stations will sell to minors is because it increases their sales, and because they will get little penalty for selling to minors. If they do get fined for it, the fine isn’t enough to make them stop. Alcohol generally is not secured in most homes so there is easy access for minors who have no fears about taking it from their parents. There has also been the increasing trend of parents not only providing alcohol, but encouraging its use in the home, under the assumption that minors will do it anyway and it’s better to do so in a supervised, safe environment. Underage drinking is one of the biggest problems that the U. S. faces, and is now considered a public health problem. Young adults have the highest prevalence of alcohol consumption than any other age group (Century Council). They also drink more heavily, experience more negative consequences, and engage in more harmful activities. Drinking at any age can have some of the worst effects on you and the people around you. Many young teens that experiment with alcohol believe there are no consequences to their actions. It is actually quite the opposite. Alcohol is associated with driving under the influence, violence and aggressiveness, sexual activity, smoking, and poor school performance. There are all of these problems, and then some that all started with alcohol. Driving under the influence or a DUI is classified under two categories, and can be given out if the person is under the influence of an intoxicating drink or a combination of an alcoholic beverage and drugs. There are felonies and misdemeanors. The difference between a misdemeanor and a felony is misdemeanor DUI charges means that the charge involved no injury or property damage, and the penalty can be up to 6 months in jail. A felony has injury and/or property damage, and the penalty could be up to three years in a state prison. This number fluctuates depending on the number of misdemeanors or felonies a person has had in the past. These laws are in place to not only protect the youth in America, but to also ensure that other innocent people on the roads do not get hurt. There are plenty of accidents that come from texting and driving already (which is the equivalent to drinking and driving) that to lower the drinking age, I think, would cause more alcohol-induced accidents. Underage drinking already contributes to more than 4,700 automobile wrecks a year (Centers for Disease Control and Prevention), and studies have shown that every twenty-two minutes someone will die of an alcohol related traffic accident (First Eagle Insurance Services). Although you probably think that it could never happen to you, other studies have shown that everyone has a forty percent chance of being in an accident involving alcohol use at some point in their life (Drug Free World). â€Å"Vehicle crashes remain the leading cause of death for minors age 15-20 years old† (Century Council). Aside from drinking and driving, there is also a two-way association between alcohol consumption and violence or aggressiveness. While individual behavior is shaped in large part by the environment, it is also manipulated by biological factors, and ultimately directed by the brain, but the brain is affected if large amounts of alcohol are consumed. The consumption of alcohol may promote aggressiveness and lead to victimization, which in turn leads to excessive consumption of alcohol. Violence and aggressive behaviors are those that are threatening, hostile, or damaging in a physical or nonphysical way. There have been multiple studies conducted that show there is a link between violent crimes and alcohol consumption. In 2012, the percentages of violent offenders who were drinking at the time of the offense were: â€Å"eighty-six percent of homicide offenders, thirty-seven percent of assault offenders, sixty percent of sexual offenders, up to fifty-seven percent of men, and twenty-seven percent of women involved in marital violence, and thirteen percent of child abusers† (NIAAA). A lot of times alcohol is accompanied by cigarettes, marijuana, or other hardcore drugs. Many researchers hypothesize that the ethanol in alcohol triggers a feeling of pleasure, and those feelings are reinforced when nicotine is added to the mix. Others think that those who abuse one substance will be more inclined to abuse other substances. Nicotine lowers blood alcohol concentration, so therefore a person who is smoking and drinking simultaneously would have to consume more alcohol in order to reach intoxication. Most people react differently to alcohol than others do. A lot of this has to do with the person’s age, gender, race/ethnicity, physical condition (weight, fitness level etc. ), amount of food consumed before drinking, use of drugs/prescription medications, and family history of alcohol problems. Usually when there is a family history of alcohol problems you will often see a history of some other type of disease linked to it. Some of these include: breast cancer, oral cancer, heart disease, strokes, diabetes, and cirrhosis of the liver. Twenty percent of alcohol is absorbed directly through the stomach walls into the bloodstream, and reaches all organs and tissues of the body within moments. The other eighty percent is processed through the gastrointestinal system. It is considered a drug, and is a sedative depressant of the central nervous system (Reeves). Alcohol can damage the dendrites at the end of a nerve cell causing disorder to brain functions. It is also capable of rupturing blood capillaries and veins. Aside from damaging nerves and veins, it can also damage the liver. It stops the liver’s ability to process fats, and can cause disease. The high sugar content in some alcoholic or mixed beverages can lead to hypoglycemia and predispose one to diabetes. Alcohol can also alter sleep patterns, basic motor functions, thoughts, and emotions. The consumption of alcohol on or at an above average rate can lead to alcoholism. Women metabolize alcohol more slowly than men. Because it stays in a womans bloodstream longer, it can cause more cellular damage of the kind that can trigger cancer. Alcohol also influences blood levels of estrogen and other hormones in ways that may make cancer more likely. For example, â€Å"compared to women who dont drink at all, women who have three alcoholic drinks per week have a 15% higher risk of breast cancer. Experts estimate that the risk of breast cancer goes up another 10% for each additional drink women regularly have each day. Girls ages 9-15 who have 3-5 drinks a week have 3 times the risk of developing benign breast lumps†(Breastcancer. org). These benign breast lumps can be a precursor to breast cancer. From this it is easy to see that the younger that someone starts consuming alcohol, the increased risk of cancer and loss of life is more likely. It might be easy to dismiss this issue as one of personal choice or preference. This discounts the social impact of drinking on society. â€Å"Alcohol costs American employers an estimated $134 billion in productivity losses, mostly due to missed work† (Ensuring solutions. org). The impact is not only economical though. Missed work impacts every worker at a job who must work that much harder to accomplish their work tasks. It also can decrease teamwork and morale due to resentment from the missed time at work, therefore decreasing productivity as well. Additionally, alcohol impacts every workers paycheck in other ways. As a rule, workers in America pay taxes on their pay as part of the social contract. These taxes are used for a variety of federal projects, such as ensuring a strong infrastructure, including maintenance of our highway system. â€Å"Alcohol related crashes costs the public $114. 