It’s Time to Tell the True History of Texas :: Personal Narrative

It’s Time to Tell the True History of Texas At the point when the Bob Bullock Texas State History historical center opened in March 2001, it promoted itself as â€Å"The Story of Texas.† It despite everything considers itself the narrative of Texas in letters etched into the highest point of the structure, on its Web webpage, on signs guiding guests to the gallery, and even on the cooler magnets you can purchase in the blessing shop. At the point when I previously observed the trademark, I considered how there could be â€Å"the† story of Texas, since Texas has been socially assorted since its commencement as a piece of Mexico that turned into a different country and later a state. In the blink of an eye Texas will have nobody bunch as a larger part. I experienced childhood in the Rio Grande Valley, where the incredible dominant part of the populace, similar to me, is Mexican American. How was this new exhibition hall going to introduce my story? I needed to proceed to discover.      When I previously strolled into the entryway, I saw the huge mosaic on the floor however I couldn’t make sense of what it delineated. I just observed a pit fire and a lot of wiggly figures. Somebody close to me told their children that they’d have the option to see the whole mosaic from the third floor. I chose to pause and do likewise.  â â â â      The first display I saw was the â€Å"It Ain’t Braggin’ if it’s True† (one of my companions disclosed to me I needed to see the altar to Lance Armstrong and the rhinestone vehicle). The name of the display didn’t sound good to me however; aren’t all gallery shows, particularly ones about history, expected to be valid? The large pennant in the room didn’t help much either. It essentially said â€Å"Vision† and had a statement about how just those with extraordinary vision can see opportunity where others see void space. Possibly the individuals who have this kind of vision get the braggin’ rights?      Texas was never a major void space. The Spaniards and later the French who came here found societies that were hundreds of years old. Be that as it may, history, and the historical center itself, starts with European colonization. The historical backdrop of Texas, one of the signs says, was molded by the manner in which the various gatherings of individuals who came to Texas reacted to the land and to one another. So land, and communication between various gatherings of individuals, would be utilized a great deal in the recounting this account of Texas, I accepted.

Nibm Iii Semester Assignments free essay sample

Administrative Economics Suppose you are the Marketing Manager of Bayer Company, Ahmedabad, which are the procedures you will apply in estimating request of an item yet to be produced. The firm should anticipate what's to come. Anticipating the future includes estimating. A figure is an estimation or forecast about circumstances which are well on the way to happen in close or far off future. No representative can bear to overlook determining in the event that he needs to flourish and succeed in his business. The firm needs to gauge the future degree of interest for its item under various potential conditions, for example, costs, rivalry, limited time exercises and general financial action. Likewise estimating will be fundamental concerning costs under changing states of accessibility of crude materials and their separate costs, evolving innovation, wage rates, work preparing and capital securing programs. Determining plays a key job in administrative choices and thus guaging is underlined in the investigation of administrative financial matters. We will compose a custom exposition test on Nibm Iii Semester Assignments or then again any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The goal of business anticipating is to limit hazard and the edge of vulnerability in business. Procedures of Demand Forecasting Many methods are accessible that can be utilized in determining financial factors. Some determining methods are quantitative, others are subjective. At the point when quantitative data isn't exactly accessible then subjective strategy is to be depended upon for getting the necessary figures. There are, in that capacity, two ways to deal with request guaging. First is to acquire data about the goals of the spenders through gathering experts’ conclusion or by leading meetings with the shoppers. Second is to use past understanding as the guide and utilizing or anticipating the past factual connections to acquire the normal degree of future interest. The primary technique is additionally viewed as subjective and is for the most part utilized for momentary anticipating; while the subsequent strategy is quantitative and is utilized for long haul guaging. We can gauge the interest for existing item by utilizing any one or even blend of the above strategies, however to figure interest for new item we need to utilize review technique simply because the new item has no past or recorded information to offer. How is request conjecture decided? There are two ways to deal with decide request estimate †(1) the subjective methodology, (2) the quantitative methodology. The correlation of these two methodologies is demonstrated as follows: Description| Qualitative Approach| Quantitative Approach| Applicability| Used when circumstance is dubious little information exist (e. . , new items and technologies)| Used when circumstance is steady chronicled information exist(e. g. existing items, current technology)| Considerations| Involves instinct and experience| Involves scientific Techniques| Jury of official opinionSales power compositeDelphi methodConsumer showcase survey| Time arrangement modelsCausal models| Qualitative Forecasting Methods Your organization may wish to attempt any of the subjective determining strategies beneath in the event that you don't have verifiable information on your items deals. Subjective Method| Description| Jury of official opinion| The assessments of a little gathering of significant level administrators are pooled and together they gauge request. The gathering utilizes their administrative experience, and sometimes, joins the aftereffects of measurable models. | Sales power composite| Each salesman (for instance for a regional inclusion) is approached to extend their deals. Since the sales rep is the one nearest to the commercial center, he has the ability to recognize what the client needs. These projections are then consolidated at the metropolitan, common and provincial levels. | Delphi method| A board of specialists is distinguished where a specialist could be a leader, a standard worker, or an industry master. Every one of them will be approached exclusively for their gauge of the interest. An iterative procedure is led until the specialists have arrived at an agreement. | Consumer showcase survey| The clients are gotten some information about their buying plans and their anticipated purchasing conduct. An enormous number of respondents is required here to have the option to sum up specific outcomes. | Quantitative Forecasting Methods There are two guaging models here †(1) the time arrangement model and (2) the causal model. A period arrangement is a s et of equally dispersed numerical information and is o btained by watching reactions at customary timespans. In the time arrangement model , the gauge depends just on past qualities and expect that factors that impact the past, the present and the future deals of your items will proceed. Then again, t he causal model uses a numerical strategy known as the relapse investigation that relates a reliant variable (for instance, request) to a free factor (for instance, value, promotion, and so on ) as a direct condition. The time arrangement estimating techniques are depicted beneath: Time Series Forecasting Method| Description| Naive Approach| Assumes that request in the following time frame is equivalent to request in latest period; request example may not generally be that stableFor example:If July deals were 50, at that point Augusts deals will likewise be 50| Time Series Forecasting Method| Description| Moving Averages (MA)| MA is a progression of number juggling implies and is utilized assuming next to zero pattern is available in the information; gives a general impression of information over timeA straightforward moving normal uses normal interest for a fixed grouping of periods and is useful for stable interest with no articulated standards of conduct. Equation:F 4 = [D 1 + D2 + D3]/4F †conjecture, D †Demand, No. †Period(see illustrative model †basic moving average)A weighted moving normal alters the moving normal strategy to reflect vacillations all the more intently by doling out loads to the latest information, which means, that the more seasoned information is typically less significant. The loads depend on instinct and lie somewhere in the range of 0 and 1 for a sum of 1. 0Equation:WMA 4 = (W) (D3) + (W) (D2) + (W) (D1)WMA †Weighted moving normal, W †Weight, D †Demand, No. †Period(see illustrative model †weighted moving average)| Exponential Smoothing| The exponential smoothing is an averaging strategy that responds all the more unequivocally to late changes sought after by doling out a smoothing consistent to the latest information all the more emphatically; helpful if ongoing changes in information are the consequences of real change (e. g. occasional example) rather than simply irregular fluctuationsF t + 1 = a D t + (1 a ) F tWhereF t + 1 = the estimate for the following periodD t = real interest in the present periodF t = the recently decided conjecture for the present period†¢Ã¢ = a weighting factor alluded to as the smoothing constant| Time Series Decomposition| The time arrangement disintegration alters the regularity by duplic ating the ordinary gauge by an occasional factor. | Quantitative Techniques for Business Analysis Suppose you are going a specialty unit in India which are the focuses about measurement you will remember for working together gainful. As it were what is the significance of Business insights in your endeavor. The fundamental target with which Business Statistics is utilized for settling on derivations that is arriving at a choice or resolution and expectations and suspicions. In business, dynamic is a basic stage and is utilized in all the fields of business. The utilization of insights makes examinations and investigation simpler which moderately enlivens the dynamic procedure and furthermore makes it somewhat simpler. In any case, utilizing insights the connections of various factors can be contemplated. Measurements makes it conceivable to do consider the possibility that investigation. Relapse investigation is utilized for considering the connection among factors and the reliance of one upon the other. Research shows that the utilization of factual models improves the dynamic procedure. By utilizing probabilities, various forecasts can likewise be made in business  · Statistical aptitudes empower to insightfully gather, break down and decipher information applicable to their dynamic. Measurable ideas and factual reasoning empower them to: take care of issues in an assorted variety of settings. add substance to choices. diminish mystery. It is in every case better to utilize the ideas which are as of now utilized so it is anything but difficult to the head making the business productive and a slight development or headway is required so as to keep the thought from duplicate. The utilization of measurements is an examination and consequently correlation assumes an imperative job. A t the point when a business is measurably actualized the blemishes are decreased in light of the fact that it tackles the issue effectively it helps settling on legitimate choice and diminishes excess. The primary concern. That is the thing that numerous representatives take a gander at to measure the productivity of an organization. While significant, the primary concern doesnt consistently give the whole picture, and utilizing it as the sole indicator of organization execution could have genuine financial repercussions. Proportions: Gross Profit on Net Sales Net Profit on Net Sales Management Rate of Return Net Profit to Tangible Net Worth Rate of Return on Common Stock Equity Analytical Procedures: Comparative Statements Index-Number Trend Series Common-Size Statements Analysis of Financial Statement Components Purpose of Profitability Analysis An appropriately directed gainfulness examination gives significant proof concerning the income capability of an organization and the viability of the board. II. Gainfulness Ratios Profitability proportions are the most noteworthy and recounting budgetary proportions. Like salary proportions, gainfulness proportions give an authoritative assessment of the general viability of the executives dependent on the profits produced on deals and venture. The sufficiency of your companys earni

Camp Sunshine 2016 - UGA Undergraduate Admissions

Camp Sunshine 2016 - UGA Undergraduate Admissions Camp Sunshine 2016 It is that time of year again, when I will be away from the blog for a week while I volunteer at Camp Sunshine, a camp for children with cancer. This will be my 21st year volunteering for the summer camp part of Camp Sunshine, and I have had a wonderful time over the years working with this program. This year, I will be a cabin counselor for seven 12-year old boys (along with one other counselor), and I am guessing I will be involved in a great deal of mountain biking, fishing, tennis, gold panning, going up the climbing wall (or just watching as my campers go up), archery, dodgeball, arts and crafts, and a lot of singing. If you have never heard 200+ campers and 150+ volunteers singing and dancing to Peanut Butter Jelly Time, you are missing a great event. So, for the next week or so, I will be out of communication with this blog. Once I am back, I will begin posting/commenting/replying again! Go Dawgs!

Camp Sunshine 2016 - UGA Undergraduate Admissions

Camp Sunshine 2016 - UGA Undergraduate Admissions Camp Sunshine 2016 It is that time of year again, when I will be away from the blog for a week while I volunteer at Camp Sunshine, a camp for children with cancer. This will be my 21st year volunteering for the summer camp part of Camp Sunshine, and I have had a wonderful time over the years working with this program. This year, I will be a cabin counselor for seven 12-year old boys (along with one other counselor), and I am guessing I will be involved in a great deal of mountain biking, fishing, tennis, gold panning, going up the climbing wall (or just watching as my campers go up), archery, dodgeball, arts and crafts, and a lot of singing. If you have never heard 200+ campers and 150+ volunteers singing and dancing to Peanut Butter Jelly Time, you are missing a great event. So, for the next week or so, I will be out of communication with this blog. Once I am back, I will begin posting/commenting/replying again! Go Dawgs!

