A1 Consolidated Gold Limited

Question: Talk about the A1 Consolidated Gold Limited. Answer: Presentation A1 Consolidated Gold Limited was set up in the year 2011. The significant point behind setting up the organization was to gain 100% possession in the A1 gold task. The portions of the organization got recorded in the Australian stock trade in the year 2012. The organization has its administrative center in Victoria, Australia. IT is an Australian based organization which is occupied with the advancement procedure of the AI gold mines in the nation. The organization has indicated enthusiasm for mineral investigation which has been set up 120 kilometers from north east of Melbourne, Victoria, situated among Mansfield and Woods Point. The administration of the organization has effectively acquired permit MIN 5294 for the doing the gold activities in the nation. The market capitalisation of the organization has seen an unexpected destruction in the previous 1-2 years. Audit of Financial situation of the organization The monetary exhibition of an organization is given through the assistance of accounting report. The short and long haul grouping of the liabilities and resources gives better comprehension of the details and aides in giving the separation to non-current and current. The significant heads of accounting report in the event of A1 Consolidated Gold Limited for the multi year finished 2015 and 2014 are as per the following: Specific 2014 2015 Change % Change Current resources Money and money counterparts $ 232,027 $ 2,013,371 $ 1,781,344 768% Receivables $ 40,766 $ 131,455 $ 90,689 222% Inventories $ 102,643 $ 102,643 100% Prepaid costs $ 53,399 $ 164,993 $ 111,594 209% Other current resources $ 1,500 $ 920 $ (580) - 39% Absolute current resources $ 327,692 $ 2,413,382 $ 2,085,690 636% Non-current resources Net property, plant and gear $ 34,270,102 $ 33,118,108 $ (1,151,994) - 3% Gathered Depreciation $ (770,305) $ (2,845,199) $ (2,074,894) 269% Net property, plant and hardware $ 33,499,797 $ 30,272,909 $ (3,226,888) - 10% Other long haul resources $ 123,000 $ 1,006,500 $ 883,500 718% All out non-current resources $ 33,622,797 $ 31,279,409 $ (2,343,388) - 7% Current liabilities Records payable $ 95,331 $ 596,414 $ 501,083 526% Momentary obligation $ 41,155 $ 173,441 $ 132,286 321% Other current liabilities $ 545,369 $ 547,031 $ 1,662 0% All out current liabilities $ 681,855 $ 1,316,886 $ 635,031 93% Non-current liabilities Long haul obligation $ - $ 1,561,220 $ 1,561,220 100% Other long haul liabilities $ - $ 1,050,554 $ 1,050,554 100% All out non-current liabilities $ - $ 2,611,774 $ 2,611,774 100% Investors' value Basic stock $ 35,279,194 $ 42,606,668 $ 7,327,474 21% Held income $ (4,224,242) $ (18,296,142) $ (14,071,900) 333% Aggregated other complete salary $ 2,213,682 $ 5,453,605 $ 3,239,923 146% All out Stockholders' value $ 33,268,634 $ 29,764,131 $ (3,504,503) - 11% The present resources of the organization incorporate records receivable, Cash and money proportional, stock and prepaid costs. Out of the all out current resources, the money and money comparable contributes 85% of the all out current resources. There has been enormous development in the money parity of the organization in the year 2015 when contrasted with the most recent year 2014. The administration of the organization during the year 2015 has given convertible notes in the market. Through this issue the organization has raised $2.4 million. Further during the year, the organization has given extra offers in the market, through which they have raised extra money of $2.5 million during the year. The organization has been fund-raising from issue of offers from recent years. The records receivable parity of the organization expanded significantly in the present year. This expansion is significantly determined by increment in the GST recoverable parity of the organization. There was no stock equalization lying in the books in the year 2014. In any case, in the year 2015, the organization exportation consumables lying in the books which legitimately expanded the stock parity of the organization. The non current resource of the organization incorporates property plant and gear and other long haul resources. There has been no significant change in the gross square of fixed resources for the organization. The change which has occurred during the year is significantly record of devaluation has been charged in the books for the year 2015. The plant and apparatus contributes significantly for the fixed resource segment of the organization. The other long haul resource of the organization incorporates the ecological securities. The ecological bond balance for the organization during the year expanded significantly by 718%. The present obligation of the organization significantly incorporates creditor liabilities and transient obligation. The records payable parity of the organization expanded by 526% during the year. This is significantly by virtue of increment in business for the organization. Audit of Financial execution of the organization The benefit and misfortune account has been utilized broadly as an apparatus to test the monetary exhibition of the organization. They are been alluded as pay proclamation also, as it gives data about the pay booked in by the organization. The equivalent has been utilized significantly by the speculators to test the benefit procuring capability of the organization which they could in basing their choice of putting resources into the supplies of the organization. The significant heads of benefit and misfortune record of A1 Consolidated Gold Limited with numbers for year 2014 and 2015 are given as beneath: Specific 2014 2015 Change % Change Income $ 78,721 $ 24,658 $ (54,063) - 69% Cost of income $ - $ - $ - 0 Expenses and costs Bookkeeping and tax collection administrations $ 56,150 $ 80,340 $ 24,190 43% Examiners compensation $ 35,850 $ 42,500 $ 6,650 19% Organization secretarial expenses $ 78,407 $ 141,578 $ 63,171 81% Consultancy expenses $ 34,672 $ - $ (34,672) - 100% Deterioration Expenses $ 17,526 $ 12,908 $ (4,618) - 26% Executives expenses $ 59,450 $ 37,857 $ (21,593) - 36% Worker advantage costs $ 132,023 $ 100,460 $ (31,563) - 24% Money Cost $ 70,107 $ 18,523 $ (51,584) - 74% Disability cost $ 12,842,007 $ 12,842,007 100% Protection $ 121,899 $ 114,455 $ (7,444) - 6% Misfortune from Disposal of advantages $ 5,126 $ 80,414 $ 75,288 1469% Maldon working costs $ 451,361 $ 451,361 100% Other working costs $ 171,414 $ 133,192 $ (38,222) - 22% Offers based installments $ 222,876 $ 4,664 $ (218,212) - 98% Offers library charges $ 70,712 $ 36,299 $ (34,413) - 49% Profit per share Essential $ (0.1) $ (0.5) $ (0.4) 400% Weakened $ (0.1) $ (0.5) $ (0.4) 400% The activities of the organization has not begun in full fledge continuously 2015. As result there has been offer of only $24K during the year finished 2015. The pay that has been earned by the organization is significantly for the bank premium, charge credit that has been gotten by the organization during the year. During the most recent year, the organization has earned benefit discounted of advantage adding up to 20K. Being there is no deal made by the organization during the current also in the most recent year, there has been no expense of offer brought about for the organization. Further from the viewpoint of costs for the organization, there has been around 1210% expansion in the costs for the organization during the year. This expansion is significantly determined by extra debilitation of advancement cost brought about during the year adding up to $12 million. This impedance has been accomplished for the extra investigation and improvement cost that the administration of the organization has acquired in the most recent years. During the present year, the organization has brought about misfortunes because of removal of benefits. In the most recent year, the organization picked up at a bargain of advantages which has been changed over into misfortunes in the present year. The organization during the year has made impressive costs on legitimate and consultancy of the organization as evaluators expenses, bookkeeping and tax assessment administrations, Consultancy charges, Company secretarial charges and so forth. Then again, the worker advantage cost of the org anization has expanded by 24% in the present year when contrasted with the most recent year. By and by taking a gander at the present situation of the organization, the organization is making impressive use on the improvement work and subsequently dependent on the equivalent, this consumption has been promoted. In this manner, just constrained cost are been charged off in the benefit and misfortune account. The offer based installments cost of the organization has diminished significantly. In light of the non m

Introduction to Nanotechnology free essay sample

By and large nanotechnology manages structures of the size 100 nanometers or littler in at any rate one measurement, and includes creating materials or gadgets inside that size. Nanotechnology is various, extending from expansions of traditional gadget material science to totally new methodologies dependent on sub-atomic self-gathering, from growing new materials with measurements on the nanoscale to examining whether we can legitimately control matter on the nuclear scale. There has been a lot of discussion on the future ramifications of nanotechnology. Nanotechnology can possibly make numerous new materials and gadgets with an immense scope of uses, for example, in medication, hardware and vitality creation. Then again, nanotechnology raises a considerable lot of indistinguishable issues from with any presentation of new innovation, including worries about the poisonousness and natural effect of nanomaterials, and their latent capacity impacts on worldwide financial matters, just as hypothesis about different doomsday situations. These worries have prompted a discussion among support gatherings and governments on whether unique guideline of nanotechnology is justified. We will compose a custom paper test on Prologue to Nanotechnology or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The main utilization of the ideas found in nano-innovation (yet pre-dating utilization of that name) was in Theres Plenty of Room at the Bottom, a discussion given by physicist Richard Feynman at an American Physical Society meeting at Caltech on December 29, 1959. Feynman depicted a procedure by which the capacity to control singular iotas and atoms may be created, utilizing one lot of exact apparatuses to manufacture and work another relatively littler set, etc down to the required scale. Over the span of this, he noted, scaling issues would emerge from the changing extent of different physical marvels: gravity would turn out to be less significant, surface strain and vander Waals fascination would turn out to be progressively increasingly huge, and so on. Name †Swarnalipi Behera Regd. no †0601211053 Roll. no †106321 Branch †IT 1. Presentation Nanotechnology is a basically current logical field that is continually developing as business and scholastic intrigue keeps on expanding and as new research is introduced to established researchers. The field’s least difficult roots can be followed, but ostensibly, to 1959 however its essential advancement happened in both the eighties and the mid nineties. Notwithstanding explicit logical accomplishments, for example, the innovation of the STM, this early history is above all reflected in the underlying vision of atomic assembling as it is sketched out in three significant works. Generally, a comprehension of advancement and the analysis of this vision is fundamental for fathoming the real factors and capability of nanotechnology today. Nanotechnology, abbreviated to nanotech, is the investigation of the controlling of issue on a nuclear and atomic scale. For the most part nanotechnology manages structures of the size 100 nanometers or littler in any event one measurement, and includes creating materials or gadgets inside that size. Nanotechnology is extremely differing, going from augmentations of customary gadget physical science to totally new methodologies dependent on sub-atomic self-get together, from growing new materials with measurements on the nanoscale to exploring whether we can legitimately control matter on the nuclear scale. There has been a lot of discussion on the future ramifications of nanotechnology. Nanotechnology can possibly make numerous new materials and gadgets with a huge scope of utilizations, for example, in medication, hardware and vitality creation. Then again, nanotechnology raises a significant number of indistinguishable issues from with any presentation of new innovation, including worries about the harmfulness and natural effect of nanomaterials, and their latent capacity impacts on worldwide financial matters, just as theory about different doomsday situations. These worries have prompted a discussion among promotion gatherings and governments on whether exceptional guideline of nanotechnology is justified.

