Controlling Managing Hiv/Aids In Prisons. Hiv/Aids Is

Controlling Managing HIV/AIDS in Prisons HIV/AIDS is a serious health threat for prison populations, and presents significant challenges for prison management to control. In prison populations around the world, the prevalence of HIV is often higher than that of the general population. In some cases, the prevalence of HIV infection in prisons is up to a hundred times higher than in the community. Even in countries with large heterosexual HIV epidemics, such as in Africa, studies have shown that rates of HIV infection in prisons are higher than outside of prisons (Avert, 2007). The prison population is at high risk for HIV infection, particularly through the sharing of contaminated needles and sexual activity. In a shocking study that was†¦show more content†¦Problems like these within the prison system are very difficult to overcome, and in doing so they may need to risk the vulnerability of admitting items that can be used by the inmates to harm each other. Sexual activity conducted between inmates in prisons Sexual activity in the prisons is a behavior conducted by the prisoners that is not uncommon even though they are forbidden under prison rules. Sexual activity in prisons varies from consensual to non-consensual. The problem here is that there are homosexuals that are having sexual relationships with each other and are risking the prevalence of transmitting the HIV if one is infected. In addition, prostitution and trading sex from drugs are also reasons that sexual activity is conducted between inmates. One of the most talked about reason for sexual activity between inmates is rape, prison rape in not only physically and psychologically damaging, but a formidable challenge for the correctional department to attempt to secure basic human rights within the correctional institutions. According to Struckman and Johnson, â€Å"In the Midwestern states in 2000, prisoner’s likeliness of experiencing some pressure or coerced sexual conduct while incarcerated was one- in –five.† Needle sharing The fact is that needle sharing is common inside of prison and outside of prison for individuals to inject drugs. In a study that was conducted by Stephens at el. (2006),Show MoreRelatedHealth Care Around The Globe1556 Words   |  7 Pagesmedical field are trained around the world as they visit medical schools internationally and serve out of the country. They have also been known to voluntarily provide aid to countries dealing with natural disasters. According to the text, â€Å"Cubans no longer suffer from diphtheria, rubella, polio, measles, and have the lowest AIDS rate in the Americas†¦Ã¢â‚¬  (Merino 2012, 87). There are other things discussed in the chapter, but these are the main high points covered. The Cost of Health Care   Ã‚  Ã‚   ThisRead MoreVulnerable Population Paper2555 Words   |  11 Pagescharacterize students, employees, patients in emergency rooms, and institutionalized persons. Vulnerability depends on context or circumstances. (Porter, 1996). A vulnerable population who one may not consider is prisoners. This paper will focus on the prison population, the description of prisoners, health and social problems, and community and nursing interventions. Ethical implications and current strategies to break the cycle of vulnerability will also be addressed. A Prisoner is defined as any individualRead MoreBackground Guide Of World Health Organization7133 Words   |  29 Pages Global Epidemic disease 1.Retrospect of the epidemic disease​​​​​​​ Case1 Aids​​​​​​​ 1.Aids 2.The cause of Aids and Aids’ human factor​ ​​ 3.The distributing of aids Suggestions for Further Research Relevant UN Action Case2Read MoreThe Prevention and Control Act2054 Words   |  9 Pagesadministration has not deviated from the Bush administration, even though the war remained a rhetorical convention with regard to the view of enforcing. Nevertheless, rebranding of the policy as harm-reduction strategy has been viewed as a step forward in managing drug abuse. Success of the war on drugs It is important to understand the drug control rhetoric, which is aimed at a drug-free society. Based on this analogy, it is believed that the war on drugs has not been successful since a democratic societyRead MoreThe Prohibition Of Marijuana Should Be Legal1948 Words   |  8 Pagesby science and it is time for our society to reassess based on our knowledge. Although many still view marijuana as a hazardous drug, it in fact has medical, economic and social benefits such as a lowering the cost of the war on drugs, reducing the prison population, generating tax revenue, and creating jobs. These are just a few of the many benefits that can come with the legalization of marijuana. As we learn more about marijuana and its effects we need to revisit our social, political and legalRead MoreBenetton Family8592 Words   |  35 Pagesseven to handle more than 30,000 incoming and outgoing boxes in a 16-hour work day in 1983. Having grown to a mature multinational company, Benetton needed expert managerial direction. Aldo Palmieri, from the Bank of Italy, became Benettons first managing director in 1982, and brought the company into an era of wide expansion, globalizing its capital base. Although Luciano Benetton was not initially receptive, leading Palmieri to leave in 1990, the company eventually adopted Palmieris vision afterRead MoreInternational Management67196 Words   |  269 Pages1 2 3 4 5 6 7 8 9 0 QDB/QDB 1 0 9 8 7 6 5 4 3 2 1 ISBN 978-0-07-811257-7 MHID 0-07-811257-5 Vice President Editor-in-Chief: Brent Gordon Vice President, EDP/Central Publishing Services: Kimberly Meriwether-David Editorial Director: Paul Ducham Managing Developmental Editor: Laura Hurst Spell Developmental Editor: Jane Beck Associate Marketing Manager: Jaime Halteman Project Manager: Erin Melloy Buyer: Kara Kudronowicz Design Coordinator: Margarite Reynolds Cover Designer: Studio Montage, St. LouisRead MoreEssay about A lcoholism and Drug Addiction17765 Words   |  72 PagesAlcoholism and Drug Addiction are indicative of the irresponsiblitiy and weakness of the character of the persons using these intoxicants. The relation between alcoholism and various aggressive and criminal acts is often confirmed by police records and prison statistics which indicate that in the present day there is a considerable increase in such alcoholic criminal episodes. Experience has shown that various preventive and punitive measures such as fine. Imprisonment or detention for drunkness and otherRead Moretransformational leaders in sports9224 Words   |  37 PagesDungy played three seasons in the NFL. Dungy has been involved in a wide variety of charitable organizations, including the Fellowship of Christian Athletes, Athletes in Action, Mentors for Life, Big Brothers Big Sisters, Boys Girls Clubs, the Prison Crusade Ministry, and All Pro Dad. He also works with Basket of Hope, the Black Coaches Association National Convention, Indiana Black Expo, the United Way of Central Indiana, and the American Diabetes Association. He retired from coaching in 2008Read MoreDeveloping Management Skills404131 Words   |  1617 PagesSally Yagan Editor in Chief: Eric Svendsen Acquisitions Editor: Kim Norbuta Editorial Project Manager: Claudia Fernandes Director of Marketing: Patrice Lumumba Jones Marketing Manager: Nikki Ayana Jones Senior Marketing Assistant: Ian Gold Senior Managing Editor: Judy Leale Senior Production Project Manager: Kelly Warsak Senior Operations Supervisor: Arnold Vila Operations Specialist: Ilene Kahn Senior Art Director: Janet Slowik Interior Design: Suzanne Duda and Michael Fruhbeis Permissions Project

Notes On Inerrancy And Inspiration Essay - 759 Words