Reverse Mortgage Is It Right For Me - 987 Words

Reverse Mortgage is it right for me: The Reverse Mortgage is in fact not the right mortgage loan for every senior who owns a home; there are many things to consider when you are contemplating a Reverse Mortgage. First the amount of time you are planning to live in the home! If a person is planning on moving from the home within the next five years then you have a decision to make. It will take about five years to recover the closing cost associated with the Reverse Mortgage. Here is a list of general closing cost that you will have to pay at closing out of the proceeds. Mortgage Insurance Premium (to protect the value of your home, the money against mortgage company failure and other issues Origination Fee (lenders Cost) State Tax Stamp†¦show more content†¦Conversely, with a HECM, the borrower builds up debt while they live in the home. In addition to building up debt, there can be significant up front costs when brokering a reverse mortgage. If you plan on only taking out a small portion of money or plan on living in your home for only a short time then these costs can push the effective rate on the home up considerably. The last significant disadvantage of a reverse mortgage is that you leave your heirs with a noticeably smaller legacy. It might be something you should discuss with your heirs. When you take out this mortgage, you will have less equity in the home and likewise, the heirs will inherit a smaller portion of the home s value. Also, the longer you live in the home, the more the interest builds up, which further lessens the equity you have in the home. What are my current financial needs? Everyone, no matter the age, needs to assess their budget and the best ways to effectively manage their financial needs. The easiest way to do so is by going through last month s (or any average month s) bills. You should include everything you regularly spend money on. Where are the bulk of your expenses? Do you need to adjust your budget? CAN I adjust my budget? This will vary from person to person and household to household. There are many ways to cut down your expenses such as different grocery stores, paring down unused or unnecessaryShow MoreRelatedGood And Great By Jim Collins1615 Words   |  7 Pagesbooks, â€Å"Good to Great†, written by Jim Collins. This paper will attempt to give a high level overview of the book as well as personal reflection to the similarities to the course learning, key takeaways and any valuable information that will assist me in my career. Why your chose this book I chose the Good to Great book for the simple reason it was one of the titles that I had heard about. Everything that I had heard was very positive. I researched a few others on-line and thought this wouldRead MoreBernard Madoff2491 Words   |  10 Pagesthe entire system would collapse. Unlike most Ponzi schemes, which usually fail due to a lack of new investors, the economic status of the United States led to the discovery of Madoff. At the time of his arrest on December 11, 2008, the subprime mortgage crisis and the U.S. recession exposed Bernard Madoff’s fraudulent Investment fund to the world. The secret behind Madoff’s success was his ability to gain the trust of investors by his reputation and prestige within the community but most importantlyRead MoreBank Of The New Edition Of Macbeth1905 Words   |  8 PagesJackson himself had long believed the â€Å"hard money† -gold and silver-was the only honest currency. Nonetheless, when he assumed office there was little reason to believe that the Bank War would become the major event of his presidency.1 Page 388 of Give Me Liberty The Bank War and its Results Therefore, the consequence of Jackson declaring war on the 2nd bank of the United States was in 1832 the head of the bank Nicholas Biddle, a strong willed, aristocratic Philadelphian had his allies persuade CongressRead MoreThe Cost Of Higher Education2006 Words   |  9 PagesThe Cost of Higher Education Has Resulted in Extreme Student Loan Debt, How Do We Reverse This Cycle? During high school we are often told that higher education is essentially a precursor to achieving success in the workforce, meaning that your success is dependent upon earning a degree. We are also told that higher education is the key to â€Å"happiness† because it is clear that both a fulfilling and lucrative career is a direct representation of success. Sometimes parents, teachers, and guidance counselorsRead MoreInside the Meltdown49737 Words   |  199 PagesSHEILA BAIR ... FDIC [Federal Deposit Insurance Corp.], established 75 years ago in the Great Depression. ... How does it feel being head of FDIC during another grand crisis? It s a very important place to be right now. We re getting a lot of media attention, and I think that s positive because I think the FDIC is all about public confidence. That s how we maintain the stability with people having confidence in our brand and our insurance guarantee, and I think we ve done that fairly successfullyRead MoreCan Profitability and Morality Co-Exist?10045 Words   |  41 Pagesand public relations fees than they would save from proper employee conduct. Perhaps reluctantly, businesses turn to philosophers to instruct employees on becoming â€Å"moral.† For over 2,000 years philosophers have systematically addressed the issue of right and wrong conduct. Presumably, then, philosophers can teach employees a basic understanding of morality will keep them out of trouble. Although being moral may save a company from some legal and public relations nightmares, morality in business isRead More123456787123 Words   |  29 Pagesfor the Degree of Master of Business Administration at the School of Business, Public Policy and Social Entrepreneurship, Ambedkar University Delhi. It is further certified that the submitted report is based on original research work carried out by me. The material obtained from secondary sources is duly acknowledged. [Student Signature] KARTIK †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..CHANDRA †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..CHATURVEDI Roll No S133F0010 Batch: 2013-15 [Dean Signature] Dean SBPPSE [FacultyRead MoreThe Effects Of Poverty On The United States Essay2046 Words   |  9 PagesBringing this statistics up is a good idea because what I want to show audience if I show this paper ends up somewhere else, the importance and the reality that is causing is real. There are people in the United States who are really stressing out right now because they can’t purchase items they need. Even worse putting food on the table. How can no one is doing anything to help these poor innocent people? What can we help to make a big difference? Lot of these citizens who are in poverty needs supportRead MoreBuying a New Home1838 Words   |  8 Pagesuse this principle is to weigh your options. If your in the market for a new home, then you will really need to know where you want to live and how much your budget is. There might be a home that is right in the location you want to live but the home is priced higher then you imagine you would mortgage for the new home. This is when you face the trade offs of the different homes for sale. You have to weigh out what is going to make you happy later, then just now in the moment. These purchases madeRead MoreWorking at Workouts6420 Words   |  26 PagesDebt During the commercial property boom of 2005–2006, owners of commercial property borrowed huge amounts of money directly from commercial banks and indirectly from sophisticated investors through the sale of commercial mortgage-backed securities—a trend that would soon reverse itself (Exhibit 1). As the economy began to weaken in the latter half of 2007, commercial property owners were faced with rising vacancies and lower rents (Exhibit 2). In an increasing number of cases, property owners were

The Period Of Reconstruction During The Years Of 1865-1877

HBCUs were created during the period of Reconstruction in the years of 1865-1877. During this time period the Civil War was finally over and â€Å"Abraham Lincoln was now making plans for immediate equality for former slaves†. During Presidents Lincoln last speech he talked about â€Å"supporting enfranchisement of freedom†, in which he is basically talking about emancipating all African Americans; while Lincoln supported this idea Andrew Johnson opposed it. Andrew Johnson didn’t agree with this way of living with African Americans but there was something that he hated and despised even more and that was rich people.During the time period of reconstruction african americans wanted to do something better for themselves, they started off Andrew†¦show more content†¦No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.† Being as though this amendment was created and now applied to all people African Americans began developing many new skills that whites didn’t possess. â€Å"President Ulysses S. Grant supported Radical Reconstruction and enforced the protection of African Americans in the South through the use of the Force Acts passed by Congress. Grant suppressed the Ku Klux Klan, but was unable to resolve the escalating tensions inside the Republican party between the Carpetbaggers and the Scalawags (native whites in the South).† African Americans started off with making sure all African Americans had an education so that they may be able to work job and make their own money and succeed on their own without needing to wait for their â€Å"white masters† anymore. In August 1862, President Lincoln met with African-American leaders and â€Å" urged them to colonize some

Dreams in Social Psychology Essay - 2322 Words

I chose to research a topic that can relate to anybody: dreams. It is something people are less inclined to think of as socially applicable; rather, they think dreams are personal. Perhaps through further analysis and study, more applications for dreams in social life can be found. Dreams may tell a lot more about how a person functions in society than might be originally thought. In this paper, I will review some of the ways people interact with others in and through dreams. Overall, the articles supported the idea that people use dreams, whether during or after dreaming, to relate how they feel or think about other people. How they act in real situations can be mirrored in how they act in dreams (Domino, 1976). Some societies place a†¦show more content†¦They were chosen because they used the same 15 need scales: achievement, deference, order, exhibition, autonomy, affiliation, intraception, succorance, dominance, abasement, nurturance, change, endurance, heterosexuality, and aggression. This made it easy to compare them with each other. When both tests are used together, they can give an idea of how a person would behave in a real situation. Five psychologists with at least one year of postdoctoral experience rated the dreams. In order to keep ratings consistent, each psychologist was given twenty dreams to train with. They rated the dreams in a random order using the 15 dimensions. A six point scale (0 for no material to rate in dream and 5 for a very strong amount of material in dream) was used for each of the 15 dimensions. The psychologists were given definitions of each of the 15 dimensions to refer to when rating the dreams. The results that Domino gathered showed a strong correlation between dream rating and eleven of the combined EPPS and ACL dimensions. Having a positive correlation for so many dimensions does not support Jung’s theory that dreams reflect the opposite of our awake behaviors. Instead, the results support that our drea ms reflect what we consciously think and do. Domino provided insightful information that can be used to predict what a person might behave like in a real social situation. Conversely, it may also be used to predict what a person dreamsShow MoreRelatedFreud : The Unconscious, Dreams And The Psychosexual Stages1613 Words   |  7 Pagesinfluenced by Breuer who encouraged patients to talk about their problems whilst a doctor listened (Maltby, Day Macaskill, 2013). However, whether Freud’s key concepts are valuable for contemporary psychology will be explored in this essay. The concepts that will be explored are the unconscious, dreams and the psychosexual stages. The unconscious is an area in the mind which is physically inaccessible but affects our conscious behaviour. Freud developed the iceberg model to represent this conceptRead MoreWho Is The Only Source Of Knowledge Is Experience?976 Words   |  4 Pagessparked the field of psychology in order to find more about the brain that we did not already know. The field of psychology sparked a fire in different people to find more about the brain and its function, like Wilhelm Wundt who was the first psychologist and from him more famous psychologist came to be known. With out these famous psychologist we would have a starting point on how the brain works and it would have stayed a mystery. We may not know it but the realm of psychology is all around us inRead MoreThe Process and Reasoning: A Psychology of Rumor By Robert H. Knapp.1164 Words   |  5 PagesThe Understanding of a Rumor Synopsis. One of the more interesting readings in Behrens and Rosen’s Wrting and Reading Across the Curriculum was â€Å"A Psychology of Rumor† By Robert H. Knapp. His major point was the understanding of the process and the reasoning behind rumors. A rumor can be classified as a special case of informal social communications that include myth, legend, and current humor. Rumors have three basic characteristics to them. The first is mode transmission which is usually doneRead MoreSigmund Freuds Theory Of Psychoanalysis1636 Words   |  7 Pagesinterpretation of dreams, which later psychoanalytic critics related to the interpretation of literature. Freud’s description of his psychoanalytic theory considers it an approach to unlocking knowledge that is impossible to discover through prior methods of psychology and that is applicable across all areas of the sciences and humanities. Here, students of Freud’s theory can find correlations between psychoanalysis to both structuralism and deconstruction through his method of interpreting dreams, whichRead MoreThe Personality Theories Of Sigmund Freud And Alfred Adler999 Words   |  4 Pagesbig contributors in today psychology world. They set the foundation for futur e generations of psychologist studies. Freud was an Austrian neurologist and an originator of psychoanalysis group. Freud became fascinated with emotional disorder also known as Hysteria while he was working with French neurologist Jean Martin Charcot (Cherry, 2016). As for Adler, he was an Austrian medical doctor and a psychotherapist. He is the founder of the school of individual psychology call the Adlerian schoolRead MorePsychoanalytic Theory According to Freud and Adler1406 Words   |  6 Pagesand Adler Introduction The field of psychology has produced a variety of influential theories. The major schools of thought in the field have distinct philosophical and empirical foundations which have shaped their goals as well as their methods. Although no particular school of thought has given us an exhaustive understanding of human psychology, each has produced ideas that are useful for understanding particular areas of it. The modern period of psychology has been dominated for the most partRead MoreLifetime Goals Essay738 Words   |  3 Pagesachievement of my lifetime goals. Personally, I have several lifetime goals that I seek to achieve both in the short run as well as the long term. In this respect, I have a dream of becoming a lawyer specializing in international relations. Furthermore, I also have a lifetime dream of becoming a professor in the social sciences field of Psychology. Moreover, I have a lifetime goal of establishing a non-profit organization that would offer support to the underprivileged groups in society. 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Psychology has gone from simply blaming all behavior on Pagan gods, to studying behavior and the mind through a few different perspectives, which all view the causes of behavior in a differentRead Moreconsumer1670 Words   |  7 PagesUNIVERSITY OF ZIMBABWE DEPARTMENT OF PSYCHOLOGY NAME: CHARLES NYUNGU REGISTRATION NUMBER: R115700F PROGRAM: H.P.S III COURSE: CONSUMER PSYCHOLOGY LECTURER: MR MATIKA ASSIGNMENT TITLE: Scan three adverts from a magazine or newspaper and outline the advertisement‘s effects on your affect, cognition and behaviour. DUE DATE: 24TH MARCH 2014 Advertising plays a pivotal role in the lives of consumers. Advertising moulds the attitudes of the person as well as

