A Fundamental Analysis Of Mrf Tyres Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1287 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The fundamental analysis of any stock generally begins from a macro-economic perspective and then moves down to the specific sector and finally narrowing down to the company analysis. The stock for fundamental analysis is MRF Tyres. The analysis will follow given below steps: Economic Analysis During the current global crisis, all the countries had suffered large amount of losses. As a result of which, all had registered a fall in GDP growth rate. However, India and China are the only two countries to register a positive rate even in this global meltdown scenario. At present, the economies are on the verge of a recovery and the recession seems to be a thing of near past. Now, India has a better chance to recover better than other countries due to its isolation from the global crisis for a relatively long period of time as well as the relatively less losses suffered unlike that of the European nation or for that matter even the USA. The following table describes the key factors indicating Indian economic growth: Head 2009-10 2008-09 GDP Growth Rate 8.6% 5.8% IIP 17.6% 1.1% Inflation 9.6% 1.3% Fiscal Deficit Rs 53993 Cr Rs. 54158 Cr FIIs $ 66.5 Bn $21.3 Bn Forex Reserves $ 279.6 Bn $ 251.7 Bn Sensex on Ju ly End 17868 14645 Nifty on July End 5367 4340 Clearly from above data, we can observe that the economy is on the verge of recovery and it is showing promising signs. An important factor to consider here is that, where all nations are fighting to remove deflation and accelerate growth, India on the other hand is trying to curb inflation. Don’t waste time! Our writers will create an original "A Fundamental Analysis Of Mrf Tyres Finance Essay" essay for you Create order Sector Analysis The automotive sector had witnessed a large fall in demand due to the global meltdown. Apart from this, the fall of auto giants like the General Motors, Chrysler and Ford also acted as a damper for the growth of this sector. As a result of this, many companies which were directly or indirectly related faced huge amount of losses. Typically, Indian automotive sector which was on its way to be an automotive hub hit badly since it was in its nascent stages wherein huge investments were done and the recession during the payback period made companies go haywire. Following table will describe Indias position in this sector: India Indias Competitiveness Availability of Qualified Engineers USA Germany China The fact that India has large pool of talent available at a relatively low cost is as an added advantage for this sector. Apart from this, this sector is composed of big Indian players like the TATA, Maruti, Mahindra and many such more. Presently, the launch of Tata Nano has received worldwide attention and marked the importance of India in this sector. Some of the major auto players in India are: Name Last Price Market Cap. (Rs. cr.) Sales Turnover Net Profit Total Assets Tata Motors 846.35 48,292.73 35,593.05 2,240.08 25,559.83 Ashok Leyland 70.95 9,438.75 7,244.71 423.68 5,936.76 Tata Motors (D) 604.75 3,881.02 Eicher Motors 984.10 2,634.20 378.01 37.53 413.30 Swaraj Mazda 298.25 431.62 716.76 21.46 316.81 Maruti Suzuki 1198.6 34628.76 29623.01 2497.62 10043.80 Mahindra Mahindra 661.50 38263.44 13093.68 836.78 10710.38 Due to all these reasons, The Government of India (GoI) has identified the automotive sector as a key focus area for improving Indias global competitiveness and achieving high economic growth. The Government formulated the Auto Policy for India with a vision to establish a globally competitive industry in India and to double its contribution to the economy by 2010. It intends to promote Research Development in automotive industry by strengthening the efforts of industry in this direction by providing suitable fiscal and financial incentives. Company Analysis Introduction MRF is India`s largest tyre manufacturer, having a 22% market share. The company derives over 95% of its revenues from its core business i.e. tyres, the rest comes from its presence in toys and paints. This focus on tyres has enabled it to constantly increase capacities, and maintain market leadership and profitability in most segments. MRF exports its products to over 75 countries. Credit rating agency, CARE has assigned a AA+ rating to the Long-term Bank Facilities of MRF (MRF). This rating is applicable for facilities having tenure of over one year. The company signed the memorandum of understanding (MoU) with government of Tamil Nadu for the new MRF plant to be located at Perambulur, Trichy and also for expansion of its existing plants in Tamil Nadu. This will be MRF`s third plant to be established in Tamil Nadu. MRF will invest Rs 1.25 billion in production facility of the tyres the product is produced after three years of in house research. The production will start at its Me dak facility in Andhra Pradesh. The companys Net sales and PAT are expected to grow at a CAGR of 11% and 32% over FY08 to FY11E. Key Ratios Particulars FY08(12 m) FY09E(12 m) FY10E(12 m) OPM (%) 13 13 13 NPM (%) 4 5 5 ROE (%) 19 18 17 ROCE (%) 19 19 18 P/BV(x) 1.88 1.54 1.28 P/E(x) 10.12 8.49 7.72 EV/EBDITA(x) 1.03 3.42 3.38 Debt-Equity ratio 0.78 0.70 0.64 Key Data Sector Auto Tyres Face Value 10.00 52 wk. High 8040.00 52 wk Low 4126 BSE Code 500290 Moving Average Values Moving Days BSE NSE 30 7699.81 7712.13 50 7550.59 7561.96 150 6819.38 6843.95 200 6587.57 6617.71 Peer Group Comparison The sector comprises of foreign as well as domestic players and hence represents a typical competitive market. The following table describes the typical values of these competitors: Name Last Price Market Cap. (Rs. cr.) Sales Turnover Net Profit Total Assets MRF 7,329.55 3,108.57 5,672.84 253.03 1,654.21 Apollo Tyres 63.90 3,220.72 5,036.80 414.99 2,859.55 Balkrishna Ind 669.00 1,293.29 1,394.30 208.73 940.64 JK Tyre Ind 164.60 675.84 3,691.64 163.47 1,553.60 Ceat 134.00 458.86 2,830.61 161.03 1,058.11 PTL Enterprise 34.00 225.04 25.00 2.97 90.02 TVS Srichakra 279.05 213.67 706.39 29.82 222.18 Elgi Rubber 8.40 89.88 62.01 4.25 84.63 Financials Following tables show the performance of MRF for the past 5 years, this can be used to estimate future earnings of the stock so as to perform fundamental analysis. The Balance Sheet for MRF is as follows: Balance Sheet of MRF Sep 05 Sep 06 Sep 07 Sep 08 Sep 09 Sources Of Funds      Total Share Capital 4.24 4.24 4.24 4.24 4.24 Reserves 749.81 820.05 981.91 1,116.55 1,357.18 Total Debt 542.9 539.98 607.86 962.19 292.79 Total Liabilities 1,296.95 1,364.27 1,594.01 2,082.98 1,654.21 Application Of Funds      Net Block 536.81 649.67 656.75 866.55 933.56 Capital Work in Progress 151.99 66.26 243.03 443.68 286.24 Investments 13.75 70.23 72.02 68.56 148.57 Inventories 553.56 565.63 693.34 984.28 650.47 Total Current Assets 1,061.63 1,158.02 1,318.14 1,696.39 1,290.10 Total CA, Loans Advances 1,190.10 1,296.82 1,562.93 2,003.71 1,695.98 Total CL Provisions 595.7 718.71 940.72 1,299.52 1,410.14 Net Current Assets 594.4 578.11 622.21 704.19 285.84 Total Assets 1,296.95 1,364.27 1,594.01 2,082.98 1,654.21 The Profit and Loss Statement for MRF is as follows:   PnL for MRF Sep 05 Sep 06 Sep 07 Sep 08 Sep 09 Income      Net Sales 2,975.74 3,746.69 4,410.22 5,060.81 5,679.57 Total Income 3,040.00 3,772.55 4,499.37 5,147.82 5,476.62 Expenditure      Raw Materials 2,179.21 2,685.70 3,124.83 3,645.42 3,613.20 Total Expenses 2,840.98 3,477.81 4,035.76 4,711.96 4,759.90  Operating Profit 175.29 257.83 451.67 438.08 705.43 Interest 32.66 49.27 49.24 66.25 68.92 PBDT 166.36 245.47 414.37 369.61 647.8 Profit Before Tax 56.04 99.81 260.96 200.09 398.48 Reported Net Profit 40.31 79.91 171.78 141.97 256.32 Total Value Addition 661.77 792.11 910.93 1,066.54 1,146.70 Equity Dividend 8.48 8.48 8.48 8.48 10.6 Corporate Dividend Tax 1.19 1.19 1.44 1.44 1.8 Per share data (annualized)      Shares in issue (lakhs) 42.41 42.41 42.41 42.41 42.41 Earnings Per Share (Rs) 95.05 188.42 405.03 334.74 604.37 Equity Dividend (%) 200 200 200 200 250 Book Value (Rs) 1,777.94 1,943.56 2,325.20 2,642.66 3,210.03 The Cash Flow Statement for MRF is as follows:   Cash Flow Sep 05 Sep 06 Sep 07 Sep 08 Sep 09       Net Profit Before Tax 59.52 63.4 260.96 211.39 398.48 Net Cash From Operating Activities 62.05 274.86 306.2 269 862.93 Net Cash (used in)/from -231.55 -227.09 -335.44 -566.29 -233.46 Investing Activities      Net Cash (used in)/from Financing Activities 116.39 -40.5 49.17 326.47 -671.93 Net (decrease)/increase In Cash and Cash Equivalents -53.11 7.27 19.93 29.18 -42.46 Opening Cash Cash Equivalents 111.94 46.03 53.3 73.17 102.35 Closing Cash Cash Equivalents 58.83 53.3 73.23 102.35 59.89 MRF has also been given dividends at the rate of about 250% over the face value of Rs 10 of the stock price. From above financial tables, we have following important data: Head Value D/E ratio 0.71 ROE 17% Cost of Debt 7.14% k 12.9% CAGR 9.5% Now, we can apply dividend discount model to get the present share price P0=D1/ (k-g) As the growth rate is 9.5%, dividend will also grow by same rate, thus share price will be P0 = 250*1.095/ (.129-.095) P0 = 8051.47 Calculated Price Current Market Price Difference 8051.47 7329.55 -8.96% Recommendation From above outlook and conclusion, we can infer that the stock is bound in northern direction. Also the calculated price as per the Dividend Discount Model comes to Rs. 8051.47 while it must be noted that the market price is Rs. 7329.55. This indicates an under pricing of the stock by 8.96%. Therefore, the recommendation for MRF Tyres is BUY We have arrived at this recommendation after indepth analysis of the macro and micro economic factors. The Dividend Discount Model used for arriving at price has mathematical validity and hence is a correct tool for deriving prices. Apart from these, the future situations of the economy, sector and the Company have also been taken into consideration.