Questions for Your Next One-on-One Meeting

Questions for Your Next One-on-One Meeting One-on-ones might sound like a necessary evil of being a manager, but they actually are an important part of running a successful team. But simply organising meetings is not going to bring fame and fortune for your team. The key to successful meetings often lies in preparation and in asking the right questions.If you want to make the most of your one-on-ones, then here are some of the best questions you can ask at your next meeting. We’ve also outlined the most important elements of running a successful one-on-one and the things you need to avoid.Whether you are a manager or the employee, the below information can help you focus on the right things at your next meeting and to impress your team with your knowledge. © Shutterstock.com | Sergey NivensIn this article, you will learn about 1) the importance of one-on-ones, 2) the elements to make one-on-ones a success, 3) essential questions for one-on-one meetings, 4) things to avoid during one-on-ones, and 5) final thoughts.THE IMPORTANCE OF ONE-ON-ONESOne-on-ones are usually considered a bit of a waste of time and many, employees and managers alike, have bad experiences to share. But that is not because the basic concept of one-on-ones is somehow flawed, but rather because most managers don’t know how to build a successful one-on-one.These little meetings are at their best a team building exercise and something that can save the team from a lot of hassle later on. This is because the short meetings can help the team to solve and focus on these key things:Streamline performance â€" One-on-ones make it easier to correct performance. They guarantee you catch the minor errors in the work and the meetings allow correction of these errors before th e problems turn into bigger issues. They also make it easier to reward the employee, which in itself will help boost team morale.Ensures the team is on the same page â€"In a hectic work environment it is easy to lose sight of the big goal sometimes. One-on-ones make it easier to ensure people are always aware of the priorities and goals, guaranteeing the whole team is working towards the same goal.Builds relationships between the teamâ€"A good work team requires good relationships within the team. Building a relationship is much easier with regular contact with the team members. Successful meetings increase trust and can instantly make it easier to solve difficult situation.Working in a team requires much more than pure focus on the job at hand. As the work environment entails people, it is crucial to ensure each individual is appreciated and noticed. By investing in the wellbeing of the team members, as well as the efficiency of the project, managers make it more likely the employe e also wants to guarantee the company succeeds.THE ELEMENTS TO MAKE ONE-ON-ONES A SUCCESSSince one-on-ones are crucial for the success of the company, how can you guarantee you are doing them the right way? Firstly, understanding the importance of these meetings is already an important step to building a great one-on-one.Secondly, you want to focus on the elements that create a culture of good one-on-ones at the workplace. The below is a collection of these elements and they are a great guideline for any manager looking to add more meaning to one-on-ones.Prepare in advanceDon’t treat one-on-ones as a meeting that just happens. Although the conversation should be relaxed and open to new directions, it doesn’t mean you don’t need to prepare for it.You need to have a list of the most important things you’d like to go through and it’s a good idea to prepare feedback for the employee.Plan enough time for the one-on-one meetingThe meeting should ideally last at least 30 minutes. This ensures the conversation doesn’t feel rushed, but you also don’t want it to be longer than needed.Make sure you organise the one-on-ones when you have enough time at hand. If you or, indeed, the employee feel too stressed with other tasks, it might hinder the effectiveness of the meeting.Let your employee run the one-on-one meetingThe meeting should never be about the manager, but about the employee! Even though you need to prepare for the meeting, you need to ensure the meeting’s focus is on the employee.This highlights to the employee that you, as a manager, truly value their opinion and it ensures the employee also comes prepared for the meeting. So, always tell the employee you want them to run the meeting beforehand!Ask questions and listen to your employeeYou must listen to your employee â€" do not get into a meeting with pre-set mind. Be open to their ideas and ask questions about their experience. This helps you understand the person better and helps build a stro nger relationship.Keep the meetings regularOne-on-ones shouldn’t be an occasional meeting that mostly happens when things aren’t going well in the company. The more regular the meeting, the better the team’s work ethic will be.Hold your meetings regularly and don’t get into the habit of cancelling them! You don’t want the employees to feel the meetings aren’t important.Total dedication and presence during the meetingToday’s workplace can be quite hectic, but the dangers of multitasking are becoming more evident. When you are holding a one-on-one, make sure you dedicate all of your time and focus to the meeting. Don’t answer the phone or check your e-mails while you are at the meeting!Don’t forget notes or follow-throughsRemember to use the one-on-one as an opportunity to improve the company and the team spirit. Always take notes of what the employee is telling you to ensure you can check if the ideas are worth implementing.In addition, don’t forget to send an e-m ail or other such note about the meeting to your employee. This can be a compilation of the points discussed at the meeting and ideas for the next meeting.Make the employee the priority of the meetingAbove all, the employee needs to be the priority of the meeting. The one-on-one isn’t about your company or the goal at hand, it is about helping the employee to succeed. If your employee succeeds, your company will succeed.Finally, the below YouTube video is a great introduction to organising successful meetings. THE ESSENTIAL QUESTIONS FOR ONE-ON-ONE MEETINGNot all questions are alike and you don’t want to use the precious time for asking the wrong questions. If you want to make the most of the meeting, you need to know what are the key questions to ask.Since both managers and employees should be asking questions at the meeting, we’ve split this section in to two. You can find the best questions for both managers and employees.1) What should the manager be asking?The following a re some example questions a manager should be asking at one-on-ones:What would you like to focus on at this meeting?As mentioned above, you want the employee to lead the conversation and so it is a good idea to ask the above question. It helps to kick start the conversation and you can focus your own follow-up questions accordingly.How did last week go? What did you learn during last week?You want to ask about the employee’s workweek to make sure you see how well they are doing. Their answer can tell you a lot about the way they prepare for the work and point out any problems they might have.You also want your employees to be constantly improving their skills and asking about what new they have learned can help you streamline your management style as well to support their development.How are you preparing for the week ahead?As well as asking about what the employee has done, you also want to focus on the future. Ask about their plans and give tips if they seem lost.What has inspir ed and motivated you in the past week?Keep asking about the employee’s inspiration and motivation. This can help you ensure your employees feel motivated and rewarded.What are your biggest concerns at the moment? How would you solve them?Make sure you also focus on the problematic areas of the work or the specific project. You also want to find out what your employee would do to solve the situation.If you could change one thing, what would it be?This doesn’t necessarily even need to be about the workplace or the project. The answer can give you great insight into the employee’s personality and focus.What would you like me to help you with the most?With this question, you can make your employee feel more appreciated. It tells them you have not let them to their own devices and the question can help you ensure your team members stay motivated.Does the work you do meet your expectations? If not, why?Your employee had a reason to seek employment with your company and you want to m ake sure you know what drove them to the position. Continue to keep asking whether they are satisfied with the position and the career and how you can ensure they stay happy.How are you doing outside work?Naturally, you need to also ask about their personal life. Once you get to know the person more, you can ask more direct questions like “How are the kids?” and “What did you do with your partner during the weekend?” Just ensure you don’t sound intrusive and don’t push the employee to talk about things they don’t want.What should the employee be asking?But the manager shouldn’t be the only one asking questions. In order to make the most of the meetings, it’s crucial the employee also asks the tough questions.What are the key goals for you?By understanding your manager’s goals, you can better focus on the right aspects in your own work. It is important that you are both aware of each other’s goals and dreams in the workplace.How would you like me to improve my w ork?As well as giving your own insight into improving your work, you also want to know what your manager thinks. Your manager might be able to point out things to you that you wouldn’t necessarily pick up yourself.Do I continue to meet the company’s expectations?You were most likely picked as the preferred candidate from a group of other people seeking employment and you want to know what made the company hire you. Keep asking questions that tell you whether you are still meeting these expectations and what the company would want from you in the future.What can I be accountable for the next time we talk?You want your manager to provide you tasks and goals. Take the initiative to ask about these instead of just assuming to know what they are.How could I help the team this week?You also want to make sure to ask about your role and responsibilities within the bigger team. It’s a good idea to let your manager know you can help him or her deal with tricky situations and to help ens ure every member in the team is doing their job correctly.What challenge could I take to better my career?You should also be aware of the career path your manager has taken and ask his or her insight into how you can improve yours. Your manager might be able to help you find challenges that give your career more focus and perhaps even help you find a position that better suits your ambitions.How could you help me solve this problem?If you have a problem at work, instead of just blurting it out, ask your manager for insights. This will make the issue seem like an obstacle you want to overcome rather than just a whine about the situation.How are you doing?Finally, you should also be interested in your manager’s personal life. Don’t forget to ask about his or her personal activities and goals, as this makes you both feel more at ease together.THE THINGS TO AVOID DURING ONE-ON-ONEFinally, it is important to understand some of the most common pitfalls managers make when it comes to o rganising one-on-ones. Like with many things in life, it sometimes helps to be aware of the things you need to avoid, as well as the things you should be doing.The below points are common mistakes managers make in the meetings, so don’t be too harsh on yourself if you recognise yourself from the points. Just be sure the next meeting you organise won’t be filled with these mishaps.Treating it like an interviewOne-on-one meetings aren’t an interview but rather a conversation. Although you need to ask questions, especially the ones mentioned above, you shouldn’t just make it a question-answer-question kind of situation.Use the questions as a way to engage in a meaningful conversation and one where ideas are born and new thoughts come to life. Let the questions direct the conversation, but not be the sole purpose of it.Furthermore, you need to be careful to avoid following a similar pattern each week or repeatedly asking the same questions. While you need to know how the project is going along, don’t always ask, “So how’s the project going along?”Solely focusing on the businessBusiness here doesn’t just mean the company, but rather aspects of the professional life. Don’t make the meeting only about what is going on in terms of work life, but balance it with personal issues.It’s impossible to completely remove your personal life from your job and therefore you want to be aware of things the employee is going through outside of work. It doesn’t need to get into any detail, but you want to be aware of the personal aspect of the employee’s life as well.Using it as an ego boostThe meeting isn’t about the bragging rights within a team. You shouldn’t ever make it about you as a manager or the company. One-on-ones shouldn’t just be an ego boost for either the manager or the employee, but rather a meeting to discuss the positives and negatives of the project.Furthermore, while talking about your personal lives can help bridge the gap between the two of you and build your relationship further, make sure the conversation isn’t one-sided. Don’t make it all about your own weekend trips!Too rash follow-up judgementsAs mentioned above, you should always follow-up the points discussed at the meeting. But don’t be too quick with the follow-ups in terms of judgement. If you immediately give feedback on the ideas, you are more likely to say ‘no’ to them. On the other hand, you also don’t want to agree with an idea, no matter how good it sounds, without carefully thinking it through.Whether or not you agree with the idea, you need to make sure you justify your reasoning later on. Sometimes you could even continue the conversation at a next meeting, once both of you have brainstormed the idea further.FINAL THOUGHTSOne-on-ones can enhance the way the team operates and help the business flourish. But they are also a great way to learn more about yourself and the work you do. It is, therefore, important to pay attention t o what goes on in the meeting and learn from the feedback you give and receive.A good one-on-one question is always focused on improvement and enhancing your skillset. Don’t treat the meeting as an unavoidable aspect of your job, but rather as an opportunity to improve your own career and help your company to succeed.

William Shakespeare s Romeo And Juliet - 1587 Words

Romeo Montague shows throughout the story that he s independent, energetic, and compassionate, traits that match up well with an ENFP. ENFPs are known to be energetic and enthusiastic, excellent, communicators, and very popular and friendly, but have poor practical skills, overthink things and are very highly emotional. Romeo shows his energy and enthusiasm when it comes to marrying Juliet (he s quite gloomy during the rest of the play.) Romeo. That last is true; the sweeter rest was mine. Friar Laurence. God pardon sin! wast thou with Rosaline? Romeo. With Rosaline, my ghostly father? no; 1105 I have forgot that name, and that name s woe. Friar Laurence. That s my good son: but where hast thou been, then? Romeo. I ll tell thee, ere thou ask it me again. I have been feasting with mine enemy, Where on a sudden one hath wounded me, 1110 That s by me wounded: both our remedies Within thy help and holy physic lies: I bear no hatred, blessed man, for, lo, My intercession likewise steads my foe. Friar Laurence. Be plain, good son, and homely in thy drift; 1115 Riddling confession finds but riddling shrift. Romeo. Then plainly know my heart s dear love is set On the fair daughter of rich Capulet: As mine on hers, so hers is set on mine; And all combined, save what thou must combine 1120 By holy marriage: when and where and how We met, we woo d and made exchange of vow, I ll tell thee as we pass; but this I pray, ThatShow MoreRelatedWilliam Shakespeare s Romeo And Juliet1287 Words   |  6 PagesLizzy Baginski English Composition 2 Mr. Spera March 10, 2015 Romeo and Juliet Research Paper The movie Romeo and Juliet is a modern classic film that took place in 1996. Overall this is a timeless story that everyone should go and watch. This movie has an intriguing plot line that tells the story of two feuding families, The Montagues and The Capulets, and how the children of these two different families fall in love. The two children overcome various obstacles such as hiding their chemistry fromRead MoreWilliam Shakespeare s Romeo And Juliet 966 Words   |  4 Pages Beauty Over Gold â€Å"Beauty provoketh thieves sooner than gold.--William Shakespeare, 1623. In his book As You Like It, William Shakespeare pointed out the supremacy of love rather than the want of gold and wealth. Truly, beauty is more important to thieves than wealth. Many of the thieves in this world would rather have an elegant woman than to obtain precious rubies. After all, what good is a prosperous man if he doesn’t have a charming woman? Two famous men grab my attention who didn’t fear forRead MoreWilliam Shakespeare s Romeo And Juliet Essay1024 Words   |  5 PagesRomeo and Juliet is a tragedy written by William Shakespeare early in his career about two young star-crossed lovers whose deaths ultimately reconcile their feuding families. It was among Shakespeare s most popular plays during his lifetime and, along with Hamlet, is one of his most frequently performed plays. Today, the title characters are regarded as archetypal young lovers. Romeo and Juliet belongs to a tradition of tragic romances stretching back to antiquity. The plot is based on an ItalianRead MoreWilliam Shakespeare s Romeo And Juliet1124 Words   |  5 PagesThe play Romeo and Juliet is a tragedy written by William Shakespeare early in his career about two young star-crossed lovers whose deaths ultimately reconcile their feuding families. 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Throughout the play, their actions show how ridiculous love is, and how it is a danger to anyone who become twisted in its choking grasp. However, in the death of the youth and survival of the elders, an alternative explanation for the tragic events may be found. Although Shakespeare seems to be mocking love throughout the play, itRead MoreWilliam Shakespeare s Romeo And Juliet1279 Words   |  6 Pagesour lives. The great, classic writers teach timeless, valuable life skills. Shakespeare was the greatest writer of all time. His writings mainly consisted of dramas and sonnets. Romeo and Juliet, as well as, A MIdsummer Night’s Dream were written about the same time period. He was able to inter relate everything that wrote. For example, the tale of Pyramus and Thisbe could possibly be an advertisement for Romeo and Juliet. The basic structure of the two dramas is the same; two forbidden lovers meet