Fedner Faustin MLA THEO 201 B01 Short Essay on Inerrancy and Inspiration Men, as worshipping creatures, are always looking for a supreme being to adore. They always are looking for the source of truth, and asking many questions regarding what they should believe because there are many sects out there which teach different doctrines, or even deny the deity of God and worship other gods. When it comes to the Holy Bible, people are digging further in the outside world to get some responses that are themselves found in the Bible. One of the questions that is asked the most is:  « Does the Bible really have Authority?  ». The Bible is the word of God. As it says in the Bible, the word of God is authoritative, inspired and inerrant. Authority in a general sense means the power to decide or to command, to impose one’s will to others. As far as the Bible is concerned, it is also authoritative in almost the same way. The authority of God can be seen in two angles; first, God has the authority over everything, he does whatever He wants. In Psalms 135:6, it says; â€Å"Whatever the LORD pleases, He does, in heaven and in earth, in the seas and in all deeps.† As it can be seen, everything that is written in the bible has accomplished or is being accomplished. What God says with is mouth His hands accomplish them. Second, the authority of his word is infallible; it cannot be broken. His words will stay forever. In John 10:35 (KJV), the last sentence says, â€Å"†¦and the scripture cannot be broken.†Show MoreRelatedThe Doctrine Of Biblical Inerrancy1076 Words   |  5 Pagesthe teachings of the Bible are dealt with questions about the authority and inerrancy of Scripture. It is becoming increa singly important that Christians understand and embrace the full inerrancy of Scripture. The theological implications dictate the contemporary church’s view of God himself. Also, there is rising arguments versus the inerrancy of Scripture found in postmodernism. Beyond an all-out attack on the inerrancy of the Bible by liberalism, even some Christians argue the notion that it isRead MoreBible Inerrancy3383 Words   |  14 Pages RESEARCH PAPER Inerrancy of Scripture: Authority by Inspiration THEO 525 LUO (spring 2012) Systematic Theology I Liberty Baptist Theological Seminary Jacqueline M. Jones (ID# 24515464) March 9, 2012 Thesis Statement The divine inspiration of Scripture guarantees its inerrancy and authority. Table of Contents [ No table of contents entries found. ] Introduction Introduction Under the doctrine of biblical inerrancy, in what sense is the Bible authoritative? This is a question that has plaguedRead MoreThe And Divine Nature Of The Bible1393 Words   |  6 Pagesâ€Å"Inspiration† is that work of the Holy Spirit in influencing the authors and compilers of scripture to produce writings which adequately reflect what God desired to communicate to us.† (Created for Community, 1998, p 166) This paper will examine the orthodox view on the human and divine nature of the Bible, the Holy Spirit’s role in the inspiration and illumination, and the ultimate goal of the Bible. This paper will also discuss the two arguments known as the inerrantist and infallibilist viewsRead MoreIntroduction. The Doctrine Of Scripture Is One Of The Most2439 Words   |  10 Pagesthe Scriptures come to be the authoritative â€Å"voice of God†? How can we be sure they are true? In this paper, I will address three major components of the doctrine of Scripture; Inspiration, Canon, and Inerrancy. Inspiration Erickson states â€Å"revelation is the communication of truth from God to humans, and inspiration relates more to the relaying of that truth from the first recipient of it to other persons.† It is my belief that the Holy Spirit worked within the original writers of the ScripturesRead MoreWhat were the factors that lead to the formation of the New Testament Canon? How valid are they today?1697 Words   |  7 Pages This brings me to the concept of inspiration. It seems impossible to look at the formation of the New Testament canon without considering inspiration at some point. Without going into too much detail it seems important to note that for Christians (to which the Bible is the foundation of their faith) it is considered divinely inspired. On a simple level, God is ultimately the author. So it begs the question that if there were so many problems and inerrancies in the formation of the New TestamentRead MoreChristianity And The Nature Of God1420 Words   |  6 Pages If one is to write about Christianity and the nature of God, one must have a foundation to rely upon. Both theology and our epistemological queries concerning God must be crafted from a source. Michael Bird in his Evangelical Theology notes that the prolegomena or things we say before saying anything about God must be predicated upon a critical source. This source is God’s Word and is revealed in multiple ways. If on e is to conduct a Credo or apologetic stance of his Christian faith, this personRead MoreAnalysis Of Dei Verbum, The Second Vatican Council s Dogmatic Constitution On Divine Revelation2186 Words   |  9 PagesGod expressed in Scripture and Tradition, is the basis of all Christian doctrine. The present constitution touches upon the age-old question of the relationship between Scripture and Tradition. It also clarifies teaching about the authenticity and inerrancy of Holy Scripture, in light of modern developments in exegesis and criticism. Thus DV is a synthesis of enormous significance: the text binds together loyalty to church tradition with the yes to critical science, and there by once again opens theRead MoreThe Emerging Church - Truth or Dare Essay3027 Words   |  13 Pagessignal that a new â€Å"church† is â€Å"emerging.†[2] Don Carson is quoted as saying â€Å"the emerging church movement (ECM) arose as a protest against the institutional church, modernism, and seeker-sensitive churches†¦It has encouraged evangelicals to take note of cultural trends and has emphasized authenticity among believers.†[3] The emerging church is a new movement—its belief system is developing, its relationship to the culture and its ministry focus is in process.[4] The emerging church disagrees withRead MoreEssay on The Charismatic Gifts3471 Words   |  14 Pagesclassic passage used in most discussions on the use of spiritual gifts is 1 Corinthians 12 - 14:40. In this passage, we can clearly see certain gifts that are characteristics of receiving the Holy Spirit. Concerning these gifts, it is important to note that certain terminology has shifted somewhat since the time of Paul’s writing. As it was mentioned in our introduction, history, past the point of the canonization of Scripture, has been relatively silent regarding the use of the spiritual gifts mentionedRead MoreLiberty University Bibl 323 John Module 6 Notes Essay9463 Words   |  38 Pagesobey what I command.’† 1. Greater works – erga – some apply this to contemporary miracle workers. This word when used in this gospel never refers to miracles unless those miracles were related to Jesus’ completing His messianic work. Note what is not said: a) Not greater miracles b) Not greater signs 2. Meizon – greater – not necessarily greater in quality but greater in quantity As such Jesus brought few individuals

Scott Eaton and His Sculpture Free Essays

Scott Eaton The artist of this paper’s five pieces of work are created and conceptualized by Scott Eaton. He is an artist and designer from the I-J and uses traditional art techniques with digital tools. What makes his work so fascinating is his knowledge of anatomy and clean use and mastery of the media. We will write a custom essay sample on Scott Eaton and His Sculpture or any similar topic only for you Order Now This piece is gorgeous and for it being a digital sculpt, you could hardly tell. The texturing is almost like real clay mimicking skin! It is to be acknowledged that this piece was created and rendered in only 2 days. â€Å"The digital sculpture was executed to a very tight schedule, going from start to final rendered image in two days! (Eaton ). – Something to note is that in digital media there is no gravity or real light, meaning he created his own glass, lit it himself and made the glass reflective. This was a speculative piece for the most recent Pirates movie during the preproduction phase of development. Work like this is great for establishing a baseline of what a film or game will look like. There are hundreds of people which work on huge productions now a days and they need to find ways of keeping everyone’s mind in the same kind of groove, making this a fine example of that taking place. The second piece is named female figure study IV, I love the neutral heavy color alter. With the presence off bit of yellow and a dark shade of blue all under this brownish grunge the piece gets a very earthy look to it. While squinting you can see that the silhouette is successful as well as the proportions and gesture is on point. All the shadows and highlights are in the right place and the flesh would feel real. The weight of the breasts and the soft dangle of the hair makes the piece soft and sensual. Take a look at the midsection right under the (stage)right arm, the shadow shows careful observation and great knowledge of how light works. It is safe to live that Scott Eaton is a consultant on anatomy and teaches advanced classes online. If you want to know your figure you got to know Scott Eaton. If you still aren’t impressed take a look at some of these studies he has made. The accuracy of each muscle and how the skin behaves over each muscle is truly a marvel. The man has clearly been practicing