Nursing for Ethical and Legal Practice- myassignmenthelp.com

Question: Discuss about theNursing for Ethical and Legal Practice. Answer: Critical thinking is a significant element of nursing practice and relates to the intellectual and disciplined process of application of skilful reasoning for a planned action. In nursing, the process of thinking is the ability of the individual to think in a logical manner and systematic process that ensure better care delivery and better patient outcomes (Kim Lee, 2016). The present paper explains the accountability and responsibility of the registered nurse in relation to ethical and legal practice critical thinking within the Australian nursing scenario. Further, it analyses the accountabilities and responsibilities realted to the nursing students. As opined by Choi et al., (2014) nursing practitioners are to become critical thinkers and value intellectual ability to think in a logical manner. Nurses who are critical thinkers strive to maintain clarity, preciseness, accuracy and fairness while listening, speaking and writing. The thinking is thereby broad and deep. As highlighted by Morton et al., (2017) critical thinking is a holistic approach and aims to maximise the output of the nurses. It involves analysing a certain issue or problem by considering multidimensional approaches and coming up with novice ideas and resolutions. According to Kim and Lee (2016) nurses are accountable and responsible for delivering high quality care services. The underlying aim is achieving desirable patient outcomes. Nurses are to deliver comprehensive care that takes into consideration all aspects of patients mental and physical wellbeing, cultural background, social status, religious beliefs, family structures, and personal beliefs. For addressing all these concerns while coming up with a care plan a nurse is to apply critical thinking. For delivering safe care, critical thinking skills are very important. Since nurses are accountable for any deterioration and decline in patients condition while and after administering care interventions, critical thinking helps in undertaking an active mental process that augments a subtle perception. This, in turn, helps in proper analysis, synthesis and evaluation of patient information collected and derived after a rigorous assessment. Reflecting on previous observations and experiences a nurse can come up with proper reasoning and make a suitable decision regarding patient care. In addition, nurses are to communicate in an effective manner with other care professionals since the responsibility is to provide collaborative care. Critical thinking promotes communication as the nurse can put forward logic and meaningful concepts on the basis of the critical thinking (Kozier et al., 2013). The Code of Ethics for Australian nurses outlines the ethical standards that nurses need to follow in course of their professional practice (Code of Ethics for Nurses in Australia, 2008). As per the value statement 1 mentioned in the guidelines, a nurse is to value quality nursing care for all patients. According to value statement 5, nurses must engage in informed decision making. In addition, as per the value statement 8, nurses must promote health and wellbeing of the patient through a socially, ecologically and economically sustainable environment. The Code of Professional Conduct for Nurses in Australia outlines the legal standards that nurses are to follow in the course of their professional practice (Code of Professional Conduct for Nurses in Australia). As the conduct statement 1, nurses are to practice in a safe and competent manner. As the conduct statement 7, nurses are to support informed decision making for promoting the wellbeing and health of patients. For adhering to all these ethical and legal guidelines, nurses must exhibit critical thinking skills. It is ethical and appropriate to come up with suggestions that address all the concerns of the patients and do what is best for them. Critical thinking ensures that intuitions are left behind, and opinions are given based on strong rationale. As a future nurse, nursing students are responsible for acquiring and developing critical analysis skills (Kong et al., 2014). The nursing course provides immense opportunities to develop this skills and students must master the multitude of learning materials that are provided. In nursing education reference to critical thinking is common due to the significance it holds in daily practice. The primary critical thinking skills nurse students exercise are recognition of conditions, critical analysis, introductory and concluding justification, discriminate of facts and opinions, assessment of the credibility of information sources and illumination of concepts (Levett-Jones Bourgeois, 2013). Students, for learning and applying critical thinking, must engage in developing independent thoughts, fairness, justice, perspicacity in social level, spiritual courage, humility, self-confidence, integrity, perseverance and interest for undertaking research. By demonstrating these skills, a nursi ng student can become an important part of the future nursing cohort. Nursing education program focuses on building on these aspects in nurses for promoting critical thinking skills (Choi et al., 2014). Coming to the end of the paper it can be concluded that critical thinking in nursing is the process of identification of an issue, determination of the best solutions for it and selection of the best method to implement it. Critical thinking skills are to be acquired while studying nursing course wherein nursing students get opportunities to put their valuable thoughts into action. Nursing students must consider developing their skills and abilities before commencing on their professional practice. This is imperative for adhering to the legal and ethical standards of nursing practice as outlined by the Nursing and Midwifery Board of Australia. Lastly, critical thinking skills enable a nurse to translate any idea or thought in a logical, accurate and clear manner. This ability is important for professional development at all levels. References Choi, E., Lindquist, R., Song, Y. (2014). Effects of problem-based learning vs. traditional lecture on Korean nursing students' critical thinking, problem-solving, and self-directed learning.Nurse education today,34(1), 52-56. Code of Ethics for Nurses in Australia. (2008). Nursing and Midwifery Board Australia. Code of Professional Conduct for Nurses in Australia. (2008). Nursing and Midwifery Board Australia. Kim, K. Y., Lee, E. (2016). The relationship among critical thinking disposition, nursing process competency and evidence-based practice competency in nurses working in hospitals.Journal of the Korean Data and Information Science Society,27(2), 451-461. Kong, L. N., Qin, B., Zhou, Y. Q., Mou, S. Y., Gao, H. M. (2014). The effectiveness of problem-based learning on development of nursing students critical thinking: A systematic review and meta-analysis.International journal of nursing studies,51(3), 458-469. Kozier, B. J., Glenora Erb BScN, R. N., Berman, A. T., Snyder, S., Madeleine Buck, R. N., Lucia Yiu, R. N. (2013).Fundamentals of Canadian nursing: Concepts, process, and practice. Pearson Education Canada. Levett-Jones, T., Bourgeois, S. (2015).The Clinical Placement-E-Book: An Essential Guide for Nursing Students. Elsevier Health Sciences. Morton, P. G., Fontaine, D., Hudak, C. M., Gallo, B. M. (2017).Critical care nursing: a holistic approach. Lippincott Williams Wilkins.

Article About My Ideal Home free essay sample

My Dream Home My dream home is a place of beauty, serenity and inspiration. It is a bungalow with a huge lawn, planted with fruit trees and flowering plants. There is plenty of space for a table and chairs so that when the weather is fine, my family can sit outside to have a meal or read the newspapers. There is also a lovely waterfall in the garden to soothe our minds with the sound of water falling. My dream home is large and spacious. There are plenty of windows to make the place bright and airy. I do hate houses that are small and all shut up. It is for this reason that I dislike living in flats or condominiums every room in my dream house and every piece of furniture in it is designed to create beauty, warmth and peace. My kitchen is small. I am not a good cook so I do not need a large kitchen. We will write a custom essay sample on Article About My Ideal Home or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In Malaysia, one does not really need to cook all the time since there are plenty of restaurants. My dream kitchen has a refrigerators it has also has a radio-CD player so that I can listen to music as I do my coking. All the bedrooms in my dream house are spacious. Each has a mini refrigerator stocked with drinks and food so that there is always something to eat or drink in the bedroom. One of the most important rooms in my dream house is the library. Wonderful books on every subject in the world fill up the shelves that line the walls. I also have the latest table-top computer here on which I work or surf in the internet. Another important room is the music room where I have a system to play songs and music from all over the world. I love music. My piano is also placed there were I often play pieces that I have composed myself. My dream home is a place of joy, peace and

please essays

please essays aquifer while rain falling onto the shoreline regions recharges the shallow aquifers system only. Earlier studies of the groundwater flow potentials at a Brookhaven landfill found that there was little to no , 1995). The town maintains a monitoring network in multi-well clusters in the vicinity of the landfill. The study concludes that there were differences found among the Upper Glacial aquifer ground water from two locals. Analysis of the data shows flowpath from the Upper Glacial aquifer into the Magothy aquifer and back to the Upper Glacial aquifer. The conclusion of the study states the two implications for the siting of public drinking water wells: First, drinking water drawn from the Magothy aquifer may contain contaminants found in the Upper Glacial aquifer, if the well is sited at the edge of the Deep-recharge Zones and is screened in the shallower portions of the Magothy aquifer. Second, public water in deeper the well is outside the Deep-recharge Zones. A resident had lived in her Sag Harbor home less than six months when she discovered by accident that it the site to her. A Manhattan couple were looking to move to Long Island with their infant twins. After putting a binder on a home they discovered that the property abutted a former landfill that had been designated a federal Superfund site. Another homeowner found that several years before, well water in the community was found to have been contaminated by chemicals leaking into the groundwater. Government officials say there is little need to be concerned for health and safety. But neighbors say there have been many cancer-related illnesses and deaths in the neighborhood, although there have been no medical studies. In any case, property values have plummeted. In the long run, fear among the residents could lead to mass migration six months when she discovered by accident that it the site to her. A Manhattan couple were ...