3 billion annually† (MAAD). This is money that could be spent improving our roadways, bridges, and mass transit systems. This would also address shortfalls in other areas of the government budget, such as possibly addressing the furlough of air traffic controllers due to the current sequester. Not only is alcohol affecting society in terms of road safety, it is impacting air safety too. These quotes and statistics are not specifically for underage drinkers but as a sampling of society as a whole we can see that if adults are unable to drink heavily and prolonged without negative effects the same should be true of minors who have not yet developed full brain capacity and critical thinking skills. It is not just physical and social effects that are felt by people who overuse or abuse alcohol. â€Å"Among high school students, those who use alcohol are five times more likely to drop out than those who dont use alcohol. Alcohol is implicated in more than 40 percent of all college academic problems and in 28 percent of all college dropouts† (Alcoholcostcalculator. org). This has a ripple effect. High school and college dropouts on average earn less than those with secondary and post secondary degrees. This not only impacts the immediate quality of life it has long term effects reaching into retirement. Social Security is based on lifetime earned income. With the reduced earning potential of not having a diploma or degree underage drinkers set themselves up for living on a fixed income once they become old or infirm. This is not the only economic impact. A quick look at Rehabilitation Centers shows price ranges from $2,000-$30,000 for a 28 day stay. This does not include continuing aftercare. There are also legal fees for DUIs or Public Intoxication citations, plus bar tabs prior to the cessation of drinking. â€Å"Out of every $100 American consumers spend, about $1 goes to alcohol† (Vo). The average household income is around $50,000 per year, meaning that on average $500 a year is spent on alcohol, for an approximate lifetime average of $35,000. â€Å"In 2007 the death toll from teen drunk driving accidents was 1,393† (Drug Free World). The economic impact of funeral expenses, which on average total around $6,000, is nothing in terms of emotional cost. Many parents who lose a child end up divorcing, tearing apart families in the process. This may also lead to alcohol or other drug abuse in the parents or siblings, resulting in further economic, social, and societal impacts. It’s a vicious cycle and one that could be avoided by continuing to keep the drinking age at the current level. There are numerous warning signs that a minor may have an issue with underage drinking and it is important for those involved in the minor’s life to recognize these to curb an issue before it begins. These include physical, emotional, family, school, and social problems. Parents, teachers, and friends should look for physical signs such as fatigue, red and glazed eyes, or a lasting cough. Emotional indicators include personality changes, sudden mood changes, irritability, irresponsible behavior, low self esteem, poor judgment, and depression. The minor may start more arguments, break more rules and withdraw from their family. There will be a decreased interest in school, drop in grades, increased absences, truancy, and a rise in discipline issues. The minor may show a big social change, with new friends, a change in style of dress, and possible problems with the law. This list is not exhaustive, but from the examples given it shows that underage drinkers have a wealth of issues that will affect them negatively for quite some time. With all of this in mind, I do not feel that lowering the legal drinking age would be in our county’s best interest. The government has these laws in place to keep our country and the people in it safe, and if these laws were to change it would send our country into a downward spiral. I feel that the rates of alcohol induced traffic accidents, rates of violent crimes related to alcohol, rates of certain types of diseases, and much more would upsurge drastically. I also feel that if our government doesn’t address these issues with more force and power, minors will keep doing what they have been doing and nothing will change. Works Cited â€Å"Alcohol Alert. † www. pubs. niaaa. nih. gov/publications/aa38. htm. National Institute on Alcohol Abuse and Alcoholism (NIAAA). N. d. Web. 25 April 2013. â€Å"Drinking Alcohol. † www. breatscancer. org. 18 January 2013. Web. 4 May 2013. â€Å"Drunk Driving in America. † www. maad. org/media-center. Mothers Against Drunk Driving (MAAD). N. d. Web. 25 March 2013. â€Å"Ensuring Solutions to Alcohol Problems. † www. ensuringsolutions. org. N. d. Web. 4 May 2013. â€Å"Minimum Legal Drinking Age. † www. cdc. gov/alcohol/facts-sheets/mlda. htm. Centers for Disease Control and Prevention (CDC). 7 November 2012. Web. 19 March 2013. â€Å"Minimum Legal Drinking Age: Brief History. † www. ama-assn. org. American Medical Association (AMA). N. d. Web. 19 March 2013. Narconon Drug Information Department, ed. â€Å"Alcohol History. † www. narconon.org/drug-information/alcohol-history. Narcanon International. N. d. Web. 25 March 2013. â€Å"Problems at School. † www. alcoholcostcalculator. org. Ensuring Solutions to Alcohol Problems. N. d. Web. 4 May 2013. Reeves, Pat. â€Å"What Alcohol Does to Your Body. † www. foodalive. org/articles/alcohol. htm. Complementary Natural Healthcare Council (CNHC). N. d. Web. 23 March 2013. â€Å"Teenage Drunk Driving. † www. firsteagle. com/tdd. htm. The First Eagle Insurance Services. N. d. Web. 22 April 2013. Vo, L. T. â€Å"What American Spends on Booze. † www. npr. org. National Public Radio. 2013. Web. 4 May 2013.

