Exploring Transitions in Educating Rita Essay Example For Students

Exploring Transitions in Educating Rita Essay Restrictions often alter the way in which individuals transition from one world to another. Willy Russells â€Å"Educating Rita† exemplifies as to how this transition takes place. The entering of new phases of life can be portrayed through the protagonist Rita in her journey to become ‘educated’ and therefore become free of all the limitations in her life. ‘The Blind Side’ by John Lee Hancock is also a lucid exemplar of transitions many individuals undergo through Michael Oher along with Leigh Ann Tuohy as they both enter very contrasting environments, in order become who they were always sought out to be. Although transitions are challenging and confronting, individuals are able to overcome challenges in order to change, in some cases, for the better. Within ‘Eductaing Rita’, all basis of transition are undergone in order for Rita complete an entire transition. Not only does Rita just change, there is an obvious theme of restrictions, limitations/goals, fear/risks, mentor/pathways and in the end reward/consequences. Having experienced all of these aspect, we are able to grasp a deep understanding as to how restrictions alter the way in which individuals transition. Rita is portrayed as uneducated from a lower class from the outset. â€Å"Do ya’ get a lot like me†, is a depiction of Rita’s status within society as her constant use of slang portrays, juxtaposed with those at the univesity. Rita is willing to become educated and will not let any restrictions alter her determination to be educated which in turn, will allow her to be ‘free’. Through Rita’s journey, accompanied by determination to be like her mentor Frank, we are able to establish Rita’s eagerness to conform as Frank asks, â€Å"What would you like to know? and Rita replies with, â€Å"Everything†. Rita’s keenness to become educated is portrayed through the repetition of the question has forced her to lose all sense of individuality uniqueness, in turn, becoming someone she is not. Frank is hesitant to to continue to teach Rita as he wishes for her to retain her uniqueness in order to stand out from all the other †˜educated’ students. â€Å"It wouldn’t look out of place with any of these†, justifies the fact that Rita is beginning to lose her singularity. Rita is seen to be the â€Å"first breathe of fresh air†, if she continues to become educated in order to pass exams, she will no longer stand out from the pack, leaving her within the footsteps of every other student consequently not learning anything at all. Frank has not changed by the conclusion of the play as he does not value anything in the first place therefore had nothing to lose although Rita’s transition did effect Frank and his actions. Frank did not value anything, always hiding his flaws behind the facade of education, the only time we are able to realise that Frank has found a source of purpose in life is through Rita. As Frank is waiting for Rita by the window, the stage directions imply that he had been in early in order assist Rita in becoming educated. Frank does not even value his marriage as over the break, he is not phased by their separation, only of Rita’s inability to stay unique. By the end of the film, Frank still ends up valuing nothing yet has undergone the stages of transitions due to the journey he Rita had embarked on. We are able to identify that the complete transition has taken place within Rita’s world through, â€Å"I might go to France. I might go to me mother’s. I might even have a baby I’ll make a decision, I’ll choose†. .u4b9d19ef645884cbef7bb33a18c32127 , .u4b9d19ef645884cbef7bb33a18c32127 .postImageUrl , .u4b9d19ef645884cbef7bb33a18c32127 .centered-text-area { min-height: 80px; position: relative; } .u4b9d19ef645884cbef7bb33a18c32127 , .u4b9d19ef645884cbef7bb33a18c32127:hover , .u4b9d19ef645884cbef7bb33a18c32127:visited , .u4b9d19ef645884cbef7bb33a18c32127:active { border:0!important; } .u4b9d19ef645884cbef7bb33a18c32127 .clearfix:after { content: ""; display: table; clear: both; } .u4b9d19ef645884cbef7bb33a18c32127 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4b9d19ef645884cbef7bb33a18c32127:active , .u4b9d19ef645884cbef7bb33a18c32127:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4b9d19ef645884cbef7bb33a18c32127 .centered-text-area { width: 100%; position: relative ; } .u4b9d19ef645884cbef7bb33a18c32127 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4b9d19ef645884cbef7bb33a18c32127 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4b9d19ef645884cbef7bb33a18c32127 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4b9d19ef645884cbef7bb33a18c32127:hover .ctaButton { background-color: #34495E!important; } .u4b9d19ef645884cbef7bb33a18c32127 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4b9d19ef645884cbef7bb33a18c32127 .u4b9d19ef645884cbef7bb33a18c32127-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4b9d19ef645884cbef7bb33a18c32127:after { content: ""; display: block; clear: both; } READ: Cinematography in Easy Rider EssayThe repetition of ‘I might’ reinforces the fact that Rita is now in the position she had always wished to be in, a position where she is able to be ‘free’ and have the ability to make her own decisions. Furthermore, Rita’s confronting and challenging experiences also have quite a significant impact on the life of Denny, Rita’s partner. The theme of restrictions is prominent throughout the play is prevalent from the very beginning. â€Å"I’m comin’ in, aren’t I? It’s