KOREAN HISTORY Essay Example | Topics and Well Written Essays - 500 words

KOREAN HISTORY - Essay Example From the action in these schools, it is evident that literature in Korea was similar to that in China. Following the military resistance which occurred towards the end of king Uijong’s rule and destruction of bad and good were done indiscriminately. Fugitives ran to the mountains and left their ranks and adopted the Buddhist’s way of life.(vol 1,pp 198) They believed that their freedom would be gained from the mountains where they stayed for years. For the individuals who wanted to pursue education, Buddhism was the only option. This is because the state was slowly restoring civilian rule and those who wanted to study had nowhere to go. This led to the establishment of monastery for monks at this period. In general, early Korean education majorly originated from the Buddhist way of living due to military revolutions which ripped several dynasties apart. If the schools are expanded and the history of ancient kingdoms are taught following the relations of the five cardinals, then nobody will be interested in Buddhism. According to Kim Busik, while writing history one has to take into consideration factors which motivate the compiling of such piece of work. The factors to be considered are political and ideological. The ideological aspects should be clarified in the preface of the piece of work. The ideological aspect should bring out the clear picture of what the book talks about. For instance, Kim Busik in his book on Korean history about the kingdoms clearly brings out his motives on knowledge relating to Korea. Kim also requires that written history on a subject should be wholly. This can be shown by merging of the three kingdom history with an aim of enabling Korean civilians to have a grasp of their native history. In the written work, according to Kim Busik the compiled work should aim at serving political ends. Kim Busik also emphasized on continuity in a written work. It

Passover as a Popular Jewish Holiday Essay Example | Topics and Well Written Essays - 1250 words

Passover as a Popular Jewish Holiday - Essay Example The belief and celebration is Passover. Passover is a popular Jewish holiday and festival commemorating the exodus story during which the oppressed Israelites were freed from the harsh Egyptians, under Pharaoh the dictator. It is usually started at the day 15 of the month of Nisan, in the Jewish calendar. Actual narration of the day or the exodus reveals the means God used to rescue His children from Egypt. It talks about the ten plagues, the night before departure as well as all the activities that took place during that night. Further description also reveals that God led the Israelites in crossing the mighty Red Sea by giving them a charismatic leader who showed them the way by using a stick to strike the water allowing them to go through easily. Passover is one of the Jewish celebrations that go across the entire Bible. There are several occasions in the bible where the word is mentioned and its significance can be drawn from there. In the book of Genesis, God’s creation i s accompanied by the creation of man in the last day, sixth day of creation. Human beings are considered the most important creatures among all creatures that God created. He gives them some of the abilities that are not present with other creatures. Genesis continues and in some chapters, Joseph, Jacob’s most preferred and loved son is sold to the Egyptian by his envious brothers. They return to Jacob, Joseph’s clothes claiming that he had been killed and eaten by an animal. Jacob mourns his son bitterly. In Egypt, Joseph faces numerous challenges as a staunch believer in God. He is tricked and lured by Potipha’s wife into sex. His refusal renders him arrest after the woman claimed that he wanted to rape him. Joseph is jailed but freed after his interpretation of King Pharaoh’s dream. Joseph grew an important person in Egypt and raised a family of the Jews or the Israelites. He was eventually put in high position. He was second in command to Pharaoh. He moved his whole family to Egypt and offered them protection there. 4 centuries later the Israelites had grown into a large population, hitting the 2 million mark. The high number of Jews in Egypt made the new pharaoh becomes afraid of their power. In order to maintain control of the land, he decided to turn them into slaves and oppressed them with harsh labor, ruthless and inhuman treatment. God came to rescue the Jews through a man named Moses who was a great grandson to Jacob. Moses was born during the time when Pharaoh had made an order that ensured the death of all Hebrew male. God, however, spared Moses when Pharaoh’s daughter found him near the Nile River bank. He was given the best care in the Egyptian most royal family. Moses later killed an Egyptian who had killed his fellow Israelite. After the incidence, he escaped to Midian. Expectedly, God appeared to Moses in Midian, in the form of a Burning Bush telling him, â€Å"’I have seen the misery of my people. I have heard their cries, I care about their suffering and I have come to rescue them. I am sending you to Pharaoh to bring my people out of Egypt (Exodus 3: 7-10). Moses gave out some excuses but finally obeyed God’s command and went to Egypt in the company of Aaron as a spokesman. Pharaoh, as expected became adamant to Moses request to set the Israelites free. God punished him with ten plagues after

Analysis of Conceptual Frameworks in Accounting

Analysis of Conceptual Frameworks in Accounting Introduction International Accounting Standards Board (IASB) has begun a mutual project with US Financial Accounting Standards Board (FASB) to rebuild the existing frameworks and converge them into a common framework. First, some background. The US Securities and Exchange Commission (SEC) has proposed that companies required to file financial statements with the SEC begin replacing U.S General Accepted Accounting Principles (US GAAP) with International Financial Reporting Standards (IFRS) beginning in 2014. For all practical purposes this means the eventual adoption of IFRS (principles-based) for all companies in the United States (U.S. accounting standards are considered to be rule-based model). The shift aims to harmonize US accounting standards to an international one in tandem with the globalization of capital markets.Norwalk agreement between the FASB and the IASB was signed paving the way for the creation of more principles-based accounting standards for global financial reporting (Wikipedi a, 2010). What is  a Conceptual Framework? International Conceptual Framework of Financial Reporting is a system of interactive objectives and fundamentals which lays out a set of consistent standards in preparing financial reports.A conceptual framework is akin to a constitution that prescribes the nature, function and limits of financial accounting and financial statements. Why is a conceptual framework necessary? First, to be useful, standard setting shouldbuild on and relate to an established body of concepts and objectives. A soundly developed conceptual framework should enable the IASB or FASB to issue more useful and consistent standards over time. A coherent set of standards and rules should be theresult, because they would be built upon the same foundation. The framework should increase financial statement users understanding of and confidence in financial reporting, and it should enhance comparability among companies financial statements. Second, new and emerging practical problems should be more quickly solved byreference to an existing framework of basic theory. For example, PandaCorporation sold two issues of bonds that it would redeem either with $1,000 in cash or with 50 ounces of silver, whichever was worth more at maturity. Both bond issues had a stated interest rate of 9 percent. At what amounts should the bondshave been recorded by Pand a or the buyers of the bonds? What is the amount ofpremium or discount on the bonds and how should it be amortized, if the bond redemptionpayments are to be made in silver (the future value of which was unknownat the date of issuance)?It is difficult, if not impossible, for the FASB or IASB to prescribe the proper accountingtreatment quickly for situations like this. Practising accountants, however, must resolvesuch problems on a day-to-day basis. Through the exercise of good judgment and withthe help of a universally-accepted conceptual framework, practitioners can dismiss certainalternatives quickly and then focus on an acceptable treatment. Harmonization of accounting standards is very important. For instance, Multinational companies doing business in more than one country will find that it is difficult to comply with more than one set of accounting standards established by authorities in different nations. Harmonization of accounting standards will help the world economy in the following ways: by facilitating international transactions and minimizing exchange costs by providing increasingly perfect information; by standardizing information to world-wide economic policy-makers; by improving financial markets information; and by improving government accountability. International investment decisions and financial-based management decisions are then made with less risk. Furthermore, harmonization of accounting policy would help provide a level playing field globally. Regulators and auditors will be receiving the same information, facilitating the evaluation process. In todays accounting environment, there are two formats of accounting systems, namely principles-based system and rules-based system.Almost all companies are required to prepare their financial statements according to one of the two standards. Recently, there has been much debate on whether principle-based accounting would be more efficient than the popular rules-based accounting, in the wake of accounting scandals, such as Enron. As a result of the Enron saga, the current way of accounting has been come under a great deal of scrutiny. Rules-based Accounting Rules-based accounting such as US GAAP is basically a list of detailed rules that must be followed when preparing financial statements. Many accountants favor the prospect of using rules-based standards, because in the absence of rules they could be brought to court if their judgments of the financial statements were incorrect. When there are strict rules that need to be adhered to, the possibility of lawsuits is diminished (Investopedia, 2009). Having a set of rules can increase accuracy and reduce the ambiguity that can trigger aggressive reporting decisions by management. The matrix of rules, however, can cause unnecessary complexity in the preparation of financial statement Principles-based Accounting Principles-based accounting such asIFRS is adopted as a conceptual basis for accountants. A simple set of key objectives are set out to ensure good reporting, e.g. qualitative characteristics, faithful representation. Common examples are provided as guidelines and explain the objectives. Although some rules are unavoidable, the guidelines are not meant to be used for every situation (Investopedia, 2009). Precise requirements can sometimes compel managers to manipulate the statements to fit what is compulsory. The problem with principles-based accounting is that lack of guidelines can yield unreliable and inconsistent information that makes it difficult to compare one organization with another. When contemplating which accounting method is best, it must be made certain that the information provided in the financial statements is relevant, reliable and comparable across reporting periods and entities. Increased discussion has pushed accountants towards principle-based accounting, but it is recognized that the method needs to be modified to make it more effective and efficient. To illustrate thecomparison, for example, depreciation expense for all fixed assets is to be set at 10 percent per annum of the original cost of the asset until the asset is fully depreciated.Such a rule leaves no room for judgment or argument about the amount of depreciation expense to be recognized. Comparability and consistency across firms and through time is virtually assured under such a rule. This is a rules-based system.In contrast, under the principles-based system, depreciation expense for the reporting period should reflect the decline in the economic value of the asset over the period. Such a standard requires the application of judgment and evaluation by both managers and auditors. The goal is to register the realistic value of the asset according to as is basis. Differences between IFRS and U.S. GAAP Statement of Income Under IFRS, extraordinary items are not segregated in the income statement, while, under US GAAP, they are shown below the net income. Consolidation IFRS favors a control model whereas U.S. GAAP prefers a risks-and-rewards model. Some entities consolidated in accordance with FIN 46(R) may have to be shown separately under IFRS. Inventory Under IFRS, LIFO (Last In, First out) cannot be used while under U.S. GAAP,companies have the choice between LIFO and FIFO (First In, First Out). Using the LIFO method results in lower gross profit, which allows a company tobe taxed less. Earning-per-Share Under IFRS, the earning-per-share calculation does not average the individual interim period calculations, whereas under U.S. GAAP the computation averages the individual interim period incremental shares. Development Costs These costs can be capitalized under IFRS if certain criteria are met, while it is considered as expenses under U.S. GAAP(Remi Forgeas, 2008). Advantages Rules-based System Increased accuracy, reduced ambiguity and a diminished possibility of lawsuits. Rule-based standards are generally considered easier to audit for compliance purposes, and may produce more consistent and comparable financial reports across entities. Auditor display higher confident in decision making because they have a bright-light guidelines. Principles-based System The fundamental advantage of principles-based accounting is that its broad guidelines can be practical for a variety of circumstances Potentially very flexible with regard to new and changing products and environments. As such, they should also require less maintenance. Another advantage of a principles-based system is that it would result in simpler standards. Principles-based system would lead to standards that would be less than 12 pages long, instead of over 100 pages. Accountants are afforded the flexibility to input their expertise and judgment more freely in line with the professional code in producing the financial statements. Such deployment of their skills and experience will enhance their professionalism. Disadvantages Rules-based System Lack of transparency of disclosure. In the wake of recent accounting scandals, such as Enron and Worldcom, investors are becominghypersensitive to the reliability of published accounts and suspicious of the possibility of inflated earnings. The major drawback to a rules-based system is the complexity in the preparation of financial statements May include a lack of flexibility with regard to changing conditions and new products, hence requiring almost continual maintenance at times. Frequently subjectto manipulation as entities may search for loopholes that meet the literal wording of the standard but violate the intent of the standard. Principles-based System Critics of a principles-based approach argue that financial statements are more difficult to audit andwould likely lose their comparability and consistency across industries and issues regarding income measurement and recognition would remain controversial. For example, how much income will General Electric actually recognize on a multi-year defense contract under the percentage of completion method of accounting? Will this be comparable to the income reported by its competitors? To the extent that they rely on individual judgment to interpret and implement the standards, there is a danger that they can be used to manipulate financial results. For example, what ifthe auditors behaving badly? Abuse their trust and fail to apply the principles in good faith consistent with the intent and spirit of the standards. Auditors display less confidence in their decisions. Between the rules-based and principles-based modules, it is felt that the latter will be more practical and preferred by the global community, given its universal appeal based on ethics, sound judgment, transparency, credibility and even downright common sense factors. Moreover, in the globalised business arena, this system would be easier to adopt, comprehend and acceptable as against rigid rules that may be interpreted differently from one country to another. Example Cases Enron Case U.S. accounting standards are considered to be rule-based model. For example, we look at the Enron scandal, which broke in October 2001 and eventually led to the collapse of the Enron Corporation. Through the use of accounting loopholes, special purpose entities (SPE), and poor financial reporting, Enron was able to cover up billions of dollars in debt from failed deals and projects.In the U.S, Accounting law allows a company to exclude a SPE from its own financial statements if an independent party has control of the SPE, and if this independent party owns at least 3 percent of the SPE. Enron needed to find a way to hide the debt since high debt levels would lower the investment grade and trigger banks to recall lendings. Using the Enrons stock as collateral, the SPE, which was headed by the CFO Fastow, borrowed large sums of money. And this money wasused to balance Enrons overvalued contracts. Thus, the SPE enabled Enron to convert loans and assets burdened with debt obligations into income. In addition, the taking over by the SPE made Enron transfer more stock to SPE. However, the debt and assets purchased by the SPE, which was actually burdened with large amount of debts, were not reported on Enrons financial accounts. Enron was also guilty of using a dubious mark-to-market accounting system in its forward gas contract sales whereby income was estimated as the present value of net future cashflows to indicate true economic value. When these projects faltered, income was still recorded based on the initial value which of course was incorrect. As a result more projects had to be created to sustain a steady income inflow to appease the shareholders. Shareholders lost nearly $11 billion when Enrons stock price, which hit a high of US$90 per share in mid 2000, plummeted to less than $1 by the end of November 2001. Transmile case A special audit carried out by Moores Rowland Risk Management Sdn. Bhd, showed that Transmile made pre-tax losses of RM126 million and RM77 million for 2006 and 2005, respectively, instead of pre-tax profits of RM207 million and RM120 million as originally reported a total of RM530 million in overstatement. Their auditors Deloitte Touche declined to approve the accounts when the company failed to furnish them proof to substantiate certain trade receivables. However, the loss was not detected by Deloitte Touche. Worldcom case This case unveils how one of the worlds largest Mississippi telecommunicationproviders managed to make $3.8 billion disappear? The answer lies in the companys CFO Scott Sullivans treatment of capital expenditures and the accrual method, one of the basic principles of accounting.Sullivan, fraudulently took billions of dollars in operating expenses and spread them out across so-called property accounts, which is a type of capital expense accounts. This allowed Worldcom to charge the expenses off slowly, and in smaller amounts, instead of reporting them immediately to investors. The U.Ss rules-based accounting system is lack of transparency.Transparency is becoming a matter of survival rather than choice. The way toaddress at least some of the flaws mentioned above is to advocate more transparency in financial reporting. This essentially means that companies would start providing all the information the market considers to be relevant rather than simply fulfilling their mandatory regula tory requirements. Southern Bank Bhd (SBB) case In the review of Southern Bank Bhds audited financial statements for the year ended Dec 31, 2005 there was inappropriate accounting treatment amounting to RM 160 million as follows: Inappropriately valuing certain derivative financial instruments and not writing down in full the collateral value. Wrongly writing back specific provisions made on certain foreclosed properties. Capitalizing instead of expensing certain costs which is similar to Worldcom financial scandal. It appears that the accounting and auditing standard in Malaysia is very low. In order to protect the interest of the small investors and shareholders, the accounting and auditing standard should be upgraded. Conclusion Personally, I do not favor relying on either principles. Without credible principles, the rules are meaningless. Without rules the accountants are not protected. We had principle-based rules up until the IASB/FASB was created. The more specific rules or guidance were issued following lawsuits against auditors or accountants, questioning their professional judgment. The profession felt that to issue specific rules would reduce the likelihood of lawsuits against the accountants professional judgment. Interestingly, we are now coming full circle and looking to simplify how accounting is interpreted. We will make this switch and then in another 10-20 years, if another accounting scandal arises and everyone will ask for more rules again? However, we may be well served by acknowledging that neither a purely rules-based nor a purely principles-based system will be the best option on its own. Perhaps a largely principles-based system policed by a simple rules code could be the ideal solution.Any set of rules will be subject to someones interpretation. The rules will only be as good as those who use them. (2,490 words)