Essay --

Over one billion people do not have access to clean water and less than 10% of the world’s population receive a treated water supply. I find this intriguing; as well as being essential to preserving life, water contributes to our lifestyle in so many ways, from the generation of steam for industrial use and electricity generation to the foods we eat. Today chemical engineers face the challenge of ensuring water is purified as well as finding solutions to the wasting of this precious resource. I am particularly interested in the process of water purification from subsurface aquifers and surface sources, such as lakes and rivers, to produce portable drinking water. The reason that this sector has sparked a significant interest is because I come from Somalia, a country where clean water is so difficult to obtain. Chemical engineering consolidates maths and chemistry, which is one of the main reasons I was first attracted to studying it. Mathematics has helped me approach problems in an analytical and rigorous way, formulating theories and applying them to solve problems. I particularly...

Enron Case Study

When Sharron Watkins, the former UP of Corporate Development offered to show the problems in counting decisions, Ken Lay, the Chair of the Board refused and said â€Å"He rather not see it†. 2. Regulatory Agencies, SEC and BAS Enron was able to hide their losses behind their ESP. or Special Purpose Entities by omitting an Spec's assets and liabilities from its consolidated financial statements and both SEC and BAS failed to provide formal guidelines for companies to follow in ESP. accounting and reporting.As a result of the minimal legal and accounting guidelines for Esp., Enron along with other companies was able to divert huge amounts of their liabilities and asses to off-balance sheet entities. 3. Management and Accounting team of Enron Both management and accounting team Of Enron manipulated the revenue recognition principle by making vague assumptions that inflated the profits booked on Enron's commodity contracts. There attempt was to keep the stock prices high by showin g inflated financial statements in order to receive high credit ratings and increased lender cash flow into the company. 4.Anderson Accounting Firm The Anderson firm, an independent audit firm failed to provide a more transparent financial statements of Enron. Anderson firm audited the many for 1 5 years where its auditors failed to perform their duties and professional standards of accounting. In fact, Anderson made efforts to restructure Enron's ESP. to continue to qualify as unconsolidated entities once they became aware of Enron's rapidly deteriorating financial condition. Anderson firm was more interested in retaining Enron as their client to provide consulting services hence creating a conflict of interest.Lists three type of consulting services that audit firm have provided to their audit client in recent years. For each item, indicate the specific threats, if any, that the reversion of the given services can pose for an audit firm independence. Auditors independence is consi dered a cornerstone in the accounting profession since they are entrusted by the general public to provide true picture of a company's financial position. It is believed that non-audit services provided by audit firms impair auditors independence to fairly attest the financial statements produced by the client company.Consulting and audit a same firm causes conflict of interest. Anderson firm earned approximately $52 million in fees from Enron in 2000, less than half of which was directly elated to the auditing, rest were for non-audit services. Audit firm may provide many types of consulting services such as: 1. Tax consulting services 2. Accounting system design services 3. Bookkeeping or other related services 4. Financial advice services, including internal audit consulting service. In this highly competitive market, non-audit services have taken precedence over the traditional accounting and auditing services.Even if an audit firm is fairly attesting financial statements and pr ovides honest opinion of a company, its stakeholders and other users may still presume otherwise due o the recent accounting debacles such as Enron and Anderson firm. The additional non-audit services may prove to be a threat to the audit firm's independence. By providing financial advice services for Enron's accounting procedures, Anderson provided them an opportunity to manipulate the reporting and treatment of the Esp..Bookkeeping and following correct accounting procedures are very important components of preparing financial statements. Manipulations of these data are likely to show up when it is audited accurately, and with precision. When the same company repaper and audits the financial statements, it can create conflict of interest just like in this case, where the creators of accounting procedures I. E the management and Anderson team fabricated the financial statements by using complex accounting procedures and loopholes that users could not understand.Any other consulting services such as tax advisory also creates a threat to the independence of the auditing firm, where manipulations are more likely to happen which can hurt the creditability of the audited statements and the auditor's opinion about the company. For purpose of this question, assume that the excerpts from the Power Report shown in Exhibit 3 provide accurate description of Andersen's involvement in Enron accounting and financial reporting decisions. Given this assumption, do you believe that Andersen's involvement in those decisions violated any professional auditing standards?If so, lists those standards and briefly explain your rationale. Arthur Anderson, once known as one of the top accounting firms in nation, was ridiculed and criticized for their questionable accounting and auditing procedures of their client Enron, which ultimately lead to its demise. Their faulty accounting practices shattered investor confidence in auditors throughout the country and made way to Serbians-Solely Act of 2002 and the creation of Public Company Accounting Oversight Board (PEPCO) to oversee the rule-making process for independent audit function.Anderson provided external auditing, internal auditing and consulting services to Enron. They violated several of their professional and ethical standards by accepting large suns in fees and perhaps by looking the other way to the faulty accounting practices contemplated by Enron's management ND giving them an unqualified audit opinion