Friday, November 29, 2019
Aquatic Ecology essays Plants are the most important part of our ecology, both in water and land. Therefore, for our experimental variable, we chose to increase the amount of plant life in an aquztic environment. Plant life is really important in natural world mainly because it is a provider of oxygen for other organisms. So, by increasing the number of plants, we planned to observe the effect it had on the other organisms. Our hypothesis states: the more the plant life in the tank, the less bio-diversity within the tank. The main reason behind this thought were, plants will block sunlight from being passed through into the tank and more plant means more competition for nutrients which eventually will make weaker organisms die out. Some chemical parameters that we tested were (1)dissolved oxygen, and (2) water clarity and the color of water. Some biological parameters that we tested for were (3) the length of the plants, (4) the weight of the plants, and (5) the number of protists. We believe that there would be a higher oxygen content initially because of increased number of plants, who survive through the process of photosynthesis. However, this will step down because of the lack in the circulation of water due to the overpopulation of plants. We also predicted that the water clarity would decrease with an increase in plant life and the color of water would have a greenish tint to it. The hyacint, our experimental variable, would grow nicely in the control tank, but it wouldnt grow as much in the experimental because of the presence of three other plants. We also believed that the number of organisms or protists would decrease in the experimental because of the sudden change in their environment. The main reason we chose to do this experiment was because of their fact that this type of occurrence can happen anywhere. The reason we chose to test those particular parameters was that an increase in plant life would most certainly...
Monday, November 25, 2019
Biography of Lee Krasner, Abstract Expressionist Artist Lee Krasner (born Lena Krassner; October 27, 1908Ã¢â¬âJune 19, 1984), an American painter of Russian-Jewish descent, was a pioneering Abstract Expressionist of the New York School. For decades, her reputation was overshadowed by that of her late husband, painter Jackson Pollock, whose superstardom and tragic death distracted from her own career. Years after Pollocks death, however, Krasner received recognition for her own artistic accomplishments. Fast Facts: Lee Krasner Occupation: Artist (Abstract Expressionist) Also Known As: Lena Krassner (given name); Lenore Krasner Born: October 27, 1908 in Brooklyn, New YorkDied: June 19, 1984 in New York City, New YorkEducation: The Cooper Union, National Academy of Design Spouse: Jackson PollockKey Accomplishment: Krasner remains one of the few women artists to have her work exhibited in a retrospective at the Museum of Modern Art. Early Life Lee Krasner was born in 1908 to Russian-Jewish immigrant parents. Krasner was the first in her family to be born in the United States, just nine months after her parents and older siblings emigrated due to growing anti-Semitic sentiment in Russia. At home in Brownsville, Brooklyn, the family spoke a mix of Yiddish, Russian, and English, though Krasner favored English. Krasners parents ran a grocery and fishmonger in East New York and often struggled to make ends meet. Her older brother Irving, to whom she was very close, read to her from classic Russian novels like Gogol and Dostoevsky. Though she was a naturalized citizen, Krasner felt connected to her parentsÃ¢â¬â¢ homeland. Later in life, she often bristled at the suggestion that she was a fully American artist. Lee Krasner (American, 1908-1984). Untitled, 1948. Oil on canvas. 18 x 38 in. (45.7 x 96.5 cm). Promised gift of Craig and Caryn Effron, P.1.2008. The Jewish Museum, New York. Ã © The Pollock-Krasner Foundation/Artists Rights Society (ARS), New York Education Krasner always showed a sense of initiative. At an early age, she decided that the arts-focused, all-girls Washington Irving High School in Manhattan was the only school she wanted to attend, as its arts focus was a rarity at the time. Krasner was initially denied entry to the school due to her Brooklyn residence, but she eventually managed to gain admission. Perhaps ironically, Krasner excelled in all classes except for art, but she passed because of her otherwise exceptional record. During high school, Krasner abandoned her given name Lena and took on the name Lenore, inspired by the Edgar Allen Poe character. After graduation, Krasner attended the Cooper Union. She was very popular (though not necessarily academically successful) and was elected to various school offices. At