Cheap Stunts :: essays papers

Cheap Stunts Topic: Using basic techniques combined with creative thinking to achieve stunts and special FX, in low-budget film making. This paper has been written with the low budget film maker in mind. Seeing as though I am personally used to working with little or no money to produce a film or a video, I have always searched, through nessicity, for new ways to create effective looking stunts, special effects, and in general unique looking shots, devices and ‘looks’ in my movies. Of course stunts and special FX may not be your cup of tea when it comes to making or watching a film, and this is fair enough. If a dialogue laden script and endless two shots and close-ups take your fancy, then I’m sure you don’t need to be told how to achieve this. It is simply a matter of writing the script, then setting up the camera and shooting it, generally speaking. However when it comes to low budget film making these days I feel that the film maker must make a special effort to produce a movie that is unique and interesting for an audience to experience. This does not necessarily mean that the film maker must load the film with cheap stunts, blood and guts to grab an audience’s attention. However they should at least try to create something that is very original and makes the audience question how they achieved the results that they did, even if the movie does consist of only ‘two shots’ and ‘close-ups’. In the case of this type of movie (two shot/close-up style), the obvious place to start with ‘creative thinking’ is when writing the script. However this should be fundamental to any script, story or idea. First of all, whoever you are, you must realise that it isn’t money that makes a good film, it is the idea and how that idea is achieved in creative ways. Of course it’s a great thing if you do have a little bit of money to put towards a film, however, throwing around creativity will always win over throwing around a ton of cash at a film, I believe anyway. You probably already have realised this, but for the uninitiated, this is the core theme of this paper; use your creativity where possible, not your money.