on the financial statements. Andersen earned around $52 million from Enron during 2000, but only $25 million was payment in reference to the 2000 audit. With such an involvement in non-audit services they were not independent of the company, violating the most important standard of auditing.They put their own interest before the interest of the users of their audited financial statements and opinion. From the excerpts it can be concluded that they were deeply involved in the accounting and structuring of the Esp., where they were more interested in electing millions of dollars in fees and failed to provide objective accounting judgment that should have prevented these transactions from going forward. Andersen failed to bring to the attention of Enron internal Audit and Compliance Committee about the serious reservations brought on internally about the related-party transactions, I. . Esp., which clearly shows the violation of professional auditing standards. Anderson firm should have supervised the auditing services provided by its auditors to maintain independence. This lacks of planning and supervision made Anderson to be highly involved in client accounting and financial porting decisions. Anderson had concerns about the disclosures of the related third-party transactions in the financial statement footnotes and instead of pointing those out to the Audit and Compliance Committee they vouched on its accuracy and issued an unqualified opinion on the financial. Enron Case Study Executive Summary: As per requested this group assignment prepared from Group 2 (NASA) contributed by Norazman Saharum , Shaufi Akil , Abd Manaf Jalil and Zubir Zainal Abidin . This group assignment part of final course entitle for 25 marks . This assignment to fulfill our MSU MBA Syllabus for subject Accounting For Corporate and Evaluation (DAC 5013) instructed by Dr Mazlinah Mat Zain . Our group have chosen The Arthur Andersen Troubles. The most famous scandal case Arthur Anderson scandal was involved in was the fraudulent auditing of Enron. In this case Arthur Anderson shredded vital documents sourcing the audit of Enron which occurred in the year 2002. Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. Some individual new economy companies will have depressed stock prices for some time, but they, too, will recover as they demonstrate that they are prepared to prevent Enron-like behaviour. We do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. We will discuss more information on this issues based on the question given on Arthur Andersen and among them are the conflict of interest between the two roles played by Arthur Andersen, as auditor but also as consultant to Enron; the lack of attention shown by members of the Enron board of directors to the off-books financial entities with which Enron did business; and the lack of truthfulness by management about the health of the company and its business operations. Lastly, we would like to thanks to Dr Mazlinah on her dedicated and helpful to achieve our mission and mission to be a successful entrepreneur for the future. Arthur Andersen case study reminds us the most important ethics lessons of this decade. AMIN. Introduction; Arthur Andersen LLP, based in Chicago, was once one the â€Å"Big Five† accounting firms among Price Water House Coopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG , providing auditing, tax, and consulting services to large corporations. In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accounting in the United States after being found guilty of criminal charges relating to the firm’s handling of the auditing of Enron, the energy corporation, resulting in the loss of 85,000 jobs. In this case Arthur Andersen shredded the vital documents sourcing the audit of Enron which occurred in the year 2002 . Although the verdict was subsequently overturned by the Supreme Court of the United States, it has not returned as a viable business. However, how did this company get the reputation that it has while following such a moral slogan? As the clients demanded for more profit margins , Arthur Andersen scandal had to compromise his morality leading to the allegation that he had fraudulently altered the statement of such companies and corporation for example Sunbeam Products, Waste Management Inc. , Asia Pulp and Paper, The Baptist Foundation of Arizona , and WorldCom . Due to the downfall of Arthur Andersen, it lost nearly all of its business and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. Arthur Anderson's motto of â€Å"Think straight, talk straight† has forever been tainted in the eyes of Americans corporations. This devastation of fraudulent activity has forever left a deep and painful scar on America’s businesses. . The Arthur Andersen’s Troubles: Question 1: What did Arthur Andersen (AA) contribute to the Enron disaster? The most famous scandal case Arthur Andersen was involved in was the fraudulent auditing of Enron. In this case Arthur Andersen shredded vital documents sourcing the audit of Enron which occurred in the year 2002. According to Watkin, a financial executive who worked with Andrew Fastow told Enron CEO Kenneth Lay she feared that Enron would â€Å"implode in a wave of accounting audit scandal â€Å" (1: USA Today, Wed, Jan 16, 2002) AA apparent mistakes may have been made for several reasons to the Enron disaster including: †¢ Incompetence , as displayed and admitted in the rhythms case . Judgement errors; . as to the significants of each of the audit findings, or of the aggregate impact in any fiscal year. †¢ Lack of information caused by Enron staff not providing critical information, or failure on the part of AA personal to search it out . †¢ Time pressures :related to revenue generations and budget pressures that prevented adequate audit work and the full considera tions of complex SPE and prepay financial arrangements . †¢ Desire not to confront Enron management or advise the Enron board in order not to upset management, and particularly fastow, Skilling and Lay Lack of Independence. The Board of Directors failed to ensure the independence of the company auditor , allowing AA to provide internal audit and consulting services while serving the Enron outside auditors . †¢ A failure of AA’s internal policies whereby the concerns of a quality control or practice standards partner can and was overruled by the audit partner in charge of the Enron account. AA was the only one of the Big 5 accounting forms to have this flaw and it left the entire firm vulnerable to the decisions of the person with the