and has studied his anatomy. Scott Eaton attended Princeton University as an undergraduate majoring in both engineering and art. These two majors make a fine mix of artist and designer and later got his masters at MIT Media Lab. He would later continue his art studies at the Florence Academy of Art in Florence, Italy. † (Eaton 1). His work shows his Italian influence. The figures he sculpts carry have a classical renaissance feel to them. As you can see in the in the photo above the man has a great understanding of anatomy as well as has a very well tuned process. Process and evidence of process is just as important as your final piece. This is simply because as an artist you are being hired for a skill for which you will be asked use. Many people can make an amazing sculpture with time and patience, but what really sells is your ability to create and rate quickly and consistently with great results. Showing process whether it be on a blob or document will give everyone a peak into your work ethic and efficiency. In short it shows if you know what you are doing or Just happened to get lucky. Here is an example of Scoots process for his most recent design work for design festival in London. † The Venus of Cupertino, my pad docking station, is Just back from a busy week at the London Design Festival. † This piece is relevant to what was being done in class with the silicon mold and such being used. It’s also a great simple and fun design. The appealing softer shapes and edges as well as smooth color and finish makes this successful. A quote was used on Scoots website, â€Å"A stylish docking station for syncing, charging and display. An evocative blend of ancient fertility symbolism and modern technology worship. I want one! † (Eaton 1). The quote really says it all, this piece is an example of how multivalent this man is who’s knowledge of art history, skill with a sculpt, and a mind of a designer can create things everyone can enjoy. This is Hyphenates II, if you rant familiar with Greek mythology this mythological man was the black smith for the gods. He is described as being ugly but Zeus arranged is marriage with Aphrodite who is the goddess of love, pleasure, and beauty. DRAMA, the poor guy had no chance and she would run off with different gods leaving him lonely and enraged. This sculpted shows great emotion and mood. A workers body with strong hands and a worn face. The details in the face are believable and the â€Å"meat† around the arms have weight and almost reveal a saggy inflexed arm which is impeccable observation. The single light source creates the drama and a peek into the soul of this poor ugly blacksmith. Works Cited Eaton, Scott. â€Å"Scott Eaton. † Catenation. Eaton Media Ltd, n. D. Web. 24 Feb.. 2013. How to cite Scott Eaton and His Sculpture, Papers

Banking Regulation in United Arab Emirates -Myassignmenthlep.com

Question: Disucss about the Banking Regulation in United Arab Emirates Along With the Effectiveness of Such Regulations Especially In Times of Financial Crisis and Other Financial Breakdowns. Answer: Introduction Banking regulations are of prime importance and are adopted by all commercial and private banks in order to maintain the financial stability in the banks along with the financial stability of the economy. The government of a particular country uses the banks as a tool for regulating the flow of money in and out of a particular economy. This study aims to focus on the banking regulation in United Arab Emirates along with the effectiveness of such regulations especially in times of financial crisis and other financial breakdowns. The principal regulatory and governmental policies that control the banking sector in the United Arab Emirates are the UAE Federal Law No. 10 of 1980 that essentially concerns the Central Bank; the Organization of Banking and the Monetary System. The UAE Federal Law No. 18, 1993; UAE Federal Law No.6, 1985 that is concerned with the Islamic Banks also control the banking sector; investment companies and financial establishments in UAE and the various notices, circulars and resolutions that are issued by the governors of the UAE Central Bank also take a part in controlling the banking sector. The primary logic behind the origination of the banking regulations arises from the microeconomic concerns affecting the customers or the depositors who always feel the need to monitor and look after the risks that come up with the stability of the banks in case of a financial crisis. The banking sector also has been controlled by the statutory and regulatory provisions, that are popularly known as informal regulations. The regulatory provisions revolve around the restrictions imposed on new entries and branching; pricing restrictions; regulation on the linkage of ownership among the financial institutions; regulation regarding mergers and other associated regulations. In the recent times, banking regulation has shifted from structural regulation to modes of regulation that are more market oriented. As a result of this, competition has become widespread in relation to the responsibility of the bank regarding credit allocation and the improvement of financial services. History of the banking regulations in UAE The Banking Law in UAE has been established by the United Arab Emirates Central Bank and constitutes of the provisions in details that clearly defines the role of the Central Bank. The Central Bank, along with the role of establishing the framework for banking regulations, carries out the responsibilities of issuance of currency, promoting, organizing and monitoring the process of banking as a whole and also acts as banks for the commercial banks in UAE. The Banking Law however, is not applicable in case of institutions of public credit; governmental investment institutions and development funds; insurance companies and agencies. The commercial code that governs the banks contains the provisions that provide a description on the details of banking like the provisions in relation to bank accounts, credit documentary, bills of exchange, promissory notes and other related components (Al-Tamimi et al., 2016). The Islamic Banking Law essentially constitutes of the regulations and provisions in relation to the establishment of the Islamic Banks. The Islamic Banking Law also controls the operational proceedings of the Islamic banks. The Banking Law also controls the Islamic banks to some extent. The various regulations, circulars and notices that are issued by the UAE Central Bank control the several aspects of banking like the maintenance of the capital reserve ratios of the bank, capital adequacy norms and also reporting of the money laundering and other incidents to the UAE Central Bank. Rationale for Banking Regulation In the early part of 1970, the financial systems in the world was featured by significant regulatory restrictions, like controls that were imposed on the quantity of credit and on interest rates, market access restrictions and in some rare cases, controls on the finance allocation amongst alternative borrowers. These regulations or restrictions automatically met some of the objectives established by the policies. Direct controls had been utilized in many countries to distribute finance to selected industries; interest rates were controlled in order to keep low the cost of credit, often leading to credit rationing (Abedifar et al., 2015). The Basel Committee, in June 2004, issued a revised framework on Banking Supervision and named it Basel 2 for the purpose of measurement of capital adequacy and also for the purpose of identification of new minimum capital requirements for banks. The newly computed framework encouraged the banks to establish their very own formal risk-management systems so that they were able to calculate in a much more sophisticated and simple way their requirements for capital in minimal amounts, with the presence of oversight by the supervisor present in the endorsement of the system adequacy. The proposals published the Committee, was implemented by the end of 2006 and included two more regulations in relation to the banking regulations that father improved the process and computation of the minimum adequate capital required by the banks. The second regulation that was introduced, involved, a continuous interaction between banks and their supervisor for the purpose of following and accommodating the he evolution that the business practices were going through. The third regulation or the third pillar constituted of norms that were aimed at improving information flow to the public regarding the financial conditions of the banks, so that the risks faced by the