Term Paper on Controlling Proceess

Govt. Titumir College Term Paper On â€Å"Application of Controlling Process in Banking Sector in Bd. † Prepared By Supervised by Name: Md. Golap Mia Rita Khandoker Roll:181 Year: BBA (2nd year) Lecturer Session: 2011-12 Department of Management NU Roll No: 9613648 Govt.Titumir College Department of Management Dhaka. Govt. Titumir College, Dhaka. Date of Preparation: 26. 01. 2012 Letter of Transmittal To Lecturer Department of Management Govt. Titumir College, Dhaka. Sub: Letter of transmittal. Dear Sir. I would like to draw your kind attention that we are submitting our report about the topic of â€Å"Application of Controlling Process in Banking Sector in Bd. † We have tried our best to prepare this report which will fulfill our requirement.We believe all these new ideas from this â€Å"Term Paper† will help us in our future practical life. We will be highly grateful to your honor if you would kindly accept our â€Å"Term Paper† and obliged thereby. Th anking you Name: Golap Mia Year: BBA (2nd year) Session: 2011-12 NU Roll No: 9613648 Department of Management Govt. Titumir College,Dhaka. Table of contents and counts: ChapterTopic namePage count 1 Introduction4 2Conceptual issues5-6 3Database7 4Findings of study8-24 5Conclusion& recommendations25-27 1. Internal Control Policy 1. 1) Overview Banking has a diversified and complex financial activity which is no longer limited within the geographic boundary of a country. Since its activity involves high risk, the issue of effective internal controls system, corporate governance, transparency, Accountability has become significant issues to ensure smooth performance of the banking industry throughout the world. In many banks internal control is identified With internal audit; the scope of internal control is not limited to audit work.It is an Integral part of the daily activity of a bank, which on its own merit identifies the risks associated with the process and adopts a measure to mi tigate the same. Internal Audit on the other hand is a part of Internal Control system which reinforces the control system through regular review. According to an IMF publication Internal Control refers to the mechanism in place on a permanent basis to control the activities in an organization, both at a central and at a departmental divisional level.A key component of effective internal control is the operation of a solid accounting and information system. In Bangladesh analysis on the performances of the banks has pointed out that an effective internal control system could have contributed significantly in improving the performance of the Commercial banks if the control culture is brought in through policy guidelines and structural changes at these banks and procedural controls. (1. 2) Objective of Internal ControlThe primary objective of internal control system in a bank is to help the bank perform better through the use of its resources. Through internal control system bank iden tifies its weaknesses and takes appropriate measures to overcome the same. The main objectives of internal control are as follows: †¢ Efficiency and effectiveness of activities (performance objectives). †¢ Reliability, completeness and timelines of financial and management information (information objectives) †¢ Compliance with applicable laws and regulations (compliance objectives) .Accountability to the Board. (2) STANDARDS OF INTERNAL CONTROL Internal control policies set forth some standards that departments must establish and incorporate in an internal control structure: (I)Cover all activities: All financial institutions should develop internal controls which have coverage over all their functions, in general, and the key risk areas (KRA) in particular. Key Risk Areas include those core activities, the break down of which may render a financial institutions unable to meet its obligations; to its customers, regulators and the sponsors.Further, the risk originatin g from such activities is of the type that it may cause in systemic failure of other financial institutions. Examples of key risk areas are Liquidity Risk, Interest Rate Risk, Foreign Exchange Risk, Credit Risk, Operational Risk, etc. (II) Regular Feature: Control activities should be an integral part of the daily activities of a financial institutions / DFI in such a manner that it becomes ingrained in their ongoing processes rather than a year-end â€Å"fire drill† to satisfy documentation requests from auditors and supervisors. III) Separation of Duties: Duties should be divided so that no one person has complete control over a key function or activity. (IV) Authorization and Approval: All transactions should be authorized before recording and execution. (V) Custodial and Security Arrangements: Responsibility for custody of assets needs to be separated from the related record keeping. (VI) Review and Reconciliation: Records should be examined and reconciled to regularly de termine that transactions are properly processed, approved and booked. VII) Physical Controls: Equipment, inventories, cash and other assets should be secured physically, counted periodically and compared with amounts shown on control records. (VIII) Training and Supervision: Qualified, well-trained and supervised employees always help ensure that control processes function properly. (IX) Documentation: Documented policies and procedures promote employee understanding of duties and help ensure continuity during employee absences or turnover. Therefore, policies and procedures (in the form of operations manuals and desk instructions) should exist in all financial institutions / DFI. X) Communication of importance of Internal Controls: Setting standards of professional integrity and work ethics and ensuring that all levels of personnel in their organization know the importance of internal controls and understand their role in the internal controls process and be fully engaged in the p rocess. (XI) Cost/Benefit: It is for the financial institutions to assess the costs associated with control processes commensurate with the expected benefits. The controlling process data are collected in a standardized way.To start, the controlling process team, with academic advisers, designs a questionnaire. The questionnaire uses a simple control case to ensure comparability across economies and over time—with assumptions about the legal form of the control, its size, its location and the nature of its operations. Questionnaires are administered through more than 28 local experts, including lawyers, banker, business consultants, accountants, freight forwarders, government officials and other professionals routinely administering or advising on legal and regulatory requirements.These experts have several rounds of interaction with the controlling process team, involving conference calls, written correspondence and visits by the team. For Controlling process 2012 team membe rs visited 4 economies to verify data and recruit respondents. The data from questionnaires are subjected to numerous rounds of verification, leading to revisions or expansions of the information collected. It is not a statistical survey, and the texts of the relevant laws and regulations are collected and answers checked for accuracy. The methodology is inexpensive and easily replicable, so data can be collected in a large sample of economies.Because standard assumptions are used in the data collection, comparisons and benchmarks are valid across economies. Finally, the data not only highlight the extent of specific regulatory obstacles to business but also identify their source and point to what might be reformed. Limits to what is measured The Controlling process methodology has 5 limitations that should be considered when interpreting the data. First, the collected data refer to businesses in the economy’s largest business city and may not be representative of regulation in other parts of the economy. To address this limitation, sub nationalControlling process indicators were created (see the section on sub national controlling process indicators). Second, the data often focus on a specific business form—generally a commercial bank (or its legal equivalent) of a specified size—and may not be representative of the regulation on other businesses, for example, Islami Bank Third, transactions described in a standardized case scenario refer to a specific set of issues and may not represent the full set of issues a banking encounters. Fourth, the measures of time involve an element of judgment by the expert respondents.When sources indicate different estimates, the time indicators reported in Controlling process represent the median values of several responses given under the assumptions of the standardized case. Finally, the methodology assumes that a business has full information on what is required and does not waste time when completing procedures. In practice, completing a procedure may take longer if the business lacks information or is unable to follow up promptly. ELEMENTS OF A SOUND SYSTEM OF INTERNAL CONTROLS AND THE PRINCIPLES FOR ASSESSING THE SYSTEM (A)Elements of Internal ControlsAn effective internal control system consists of following interrelated components: 4. 1. Management oversight & Control environment; 4. 2. Risk assessment & management ; 4. 3. Control activities & segregation of duties; 4. 4. Accounting, information & communication; and 4. 5. Self assessment & monitoring 4. 1 Control Environment: The environment in which internal control operates has an impact on the effectiveness of the control procedures. In fact it is institution’s control environment which embodies the principles of strong internal control. Besides giving structure to the internal control system, it provides iscipline and protocol. The success of control environment is judged according to the integrity, ethics, and co mpetence of personnel; the organizational structure of the institution; oversight by the board of directors and senior management; management’s philosophy and operating style; attention and direction provided by the board of directors and its committees, especially the audit and risk management committees; personnel policies and practices and; external influences affecting operations and practices. In order for internal controls to be effective, an appropriate control environment should demonstrate following behaviors:Board of directors reviews policies and procedures periodically and ensures their compliance; Board of directors determines whether there is an audit and control system in place to periodically test and monitor compliance with internal control policies/procedures and to report to the board instances of noncompliance; Board of directors ensure independence of internal and external auditors such that internal audit directly reports to the audit committee of the bo ard which is responsible to the board and that external auditor interacts with the said committee and presents management letter to the board directly; Board ensures that appropriate remedial action has been taken when instance of noncompliance are reported and that system has been improved to avoid recurring errors/mistakes; Management information systems provides adequate information to the board and that the board can have access to financial institutions records, if need arises; Board and management ensure communication of conduct or ethics policies and compliance thereof down the line within the organization; In short, a strong control environment and an effective internal audit function, can significantly complement specific control procedures.However, constitution of internal control environment at a point-of-time does not, by itself, ensure the effectiveness of the overall system of internal control but it is the continuous supervision by management to ensure if it is functi oning as prescribed and is modified as appropriate. Many internal control failures that resulted in significant losses for financial institutions could have been substantially lessened or even avoided if the board and senior management of the organizations had established strong control cultures. Weak control cultures often had two common elements: First, senior management failed to emphasis the importance of a strong system of internal control through their words and actions, and most importantly, through the criteria used to determine compensation and promotion.Second, senior management failed to ensure that the organizational structure and managerial accountabilities were well-defined. For example, senior management failed to require adequate supervision of key decision makers and reporting of the nature and conduct of business activities in a timely manner. Senior management may weaken the control culture by promoting and rewarding managers who are successful in generating profi ts but fail to implement internal control policies or address problems identified by internal audit. Such actions send a message to others in the organization that internal control is considered secondary to other goals in the organization, and thus diminish the commitment to and quality of the control culture. 4. 2 Risk assessment and management:Every financial institutions activity involves some kind of risk and this creates a compulsion for the financial institutions that, as part of an internal control system, these risks are being identified, assessed and mitigated. From an internal control perspective, risk assessment involves; identification and evaluation of factors, both internal and external, that could adversely affect performance, information and compliance objectives of a financial institutions. Internal factors include: complexity, nature and size of operations; quality of personnel and employee turnover; objectives and goals, etc. External factors include: fluctuating economic conditions, changes in the industry and technological advances, degree of aggressiveness of the market and competition faced by the market participants, etc.It may be noted that it differs from the risk management process, which typically focuses more on the review of business strategies and plans developed to maximize the risk/reward trade-off within the different areas of the financial institutions. This risk identification should be done across the full spectrum of activities addressing both measurable and non-measurable aspects of risks. Second part of risk assessment – evaluation is done to determine which risks are controllable by the financial institutions and which are not. For those risks that are controllable, the financial institutions must assess whether to accept those risks or the extent to which it wishes to mitigate the risks through control procedures.For those risks that cannot be controlled, the financial institutions must decide, for the present, whether to these risks or to withdraw from or reduce the level of business activity concerned. But for the future, internal controls may need to be revised to appropriately address any new or previously uncontrolled risks. An effective risk assessment system allows the board and the management to plan for and respond to existing and emerging risks in the financial institutions activities. For that matter, such a system needs to demonstrate following: Board and management involve audit personnel or other internal control experts in the risk assessment and risk evaluation process.Those experts should be competent, knowledgeable, and provided with adequate resources. As the risks mutate with time and with changing circumstances, the board and the management, with due involvement of audit personnel, should appropriately evaluate the risks and consider control issues related to existing products and those relevant to new products and activities. Risk coverage in the form of insurance (t hat is risk transfer) or provisioning (contingency fund) in relation to the financial institutions risk profile is adequate. In the recent past, inadequate risk assessment has contributed to some organizations’ internal control problems and related losses.In some cases, the potential high yields associated with certain loans, investments, and derivative instruments distracted management from the need to thoroughly assess the risks associated with the transactions and devote sufficient resources to the continual monitoring and review of risk exposures. Losses have also been caused when management has failed to update the risk assessment process as the organization’s operating environment changed. For example, as more complex or sophisticated products within a business line are developed, internal controls may not be enhanced to address the more complex products. A second example involves entry into a new business activity without a full, objective assessment of the risk s involved.Without this reassessment of risks, the system of internal control may not appropriately address the risks in the new business. 4. 3 Instituting Controls: Control activities are designed and implemented to address the risk that the financial institutions identified through the risk assessment process as described above. Control activities involve: (a) establishment of control policies and procedures, (b) verification that the control policies and procedures are being complied with. It is desired that control activities should involve all levels of personnel in the financial institutions, including senior management as well as front line personnel. Instituting an appropriate controls structure ensures the efficacy of an internal control system. This process involves:Existence and compliance of policies and procedures ensuring that decisions are made with appropriate approvals and authorizations for transactions and activities while assuring that exceptions to the policies are minimal and reported to the board and the top management; Timely reconciliation of accounts so that outstanding items, both on-and of balance-sheet, are resolved and cleared; Segregation of duties, existence of cross-checks, more-than-one-person authorization, dual controls, joint custody of keys, safeguards for access to and use of sensitive assets and records and forced leave policies, employees rotation systems are functioning in sensitive positions or risk-taking activities so that concerned employees do not have absolute control over areas; Building of such reporting lines within a business or functional area that independence of the control function is ensured; Accountability mechanism for the actions taken by the personnel as per their responsibilities and uthorities; Structure and functioning of compliance framework through which the board and senior management establishes that compliance with applicable laws and regulations is ensured. In short, top level reviews; appro priate activity controls for different departments or divisions; physical controls; checking for compliance with exposure limits and follow-up on noncompliance; a system of approvals and authorizations; and, a system of verification and reconciliation are major constituents of the control activities. 4. 