most to lose by saying no to a client. A misunderstanding of the fiduciary role required by auditors . for example AA allowing Enron to engage in high risk accounting , inappropriate conflict of interest transactions, extensive undisclo sed off-the-books activities and excessive executive compensation . Given this â€Å"tone at the top’. It is reasonable to assume that AA partners were going to be motivated by revenue generations. But if too many risks are taken in the pursuit of revenue the probability of a series of audit problems leading to increasingly unfavorable consequences becomes greater . That is exactly what happened to Enron disaster. Unfortunately, the leaders of AA failed to recognize the cumulative degree to which the public, the politicians, and the SEC (The Securities and Exchange Commission) were angered by the progression of AA audit failures . Question 2: What Arthur Andersen (AA) decision were faulty? Arthur Andersen (AA) decision were faulty . This is the ‘ Enron Debacle† section presented previously covers in detail many of the questionable accounting transactions, legal structures, and related disclosures that AA reviewed as auditors of and consultants to Enron. AA faulty may have been made for several reason , including: †¢ AA apparently approved as auditors and consultants (and collected fees for the consulting advice) the structure of many special purpose entities (SPEs) that were used to generate false profits, hide losses, and keep financing off Enron’s consolidated financial statements , failed to meet the required outsiders 3 percent equity at risk, and decision control criteria for non consolidation . AA failed to recognize the generally accepted accounting principle (GAAP) that prohibits the recording of shares issued as an increase in shareholders’ equity unless they are issued for cash . †¢ AA did not advise Enron’s audit committee that Andrew Fastow, Enron’s CFO and his helpers were involved in significant conflict of interest situations without adequate alternative means of managing these conflicts. †¢ AA did not advise the Enron audit committee that Enron’s policies and internal control were not adequate to protect the shareholders’ interests even though AA had assumed Enron’s internal audit functions . Many transactions between Enron and the SPEs were not in the interest of Enron shareholders since: a) Enron profits and cash flow were manipulated and grossly inflated, misleading investors and falsely boosting management bonus arrangements. b) Extraordinarily overgenerous deals, fees, and liquidation arrangements were made by Fastow, or under his influence, with SPEs owned to Fastow , his family, and Kopper, who was also as employee of Enron . AA aparently did not adequately consider, the advice of its quality control partner, Carl Bass. He asked AA for an accounting change that would have resulted in a $30 – $50 million charge to Enron’s earnings. †¢ AA apparently did not find significant audit evidence, or did not act upon evidence found, related to the: 1)Mistaken valuation of shares or share rights transferred to SPEs 2 )Side deals between Enron and banks removing the bank’s risk from transactions such as the : a) Chewco SPE Rhythms hedge. ) Numerous prepay deals for energy futures, even though AA made a presentations to Enron on the GAAP and AA requirements that preclude such arrangements. Questions 3: What was the prime motivation behind the decision of Arthur Andersen’s audit partners on the Enron, WorldCom, Waste Management the public interest or†¦? Cite examples that reveal this motivation . The AA was motivated by greed instead of serving the public interest. The amount of money they got from the consulting fee has compromised their auditing works. In 1997, client Waste Management Inc. had the largest earnings restatement to date, wiping out $1. 7 billion in profits that it pulled in through the 1990s. The lead auditor on Waste Management was Robert Allgyer, who was known inside the firm as â€Å"the Rainmaker† for his success in cross-selling extra services to auditing clients. He was clearly successful at selling to Waste Management, which paid $17. 8 million in fees unrelated to the audit between 1991 and 1997, against audit fees of $7. 5 million. But he was also signing off on drastically inaccurate books. Among other things, the fast-growing trash hauler wasn't properly writing off the value of assets such as garbage trucks as they aged, a ruse that pumped up reported profits. The SEC's acting commissioner, Laura Unger, concluded that the agency had the â€Å"smoking gun† it was looking for to prove that the lure of consulting fees compromised auditor independence. The SEC filed suit in March 2002, accusing six former Waste Management executives of fraud. It alleges that Mr. Allgyer's judgment was skewed by consulting fees, in particular a $3. 7 million â€Å"strategic overview† of Waste Management operations. The project lasted for 11 months, but the client didn't adopt the recommendations. Bellow table shown example AA’s involvements in the major financial scandals as the audit firm that failed to discover their mistakes that reveal this motivation: |CLIENT |PROBLEM MISSED, DATE |LOSSES TO SHAREHOLDERS |JOB LOSSES |AA FINE | |WorldCom |$4. billion overstatement of |4179. 3 Million |17,000 |N. A | | |earnings announced on June 25,| | | | | |2002 | | | | | | | | | | | |Inflation of ncome, asset, | | | | | |etc bankrupt Dec 2, 2001 | | | | |Enron | |$66. 4 Billion |6,100 |$. 5 Million | | |Overstatement of income by | | |(for shredding) | | |$1. billion, 1992-1996 | | | | | | | | |$7 Million | | | | | | | |Waste Management | |420. 