Cooper Union, she changed her name once again, this time to Lee: an Americanized (and, notably, androgynous) version of her given Russian name. Having attended two art-centric girls schools, the idea of being a woman artist was not remarkable to the young Krasner. It was not until she went to the National Academy of Design that she encountered resistance to her chosen career path. She was riled by the idea that women were sometimes kept from doing what the male artists were permitted to do at the traditionally-minded institution. Ernst Haas / Getty Images Life as a Professional Artist 1929 was a notable year for Krasner. That year marked the opening of the Museum of Modern Art, which exposed her to the Modernist style and the enormous possibility it represented. 1929 also marked the beginning of the Great Depression, which spelled disaster for many aspiring artists. Krasner joined the Works Projects Administration (WPA), which employed artists for various public art projects, including the many murals on which Krasner worked. It was on the WPA that she met critic Harold Rosenberg, who would later go on to write a seminal essay on the Abstract Expressionists, as well as many other artists. Krasner lived with Igor Pantuhoff, a fellow painter of Russian origin and an alumni of the National Design Academy, for most of their ten-year relationship. However, Pantuhoffs parents held anti-Semitic views of Krasner, and the two never married. (Pantuhoff realized his mistake after he left the relationship, and he eventually went to New York to win Krasner back. By that time, Krasner had already taken up with Jackson Pollock, who, in his typically bellicose fashion, physically chased Pantuhoff from the premises.) Lee Krasner and Jackson Pollack in east Hampton, ca. 1946. Photo 10x7 cm. Photograph by Ronald Stein. Jackson Pollack and Lee Krasner papers, ca. 1905-1984. Archives of American Art, Smithsonian Institution. Archives of American Art, Smithsonian Institution. Relationship With Jackson Pollock In the late 1930s, Krasner took classes led by the expressionist painter and famed pedagogue Hans Hofmann. She also joined the Artist Union. In 1936, at an Artist Union dance, Krasner met Jackson Pollock, whom she would meet again several years later when they both exhibited their work in the same group exhibition. In 1942, the couple moved in together. PollockÃ¢â¬â¢s rise to fame, stewarded by his wife, was meteoric. In 1949 (the year he and Krasner married), Pollock was featured in Life Magazine under the title, Ã¢â¬Å"Is he the greatest living painter in the United States?Ã¢â¬ Some accounts suggest that Krasner spent so much time promoting her husbandÃ¢â¬â¢s career that she did not have time to dedicate herself to her own work. However, this version of history is misleading. In Springs, Long Island, where the couple bought a house soon after they married, Krasner used an upstairs bedroom as her studio while Pollock worked in the barn. Both were known to work furiously, and would (when invited) visit each others studios for advice and critique. However, Pollocks alcoholism and infidelity damaged the relationship, and the marriage ended tragically in 1956. Krasner was away in Europe, and Pollock was driving under the influence of alcohol with his mistress and another passenger. Pollock crashed his car, killing himself and the other passenger (though sparing the life of his mistress). Krasner was bereft at losing her husband, and ultimately channeled this emotion into her work. Lee Krasner (American, 1908-1984). Gaea, 1966. Oil on canvas. 69 x 125 1/2 in. (175.3 x 318.8 cm). Kay Sage Tanguy Fund. The Museum of Modern Art, New York. Ã © 2010 The Pollock-Krasner Foundation / Artists Rights Society (ARS), New York Artistic Legacy It was not until after PollockÃ¢â¬â¢s death that Krasner began to receive the recognition she deserved. In 1965, she received her first retrospective at the Whitechapel Gallery in London. She experienced a surge of interest in her work in the 1970s, as the feminist movement was eager to reclaim art historyÃ¢â¬â¢s lost women. The appeal of the sidelined wife of a storied American painter made Krasner a cause to champion. Krasners first retrospective in the United States opened in 1984 at the Museum of Modern Art, just months after her death at the age of 75. Her legacy lives on at the Pollock-Krasner House and Study Center at Stony Brook University. Her estate is represented by Kasmin. Sources and Further Reading Hobbs, R. (1993). Lee Krasner.Ã New York: Abbeville Modern Masters.Landau,Ã E. (1995). Lee Krasner: A Catalogue RaisonnÃ ©.Ã New York: Abrams.Levin, G. (2011). Lee Krasner: A Biography. New York: Harper Collins.Munro, E. (1979). Originals: American Women Artists. New York: Simon and Schuster, 100-119.