Non Fiscal Barriers And The Free Movement Of The European...

This question concerns non-fiscal barriers to the free movement of goods in the European Union. Issues concerning Articles 34,35 or 36 of the Treaty on the Functioning of the European Union (TFEU) are raised and Brian’s potential claim is against France as the Member State who has enacted measures which may restrict imports and exports, thereby violating the Treaty. Firstly, considering the licence required by French legislation to import PS’s, this could amount to a selling arrangement which is defined in the case of Keck as rules that concern who sells the product and when, where and how they go about it. Those selling arrangements which apply equally in law and fact will not invoke Article 34 TFEU. As the product, the PS, in not directly affected, the requirement of a licence may be a selling arrangement . However the selling arrangement does not apply equally in law and fact because there is no licence requirement mentioned for domestic producers of PSs . As the li cence discriminates against imports, this may invoke Article 34 and it is likely to be a measure equivalent to a quantitative restriction (MEQR). MEQRs were defined in Dessonville as â€Å"All trading rules capable of hindering, directly or indirectly, actually or potentially, intra-Community trade† . In other words, an MEQR applies only to imports and not to everyone. As the licence is an additional requirement for imported PSs, and applications are only considered once a year in August, it makes imports moreShow MoreRelatedThe Benefits Of United Kingdom1408 Words   |  6 PagesThis essay will answer the essay topic on Economic Integration and discuss the extent to which the benefits of United Kingdom (UK) being a member of the European Union (EU) outweigh the costs. In short, giving the advantages and disadvantages of UK being part of the EU. This essay will start with a brief definition of Economic Integration. 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Is war ever justified Free Essays

Wars can be justified through the utilitarian theory and cost benefit analysis. These are dependent on whether the intention of the war is right and the cause for the war is just. Further, wars are only justified when other forms of conflict management have been tried and have failed. We will write a custom essay sample on Is war ever justified or any similar topic only for you Order Now There are many types of war, however this essay will focus on military war in particular. Utility Theory and Just War The theory of utility is one way to justify war. The utilitarian approach is defined as the pursuit of the greatest good of society for the greatest number f people in society. There are two branches of utility theory – act and rule. Act utilitarianism looks closely at the Consequences of the act Of war in order to justify engaging in war. Rule utilitarianism will only condone war when the reason for entering a war is just in itself, is based on good intentions and not for selfish reasons. In essence, act utilitarianism can be summarized as the ends justifying the means, while rule utilitarianism can be summarized as genuine intentions justifying the means. For instance, the Allied Forces declaring war on Germany’s invasion of their gibbous as well as on their anti-Semitic activities is an example of utilitarianism in action. The declaration of war was to prevent further harm to the world even if it did mean a significant loss to the Allied Forces by engaging in such actions. The end of the German terror as well as the protection Of the persecuted justified the means through which this was achieved. The distinction between act and rule utilitarianism while easily distinguishable in theory, is much harder to apply in real life. The example given above can be categorized under both types of utility theory. The protection of a large persecuted number of people justified entering into war against the anti- Semitic administration in Germany. Viewing it in this manner allows rule utilitarianism to come into play. At the same time, looking at the consequences of war -? which would be the saving of not only Jews, but also the prevention of invasion of other countries in Europe allows act utilitarianism to justify the Allied Forces declaration on war on Nazi Germany. Utility theory does run the risk of being manipulated and abused and has been used by terrorists and Islamic fundamentalists to justify the use of rower and force for â€Å"jihad† or what they call, â€Å"holy war†. However, it must be noted that utility theory condones war only if it causes the greatest good for the greatest number of society. Even if â€Å"jihad† is considered to be the greatest good, it is only from the perspective of a select few people with biased opinions. Hence, a terrorist’s justification of war via utility theory cannot be said to be a true justification at all. Be it act or rule utilitarianism, so long as the ends result in the greatest good for the largest number of people in society and are made with the best intentions in mind, war is justified. Cost-benefit Analysis and Just War The benefits should outweigh the costs in order to justify engaging in war. Cost-benefit analysis is a way of weighing the strengths and weaknesses of alternatives. It helps us determine whether an approach was worth the adoption and practice in terms of benefits in labor, time, Cost savings and so on. It is largely considered an economic analysis and is an approach that can be taken when determining whether a war is justified because of the high socio-economic costs involved in war. A good way to go about analyzing this would be to look at a case study of the Iraq war. The Gulf war resulted in 220,000 Iraqi casualties and a few hundred thousand wounded Iraqis. The costs of war amounted to 6 trillion US dollars. These numbers are neither small nor insignificant. The benefits, however, are the exact opposite. As far as tangible benefits go, the Iraqi economy saw a slight growth in its GAP since the end of the war. Part of this, is a windfall due to high oil prices but if the war had not taken place, oil sanctions imposed on Iraq would have severely curtailed Iraqi oil sale. This would have further crushed the already dying economy pre-war. Of course, since Cost-Benefit analysis is primarily economic in nature, on paper, the growth in Iraq’s GAP is touted by pro-war candidates as being worth the effort. However it would be ridiculous to imagine that Iraq’s economy would have grown enough to cover the costs of war even, much less to actually grow enough to recover and sustain the country post-war. Further, as cost-benefit analysis also should include some elements of intangibility, one must take note Of the accessory costs that came along with the war. Besides the devastation and disease that struck Iraq, neighbors Iran also saw acceleration in its nuclear programmed because it saw that as the only way to prevent an imminent US invasion. This is not good for the global economy because it makes the Middle East a very dangerous place. Further, there is a high continuing rate of violence in Iraq because society sees it as the only form of protection for them. Of course, regime change and the demise of Sadism Hussein must be considered in the benefit analysis but despite that, Iraq is still in shambles -? both economically as well as socially. Overall, a cost-benefit analysis allows us another opportunity to evaluate a war and to decide if it can be justified. In the example of Iraq, we can see how it can be used to prove that it cannot be justified. Counter argument However, despite these two analytical methods of justifying war, they come with a caveat. The caveat being that they are only used to justify war when negotiations have failed between parties; all peaceful methods have been already exhausted and war is the final and only option available to them. Unfortunately, this is not always the case. Many a time, countries prepare for war while negotiations are ongoing. Worse still, they may not even engage in any peaceful forms of collaboration or settlement at all. The notions of war always remain at the back of countries’ minds. The Cold War may seem like a successful instance where there were no missiles or bombs unloaded on either the USSR or the US. However, there was a war nonetheless and a war which lasted 30 years. Despite supposed ‘peaceful’ negotiations between the two superpowers, the thought of missile warfare was always at the back of their minds. It would not be far-fetched to imagine that this severely impacted the success Of their discussions. One cannot fully and calmly negotiate with a finger on the trigger. It was merely a combination of luck, timing and the right set of leaders that prevented the outbreak of a disastrous third world war. Conclusion War can be justified through two methods – utility theory and cost-benefit analysis. These allow an intangible and tangible account of the ways in which a war can be explained as being necessary. How to cite Is war ever justified, Essays