5 Billion |11,000 | | Question 7: Under what circumstances should audit firm shred or destroy working paper ? According to section 802 of the Sarbanes-Oxley Act of 2002, accountants who audit or review an issuer's financial statements are required to retain certain records relevant to that audit or review. These records include workpapers and other documents that form the basis of the audit or review, and memoranda, correspondence, communications, other documents, and records (including electronic records), which are created, sent or received in connection with the audit or review, and contain conclusions, opinions, analyses, or financial data related to the audit or review. To coordinate with forthcoming auditing standards concerning the retention of audit documentation, the rule requires that these records be retained for seven years after the auditor concludes the audit or review of the financial statements. Refer to the above question, for example if we as a professional audit firm can’t simply shred or destroy working paper. How long to keep a document, when and how to store the document, and how to dispose of the document, will depend on the type of document . As any internal auditor knows, there are numerous types of documents that may be accumulated as part f an audit or review. The final rule here requires the retention of all records relevant to the audit, including working papers and other documents that form the basis of the audited financial statements, as well as certain supporting documents. The guideline for document retention is that they must meet two criteria: (1) Documents are created, sent, or received in connection with the a udit or review, (2) the documents contain conclusions, opinions, analyses, or financial data related to the audit or review. Both Enron and Arthur Andersen are now gone, but this audit work-paper clean-up exercise, no doubt, was a major motivating factor for the Sarbanes-Oxley Act , Section 802 rules outlining penalties for the destruction of documents. The rules require external auditors who audit or review an enterprise's financial statements to retain certain records relevant to that work, including work papers and other documents that form the basis of the audit or review. These retention requirements include memoranda, correspondence, communications, other documents, and records, as well as related electronic records that are created, sent, or received in connection with the audit work and contain conclusions, opinions, analyses, or financial data related to the work. These records are to be retained for seven years after the auditor concludes the financial statements review. This rule was nothing new for many internal auditors as many audit functions have followed similar document retention rules based on U. S. tax document retention guidelines. The rules also states that if you know your company is under investigation, or even suspect that it might be, all document destruction and alteration must stop immediately. And, you must create a company records showing that you’ve ordered a halt to all automatic e-data destruction practices. Question 8: Answer the â€Å"Lingering Question† on page 94 . Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. I do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. Among these lessons are: 1. You make money in the new economy in the same ways you make money in the old economy – by providing goods or services that have real value. 2. Financial cleverness is no substitute for a good corporate strategy. . The arrogance of corporate executives who claim they are the best and the brightest, â€Å"the most innovative,† and who present themselves as superstars should be a â€Å"red flag† for investors, directors and the public. 4. Executives who are paid too much can think they are above the rules and can be tempted to cut ethical corners to retain their wealth and perquisites. 5. Government regulations and rules need to be updated for the new economy, not relaxed and eliminated. Due to the downfall of Arthur Anderson, it lost nearly all of its business ,employees, and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. We believe accounting regulations should be altered to prohibit ownership of both auditing and consulting services by the same accounting firm. Accounting firms are already moving to sever their consulting businesses. The SEC should probably adopt additional disclosure requirements. Various regulators should tighten requirements for directors to be alert and provide protections for whistleblowers who bring improper behaviour to public attention. But, in the final analysis, the solution to an Enron-type scandal lies in the attentiveness of directors and in the truthfulness and integrity of executives. Clever individuals will always find ways to conceal information or to engage in fraud. Enron Case Study Executive Summary: As per requested this group assignment prepared from Group 2 (NASA) contributed by Norazman Saharum , Shaufi Akil , Abd Manaf Jalil and Zubir Zainal Abidin . This group assignment part of final course entitle for 25 marks . This assignment to fulfill our MSU MBA Syllabus for subject Accounting For Corporate and Evaluation (DAC 5013) instructed by Dr Mazlinah Mat Zain . Our group have chosen The Arthur Andersen Troubles. The most famous scandal case Arthur Anderson scandal was involved in was the fraudulent auditing of Enron. In this case Arthur Anderson shredded vital documents sourcing the audit of Enron which occurred in the year 2002. Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. Some individual new economy companies will have depressed stock prices for some time, but they, too, will recover as they demonstrate that they are prepared to prevent Enron-like behaviour. We do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. We will discuss more information on this issues based on the question given on Arthur Andersen and among them are the conflict of interest between the two roles played by Arthur Andersen, as auditor but also as consultant to Enron; the lack of attention shown by members of the Enron board of directors to the off-books financial entities with which Enron did business; and the lack of truthfulness by management about the health of the company and its business operations. Lastly, we would like to thanks to Dr Mazlinah on her dedicated and helpful to achieve our mission and mission to be a successful entrepreneur for the future. Arthur Andersen case study reminds us the most important ethics lessons of this decade. AMIN. Introduction; Arthur Andersen LLP, based in Chicago, was once one the â€Å"Big Five† accounting firms among Price Water House Coopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG , providing auditing, tax, and consulting services to large corporations. In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accounting in the United States after being found guilty of criminal charges relating to the firm’s handling of the auditing of Enron, the energy corporation, resulting in the loss of 85,000 jobs. In this case Arthur Andersen shredded the vital documents sourcing the audit of Enron which occurred in the year 2002 . Although the verdict was subsequently overturned by the Supreme Court of the United States, it has not returned as a viable business. However, how did this company get the reputation that it has while following such a moral slogan? As the clients demanded for more profit margins , Arthur Andersen