The Is The Choice For The Welfare Of All - 1919 Words

In an ideal world, democracy would stand as the preferable choice for the welfare of all. However, in the real world, this is not always the case. Today, the term dictatorship typically yields a negative connotation. Many associate this term with a ruler acting in force and in self-interest, with the governed body suffering as a result. On the contrary, the term democracy typically yields a positive connotation and evokes positive emotion. When evaluating these terms with respect to the philosophical concepts of consequentialism, utility and Immanuel Kant’s motto, Sapere aude (Dare to Know), a new light is shed on the true significance of these terms. Utilitarianism is defined as the doctrine that an action is right insofar as it promotes happiness, and that the greatest happiness of the greatest number should be the guiding principle of conduct (Utilitarianism, Act And Rule | Internet Encyclopedia Of Philosophy). Although democracies have typically been viewed as the more ci vilized approach to government, consequentialism proves that dictatorships can in fact provide a governed body with a higher degree of welfare, as long as the doctrine of utility is exercised for all. There is nothing fundamentally wrong with total power if it was granted through a fair process of unanimous consent and the governed body is content. While the only dictators many people know about are those of suppressive style, such as North Korea under Kim Jong Un, it is possible for ethics andShow MoreRelatedPersonal Responsibility And Work Opportunity Reconciliation Act1624 Words   |  7 PagesTeenage pregnancy may not be one of the bigger issues of the world, like war or drug abuse, but it still holds credibility. It also does not have a high declining rate. All of the world teenagers still get pregnant, whether it be by a small or high percentage, and the government has no way to stop it. However, the government can control what happens afterwards, when the baby is born. Obvio usly, teens would have trouble in raising a baby on their own because they are not yet adults so they need bothRead MoreShould Vaccinations Be Mandatory And That No One Should Be Exempt Based On Personal Belief?919 Words   |  4 Pagesthrough the benefit for the common good of society, the harm principle and its welfare baseline. Opel and Diekema (2012) are still on the offence about mandating vaccines because they believe that it disrespects parental autonomy and their ability to make a decision for their child. 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The Chicago Tribune was the first to refer to Taylor as being a â€Å"welfare queen.† Media and politics stereotyped the â€Å"welfare queen† as a black woman who takes advantages of taxpayers and the systemRead MoreRational Fools : A Critique Of The Behavioral Foundations Of Economic Theory1260 Words   |  6 Pagesviewpoint is persistently used in economic models, ironically Edgeworth himself did not even believe the first principle of economics to be completely true. So Zen raises the question as to why he spent so much time pushin g this assertion and how Rational Choice Theory, in general, may be flawed in several ways. Edgeworth eventually developed a method using economic calculus to better understand and quantify self-interest. As it turns out, he did not think the 1st principle of economics was a very good assumptionRead MoreThe Importance Of Child Welfare931 Words   |  4 PagesIn my opinion, child welfare is one of the most prevalent issues in social work today. 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The participants were all randomly assigned, and half of them would receive the New Hope benefits while the other half served asRead MoreThe Issue Of Welfare Spending Essay915 Words   |  4 PagesIntroduction The purpose of my research is to discern how welfare spending, healthcare spending, defence spending, and pension spending impacted vote choice in the 2013 Australian election in comparison to the 2012 United States election, 2013 German election, and 2012 France election. I expect that as support for welfare spending, pension spending, and healthcare spending, decreases, support for right wing parties will increase. I expect that there will be a positive effect on voting for right

Nursing Jurisprudence Free Essays

string(65) " professional standards and legally authorized scope of nursing\." LEGAL ETHICAL issues in Nursing Nursing Etiquette concerned with moral principle governing the conduct of nurses towards patients, physicians, colleagues, the nursing profession and public Ethics part of philosophy that deals with systematic approaches to questions of morality a term for the study of how we make judgments regarding right and wrong a system of MORAL PRINCIPLES or moral standards governing conduct Moral human conduct in the application of ethics Concerned with JUDGMENT PRINCIPLES of right and wrong in relation to human actions and character Determinants of the Morality of Human Act †¢The OBJECT †¢The END †¢The CIRCUMSTANCES Ethical Principles Ethical Principles: INVIOLABILITY OF LIFE All human life, from the moment of conception and through all subsequent stages, is SACRED! No one can violate or destroy life! 8 ETHICAL DILEMMAS 1. 2. 3. We will write a custom essay sample on Nursing Jurisprudence or any similar topic only for you Order Now 4. 5. 6. 7. 8. ARTIFICIAL INSEMINATION IN VITRO FERTILIZATION HUMAN CLONING CONTRACEPTION ABORTION EUTHANASIA PHYSICIAN ASSISTED SUICIDE HUMAN TRANSPLANTATION 9 Argument favoring Euthanasia: compassion for the patient and shortening the period of suffering of the patient Argument disapproving Euthanasia: it is intrinsically wrong since it rejects life. 10 STEWARDSHIP Man has DOMINION over God’s creation: himself (life and health), creatures and environment One should reasonably, responsibly and respectfully benefit from them for service NOT domination TOTALITY Parts are integral, destined to be part of and subordinate to a whole SOLIDARITY One to be with others; to have a unity of interest, responsibility or goal. Based on the common good, love of neighbor, preferential for the most proximate and most need SUBSIDIARITY Every creature should be entrusted with the functions he is capable of performing. It relates to human dignity and recognize persons as free and responsible agents able to care and make decisions for them AUTONOMY – Self Governance/Self Rule – Having the freedom to make choices 4 Basic Elements of Autonomy 1. Respect for Autonomous Person 2. Ability to determine personal goals 3. Capacity to decide 4. Has Freedom to Act CONFIDENTIALITY Requires non-disclosure of private or secret information Confidentiality of Information ? Privileged communication ? Based on trust Revealed when: a. The patient permits such revelation. b. Medico-legal cases/legal proceedings c. Communicable disease /public safety may be jeopardized. d. Continuity of care JUSTICE – refers to the obligation to be fair to other people. Types: 1. distributive justice- fair distribution of responsibilities 2. criminal justice- penalty proportionate to crime 3. rectificatory justice- just compensation in civil law Distributive Justice To each equally. To each according to need. To each according to merit. To each according to person’s right. To each according to individual effort. To each as you would have done by. To each according to the greatest good to a greater number Double Effect Principle When an act has both good and bad effects, it is permissible if: 1) The direct freely chosen effect is morally good and the indirect foreseen but not desired may be harmful, 2) The action/object must not be evil, 3) The foreseen beneficial effect must be greater or equal to the foreseen evil effect 4) The beneficial effect must follow directly from the action or at least as immediate as the harmful effect BENEFICENCE- means to do good and not to do harm. NON- MALEFICENCE- one ought not to inflict evil or harm. 22 FIDELITY- refers to the obligation to be faithful to the agreements, commitments and responsibilities that one has made to oneself and others VERACITY- refers to telling the truth or not intentionally deceiving or misleading patients 23 RESPECT- treat all human beings as persons with rights SHARING AND ALLOCATION OF RESOURCESwho will receive particular scarce resources. 24 NURSING ETHICS ? All principles of right conduct in the practice of nursing ? Appraisal of rightness or wrongness of an act BIO–ETHICS Specific domain of ethics †¢ Systemic study of human behavior in the field of life science and health care in the light of moral values and principles Code of Nursing Ethics †¢ respect for human dignity †¢ safeguards the client’s right to privacy †¢ safeguard client and public †¢ assumes responsibility and accountability for own actions and judgments †¢ maintains competence in nur sing †¢ uses informed judgment, competence and qualifications in accepting responsibilities and delegating nursing activities †¢ Contributes to the development of the profession’s body of knowledge implement and improve standards of care †¢ establish and maintain conditions of employment conducive to high-quality nursing care †¢ protect the public from misinformation and misrepresentation and to maintain the integrity of nursing †¢ In collaboration with other allied health team members, meet the health care needs of the public Patient’s Bill of Rights The patient has the right to: 1) considerate and respectful care. 2) relevant, current, and understandable information concerning diagnosis, treatment, and prognosis. ) make decisions regarding his plan of care; in case of refusal, he is entitled to other appropriate care and service or to be transferred to another hospital. 4) Have advance directive (such as living will) concerning treatment or d esignating a surrogate decision maker. 5) Every consideration of his privacy such as in case discussion, consultation and treatment. 6) Confidentiality of communication and records 7) Review his records concerning his medical care and have these explained to him except when restricted by law. ) Expect that within its capacity and policies, a hospital will make reasonable response to the request of a patient for appropriate and medically indicated care and services. 9) Be informed of business relationship among hospital, educational institution, health care providers that may influence the patient’s treatment and care. 10) Consent or decline to participate in experimental research affecting his care. 11) Reasonable continuity of care when appropriate and be informed of other care options when hospital care is no longer appropriate 12) Be informed of hospital policies and practices that relate to patient care. Nurse’s Bill of Rights Nurse’s have the right to: 1) Practice in a manner that fulfills their obligation to the society and to those who receive nursing care. 2) Practice in environments that allow them to act in accordance with professional standards and legally authorized scope of nursing. You read "Nursing Jurisprudence" in category "Essay examples" 3) Work environment that supports and facilitates ethical practice 4) Freely and openly advocate for themselves and their patients without fear of retribution. 5. Fair compensation for their work consistent with their knowledge, experience, and professional responsibilities. 6. Work environment that is safe for themselves and their patients. 7. Negotiate conditions of employment, in all practice settings. LEGAL ASPECTS OF NURSING Nursing Jurisprudence the philosophy of law, or the science which treats the principles of positive law and legal relations Comprises all laws, rules, doctrines and principles, legal opinions and decisions of competent authority regarding governance and regulations of the practice of nursing. Functions of the Law in Nursing 1. Provides a framework for establishing what nursing actions in the care of patients are legal. . Delineates the nurse’s responsibilities from those of other health practitioners 3. Helps to establish the boundaries of independent nursing action 4. Assists in maintaining a standard of nursing practice by making nurses accountable under the law. Philippine Nursing Law Philippine Nursing Act of 2002 R. A. 9173 (October 21, 2002/ November 20, 2002) regulates Philippine nursing practice at present. The law p rovides about nursing registration, nursing examination, nursing education, nursing practice, and health human resource production, utilization and development. It is made up of 19 articles and 41 sections. Prohibitions in Practice of Nursing (Section 35) PENALTY: Fine: a. b. c. d. e. f. g. Php50,000- Php100,000 and/or Imprisonment 1- 6 years practice nursing without certificate or special permit use the certificate of others as his own use an invalid certificate give false evidence during registration falsely pose or advertise as a registered nurse illegally append BSN/RN to his/her name abet or assist the illegal practice of a person who is not lawfully qualified to practice nursing NEGLIGENCE Commission or omission of an act, pursuant to a duty, that a reasonably prudent person in the same or similar circumstance would or would not do, and acting or the non-acting of which is the proximate cause of injury to another person or his property Elements of Professional Negligence †¢ Duty †¢ Breach of duty †¢ Foreseeability †¢ Injury †¢ Direct relationship between failure to meet standard of care and injury can be proved Res Ipsa Loquitor â€Å"the thing speaks for itself† 3 conditions: 1. Accident which ordinarily doesn’t occur in the absence of someone’s negligence 2. Must be caused by an agency or within the exclusive control of the defendant 3. Must not have been due to voluntary action or contribution on the part of the plaintiff Specific Examples of Negligence †¢ Failure to report observations to attending physicians. †¢ Failure to exercise the degree of diligence which the circumstances of the particular case demands. †¢ Mistaken identity. †¢ Wrong medicine, wrong concentration, wrong route, wrong dose. Defects in the equipment such as stretchers and wheelchairs may lead to falls thus injuring the patients. †¢ Errors due to family assistance. †¢ Administration of medicine without a doctor’s prescription. Legal Defense in Negligence †¢ Provision of standard of care in giving service and that they have documented the care they given in a concise and accurate manner. †¢ Exercise sound judgment †¢ â⠂¬Å"assumption of risk† MALPRACTICE Stepping beyond one’s authority with serious consequences Reducing The Risk of Malpractice Litigation †¢ Maintain Good Communication Be courteous, show respect, and take time to listen – Do not belittle patients or make value judgment – Involve patients in decision making – Assess clients level of understanding – Explain so client understand – Clarify and verify Reducing The Risk of Malpractice Litigation †¢ Maintain Expertise in Practice – Keep up to date in both knowledge and skills – Do not attempt any task or give any meds that is unfamiliar – Practice within the professional scope of practice – Be familiar with standards of care – Be attentive of client’s changing status – Pay close attention to details – Document objectively, thoroughly and in a timely fashion Reducing The Risk of Malpractice Litigation †¢ Maintain autonomy and empowerment – Challenge questionable physician order – Seek attention for patient with changing needs – Challenge bureaucratic structures that threaten patient’s welfare – Avoid institutional settings that produce systematic threats to patient welfare Respondeat Superior †¢ Let the superior answer for the acts of the subordinate †¢ Master and servant are answerable; servant is responsible †¢ Actions performed by the employee within the scope of his employment. Force Majeure â€Å"irresistible/ superior force† †¢ Accident which human prudence can neither foresee or prevent †¢ â€Å"Act of God† Liability of Nurses †¢ Work of Nursing Aides †¢ Work of Nursing Students Delegation A process of transferring selected Nursing tasks to an individual who is competent. Any nursing intervention that requires independent special nursing knowl edge, skill or judgment CANNOT be delegated. Tasks that involve the assessment, planning and evaluation phases of the nursing process cannot be delegated. Delegation involves: †¢ Responsibility: an obligation to accomplish a task Accountability: acceptance of responsibility for the outcome of a duty †¢ Authority: right to act or empower Principles of delegation †¢ A nurse can only delegate those tasks for which that nurse is responsible, according to the specific state’s nurse practice act The delegator remains accountable for the task Along with responsibility for a task, the nurse who delegates must also transfer the authority necessary to complete the task The delegator knows well the task to be delegated Delegation is a contractual agreement that is entered into voluntarily †¢ †¢ †¢ Telephone Orders †¢ Only in an extreme emergency and when no other resident or intern is available. †¢ Nurse should read back the order to the physician . †¢ Signed by the physician within 24 hours. †¢ Nurse should sign the name of physician per her own and note the time the order was received. CONSENT CONSENT †¢ Free and rational act that presupposes knowledge of the thing to which consent is being given by a person who is legally capable to give consent. †¢ Authorization, by a patient or a person authorized by law to give the consent on the patient’s behalf. Informed Consent a) The diagnosis and explanation of the condition. b) A fair explanation of the procedures to be done and used and the consequences. c) A description of alternative treatments or procedures. d) A description of the benefits to be expected. e) Material rights if any. f) The prognosis. Things to Remember: †¢ Patient is the one who gives the consent. †¢ Person who is authorized to give the consent in behalf of the patient. †¢ Parents of minors. †¢ Minors are allowed if emancipated or married. †¢ Parents or legal guardians for mentally ill patients. Emergency situation entails implied consent. †¢ Patient has the right to refuse. MEDICAL RECORDS ? Legal protection for the hospital, doctor, and nurse ? â€Å"If it was not charted, it was not observed or done. † ? Nurses are expected to fully, accurately, legibly, and promptly document their observations. ? Subpoena duces tecum ? When a nurse or clinical instructor countersigns the chart ing of a nursing student, he/she attests that he/she has personal knowledge of information and that such is accurate and authentic. CRIME ?An act committed or omitted in violation of the law. Elements: a)Criminal act b)Evil/criminal intent TORTS ?A legal wrong, committed against a person or property. 1. Assault and Battery 2. False Imprisonment or Illegal Detention 3. Invasion of Right to Privacy and Breach of Confidentiality 4. Defamation Criminal Actions a. Misdemeanor †¢ †¢ General name for a criminal offense which does not amount to felony Punishment is usually a fine or imprisonment less than 1 year. b. Felony †¢ †¢ †¢ †¢ Public offense Liable to be sentenced to death or penitentiary imprisonment. Deceit (dolo) ? deliberate intent Fault (culpa)? rongful acts result from imprudence , negligence, or lack of skill or foresight Classes of Felonies Degree of the Acts of Execution Attempted †¦offender commences the commission of the act and does not perform all the acts or execution by reason of some cause or accident other than his own spontaneous desistance Frustrated Consummated †¦offender performs all †¦when all the elements acts or execution of felony necessary for its execution but never produce it and accomplishment are because of causes present independent of the will of the perpetrator Degree of Punishment Grave Less Grave Light capital punishment (death) or penalties which any of their periods are afflictive (imprisonment ranging from 6 yrs to 1 day to life improsnment or a fine not exceeding P6000. 00) †¦penalties which in †¦penalty of arresto their maximum period menor (imprisonment are correctional for 1 day to 30 days or a (imprisonment ranging fine not exceeding from 1 month and 1 day P200. 00 or both to 30 days or a fine not exceeding P6000. 00 but not less than P200. 00) CRIMINAL NEGLIGENCE a. Reckless Imprudence †¢ Person does an act or fails to do it voluntarily but without malice, f rom which material damage results immediately. Person did not use precaution and the damage was not immediate or the impending danger was not evident b. Simple Imprudence †¢ CRIMINAL INTENT †¢ State of mind of a person at the time the criminal act is committed †¢ Knowledge that the act was unlawful Requisites: †¢ There must be FREEDOM †¢ There must be INTELLIGENCE Requisites of Criminal Intent Freedom Intelligence Freedom is absent in the 1. An imbecile or insane (unless following circumstances: acting during lucid of 1. Under compulsion of an interval). irresistible force. 2. Under nine years old. 2. Under the impulse of 3. Over nine under fifteen uncontrollable fear or an equal (unless he had acted with or greater injury. discernment). Persons Criminally Liable Principals †¢Those who take direct part in the execution of the act (principal by direct participation) †¢Those who directly force or induce others to commit it (principal by inducement) †¢Those who cooperate in the commission of the offense by another act without which it would not have been accomplished (principal by cooperation) Accomplices †¢The person who have a common criminal purpose with the criminal. †¢Have the intention to help and knowledge about the crime. Accessories †¢Have the knowledge but did not participate in the act. a. By profiting themselves. b. By concealing or destroying body of the crime, or instrument thereof, in order to prevent its discovery. c. By harboring, concealing or assisting in escape of the principal. Circumstances Affecting Criminal Liability JUSTIFYING ? Does not commit crime in the eye of the law a. In defense of his person or rights b. In defense of the rights of his family c. In order to avoid an evil or injury d. In the fulfillment of a duty e. In obedience to an order by some superior for some lawful purposes EXEMPTING ? There is crime committed but there is no criminal on account of absence of freewill and voluntariness to act. a. An imbecile or insane (unless acted on lucid interval) b. Under 9 yrs c. Over 9 and under 15 (unless acted on discernment) d. While performing a lawful act with due care, cause an injury by mere accident without fault or intention of causing it e. Act under the compulsion of an irresistible force f. Acts under impulse of uncontrollable fear of an equal injury g. Who fails to perform an act required by law, when prevented by some lawful or insuperable cause. MITIGATING ? which lessen the penalty a. b. c. d. e. f. g. h. Under 18 or over 70 yrs old No intention to commit so grave There was sufficient provocation Acted on impulse so powerful to have produced obfuscation Voluntarily surrendered Deaf or dumb, blind or suffering from defect. Illness that diminish will power Immediate vindication of grave offense to the one committing the felony, his/her spouse, ascend ants, descendants, legitimate, natural or adopted brothers or sisters, or relative by affinity within the first degree Lack of education is not Mitigating in: 1. Rape 2. Forcible abduction 3. Arson 4. Treason 5. In crimes against chastity like seduction and acts of lasciviousness; and 6. Those acts committed in a merciless or heinous manner AGGRAVATING ? †¦which increases the penalty a. Public position b. In contempt of public authority c. Committed with insult or in disregard of the respect of the offended party on account of his/her rank, age, or sex or that it is committed in the dwelling of the offended party, if the latter has not given provocation d. With abuse or confidence or obvious ungratefulness e. in a place of worship f. Conflagration, shipwreck, earthquake, epidemic or other calamity or misfortune g. Price, reward, or promise h. Committed by means of fire, poison, explosion, i. With evident premeditation or after unlawful entry j. Craft, fraud, or disguise is employed k. Causing other wrongs not necessary for its commission ? ALTERNATIVE ? Those which must be taken into consideration as aggravating or mitigating according to the nature effects of the crime and other conditions attending its commission ? Alternative circumstance of relationship should be taken into consideration Points to Observe in Order to Avoid Criminal Liability a. Be very familiar with the nursing law. b. Beware of the laws affecting nursing practice. . At the start of employment, get a copy of your job description, the agency’s rules, regulations and policies. d. Upgrade your skills and competence. e. Accept only such responsibility that is within the scope of your employment and your job description. f. Do not delegate your responsibility to others. g. Determine whether your subordinates are competen t in the work you are assigning them. h. Develop good interpersonal relationships with your coworkers, whether they be your supervisors, peers or subordinates. i. Consult your superiors for problems that may be too big for you to handle. . Verify orders that are not clear to you or those that seem to be erroneous. k. The doctors should be informed about the patient’s condition. l. Keep in mind the value and necessity of keeping accurate and adequate records. m. Patients are entitled to an informed consent. Moral Turpitude An act of baseness, vileness or depravity in social or private duties which a man owes to hi fellow man or society in general, an act contrary to the accepted and customary rule of right and duty between men Murder ? Unlawful killing a human being WITH INTENT to kill. ? A very serious crime Ex. Criminal Abortion Euthanasia Homicide ? Killing of a human being WITHOUT CRIMAL INTENT by a person other than his father, mother or child or any of his ascendants or descendants, or his spouse Abortion ? Expulsion of the product of conceptus before the age of viability ? In the law, any person who, with the intention pr prematurely ending a pregnancy, willfully and unlawfully does any act to cause the same is guilty of procuring abortion ? Art. II Sec. 15 of Phil. Constitution protects the life of the unborn Infanticide ? Killing of a child less than three (3) days of age ? Mother who committed this crime shall be imprisoned for two (2) years, four (4) months and one (1) day to six (6) years Parricide ? Crime committed by one who kills his/her father, mother or child whether legitimate or illegitimate, or any of his ascedants or descedants or his spouse. ? Convicted with this crime, shall be imposed a penalty of life imprisonment (Reclusion Perpetua) to death Robbery ? Crime against a person or property ? The taking of personal property of another person from him or in his presence Common Legal Terms R. Ns should know Affidavit – is a written statement made under oath efore a notary public or other person duly authorized Civil Law – concerned with legal rights and duties of private persons Criminal Law – deals with conduct that is considered to be offensive to a society as a whole Day in Court – the right of a person to appear in court and be heard concerning his complaint/defense Defendant – the person being accused o f wrongdoing; therefore needs to defend himself Deposition – an oral interrogation answering all manner of questions relating to the transaction at issue, given under oath and taken in writing before a judicial officer or attorney How to cite Nursing Jurisprudence, Essay examples