Mise En Scene free essay sample

An analysis on how Mise-en-scene and sound create meaning and generate response in the film Marnie, by Alfred Hitchcock. The scene is of Mark trying to rekindle Marnie’s memories from the night of her mother’s ‘accident’: Marnie, having seeing Mark trying to hold back her mother’s punches, begins to remember parts from that night. The first shot, of Marnie, her mother and Mark, uses Mise-en-scene to show the higher achy within the three characters. Whereas towards the beginning Hitchcock had always had Marnie positioned higher than other characters to show her importance and power, he now has her positioned lower than the other two characters; she is constantly being looked down on by both Mark and her mother. It introduces the aspect of her being childlike because she is now having to look up to other people and being talked down to rather than on an equal level. We will write a custom essay sample on Mise En Scene or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This idea is reinforced when she begins speaking as though she were back to the time of the ‘accident’ – her words are spoken erratic and panicked. Another example Hitchcock shows to imply the idea of Marnie being childlike is that all of the movements and gestures that are directed towards Marnie, are those that would be expected to occur between a parent and child. Although the speech within the first shot is Diegetic Sound; there are two sub-types within the shot. All speech up until when Marnie speaks to tell Mark to let her mother go is simple diegetic sound. However when Marnie begins speaking the sound briefly becomes both simple diegetic; as she is speaking in the present to both Mark and her mother, and displaced diegetic sound; as she is saying these words also from her past. As the scene moves forward slightly external non diegetic sound is introduced with the diegetic sound. The background music is the same sound sequence repeated multiple times, but increasing the volume as it is repeated. This background music creates a tense atmosphere as they are waiting to see whether or not Marnie will remember. The tense atmosphere is reinforced with having the simple diegetic sound of the rain going on outside of the house. Hitchcock has Marnie’s costume as expensive clothing that would communicate to the audience that the person wearing them is rich and powerful. However he contrasts this by her appearance in the clothes and the makeup that she is wearing; Marnie’s appearance appears to be dishevelled, hair all over the place and untidy unlike earlier in the film where it was tied back without a hair out of place. The use of use blocking that Hitchcock uses in this shot o show the identification of Marnie as detached from the other characters. She is always, in this scene, further away from others to create difference and the show that Mark and her mother cant break into her world of thought. The external diegetic sound used whilst she is trying to remember her also creates the feeling that she is lost; going in repetitive circles trying to build to the point where she can r emember her childhood memory. Hitchcock has the character Mark wear a large amount of white clothing in this scene, the white clothing is also apparent in the flashback in the next shot. The white clothing was used as a way to break in to Marnie’s memories so that she could begin to remember; it brought her back to that night by portraying Mark as the man in her flash back. The simple diegetic sound of Mark knocking on the wall also succeeds in portraying Mark as the ‘man in the white suit’. During the flashback, there is very little colour apparent in the shot; the only colour shown that isn’t dark browns or greys, is the colour of each of the three characters present in the flashback. This symbolises the significance of them in the flashback; the place in which they are in is not the main focus, Hitchcock has chosen the costumes so that the stand out from the surrounding that they are in. This allows the audience to interpret that this flashback is purposely to show the incident that took place that night, and that it is the action and not the scenery that is going to be important. Between the shots of Marnie’s flashback and her back in the present, Hitchcock has used a sound bridge over both shots. In both shots there is lightning going on which is significant in the reasoning behind Marnie’s fear, as well as pointing out that she is coming closer to figuring out what happened that night to make her the way she is now. Hitchcock intended the lightning to be a significant trigger to Marnie’s memories and using that, as well as the similarities in clothing between Mark and the ‘man in the white suit, help to break through the emotional block that Marnie has on her memories of the night. The lightning symbolises a warning in her flashback, as it highlight over the man holding Marnie, that something bad is going to take place. As the fight takes place within the scene all of the simple diegetic sound becomes echoed in the shot, slipping in and out of displaced diegetic sound as Hitchcock switches between the past and present. This is used to show the confusion that Marnie’s in; how she is mentally between both the past and present, believing that she is experience her past while she is with Mark and her mother. When Marnie’s mother reaches for the fire instrument Hitchcock uses a complete contrast in colours; the weapon is a dark colour, as if foreshadowing the death that the weapon is going to be used for, it symbolises something bad and dangerous. And when the weapon is lifted all that you can see it the white clothing of the man. These two contrasts allow the audience to experience that something is going to happen with that weapon, and that the white clothing that the man is wearing is going to be tainted and changed when they are connected. Throughout the shots of the present and Marnie’s past, other than the simple diegetic sound of the speech between characters and the sound effects of the weapon impacts; Hitchcock has the two shots in complete silence. The silence ensures that all focus is clearly on the action taking place and symbolises the silence that Marnie has been in all those years with not being able to explain to both herself and anyone else why she is afraid of a man’s touch, or the lightning, or the colour red. The sound of Marnie crying in both the present and the past also shows her vulnerability to the event and refers back to her being presented as childlike in the first paragraph. The weapon in the next shot is foregrounded to show that, as Marnie got up from her chair, she is going to take it. This gives the audience the chance to wonder whether or not Marnie will actually pick up the weapon. When she does pick it up, Hitchcock uses the contrast between the size of the weapon and Marnie’s hands to symbolise the fact that it does not belong in her hands; she is too small and powerless compare to the weapon that is in her hands. When Marnie lifts the weapon above her head there is a brief moment in which Hitchcock allows the camera to linger longer on the shot of her holding it over her head. This could have been intended as a way for the audience to believe that Marnie is hesitating on actually going through with attacking the man with it. However as she begins to bring down the weapon there is the thunder and lightning that flashes in the window besides Marnie as she finally makes the impact. This lightning symbolises the final decision as she brings it down towards the man and the break though into Marnie’s memories: as well as symbolising the breaking of her innocence that night when she killed the man. The next shot breaks the silence of not having any non diegetic sound. As Marnie screams Hitchcock gives the audience a point of view shot in which we see exactly what Marnie is seeing. The diegetic sound is loud and creates tension as it repeats one sound sequence. It allows the audience to soak up the true nature of what Marnie’s done as we see the blood soaked in to the man’s contrasting white shirt. The amount of blood stained onto the shirt almost covers the whole shot as we only see small amounts of white left visible. The white symbolises the innocence that Marnie thought she had, but now the memories of that night have destroyed and tainted what she thought. When Hitchcock zooms the camera forward into the blood, he brings the red colour forward and makes it appear more vibrant. This symbolises all of Marnie’s memories becoming clear and the fact that she can’t hide from the truth anymore because it’s clear and in front of her.

The Bates Numbering System of Document Branding

In the process of document/image storage, it is imperative that proper identification systems be developed in order to making cataloguing and searching easier. This essay shall focus on the Bates numbering system of document branding. Advertising We will write a custom essay sample on The Bates Numbering System of Document Branding specifically for you for only $16.05 $11/page Learn More To this end, a definition and explanation of the basic steps that the procedure entails shall be provided. Aside from this, an example of the usage of the identification system shall be provided. Bates numbering is an identification system utilized in various professional fields such as medicine and law. It basically involves putting identifying digits alongside dates and the specific time of branding on documents and pictures as they undergo scanning or other forms of processing. This technique can also be utilized in marking and identifying pictures with copyright sym bols by impressing acceptable legal marks such as company logos on them. Aside from identifying images and documents, this technique also provides protection and security for them. In legal documents, there may be need for identifying each page of a given document. In this usage, the Bates numbering machine gives random and unique tags to each and every page of the document. The identification marks may comprise digits or a combination of digits and letters. In other words there is no standardized format for the technique. The Bates numbering machines can either be electronic or manual. The manual machine is a wheeled stamp which updates itself upwards every time the stamp is put into use. This stamp mainly comes with 3, 4 or seven wheels and also has a mechanism for re-inking after each usage. It is however worth noting that the manual Bates numbering machines are gradually becoming extinct as the world moves onto digital technologies. The electronic Bates numbering system is bas ically a computer application entrenched in various software such PDF readers. They operate in the same incremental way as the manual system such that documents or document pages are assigned uniquely different identification marks.Advertising Looking for essay on computer science? Let's see if we can help you! Get your first paper with 15% OFF Learn More A common usage of the Bates numbering system particularly since the advent of computer technology is the branding of PDF documents. For instance, if an individual has a single page or one PDF document that needs tagging, all that he/she needs is to select the Bates numbering feature from the appropriate tab depending on the type of software used. Several adjustments will be required including the digit at which to start the numbering as well as the font properties and layouts. The procedure is the same for more than one document/ pages except that most if not all PDF software will require one to specify that there ar e multiple documents in the series for the numbering to come out as desired. In summary, it can be said that Bates numbering is a basic system of document organization operating on the principle of clearly embedding documents and images with unique digital or manual identifiers. The system can be used to arrange individual documents based on their particular types or can isolate the individual pages of one document in such a way that it is easier to go directly to the page that is needed. The most common usage of the Bates numbering system is the stamping of PDF documents with special identification numbers using a specially designed tool that comes with the relevant software for this particular purpose. This essay on The Bates Numbering System of Document Branding was written and submitted by user Saanvi Foley to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Teaching at Private versus Public Schools