scandal had to compromise his morality leading to the allegation that he had fraudulently altered the statement of such companies and corporation for example Sunbeam Products, Waste Management Inc. , Asia Pulp and Paper, The Baptist Foundation of Arizona , and WorldCom . Due to the downfall of Arthur Andersen, it lost nearly all of its business and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. Arthur Anderson's motto of â€Å"Think straight, talk straight† has forever been tainted in the eyes of Americans corporations. This devastation of fraudulent activity has forever left a deep and painful scar on America’s businesses. . The Arthur Andersen’s Troubles: Question 1: What did Arthur Andersen (AA) contribute to the Enron disaster? The most famous scandal case Arthur Andersen was involved in was the fraudulent auditing of Enron. In this case Arthur Andersen shredded vital documents sourcing the audit of Enron which occurred in the year 2002. According to Watkin, a financial executive who worked with Andrew Fastow told Enron CEO Kenneth Lay she feared that Enron would â€Å"implode in a wave of accounting audit scandal â€Å" (1: USA Today, Wed, Jan 16, 2002) AA apparent mistakes may have been made for several reasons to the Enron disaster including: †¢ Incompetence , as displayed and admitted in the rhythms case . Judgement errors; . as to the significants of each of the audit findings, or of the aggregate impact in any fiscal year. †¢ Lack of information caused by Enron staff not providing critical information, or failure on the part of AA personal to search it out . †¢ Time pressures :related to revenue generations and budget pressures that prevented adequate audit work and the full considera tions of complex SPE and prepay financial arrangements . †¢ Desire not to confront Enron management or advise the Enron board in order not to upset management, and particularly fastow, Skilling and Lay Lack of Independence. The Board of Directors failed to ensure the independence of the company auditor , allowing AA to provide internal audit and consulting services while serving the Enron outside auditors . †¢ A failure of AA’s internal policies whereby the concerns of a quality control or practice standards partner can and was overruled by the audit partner in charge of the Enron account. AA was the only one of the Big 5 accounting forms to have this flaw and it left the entire firm vulnerable to the decisions of the person with the most to lose by saying no to a client. A misunderstanding of the fiduciary role required by auditors . for example AA allowing Enron to engage in high risk accounting , inappropriate conflict of interest transactions, extensive undisclo sed off-the-books activities and excessive executive compensation . Given this â€Å"tone at the top’. It is reasonable to assume that AA partners were going to be motivated by revenue generations. But if too many risks are taken in the pursuit of revenue the probability of a series of audit problems leading to increasingly unfavorable consequences becomes greater . That is exactly what happened to Enron disaster. Unfortunately, the leaders of AA failed to recognize the cumulative degree to which the public, the politicians, and the SEC (The Securities and Exchange Commission) were angered by the progression of AA audit failures . Question 2: What Arthur Andersen (AA) decision were faulty? Arthur Andersen (AA) decision were faulty . This is the ‘ Enron Debacle† section presented previously covers in detail many of the questionable accounting transactions, legal structures, and related disclosures that AA reviewed as auditors of and consultants to Enron. AA faulty may have been made for several reason , including: †¢ AA apparently approved as auditors and consultants (and collected fees for the consulting advice) the structure of many special purpose entities (SPEs) that were used to generate false profits, hide losses, and keep financing off Enron’s consolidated financial statements , failed to meet the required outsiders 3 percent equity at risk, and decision control criteria for non consolidation . AA failed to recognize the generally accepted accounting principle (GAAP) that prohibits the recording of shares issued as an increase in shareholders’ equity unless they are issued for cash . †¢ AA did not advise Enron’s audit committee that Andrew Fastow, Enron’s CFO and his helpers were involved in significant conflict of interest situations without adequate alternative means of managing these conflicts. †¢ AA did not advise the Enron audit committee that Enron’s policies and internal control were not adequate to protect the shareholders’ interests even though AA had assumed Enron’s internal audit functions . Many transactions between Enron and the SPEs were not in the interest of Enron shareholders since: a) Enron profits and cash flow were manipulated and grossly inflated, misleading investors and falsely boosting management bonus arrangements. b) Extraordinarily overgenerous deals, fees, and liquidation arrangements were made by Fastow, or under his influence, with SPEs owned to Fastow , his family, and Kopper, who was also as employee of Enron . AA aparently did not adequately consider, the advice of its quality control partner, Carl Bass. He asked AA for an accounting change that would have resulted in a $30 – $50 million charge to Enron’s earnings. †¢ AA apparently did not find significant audit evidence, or did not act upon evidence found, related to the: 1)Mistaken valuation of shares or share rights transferred to SPEs 2 )Side deals between Enron and banks removing the bank’s risk from transactions such as the : a) Chewco SPE Rhythms hedge. ) Numerous prepay deals for energy futures, even though AA made a presentations to Enron on the GAAP and AA requirements that preclude such arrangements. Questions 3: What was the prime motivation behind the decision of Arthur Andersen’s audit partners on the Enron, WorldCom, Waste Management the public interest or†¦? Cite examples that reveal this motivation . The AA was motivated by greed instead of serving the public interest. The amount of money they got from the consulting fee has compromised their auditing works. In 1997, client Waste Management Inc. had the largest earnings restatement to date, wiping out $1. 7 billion in profits that it pulled in through the 1990s. The lead auditor on Waste Management was Robert Allgyer, who was known inside the firm as â€Å"the Rainmaker† for his success in cross-selling extra services to auditing clients. He was clearly successful at selling to Waste Management, which paid $17. 