Friday, November 22, 2019
Multi media package - Essay Example This is primarily attributed to the inability by the studentÃ¢â¬â¢s family to raise adequate funds to support their education. Statistics of the number of students balancing between their studies and part-time jobs is increasing with each new day. During thanksgiving holiday, I happened to meet with four of my old schoolmates from Edmunds Community College at Seattle, namely Norman Pitt, Candice Clarke, Katherine Little, and Elias Okoth,. We had a long chat that resulted to the discussion of hunger in campuses. I had earlier read an article by Bond (1), which indicated that hunger was a rising trend among college students. As I shared my views on what I read about hunger increasing among students, my colleagues also shared their own experiences on the matter. In our conversation, it was evident that the tough economic times are one of the reasons why the number of students who do not know when or what will be their next meal is increasing. Additionally, I realized that none of thes e hungry students are willing to disclose to their friends about their situation for fear that they may be mocked or looked down upon. I recorded the responses and utterances that were made by all the participants. Katherine Little, an old schoolmate and a senior student in a renowned University, is one of the friends who shared with us on how her friend was suffering from hunger till she faced up to her, Ã¢â¬Å"I did not know that she was suffering from hunger and I took her for a snack, after seeing that she looked worried and not ok, and demanded to be told what was wrongÃ¢â¬ . Katherine noted that it was until her friend told her, that she understood her condition. Katherine affirmed that she came to comprehend that her friendÃ¢â¬â¢s family became financially unstable after a medical emergency crushed the familyÃ¢â¬â¢s insubstantial finances, leaving her on her own to finish school. Ã¢â¬Å"She had to take up two jobs in order to settle her tuition feesÃ¢â¬ Katherine not ed. Additionally, another aspect that emerged from the conversation was that colleges should strive to identify such needy students in order to assist them. None of us can be glad if a friend or even a classmate slept hungry for lack of anything to eat. Elias Okoth, an international student and an old schoolmate, asserted that the campus should institute mechanisms of identifying such food insecure students. Ã¢â¬Å"The campus should establish a room within the premises, particularly in the student center, to turn it into a food pantry operated by students where the food insecure students can report and be assistedÃ¢â¬ says Elias. This will assist as it may be challenging to identify the hurting students among the crowd. Candice Clarke, a former member of a studentsÃ¢â¬â¢ relief group and an old schoolmate, also added by noting that it is essential that, as friend, we should know the state of our fellow classmates and friends. Ã¢â¬Å"We ought to be our brothers and sisters keepe r, and should follow up on them to check if they have had a meal or notÃ¢â¬ , Candice said. However, not all friends and classmates may disclose their personal or private life. If this happens, there are other ways of identifying a needy friend. Katherine Little identified her friendÃ¢â¬â¢s worried look and confronted her to tell her what was wrong. Ã¢â¬Å"I could tell that something was wrong, and had to ask herÃ¢â¬ , Katherine acknowledges. Such students can also be identified through deteriorating class performance. This can be done by professors within the numerous departments in the
Wednesday, November 20, 2019
Persuasive speech - Essay Example Secondly, I will provide a simple solution to dealing with second hand smoking. Lastly, I will inform you of the action you can take to avoid being a victim of second hand smoking. A. Statement of need: Just like smoking, second hand smoking has its consequences. Second hand smoking damages the human body by destroying cells (Golden 56). It causes many harmful diseases such as lung cancer, breast cancer, heart disease, and other kind of serious illnesses and eventually death. Second hand smoking also affects people that are asthmatic. According per the Christopher Reynolds, more than twenty million smoking-related deaths have been reported in USA alone since 1964 (67). Among these deaths, 2.5 million deaths are among the non-smokers who have died as a result of second hand smoking. Moreover, during the same time, approximately 100,000 infants have died as a result of second had smoking (Reynolds 68). B. Illustration: Show a picture of Ainsley. I would love for you to meet Ainsley. As you all can see from the picture, Ainsley is lying in a hospital bed after being diagnosed with lung cancer. According to AinsleyÃ¢â¬â¢s doctors, his illness has been caused by inhaling too much tobacco from cigarettes. Notably, Ainsley is non-smoker and he has never smoked in his life. Ainsley works in a street that is full of smokers. After working for several years in this street and coming into contact with tobacco smoke dairy, the results are lung cancer. 