Teaching at Private versus Public Schools Teaching jobs fall in both the public and private sectors. Deciding where to concentrate a job search raises questions for a lot of new teachers. Though similarities exist between public and private schools, several factors affect the overall teaching experience and deserve your consideration before you accept a position. Student Base in a  Private vs. Public School The law requires public schools to admit all students, without discrimination. Taxes fund public schools, but different districts receive different levels of funding, affecting the available resources in a classroom, among other things. Private schools charge tuition and typically use a selective admissions process. The price of attendance often becomes a factor in determining the socio-economic makeup of the student body, although some private schools offer scholarships to students with demonstrated financial need. Because of limited funds and a lack of mandates, teachers encounter fewer special needs students in private schools than in public schools, so if you specialized in special education, you might not find many available positions in the private sector. Government Oversight and Curriculum The government wields less power over the day-to-day administration of private schools since they do not receive tax dollars. In public schools, state mandates largely determine the subjects offered; private schools maintain much greater leeway in the curriculum standards they use. Further, public schools must use state-mandated standardized tests to measure learning while private schools can choose to use these or their own tests. Some private schools provide religious instruction along with academics and may be closely aligned with a church, synagogue, mosque or other religious institution. While public schools can teach students about religion in a civic or historical context, its against the law for public school educators to teach the tenets of any one religion. Teacher Education Public schools require  certain credentials for teachers including certification and specific degrees. Private schools have much greater leeway. Therefore, teachers in private schools may not have certifications or specific degrees to teach in their subject areas. Class Size and Student Discipline States try to keep class size down, but overcrowded schools  and a lack of teachers and funding make it difficult in many districts. Private schools often promote their small class sizes as an advantage over public schools. Further, because of a greater amount of parental involvement and more leeway when dealing with classroom discipline, private schools teachers find it easier to remove disruptive students from classes and the school itself. It takes a pretty serious offense to get a student permanently removed from the public school system. Pay A private school teacher can find many pros and cons, but pay may be the biggest negative.   Private school teachers  generally earn less than their public school counterparts, with teachers at parochial schools at the lowest end of the salary range.  Teacher salaries  at private schools come  out of student tuition. According to the National Center for Education Statistics, private school teachers on average earn $10,000 – $15,000 less than a comparable public school teacher.

Christianity Essay Example | Topics and Well Written Essays - 500 words - 1

Christianity - Essay Example The principle book in Christianity is the Gospel, which is a collection of works that originate from authors such as Matthew, Mark, Luke, and John; all of which were Jesus’s disciples. The Gospel tells about Jesus’s life and passes on the lessons and teachings within Christianity. There are a great deal of many other writers in the Gospel except the principle four, one of them being Paul. Paul did not directly observe Jesus in life, having only met him a few other times through the Apostles before becoming one of them himself. Because he was not a direct follower of Jesus, many of his writings conflict with that of Jesus. Because Paul did not know a majority about the life and events that occurred during Jesus’s life, there are major events that are history changing that are not mentioned in his Gospel, giving the reader a different feel than the other ones. Because Paul learned from others, his Gospel story is different. Christianity is unified, yet fragmented. There are many different branches of Christianity. Although they are similar, they are still a little different from each other, which makes them different at the fundamental level. The Great Schism happened early in the spread of Christianity. It was a fundamental split between what was Western Europe and what were the remnants of the Byzantine Empire. The West supported the rule of the Pope for Roman Catholicism from Rome, whereas the Byzantine Empire supported Eastern Orthodoxy.

Television Advertising and Gender Stereotypes Essay

Television Advertising and Gender Stereotypes - Essay Example It should not be surprising then that gender roles are already fully enforced by the time the child leaves for school since daytime television represents the most egregious period for the reproduction of traditional gender stereotypes that coerce a commitment to meeting them from both the impressionable child and, typically, the mother whose influence over the child's developing mind is in conflict with the most entertaining and available substitute for the missing father, the television set. Television commercials are among the most effective when it comes to media reproduction of the existing gender ideologies by simple virtue of the ubiquity of the set itself. In the United States, for instance, it has been estimated that the percentage of population that has at least one television inside their home is a staggering 98%, and further the average member of these households spend more than the equivalent of one full 24 hour day per week watching television (Coltrone, Adams 325) Throughout the history of television advertising right up to contemporary times, the images that are projected and reinforced in commercials have been unsatisfying at best and demeaning at worst. Invariably, female characters are presented as objects of sexual domination who seem to exist entirely to prepare themselves for the approval of the male. At the same time, male characters are typically portrayed in such a way as to intensify the acceptance of aggressive behavior and the urge to dominate while engaging in every imaginable activity (Ruth 388.) Stereotypes are reinforced with more attention paid toward the gender dependent upon the demographics of the viewing audience, and within these minor recalculation there exists ever more subtle calibrations of the effect. For instance since the beginning of television history the daytime has been devoted to viewing aimed predominantly at females in the form of soap operas, cooking shows and children's cartoons. The demographics have certainly changed over the decades with more women entering the workplace and more men staying at home, but contemporary daytime television is still dominated by soap operas and discussion shows like Oprah Winfrey. As a result the changing lifestyles, often the gender stereotyping becomes so subtle as to be unobserved by casual viewers (Craig 209). Men are most often portrayed as confident and independent while women are generally more passive and less ambitious. This engendering of hidden stereotyp es can be as thinly veiled as showing men in suits and a tie acting in a corporate setting while women are shown dressed more casually and hanging out with friends. Commercials and advertisements offered during the daylight hours have traditionally served the purpose of reinforcing the ideological naturalization that places men firmly into the authoritarian and patriarchal role while strengthening the belief that women should associate femininity with submission (Perse 167). Even on 21st century television commercials women are invariably shown to be primarily interested in household duties and motherly obligations. The role of the housewife and by extension all women is to not only service the male and his

The Criminology of Pleasure Essay Example | Topics and Well Written Essays - 1750 words

The Criminology of Pleasure - Essay Example This essay discusses the criminology of pleasure, that analyzes the basic motive behind imposing regulations while seeking pleasure, on the part of the political authorities, is to protect the members of society from harms and troubles caused by dint of the pleasure seeking activities of others. The researcher states that there are other activities and enjoyments too that look for the implementation of rules and restrictions. The same is the case with the drug consumption. With the advent of 20th century, drug consumption became order of the day for the individuals belonging to divergent societies and cultures of the world. The unabated demand for drugs and their usage created many problems for both the governments and societies. During last three centuries the use of drugs witnessed great increase and people invented various methods of consuming drugs and chemicals through oral and physical drugs. The consequent death of a famous actress, due to extra dose of cocaine, forced the gov ernment apply restrictions upon the cocaine. Subsequently, â€Å"the Dangerous Drugs Act introduces controls on the trafficking, manufacture, sale and possession of various drugs, including opium and cocaine.† It was a sonorous expression of the people’s voice, whose children and family members were undergoing drug usage problem. Moreover, the intoxication and excessive use of drugs had caused immoral activities in society. It is therefore, the drugs regulations were one of the most wanted laws from the authorities on the part of masses at large.