that stupid bleedin’ handle on the door†, the metaphor within this quote is accusing the door handle of being a barrier ultimately restricting Rita from becoming educated. At times, Rita can also be her own restictions as she be-littles herself through the metaphors ‘proper students’ and ‘real students’, as Rita does not feel as though she belongs, this is how to she refers to her peers who are on the exact same level as her. Additionally, Denny is the main perpetrator of the main restrictions holding Rita back from ‘becoming free’, the constant use of stereotypes and negativity towards education really provides Rita with a challenging situation. â€Å"Denny gets dead narked if i work at home. He doesn’t like me doin’ this. I can’t be bothered arguin’ with him. , this is a clear as to how Rita is restricted at home, not being able to complete any additional work at home. It gets to a stage where Denny can no longer live with Rita her education, as Rita enters the university with a suitcase. â€Å"I got home from work, he’d packed me case. He said either stop comin’ here an’ come off the pill or i could get out† Denny will no longer tolerate Rita’s education as he is afraid of Rita become more powerful than he is. To Denny, Rita should be staying at home, providing for the kids he wishes to have as â€Å"Thats what a 26 year old should be doin†. Similarly, challenging and confronting situations must be undergone in order for individuals to transition into new phases of life. Michael Oher, the protagonist within ‘The Blind Side’ is the perfect exemplar of someone who has overcome various challenges in order to venture into a ‘new world’. Michael’s past and harsh upbringing is reflected upon by flashbacks containing long shots, mid shots and close ups of himself passing through a deprived and rundown environment, allows the audience to juxtapose where Michael has come from as to where he is going to. Michael Oher had made the complete transformation into the Tuohy, not legally but on a personal level as S. J asks, â€Å"Would like to become a part of this family? † and Mike replies with â€Å"I kinda thought i already was†. This is symbolic of the transformation which Michael has made, coming from the slums of the city to a closed estate. As Leigh Anne asks this question the camera pans with a close up of each member of the family with each making a nodding notion. This notion is a reminder to the audience and Michael himself as to how welcome he has become within the Tuohy family. The final technique which is extremely significant to the transition is when the whole family is seen seated at the table with Leigh Anne in the background, this is symbolic of Michael seeking and finding his identity through various simple gifts. These simple gifts not only change Michaels life positively as shown within a close up of Michael’s face at the thanksgiving dinner exhibit Michaels happiness within his ‘new world’. Not only has this impacted the life of Michael, a transition can be seen within Leigh Anne. This development is portrayed at Leigh Anne’s lunch with her ‘white’ friends. At this moment they comment, ‘‘You’re changing that boy’s life’’, Mrs Tuohy replies, â€Å"No. He’s changing mine. †. This is a significant shift in beliefs as Leigh Anne was questioning whether she was to help Michael and now it is proven that they have both benefited from the experience. Not only has Oher transitioned into a new world full of happiness, love and joy Mr Mrs Tuohy have developed in such a way which has made them better persons, allowing others to prosper through their simple yet meaningful actions. .u7f090278b61228bdd5c28c17c2d8aea0 , .u7f090278b61228bdd5c28c17c2d8aea0 .postImageUrl , .u7f090278b61228bdd5c28c17c2d8aea0 .centered-text-area { min-height: 80px; position: relative; } .u7f090278b61228bdd5c28c17c2d8aea0 , .u7f090278b61228bdd5c28c17c2d8aea0:hover , .u7f090278b61228bdd5c28c17c2d8aea0:visited , .u7f090278b61228bdd5c28c17c2d8aea0:active { border:0!important; } .u7f090278b61228bdd5c28c17c2d8aea0 .clearfix:after { content: ""; display: table; clear: both; } .u7f090278b61228bdd5c28c17c2d8aea0 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u7f090278b61228bdd5c28c17c2d8aea0:active , .u7f090278b61228bdd5c28c17c2d8aea0:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7f090278b61228bdd5c28c17c2d8aea0 .centered-text-area { width: 100%; position: relative ; } .u7f090278b61228bdd5c28c17c2d8aea0 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7f090278b61228bdd5c28c17c2d8aea0 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7f090278b61228bdd5c28c17c2d8aea0 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u7f090278b61228bdd5c28c17c2d8aea0:hover .ctaButton { background-color: #34495E!important; } .u7f090278b61228bdd5c28c17c2d8aea0 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7f090278b61228bdd5c28c17c2d8aea0 .u7f090278b61228bdd5c28c17c2d8aea0-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7f090278b61228bdd5c28c17c2d8aea0:after { content: ""; display: block; clear: both; } READ: The Kings Speech - Voice Articulation EssayAll in all, although transitions can be hard to overcome, it has been made quite obvious that anything is possible through the hurdling of numerous challenging and confronting situations that all individuals must overcome. Not only do these transitions affect the individual, they tend to have a significant effect on the people around them allowing them to overcome the same confronting challenging obstacles in order to transition into their new world.