1. Show a picture of Abbie. Abbie is an asthmatic child. Just the other day, Abbie was rushed to the hospital after suffering a major asthmatic attack which nearly killed her. The cause of this attack was exposure to second hand smoking in the park where she goes to play. As a result of the exposure, her asthmatic episodes have increased. 2. Show a picture of Alton. Alton, may God rest his soul, died when he was just seven months old. His mother was a smoker and she used to smoke
Monday, November 18, 2019
The Twenty Seven Amendments to the Constitution of America - Assignment Example Amendment 2 This amendment grants the public permission to keep or bear arms with the permission of the relevant authorities concerned. This means that individuals are permitted to carry or bear weapons in cases of self defense. An example is that a civilian may be allowed to bear or use arms in cases of robberies to defend a personÃ¢â¬â¢s life or assets (Chalmers, 26). Amendment 3 The constitution states that soldiers should be privately contained to thwart them from being a peril to the public. This connotes that under no circumstance should civilians share the same residence or cohabit with soldiers as the impacts would be deadlier. Amendment 4 This amendment bars the government from carrying out searches and apprehensions of the public. It gives the public the right to ask for an arrest or investigative warrant from bureaucrats before consenting to arrest or searches. A breach of the amendment gives the public the right to sue the government or the officials who did the arrests or the search (Chalmers, 26). Amendment 5 This amendment states that the countryÃ¢â¬â¢s citizen facing trials in a state institution should be given a criminal proceeding before a verdict is made on his plight. The constitution should treat such a person as suspect and should be protected from personal incriminating substantiations. This amendment implies that individuals are entitled to a right of audition in legal procedure to determine the contribution to the committed crime.
Saturday, November 16, 2019
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.
Wednesday, November 13, 2019
I Am a Humanist One Sunday afternoon, under the warm, unrelenting gaze of the sun, a revelation interrupted my usual observations of the psychological flux seemingly inherent in all family relationships. Since the fact which I had noticed seemed relevant to the conversation, I saw no harm in prodding out the truth by a simple statement, "My sister is one too." Of course I meant it partially in jest, since she had made no such rebellious declarations. A few inconsequential discussions had made me consider stating her liberalism valid, and I took only a small step further by calling her an equal. Some would call such a leap flattering, but my mother thought the statement horrendous. "You may hold your own beliefs, but she's just a little girl! How could you?" The exact wording, time, and place are not important -- the tone of intolerance and look that made me want to proclaim,"Yes, I'm cold-hearted" are what have stayed with me. Such a response was justified by society -- and, as I have been repeatedly informed, extremely calm by almost any comparison. I was not referring to political alignment, but something far more serious and controversial. The group I had unjustly compared her to was the outcast of society's philosophy; I had called her a cold-hearted atheist. There are many good reasons for such anti religious intolerance in a social structure worried about the individual. How can godless ones be comforted -- in life and death? My mom, with good reason, was worried about my sister's soul; on Earth she would face a lifetime not knowing about a universal and unconditional love and her status in the afterlife was too scary to contemplate. Such a view was undoubtedly skewed by parental concern which concentrated on the child and not the world at large. Society, regardless of rigidity, is built upon moral rules that distinguish participants from simple feuding creatures. Most problems arise from the fact that the citizens of these advanced moral institutions find breaking the rules to be beneficial -- and are sometimes unable to resist the temptation. It is rather judicially expedient to proclaim God's judgment in all sentences and refer crimes to the afterlife. Both solutions require a believing population.