4 Accounting Information and Communication Systems An institution’s accounting, information, and communication systems ensure that risk-taking activities are within policy guidelines and that the systems are adequately tested and reviewed.For this the following is important to note; Effective internal control system requires that there is an effective reporting system of information that is relevant to decision making. The information should be reliable, timely accessible and provided in a consistent format. Information would have to include external market information about events and conditions that are relevant to decision making. Internal information include financial, ope rational and compliance data. There, should be appropriate committees within the organization which would evaluate data received through various information systems. This will ensure supply of correct and accurate information to the management.Internal information must cover all significant activities of the financial institutions. These systems including those that hold and use data in electronic form must be secure, monitored independently and supported by contingency arrangements. Most importantly the channels of communication must ensure that all s fully understand and adhere to policies and procedures effecting their duties and responsibilities and that other relevant information is reaching the appropriate personnel. An accounting system is adequate if it properly identifies, assembles, analyzes, classifies, records, and reports the institution’s transactions in accordance with prescribed formats and international best practices.The adequacy of information systems is de termined by the type, number, and depth of reports it generates for operational, financial, managerial, and compliance-related activities and the access and authorization to information systems. An ideal information system covers the full range of its activities in such a manner that information remains understandable and useful for audit trail. Adequate information and effective communication are essential to the proper functioning of a system of internal control. From the financial institutions perspective, in order for information to be useful, it must be relevant, reliable, timely, accessible, and provided in a consistent format.Information includes internal financial, operational and compliance data, as well as external market information about events and conditions that are relevant to decision making. Internal information is part of a record-keeping process that should include established procedures for record retention. On the one hand, the adequacy of communication systems is established by the fact that it imparts significant information throughout the institution (from the top down and from the bottom up, and laterally), ensuring that personnel understand whatever has been communicated and on the other hand, communication system should ensure that significant information is imparted to external parties such as regulators, shareholders, and customers. Without effective communication, information is useless.Senior management of financial institutions needs to establish effective paths of communication in order to ensure that the necessary information is reaching the appropriate people. This information relates both to the operational policies and procedures of the financial institutions as well as information regarding the actual operational performance of the organization. The organizational structure of the financial institutions should facilitate a complete flow of information – upward, downward and across the organization. A structure that facilitates this flow ensures that information flows upward so that the board of directors and senior management are aware of the business risks and the operating performance of the financial institutions.Information flowing down through an organization ensures that the financial institutions objectives, strategies, and expectations, as well as its established policies and procedures, are communicated to lower level management and operations personnel. This communication is essential to achieve a unified effort by all financial institutions employees to meet the financial institutions objectives. Finally, communication across the organization is necessary to ensure that information that one division or department knows can be shared with other affected divisions or departments. 4. 5 Self-Assessment and Monitoring: An integral component of internal control system is self-assessment and monitoring which includes: Board and senior management oversight of the internal control, control r eviews, and audit findings.Before starting full scale control review, the board and senior management should give their approval of the overall scope of the control review activities (e. g. , audit, loan review, etc. ). Frequent and comprehensive reporting of deviations to the board or board committee and senior management regarding sufficiency of details and timely presentation to allow for resolution and appropriate action. Adequate documentation of management responses to audit or other control review findings so that it can be tracked for adequate follow-up. Board or board committee or senior management review of the qualifications and independence of the personnel evaluating controls (e. g. , external auditors, internal auditors, or line managers). Financial institutions is a dynamic, rapidly evolving industry.Financial institutions must continually monitor and evaluate their internal control systems in light of changing internal and external conditions, and must enhance these systems as necessary to maintain their effectiveness. Monitoring the effectiveness of internal controls should be part of the daily operations of the financial institutions but also include separate periodic evaluations of the overall internal control process. The frequency of monitoring different activities of a financial institution should be determined by considering the risks involved and the frequency and nature of changes occurring in the operating environment. Ongoing monitoring activities can offer the advantage of quickly detecting and correcting deficiencies in the system of internal control.Such monitoring is most effective when the system of internal control is integrated into the operating environment and produces regular reports for review. Examples of ongoing monitoring include the review and approval of journal entries, and management review and approval of exception reports. (B) CONTROL PRINCIPLES So far we have discussed about the elements of a sound internal contr ol. Now the question is how to assess the internal controls of a particular organization The following principles related to the basic elements of control should be borne in mind while assessing internal control: A. Management Oversight and Control Environment Principle 1:The board of directors should have responsibility for approving and periodically reviewing the overall business strategies and significant policies of the financial institutions; understanding the major risks run by the financial institutions, setting acceptable levels for these risks and ensuring that senior management takes the steps necessary to identify, measure, monitor and control these risks; approving the organizational structure; and ensuring that senior management is monitoring the effectiveness of the internal control system. The board of directors is ultimately responsible for ensuring that an adequate and effective system of internal controls is established and maintained. Principle 2:Senior management should have responsibility for implementing strategies and policies approved by the board; developing processes that identify, measure, monitor and control risks incurred by the financial institutions; maintaining an organizational Structured that clearly assigns responsibility, authority and reporting relationships; ensuring that delegated responsibilities are effectively carried out; setting appropriate internal control policies; and monitoring the adequacy and effectiveness of the internal control system. Principle 3: The board of directors and senior management are responsible for promoting high ethical and integrity standards, and for establishing a culture within the organization that emphasizes and demonstrates to all levels of personnel the importance of internal controls. All personnel at a financial institution sing organization need to understand their role in the internal controls process and be fully engaged in the process. B) Risk Recognition and Assessment Principle 4:An effective internal control system requires that the material risks that could adversely affect the achievement of the financial institutions goals are being recognized and continually assessed. This assessment should cover all risks facing the financial institutions (that is, credit risk, country and transfer risk, market risk, interest rate risk, liquidity risk, operational risk, legal risk and reputation risk). Internal controls may need to be revised to appropriately address any new or previously uncontrolled risks. C) Control Activities and Segregation of Duties Principle 5: Control activities should be an integral part of the daily activities of a financial institution. An effective internal control system requires that an appropriate control structure be set up, with control activities defined at every business level.These should include: top level reviews; appropriate activity controls for different departments or divisions; physical controls; checking for compliance wit h exposure limits and follow-up on non-compliance; a system of approvals and authorizations; and, a system of verification and reconciliation. BIS Framework for Internal Control Systems in Financial institutions. Principle 6: An effective internal control system requires that there is appropriate segregation of duties and that personnel are not assigned conflicting responsibilities. Areas of potential conflicts of interest should be identified, minimized, and subject to careful, independent monitoring. D) Information and communication Principle: 7An effective internal control system requires that there are adequate and comprehensive internal financial, operational and compliance data, as well as external market information about events and conditions that are relevant to decision making. Information should be reliable, timely, accessible, and provided in a consistent format. Principle 8: An effective internal control system requires that there are reliable information systems in pla ce that cover all significant activities of the financial institutions. These systems, including those that hold and use data in an electronic form, must be secure, monitored independently and supported by adequate contingency arrangements. Principle 9:An effective internal control system requires effective channels of communication to ensure that all staff fully understand and adhere to policies and procedures affecting their duties and responsibilities and that other relevant information is reaching the appropriate personnel. (E) Monitoring Activities and Correcting Deficiencies Principle 10: The overall effectiveness of the financial institutions internal controls should be monitored on an ongoing basis. Monitoring of key risks should be part of the daily activities of the financial institutions as well as periodic evaluations by the business lines and internal audit. Principle 11: There should be an effective and comprehensive internal audit of the internal control system carrie d out by operationally independent, appropriately trained and competent staff.The internal audit function, as part of the monitoring of the system of internal controls, should report directly to the board of directors or its audit committee, and to senior management. Principle 12: Internal control deficiencies, whether identified by business line, internal audit, or other control personnel, should be reported in a timely manner to the appropriate management level and addressed promptly. Material internal control deficiencies should be reported to senior management and the board of directors. RESPONSIBILITIES OF THE PARTIES TO INTERNAL CONTROL The board of directors, senior management and other personnel of financial institutions are responsible for establishing, maintaining, and operating an appropriate internal control system on an ongoing basis. Board of Directors:The Board of Directors of all financial institutions is responsible for ensuring that an adequate and effective intern al control system exists in their organization and that the senior management is maintaining and monitoring the performance of that system. Moreover, Board should periodically review the internal control systems and the significant findings. From the above it can be said that: The overall responsibility of setting acceptable level of risk, ensuring that the senior management committee take necessary steps to identify , measure , monitor and control these risks, establishing broad business strategy, significant policies and understanding significant risks of the company rests with the Board of Directors.Through the establishment of an ‘Audit Committee' of the Board and ‘Internal Control Department’ the Board of Directors can monitor the effectiveness of internal control system. The internal as well as external audit reports will be sent to the board without any intervention of the management and ensure that the management takes timely and necessary actions as per t he recommendations. The Board should have periodic review meetings with the senior management to discuss the effectiveness of the internal control system of the company and ensure that the management has taken appropriate actions as per the recommendations of the auditors and internal control. Management:Senior management of financial institutions have the responsibility for implementing strategies and policies as approved by the board in work place ; developing processes that identify, measure, monitor and control risks incurred by the financial institutions; maintaining an organizational structure that clearly assigns responsibility, authority and reporting relationships; ensuring that delegated responsibilities are effectively carried out; setting appropriate internal control policies; and monitoring the adequacy and effectiveness of the internal control system. Audit Committee of the Board: This Committee shall be formed by the Board of a company.The members of the Audit Committ ee shall be the selected Directors and the Managing Director. The Committee shall seat at least quarterly in a year. The Committee shall perform its work through an Internal Control Unit comprising of the Audit & Inspection wing and Compliance wing. The Committee shall monitor the adequacy and effectiveness of the Internal Control System based on established policies and procedure. The Committee vide its two wing shall produce, on quarterly basis, a report on internal control system and significant findings and present it to the Board. The terms of reference of the Audit Committee, frequency of meeting , name of the members of the Committee shall be decided by the Board. External Auditor:The external auditors are not part of a financial institution and, therefore, are not part of its internal control system, yet they have an important impact on the quality of internal controls through their audit activities, including discussions with management and recommendations for improvement o f internal controls. The external auditors provide important feedback on the effectiveness of the internal control system. The concept of external reporting on internal controls is well established and supported in the accounting literature. It is expected that external / statutory auditors shall review control systems for the impact they have on financial reporting and compliance with relevant policies, procedures, regulations and laws.The extent of attention given to the internal control system may vary by auditor and by financial institutions; however, it is generally expected that the auditor would identify significant weaknesses that exist at a financial institutions and report material weaknesses to management and the board in the form of an audit report/ management letter. As regards internal control and the role of external auditors the following things should be borne in mind by the auditors: External Auditors by dint of their independence from the management of the financi al institutions can provide unbiased recommendation on the strength and weakness of the internal control system of the financial institutions.They can examine the records, transactions of the financial institutions and evaluate its accounting policy, disclosure policy and methods of financial estimation made by the financial institutions; this will allow the board and the management to have an independent overview on the overall control system of the financial institutions. It should be made obligatory on the part of the auditor to report to the Bangladesh Bank immediately if during the course of audit the auditor come across any facts which (1) might warrant qualification (2) endanger the entity audited and (3) indicate that the organization has severely infringed the regulatory provisions/guidelines. Regulator:The Financial Institutions Department(FID) of Bangladesh Bank is the direct supervisor of the financial institutions of Bangladesh. FID has many responsibilities to the Fina ncial Institutions to protect interest of the public and to maintain financial discipline. The responsibilities of FID should be regulatory as well as advisory. In order to achieve the regulatory and supervisory objectives the Bangladesh Bank may introduce a comprehensive supervisory framework. Supervision can be of two types: a. On Site Supervision and b. Off Site Supervision Off site supervision would structurally be an in-house review and analysis based on various statutory returns and other statements.On site supervision includes physical visit and inspection by Bangladesh Bank Official ensuring regulatory compliance, evaluation of financial soundness, appraisal of management and identification of areas requiring corrections, review of asset quality , analysis of key financial indicators etc. As a regulator the Bangladesh Bank may introduce a system whereby the name of the Financial Institute which had not complied with the regulatory directions could be published in the newspap ers. The Bank may make it compulsory for the NBFIs to do credit rating periodically. The Bank may introduce an on-line corporate memory/profile building process based on the observations generated from off-site surveillance system, , market intelligence, complaints, supervisory rating, record of compliance with directions and inspection findings.Bangladesh Bank may think of devising a suitable system for co-coordinating the Onsite inspection in tandem with the other regulatory authorities so that these NBFIs are subject to one shot examination by different regulatory authorities. The Bank may think of introducing a supervisory rating system for the NBFIs. Such a rating system should be designed on the basis of different levels of regulatory compliance, capital adequacy and rating assigned by the credit rating agencies. Based on the rating the NBFIs may be placed in three different supervisory â€Å"watch list† with low, medium and high risks. The rating assigned may primarily be the tool for triggering on-site inspection at various intervals.It shall play its role as a watch dog, review the compliances of the regulations and Circulars issued from time to time through periodic inspections and visits, issue new directives for the betterment of macro economy, take corrective actions, if necessary, provide necessary advises and clarifications to the NBFIS. During the course of regular inspection of financial institutions or when required, Financial institutions Department (FID)of Bangladesh Bank shall review the internal control system of any financial institutions in order to ensure compliance with these guidelines and all other relevant regulations and laws, circulars issued and enforced from time to time.In addition to that, the FID may review the report of the internal auditor of the financial institutions, assessment report of the management regarding effectiveness of the internal control and Boards’ endorsement thereof and the external/statutor y auditors’ evaluation of the management regarding effectiveness of the internal control. In addition to the above the following points shall also apply to the regulators: For the financial institutions Bangladesh Bank is the primary regulator, who governs the activities of financial institutions. In addition Tax Authority, Registrar of Joint Stock Company Finance Ministry, Securities and