Discounted cash flow Essay Example

Discounted cash flow Essay What Is a capital Investment? Using money to buy goods or services issuing shares of stock of the corporation authorizing and issuing shares of common stock by a multinational corporation committing resources to projects that have costs and benefits well into the future Correct! Question 2 Estimating the expected cash inflows and outflows from proposed projects is performed in what step of the capital budgeting process? Estimating the expected cash inflows and outflows from proposed projects is performed in what step of the capital budgeting process? Eject identification project evaluation project monitoring project review Question 3 Which capital budgeting technique Is preferred In all major Industrialized countries? Net present value internal rate of return payback period none of the above Question 4 Why is it believed that Japanese companies prefer the payback period over the discounted cash flow methods for evaluating capital investment alternatives? Why is it believed that Japan ese companies prefer the payback period over the discounted cash flow methods for evaluating capital investment alternatives? It is consistent with their corporate strategy of investing in new technology. Japanese companies compete using very short product life cycles. Cash flows over a long period of time are difficult to predict with much accuracy. All of the above Question 5 Why is the multinational capital budgeting process more complex than capital budgeting in a domestic environment? Why is the multinational capital budgeting process more complex than capital budgeting in a domestic environment? Cash flows must be predicted. An appropriate discount rate must be selected. There are additional risks involved. The payback period is shorter. Question 6 Clamps Co. Is considering building a manufacturing facility in Country Z, which has changed it labor laws frequently and dramatically in the past decade. What kind of risk is created by these legislative actions? Clamps Co. Is considering building a manufacturing facility in Country Z, which has changed it labor laws frequently and dramatically in the past decade. What kind of risk is created by these legislative actions? Physical risk political risk financial risk economic risk We will write a custom essay sample on Discounted cash flow specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Discounted cash flow specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Discounted cash flow specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Question 7 Hyperinflation causes what kind of risk for a multinational corporation? Question 8 The possibility of loss due to unexpected changes in currency values or interest rates is called: The possibility of loss due to unexpected changes in currency values or interest rates is called: business risk Question 9 Cash flows related to a proposed capital investment project are subject to what kind of risk? Cash flows related too proposed capital investment project are subject to what kind of risk? All of the above Question 10 0/2 puts Skip to question text. Johnson Ltd determined that the net present value of an investment in technological improvements at its plant in France would be ?10,000,000 if pending litigation was resolved in the companys favor and would be ?2,000,000 if the courts ruled against the company. Johnnys attorneys in France assessed the probability of a favorable ruling at 70%. What is the expected net present value of the project? You Answered Correct Answer Question 1 1 Why is management control particularly complex in decentralized multinational organizations? Why is management control particularly complex in decentralized litigation organizations? Managers abroad are not as well-trained as managers of domestic operations. Decision-making authority is not delegated to the local managers of foreign operations. Managers of foreign operations may be motivated by local goals rather than parents goals. Financial risks are always higher for the local managers of foreign operations than for managers of domestic operations. Question 12 Under what condition should the gain or loss from translating foreign currency profit of subsidiary into the parents home currency be included in the subsidiarys assure of performance? Under what condition should the gain or loss from translating foreign currency profit of subsidiary into the parents home currency be included in the subsidiarys measure of performance? If the subsidiary manager is authorized to hedge the translation exposure if there is a translation gain, but not if there is a translation loss if the multinational corporation is using the same method of translation for performance evaluation as it does for financial reporting

Urban Sprawl and Public Health Article Summary

Urban Sprawl and Public Health Article Summary â€Å"Urban Sprawl and Public Health†, a journal article authored by Howard Frumkin in 2001 gives a detailed account of the physical and mental effects of urban expansion. The concept ‘urban sprawl’ refers to rapid development of urban areas against slow development of social amenities (Frumkin, 2001, p.3).Advertising We will write a custom essay sample on Urban Sprawl and Public Health Article Summary specifically for you for only $16.05 $11/page Learn More The author expounds that some of the distinct features that characterize urban sprawl include; increased economic opportunities, poor regional planning, and overreliance on automotive travel, which has a negative effect on physical health (Frumkin, 2001, p.1). Subsequently, abrupt extension of metropolitan areas leads to the emergence of social homogeneity that is undeniably detrimental to the health of city residents. Frumkin (2001, p.1) highlights that the effects of urban sprawl ha ve been debated for long. However, little attention has been focused on health implications arising from this phenomenon. It is essential to note that, urban lounge affect people’s life both positively and negatively. Against this background, this essay provides a summative analysis of the impacts of urban sprawl on mental and physical health of urban residents. In-depth analysis of literature has shown urban sprawl have adverse physical effects among urban dwellers. From the article, it is evident that people are highly motivated to shift from rural to metropolitan areas, yet some essential natural resources are not available in city centres. For instance, in urban areas there are no trees and other aesthetic facilities such as open ground recreational amenities (Frumkin, 2001, p.3). Moreover, the author emphasizes that physical activities in the densely populated urban centres has become a notable challenge. Lack of recreation activities, which are known to alleviate stress , affects both the physical and mental health of urban dwellers negatively.Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More Secondly, research conducted by psychologists indicates that people enjoy automotive commuting, yet it exposes them to mental stress, especially in the eventuality of heavy traffic jam. Moreover, excessive noise originating from traffic and industrial activities deprive urban dwellers a tranquil and calm atmosphere (Frumkin, 2001, p.3). Consequently, due to lack of soothing and restorative atmosphere most people suffer from headaches and other stress-related complications. It is reasonable to illuminate that a shift from suburbs to urban results to social isolation, loneliness and breakup of family ties, and this further leads to mental stress among city dwellers. Besides, Frumkin explicates that urban dwellers are susceptible to illnesses that are associated wit h large crowds. Poor urban zoning and influx of large crowds leads to scarcity of basic amenities. It is definite that when mental health of an individual is threatened, then the physical and emotional state of the body is affected too (Frumkin 2001, p.3). Studies have revealed that excessive commuting results to backaches and self-reported stress. Additionally, cardiovascular ailments have become a common phenomenon due to lack of exercise and stress. Since urban sprawl is characterized by heavy traffic, cases of accidents are rampant especially in situations where traffic safety is neglected (Frumkin, 2001, p.3). Another point of concern is that pollution results to respiratory ailments. Poor urban planning results to scarcity of basic facilities such as water utilized by the public and this can result to an outbreak of waterborne diseases.Advertising We will write a custom essay sample on Urban Sprawl and Public Health Article Summary specifically for you for only $16.0 5 $11/page Learn More There is a need to hypothesize that social separation especially among married people due to urban employment results to immorality which has adverse effects to one’s health (Frumkin, 2001, p.3). Consequently, sexual immorality in the urban centres increases the risk of sexually transmitted ailments, thus increasing mortality rate. Reference Frumkin, H 2001, ‘Urban Sprawl and Public health’, Public Health Reports, vol, 117, no.1, pp.1-3.