banks could be mitigated, by the establishment of the market controls (Trabelsi Fadhel, 2016). The most crucial rationale for regulation in banking is concerned with the regulations subjected to the issues over the stability and the safety of the financial sector as a whole, financial institutions and the payments system. Mandatory deposit insurance schemes have been introduced so that the banks do not run out of money. The further vulnerability of the banks to becoming exposed are controlled by the capital adequacy norms and restrictions regarding requirements imposed by Basel as discussed earlier in this study. While the Central bank is the principal regulatory authority of banks and financial institutions in the UAE, such entities are also subject to additional registration and licensing requirements at the federal and emirate levels (Iqbal Molyneux, 2016). The primary requirements of banking regulation are: Capital requirement the capital required by the banks revolve around the framework as to how the banks mange their assets. Reserve requirement this particular norm secures the banks from running out of their liquidity risk. Corporate governance this lays down the rules regarding the well governance and maintenance of the banks. Financial reporting this particular norm aims at providing a clear view of the financial conditions of the bank in relation to the investors in the market. Credit rating requirement this lays down the rules regarding the requirements that the banks need to maintain in relation to the terms of credit. Government Safety net Establishment of the financial safety nets is of huge importance to governmental agencies for the purpose of mitigating events like loss of liquidity or the risk of the bank running insolvent that engage huge sums in relation to the costs to the banks themselves, the government and to the customers. Failure or insolvency of banks lead to destruction of the information capital of the banks as a result of the barrier or obstacle in the path of mutual trust between the bank and its customers that ultimately led to the reduction in investment and other economic activities. The potential customers or the depositors that deposit their sums in the bank suffer loss heavily as a reason for the failure of the banks and the government too spends a lot in saving the banks from the crisis that they go through. Therefore, one solution to such a problem is the deposit insurance schemes. These are one of the essential sector of the safety nets, established with the sole objective of improving financ ial stability and saving small investors from the financial loss that they incur in the case of a troubled or failing bank. The deposit insurance schemes provide guarantee against the deposits and thus, save the banks from running insolvent. The deposit insurance schemes encourage the respective banks to invest in projects that have a high risk and also feature a high return. Therefore, the government safety net of deposit insurance scheme may be improved by adopting the following design features: By restricting the coverage area of protection Exclusion of particular types of deposits Establishment of the limiting amount of deposits on the basis of the depositor and not on the basis of deposit. This is done to increase the coverage area of the deposits as and when required. Introduction of coinsurance Improvement of the scope of return to the shareholders, thus, limiting their risks Improvement of the regulatory discipline The need for financial safety net arrangements in the Islamic Financial Services Industry (IFSI) was given due importance in April 2010. A related report was published. This particular report did investigate and identify eight building blocks and targeted the further strengthening of the Islamic financial infrastructure both at the national and international levels to promote a resilient and efficient Islamic financial system. The report also lead to an insight into the mechanism of the safety net in regards to the financial conditions of the banks, as to how to make them stronger. These, along with finer vigilance by the supervising body, operational actions by the crucial components of the safety net make the Islamic banks resilient and give them the required resources for backing up their strength in case of a financial crisis or shock. However, there are certain problems that are created by the establishment of the government safety nets. These are that the depositors who are protected get no reward or incentive for monitoring the behavior of the respective banks. Moreover, this information allow the banks to take on more risks than they normally would involve. The government also creates more moral hazards in the course of protecting its depositors. Some of the banks in the market are too large to fail. The managers of such institutions have the idea that if they fail, then in all probabilities the government will have to bail them out, thus, limiting the market discipline (Hassan, 2014). Theory of bank crises In the modern day, the banks play an important role as a medium for the purpose of payment. On one hand, they utilize the depositors as their private liabilities and on the other hand the depositors are public goods. In order to gain the trust of the depositors, the government, provided guarantee for their deposits either explicitly or implicitly via deposit insurance systems as discussed in this particular study earlier (Song Oosthuizen, 2014). Banking crises generally occur when financial systems loose liquidity or become insolvent. This type of crisis particularly relates to fusions, closures, acquisitions or assistance on a large-scale from the government. In order to solve this problem, the monetarists are of the suggestion that an increase in the amount of money that is circulated within the financial sector, and thus leads to the inflation of the economy in order to counter the monetary reduction (Ueda Di Mauro, 2013). According to the financial experts and the monetarists, the failures of the banks were the result of their state of panic. Another important reason stated for the banking crises is that the gap developed between the supply of credit and money supply led to budgetary deficit that ultimately led to the crisis (Hassan, Aliyu Brodmann, 2017). According to the report provided by the World Bank, at least 70 banking crises took place in the year of 1980 all through the developing and the developed nations. The impact of such crises especially those that were quantitative in nature were equal or in excess to the major banking crises suffered by the US. The factors that are in general associated with a banking crisis are factors such as macroeconomic shocks that influence inflation, capital flows or interest rates; supervising policies that overlook the banks that is the banking regulations are deficient in nature in terms of the standards maintaining the capital and restrictions on the internal proceedings of the banks. Other major factors that are associated with the banking crises are the reluctance on the part of the owners to shut down financial institutions that have already run or are facing the risk of running insolvent. Even poor decisions taken by the government in relation to credit decisions and the efficient management of risk associated with credit also pave the way for banking crises. Finally, some monetarists proposed the idea that the development of a regulation which would essentially predetermine the growth of the monetary supply and would ensure monetary stability and economic growth (Brewer Jagtiani, 2013). Thus, the theory of banking crises fundamentally proposes that a sharp deterioration in the economic and financial indicators that has resulted from an imbalance between the demand and supply of money, fall in the turnover of the assets other associated events result in a financial crisis or a banking crisis. A banking crisis generally occurs due to the financial fragility in the economy. This refers to the fact that there are financial shocks in the economy which affect the profitability of the different industrial sectors in the economy. The banking crisis that have impacted the economy have always divided the economy into five respective phases that are the replacement of the business cycle, euphoria, climax and panic. The experts are of the opinion that a particular banking crisis begins with the replacement phase that implies the increase in the profitability of at least one industrial sector in the economy. This will result in increased investment in this particular sector of the economy. This will lead the economy to the euphoric phase of the