Exchange Commission etc. are different types of Govt. bodies whose directives have significant impact of financial institutions business. The internal control system should always take into account the financial institutions internal processes to meet the regulatory requirement before conducting any operation.The internal control system of the financial institutions must be designed in a manner that the compliance with regulatory requirements is recognized in each activity of the financial institutions. The financial institutions must obtain regular information on regulatory changes and dist ribute among the concerned department, so that they can take necessary, action to adapt to such changes. The financial institutions must develop an effective communication process which will allow smooth distribution of relevant regulations among different departments and, personnel. IMPLEMENTATION OF INTERNAL CONTROLS: Various models/methodologies are used for the design and implementation of internal controls.However, it is the decision of the organizations to decide what model / strategy suit the size, nature, complexity, scope, risk exposure, etc. of their activities. Nevertheless, following is a brief summary of the key points that should be kept in mind while implementing the internal controls: Compare current practices to the internal control system and identify gaps. For an internal control expert, the most important consideration should be to evaluate the existing system of internal control in comparison to one defined by these guidelines and other international best practi ces. In this regard the first step is to identify what is and what is not covered by existing practices. Involve senior management, the audit committee, audit staff, other key players.The thought process and implementation of change should not be considered as â€Å"just other audit things. † Senior management and the audit committee must be perceived as driving the change and developing the control culture. Assess business environment, organization culture and key players. Before the process of change is set in, it would be necessary to understand: (1) what is changing in the culture (2) What is changing in the organization’s businesses and systems (3) Are there organizational initiatives which internal control system implementation could link to (4) What is the perception about the internal auditing function within the organization .Decide on implementation strategy. If the new practices can be designed to align with other organizational initiatives, or if senior man agement has taken ownership, this step is relatively easy. In any case, having a realistic implementation strategy is critical to success. Most implementers introduce the new ideas slowly and informally, building on personal relationships within the organization, listening as much as talking, and gradually building a consensus for change. Provide training to everyone involved. The most critical factor to the successful implementation of a control model is that everyone involved must understand internal control.Effective training depends heavily on how concepts are phrased and the concrete examples and exercises which make the concepts real to participants. Rectification & Improvement: The findings of the internal audit department and that of other experts should be reported back to the relevant staff/office for rectification and improvement of the internal control system. Instituting an appropriate organization structure: Organization structure plays a vital role in establishing eff ective internal control system. It is the sometimes called the pictorial representation of the chain of command and the authority and supervision chain of an organization.The essence of the ideal organizational structure that will facilitate effectiveness of the internal control system is the segregation of duties. The financial institutions should, depending on the nature of business, structure, size, location of its branches and strength of its manpower try to establish an organizational structure which allow segregation of duties among its key functions such as marketing, operations, credit, financial administration etc. Up to which level this segregation will take place will depend on an individual financial institution. For instance a financial institution which has small branch operations at remote places of the country may not find it feasible to have such functional segregation of duties at that branch level.However at the higher level such segregation should exist and where possible this should be extended to the branch levels. In cases where such segregation is not possible, there must be certain monitoring mechanism which should be independently reviewed to ensure all policies and procedures are followed at the branch level. A detail guideline in this respect is given in the following section. Structure of the Internal Control Unit For an effective control system a separate organizational structure is also provided for this unit. The audit committee of the board shall be the contact point for the internal control unit. The unit should be adequately staffed so that it can perform its duty properly.In order to ensure that availability of efficient people with internal control the financial institutions will make it mandatory for all middle to senior management staff to spend at least two years with internal control on second meant. The head of internal control will report directly to the Audit Committee of the Board He will be responsible for the both compliance and control related tasks which include compliance with laws and regulation, audits and inspection, monitoring activities and risk assessment. The audit team of the internal control unit will perform periodic and special audit and inspection. The compliance unit will be responsible to ensure that financial institution complies with all regulatory requirement while conducting its business.They will maintain liaison with the regulators at all level and notify the other units regarding regulatory changes. Audit Committee of Board Audit & Inspection Wing Inspector Compliance Wing Internal Control Unit Preparing various guidelines/manuals Each Financial institution should have a policy guideline in line with relevancy laws and internal documents in order to ensure an effective control over its process in various fields e. g. credit, human resources, finance & accounts, treasury, audit, customer service etc. There should be a written policy guideline for each Departmentâ€℠¢s function which may be as follows. (a) Standard Operating Procedures -Credit & Operations The main objective of lending money is to ensure maximum return of lend able fund.This manual should highlight the process starting from review of credit proposals, obligor risk rating, approving credit limit, disbursement of loans, monitoring of credit risk etc. Various types of MIS should be provided in order to have better control over assets of the financial institutions which can be generated if the system is in place. This manual should also contain role of Credit Admin. , Trade Finance, Reconciliations, Cash, Client’s service, Treasury, Back office etc. It should also reflect a clear guideline regarding Anti-Money Laundering activity in order to protect Financial institution’s interest. Credit Admin will be responsible for monitoring of limits and outstanding as per credit approval.This manual should cover the following areas inter alias: Risk classes, lending limits and credit authorities Investment policies Policies on financial & other product & services Lending guidelines Approval processes Documentations Securities and collaterals etc. Account Opening and closing Payment monitoring procedures Loan Administration Treasury Operations Anti-money Laundering procedures etc. (b) Finance & Accounting Manual This manual should provide guidelines on financial activities regarding income and expenditure of a financial institution. They will look after if there is any exaggeration of expenditure where it is necessary to get control.This manual must incorporate a clause which shall make it mandatory to prepare and present an annual budget which shall contain target business, revenue, expenses, capital expenditures etc. This budget should be placed to the Board before starting of a new year and a periodic review of the actual achievement. Through this process it can also ensure the profitability of the financial institutions. The basic content of Finance Ma nuals are: Financial & Accounting Policies Financial Accounting Financial Management & Administration Fixed Assets Control Procurement of Goods and Services Audit and Internal Control General Clause Capital structure policies Treatment of Land, Building & Equipment Capital Adequacy and Shareholders EquityTreatment of revenue and expenditures Income tax procedures Write-off procedures etc. (c) Treasury Manual This manual should include activities of fund transfer. Inter financial institutions fund management is one by them. The manual should include the guideline so that they may manage the financial institutions fund properly and profitably. There may be some idle fund in the financial institutions which is to be taken into account so as to make them invested in optimum profit seeking area. They should also ensure the security of the fund. If possible, they may look into international money market subject to the available opportunity in the money market arena.While framing a treasur y manual the following things should be considered inter alias : Internal Items Liquidity Cost of fund Vs. yield from assets Policies & Procedure Skill of staff etc. External Items Market Liquidity Risks including changes in Exchange Rates Changes in regulations etc. Investments Capital management etc. (d)Human Resource Policy Manual They will, at first, ensure the proper distribution of available human resources in the infrastructure of the financial institutions. It should also delineate the authority and responsibility of each employees . To find out the right person for setting up them at the right position is very crucial.The rewarding method of that department should be impartial. They will ensure staff welfare which will ultimately encourage people and create a healthy working atmosphere. This manual should contain inter alias the following: Recruitment policy Background checking policy Leave policy Compensation policy Reward and Recognition policy Termination & retirement po licy Promotion and increment policy Training guidelines Employees code of conduct etc. (e)Information Technology Manual This manual should contain the following areas: MIS to be generated Security of Data and programme Back up system Control mechanism of data and files Disaster recovery plan NetworkingHardware maintenance Service agreements etc. Training Manpower backup Power backup system Data storage 20 EXAMINATION OR EVALUATION OF CONTROL As soon as the implementation of control is completed the next question is how to evaluate the effective functioning of this system. Evaluation may be done in the following ways: a. Verification of departmental function through Check List b. Reviewing the documentation relating to operational activities through a check list c. Preparing quarterly report and reviewing the same d. Risk analysis e. Audit Process & communication of weakness Departmental Control Function Checklist (DCFCL) {Appendix 7. 1 to 7. 4} ) The guideline/procedure deals with m atters relating to review/verifications of departmental functions to ensure that prescribed procedures are being followed by each department. b) All departments are required to check that prescribed controls are being observed and laid down procedures are not overlooked & relaxed. c) Departmental Managers/Branch Managers will review the DCFCL to ensure that control functions are performed and documented in the control sheets (Appendix 1) at the prescribed frequencies i. e. Daily, weekly, monthly and quarterly. d) The DCFCL Checklist should be retained with the branch/departments for future inspection by Internal Control and Senior Management. Loan Documentation Checklist {Appendix 7. 6}The checklist deals with matters relating to security/other documentation for sanctioning credit facilities to ensure that prescribed documentation is being obtained to safe guard financial institutions interest in case of litigation. Copy of the loan documentation check list shall be sent to the leas e/loans department for their use. Quarterly Operations Report {Appendix 7. 5} This guideline/procedure relates to reporting of operational functions of each branch/centre under the following heads on the enclosed format: i. Policies, Procedures and Controls ii. Protection of Valuables iii. Proofs/Verifications and Internal Checks iv. Personal and Supervision and v. Premises Management vi. Confirmation on Regulatory Compliance This report will be prepared by the Departmental/Branch Head .This will be prepared in duplicate copies one copy is to be dispatched to Internal Audit Department and another copy to the Audit Committee of the Board by 10th of the following month. The items which are not applicable for individual Department should be marked as N/A and no signature is required against the items marked as N/A. Any deviation in the quarterly operations report must be reported in a separate exception report or shall be marked specially in the report. Risk Analysis of Control Functio ns Individual items in the DCFCL need to be assigned a risk rating in terms of the following dimensions: a) Impact: Before taking into account the mitigation (i. e. Insurance) what is the impact of the lapse/omission. b) Probability: After taking into account of the mitigation what is the likelihood of the event occurring.To assist in this task, the following matrix (Table 1) can be used. However some financial institutions may consider customization of this matrix to suit their own risk profile. Where appropriate, additional details (e. g. financial values can be added). The key principle is that all financial institutions should be able to differentiate between different levels of risk in their own area of activity and then ensure appropriate controls are established. Scores should be plotted on the following table to determine a category of high, medium and low risk. Conclusion Recommendations The quality of internal control is (strong, satisfactory, weak). Note: Examiners should use appropriate tools (e. g. the CEO questionnaire,ICQs, and FDICIA internal control assertion work papers) and findings from all areas under examination, including the OCC’s review of the bank’s audit functions, when completing these objectives and steps. When substantive supervisory concerns about the adequacy of internal control or the integrity of financial reporting controls exist after achieving the following objectives and performing the following steps, examiners should consider performing additional examination procedures, such as using ICQs,for those areas of concern. If, after completing those additional procedures, examiners remain concerned about internal control adequacy or financial reporting control integrity, they should perform appropriate verification procedures to confirm the existence and description of bank assets.As an alternative, examiners may require the bank to expand its own verification program to include the areas of weakness or deficienc y; however, this alternative will be used only if management has demonstrated a capacity and willingness to address regulatory problems, if there are no concerns about management’s integrity, and if management has initiated timely corrective action in the past. Use of this alternative must result in timely resolution of each identified supervisory problem. If examiners use this alternative, supervisory follow-up must include a review of work papers in areas where the bank’s program was expanded The institution’s internal control is (strong, satisfactory, weak)Objective: Assess the overall effectiveness and adequacy of the institution’s internal control, communicate findings to the EIC, management, and the board of directors, and complete/update OCC work papers. 1. Prepare written conclusion summaries, discuss findings with the Rican communicate findings to management.Conclusion summaries should address, as appropriate,†¢ Whether the internal control environment poses actual or potential undue risk to the institution’s financial performance for any of the following reasons:– The magnitude of control exceptions. – Financial effect of inaccurate, untimely, or improper transactions. – Previous losses from fraud. – Claims against insurance policies. – Employee turnover. – Other high operational losses. – Violations of laws or regulations and nonconformance with established internal policies and procedures related to the internal control functions. †¢ The adequacy of internal control policies, procedures, and programs to control and limit risk in bank operations. †¢ Whether bank personnel operate in conformance with established policies and, if not, the causes and consequences of nonconformance. The adequacy of information on the internal control function received by the board or its committee†¢ Significant areas of control weakness identified by internal or exter nal audits or other control reviews and the board’s and management’s progress in addressing those weaknesses. †¢ Audit or other control review report findings not acted upon by management, as well as any other concerns or recommendations resulting from the review of internal control functions. †¢ Recommended corrective actions, if applicable, and management’scommitments. 2. Determine how the quality of internal control affects the aggregate level and direction of OCC risk assessments.Examiners should refer to guidance provided under the OCC’s risk assessment programs for large and community banks. 3. Determine how the quality of internal control affects the bank’s composite and component CAMELS ratings. In coordination with examiners performing information system/technology, asset management, and fiduciary reviews, communicate the effect of control findings and conclusions on Uniform Rating System for Information Technology (URSIT), Unifo rm Interagency Trust Rating System (UITRS),and compliance ratings. 4. Determine, in consultation with the EIC, whether the risks identified are significant enough to merit bringing them to the board’s attention in the report of examination.If so, prepare items for inclusion under the heading â€Å"Matters Requiring Attention† (MRA). MRA comments should cover practices that (1)deviate from sound fundamental principles and are likely to result in financial deterioration if not addressed or (2) result in substantive noncompliance with laws or internal policies or processes. The examiner should provide details regarding:†¢ Factors contributing to the problem’s and management Consequences of inaction.. †¢ Management’s commitment to corrective action. †¢ The time frame for any corrective action and who is responsible further action. 5. Update any applicable schedule or table and include a comment on internal control in the report of examination.T he comment should address†¢ Adequacy of internal control policies and processes, internal control and overall programs, personnel, and board oversight. †¢ Significant problems discerned by the auditors or other control reviewers that have not been corrected. †¢ Any deficiencies or concerns reviewed with management, any corrective actions recommended by examiners, and management commitments to corrective actions. 6. Prepare a memorandum and update OCC work programs with any information that will facilitate future examinations. Make recommendations about the scope of the next internal control review and determine whether internal control findings should change the scopes of other area reviews. 7. Update the OCC databases, including rating screens/schedules.