The uses of literacy Essay Thesis Example For Students

The uses of literacy Essay Thesis The Uses of Literacy was written before the rise of popular music and the massive growth in television. The rise of these media has led to new popular cultural icons, such as soap operas and S Club 7; these it could be argued all lend credence to Hoggarts arguments. Support also comes from Barker who states, In all the emphasis on Societys vertical divisions, remember the tremendous horizontal impact of mass culture. However rich or poor you are, you can only drink the same Coca-Cola, eat the same McDonalds cheeseburger. 11 Mass culture is about material goods, these roll off the production line to an eager audience. We will write a custom essay on The uses of literacy Thesis specifically for you for only $16.38 $13.9/page Order now An audience that Hoggart would argue is being primed and lead by the mass media. It is hard using twenty-first century eyes to feel any loss for some of the world Hoggart describes, a world of cramped housing, of living financially from day-to-day, a working class world of limited opportunity. In our modern, clean and shiny shopping mall world, the life of the working class has in the material sense improved hugely. However, has something been lost along the way? Taylor states, You are left with a feeling that we have lost quite as much as we have gained from the wholesale obliteration of past English life. 12 It is a pessimistic, a Hoggartist view of the damage caused by mass culture. However, for all this it is possible that culture can start from the street uninfluenced from the forces above; the everyday use of the English language where sayings and words are regularly added to the dictionaries, generally years after their inception; the rise of rebellious music styles (for example Punk or Garage); these are eventually assimilated into mass culture having their spiky edges smoothed, but it shows that real popular culture can still exist amongst the Macdonald and Pepsi world. It is Taylor who has a more upbeat and confident view than Hoggart when he states, Curiously enough, it is still possible to live a substantial part of your life beyond the stultifying embrace of mass culture. 13 It is a view that shows some optimism, I suspect that Richard Hoggart would not agree. Word count 1001 Bibliography. Barker, P. Whos Afraid of The Class System? New Statesman No 610 (19 June 2000), 25-27. Hoggart, R. The Uses of Literacy. (4th Ed London: Penguin, 1992) Mulhern, F.The Present Lasts A Long Time. (Cork: Cork University Press, 1998) Strong, R. The Story of Britain A Peoples History. (London: Penguin, 1996) Taylor, D. J. Whatever Happened To Popular Culture? New Statesman No 715(16 July 2002), 27-30. 1 Hoggart, Richard. The Uses of Literacy (London: Penguin 1992) p384 2 Taylor, D. J, Whatever happened to popular culture? New statesman no 715 (16 July 2002), 28 3 Mulhern, Francis. The Present Lasts a Long Time. (Cork: Cork University Press 1998) p120. 4 Mulhern. E present. p122 5 Hoggart, S, The Uses Of Literacy, p386 6 Hoggart, S, The Uses of Literacy, p95 7 Strong, Roy. The Story of Britain A peoples History. (London: Pimlico 1996) p507 8 Strong, R. The Story of Britain, p507 9 Taylor, D. J. Whatever Happened, 28 10 Taylor, D. J. Whatever Happened, 28 11 Barker, Paul, Whos afraid of the class system? New Statesman no. 610(19 Jun 2000) 27 12 Taylor, D. J. Whatever Happened, 29 13 Taylor, D. J. Whatever Happened, p29.