economy, that has been mentioned in the discussion earlier. This economical state will result in triggering the banks to extend credit, as a result of expectation of higher profits from this particular sector. The increasing trend of investmen t in this particular sector will result in a boost in the price that will create more opportunities for profit. This phase is termed as the climax phase. This is the point where the artificial prices increase and the investors earn a maximum profit. A small price variation at this level will very efficiently result in a huge increase in interest rates that will surely lead to the phase of panic. This is this stage, that the economic activity slows down and the bankruptcies and increased rates of unemployment surfaces. The probable reasons for the banking crisis are rise in the rates of interests; decrease in the property market; increase of uncertainty; panicking by the banks and the un-estimated drop in the aggregate price level. The theory of banking crisis does explain the causes for the banking crisis but chalks out no explanation for the process of development of such a crisis or potential signs of such a crisis. Another point to be noted, in relation to the banking crisis is t hat the failure of the government policy or the role of government is not taken into consideration in case of such a theory. Systemically Important Financial Institutions (SIFI) Before understanding the systemically important financial institutions, one should conceptualize the meaning of systemic risks. Systemic risks refer to those risks that result in the breakdown or collapse of an entire financial system or the economy as a whole. The systemic risk was the major reason that led to the financial crisis of 2008 (Brewer Jagtiani, 2013). The systemically important financial institutions refer to the financial institutions whose disorderly failure on account of their size, systemic interconnectedness and complexity of the organization would result in significant disruption to the financial system and the economic activities on a broader sense (Reinhart Rogoff, 2013). The objective of a particular SIFI framework is majorly concerned with the systemic risks and the problems associated with the moral hazard that are faced by the financial institutions that are too big to fail. In order to reduce the rate of failure of the SIFIs a particular framework policy has been established that lists down the particular measures that make these institutions financially strong. Some of these objectives are as follows: Adequate requirements should be there for absorbing the loss related to the global financial system. An effective and intensive supervision including stronger resources and powers, efficient internal controls and enhanced risk data aggregation capability make the SIFIs financially strong. Establishment of a world-wide standard that lays down the instruments and responsibilities that will enable the SIFIs to mitigate the losses incurred due to banking crisis. An assessment of the resolvability process that is based upon the competitor firms. Strengthening of the infrastructure of the core market is another policy that is aimed at strengthening the financial structure of the SIFIs (Al-Tamimi, Warsame Duqi, 2016). Why SIFIs are important in UAE? SIFIs are important in UAE because the Central Bank of the United Arab Emirates had taken the initiatives to host the meeting with the financial stability board in order to restructure and reform the effect of the SIFIs in UAE. The members of the meeting discussed the regulatory reforms and their respective impacts along with its vulnerabilities and issues related to the financial stability of the SIFIs. The Middle East has been hugely affected by the financial crisis in 2008 (Kaserer Klein, 2016). The measures that were developed by the Financial Stability Board aimed at potentially decreasing the impact and probability of the failure of the systemically important financial institutions by the facility of providing additional capital requirements. The measures were also aimed at recovery of the affected SIFIs. Lastly, the reduction of the contagion risks with the financial markets were also one of the major objectives with which the measures were established. However, financial experts argue that the financial regulations, instead of identifying the financial institutions that are too big to fail, identify those that are just large and do not imminently face the risk of failing. This had been a serious issue and called for the Basel Committee for taking the initiative for the identification of factors that are essential for the assessment of whether a financial institution is systemically important or not. Such factors may be the size, complexity, interconnectedness and the lack of already available substitutes in relation to the financial infrastructure and global activity. The development of the banks that have occupied a major portion of the banking industry has to be strictly monitored and regulated by a supervising authority in order to improve and maintain the financial stability of the banks (Burnside, Eichenbaum Rebelo, 2016). Conclusion Therefore, as it can be concluded from the above discussion, the importance of the establishment of the banking regulations has been of huge importance both from the perspective of the economy and that of the society. Banking regulations that have been imposed, are primarily aimed towards the protection of the investment by the public and other informal investors. The effectiveness of the banking regulations lies in the economical indicators that display the health of the economy in terms of the credit rating and the liquidity of the banks. The theory of the banking crises also revolves around the fact that the occurrence of the five phases result in the generation of systemically important financial institutions. The systemically important financial institutions or the SIFIs if facing financial crisis, then the failure of such banks may affect the entire economy drastically. Thus, the regulation of such institutions are of major importance and should be regulated on the basis of the standards established by the Basel Committee. The Financial Stability Board has been another major regulating body that has primarily established the measures for regulating the SIFIs. The SIFIs in UAE have been regulated on the basis of the report that has been published by the Financial Stability Board. Therefore, the banking sector in UAE have been well regulated and monitored by the banking regulations and the regulating bodies like the Basel Committee and the Financial Stability Board. References Abedifar, P., Ebrahim, S. M., Molyneux, P., Tarazi, A. (2015). Islamic banking and finance: recent empirical literature and directions for future research. Journal of Economic Surveys, 29(4), 637-670. Al-Tamimi, H. A. H., Warsame, M. H., Duqi, A. (2016). Readiness of the UAE banks for the implementation of Basel III. International Journal of Economics and Business Research, 11(4), 303-316. Al-Tamimi, H. A. H., Warsame, M. H., Duqi, A. (2016). Readiness of the UAE banks for the implementation of Basel III. International Journal of Economics and Business Research, 11(4), 303-316. Brewer, E., Jagtiani, J. (2013). How much did banks pay to become Too-Big-To-Fail and to become systemically Important?. Journal of Financial Services Research, 43(1), 1-35. Burnside, C., Eichenbaum, M., Rebelo, S. (2016). Currency crises models. In Banking Crises (pp. 79-83). Palgrave Macmillan UK. Hassan, M. K. (2014). Risk narrative disclosure strategies to enhance organizational legitimacy: Evidence from UAE financial institutions. International Journal of disclosure and Governance, 11(1), 1-17. Hassan, M. K., Aliyu, S., Brodmann, J. (2017). 14. An introduction to Islamic banking and finance. The Most Important Concepts in Finance, 250. Iqbal, M., Molyneux, P. (2016). Thirty years of Islamic banking: History, performance and prospects. Springer. Kaserer, C., Klein, C. (2016). Systemic Risk in Financial Markets: How Systemically Important are Insurers?. Reinhart, C. M., Rogoff, K. S. (2013). Banking crises: an equal opportunity menace. Journal of Banking Finance, 37(11), 4557-4573. Song, M. I., Oosthuizen, C. (2014). Islamic banking regulation and supervision: Survey results and challenges (No. 14-220). International Monetary Fund. Trabelsi, M., Fadhel, D. (2016). The Financial Sector: Performance and Issues. The Economy of Dubai, 93. Ueda, K., Di Mauro, B. W. (2013). Quantifying structural subsidy values for systemically important financial institutions. Journal of Banking Finance, 37(10), 3830-3842.