Golden Temple (Amritsar, India) Research Paper Example | Topics and Well Written Essays - 2500 words

Golden Temple (Amritsar, India) - Research Paper Example History of the Golden Temple The Golden Temple, also known as Harmandir Sahib which stands for the Temple of God, is regarded as one of the holiest places in the world and the holiest shrine in Sikhism. It is situated in Amritsar, Punjab, India. It is located at 31.620045Â ° N, 74.876397Â ° E. Amritsar means ‘Pool of Nectar of Immorality’; this was from a tank that was excavated by the fourth guru of Sikhism in 1577 CE who was later called Amritsar, thus, the name of the city which grew around it (Pletcher, 129). In the process, Harmandir Sahib, an impressive house meant to be the abode of God, grew at the centre of this tank becoming a supreme venue of Sikhism. Civilization during the construction of the Golden Temple This structure was erected in the late 16th century under the governance of the forth and fifth gurus. It was constructed under very strict supervision of the authority that had very great influence on the public works at the time. Construction of the Ha rmandir Sahib The construction of the Golden Temple started in 1574 at a site surrounded by a small lake in some thin forest; the land was donated by the Mughal emperor Akbar, the third of the six Mughals, who was so impressed with the lifestyle in the town that as a result gave a parcel of land and revenues of quite a number of villages in the area. Guru Ram Das expanded the lake and constructed a small town surrounding it which he later named after Guru Ram Das as Guru Ka Chak. Between 1581 and 1606, the construction of the full-fledged gurdwara (temple) was done under the leadership of the fifth guru, Guru Arjan Dev (Brockman, 189). The initiation of the construction of the temple was done by Hazrat Mian Mir who laid the first foundation stone in December 1588 CE. Construction was complete by 1601 but refurbishment and decoration continued over the years up to about 1604. Installation of the Guru Granth Sahib was done in the 1660s. In the middle of the eighteenth century, the tem ple was attacked by some Afghans who were later killed by the Sikh army. The temple had to be reconstructed in the year 1760. Size of the Golden Temple The 40.5 square feet temple was constructed on a 67 feet square platform which is centrally located at the Sarovar tank. It has four doors in the four directions; to the East, West, South and North. It has an arch which located at the shore end of the causeway with door frames measuring eight feet, six inches in breadth by ten feet high. It has artistic decorations at the door panes which open to the bridge and walkway leading to the main structure of the Temple. The bridge is with a circumambulatory path which is thirteen feet wide. This path that leads to Har ki Paure, the steps of God, runs round the main place of pilgrimage. The main building of the Sri Harmandir Sahib, a three storied structure, is 202 feet in length and 21 feet in width. Whole of this structure is technically functional. The first floor has its roof at a height of 26 feet and 9 inches with a front decorated with repetition of cusped arches. The Temple has a four feet parapet rising all round the sides with four Mamtees at all the four corners. The third storey rises exactly on top of the central of the main sanctuary. This small square room with three gates holds a regular recitation of Guru Granth Sahib. A low fluted Gumbaz which has a lotus petal motif in relief at the base and an inverted lotus at the top supporting the Kalash is held up on top of this room.

Cost management Essay Example | Topics and Well Written Essays - 4500 words

Cost management - Essay Example ent even the best marketing brains from boosting sales, the only option available to even the most adventurous management is to reduce costs to maintain the existing profit level. At a cursory glance it seems to be the only and might be the most prudent approach that any management might conceive. But ill conceived cost reduction triggered as a panic reaction to the gloomy market scenario might cause more harm to the company than any good as expenditures that are absolutely imperative for the company’s health might be sacrificed in this new avalanche of trimming down of expenses. The role of the management accountant as a custodian of entire database of the company has thus assumed a critical importance as the management accountant occupies a vantage position from where a critical and dispassionate evaluation of exiting cost structure and a prudent management of costs, as contrasted to cost reduction, can be implemented. There has thus been a phenomenal, and largely unnoticed, shift in the role of management accountant in managing a business. But this change can be properly appreciated only if one examines the basic nature of accounting and the inherent differences that exist between financial, management and cost accounting. This knowledge will equip an avid observer the wherewithal to adequately appreciate the subtle difference between cost and management accounting and cost management. The basic objective of accounting is interpretation of financial data to provide a sound basis for action by management, investors and other stockholders in the entire commercial venture. (Paton 1949) Thus, from a means-end perspective the end is an expected cache of sound and economically relevant information and the means adopted can best be referred to as descriptions. From a more practical aspect it can therefore be said that accounting provides information for two distinct but inextricably interlinked purposes; the first one quite obviously consists of reporting to

A study of the new century financial corporation

A study of the new century financial corporation New Century Financial Corporation was originally founded in 1995. It was a Maryland corporation based in Irvine, California in business to originate, purchase, sell and service home mortgage loans. Court documents reported the company experienced phenomenal growth during its 10 year history, originating $350 million in mortgage loans in 1996 to $50 billion in 2005 with earnings per share increasing $.013 to $7.17. New Century was an aggressive subprime lender catering to customers who could not qualify for conventional mortgage loans. New Century would then pool these loans and sell them in the mortgage secondary market at a profit. These loan sales came with warranties and representations which if breached could require New Century to repurchase the loans at a substantial loss. These repurchases began increasing in 2004 and were soon taking a toll on the companys liquidity. Still, as late as the latter part of 2006, the company was able to raise $142.5 million from a new stock issue. It all came tumbling down February 7th, 2007 when New Century admitted it was restating the companys financial results for the first