Monday, November 11, 2019
The result in the deaths of more than fifty thousand people, left millions homeless, and integrated violence such as mass rapes and mutilations were caused from these jewels earnings which helped to subsidize a war. It was also stated that these blood diamonds increase the battle in Africa which resulted to the loss of four million lives and millions of residents has been dislocated. Same of what happened at Sierra Leone which had discrepancy; these conflict diamonds yet in little ways can cause massive destruction in a country. In the vile civil war at Sierra Leone, the rising up evolutionary United Front apprehended control to a great extent of the nationÃ¢â¬â¢s diamond fields. The issue regarding blood diamonds did not occur only long-ago. There was a report recently by the United Nation that twenty-three dollars of diamonds are being smuggled into international diamond markets which are from the Ivory Coast. Diamonds have also played an important role in financing conflicts in Angola and the Democratic Republic of the Congo. Fortified sadism and vicious human rights abuses go on with over control of diamond mines in eastern Congo which was the bloodiest war since World War II. The Global Witness in 1998 had to start a revelation operation about the role of diamonds in financial support argument. Amnesty International a proletariat human rights organization in the world became so influential in enlightening citizens concerning the problem and urges the governments and industry to take action. International tension has augmented from a large federation of Non Government Officials through the years. United States is the seventy percent of the worldÃ¢â¬â¢s diamond trader and this only means that it was the leading costumer of diamonds. With this reason, they should be the first and major head to cover on the problem of blood diamonds which also called conflict diamonds. On the way hard works for the United States Congress to control the trading of blood diamonds. Terrorist operation are possible funded by the international trade of diamonds and with this, the United States Congress Members obtains tactics to put a stop to it. Diamonds are expensive goods that can easily be covered and transported according to the U. S. General Accounting Office and was used in illegal means of trading. It was extracted from inaccessible areas which no hint to find from its origin. Government-run Kimberley Process which is an international agreement endorsed by the United Nation which aimed and developed a diamond certification program that would prevent the flow of blood diamond and initiated stop to its trade was presently participate United States together with other countries. The Ã¢â¬Å"chain of warrantiesÃ¢â¬ or the Ã¢â¬Å"system of self regulation. Ã¢â¬ was the agreement wherein the diamond companies will take charge to guard itself in dispatching diamonds from its place to the stores where it should be delivered. This became there support to the Kimberley Process. However this agreement I not fully applied to the industries because it is a must for a company dealing in diamonds to have a course of action in place to guarantee that their diamonds are conflict-free. Actual visit of the government in the diamond industries should be practiced for more assurance of freeing from conflicts and conduct cyclic area confirmation to diamond companies to make sure they have schemes in place to avoid any trade in conflict diamonds. Several of the countries rich in diamonds are those really poor and citizens do not get any benefit from their resources particularly the soil richness. Confusions and explosive natures are widespread in the diamond fields because revolutionary groupÃ¢â¬â¢s antiterrorists can still seize benefit and right to use the diamonds. Given all the problems concerning the conflict diamonds the United States government should take a look in implementing the diamond law and require all regions to build up a reliable diamond industry. The practice for tracking arrangement in each of the diamond companies will be helpful to make sure to prevent the entrance in the market of conflict diamonds. Additional force should be given off by the Administration for the implementation of Clean Diamond Trade Act (CDTA) in impeding the operation to conflict diamonds as they support the Kimberley Process. Nowadays, blood diamonds are still a serious dilemma. Experientially the government action in controlling the finance conflict in diamonds are not that powerful and functional to ensure that the rebel groups, terrorist and other criminal networks will not anymore make use of it. This continual weakness of the Control System found by the Government Accountability Office of United States was because of the paltry imposing of Clean Diamond Trade Act. The needs for development in monitoring process in the diamond industries in line with the law and accumulating precise information on United States trade in rough diamonds. Being the leading consumer of diamonds, the United States should insist on strengthening the Clean Diamond Trade Act and the Kimberley Process. Suggested step that will be the best help addressing on the problem will be: working with other key administration to reinforce the Kimberley Process and break down on blood diamonds smuggled out of the Ivory Coast. In addition ensure that the Kimberley Process taking on procedures to develop the accurateness and investigation of the information, call for authentication of production conformity, endow with satisfactory financing to encourage effective completion of the system. They should also provide more forceful support as well as technical and financial aid, to help countries develop their accomplishment of the Kimberley Process. The on time application of the proposals of Government Accountability Office including the spot checks of diamond companies and tracking of rough diamonds inside and outside the country especially the goal setting in executing the proposal will be a great help in resolving the problems. Having hands on urgent dealings to progress the accuracy of United States rough diamond trade statistics will also be a help. References: Combating Conflict Diamonds, Retrieved August 18, 2007, http://www. globalwitness. org/pages/en/conflict_diamonds. html Conflict Diamonds, Retrieved August 18, 2007, www. amnestyusa. org/news/doc/diamonds_survey_text. pdf US Congress Tackles Ã¢â¬ËBlood DiamondsÃ¢â¬â¢ Trade, Retrieved August 18, 2007, www. voanews. com/english/archive/2002-02/a-2002-02-14-2-US. cfm Conflict Diamonds, Retrieved August 18, 2007, www. un. org/peace/africa/Diamond. html Stop the Trade in Blood Diamonds, Retrieved August 18, 2007, worldvision. org/worldvision/Ã¢â¬ ¦ /stable/globalissues_conflictdiamonds