GRAHAM Surname Meaning and Origin

GRAHAM Surname Meaning and Origin The Graham surname is believed to be derived from an English place name which meant either gravelly homestead from the Old English grand, meaning gravel, or grey home from the Old English grasgham.  Most  of the original bearers of this surname came from Grantham in Lincolnshire, England. Graham is the 20th most common Scottish surname, and  first came into use in Scotland in the 12th century. Surname Origin: English, Scottish Alternate Surname Spellings: GRAEME, GRAHAME, GRAYHAM Where in the World is the GRAHAM Surname Found? According to WorldNames PublicProfiler, the Graham surname is most common in Northern Ireland and Scotland. There are also many individuals named Graham living in Australia, New Zealand, and Canada. Forebears puts the Graham surname as the 12th most popular surname on Norfolk Island. Other countries with high density of individuals named Graham include Northern Ireland, Scotland, Jamaica, Canada, Australia and New Zealand. Within Scotland, Graham is most common in  Dumfriesshire, followed by Peebleshire and Kinross-shire. Most of the Irish with the Graham surname live in Antrim, Northern Ireland. Famous People with the Last Name GRAHAM Alexander Graham Bell - inventor of the telephoneElizabeth Jennings Graham -  challenged segregation on public transportation in 1854, 100 years before Rosa ParksBill Graham -  legendary rock concert promoter  Billy Graham - television and radio evangelistSylvester Graham -  19th-century Presbyterian minister and inventor of the graham crackerMartha Graham - mother of modern danceKatherine Graham -  America’s first female Fortune 500 CEOBette Nesmith Graham - inventor of liquid paper/white out Genealogy Resources for the Surname GRAHAM Clan Graham Society: Theories on the Origins of the GrahamsNellie Graham Lowry, society genealogist for Club Graham Society, examines a variety of theories on the origins of the Graham surname. Graham Family DNA ProjectJoin over 370 researchers with the Graham surname or its variants interested in working together to combine Y-DNA testing with traditional genealogy research to sort out Graham ancestors around the world. Graham Family Genealogy ForumSearch this popular genealogy forum for the Graham surname to find others who might be researching your ancestors, or post your own Graham query. FamilySearch - GRAHAM GenealogyExplore over 4 million historical records and lineage-linked family trees posted for the Graham surname and its variations on the free FamilySearch website, hosted by the Church of Jesus Christ of Latter-day Saints. GRAHAM Surname Family Mailing ListsRootsWeb hosts a free mailing list for researchers of the Graham surname around the world. DistantCousin.com - GRAHAM Genealogy Family HistoryExplore free databases and genealogy links for the last name Graham. The Graham Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Graham last name from the website of Genealogy Today. Looking for the meaning of a given name? Check out First Name Meanings Cant find your last name listed? Suggest a surname to be added to the Glossary of Surname Meanings Origins. - References: Surname Meanings Origins Cottle, Basil. Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Menk, Lars. A Dictionary of German Jewish Surnames. Avotaynu, 2005. Beider, Alexander. A Dictionary of Jewish Surnames from Galicia. Avotaynu, 2004. Hanks, Patrick and Flavia Hodges. A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick. Dictionary of American Family Names. Oxford University Press, 2003. Smith, Elsdon C. American Surnames. Genealogical Publishing Company, 1997. Back to Glossary of Surname Meanings Origins

3 Examples of Mismatched Inflectional Endings

3 Examples of Mismatched Inflectional Endings 3 Examples of Mismatched Inflectional Endings 3 Examples of Mismatched Inflectional Endings By Mark Nichol When verbs serve parallel functions within a sentence, they should be treated with the same inflectional ending (-s/-es, -ed, or -ing) or should both have no inflectional ending at all. In each of the following examples, discussions explain this point in greater detail, and revisions illustrate adherence to this rule. 1. Below, we outline the main areas where the majority of companies are falling behind as well as highlighting insights and best practices from leading firms. Here, the sentence erroneously suggests that falling and highlighting are corresponding verbs, but the verb that the latter word corresponds to is outline, and it should therefore also have no inflectional ending: â€Å"Below, we outline the main areas where the majority of companies are falling behind as well as highlight insights and best practices from leading firms.† 2. The document should describe company conformity and adherence to the principles as well as containing information about how the company will handle the issue. The form of the verb following â€Å"as well as† should match that of the sentence’s first verb: â€Å"The document should describe company conformity with and adherence to the principles as well as contain information about how the company will handle the issue.† (Note, too, that conformity and adherence require distinct prepositions.) 3. This scale typically starts at level 1 and matures through levels 2, 3, and ultimately reaching level 4. The verb preceding the final list item should match the others (note other revisions, too): â€Å"This scale typically starts at level 1, matures through levels 2 and 3, and ultimately reaches level 4.† (Reaching is correct if the sentence is revised as follows: â€Å"This scale typically starts at level 1 and matures through levels 2 and 3, ultimately reaching level 4.†) 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 Style category, check our popular posts, or choose a related post below:"Based in" and "based out of"For Sale vs. On SaleMankind vs. Humankind

Enron corporation's power project in India Essay

Enron corporation's power project in India - Essay Example Enron entered into a contract with the Maharashtra Sate Electricity Board (MSEB) by risking its and its allied companies’ stakes in Dabhol Power Project (DPP). The discussions for the project started with the two principal stakeholders from the Indian side, the Indian state of Maharashtra and the other was Maharashtra State Electricity Board (MSEB). The project proposal of building a 2015 megawatt power plant with the investment of US$3 billion was given a green signal initially (Negotiation-project-India, 2010). Enron was not the only principal stakeholder; it was a sort of joint collaboration with the investment of 10% each by General Electric and Bechtel. Sustenance of the project was detriment to the availability of Liquefied Natural Gas to power the plant, which Enron planned to secure from one of its joint venture in Qatar, 1200 miles away from the power plant situated in Dabhol. The project was the largest ever project taken by Enron in India, supposed to produce electr icity in two phases. In the first phase it was planned to produce 695 megawatts from the locally available LNG, while the second phase target was to produce 1320 megawatts through natural gas channeled from Qatar (Negotiation-project-India, 2010).Enron was expecting huge profits from this project for the company investors from the MSEB of Maharashtra. It took just five days to materialize the contract by signing a memorandum of agreement between the MSEB and DPP. (Negotiation-project-India, 2010).... Sustenance of the project was detriment to the availability of Liquefied Natural Gas to power the plant, which Enron planned to secure from one of its joint venture in Qatar, 1200 miles away from the power plant situated in Dabhol. The project was the largest ever project taken by Enron in India, supposed to produce electricity in two phases. In the first phase it was planned to produce 695 megawatts from the locally available LNG, while the second phase target was to produce 1320 megawatts through natural gas channeled from Qatar (Negotiation-project-India, 2010). Enron was expecting huge profits from this project for the company investors from the MSEB of Maharashtra. It took just five days to materialize the contract by signing a memorandum of agreement between the MSEB and DPP, representing Enron of purchasing electricity at the rate of 7.3 US cents per kilowatt hour (Negotiation-project-India, 2010). What went wrong that the project failed? From the very start, it was a mistake made by the management at Enron to invest in a technology-efficient project in India without attempting an analysis of Indian socio-political environment. One thing became clear that the project was cleared without adhering to set legal and corporate procedures, essential for such a huge global venture. It also became evident that Enron adopted the unethical path in securing the contract. It was totally in the darkness over the political unsettling environment in India. All its negotiating and renegotiating expertise failed as the MSEB could not pay the bill against the used electricity. Enron had to confront opposition from many fronts; it had to initiate counter-campaigns to create positive conditions in its favor; legal battles also ensued.

Style & Genre Essay Example | Topics and Well Written Essays - 2500 words

Style & Genre - Essay Example Moreover, it comforts people in rituals and in expressing physical fitness as well. The fact that music is commonly listened does not mean everyone is a fun and for those who listen to it choose according to their tastes. It is also chosen according to age and references of various groups. It makes people relax and reduce unhelpful thoughts in life hence eradicating or reducing stress in day to day life. In addition to that, it enhances mood management and reduces loneliness. It keeps people busy in their workings and reduces idleness thus reducing time wasted in bad things such as involvement in drugs. Duration- this refers to sound length and silences in between music that includes beats and rhythm. This can be seen during silence period, where beats make the music moving, thus enhancing music sweetness. Pitch- this is shown by the highness or lowness in music sound. It is one of the aspects considered when composing a song. If the pitch is too high, sound is heard to be irritating and does not draw listener’s attention. Dynamics- this is characterised by sound volume of the song. It is the softness and loudness of the music and how individual emphasises on sounds. If the volume is too high to listeners, then many will not create interest to it though it is not recommended to be too soft. Tone color- this is what allows the music listener to differentiate or identify sound sources or combination of sound sources. If the individual’s voices are combined with the instrument sounds, the music becomes more interesting hence drawing the attention of many. Formal and technical rules- Johnson, Fulcher and Ertman (2007) emphasise that, these rules are the most considered in music composition. Many may not put into consideration the other rules as such, but these are as a must to be applied in music language. This is because the music should have a well grammar sentences and

Literature Review on Mortgage Default

Literature Review on Mortgage Default Literature review The evolution of mortgage default studies is characterized by Quercia and Stegman (1992) into three types of studies. The earliest work dating back to the 1970s focuses from a lenders perspective on simple correlations and regression models capturing important borrower characteristics that can forecast bankruptcy. Home equity, income variability, loss of employment, death, and divorce are found to be the most important predictors of default risk (Von Furstenberg, 1969; Herzog and Early, 1970; Vandell, 1978). The second generation of default research, rooted in consumer behavior theory, models the behavior of households, who rationally decide to default, in a more structural way. Papers by Jackson and Kasserman (1980), Campbell and Dietrich (1983), and Foster and Van Order (1984) explicitly formulate net-equity maximization models of default. Such `ruthless default models predict immediate default if a propertys value drops a small margin below the level of the mortgage. These models emphasize the financial aspects of the mortgage default decision, ignoring borrowers characteristics. Towards the start of the 1990s, several models began examining transaction costs and crisis events that may delay, expedite, or eliminate the need to default. Quigley and Van Order (1992) find that transaction and reputation costs make the default option on mortgages less ruthless than in other frictionless financial markets. While transaction costs by themselves do not explain observed behavior, reputation costs in particular are consistent with observed default behavior. These second-generation studies constitute the basis for the current state of the theory. The examination of the default decision as an option and the central role of net equity constitute the dominant view in studies of default. Conceptually, the basic theory postulated by second-generation studies has not been revised since. The recent financial crisis has stimulated a revival of the academic interest in mortgage default, and the birth of a third generation of research models. Specifically, there have been attempts to integrate mortgage default into more general equilibrium models of consumer behavior. Campbell and Cocco (2014) model mortgage foreclosures structurally and find negative equity, borrowing constraints, high debt-to-income ratios and income growth as important determinants of foreclosure. Goodhart et al. (2011) and Foote et al. (2008) use a two-period model to show that households choose to default and lose their homes to foreclosure, if the net implicit rents from owning plus the expected net equity position over their tenure horizon is negative. They find that expected house price appreciation, and the size of the mortgage payment are the main factors in determining default. Corradin (2012) builds a life-cycle continuous-time model of household leverage and default in which the agents opti mally choose the down-payment, abstracting from inflation and interest rate risk. Garriga and Schlagenhauf (2009) also solve an equilibrium model of long-term mortgage choice and default to understand how leverage affects the default decision. Forlati and Lambertini (2011), the closest paper to this thesis, builds an infinite-horizon DSGE model with housing, risky mortgages and endogenous default. They introduce idiosyncratic risk in housing investment and the possibility for loans to be defaulted on, which results in an endogenous borrowing constraint exactly as the one for firms in Bernanke, Gertler, and Gilchrist (1999). Their model does not feature any penalties for the households that choose to default. This assumption is unrealistic, as in the United States as well as in other countries, defaulters incur reputation and credit score penalties which affect their possibility to borrow in the future, in addition to collateral losses. Hence, introducing non-pecuniary default penalties is useful when thinking about an equilibrium with default. The Forlati and Lambertini (2011) model also does not include a financial sector, therefore the financial accelerator mechanism is absent, in particular the banking side. There is no role for negative feedback loops operating through the banking sector as rising bad loan books and bank insolvencies, amplified by a liquidity crisis, can lead to a sharp credit contraction. This thesis builds a model incorporating some of these missing links. The literature review indicates a continued interest in mortgage default. While most empirical studies are well-advanced in their discoveries of the determinants of default, the theoretical literature is lagging behind developing models able to capture these determinants. I attempt to bridge the gap between the empirical determinants of default and the theory, by constructing a dynamic optimization model of borrower choice with housing market frictions and endogenous mortgage default, that will feature default centered around negative net equity, reputation penalties, and house valuation shocks. Refining the current DSGE models with the introduction of financial and micro-founded consumer behavior frictions is essential for the study of business cycles and financial stability. Theoretical Model This thesis builds a DSGE model drawing on a number of contributions in the literature on credit markets, housing markets, and debt default. The starting point is a model with financial frictions on the demand-side for credit (i.e. Kiyotaki and Moore, 1997; Iacoviello and Neri, 2010), to which I add a housing sector, a financial sector and endogenous debt default. The idea of default comes from the asset pricing literature, which allows for the existence of default as an equilibrium phenomenon (Dubey et al., 2005; Geanakoplos and Zame, 2013). A stylized representation of the model is depicted in Figure ref{fig8}. The economy operates in discrete time over an infinite horizon and combines five elements: 1) two types of households, namely textit{savers} and textit{borrowers}, who consume manufactured goods, accumulate housing, and work; 2) a financial sector collecting deposits and extending collateralized mortgages; 3) a large set of real (consumption habits, adjustment costs) and nom inal (price and wage) rigidities; 4) financing frictions in the housing and financial sector; and 5) a rich set of shocks, essential in taking the model to the data. The economy is populated by patient (savers) and impatient (borrowers) households. Patient households consume, accumulate housing stock, save, and work. They own the productive capital of the economy, and supply capital funds to firms on the one hand, and deposits to banks on the other. Impatient households consume, accumulate housing stock, borrow from banks, and work. Both patient and impatient households supply labor services through labor unions, which set their wages subject to a Calvo scheme. On the supply side, the non-housing sector combines labor and capital to produce consumption and business capital for both sectors. The construction sector produces new homes combining labor and land with business capital. The two groups of households have different discount factors. Discount factor heterogeneity between households induces heterogeneity in the marginal utility of saving across households. All else equal, borrowers have a lower $beta^*$ and a higher marginal utility of immediate consumption relative to savers, inducing a desire to trade inter-temporally. Borrowers obtain collateralized mortgages from banks, while savers have a high discount factor $beta$ and invest their resources into bank deposits. The availability of loans to borrowers is subject to a borrowing constraint linked to the market value of their housing stock and the ability of the lending banks to extend credit. Borrowers can experience negative housing value shocks that are only observed by the households themselves. When the value of their house falls below the value of their loan repayment, they choose to default on part of their mortgage. Default on secured debt is modeled through the partial loss of collateral and a non-pecuniary default penalty that enters the utility function of the households directly. In case of default, borrowers lose some of their housing stock which is repossessed by the bank, suffer a non-pecuniary default penalty, and re-enter the housing market in the next period as buyers again. Default is endogenously determined and, consistent with the literature on second-generation default models, triggered by shocks that are large enough to cause leveraged households to owe on their house more than the house is worth. Borrowers and savers are unable to directly write financial contracts. They do so through financial intermediaries. The financial sector is simply market-based: banks borrow from savers in order to give loans to borrowers. In this way, I layer two sets of financial frictions that interact in equilibrium: first, banks are constrained in how much they can borrow from ultimate savers, and second ultimate borrowers are constrained in how much they can borrow from the banks. Monetary policy is conducted by a central bank which faces a trade-off between output gap and inflation stabilization. The model provides a framework to understand the impact of house price fluctuations, monetary policy, demand shocks, and credit availability on the economy and the ways in which financial regulation can dampen boom and bust cycles in the housing market.