three quarters of 2006. The market reaction was a drop of 40% in the stock price from $30.16 to $19.24 according to court documents. By March 13th the stock price had declined all the way down to $.84 after a March 1st announcement informing the public that its 2006 10-K filing would be late along with a March 12th announcement disclosing a discontinuance of financing by some lenders. This crippled the companys ability to honor loan repurchase demands. New Century Financial filed for bankruptcy protection on April 2nd 2007. KPMG LLP and KPMG International KPMG LLP was New Centurys independent auditor from 1995 thru 2006. KPMG is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity with over 137,000 employees operating in 144 countries according to their website. New Century Financial What Fraud Happened? The executives at New Century Financial violated many accounting rules and U.S. laws. The three perpetrators in this case are the former CEO Brad Morrice, former CFO Patti Dodge, and former Controller David N. Kenneally. The offenses are related to New Centurys disclosure fraud, violations of the Sarbanes- Oxley Act, violations of generally accepted accounting principles, and violations of the Securities Act. DISCLOSURE FRAUD New Century Financial failed to make adequate disclosures regarding its loan production (the nature and risk of its products), its loan repurchase obligations, and its backlog of repurchase requests. In the 2006 Forms 10-Q, both Morrice and Dodge, failed to disclose that a substantial portion of it new loans were derived from what are termed 80/20 loans, where New Century would underwrite 80% of the first loan on the property, and underwrite a second loan for the additional 20%, actually creating a 100% loan to value ratio. These loans were risky, because the buyer of the property was able to make the purchase without risking any money of their own. In 2006 33.47% of New Century Financials loans were of this type, up from 23% in 2004 and 9% in 2003. Additionally, New Century disclosed materially misleading loan to value (LTV) information on its loans. To the public, New Century disclosed a weighted average LTV, which in 2006, was between 80.9% and 81.4%, of total loans made, but in company internal reports the actual numbers were between 86.6% and 87.6%. Also in the 2006 Forms 10-Q, New Century made disclosures that downplayed the risks of its interest only and stated income loans, (loans in which ones income is not verified). New Century failed to disclose that through the second quarter of 2006 that it was actually experiencing greater defaults on its 80/20, stated income and layered risk loans. Regarding New Centurys loan repurchase obligations, adequate disclosure was not given to investors. Under the contract for the loans, New Century could be required to repurchase loans sold pursuant to repurchase agreements in two situations: (1) the representations and warranties about the loan were untrue; or (2) the borrower defaulted on the loan by failing to make the first payment due after the loan was sold. These loan repurchase obligations would have negatively affected investor and lender expectations of New Centurys earnings potential had they been disclosed. In 2006 New Century experienced an increasing rate of Early Payment Defaults and First Payment Defaults, which could trigger the loan repurchase obligation. In 2006 New Century had to repurchase $784.3 million dollars on loans, and was left with loans with a value of 80% of the repurchase price. In addition to its actual repurchases, New Century had a backlog of repurchase requests that it did not disclose in 2006. From 2005 to 2006 the backlog grew from $143 million to $400 million. Failure to disclose these significant facts greatly altered the information available to investors regarding the Company and would have had an unfavorable impact on net revenues and income from continuing operations. SARBANES-OXLEY VIOLATIONS In violation of the Sarbanes-Oxley Act, the CEO, CFO, and company Controller personally signed New Centurys disclosures, first and third quarter 10-Q forms, and the Sarbanes-Oxley certifications associated with those filings knowing that the financial statements were materially misstated. Furthermore, each of the company officers benefited from the financial misstatements in terms of pay, and bonuses, none of which was returned to shareholders. During the year 2006 the CEO and CFO made misleading statements in press releases and earnings calls regarding the financial position of the company. ACCOUNTING FRAUD In line with generally accepted accounting principles, New Century Financial was required to estimate the fair value of its repurchase obligation and to reduce the gain it reported on the sale of that amount. In deriving an estimate of this obligation New Century was required to estimate, (1) the amount of loans that it would have to repurchase, i.e., the repurchase rate: and (2) the costs that it would incur in repurchasing loans. When New Century repurchased a loan it was recorded at the loans unpaid balance and not at the fair value as required under SFAS 140. However, prior to the second quarter of 2006, the repurchase reserves recorded by New Century Financial were sufficient to state the net value of the assets in amounts materially in compliance with SFAS 140. In the second quarter of 2006, however, the reserve calculation methodology was changed resulting in much lower reserves. As a result of these changes, the net assets were no longer stated at fair value, a violation of S FAS 140. This reduced its repurchase expense and overstated revenues. Also under GAAP, New Century was required to estimate contingent liabilities, in line with SFAS 5. SFAS 5 requires accrual of loss contingency if information indicates that it is probable that the liability has been incurred and the amount can be reasonably estimated. The liability related to the substantial backlog of unprocessed repurchase claims was not properly accrued, a violation of SFAS 5. This allowed New Century to overstate its financial performance. New Century also failed to implement internal controls over financial reporting to appropriately track repurchase requests from investors to buy back their loans, further reducing the firms loss contingency. As a result of improperly accounting for loan repurchase obligations, which reduced the reserve expense needed to repurchase those loans; New Century overstated its financial results, with reported pre-tax earnings 165% higher than the corrected amount (a total overstatement of approximately $84 million). In the third quarter of 2006, earnings were overstated approximately $108 million. VIOLATIONS OF THE SECURITY ACT In connection with the November 16, 2006 securities offering both Morrice and Dodge filed with the Securities and Exchange Commission, they reported that New Centurys financial statements presented fairly in all material