Why Liberals Are Losing The National Debt Argument

Getting to the source of reliable sources: In today’s world, with all the technology that is readily available, finding information that is credible can pose a challenge. With social media and everything being online, it seems as if anyone from everywhere can post whatever they want, whether it is deemed to be accurate or not. In using the topic of national debt in the United States as a guide, I was able to analyze plausible sources and compare them to inaccurate sources. Journalist, Brandon Greife, in his article, â€Å"Liberals are Losing the National Debt Argument,† elaborates on the topic of what liberals are accomplishing when it comes to national debt but his purpose is to tell readers about how liberals are going about doing that and voice his opinions on why he thinks it is the wrong way. Throughout his article, he expresses a biased tone to convey his feelings on the topic. On the other hand, businessman, Tony Robbins, in his video, â€Å"The National Debt Decoded,† discusses the national debt o f the United States. Robbins’ purpose is to inform listeners on the topic of national debt and challenge them on what some of the solutions should be. He adopts a matter-of-fact tone in order to display the problems that the United States is facing in his fellow American citizens. Of the sources that I reviewed, the video by Robbins is the most reliable source because viewers are able to understand what he is saying throughout his presentation and his diction. Rivera 2 AlexanderShow MoreRelatedThe Separation Of Church And State During The Colonies1312 Words   |  6 PagesRevolutionary War? Why is it called a war for empire? War debt from the Seven Years War caused the British to impose taxes on colonists. 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But one question that everyone wants the answer too is, how does Third World development fit into Globalization? Despite apparent compatibility, when closelyRead MoreRussia Notes as/A2 1881-19147263 Words   |  30 Pagesincrease their incomes. †¢ Land was the main source of income for the government. †¢ Russia had bad soil, the weather was too cold and there was not enough land. There was the problem of dividing up the land. Buying land meant peasants had large debts and made it difficult for them to improve land. Farmers used the old strip system and this made agriculture even more inefficient and limited food supplies. †¢ Who ruled the country? †¢ The Tsar - the Romanov family since 1613. †¢ ImperialRead More Colombian Democracy Essay5929 Words   |  24 PagesColombia scholars use to frame analysis of the birthplace of Gabriel Garcia Marquez’s magical realism: â€Å"armed conflict† and â€Å"political democracy.† These phenomena are a defining feature of modern Colombia. They have coexisted since 1958 when the National Front political pact ended intra-elite conflict in La Violencia but failed to guarantee a stable social order. In a sense, Colombian society was never successfully â€Å"pacified† in the way its neighboring nations were. The question of whether and howRead MoreDrug Addiction And Its Effects On The Brain4200 Words   |  17 Pagesefficient matter while imprisoned are low, thus making their re-enterence into prison a likely reoccuring event. This was also the way a group of â€Å"visionary† justice professionals viewed this national problem saying they were â€Å"tired of the same faces and the same cases repeatedly appearing in court† (National Association of Drug Court Professionals, 2014). In 1989, these justice professionals from Miami took the combination of a structured court system, the authority of a judge, and a structured substance

Absolute And Relative Disparities Of Worker Injuries Essay

This worksite has both absolute and relative disparities in worker injuries. According to the given chart, farmworkers experienced the largest total number of injuries, with 18 of 50 people injured in 2012. Twice as many farmworkers were injured when compared to packers or butchers, two categories of workers that each sustained nine injuries. So the farmworkers’ claim of having the greatest number of workers is not only true, but it is enhanced with compelling evidence that more of their workers got injured than others. However, the farmworkers are not the only group sustaining injury. In 2012, nine out of ten butchers were injured on the job. This 90% injury rate far exceeds that of any other category of employees. Although forty fewer people work as butchers than farmworkers, those who are butchers are more likely to get injured at work. This relative disparity is sizable, indicating butchers face more significant occupational hazards than farmworkers. Given these hazards, it is reasonable to assume that more prospective employees would prefer to be hired as farmworkers than butchers because they stand a better chance at avoiding injury. The packers’ injury situation is complicated. Their rate of injury and number of employees fall between those of the farmworkers and butchers, leading them to argue they are in the â€Å"middle ground† between the other two groups. When compared to farmworkers, the packers experience fewer total injuries but at a higher rate. However, theShow MoreRelatedThe Importance Of Military Readiness And Frequent Deployments From A Federally Funded Program For Women, Infants, And Children Essay1309 Words   |  6 Pagesassault, correlating income disparity by gender did have an association with woman abuse. Therefore a woman’s income level, as compared to her husband’s income, may actually be a better predictor for abuse than total household income (Christy-McMullin, Shobe 2007). 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Audit & Assurance