Radiography in Ureterocele

Radiography in Ureterocele Ashley Norman One day wanting to be a mother, I can imagine that all you pray for is there to be no complications throughout the pregnancy. Walking into a doctor’s appointment for a routine ultrasound to check the baby and having the doctor say, â€Å"ma’am your baby has hydronephrosis and an ureterocele,† would be a very scary moment of the unknown. Because ureteroceles only occurs in about one of every 1,000 births, there would be many questions such as: what is an ureterocele, what tests will have to be done and what treatments will need to be taken (UCSF). As this became a reality to a friend of mine, all the questions must be answered. The field of radiography has different modalities and studies that use medical imaging that can diagnose and watch the condition of Ureteroceles. At nineteen weeks pregnant, Emily was told that Trent had severe hydronephrosis in his right kidney found on the ultrasound (Davis, 2014). One might be wondering, what is hydronephrosis? It is the distention of renal pelvis and calyces with urine (Eugene D. Frank, 2012). Another ultrasound done at twenty-four weeks showed the ureterocele. An ureterocele, a congenital condition, is a ballooning of the lower end of the ureter inside the bladder (Boston) (Philadelphia). This may cause part or the entire stream of urine from flowing freely into the bladder. It may also cause the backward flow of urine into the child’s kidney causing vesicoureteral reflux or VUR (Philadelphia). Ureteroceles are ten times more common in girls than boys, occur most often in Caucasians and vary in size (Boston). Trent is Caucasian, though he is a more rare case being a boy. Like Trent’s, the ureterocele is continued to be seen on the ultrasounds throughout the pregnancy. As determined, Ureteroceles are most commonly found from an ultrasound before the child is born or within a few days after birth. They are also used often to manage babies with hydronephrosis (Philadelphia) (UCSF). This modality of radiology called ultrasound or sonography is a noninvasive procedure that uses high-frequency sound waves to produce echoes within the body. The transducer sends and receives sound wave signals as it is moved over the surface of the body producing an image in real-time on a computer monitor. Learning the due date, revealing the presence of more than one child and the sex of the child or children are all familiar things that ultrasound determines. Conditions affecting the organs and tissues of the body such as the heart, gallbladder, liver, kidneys, and bladder may be determined by the use of sonography (WebMD Ultrasound). A renal bladder ultrasound is often used because its spotlight is specifically on the kidneys and bladder (Boston). The severity of the babies’ hydronephrosis and the presence of an ureterocele is valuable information shown on the RUS for the doctor. At about 16 or a18 months old, Trent had an RUS before he had surgery. Post surgery, Trent had another RUS to check the status (Davis, 2014). Again, ultrasound or sonography is the most common modality used to find Ureteroceles. Another study done to identify or evaluate the ureterocele is a voiding cysto-urethrogram or VCUG. The child will have a catheter placed through the urethra into the bladder (Philadelphia). A contrast material will be introduced against the normal flow or retrograde (Eugene D. Frank, 2012). As the contrast is filling the bladder fluoroscopy will be used to take pictures. Fluoroscopy is a type of medical imaging that is real-time showing continuous x-ray images on a monitor (FDA). Pictures will continue to be taken until the bladder is full and then again as the child voids or urinates. The VCUG study is done to confirm if VUR, reflux or backwash of urine into the ureter, is occurring because this would affect how the ureterocele is treated (UCSF). A VCUG was performed on Trent pre and post surgery (Davis, 2014). This procedure may be done more than once to continue to monitor the size and severity of the ureterocele along with any harm that may develop to the child’s kidneys. Nuclear medicine is another modality of radiography that â€Å"uses a special camera, gamma, to take pictures of tissues and organs in the body after a radioactive tracer, either radionuclide or radioisotope, is put in the vein in the arm and is absorbed by the tissues and organs. The radioactive tracer shows the activity and function of the tissues or organs† (WebMD Nuclear Medicine). A nuclear renal scan is done using nuclear medicine with one of two types of substances: DTPA or Mag3. Both are radiopharmaceuticals that may be used but very young children or someone with poor kidney functions will have better images if Mag3 is used (Nandurkar, 2009). The difference in function between the two kidneys may be measured along with the degree of blockage in the urinary system (Boston). Before surgery, a Mag3 scan was completed on Trent giving information on why the surgery was being performed and the severity (Davis, 2014). Using this modality of radiography, Nuclear Medicine, and its renal scanning test, ureteroceles may be identified and monitored. Finally, the modality of Magnetic Resonance Imaging or MRI may be used for ureteroceles. â€Å"MRI is a noninvasive diagnostic modality that does not use ionizing radiation.† The images on the computer monitor are provided by a powerful magnetic field and radio frequency pulses that are combined to produce a radio signal in the body that can be detected and processed electronically (Ehrlich, 2009). Although Trent has not had an MRI yet, when he does there will be very detailed pictures of the kidneys, ureters and bladder that can be taken and stored for diagnosis, monitoring and comparing of ureteroceles (Davis, 2014). The treatment of an ureterocele is dependent upon many factors such as the size, degree of obstruction, function of the kidney, presence of VUR and affects of the bladder. Although not all are helped by endoscopic surgery, it is one treatment that may be used to fix the ureterocele (Boston). Trent’s doctors at the Children’s Hospital in New Orleans chose this treatment. The endoscopic surgery is a minor procedure, no incisions made, which is usually done in an outpatient setting. A cystoscope, a lighted tube, is inserted into the urethral opening to see inside the bladder showing areas that may not show up well on X-ray images (Philadelphia). When the ureterocele is reached it will be punctured or popped, therefore relieving any obstruction. After the puncture, a VCUG is often performed to look for any reflux. Renal ultrasounds are also performed following the puncture to â€Å"ensure that any dilation has improved and that the ureterocele has gone away (UCSF).† Unfortunately, Trent was a case that the endoscopic surgery did not help (Davis, 2014). His mom and dad now have a waiting game to see if any further actions must be taken to try and solve his ureterocele. Through the field of radiology, different modalities and studies, Trent can be monitored and enjoy being a little boy, doing what little boys enjoy while his mom and dad trust the field of radiography and the advances that continue to keep their baby safe. Works Cited Boston, C. H. (n.d.). Ureterocele. Retrieved February 16, 2014, from Boston Childrens Hospital: http://www.childrenshospital.org/health-topics/conditions/ureterocele Davis, E. (2014, February). (A. Norman, Interviewer) Ehrlich, R. A. (2009). Patient Care in Radiography. Missouri. Eugene D. Frank, B. W. (2012). Merrills Atlas of Radiographic Positioning and Procedures. Missouri: Jeanne Olson. FDA. (n.d.). Medical X-Ray Imaging Fluoroscopy. Retrieved March 4, 2014, from FDA Gov: http://www.fda.gov/Radiation-EmittingProducts/RadiationEmittingProductsandProcedures/MedicalImaging/MedicalX-Rays/ucm115354.htm Nandurkar, M. M. (2009, May 01). Nuclear Medicine Renal Scan. Retrieved March 4, 2014, from Inside Radiology: http://www.insideradiology.com.au/pages/view.php?T_id=43#.UyHAJVBdW8A Philadelphia, T. C. (n.d.). Ureterocele. Retrieved February 16, 2014, from The Childrens Hospital of Philadelphia: http://www.chop.edu/healthinfo/ureterocele.html UCSF, D. o. (n.d.). Ureteroceles. Retrieved February 16, 2014, from University of California, Department of Urology: https://urology.ucsf.edu/patient-care/children/urinary-tract-obstruction/ureteroceles WebMD Nuclear Medicine, T. (n.d.). Nuclear Mediciine Scan. Retrieved March 4, 2014, from WebMD: http://www.webmd.com/a-to-z-guides/nuclear-medicine-scan-topic-overview WebMD Ultrasound, T. (n.d.). What is an Ultrasound? Retrieved February 16, 2014, from WebMD: http://www.webmd.com/a-to-z-guides/what-is-an-ultrasound

Canadas Health Care :: essays research papers

Today, Canadians are concerned with many issues involving health care. It is the responsibility of the provincial party to come up with a fair, yet reasonable solution to this issue. This solution must support Canadians for the best; it involves people and how they are treated when in need for health care. The Liberal party feels that they have the best solution that will provide Canadians with the best results. It states that people will have the protection of medicare and will help with concerns like: injury prevention, nutrition, physical activity, mental health, etc. The Canadian Alliance Party’s plan is to make several policy-developments to benefit Canada’s health care. They believe it will serve the security and well-being best for all Canadians. The last party involved in this issue is the NDP Party; who indicate that they are fighting hard for a better Health Care system in our economy. The NDP Party states that the income of a family should not dictate the qu ality of health care.   Ã‚  Ã‚  Ã‚  Ã‚   Canada’s Health Care system is gradually growing to be a major concern in today’s society with providing Canadians with the standard of care they deserve. Health care has become an issue because of the shortage of doctors in Canada; many of them are either going to the U.S.A. or going to other countries to practice in hospitals and clinics. The earning cap imposed by the government has forced doctors to work fewer hours than are necessary to serve the public. Many Canadians are without a doctor to help them with their needs and emergency rooms are filled to capacity with no available beds for those who have to be admitted to the hospital. Waiting time for specialist and specialty tests have become so long that someone diagnosed with a major illness may die before they can be properly treated. Nurses and others in the medical field are overworked and understaffed because the government has made cut-backs to the Health Care System. We live in a countr y where our health care is a privilege to have, but getting ill is becoming a problem if there is not adequate facilities and professionals to care for the sick. Today’s society is aging longer than ever and will need health care longer than before; patients recovering from hospital stays are being sent home more quickly than ever before, and terminal patients are being sent home for their last days.