Globalization Coca Cola Essay Example

Globalization Coca Cola Essay Globalization describes the proliferate synthesis of the world’s economic, political, technological and socio-cultural systems through the liberalization of international trade and investment or the reduction of barriers to international trade such as tariffs, import quotas and other related import and export restrictions. Globalization has allowed a greater establishment of goods, services, wealth and society development throughout the world, however, its implications such as the unequal distributions of income and employment opportunities due to outsourcing methods to derive relative unit labour costs and the constant company and government power struggles is becoming an increasing cause for concern. Nevertheless, companies continue to expand and develop and take advantage of globalization, which is considered to be an historic trend and an inevitable evolution process. The Coca Cola Company is a prominent, American Multinational beverage company that constitutes its own product manufacturing, distributing and marketing efforts in over 200 countries worldwide. The company that is best known for its bellwether beverage, Coca Cola, was established as The Coca Cola Company in 1889 by Asa Candler and has presently, collaborated with approximately 300 bottling partners throughout the world. It offers 500 brands of products including of diet beverages, sports drinks, teas coffees and juices. We will write a custom essay sample on Globalization Coca Cola specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Globalization Coca Cola specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Globalization Coca Cola specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Coca Cola is considered to be one of the biggest brands in the world and the company, one of the world’s first global companies. The influence and impact of globalization on The Coca Cola Company was crucial for the company’s success as statistics prove that presently, 70 percent of the company’s income is propagated through non local operating territories. As a consequence of globalization, the Coca Company has capitalized on many opportunities and experienced many backlashes. When the Coca Cola syrup was created by pharmacist, John Pemberton in 1886, citizens of the United States were delighted and enthusiastic by the new product that was distributed from a cola fountain. As the demand for the product grew John sold the exclusive rights for the product to salesman, Asa Griggs Candler, who began developing the product as a brand. Asa Candler began to introduce Coca Cola throughout the United States by developing marketing strategies such as offering coupons and merchandise with the Coca Cola logo. This strategy soon made coca cola to be available and consumed in every state of the United States. Subsequently, because of the exceedingly increasing demand for the beverage new measures had to be established to distribute the product to reach all their customers. In the year 1894 coca cola was put into bottles that allowed the product portability. Large scale bottle manufacturing activities was then initiated after statistics had proven that the bottled coca cola sales surpassed the fountain sales. The new bottling innovation along with continuous marketing strategies took the company to the global stage and the coca cola beverage was now bottled in Cuba, Panama and Canada. The exclusive right to sell the product was then sold to lawyers, Benjamin F. Thomas and Joseph B. Whitehead whom had to please their exceedingly expanding consumer base as the company was now an international company. Globalization of Coca Cola’s operations allowed the organization to serve a greater variety of consumers that contributed to a great increase in demand however it also affected the company negatively as it also spurred competition. Joseph and Benjamin began implementing and delegating new methods to safeguard their product such as advertising to consumers to demand the authentic coca cola and to refuse substitutes. They also gave the coca cola beverage a new feature, they distributed the beverage in a contour glass bottle that can be recognized anywhere by consumers and this advancement brought new life to the company. The new design allowed the company to further expand globally. The company was also able to utilize outsourcing methods to achieve cheaper labour and machinery costs to enhance the company’s profitability. The company then began distributing its flagship product to Puerto Rico, France and other foreign countries. By the year 1900-1920 the Coca Cola Company had established about 1000 plants worldwide from only 2 plants initially. One can observe how the competitive forces and increasing demand, as a result of globalization, basically forced the company to become more innovative and creative subsequently resulting in better and reinforced marketing strategies as well as an new and more appealing and distinctive image for the product that positively impacted the profitability of the company. However if the company did not respond to the new pressures of the global environment they may have experienced a lesser demand for their product and lose competitive advantage due to the fact that fellow competitors would be given an opportunity to move in on their market share. This would have severely impacted the success of the companies in a negative way as the company would be losing customers thereby losing revenue and profits. So it can be said that a global business environment requires a company that must be able to survive susceptible changes. These susceptible changes are triggered because of the continuous change in consumer needs and wants that is mainly generated by advance the continuous progression of globalization. To survive these susceptible changes companies must consistently derive new innovations and new ideas to keep up with their constantly changing consumer needs. As the world began interconnecting more globally because of technological, political, educational and corporate advancement mainly because of social and cultural preferences beginning to become more similar, new doors began to open for the corporate world to strategize their global operations and recognition. In 1923 Robert Woodruff who was then the president of the company utilized the Olympic Games as an international foundation for the company. The company sponsored the United States team which allowed coca cola to further be recognized on highly publicized international stage. During this event, Robert Woodruff began to introduce new inventions, these inventions were the six pack carrier case, a vending machine and new fountain dispensers with a bell shaped glasses. The games assisted to spur new innovations within the global environment on a more recognized stage thereby further impacting the success and growth of the company. Again as globalization progressed changes in innovations were needed inorder to secure and expand market share, reinforce competitive advantage and please the changing demands of international consumers. Becoming an international company means that one would be serving an international market therefore consumers will have different preferences and with coca cola continuing to derive new methods to distribute their product in different ways consumers will now have a variety of ways to enjoy the product, subsequently this would allow more options for consumer to be pleased therefore attracting more customers and expanding market share. The Coca Cola Company continued to reinvent its marketing strategies to grasp international attention and appeal. They added a new shorter trademark name entitled ‘coke’ to the beverage. This new ‘name’ was responded to with mix reviews as some international bodies slammed the name because it was the same shortened name used for the illicit substance cocaine. Being a growing international success, the changes conducted by company would be more highlighted in the global spotlight due to organizations watchdogs and similar corporations, therefore a greater reaction would be accompanied by the change. In this case the reaction was a controversial one that can negatively affect the image of the company . Consumers were now hesitant to use the new ‘name’ nevertheless, coca cola responded to this matter by creating a young character entitled the ‘Sprite boy’ to promote the new trademark for the product, and