The Olympus Scandal

The Olympus Scandal Hot Potatoes and Flying Funds Summary This paper describes the case of Olympus, a Japanese manufacturer of optic equipment, at which in early 2012 a scandal was uncovered which was soon dubbed to be one of the largest loss-concealment schemes of Japan. In the 1990’s, Olympus incurred significant losses on financial investments made. These were subsequently hidden with the aid of investment companies by shifting the investments around. In the 2000’s, these losses were to be repaid by paying exorbitant merger and acquisition fees to these investment companies.After newly-appointed CEO Michael Woodford blew the whistle on these frauds, the company got into trouble. Our research into the events leading to this scandal, as well as an observation of the internal control environment led to some interesting insights regarding possible improvements Olympus might implement. However, we also note that a collusion of board members cannot be prevented by any leve l of internal control, and a renewal of the entire board might be appropriate in order to establish proper internal control within the Olympus Corporation. Table of ContentsTable of Contents2 Chapter 13 1. 1Description of the organization of Olympus3 Organization3 Strategic Analysis3 Management Structure4 1. 2The Olympus Scandal5 Background6 Tobashi Schemes6 Whistleblower7 Legal Actions9 1. 3Analysis of the events9 Chapter 211 2. 1Evaluation of and recommendations for the control environment11 Organizational Structure11 Board of Directors and Audit Committee12 Management Philosophy and Operating Style13 Assignment of Authority and Responsibility15 Human Resource Policy and Practices16 Integrity and Ethical Values17 Commitment and Compliance18 . 2Recommendations for control activities19 Chapter 320 3. 1Conclusion20 Literature Used21 Appendix23 Chapter 1 1. 1Description of the organization of Olympus The organization which we will be discussing in this paper is Olympus, which is a Jap anese company specialized in optical and digital products. Most people will know Olympus from the cameras they make, but they produce a lot more different type of products. This chapter will cover the background of Olympus and a strategic analysis of the company. Organization Olympus was established in 1919 in Tokyo, Japan.At first they specialized in microscopes and thermometers, but in 1936 they introduced their very first camera, the so-called Pen. It is this product for which they are well-known to the public. Nonetheless, it is not their primary product. Olympus is extremely specialized in microscopes and optics. Most of these are used in professional environments, like research centers and hospitals. This links also to another specialty product of Olympus, namely medical equipment. Olympus is an important manufacturer of endoscopic, ultrasound and disinfection equipment.These medical instruments are used worldwide (Olympus Corporation, 2012b). Olympus is even market leader in the endoscopy market, with a market share of almost 70%. Of the net sales of Olympus, 42% are from the medical systems segments. According to the annual report, Olympus operates worldwide, with about 46% of the 2011 fiscal sales from Japan. Other main areas are North America (21,5%), Asia (not including Japan) with 11,5% and Europe with 18,2% (Olympus Corporation, 2011a). Strategic Analysis It is clear that Olympus is a multi-business entity which follows a related diversification strategy.They operate in several markets, namely ‘medical’, ‘life science and industrial’, ‘imaging’ and ‘information and communication’. All these areas require a lot of research and development, but there sure are operational synergies between these markets. Logically, the lenses they use in cameras are also very useful for the medical equipment. In the Annual Report of 2011, Olympus states that the two businesses it wants to focus on most are the †˜endoscopes’ and ‘surgical and endotherapy devices’. Olympus is already market leader in the first category, creating unique, high-resolution equipment.For the second category Olympus is still broadening its market share. An important step in this process was the acquisition of Gyrus, plc in 2005. Later on we will see that the acquisition of this U. S. endoscope company has played a very important role in the fraudulent activities of Olympus. In 2011, Olympus had about 34,391 employees. This number had been decreasing for a while, since in 2009 they had 36,503 employees. But not only the number of employees has decreased in the last few years. Net sales declined in 2011 to ? 847,105 million (about $10,589 million).Operating income declined to ? 35,360 million, about $442 million (Olympus Corporation, 2011a). The development of the results of Olympus in the past few years are shown in these three graphs below: [pic] Figure 1: Olympus Financial Results (Source: Ol ympus Annual Report 2011) Management Structure In the Annual Report of 2011, it is stated that Olympus values an appropriate corporate governance structure from a global perspective. They adopted a corporate structure with an auditor system based in the Japanese Corporation Law.The corporate governance systems consists of a Board of Directors of 15 members, which audits and supervises the performance of directors, and a Board of Auditors consisting of 4 members, which are independent from the Board of Directors and audit the performance of the directors. Two external auditors are members of the Board of Auditors, and also of the Special Committee, which gives advice to the Board of Directors. An interesting fact about the composition of the Board of Directors is that is has always fully consisted of Japanese directors, until April 2011, when the first non-Japanese director was appointed.Because there are a few important and recurring people in this scandal, it is important to know t heir names and position in the company. Tsuyoshi Kikukawa – Chairman of the Board of Directors and CEO Michael Woodford – President of the Board of Directors and COO Hisashi Mori – Director, Executive Vice President Hideo Yamada – Standing Corporate Auditor This is how the positions of the main actors were halfway April 2011, right before the suspicions of the fraud would rise (Olympus Corporation, 2011a). The management structure of Olympus can be visualized as follows: [pic]Figure 2: Olympus Management Structure (Source: Olympus Annual Report 2011) In the Corporate Governance Structure Chart above, some aspects of the Internal Control System can be found. We will discuss this explicitly in Chapter 4. But for now it is enough to know that Olympus has a CSR Commission chaired by the president to set up and evaluate targets with regard to CSR activities. They also have an internal employee code of behavior the so-called Olympus International Standards, and they established a Compliance Department which in case of compliance problems has to report the problems to the Board of Directors and the Board of Auditors.For the Risk management system, the company has established a Risk Management Committee which helps to decide on risk management policies and the evaluation, verification and procedural standards to respond to such risks. In order to reduce the risk of takeovers, they have introduced a plan to prevent large-scale purchases of the company’s shares. The anti-takeover measures are advised on and evaluated by the Special Committee, existing of the two outside auditors and one outside director (Olympus Corporation, 2011a). 1. 2The Olympus ScandalThe scandal surrounding Olympus became known on October 14th, 2011, when Micheal Woodford was fired as the CEO of Olympus. He had been the CEO of Olympus for only two weeks. He was the first non-Japanese person to become a member of the Board. In a press statement, Olympus announced t hat they had fired Woodford because of differences in management style. But according to Woodford, that was not the actual reason. He stated that Olympus had fired him because he questioned some prior acquisitions. This was not something of the most recent years, in fact, the scandal even goes back to the nineties. BackgroundIt all started in the beginning of the nineties. A decade earlier, the dollar was almost worth ? 250 (Board of Governors of the Federal Reserve System, 2012). Due to this undervalued yen Olympus suffered from an enormous operating loss, as imported resources were incredibly expensive. To solve the problem of the extremely undervalued yen, a few countries decided devaluate, and after the implementation of the Plaza Accord in 1987, a dollar was worth about ? 121. The Japanese export market was still expanding, though one can wonder whether it even was a real market, it was actually more a bubble.In the final four years of the 1980’s the stock prices tripled . Many Japanese companies, like Olympus, used speculative investments to boost their income, which was very welcome because of the declining income from normal business due to declining exports. These risky investments worked until 1990, when the Japanese markets collapsed. In that year, Olympus decided to cover the loss of ? 100 billion ($730 million). The reason why such an enormous loss could be hidden was because of the accounting rules in Japan around that time. Investments could be carried at costs.Olympus simply did not write down on the investment, which was worth nothing anymore. They hoped that they could make up for the losses by doing more risky investments. But after a few years, instead of making up for it, the losses only got worse. And then in 1997, the accounting rules changed. Investments had to be marked to market and Olympus now actively had to do something to solve the problem of the losses. And it is this very moment when the real fraudulent practices of Olympu s started, to cover the losses of the last decade of the twentieth century.Tobashi Schemes It was much more difficult now to hide the losses for the public. Hideo Yamada, in that time a former full-time auditing officer at Olympus, was the chief of Olympus’ general affairs and financial department. He consulted, together with his subordinate Hisashi Mori, two officials of an consultancy firm. Together they decided to hide the losses with a Tobashi scheme. They transferred Olympus’ losses to some funds they had established right before March 1998 at the Cayman Islands, named Quick Progress and Central Forest.These companies were not consolidated with the Olympus’ financial statements, so such assets transferred there would not show up on Olympus’ balance sheets. By moving the assets for only short amounts of time, right before the financial year ended, they managed to keep these assets hidden for several years, including the losses they were incurring on t hem. Additionally, rumors are that Olympus reported several non-existing foreign bank accounts in order to conceal it’s usage of fake transactions. Additionally, several of these loss-incurring investments were moved to Axes America and it’s Cayman Islands-based subsidiary AXAM Invest Ltd.Signs of the fraud came to light when Olympus wanted to pay back these losses to AXAM by hiring them as consultants for the takeover of Gyrus. For this takeover, AXAM was paid an exorbitant fee totaling $687 million. This consisted $67 million in cash and another $177 million in preferred shares, which Olympus repurchased two months later for $620 million. This repurchase of shares also increased the goodwill on Olympus’ balance sheet by $435 million (Woodford, 2011). Gyrus was not the only dubious acquisition of Olympus.Throughout the years they had acquired many companies, most of the time for a very high price or by paying exorbitant fees to consultants. Another example is t he acquisition of Altis, Humalabo and News Chef. Between May 2006 and April 2008 Olympus acquired the majority controlling interest in these three companies. They paid approximately $773 million for the companies (? 73,419 million). The purchases were completed in April 2008. In the same fiscal year, ending in March 2009, the investment in these three companies was written down as follows: [pic]Figure 3: Altis, Humalabo and News Chef impairments (source: Letter from Woodford to Olympus Board, 2011) So the total investment in Altis, Humalabo and News Chef was almost $800 million, but within a year is was written down with almost $600 million to only 25% of the original value. This is of course an extraordinary goodwill impairment for such a short amount of time (Woodford, 2011). Whistleblower In April 2011, Michael Woodford became the first ever non-Japanese president and Chief Operating Officer (COO). October 1st 2011 he also became CEO of Olympus, replacing Kikukawa in that positio n.But within two weeks, October 14th, he was fired as CEO of the company. The Japanese Board stated that is was because of the differences in management style, that Woodford as an Englishman could not really understand the Japanese business culture. Woodford himself stated that the story told by the board was not true. According to him he was fired because of the fact that he investigated the M&A fees of several acquisitions, especially the acquisition of Gyrus (Voigt, K. , January 2012). Woodford started questioning some of the M&A fees paid after he read an article in FACTA on July 30th about a dubious acquisition by Olympus, namelyGyrus. Upon this he contacted Kikukawa and Mori and demanded answers about the fees paid. He wrote several letters, explaining his concerns about the governance issues, but he never got any real answers. He threatened to resign if he did not get an explanation about the M&A fees. Little later, he was named the new CEO of the company. Understanding quick ly that this promotion was only done to silence him, he hired PwC to investigate the fees without informing the board about this investigation. After the report of PwC was completed, Woodford sent the report to the Olympus Board and to Ernst&Young, auditors of Olympus.On an emergency board meeting on October 14th he was dismissed (Bacani, 2011). The directors of Olympus denied the accusations of Woodford for a few weeks, even blaming him for the decline of the stock price. On October 26 Kikukawa resigns as CEO and president, and he is replaced by Shuichi Takayama. In the week of 6 November 2011 president Takayama made public that he had been informed by the now-dismissed Mori about the cover-up schemes. He explained that he had known absolutely nothing about these schemes and that Kikukawa, Mori and Yamada were not responsible for the initial losses, but had only tried to hide the losses.Yamada, the auditor of Olympus, had resigned a week earlier. One week after Woodfords firing, on October 21st, the stock price of Olympus had fallen from $32 to $16. The chart below makes clear that the stock price would drop much further. In the week of 6 November, when Olympus admitted the fraud, the stock price declines to $6. 3 per share. The scandal caused the stock price to drop with almost 80% (Yahoo Finance, 2012). [pic] Figure 4: Olympus Stock Price (Source: Yahoo Finance) Legal Actions Of course, these types of fraud with such an impact cannot go unpunished.In February 2012, seven men were arrested for the fraud, including Kikukawa, Mori and Yamada (CNN Voigt, February 2012). They were arrested on suspicion of filing false financial statements to cover up the enormous losses from the past in 2006 and 2007. Kikukawa is seen as the main suspect in this case. Separately from these accusations, the company Olympus as an entity is also charged for the falsification of the financial statements. Later on, four of the seven men were rearrested for falsification in other year s, namely 2009, 2010 and 2011 (Hasegawa, 2012).Japanese lawyers have said that the executives can face up to ten years in prison or a fine of about $125,000. If found guilty, the firm faces a fine of almost $9 million. The trial of the Olympus officers has not started yet, so it cannot be said what the final judgment will be (Reuters, 2012). On April 20th 2012, investors approved of a complete new Board of Directors, hoping that the company now can start with rebuilding its image and shareholders’ trust, and that they can finally leave these rumorous years behind (Olympus Corporation, 2012). 