Nature Of Scandals Perpetrators And Their Roles Accounting Essay

A figure of accounting dirts have occurred within the past old ages, the consequence of which will go on to be remembered by the general populace. These dirts were blamed on series of factors, runing from hapless corporate administration to the compensation-plan of top direction. Two of the most dramatic and popular dirts were Polly Peck in the UK in 1990 and Enron in the US in 2001. These two dirts where different in their ain ways, but they end-results were similar – distraught stockholders lost their full life nest eggs, employees lost their occupations, creditors did non acquire paid back, and tonss more.NATURE OF SCANDALS, PERPETRATORS AND THEIR ROLESIn 1980, a company known as Restro Investment which was controlled by Asil Nadir bought 58 % of the portions of Polly Peck, a little company in the fabric industry for ?270,000. With this, he had control over the company and within 10 old ages of purchase, Polly Peck grew into a large company ( Wearing, 2005 ) . Within the ol d ages 1982 – 1989, turnover, pre-tax net income, and net assets rose from ?21 million to ?1.16 billion, ?9 million to ?161 million, and ?12 million to ?845 million severally ( Jones, 2011 ) . However, despite its first-class consequences, Polly Peck was unable to pay its creditors. What was surprising was that although Nadir had merely 25 % of the portions as at 1989, he still controlled and dominated the board and the company as a whole. Nadir extracted hard currency from Polly Peck and transferred it into its subordinate companies like Uni-Pac before he finally transferred it out for his personal usage. These backdowns would look in Polly Peck ‘s histories as sum owed by subordinates and would later be cancelled out as inter-company balance ( Jones, 2011 ) . An probe by the Serious Fraud Office ( SFO ) besides revealed that Polly Peck cooked up its assets in some of its subordinates so as to call off out the sum owed by these subordinates to Polly Peck. What besides made the dirt worse were the accounting policies adopted by Polly Peck which were in conformity to the demand of accounting criterions at that clip. In 1983, Polly Peck adopted the SSAP 20 ( Foreign Currency Translation ) and take to utilize the mean rate to interpret its profitless points. Therefore, when it restated its 1982 fiscal statement in line with SSAP, there was an addition of ?2.7 million in turnover and ?1.5 million in net assets for that twelvemonth merely. Hence, Polly Peck continued with its mean method in interpreting net income and loss points, and from 1983-1989, Polly Peck made a net income before involvement and revenue enhancement of ?599 million and within the same period, debited ?415 million to the net income and loss history due to the motions on exchange. Of this ?415 million, ?56 million was as a consequence of the usage of the mean method in change overing its net income and loss points, while the balance was due to the interlingual rendition of its openi ng net investings. Hence, Polly Peck continued to turn each twelvemonth, as motion on the exchange was inauspicious. Andrew Fastow, the CFO at Enron, was behind the creative activity of Particular Purpose Entities ( entities set up to transport out certain activities ) into which Enron could dump debts and generate income, thereby lead oning investors on the existent nature of their capital construction. With this, he was able to conceal debt worth over $ 1 billion in the SPEs. Besides, due to the fact that the US GAAP stipulated that such SPEs need non be consolidated if at least 3 % of its entire funding came from independent equity holders, Enron had the perfect alibi non to consolidate their statements with those of their SPEs. However, it was subsequently discovered that the equity was non really owned by independent 3rd party, but by Enron itself. Therefore, Enron should hold consolidated the SPEs in the first case. Besides, Enron ‘s CEO, Jeffrey Skilling pleaded with regulators to enable the company utilize the mark- to-market accounting method, thereby enabling him to set down $ 65 mi llion of net income for his section. This was entirely done to enable him run into analysts ‘ outlook and besides obtain the promised compensation of 3 % of the value of his section ‘s concern. Enron ‘s board of managers fell abruptly of their duties by puting aside the codification of moralss and leting illegal partnership to take topographic point. Besides, the board did non follow through the probe carried out by the finance section sing the compensation of Fastow. Although the board argued that they had no cognition about what was traveling on, the Powers Report stated that the board had failed in its oversight responsibilities ( Gown & A ; Abelson, 2002 ) . The audit commission at Enron had every right to look into the traffics that Enron was traveling into in order to halt it from the oncoming. However, they did non inquire any inquiries nor did they size up the boards ( Peel & A ; Hill, 2002 ) . Analysts on the other manus compounded the fraud by endorsing Enron and promoting people to purchase their portions even when the stock monetary value was falling. Whenever analysts opted to state otherwise, they would run into jobs with their employers. This was the instance of Chung Wu who was sacked by his director Price Webber because Chung sent an electronic mail to Enron ‘s investors stating them to â€Å" take some money off the tabular array † as the fiscal state of affairs at Enron was non looking good.Detriments TO STAKEHOLDERS OF THE ENTITIESOne of the negative effects of accounting frauds is the disadvantage it normally has on stakeholders like creditors, employees, stockholders, and any other individual or group of people who have a good involvement in the house. As respects Polly Peck, it was revealed that they owed over 1.3 billion to creditors. And to do affairs worse, these creditors merely received 4 pence for every lb they were owed. Besides, most stoc kholders every bit good as 1000 s of pensionaries lost all of their investing. Ten 1000s of employees besides lost their occupations. As with employees at Enron, they were deceived into believing that the company was still making good and were farther prevented from selling their stock or diversifying their portfolio even while the top executives were selling theirs. They watched haplessly as their life nest eggs vanished from their eyes. As a consequence of the dirt, the repute of top direction was destroyed and it led to some of them like Jeffery Skilling, Andrew Fastow, and Kenneth Ley being persecuted and later imprisoned. Sing the investors at Enron, both institutional and single investors lost a immense sum of their investing because they were deceived into believing that the house was still executing well.Regarding executives and senior direction, unethical patterns were paramount in Enron whereby those who played along were showered in compensations and wagess, while those who challenged the traffics were persecuted.GOVERNANCE ROLES THE BOARDS HAVE OVER THE ENTITIESThe board of managers are those who are re sponsible for guaranting that the company is being managed by the directors in the involvement of the stockholders, and they are responsible for keeping the ethical codification of the organisation. Board of managers are besides meant to supervise accounting patterns in order to guarantee conformity with accounting criterions, reappraisal wage strategies of top executives in order to forestall struggle of involvement arising, and guarantee independency of company ‘s hearers by revolving the audit house after every few old ages and forestalling the audit house from supplying both internal and external audit services.This was non the instance at Enron as the improper administration of its board of managers was one of the major jobs which led to its autumn. It can besides be said that there was weak administration at Polly Peck as Nadir was able to travel big amounts of money without any employees or managers oppugning him. This was likely due to the fact that Nadir was moving as both president and CEO, thereby giving him absolute power and control and besides due to the deficiency of effectual control system within Polly Peck ‘s caput office in London. The control systems were so weak to the extent that even the demand for double signatures on bank backdowns was absent.ROLE OF EXTERNAL AUDITORS AND AN ASSESSMENT AS TO WHETHER THEIR AUDIT DUTIES WERE FULFILLEDThe hearers of Polly Peck were Erdal & A ; co. ( Turkish subordinates hearers ) and Stoy Hayward ( UK- based group hearers ) . Erdal & A ; co. collaborated with Polly Peck in the uses of their histories and this led to the exclusion of Erdal spouses from the Institute of Charted Accountants of England and Wales, while Stoy Hayward was criticized on the footing of inefficiency in the appraisal of Erdal in transporting out the audit of the Turkish subordinates of Polly Peck ; inefficiency in reexamining Erdal ‘s working documents ; and failure to look into the causes of the unnatural growing in its subordinates. SAS 82 requires external hearers to look for fiscal and non-financial inducements as indexs of fraud while transporting out their audit responsibilities. Harmonizing to Apostolo et Al ( 2001 ) , there were two of these non-financial inducements present at Enron which were ignored by Andersen. They were: compensation being linked to aggressive accounting patterns, and direction ‘s casual attitude over the internal controls. Besides, Andersen did non describe the revenue enhancement turning away