Saturday, November 9, 2019
Health Insurance Portability and Accountability Act Essays Health Insurance Portability and Accountability Act Paper Health Insurance Portability and Accountability Act Paper The Health Insurance Portability and Accountability Act or HIPAA is implemented in organizations belonging to the health care industry to secure electronic medical records and protect the privacy of patients. HIPAA was brought about by much-needed changes perceived in the field of health care with the emergence of the technology age. Since then, health care entities have adapted technologies that will assist them in keeping and storing medical records. Of course the benefits or advantages of technology in the field of health care are undeniable. Medical records stored electronically allow work efficiency and productivity, enhance transfer and storage of information within the health care network, and maximize quality services provided to patients. However, there will always be two sides of the story. Technology has also its disadvantages. Private information may be accessed by external parties and use it for malevolent intent. The design of a network or system run by technology is not flawless. It can be breached by illegally, with thousands of patient information used to falsify documents for profit or other deceitful reasons. Due to these perceived problems that health care organizations might encounter with their adaptation of technological tools, HIPAA provides guidelines or standards in securing electronic records and protecting patient privacy. Although most health care organizations have adapted the concept of HIPAA, statistics prove that most technological tools or systems utilized in health care organizations do not fulfill HIPAA guidelines and standards. Because of this, problems regarding health care organization compliance to HIPAA arise. Dr. Zachary Peterson continues to discuss the law framing the foundation of HIPAA. One particular law supporting the concepts of HIPAA is the necessity to employ information management within the health care organization. This privacy rule is fortified by the security rule which acts as a defense from external risks and threats that might jeopardize its integrity and accountability as an organization that promises patient information confidentiality. To realize these goals and objectives, HIPAA also necessitates the utilization of technological tools that allows accessibility to electronic records whenever needed, privacy and security of confidential information, and the validity or legitimacy of stored information or records. The laws and technology requirements aforementioned should be observed by health care organizations in order to exhibit full compliance with HIPAA. The article was picked out of all the HIPAA article results shown in the web search because it fulfills the requirement of currency of information. Aside from that, the article was well-developed and concise, presenting all important information in an organized fashion. The article does away with extraneous statements and expressions. The expertise of the writer in the field of systems security was persuasive enough to draw interest and evaluative purposes to the article. It ties up issues discussed in the course and outlines the importance of systems security in the field of health care. Furthermore, it provides a fresh perspective of how HIPAA is applied in real life situations as in the authorÃ¢â¬â¢s field of industry. Although the article concisely discussed the concept of HIPAA and compliance requirements for health care organizations, it failed to discuss comprehensively the major reasons why full compliance of all health care entities is unsuccessful, effects of non-compliance to HIPAA, and recommendations, in an expertÃ¢â¬â¢s point of view, on how problems regarding non-compliance should be addressed in order to ensure patient information privacy and maintain integrity and accountability as a reputable health care organization. The article could have exceeded its limited coverage if the speaker addressed these issues. However, the article compensated for its weakness by exhibiting authority, accuracy, objectivity, and currency. This article was published on March 13 this year, eliminating doubts of out-of-date content that fails to provide real time information applicable to current trends and situations in the field of health care. It was published by a CEO of Netspective, but the content of the article was written by Dr. Zachary Peterson. He earned degrees in John Hopkins University for Computer Science and Security Informatics. At present, Dr. Peterson is a Senior Security Analyst. He works for an organization, the Independent Security Evaluators (ISE) that provides information regarding computer security. Dr. Peterson presented the content of the article objectively. He discussed HIPAA, laws, and required technologies clearly, citing both advantages and disadvantages of technology when applied within the context of health care organizations. Although explanations were brief, Dr. Peterson presented all relevant topics that solidify full answers to queries regarding HIPAA, security rule, technology, laws, and compliance. The accuracy of information presented by Dr. Peterson may be tied up with his experience in learning computer systems and informatics in graduate school as well as his experiences as a Senior Security Analyst in ISE. ISE works closely with reputable organizations such as MasterCard and WebEx, to name a few. Since the concepts of security systems have been applied in his field of industry, Dr. Peterson was able to provide accurate information regarding the aforementioned topics. ARTICLE REFERENCE Shah, S. N., (2008), Guest Article: IT Security and Record Management in Healthcare. Retrieved September 10, 2008, from The Healthcare IT Guy. Website: healthcareguy.com/index.php/archives/417