Question: Discuss about the social and Ethical Understanding ? Answer : Introduction Businesses have to operate in complex structure today which makes the penetration of frauds easier due to the technological advancement. On one hand, technology has provided a tremendous boost to the growth of the business while opened a variety of route for the conduct of the fraud too. Hence proper planning and execution aids the business in the implementation of its strategies. The strategies need to be undertaken considering various factors that surrounds the business internally as well as externally. A few of the potential areas are discussed hereunder. Business Risk Before the commencement of a business, it is essential to list down the business risks. A business risk can be defined as a risk that arises out of events, circumstances, actions, conditions or such other situations that could adversely impact the ability of the company to achieve its objectives and goals (Dezdar Ainin, 2011). Instances of the same are financial risk like poor credit, going concern and liquidity risk or operational risk like physical disasters, stock shortages or compliance risks like violation of ASX code or incurring fines and penalties, so on and so forth. Hence the first step would be to identify the extent of damage or loss the risk can cause and whether sufficient internal controls are implemented to reduce the occurrence of the risks. A broad indication about the likelihood of occurrence of risk is obtained by the management by making inspections, audits and observations in the potential areas. Internal Controls Internal controls can be defined as a process or check designed by the management and board of directors to provide reasonable assurance that the entity achieves its objectives. The internal controls should ensure accurate and reliable financial reporting, compliance with laws and regulations, effectiveness and efficiency of operations and safeguarding of assets (David, 2009). Analysis shows that the most important factor causing a fraud is poor internal control. This control structure should be established by the management that will aid the management in ensuring that the irregularities are prevented, detected and corrected; assets are safeguarded; financial records are accurately reflected; management policies are adhered to and operational efficiencies are promoted that prevents the unnecessary duplication of errors (O'Brien Marakas, 2009). Irrespective of the due care taken in the design and implementation of internal controls, there a few inherent limitations of internal controls that management needs to be aware of like recording of an unusual or a non-routine transaction, mistake in judgment, management override of controls, changes in conditions and control breakdowns due to carelessness or collusion with staff (Kimball, 2008). Thus a perfect understanding of the working of the control will result in performing surprise tests and checks to analyze the effectiveness of the same. Information Systems As businesses evolve, there are changes in the operating environment, corporate restructuring, expanded foreign operations, rapid growth and appointment of new personnel. All this growth comes with a set of associated risks and has its own implications and consequences (Olsen, 2012). The information systems also have to be adequately designed to consist of procedures and records to initiate record and process business transactions and maintain accountability for assets, liabilities and equity. The prime focus should be presentation of financial information in accordance with the accounting standards (Peter et. al, 2013). The regular updating and maintenance of the information systems is an utmost requirement to capture all the latest business transactions and ensure quality financial reporting. Segregation of duties Division of work is a common feature and requirement in a corporate setup. It has to be ensured that individuals should not be allowed to perform such tasks where they are likely to commit an error and can also conceal or hide the same in the normal course of their duties (Fowler, 2010). There is a chain of activities for instance, executing a transaction, recording a transaction and maintaining custody of assets arising as a result of the transaction. Care needs to be taken that each of these activities should be assigned to different individuals or departments and the same person or department should not be assigned the responsibility in the chain transactions (Porter, 2008). The various steps in the execution of transactions should be assigned to different departments. In this way the responsibility for executing the accounting transaction should be segregated. Monitoring and Control Monitoring is the process by which the quality of internal controls is evaluated. The design and operation of the internal controls is assessed on a regular basis to take corrective actions wherever