strategy used by Enron. From another point of position, the drastic alterations in the fiscal statements of Enron were supposed to hold made the external hearers leery. Such as: Why the operating income, Earnings per portion ( EPS ) , and gross borders fluctuated greatly between the old ages 1997- 2000 Why the stock monetary value increased enormously in 2000, when the EPS merely increased by a small per centum, and in fact gross border per centum dropped from 13.3 % to 6 % . With all this, it can be said that both Stoy Hayward and Andersen did non take a close expression at the ruddy flags which suggested that there could be fraud at Polly Peck and Enron severally.AUDITORS CONFLICT OF INTERESTSHearers ‘ struggle of involvement refers to a state of affairs whereby the personal involvement of hearers struggles with their fiducial responsibilities, therefore holding undue influence on their duties and forestalling them from moving in the best involvement of stockholders. This struggle of involvement can be existent or perceived. Arthur Andersen was Enron ‘s external hearer, supplying it with external audit services, internal audit services and consultancy services. Coupled with the fact that a big sum of the house ‘s fee was from its non-audit work instead than its audit work, it can be stipulated that there was a menace to the independency of Arthur Andersen, thereby taking to a struggle of involvement. In add-on, the relationship between Enron and Andersen ‘s employees was so close that at Enron ‘s office in Houston, it was hard to distinguish Enron ‘s employees from Andersen ‘s. To decline the state of affairs, Enron ‘s internal audit staff became Andersen ‘s staff when Enron ‘s internal audit division was taken over by Andersen. This depicts a true scenario of struggle of involvement as the independency place of the hearers has been compromised. Though Andersen argued that this relationship did non in any manner affect their independency place, it still was against the AICPA ‘s ( American Institute of Certified Public Accountants ) codification of professional behavior demand that external hearers should at all times give the â€Å" visual aspect of independency † in order to give credibleness to their work. In the instance of Polly Peck, the struggle of involvement that arose was on the portion of Coopers & A ; Lybrand, who were responsible for the disposal and receivership of Polly Peck. There was a struggle of involvement as they had portions in Polly Peck, audited its subordinates, served as advisers to the managers and reported on the company ‘s prospectus ( Sikka, 2004 ) . Besides as Polly Peck was one of Stoy Hayward ‘s most established clients, there was the possibility of struggle of involvement as Stoy Hayward would non desire to lose a major beginning of their income.LESSONS LEARNT FROM THE SCANDALSBefore the prostration of Polly Peck, stakeholders and the general populace found it difficult to understand how the company was doing its money even though it had no hard currency, but no 1 was making or stating anything about it, and there were no inquiries asked. Therefore, an of import lesson learnt is that inquiries should be raised and probes should be carried out when there is uncertainty, in order to place the possibility of a fraud before it ‘s excessively late. Besides, Asil Nadir was moving as both the president and CEO of Polly Peck, thereby holding so much authorization and power which means there was barely any segregation of responsibilities, doing it hard to acknowledge the fraud from the beginning. Hence, another lesson learnt is to hold two different persons moving as CEO and president, as stated in the Cadbury study. One of the lessons learnt from the Enron dirt is that hearers should be rotated after a certain figure of old ages so as to keep their independency. In the instance of Enron, Andersen was its hearer since its origin in 1983, hence, the stopping point relationship between Andersen and Enron. This likely led to Andersen overlooking the abnormalities of Enron. Besides, it was learnt that there should be a cheque on bonus-based compensation for employees, as this could hold made them beg any agencies to accomplish the declared fillip, even though it could be to the hurt of the company in the long tally.How were these lessons incorporated into subsequent codifications on corporate administration? Explain what these codifications aimed to accomplishAs a disincentive for the dirt in Enron happening in future, the Sarbanes Oxley act 2002 ( SOX ) was introduced. This SOX does non undertake the issue of corporate administration by implementing codification of best pattern or rule, but by puting more duties on managers and senior direction. For illustration, the CEO and CFO must attest that to the best of their cognition that the one-year study and quarterly studies do non incorporate an untrue statement or skip of immaterial fact and that the fiscal statements and fiscal information reasonably represent, in all stuff facets, the true fiscal statu s and consequences of operations of the company. Therefore, one of the purposes of the SOX is to do the CEO and CFO guarantee that fraud does non happen, otherwise they will be held responsible and penalized. The act requires all listed companies to hold audit commissions which will be responsible for finding their audit fees and naming hearers, thereby guaranting they carry out their work decently. These audit commissions must dwell of independent managers who must non, in whatsoever circumstance, obtain confer withing and non-board fees from the company, thereby beef uping their independency from the company. Audited account houses are prohibited from functioning as hearers of a peculiar house for a twelvemonth, if it so occurred that the CEO, CFO, or main accounting officer of the audited house has in any manner participated in the company ‘s audit while employed by the audit house, thereby avoiding any struggle of involvement on the portion of hearers. Another measure taken was the constitution of PCAOB ( Public Company Accounting Oversight Board ) for the debut of stiff processs that will safeguard the hearers ‘ independency from direction and the ordinance of the profession. Besides, the PCAOB was put to supervise the audit of public companies in order to protect the involvement of investors. The Cadbury study was published in 1992 after the prostration of some outstanding UK companies, including Polly Peck. The prostration was chiefly as a consequence of board inadvertence and weak administration systems. The Cadbury study is a study of a commission chaired by Adrian Cadbury which focuses on the agreement of company boards and accounting systems to cut down corporate administration hazards and failures. It recommends the constitution of a non-statutory codification of best pattern and administration issues in listed companies. This was known as the combined codification which was to go the anchor of corporate administration. The codification recommends that board of UK corporations or publically traded companies should include at least three outside non-executive managers effectual internal control systems should be put in topographic point, there should be transparence in its fiscal coverage, and that places of Chairman of the Board ( COB ) and Chief Executive Officer ( CEO ) be held by two different persons.PRINCIPLE BASED CODES VERSUS RULES BASED CODESIt can be said that the codifications under the US Code of Corporate Governance ( for illustration, Sarbanes Oxley Act ) are regulations based while those under the UK Code of Corporate Governance ( for illustration, Cadbury study ) are principle based. The US Code of Corporate Governance focuses on quantitative steps such as audit commission and outside managers while the UK Code of Corporate Governance focuses on qualitative steps such as transparence and due diligence. This can be seen in the instance of Enron – although it met the quantitative steps of corporate administration, it failed to run into the qualitative steps. The regulations based codifications can be said to be regulator-led as the SEC are apt for implementing, implementing and supervising codifications of corporate administration, hence, have a one-size-fits all attack and gives small or no room for creativeness, while the rule based codifications on the other manus can be said to be shareholders-led as the stockholders have the right to make up one's mind on what codifications are indispensable and suited to guard their involvement. Harmonizing to Rezaee ( 2008 ) , the rules based attack is seen to be more effectual than the regulations based attack due to the fact that it is more flexible and enables the participants of corporate administration, for illustration hearers, audit commission and managers exercise their professional opinion, thereby, keeping the dependability and quality of the corporate administration system.Your positions as to whether the corporate administration codifications have addressed all the issues raised or whether other countries need to be addressed either through codifications or through companies ain corporate administration processsIt can be concluded that though most of the issues sing the Polly Peck and Enron dirts have been addressed in the codifications of corporate administration, the issue of the audit commission has non been to the full addressed. Although the SEC requires listed companies to hold audit commissions, we believe they should be held more responsible and penalize d if there is a corporate administration failure in the company which they are supervising.