1. 3Analysis of the eventsAlready in 1986, the then-CEO said to press that â€Å"in difficult times, companies will have to use financial engineering in order to make a profit†, referring to the use of Tobashi-schemes to hide incurred losses or even inflate profits. In the Japanese investment climate at the time, there was little regulation on this â€Å"flying away† of loss es incurred on bad investments, and it was in fact even popular in the ‘80’s, with certain production companies come to be nicknamed banks because their financial incomes exceeded their operational incomes (Dymski & Isenberg, 2002).This was made possible by the so-called zaitech (literally: financial engineering) system which was caused by the extremely low interest rates and high accessibility of credit, which made it easy for companies to raise money to invest in speculative market activities. This led to an upward spiral of increasing stock prices, enabling companies to obtain more capital, perform more risky investments, which again led to a increase in stock value enabling the companies to report more (speculative) profits, which closes the circle by increasing the company value and enabling them to obtain more capital (Haramis, 2007).Another factor contributing in this was that a lot of these securities issued were convertible bonds. Japanese investors customarily did not take into account the possible dilution of shares caused by convertible bonds, and thus the emission of convertible bonds did not cause a decline in the price of shares (Smith, 1994). Even if the zaitech would lead to a loss, the system of Tobashi would make it possible for firms to hide the losses. With Tobashi, the investment houses could reimburse the losses to their clients in loan-like constructions which would eventually need to be repaid.These loans often involved moving the loss-giving assets into special purpose vehicles (SPV’s). These SPV’s had non-synchronous financial year-ends, allowing the losses to be kept off the books by moving around the assets. The feeling of being unable to lose was also reinforced by investors. This is described as follows:â€Å"[†¦] the Banking Bureau instructed firms to postpone the introduction of lower cost accounting until April 1, 1988. Because of this, companies did not need to write down the loss and life-ins urance companies did not have to sell stocks in mass quantities.In this way, the MOF succeeded in preventing share prices from declining. After that, stock prices surged remarkably. This was because these measures by the MOF to contain the markets made investors believe that the ministry would never let stock prices slump. † (Kamikawa, February 2010) It was not until the end of 1989 that the Japanese government interceded in this bubble by raising the interest rates, which ultimately led to the collapse of the zaitech-bubble and eventually even the 1990’s recession in Japan (Smith, 1994). Olympus partook in this as well in the 1999’s by hiding the ? 0bn ($241mln) losses incurred while investing in a venture capital fund in 1999 owned by investment house Nomura. One of the owners of Nomura was Nobumasa Yokoo. This loss never showed up in the financial statements, but was uncovered during investigation by external audit firm PwC, which was hired by whistle-blowing director Woodford. ‘Coincidentally’, Yokoo was also shareholder in 3 companies (News Chef, Altis and Humbalabo) which Olympus acquired in the 2007 – 2010 period for ? 73. 4bn. Only 6 months later, these were impaired by ? 55. bn (75%) because â€Å"the business prospect diverged from the assumption at the time of investment†. Investigation into these investments is yet to be launched officially, but suspicions are that this is also another attempt at repayment for a Tobashi scheme. Chapter 2 2. 1Evaluation/recommendations for the control environment The control environment is an essential part and basis for the internal control system within a company. A firm may have enhanced control activities and monitoring procedures but without properly established control environment all the control component would be futile.In 1992 COSO released their Internal Control – Integrated Framework, which states that control environment â€Å"sets the tone of an org anization, influencing the control consciousness of its people† (COSO, 1992), provides foundation for other components of internal control. Control environment includes integrity and ethical values, commitment and competence of the company’s personnel, Board of Directors and Audit Committee participation, management philosophy and operating style, organizational structure and human resource policies, assignment of authority and responsibility by management.In 2004 COSO published Enterprise Risk Management – Integrated Framework, which expands on internal control and focuses more on enterprise risk management. Framework contains definition of internal environment, which â€Å"encompasses the tone of an organization, and sets the basis for how risk is viewed and addresses by an entity’s people† (COSO, 2004). We will address the elements of the control environment and internal environment to the Olympus case under investigation using the seven principl es for control environments as guidance (Streng, 2011).Alongside an evaluation addressing these elements, we will give our recommendations for improving them. Organizational Structure Evaluation The Olympus Corporate Strategic Plan slogan which is actively promoted within the company is â€Å"Advancing to the Next Stage of Globalization† (Olympus Corporation, 2010). Based on this slogan the company rejuvenated its management structure in April 2011 by introducing new management rules, restructuring information-related operations and administration, shifting focus to overseas operations and reviewing the cost structure.These changes can suggest the considerable flexibility of the organization in following the chosen strategy. The overall organization structure described in the part about â€Å"The Board of Directors and Audit Committee† seems quite elaborate for such kind of company as Olympus. Information about the key managers’ responsibility cannot be found in the public sources; therefore we cannot evaluate how adequate they are and whether managers have a proper understanding of them.Nevertheless, this organizational structure which seems to be thoroughly established did not prevent the fraud, because of the involvement of almost all top officials in it – 19 people were sued in covering-up losses and some of them are still the part of the firm’s management (Buerk, 2012) Recommendations The basics of internal controls are all there in Olympus, with collusion being the main reason why the fraud could continue for so long without any detection. The new management rules which were implemented in 2011 were a good start, were it not for that the board did not follow the newly implemented rules themselves.Best would be to completely remove any ties between the internal auditors and the board, so that the internal auditors can audit the board more effectively and without interference by executives. In a construction like this, th e internal audit department would only have their responsibility to the general meeting of shareholders, preventing possible future collusion. Board of Directors and Audit Committee Evaluation The corporate governance structure of Olympus consists of two organs.The first of these is the Board of directors, which meets frequently and is tasked with supervising and auditing the performance of executives and internal auditors. The second is the Board of auditors, tasked with the audit of the performance of the executives and advising the board of directors. The division between executive and non-executive directors is an important internal control procedure in enhancing the separation of duties for monitoring and decision-making, and should increase independence between the board and management.The general meeting of shareholders has the final decision on the appointing of directors, internal and external auditors and remuneration, ensuring a separation of duties. The remuneration of d irectors is based on their performance, which is measured by the balance score card (BSC) system on the degree to which the goals are achieved in four dimensions (financial, customer service, business operation process, growth potential). Concerning the knowledge and expertise of directors, we can conclude that, based on the publicly available information, the directors of the company are highly qualified and experienced.Also this conclusion can be confirmed by the resumes of the directors, who have all been involved with the company for a significant number of years, often a majority of their lifetime. This can however also be a weakness, because they may miss a fresh view on the company. The Olympus scandal showed existence of strong ties and cooperation between the Board of directors, banks, investment bankers and accounting firms in conducting fraud and their attempts to hide it (Yasu, 2012). Proper control environment should include directors who are independent from management , trade partners and other parties (Maitland, 2012).Recommendations In the case of Olympus the chairman of the board of directors was the same man as the CEO. We think this is a part of getting a huge scandal like this one. The Board of directors should determine whether or not the CEO is independent in character and in judgment (Financial Reporting Council, 2010). But in Olympus, the chairman of the board would therefore be required to evaluate himself on his own independence, character and judgment. Seeing as this is impossible the UK CG code proscribes a segregation of duties between these two positions.Even though this would not directly apply to Olympus operating under Japanese law, it is very probable that the Japanese CG code also sports at least an advice for this. Thus we would recommend for Olympus to have two different independent people fulfilling these functions. Furthermore we think that the people within the board and people with other top functions were too long hold ing the same position at the company. This makes the board less independent and will make the chance of fraudulent actions higher, even when some executive people left they came back at the company in another function like Kikukawa did.Kikukawa was first the CEO and president of the board, and returned as an auditing officer after his dismissal. This led him to be able to review his own work as CEO. We recommend that Olympus reassigns its board members and that people within this board should not have other important functions for at least several years. The UKCG Code advises for board members not to stay on for longer than 9 years (Financial Reporting Council, 2010). This makes it harder to perform fraudulent actions because people can't rely on the new people to participate in the fraud. This will also more often give shareholder control over the actions of the board.Additionally, they cannot get â€Å"rusted into habits†. However, as the entire board, including non-executi ves, and the internal auditors were involved in the fraud scheme, we have doubts whether any amount of internal control could have prevented this fraud. Management Philosophy and Operating Style Evaluation In this section we will pay attention to the management philosophy, including risk attitude and management approaches. The Olympus Corporate Social Responsibility (CSR) Report 2011 gives us insight into which management insights considers the most important for the company.It is stated that for the company the main focus is not on the profit but on the â€Å"win-win relationships† with stakeholders based on mutual trust. Management philosophy in the company is based on â€Å"Social IN† through which company incorporate social values into the company’s activities. (Olympus Corporation, 2011b) The CSR Concept of the Olympus Group establishes the ways in which the company can make its contribution to society (through business and other voluntary activities) and s tates the company’s duties responsibilities to society through compliance with laws, regulations and business ethics.Olympus not only states their views on how the business should be conducted but also communicates them but means of policies. For example, to act on behalf of the customer the company established Protection Policy; with respect to human rights the Human Rights and Labor Policy was implemented. These policies and philosophies are incorporated in the daily business activities. All the means and processes mentioned above create an impression that the Olympus Company has a strong attitude towards corporate values and uses strictly stated procedures to bring them into everyday business life.Olympus established a system of committees to employ more comprehensive approach towards risks and to analyze, evaluate and manage them (see Figure 2: Olympus Risk Management System on the next page), such as a Risk Management Committee (to decide on the risk management policies and on proper responses for the risks faced by company, chaired by the president), a Risk Management Bureau (to collect and evaluate information regarding risks, to develop counter measures and ensure their effectiveness) and a Business Continuity Plan (to ensure devotion to its management policy in emergency cases, to be prepared to such cases).Recommendations However, despite all these internal controls, the fraud still managed to occur and persist through collusion of the board of directors. Not any amount of internal controls would be able to prevent such a fraud, as the board can always override these controls. This can especially be seen in Figure 6, where the president is depicted as the Risk Management Leader, all the while it was the president who was the center point of the fraud. However, one can limit the options for fraud by non-executive management significantly.The processes and policies established by Olympus already give a good head start, but key to success of them is support by management. Not in word, but also in deed. Every in-house department and affiliate company should establish its own risk management structure and all the uncovered significant risks should be immediately reported to the president and Risk Management Committee. [pic] Figure 6: Olympus Risk Management System (Source: Olympus CSR Report 2011) Assignment of Authority and Responsibility EvaluationThe company established a thorough corporate governance system with stringent monitoring, auditing, evaluating and reporting responsibilities. There are various committee structures ensuring compliance and effective internal controls in all the business activities and a lot of attention is paid to compliance with norms, laws and regulations. The Boards of directors plays an important role in establishing of company strategy, making decisions about main management issues and monitoring the fulfillment of decisions made and strategies established, while leaving the day-to-day manage ment to the company managers.A special Committee, consisting of outside directors and auditors, takes advisory responsibility concerning the most important deals. Public sources do not provide information about the employee job descriptions, therefore in it hard to evaluate thoroughly appropriateness of the responsibility assignment. The firm documents also do not contain the information regarding the number of people with respect to data processing and accounting functions, which also does not allow us to get a better grasp on the actual situation within the company. RecommendationsThe company already has developed a thorough corporate governance system with stringent responsibilities. There are still some recommendations like competency controls. This is a formal control since it verifies whether organizational activities are conducted in conformity with applicable procedures and requirements (Vaassen, Meuwissen, & Schelleman, 2009). So these controls