even though the criticism pursued statistics have proven that the word ‘coke’ presently is one of the most popular words utilized in the English vocabulary today, so obviously the marketing tactics devised and implemented by the company was victorious. By devising this strategy consumers felt more comfortable with the change and therefore acknowledged the new innovation at ease. As the international success of the company expanded, Woodruff continued to use the arising global opportunities to his advantage. World War 2 had now commenced and Woodruff made the beverage available to all service people in uniform at a cheaper price this allowed the beverage to be purchased in massive amounts during the war which then allowed the company to the opportunity to create 64 additional bottling plants inorder to provide for United States military and service personnel in international countries. This laid the most important international foundation that increased the international market of the company. Most people got to experience their first taste of the beverage for the first time ever this led to business boom after the war for the company. When the war subsided the company capitalized on its new foundation by using advertisements that promoted coca cola as the beverage that can suit any lifestyle and that can bring happiness to one’s life and relieve post war stress. This once again led to a desire for more innovative measures to be established to distribute its product to its consumers and as a result this led to the invention of the ‘coke in cans’. Coke in cans further extended the company’s market share and with the company’s global success progressing substantially, more coca cola manufacturing plants were established in other foreign countries. Globalization also allowed more varied beverage manufacturing companies to penetrate the beverage market. Consumers therefore developed a need for a variety of beverages such as juices, coffees, teas, sports and health drinks etc. This new demand was necessitated by new companies who influenced the desires of the customers by creating further beverage innovations. Coke therefore decided to develop other brands and types of beverages besides its bellwether beverage to reinforce its competitiveness and increase its consumer base in the beverage manufacturing market. The company began producing a carbonated beverage called Sprite, a diet drink called Tab and a coffee entitled Georgia Coffee Original. These new products allowed the enterprise to establish plants in China. The company was the first company ever permitted to sell packaged cold drinks in China bringing the total number of countries that Coca Cola distributes its products to 163. In the 1980’s the CEO of coca cola decided to further strategize the operations of the company in order to improve and extend its operations in a methodology that would increase profitability by organizing the various United States bottling organizations into a public company entitled Coca Cola Enterprises international. The company also introduced another successful beverage on the market, ‘diet coke’ to appease the needs of health conscious consumers. With globalization becoming more persistent throughout years, Coca Cola Company decided to reconstruct the taste of its product coca cola to establish a competitive advantage. Consumers responded to this change negatively and the company had to revert to its original recipe. However its success was not halted as the company continued to collaborate with more international sporting events such as the Fifa World Cup and the Rugby World Cup. The company also started producing other beverages such as Powerade sports drink, Vitamin Water, Fanta and Dasani bottled water. The company also bought the popular juice manufacturing company, Minute Maid and extended its product line. Proceeding into the early 2000’s coke began to experience severe global backlashes. The ingredients utilized in the company’s product recipe became a major concern to consumers, mainly the high fructose corn syrup, as researchers linked lifestyle diseases such as diabetes, dental erosion, strokes, hypertension and osteoporosis to the prolong use of coke’s products. Activists also accused coke’s products of being addictive because of the level of caffeine and other chemicals utilized in the recipe along with the aggressive marketing strategies, researchers even linked the advertisement schedule of the company to the cause for the increase in child obesity. The advertisements for the organizations Vitamin Water product was lso slammed as being misleading as the recipe utilized for the product was not at all healthy. The increase of health conscious behavior was as a result of globalization. Despite coke having substantial experience with the susceptible changing global environment the company failed to establish efforts to appease the demands of t he ‘new’ health conscious era of consumers that ultimately led to this backlash. Consumers were also becoming more environmentally friendly and coke’s damaging environmental impacts such as the polluting of the atmosphere and destruction of agriculture became more prominent to the public eye. The enterprise responded to this new change in consumer behavior by establishing plastic, semi recycled bottles and utilizing transportation that was less destructive to the atmosphere. Coke already had formatted and practiced glass recycling that cut the company’s production costs but this practice only became recognized during this era. It is therefore understood, that with the cultural changes of consumer behaviors that consumers expect corporate establishments to also care about what they proclaim to be morally right. One consumer behavior also initiates a progressive change among society causing the society to adapt and expect the same care to be considered and assisted by corporations whom they purchase from. So businesses must take the concerns of customers into consideration to fully please their consumers. Allegations have also surfaced of questionable, practices constituted by the company. The company was believed to have been involved in a series of assassinations of trade union advocates. It is alleged that paramilitary personnel were hired by Coke to reprimand the advocates which ultimately resulted in their deaths. This allegation seriously affected the image of the company and market share was now on the verge of declining. Coca Cola was also accused of attempting to monopolize the beverage market and therefore incurred a lawsuit that in turn led to restructuring of the company’s competitive efforts that was not as successful as their previous efforts therefore decreasing their competitive advantage and allowing more competitors to capitalize on their market share. Consequently, these events resulted in multiple lawsuits being filed against the enterprise and motivated activists to implement boycotting actions. These activities received major international support and coca cola products were subsequently banned from several universities. The multinational organization responded to the boycotting activities by simply denying any wrongdoing on the company’s part and defending themselves in court. This was realistically a weak approach to such a serious situation that presently continues to negatively affect the company’s image. If boycotting actions prolong, this will negatively affect the company’s market share resulting in demand and profit declines. Ultimately, as the health conscious behaviors continue to develop an additional pressure would be exerted on the company and as discussed before if the company continues to deny the concerns of consumers the company would lose their customers and eventually have to eradicate its operations due to substantial losses. The Coca Cola Company being a beverage manufacturing company is governed and regulated by the Food and Drug Administration. As consumers concerns of the health risks associated with ingredients utilized by coke continues to accelerate, these concerns can influence the FDA to ban such ingredients thus affecting the company’s operations. Additionally, with environmental concerns persisting to exist the eventual, forbiddance of specific types of manufacturing plants such as smelters and glass refining plants in certain international territories can also impact the company. International environmental change will also allow further opportunities and threats to be