Maslow’s theory of needs in individualistic and collectivist cultures Malika Kassymova Essay

1. Abstract Maslow’s hierarchy of needs is a motivation theory elaborated by a humanistic psychologist Abraham Maslow in 1943. Maslow’s theory consists of 5 main levels of needs that form a pyramid: Physiological, Safety, Belongingness and Love, Esteem, Self-Actualization (Janet A. Simons, 1987). Even though this theory is most commonly used in individualistic cultures, some findings suggest that it may also be applied in collectivist culture. However, the results will differ from those in individualistic cultures. In a collectivist culture, the basic need is belonging to the society; self-esteem is eliminated, and self-actualization is attained in terms of meeting societal development needs (Gambrel, P. A.& Cianci, R., 2003). Thus, contrary to the belief that the basic concept of self-actualisation applies to any human being in any culture, the current findings suggest that an individual’s needs are partially bound by culture. Implications include important impa ct on the workplace, as the concept of self-actualization shouldn’t be forced upon a collectivist culture and vice versa (Nevis, 1983). 2. Introduction 2.1 Review Most famous authors that have investigated international implications of Maslow’s hierarchy of needs include Geert Hofstede, Edwin C. Nevis. Other individualism-collectivism studies by Hampden-Turner and Trompenaars, Schwartz, Bilsky, Ivtzan and Tanaka have a direct relation to theories of motivation as well. 2.2 Purpose  The purpose of this literature review is to organise, compare and synthesize academic papers related to the Maslow’s theory of motivation and to indicate the sources of obtained data. 3. Application of Maslow’s theory in individualistic and collectivist cultures 3.1 Beginning of studies Individualism – collectivism is one of four dimensions of culture in different countries developed by Geert Hofstede. According to (Hofstede, National Cultures in Four Dimensions, 1983), in an individualistic society individuals look after themselves and immediate family members. He defines collectivism as a preference for a close social framework where family members and other in-group members look after them in exchange for loyalty; individualism, on the contrary, refers to a more self-oriented approach to socialization. 3.2 Methodology & Findings Source: www.geert-hofstede.com In a recent study (Ivtzan, 2010) the cultural validity of self-actualization is tested using the Personal Orientation Inventory (POI) questionnaire developed by (Shostrom, E.L, 1980) as a comprehensive measure of the self-actualizing characteristics originally highlighted by Maslow. The POI questionnaire was tested on 100 British participants and 100 Indian participants as these two cultures belong to 2 different cultures (Hofstede, geert-hofstede.com, 2004). In support of the hypothesis, the results showed British participants scored significantly higher than the Indian participants on 10 out of the 12 scales, meaning that Individuals from an individualistic culture are more likely to be closer to the self-actualizing ideal, as measured by these scales, than individuals from a collectivistic culture. Thus, one’s cognition and motivation are affected by the social system in which they are raised and fulfilling one’s potential is expressed differently in these cultures. Collectivistic cultures are more ‘other orientated’ with strong emphasis on approval, acceptance and adherence to social groups (Erez & Earley, 1993). In support of this, Tanaka (1978) tested individualistic and collectivistic differences in agreeable responses to various behavioural statements. For example, in response to the statement â€Å"To do something good for society†, participants from Indonesia, Pakistan and India scored the highest and those from Australia and New Zealand the lowest. However, in response to the statement â€Å"To achieve personal happiness†, the pattern of results was reversed. Similarly, Riesman et al (1953) describe that the other-directed person â€Å"hardly thinks of himself as an individual† (p.33) further suggesting that collectivists that define themselves in such an ‘other-directed’ way are less likely to be inner orientated than individualists. Therefore, prestigious companies such as Royal Bank of Scotland (RBS, 2007) that actively use Maslow’s motivational theory may fail to effectively ‘reach out’ their more collectivist employees. Source: www.geert-hofstede.com 4. Summary Hofstede (1983) and Nevis (1983) both conclude that the hierarchy of needs developed by Maslow stresses individual achievement rather than collective, since it was developed on the basis of individualistic US model. However, Hofstede (1983) and Trompenaars (1993) agree that the American way of management does not apply across all cultures, especially as those in Asia. Living to our fullest potential is a universal theme and the route towards unlocking this potential and fulfilling it might be dependent on our cultural values. Therefore, the results of using Maslow’s model will differ in individualist and collectivist cultures. Further research is needed to establish whether the fulfilment of the individual in a non-Western, collectivistic culture is idealised in a different way (Ivtzan, I., Gardner, H. E., Bernard, I., Sekhon, M., & Hart, R., 2013). 5. Implications for Managers Individualistic countries desiring to invest in collectivist countries (e.g. China) can increase their profitability through understanding of collectivist culture and vice versa. Companies where management models are based on individualism shouldn’t force their management practices upon a collectivist environment. For example, in a collectivist culture like China, Nevis (1983) suggests that Chinese business practices should be governed by being a good member of society and placing group needs before individual needs. Therefore, a team-based organizational structure should be put in place by the investing firm. The human resource management plan should also design a benefits plan that centres on the work group with a focus on housing, medical care, and education. Cultural research is important in human resource management in order to divide between individualistic and collectivistic cultures, allowing both to work efficiently and effectively, side by side, in the same organisational environment (Ivtzan, I., Gardner, H. E., Bernard, I., Sekhon, M., & Hart, R., 2013). Also, the human resource management plan should implement a comprehensive cultural training program designed to increase understanding and awareness of a collectivist culture to avoid confrontations and situations that would cause one to lose face (Gambrel, P. A.& Cianci, R., 2003).

Eclogy and Forestation essays

Eclogy and Forestation essays Our Forests, Where Can We Use Them Most Trees have been with us since the beginning of time. We have been using its products for just as long. They have been used to fashion weapons, used as wheels, used for us to write with and to have something to write on. Most importantly they have been and continue to be used to provide shelter for us. I feel trees are an important resource for us and to stop using this important resource would be an injustice to society. Trees are there to be admired and to help our ecosystem survive but they are also there to provide for the things we need in life. An important example of how trees are helping people in extraordinary ways in by the use of tree products as cancer drugs. According to Sally Christensen, taxol is created by using three one hundred year old pacific yew trees or roughly sixty pounds of bark. Taxol is very helpful in fighting ovarian cancer when conventional methods no longer work. This drug has been responsible for saving many lives (Christensen 552). Christensen herself was saved with this drug. Sallie Tillsdale calls Christensen very selfish for killing trees to help save herself. She says it is people versus trees. I feel it is life versus life. If a few trees have to be cut down so a person can go on living then this is a choice that I as a person am willing to make. No one is going to tell me that I cannot have a chance at life because a group of environmentalists say that is wrong. It is quoted by Walter T. Stace, If a mans actions were wholly determined by chains of causes stretching back into the remote past, so that they could be predicted beforehand by a mind which knew all the causes, it was assumed that they could not in that case be free. One of the main needs of lumber is for building homes. This need skyrocketed after the 1950s. The need for new housing was tremendous and the need for lumber just kept growing. T...

LEGAL ENVIRONMENT 5 Essay Example | Topics and Well Written Essays - 1000 words

LEGAL ENVIRONMENT 5 - Essay Example The law which would be discussed is that of Equal Employment opportunity. It has been pointed out that under the traditional principles of international law the activities of an overseas subsidiary which had been incorporated according to the laws of another were not subject to US legal regulation; the main reason for this being the fact that the nationality of a business entity was dependent on the country in which it had been incorporated.2 This has been boycotted by the Congress. In context of employment there have been introduced various civil law rights which include Title VII, the Age Discrimination Employment Act (ADEA) and the Americans With Disabilities Act (ADA). Extraterritorial effect has been given to these rights. It has been said that this had been provided so as to extend the reach of US employment laws which was as a result of the Supreme Court decision in Boureslan case in which Title VII to protect US citizens who were working abroad was refused, due to the international jurisdiction principle.3 The problems that tend to arise with regards to foreign company constantly insisting to hire its own nationals in US, and the main reason for this being the general knowledge which is possessed by them with regards to matters of the company. Thus there have been many claims of discrimination on the basis of national origin.4 The courts has acknowledge the FCN treaty which allows for hiring of nationals in the subsidiary of the parent company, only on certain designations5. However it has been stated by the Supreme Court that a subsidiary of a Japanese company does not come under the FCN treaty since it has been established in the US.6 By the analysis it has been clearly verified that US discrimination laws apply to foreign employers operating inside the US.7 Further it has been stated that even though the FCN treaty right allows for the hiring of nationals of parent company, there is no justification in FCN for dismissal of a US citizen because of age, which would be a discrimination.8 The courts have illustrated that right to prefer a citizen does not allow the employers to discriminate on other grounds.9 Further the right of FCN given to corporation to favor its own citizens does not make allow sexual harassment.10 However it can be clearly seen that the citizenship and national origin are in conflict, thus the right to discriminate based on FCN treaty is in conflict with discrimination on national origin which is prohibited under Title VII.11 The risks that a company takes when establishing business globally include among other things the different customs and laws, the cost of labor, taxes and other variant factors depending from country to country. The laws as have been pointed are mainly focused upon discrimination, equal pay and labor laws. The most important factor that should be taken into account by the company is to carefully research the legal position of their establishment in the country and to act accordingly. Further a company should take into minimum wages and the taxation process within the country. The possibilities of negotiation with the State are possible if it is a large corporation. The possible treaties that have been signed between the countries can be looked

Support same-sex marriage or not support Essay Example | Topics and Well Written Essays - 1000 words - 1

Support same-sex marriage or not support - Essay Example Interestingly, both sides have yielded substantively convincing reasons and justifications for their varied opinions and standpoints on this topic. This paper aims at making a comparison of two opposing editorials on the issue of gay marriages. The first article to consider is entitled: â€Å"Legalizing gay marriage would undermine Christian view of family, claims leading Catholic archbishop† written by Mario Ledwith, and it appeared in the Daily Mail on the 30th of December last year. The Daily Mail is a reputable daily British newspaper that enjoys the fourth largest circulation of about two million copies daily; since the year 1992, Daily Mail has been edited by Paul Dacre. According to this article, Archbishop Bernard Longley of the Birmingham Roman Catholic posits that if gay marriages are legalized, the conventional Christian perspective of family and the whole marriage institution will be undermined (Ledwith). Archbishop Bernard Longley further argues that every child deserves to be loved by two parents, both mother and father; no single child should be denied this incredible opportunity to experience the love of both parents. This is a justifiable reason for the church to remain opposed to the idea of gay ma rriages, despite the increasing popular opinions in support of the same. Marriage as a divinely willed institution must be respected and upheld as a heterosexual union of man and woman. Any attempts at reversing this divine order distort the truth, and this negatively influences individuals and the society at large. The second article that will be considered in this paper , â€Å"Gay marriage bill right thing to do, say Tory heavyweights in appeal to MPs† that appeared in The Guardian, on the 5th of February 2013, which has been co-authored by Nicholas Watt and James Maikle. The Guardian is a reputable daily British newspaper that is edited by Alan Rusbridger; and it enjoys a national presence, with a steady daily