Wednesday, November 6, 2019
Whatever Essays - Fiction, Film, The Walt Disney Company Whatever him seem naive and as Scar said from the very beginning gifted with more brawn then brains. In the Little Mermaid, Ursula is the villain. She is an octopus who appears to have been educated in Oxford as opposed to living under the sea her whole life. Again, we see a villain with a regal air. Although she is not visually appealing and has a more robust form than most traditional villains, she is cunning in her own way. The movie never really established her former relationship with Triton the king of the sea. It simply implied that there was an incident for which she was cast from the kingd Bibliography kjgh ijg
Monday, November 4, 2019
Project Management - Essay Example It is important to understand that there is a relationship between the three basic constraints of a project: time, cost, scope. Difficulty arises due to the fact that management of a project requires that the project's Scope, Schedule and Cost are managed simultaneously. A common mistake that project managers often make is that they don't realize the critical relationship between these three elements. Since a project schedule is closely connected to the delivery time and scope of project as will be discussed in the latter sections of this paper, a little variation in the scope can affect delivery and in turn affect the success of the project. This edging forward of scope to accommodate more requirements that were not included in the initial planning of the project while maintaining the same time frame for project delivery, is referred to as Scope Creep. Scope creep can stultify a project and if uncurbed, can prove to be fatal for the project. Scope creep is frequently viewed as one of the top reasons for project failures. This paper will discuss Scope creep in details and will also highlight the reasons why it occurs and what are how it endangers success of an IT project. Scope creep is generally defined as "the propensity for a project to extend beyond its initial boundaries". It is the unexpected or uncalled-for expansion in the size of a project. When the customer's expectations change so that the previously agreed upon set of deliverables is exceeded in features or functionality, the project is said to be suffering from what is referred to as "scope creep". Scope creep appears during the course of a project in different ways. It can occur through many minor changes, or it can take place because of a profound change in approach to the design of the project. Regardless of how it takes place, scope creep is damaging to the overall project budget and schedule. It lead to cost and schedule overruns due to increased project scope. The outcome of scope creep is most likely extra design charges due to additional design work. The scope creep can be categorized into two types given below, based on the users who initiate changes to project scope: 1. Business Scope Creep 2. Technology Scope Creep 2.1. Business Scope Creep Systems are configured to solve the business needs of a company. Due to continuous changes in market dynamics, the requirements that were previously defined at the start of project may change. Outsourced or built by in-house development team, in all IT projects, the project team is expected to gather requirements from the users and other key stakeholders of the system. This requirements analysis phase is characterized by meetings, interviews, and questionnaires with the client about the existing system and what is expected in terms of functionality from the new system. In most cases, it is often difficult for business users to imagine or foresee the new system till they see it functional and running. Only then are they able to come up with some requirements for the system and not before that. When the users see the new system for the first time, changes may be needed because any new applications will at first be unknown to users. Many a times, the user perspective is to always look for things
Saturday, November 2, 2019
Criminal Law and Justice - Essay Example It is not always true that the accused may have committed the crime as reported by the complainant. Some rape cases have found the complainant to be guilty of accusing the defendant falsely. Most of the rape incidences are not committed by a single person. A gang may choose to commit the crime on a person or on a group of people. An example is a group of boys from West Auckland who called themselves Ã¢â¬ËRoast BustersÃ¢â¬â¢. This group targeted teenage girls who they made drunk and afterwards gang-raped them (Ludovica 2014). With the rise of anonymity in rape cases, legislations have been put in place to protect both the complainant and the defendant. These laws help to maintain transparency in the judgment of the case and hence the charges are directed towards the party that is found to be guilty of committing the offence. This paper will look into details on the Sexual Offences (Amendment) Act 1976 Section 4 that was put in place in 1976. It will also provide for its weaknesses and strength of the legislation and will give a conclusion on the legislation and what amendment have been made to make it efficient. The Sexual Offence Amendment Act of 1976 not only provided for anonymity to complainant but also to the defendants. The aim of this act was to prevent stigmatization among the innocent defendants. It is not always true that those who reported sexual assault cases were sexually assaulted. Some lie for their own personal benefit. The aim of this act was to treat both the defendant and the complainant equally according to the laws. The provisions for this act were that once a person was found guilty to have committed a rape crime, his identity should not be published. Publication of the name, address and other material that belonged to the accused were prohibited from publication (Taylor 2014).The act also provided for conviction of people who published the