can be used to prevent unauth orized employees gaining access to certain areas or assets they should not supposed to have access to. For these competency controls to work correctly strict procedures and requirements have to be well formulated and established.We therefore recommend Olympus to have strict procedures and have competence controls using these procedures. For responsibility we think it is important for Olympus to have clear function descriptions in which the responsibilities for that particular function are described. Human Resource Policy and Practices Evaluation The Olympus Corporate Social Responsibility Report 2011 states that human resource management systems are based on the belief that a company’s performance consists not only of its business results but also of the growth gained by each individual employee.The company established a thorough Human Rights and Labor policy stressing the most important issues in this area and developed a CSR Educational Cube (see right) to raise awareness o f compliance, CSR initiatives and enhance communication within the organization. The company introduced various initiatives concerning HRM including internal job-seeking, individual career planning, skill development, newly appointed executives trainings, occupational safety programs, physical and mental health consultations, and a so-called ‘Welfare Cafeteria Plan’.All of these activities serve the goals of enhancing employees performance and their commitment to the company. Concerning the reward systems, there are established procedures for annual paid holidays and bonuses. Company CSR Report states that salaries and bonuses reflect each individual’s activities and contributions; the bonus funds are linked to business results. Company also use a so-called Advanced Technician/Engineer Incentive System to ensure improvements of the technical and practical skills of engineers and serve the innovation basis for the company activities (Olympus Corporation, 2011b).Re commendations Vaassen et al, 2009, p. 203, Describes that Human resource management processes generally consists of recruiting and selecting employees, educating and training employees, assigning tasks to employees, evaluating employee performance, employee remuneration and employee termination. Some of these aspects can be found at Olympus but not all yet. An recommendation on this part is that for each employee there is a personnel file available.This file will consist of data of the employee right before starting at the company such as address, number and contract information, but it is also important to keep this file updated with the employee performance, evaluation, payroll and career advancements. Also when the employee participates in education and training programs this needs to be included. This file needs to be available to managers because managers can use this file to assign tasks to their employees. Another recommendation to Olympus is to evaluate their employees on a regular basis.This evaluation needs to provide feedback to the employee about their job effectiveness and career guidance, because this will motivate the employees. This evaluation needs to be done by the functional manager together with the human resources manager. Then finally it is important for Olympus to have procedures in place for terminating dysfunctional employees. When during the evaluations turns out that the employee is not performing as it should be, there needs to be a plan for improvement made by the superior of the employee and the human resource manager.This plan needs to be communicated to the employee. After this the two officers needs to monitor the employee to see if there is improvement. Integrity and Ethical Values Evaluation The Olympus scandal, and even more the scale of it, points out that ethical values are very important for companies. It is not enough to just have a code of conduct or an ethics committee. The company should also live to the ethical guide lines. And if even the directors do not behave ethically, how could they expect the employees to behave ethically? In theory Olympus has done a good job on the ethical part.They have got several codes on ethical behavior and moral values and there is a committee about this. But just the existence is not enough. It is clear that there was no correct ‘tone at the top’. It could be recommended to start at the top of the company, because once the directors show moral and ethical behavior and give guidance to what is right and wrong, the employees might act the same. Recommendations Part of the board of directors was replaced, but several key figures are still in place after the scandal, even though it is known that they were (or should have been) aware of the fraud going on right in front of them.We would therefore recommend that the remaining directors are also replaced, which would give a good signal to both shareholders and employees alike that it’s time for a fre sh start. It is also important that the attitude to mistakes or misbehavior is reasonable. Of course, the effects of a mistake may be huge, but the reaction to it must be reasonable. Otherwise, people will try to hide their mistakes. Especially in a business culture like the one in Japan, this may be very hard to implement, because it is considered discrediting the company if one makes mistakes or causes significant losses.As such there must be clear and reasonable consequences to misbehavior or overriding established controls in order to diminish the amount of secrecy around losses, mistakes or ethical misbehavior. Furthermore, the code of conduct and the ethical and moral values should be known and implemented. Not only the employees, but especially the directors should be aware of it and behave as demanded, to set an example and prevent scandals like this. Commitment and Compliance Evaluation Overall Olympus developed a thorough approach for recruitment and promotion.They establi shed company Human Rights and a Labor Policy and requires from all the employees high commitment to company values. To promote the company values, Olympus holds meetings with their employees and gives trainings to the employees. This can be seen in the Corporate Social Responsibility Report of 2011 which contains methods for developing a culture based on putting the customer first. To achieve this Olympus has chosen to instill the attitude of thinking from the perspective of the customer in every employee by providing special courses at all the levels in the company including newcomers.So Olympus facilitates skill development (Olympus college, Advanced Engineer Incentive System) to equip their employees with the skills they need to work successfully. At the company group level a Safety & Health and a Ethical Conduct Promotion Committee was established to enhance safety & health and to reduce ethical problems for all the employees within the group. Recommendation Olympus already does a lot to promote their company values as described above. Also by meetings with the employees the commitment will be better.For commitment it is also important to have good guidance by superiors, therefore our recommendations on this part are similar to the ones of human resource policies. Something that can be added in this part is that the education programs employees can perform are specially for those employees, so the programs needs to fit with the employee and their career changes. This will make the employee more committed to the company. 2. 2Recommendations for control activitiesIn this paragraph we will assume that all the recommendations for the control environment has been taken into account and that Olympus has implemented those recommendations. Now we will look at recommendations for the control activities. We first need to know what control activities are. According to Streng, 2011, p. 49: † Control activities are the formal policies and procedures that help an organization ensure that objectives are being achieved and are achievable. The scandal started with speculative investments which caused a loss of $730 million.Therefore Olympus should implement control activities to ensure that this cannot happen again. First of all the company should not invest in investments that are riskier (too speculative) than they prefer. They have to decide for themselves what their risk appetite is and cut out the investments that are too risky. To make sure that such investments will be left out, Olympus needs a risk assessment report for the investment. This report needs to be approved by the management which will make the investment, but also by the higher management of the company.This will make the chance of big losses smaller. Thereby comes the fact that segregation of duties is important. The scandal was caused because higher management approved or even initiated very risky investments, so there must be someone independent to check on the investment s. After having the investment approved the investment still needs to be monitored on a frequent basis. This is because there is still a chance of a loss or that the it actually was a wrong investment. Results of the monitoring activities also need to be communicated to the higher management so that they can intervene if necessary.The decision to intervene needs to be made by someone that is independent of the investment department, so that this decision will not be influenced. Than the auditor needs to check if there are risk assessment reports for the investments which Olympus decided to invest in and also that the higher management approved of these investments. Further the auditor needs to check if monitoring is done frequently and have to look at the decisions made by higher management on the basis of the monitoring activities.So for instance if these decisions are made by a independent person. We also like to advise Olympus to have strict procedures for when to abandon an inve stment, so that it will not be possible that after a loss incurred the investment stays in the portfolio in the hope that this investment will become profitable in the future and actually becomes more loss making. Furthermore it is important that Olympus only has employees in the investment department that are capable of making the right decisions and have the right knowledge of how to monitor and when to intervene.In order to do so, Olympus must have strict recruiting policies and offer education and training to their personnel. Only then they can be sure, to a certain level, that their investors are capable of investing, know what they are doing and what risk they can take. With the continuous stream of new, complex financial products it is very important that the employees of Olympus are highly educated and have up to date knowledge. Apart from the investment department, every employee of Olympus should be aware of the Code of Ethics, including the management.Finally, it is impor tant that there is an effectively working control IT system. A proper working system should be able to detect extraordinary high fees paid to e. g. consultants, extreme impairments on recently acquired companies and the transfer of money or losses to recently set up funds in dubious places (one has to admit that funds on the Cayman Islands should have raised some questions immediately). Once a proper IT control system is implemented it should be very hard for the directors to act as secretive as they did during the scandal. Chapter 3 3. 1ConclusionThe Olympus scandal became one of the largest loss-concealment schemes in Japan, routed back in the 1990’s. We conducted our research regarding this scandal starting from the company's history and organizational issues. Then we gave insight into the scandal itself, followed by the investigation and statements of recommendations for control environment and control activities. The control environment in the Olympus company was forming and developing throughout the years of the company's existence and various control activities were established. Nevertheless, it was not enough to prevent fraudulent actions.Therefore based on our research the following procedures can be recommended regarding the control environment: revision of the company’s organizational structure to guarantee auditor’s independence, reassignment of all board members involved in the scandal, implementation of procedures to ensure â€Å"real† compliance with corporate policies at all levels, enhancement of HRM policies and practices to ensure high qualification and commitment of personnel. Moreover, strict procedures, control activities and regular monitoring over investments should be developed within the company, to eliminate chances of such fraudulent situation in the future.A good ethics lesson can be learnt from the Olympus case. Collusion within the company's top officers could hardly be prevented by internal control me chanisms. Therefore the Olympus scandal is a very representative example for the regulators to direct their efforts. Also it is a great confirmation of the fact that integrity and high ethical values should be followed and embodied by all the employees of the company, from the workers and engineers to the president and chairman. Literature Used Bacani, C. (2011, October 24). The Olympus Scandal: When a Foreign CEO Rebels.Retrieved May 9, 2012, from CFOInnovationAsia: http://www. cfoinnovation. com Board of Governors of the Federal Reserve System. (2012, May 1). Japan / U. S. Foreign Exchange Rate. Retrieved May 9, 2012, from Federal Reserve Bank of St. Louis: http://research. stlouisfed. org Buerk, R. (2012, February 16). Former Olympus Chairman Arrested in Accounting Probe. Retrieved May 9, 2012, from BBC News: http://www. bbc. co. uk COSO. (2004). Enterprise Risk Management – Integrated Framework. New York: AICPA. COSO. (1992). Internal Control – Integrated Framework . New York: AICPA. Dymski, G. , & Isenberg, D. 2002). 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Retrieved May 9, 2012, from Bloomberg: http://www. bloomberg. com Appendix Appendix IOlympus Timeline Appendix IIOlympus Corporate Governance Facts Main facts about the Boards of Directors (BD): †¢ 15 members (incl uding 3 outside directors) Meets once per month to make decisions about the business strategy and other current management issues and to control over the fulfillment of decisions made and strategies established †¢ Outside directors taking part in the BD meetings as members of the Special Committee[1] †¢ Executive Management Committee is formed at the company to facilitate President and COO decision making (meets 3 times per month) †¢ The term of office of directors has been set to 1 year to enhance their accountability (their performance is assessed annually) †¢ To enhance eligibility and expertise inside directors participate in seminars outside the company Main facts about the Board of Auditors: 4 auditors (including 2 outside auditors) †¢ meets 1 time per month †¢ audit management’s daily activities (for instance, director performance) †¢ participate in important company meetings (including BD meetings), they share their opinion concernin g the questions under the discussion with executive officers, subsidiary’s auditors, Internal Audit Department and accounting auditors †¢ The Board of Auditors shares its views with the President four times per year and with all other directors (excluding outside directors) and executive officers once a year. †¢ Outside auditors participate in the Board of Directors meetings as members of Special Committee.They give the company advices concerning the questions of large-scale acquisition of shares (over 20 %). Outside auditors have possibilities to visit the plants and research centers to deepen their knowledge about the company. ———————– [1] Japanese Corporate Law does not require companies with auditor have outside director within the Board of Directors. Olympus appointed Rikiya Fujita (doctor of medicine), Masanobu Chiba (career as a director of Nikkei Inc. and its group companies) and Junichi Hayashi (career as director of investment consulting company) ———————– Figure 5: Zaitech Bubble Figure 7: CSR Educational Cube (Source: Olympus CSR Report 2011)