required. It includes ongoing monitoring, separate evaluations and reporting of deficiencies to the audit committee. Management review is obtained on the same and the response to customer complaints is discussed (Siraj et. al, 2011). Apart from this, it is vital for the company to have physical controls and inherent controls. Physical controls may be either direct which restrict the physical access to certain areas or indirect designing the programs and implementation. The access controls should be designed in a way to prevent the unauthorized access and use of data. Thus these are the few areas of knowledge; advice and recommendations that can help the company function better and execute its strategies in a more efficient manner. Application of teamwork knowledge and skills to work effectively with others across diverse accounting purposes and contexts. There was a time when a single person used to carry out all the work from journals, ledgers till finalization of financial statements. But today, with the increasing requirements of specialization in services, there is a specific person appointed for each function who is specialized in performing the same. Such a structure and framework requires a high level of coordination and teamwork among the members of the chain function. There is a difference between hard skills and soft skills. Hard skills refer to the technical knowledge of performing activities while soft skills are aimed at the manner and mode of communication in a way that is pleasing to deliver. The dimensions of teamwork that are useful in the accounting profession are coordination, decision making, leadership, interpersonal skills, adaptability and communication. Coordination is the method by which the resources, activities and responses are organized in a way to ensure that the accounting tasks are completed in a synchronized and organized manner within the time constraints. Decision making is the ability of the team to make the most efficient utilization of the available resources (Hanson et. al, 2011). Based on the possible evaluation of the available resources, logical and sound decisions are taken. Leadership is the process of assigning tasks to the team members, organizing and planning the work and creating a positive atmosphere within the team. It provides direction for the team. Interpersonal skills refer to the ability to understand the behavior of other team members and function in a way to avoid conflict among the team members. Adaptability refers to the ability to create awareness about the factors that are vital to the accounting task and making the team members adjust and deliver their best in the available conditions (Rud, 2009). Communication refers to the exchange of knowledge and resources among the team members about the status of the task or any problems encountered so on and so forth. Demonstration and application of knowledge of ethical and regulatory perspectives Accounting is the method of recording business transactions in a systematic and reliable manner and provides financial information to the stakeholders. Ethics is an area that impacts all walks of lives of humans. In order to achieve the objectives of the accounting profession, adherence to fundamental principles is a must (Mehdi, 2006). Accounting ethics has been touched upon by various professional bodies and organizations that have drafted rules, a gist of which is discussed hereunder. Integrity An accountant should be honest in performing professional services. Neutrality Professional accountants should be neutral and the services offered by them should be free from any prejudice, conflict of interest, bias or such other influences. Professional Competence care There are lot of developments in the regulations of accountancy profession which the professional accountants have to keep themselves updated with. Hence the accountants should keep themselves updated and render services with care, diligence and competence to do so. Confidentiality The knowledge of business gained from one client should not be shared with another client or used by the professional accountants for their own benefit. This builds trust in the services rendered by the professional accountants. Professional behavior The professional accountants should act in a way that is consistent with the reputation that the profession carries. Actions and words should reflect the credibility that the accountancy profession provides. Thus the ethical and regulatory perspectives of the accountancy profession require the rendering of high quality services that is in line with the latest amendments of laws and accounting standards (CPA, 2016). Illustrations In certain cases, corporate might expect accounting to obtain a favorable result that might require a compromise on the ethical standards. In such cases, for the benefit of the corporate, the accountant should not depart from the ethical standards and continue to render services that are morally valid. The causes for the same are listed below: Recording and accounting of transactions without proper supporting documents Misuse of internal controls Accounting based on altered or forged documents Incomplete registration or existence of dual offices Lack of compliance with financial and tax laws or regulations Use of dominance on subordinates forcing them to record transactions