respects the financial condition of the company. Furthermore, it was stated that New Century Financial had no undisclosed material liabilities, and that the financial statements complied with the requirements of the Exchange Act. The reality was that, New Century had a substantial backlog of pending repurchase claims, which were not reflected as liabilities in New Centurys financial statements. With all of these defalcations combined the executives at New Century Financial violated the following laws: Fraud in the Offer or Sale of Securities, Section 17(a) of the Securities Act Fraud in Connections with the Purchase or Sale of Securities, Section 10(b) of the Exchange Act and Rule 10b-5 Violations of Commission Periodic Reporting Requirements, Aiding and Abetting Section 13(a) of the Exchange Act and Rules 12b-20, 13a-11, and 13a-13 Circumvention of Internal Controls, Section 13(b)(5) of the Exchange Act False Statement to Accountants, Rule 13b2-2 Certification Violations, Rule 13a-17 of the Exchange Act Failure to Reimburse, Section 304 of the Sarbanes-Oxley Act KPMGs Role in the Fraud KPMG LLP (KPMG) was the external auditor for New Century Financial from inception (1995) to 2006. They resigned in April 2007, a few months after New Century filed for bankruptcy. Although they had completed a significant portion of the field work for the 2006 audit prior to their resignation, they did not issue an opinion on the 2006 financial statements. They issued unqualified opinions in all prior years audited by them. They also performed reviews of the quarterly financial statements through 2006 and performed audits of the effectiveness of internal controls at New Century (SOX 404 audits) for 2004 and 2005. The SOX 404 audit for 2006 was substantially completed but the opinion was not issued as of KPMGs resignation. Although financial statements are the responsibility of management, an independent auditors opinion that the statements present fairly, in all material respects, the financial condition of the Company in accordance with generally accepted accounting principles does provide investors and creditors a certain level of assurance that managements statements are reliable. The opinion is not a guarantee of the accuracy of the financials but the public should be able to trust that, at a minimum, the auditor followed professional standards in the audit process. An auditors role in the issuance of fraudulent financial statements, then, could come from either a) their failure to exercise due care in the audit process which resulted in their failure to discover and communicate material misstatements or b) their complicity in the fraudulent misstatements. Most of what we know about KPMGs relationship with New Century and their work as New Centurys auditors comes from a report by Michael Missal, the bankruptcy examiner in the New Century case, to the United States Bankruptcy Court. Mr. Missal was charged with identifying any potential causes of action that might arise from the New Century bankruptcy. He reviewed KPMGs audit workpapers and New Centurys accounting records and interviewed KPMG and New Century employees as part of his research. Missals report focuses primarily on KPMGs work during 2005 and 2006. He suggests that, during those years, KPMG failed to follow professional audit standards and that certain members of the audit team were complicit in the fraud by giving advice to New Century, which was followed by them, that was inconsistent with generally accepted accounting principles and that resulted in material misstatements. The evidence presented to support the contention that KPMG failed to act in accordance with accepted auditing standards (GAAS)) was substantial. The three general auditing standards require that 1) the auditor must be technically competent, 2) the auditor must be independent and 3) the auditor must exercise due professional care. Mr.. Missal provided evidence that KPMG failed to meet any of those standards. Mr. Missal reviewed the New Century engagement staffing during 2005 and 2006. During the first quarter review in 2005, the entire audit team was new to the engagement (other than two junior auditors). The engagement partner was new to KPMG and had very limited experience in the mortgage banking industry. The senior manager was a recent rehire of KPMG and his only industry experience was a three year stint as an assistant controller at a small mortgage lending company. The senior manager on the 2005 SOX 404 audit had no prior SOX 404 audit experience. The concurring partner had worked primarily with financial institutions and leasing companies. Field work on two of the most sensitive areas (testing of the repurchase reserve and residual interest valuation) was done by first year auditors. Given the complexity of the mortgage banking industry, Mr. Missal argued that the team did not have the technical skill required to audit New Century. Mr. Missal reviewed internal communications between KPMG staff and external communications between KPMG and New Century management and board members. The senior members of the audit team ignored or dismissed concerns raised by KPMG specialists about the appropriateness of certain accounting methods used by New Century. They also dismissed concerns raised by junior auditors and by members of New Centurys Audit Committee as unfounded. Mr. Missal concludes that the senior audit members were more concerned about retaining the client than they were about the quality of the audit work and therefore lacked independence. There were numerous examples given by Mr. Missal to demonstrate KPMGs lack of due professional care including their failure to follow the second and third field work standards (the auditor must design tests to adequately respond to their understanding of the entitys internal controls (or the lack of internal controls) and is required to obtain sufficient evidential matter to support their opinion). The examples given included KPMGs failure to expand testing based on deficiencies noted in their review of New Centurys controls as part of the audit planning process, failure to properly test the repurchase log, failure to properly test the models developed by New Century accounting personnel to determine the reserve requirements, failure to expand testing given significant changes noted in the number of loans repurchased and failure to expand planned testing when the risk assessment related to residual interests was changed to high (as part of the SOX 404 audit work in 2006). Mr. Missal also noted that certain significant control deficiencies noted as part of the 2004 SOX 404 audit were not communicated, as required, to the Board of Directors and that the 2005 SOX 404 audit did not consider, as required, the failure of New Century to resolve control deficiencies noted as part of the prior year SOX 404 audit. Mr. Missal also provided evidence KPMG was complicit in the fraud. According to