8 million in fees unrelated to the audit between 1991 and 1997, against audit fees of $7. 5 million. But he was also signing off on drastically inaccurate books. Among other things, the fast-growing trash hauler wasn't properly writing off the value of assets such as garbage trucks as they aged, a ruse that pumped up reported profits. The SEC's acting commissioner, Laura Unger, concluded that the agency had the â€Å"smoking gun† it was looking for to prove that the lure of consulting fees compromised auditor independence. The SEC filed suit in March 2002, accusing six former Waste Management executives of fraud. It alleges that Mr. Allgyer's judgment was skewed by consulting fees, in particular a $3. 7 million â€Å"strategic overview† of Waste Management operations. The project lasted for 11 months, but the client didn't adopt the recommendations. Bellow table shown example AA’s involvements in the major financial scandals as the audit firm that failed to discover their mistakes that reveal this motivation: |CLIENT |PROBLEM MISSED, DATE |LOSSES TO SHAREHOLDERS |JOB LOSSES |AA FINE | |WorldCom |$4. billion overstatement of |4179. 3 Million |17,000 |N. A | | |earnings announced on June 25,| | | | | |2002 | | | | | | | | | | | |Inflation of ncome, asset, | | | | | |etc bankrupt Dec 2, 2001 | | | | |Enron | |$66. 4 Billion |6,100 |$. 5 Million | | |Overstatement of income by | | |(for shredding) | | |$1. billion, 1992-1996 | | | | | | | | |$7 Million | | | | | | | |Waste Management | |420. 5 Billion |11,000 | | Question 7: Under what circumstances should audit firm shred or destroy working paper ? According to section 802 of the Sarbanes-Oxley Act of 2002, accountants who audit or review an issuer's financial statements are required to retain certain records relevant to that audit or review. These records include workpapers and other documents that form the basis of the audit or review, and memoranda, correspondence, communications, other documents, and records (including electronic records), which are created, sent or received in connection with the audit or review, and contain conclusions, opinions, analyses, or financial data related to the audit or review. To coordinate with forthcoming auditing standards concerning the retention of audit documentation, the rule requires that these records be retained for seven years after the auditor concludes the audit or review of the financial statements. Refer to the above question, for example if we as a professional audit firm can’t simply shred or destroy working paper. How long to keep a document, when and how to store the document, and how to dispose of the document, will depend on the type of document . As any internal auditor knows, there are numerous types of documents that may be accumulated as part f an audit or review. The final rule here requires the retention of all records relevant to the audit, including working papers and other documents that form the basis of the audited financial statements, as well as certain supporting documents. The guideline for document retention is that they must meet two criteria: (1) Documents are created, sent, or received in connection with the a udit or review, (2) the documents contain conclusions, opinions, analyses, or financial data related to the audit or review. Both Enron and Arthur Andersen are now gone, but this audit work-paper clean-up exercise, no doubt, was a major motivating factor for the Sarbanes-Oxley Act , Section 802 rules outlining penalties for the destruction of documents. The rules require external auditors who audit or review an enterprise's financial statements to retain certain records relevant to that work, including work papers and other documents that form the basis of the audit or review. These retention requirements include memoranda, correspondence, communications, other documents, and records, as well as related electronic records that are created, sent, or received in connection with the audit work and contain conclusions, opinions, analyses, or financial data related to the work. These records are to be retained for seven years after the auditor concludes the financial statements review. This rule was nothing new for many internal auditors as many audit functions have followed similar document retention rules based on U. S. tax document retention guidelines. The rules also states that if you know your company is under investigation, or even suspect that it might be, all document destruction and alteration must stop immediately. And, you must create a company records showing that you’ve ordered a halt to all automatic e-data destruction practices. Question 8: Answer the â€Å"Lingering Question† on page 94 . Enron has clearly done some damage to the U. S. economy, but it will not hold up recovery from the current recession. The fundamental health of the U. S. economy is strong and now getting stronger. I do believe Enron will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. Among these lessons are: 1. You make money in the new economy in the same ways you make money in the old economy – by providing goods or services that have real value. 2. Financial cleverness is no substitute for a good corporate strategy. . The arrogance of corporate executives who claim they are the best and the brightest, â€Å"the most innovative,† and who present themselves as superstars should be a â€Å"red flag† for investors, directors and the public. 4. Executives who are paid too much can think they are above the rules and can be tempted to cut ethical corners to retain their wealth and perquisites. 5. Government regulations and rules need to be updated for the new economy, not relaxed and eliminated. Due to the downfall of Arthur Anderson, it lost nearly all of its business ,employees, and clients. It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy. We believe accounting regulations should be altered to prohibit ownership of both auditing and consulting services by the same accounting firm. Accounting firms are already moving to sever their consulting businesses. The SEC should probably adopt additional disclosure requirements. Various regulators should tighten requirements for directors to be alert and provide protections for whistleblowers who bring improper behaviour to public attention. But, in the final analysis, the solution to an Enron-type scandal lies in the attentiveness of directors and in the truthfulness and integrity of executives. Clever individuals will always find ways to conceal information or to engage in fraud.