incorrectly Misappropriation of assets Collusion with internal and external auditors for hiding non-compliance and non-disclosure Adoption of improper accounting practices Window dressing the financial irregularities Making of false statements and claims to auditors or relevant authorities Disclosure of confidential information with third parties or competitors Failure to do physical verification of inventory and report incorrect information Providing of incorrect market information to influence the share prices Thus it can be seen that accounting is the commencement point for many bigger frauds that have led corporate houses to fail miserably. An audit of all the transactions cannot be done as auditors use sampling techniques. Hence it is highly likely that the accounting errors might escape and led to further financial distress for the stakeholders who are not aware of the true financial position. Six Step Process to ethical dilemma Relevant Facts Charles is appointed in the Graduate position at a large auditing firm, C B, through the contacts and influence of his father, William, who is a business consultant and a close friend of the audit partner at C B named Tim. Charles is under the supervision of a chartered accountant named Sebastian who is likely to get promoted as a Senior auditor and an Associate in the near future. The major client of C B is BrickBlocks Ltd and William provides business consultancy to a company that is a major competitor of BrickBlocks. This competitor is also audited by C B, but under a different audit partner. Ethical Issues Familiarity is the biggest threat to independence. In this case, independence is impacted in more than one area listed below: Charles is appointed in his fathers close friends office using his contacts and influence. Sebastian is more concerned about his own career despite knowing the fact that the vouching done by Charles is not complete and in compliance with the requirements. The CFO of BrickBlocks is an ex-girlfriend of Charles who assures Charles that Sales are properly accounted as it impacts her bonus as well. Affected Party Always in ethical issues, both parties are at a loss which might or might not be discovered. However in this case, the affected parties are as under: Charles is just using contacts and influences to secure a job and has not obtained it by his own talent, merit and hardwork. Apart from this, Charles has also not taken the initiative to learn the process of auditing sales and accounts receivable which might land him in trouble. Sebastian is affected because he is aware that the quality of audit is not good, yet he is forced to keep quiet for his own personal reasons. Alternatives available While performing an audit, it is necessary that the audit is carried out without any bias or influence and in a neutral manner. Over here the alternatives available are listed below: Charles should be appointed to work under a person not familiar to him. Sebastian should point out the mistakes of Charles irrespective of the fact that William is Tims friend and that Sebastian himself is expecting a promotion. Consequences of alternatives The consequences of the alternatives are discussed below: If Charles works under a third party, his personal knowledge, learning and growth will improve to a great extent. If Sebastian does this, then there are chances his work will be appreciated as it is ethically correct and he will still get the promotion due to him. Recommendations In the light of all these requirements under various sections, it can be concluded that there has been a compromise on the expressing of independent opinion in this audit due to conflict of interest and the breach of confidentiality by use of client information for the benefit of its competitor. It is thus seen how a small appointment can make things worse to a large extent and somehow as more familiar persons join together, the corporate comes to a fall. Hence independence of thoughts and actions are ultimately required to ensure a reasonable quality of audit. Conclusion Professional accountants are undoubtedly having the educational qualification to render services but the true and fair application of this knowledge is considered as an essence. With the technological advancements and the increase in the rights of shareholders, it has become all the more essential for accountants and auditors to provide services with integrity. 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Peter R, Alaa S, Aladdin A 2013, Business Intelligence and Performance Management: Theory, Systems, and Industrial Applications, Springer Verlag U.K Porter, M 2008, Competitive Strategy: Techniques for analyzing industries and competitors, Free Press Rud, O 2009, Business Intelligence Success Factors: Tools for Aligning Your Business in the Global Economy, Hoboken, N.J: Wiley Sons. Siraj, S., Mikhailov, L. Keane, J. A 2011, Priests: an interactive decision support tool to estimate priorities from pairwise comparison judgments, International Transactions in Operational Research, vol. 12, no.4, pp. 45-61 Weistroffer, H.R, Smith, C.H Narula, SC 2010, Multiple criteria decision support software, Springer: Oxford University Press. CPA 2016, An overview of APES 110 Code of Ethics, viewed 12 December 2016, https://www.cpaaustralia.com.au/professional-resources/ethics/apes/overview