interviews of KPMG and New Century staff, the Senior Audit Manager on the engagement team suggested two changes to the calculation of the repurchase reserve which were adopted by New Century during 2006. Both changes resulted in significant reductions of the amount of the reserve recorded in the financials and both changes were contrary to GAAP. Mr. Missal does not suggest that the actions were criminal. The inference is more that the suggestions were made based on a lack of understanding of the applicable GAAP as it applied to the mortgage industry. To date, KPMG has not responded to specific issues raised in Mr. Missals report. They have, however, issued a general statement that they believe the firm complied with all professional standards. It should also be noted that the SEC, in their action against New Century, included a claim that New Century had lied to their auditors. Mr. Missal does conclude that although he believes that the trustees for New Century could have a reasonable basis for suing KPMG for professional negligence, he also cites a number of possible defenses that could be raised by KPMG. All of the defenses speak directly, or indirectly, to New Centurys contributory negligence. The Affect of the Fraud on KPMG No charges have been brought against KPMG by the SEC. However, both KPMG and their parent firm, KPMG International (KPMGI) were sued in April of 2009 by The New Century Liquidating Trust and Reorganized New Century Warehouse Corporation (the trustee overseeing the bankruptcy). The suit against KPMGI has two causes of action. The first cause of action states that KPMG is an agent of KPMGI and therefore KPMGI is liable for the actions of KPMG (vicarious liability). The second cause of action claims deceptive and unfair business practices by KPMGI. KPMGI advertised that its member firms performed quality work but did not properly oversee or control that quality. The suit seeks, in part, actual compensatory and consequential damages and punitive damages plus costs. The suit against KPMG has three causes of action. In the first cause, the plaintiff requests that the agreement signed by KPMG and New Century prohibiting New Century from seeking punitive damages be set aside as illegal under California law. In the second cause of action, the suit claims that KPMG was negligent in their performance as New Centurys auditors. The lawsuit includes the claims reported in Mr. Missals report as described in the section KPMGs Role in the Fraud above. In the third cause of action, the suit claims that KPMG aided and abetted the breach of fiduciary duties by New Centurys directors and officers. The suit claims that KPMG was aware of the breaches of duty and that the engagement team provided assistance and encouragement in those breaches. The suit seeks, in part, actual compensatory and consequential damages (in an amount not less than $1 billion) and punitive damages plus costs. Since the suits have not been settled, there is no way to know or estimate the f inancial impact on KPMG. KPMG has undoubtedly been affected in unpublicized ways. Mr. Missal notes several of the engagement team members left KPMG or were transferred out of the local office during 2007. There have probably been changes in internal processes related to engagement management and technical review. It is possible KPMG has lost clients as a result of the publicity surrounding the case. Since the final outcome of these cases is still unknown, its impossible to evaluate the complete effect upon KPMG LP and KPMGI. KPMGs Violations of Legal and Ethical Standards New Centurys auditor, KPMG LLP (and its parent company KPMGI) is a large multinational auditor which employees over 135,000 people in over 140 countries. The breadth of accounting law and ethical standards it may be bound to is diverse and multilayered, including regional, state, national, and international provisions. To illustrate this fact both New Century and the US arm of KPMG were incorporated in Delaware, while headquartered in Irvine, California and New York City respectively, and may be subject to legal precedent in potentially any state in which material business is conducted. United States accounting standards (GAAP) are primarily set by the Financial Accounting Standards Board. Compliance with GAAP is often required by regulatory agencies such as the SEC and by statutory law both at the state and federal level. Additionally there are an extensive number of statutory requirements which bind both public auditors like KPMG and publically traded entities like New Century on a federal level including SEC provisions and rulings of the Public Company Accounting Oversight Board (PCAOB). Some examples of potentially breached laws and ethical standards include Article 9, Section 58 of the California Board of Accountancy Regulations which requires CPAs to comply with GAAP and GAAS (Generally Accepted Auditing Standards) since KPMGs treatment of the reserve requirement was inconsistent under FAS 140 and FAS 5. It is also possible that Section 65 was breached since there were allegations that KPMG sought to maintain New Century as a profitable client over accurate financial reporting thus compromising independence. At the national level, several AICPA principles and rules may have been compromised. Principles allegedly breached include the principle of objectivity and independence based on the aforementioned profitability rationale, and the principle of due care based on the inconsistent application of GAAP (and alleged technical/professional insufficiency of the audit team). Since the AICPA rules are a codification of the principles, several rules by nature would have been violated including the following, rules 101, and 102, plus rules 201 through 203. Rules 101 and 102 which govern independence and integrity/objectivity respectively were potentially breached by the conflict of interest associated with retaining profitability clients which would have affected both independence and objectivity. Rule 201, the General Standards is broken down into 4 parts each of which may have been broken during the anomalous treatment of the reserve requirement among other accounting guidance provided by KPMG. Rule 201 A which dictates professional competence and rule 201 C which dictates appropriate levels of planning and supervision may have been violated if the audit team was insufficient in technical skill and frequently unsupervised as alleged. Rule 201 B which prescribes due care again may have been breached by inconsistency in the application of GAAP. Lastly there is evidence that the last and final provision of rule 201 was breached, section D discusses the acquisition of sufficient supportive evidence of audit opinions and there is evidence that the audit team may have cut the engagement short on account of time and profitability pressures. What could have been done to prevent the fraud? Severing the financial incentive between client and auditor by mandating that auditing fees be paid via a trustee or other third party irrespective of audit findings could significantly reduce the pressure to deviate from GAAP and decrease conflicts of interest. Perhaps a pooled system like insurance could be created where publicly traded firms, those regulated by the SEC and the PCAOB, would pay into a pool of funds from which fair compensation can be disbursed, reducing profit based incentives from altering the quality of audit findings. Rotating audit firms by lottery or by imposing some form of term limits may prevent the collusion often formed by longstanding relationships. The creation of an anonymous complaint system by regulatory authorities could provide an outlet for junior members in auditing firms to report major violations of standards by higher levels of management in both the company being audited and the accounting firm itself. Additional individual penalties for failure to exercise due care, especially for senior members, may insure work is not rushed or delegated improperly while preserving the limited amount of competition remaining in the public auditing industry. But at the end of the day it is always about the basics. A framework is in place to prevent financial fraud by companies. The framework is: Generally Accepted Accounting Principles Generally Accepted Auditing Standards Corporate governance exercised by the Board of Directors The failure of New Century Financial was not so much a regulation failure but a human failure. But this is why we have regulations-to reduce the temptations of humans. Strict adherence by KPMG to the generally accepted auditing standards would not have prevented the failure of New Century, it probably would have speeded-up its demise. But it would have given New Centurys investors, creditors, and board the critical information needed to make sound decisions. The potential for human failure in both New Century and KPMG could have been reduced by what is now termed the tone at the top. New Centurys board, especially the audit committee and the upper management of KPMG did not provide the environment for the violations to come to their attention. KPMGs ignoring of the warnings of junior staff and specialists of problems is inexcusable. How did the New Century failure affect our groups views and opinions? A former auditor in our group understood the tension between the auditors duty to follow professional standards and their desire to retain clients. Comparable tensions exist for accountants in private industry. I also know that hindsight is 20/20 and without hearing the defendants side of the story, its difficult to fairly evaluate their work or their ethics. Its difficult to read about the economic and personal impact that these large corporate failures have on the various stakeholders the employees, the investors, the creditors, and the public without wanting to see changes that will at least reduce the risks we all face. Maybe its time to make the auditors more independent which might mean that auditors should be paid by someone other than the audit client and that audit firms serving public companies need to be rotated on a regular basis. A CPA candidate in our group felt reminded of the constant conflict between quality and quantity; profitability and sustainability. The pressures placed on auditing firms by virtue of the free market often creates particularly troublesome adverse incentives which I may be subject to one day, this is unfortunate. These same pressures are the reasons why public accounting is needed in the first place, typified by New Centurys unsustainable financial position over time, and reminded me of just how important it is to maintain trust and faith in the public accounting industry. Another CPA candidate felt disillusioned of the culture of the Big Four accounting firms. Noting the firms are quick to lecture others about tone at the top but are they looking at the tone at the top in their own organizations? He added do I want to work at a place where the input of juniors is routinely dismissed? Where was the quality control mechanism at KPMG? Finally, one of us believed this case only confirmed my views about the people involved in the Real Estate/Mortgage market, most of them were in the market to make a quick buck, 99% of the people in this industry had no understanding of the real estate market or did not care, and the market was doomed to collapse due to weak lending practices.

Frankenstein Today :: essays research papers fc

Is the Technology of Today Ready to Create Mary Shelley’s â€Å"Frankenstein†? When the novel â€Å"Frankenstein†, by Mary Shelley came out in 1831 the general public was introduced to the idea of man creating another man, scientifically without the use of reproduction. The disasters that followed, in the novel, demonstrated the horrid fact that creating humans was not natural. That was in 1831, when the knowledge of science had not yet evolved enough to act on such an idea. Now as the start of a new millenium approaches, having the capability to scientifically produce one human who is genetically identical to another, or cloning a human, has a lot of people questioning weather or not it is our moral right to do such a thing. It is a classic debate between principles of science and principles of religion.   Ã‚  Ã‚  Ã‚  Ã‚  The more we know about genetics and the building blocks of life the closer we get to being capable of cloning a human. The study of chromosomes and DNA strains has been going on for years. In 1990, the Unites States Government founded the Human Genome Project (HGP). This program was to research and study the estimated 80,000 human genes and determine the sequences of 3 billion DNA molecules. Knowing and being able to examine each sequence could change how humans respond to diseases, viruses, and toxins common to everyday life. With the technology of today the HGP expects to have a blueprint of all human DNA sequences by the spring of 2000. This accomplishment, even though not cloning, presents other new issues for individuals and society. For this reason the Ethical, Legal, and Social Implications (ELSI) was brought in to identify and address these issues. They operate to secure the individuals rights to those who contribute DNA samples for studies. The ELSI, bein g the biggest bioethics program, has to decide on important factors when an individual’s personal DNA is calculated. Such factors would include; who would have access to the information, who controls and protects the information and when to use it? Along with these concerns, the ESLI tries to prepare for the estimated impacts that genetic advances could be responsible for in the near future. The availability of such information is becoming to broad and one needs to be concerned where society is going with it.   Ã‚  Ã‚  Ã‚  Ã‚  The next step after scientists have identified and studied adult DNA would be to copy it.