uncovered by companies. Climate Change is an intensifying actualization that will continue to impact the entire world. It is estimated that the future will bring warmer temperatures, with a warmer climate there would be a greater demand for cold beverages and also for Corporate Social Responsibility efforts to save the wildlife and societies that thrives on colder temperatures. The economic recession may even get worst and new methods would have to be established to allow the company to reduce costs inorder to enhance profitability and provide affordable prices for consumers. The Coca Cola Company being the successful business venture can use its marketing strengths and international operating experience to enhance its operations and eliminate current difficulties. The company possesses strengths such as large financial bases and loyal consumers. The company however must first respond to boycotts by giving an international ambiguous and detailed briefing of the events that inspired the boycotts. The company must also include in their briefing, methods that would be establish to discontinue consumer health and environmental concerns associated with the company’s operations and products. The company must also meet with distraught trade unions and the murdered victims’ families to discuss the existing issues. This would allow the company to be respected and thereby contributing to the recovery of the company’s image. The company must then launch research activities to obtain healthier recipes that would allow the same great taste to please the consumers. To replace the high fructose corn syrup the company can outsource cane sugar from Indonesia at an affordable price that would not increase the cost of the company this would allow the exemption of the fructose syrup and replacing it with a healthier substitute. Other unhealthy ingredients can also be replaced with affordable outsourced substitutes that would provide the same taste. If the company refuses to change the formula, an invention that can reduce the effect of the unhealthy ingredients such as a simple powder to sprinkle in the beverage before consuming that would eliminate or decrease the effects of the caffeine and other health risky ingredients can be manufactured and made available to consumers this will bring additional revenue to the company and appease health conscious customers. The company can also capitalize on this health conscious effect by developing a new and affordable 100% healthy juice made from real fruit and vegetables to appease health conscious consumers. Increased labour outsourcing methods combined with ingredient outsourcing products may also derive a cheaper relative unit labour cost that can accommodate more affordable prices to consumers during the progression of the global recession. Coca Cola must also focus more on environmental friendly policies by installing filters in all smoke exhausts and contributing to agriculture by initiating a tree planting program and also educating the public on how to recycle appropriately. Their products must also be packaged and branded with ecofriendly packaging. Coke must also introduce and develop new methods to distribute its products in case of smelters and glass manufacturing processes being abolished in the future. Coke can invent new technologies such as portable product dispensers that are long lasting and ecofriendly. In the event of severe climate change, the organization can constitute donation funds that can allow its customers to donate to efforts to devise methods such as advertising educational programs that states the steps one can take to take a stand against decrease the process of climate change such as eliminating the use of products containing CFC’s and limiting burning isposal efforts and upgrading to ecofriendly products. These advertisements can also highlighlights the company’s engineered ecofriendly packaged products. The company should also pioneer new products that would provide a cooling comfort to societies experiencing a warmer climate and warmer products that would comfort societies experiencing c older climates.

Misplaced Modifiers Mix Meanings

Misplaced Modifiers Mix Meanings Misplaced Modifiers Mix Meanings Misplaced Modifiers Mix Meanings By Mark Nichol Scrambled sentence structure can lead to humorous or at least head-shaking imagery that readers will stumble on. Be alert in your writing for infelicitous misplacement of meaning: 1. â€Å"Kangaroo babies are the size of a lima bean at birth.† But we’re not told how big a lima bean is at birth. Oh perhaps it means this: â€Å"At birth, kangaroo babies are the size of a lima bean.† 2. â€Å"A famous athlete in the ancient Olympics named Milo of Kroton could break a string tied around his head with his bulging forehead veins.† OK, wait, let me get this straight: Milo of Kroton tied a string around his head with his bulging forehead veins? Why not just tie the string to, um, the string? Milo evidently wasn’t using his head after all: â€Å"In the ancient Olympics, a famous athlete named Milo of Kroton could, with his bulging forehead veins, break a string tied around his head.† (It was also unclear whether the athlete or the games were called Milo of Kroton.) 3. â€Å"The first company to pioneer the idea of extended stay in 1975 was started by an apartment developer.† A year-specific long-term residence hotel? What an intriguing business model! Which entrepreneurial insight did they have for 1976? (And first and pioneer are redundant.): â€Å"The company, which pioneered the idea of extended stay, was started by an apartment developer in 1975.† (â€Å"In 1975, an apartment developer started the company, which pioneered the idea of extended stay† is also correct and is also more active, but the context may prefer passive construction.) 4. â€Å"Mail was delivered by the Pony Express in the Wild West, a system in which riders rode to checkpoints, got a new horse, and rode on.† I’ve never heard the Wild West described as a system: The writer meant, â€Å"Mail was delivered in the Wild West by the Pony Express, a system in which riders rode to checkpoints, got a new horse, and rode on.† 5. â€Å"Based on a true story, divers are left behind to float in the open seas in Open Water.† The divers are not based on a true story; a true story inspired the movie: â€Å"In Open Water, based on a true story, two divers are left behind to float in the ocean.† 6. â€Å"The president says valor and sacrifice in the armed forces are no longer defined by sexual orientation at historic signing.† What does sexual orientation at a historic signing have to do with valor and sacrifice?: Nothing. The sentence should read, â€Å"At a historic signing, the president says valor and sacrifice in the armed forces are no longer defined by sexual orientation.† 7. â€Å"If you learn to laugh with, and at, your family, you’ll be able to survive just about anything that life throws at you with confidence and style.† Why let your life throw things, much less throw things with confidence and style?: â€Å"If you learn to laugh with (and at) your family, you’ll be able to survive, with confidence and style, just about anything that life throws at you.† (I also placed â€Å"and at† in parentheses to break up a string of commas that would, unchecked, have flattened the sentence.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:20 Computer Terms You Should KnowBest Websites to Learn EnglishNarrative, Plot, and Story

Accounting Problems Essay Example | Topics and Well Written Essays - 250 words

Accounting Problems - Essay Example a) A project with a beta of 1.3 requires a return greater than 16.5% in order to add value b) The slope of the SML can be calculated by referring to any two points on the SML, for example the points representing Assets 1 and 2. Slope is equal to difference in return divided by difference in beta (.175 - .125)/(1.5 - .05). c) If Asset 2 has an IRR greater than15% then it should be accepted (according to the SML and the firm objective of maximizing value. d) All projects plotting on the SML have an NPV of zero Question 10 E(R) = Rf +ÃŽ ²*(Rm –Rf) E(R) = 0.03 +1.2*(0.04) Risk adjusted rate of return= 7.80% Question 11 Correct statements a) Positive NPV assets plot above the line and are considered to be underpriced b) The risk-free asset has a beta of zero and the market portfolio has a beta of one c) In equilibrium all financial assets will plot on the SML line and have an NPV of zero. d) All assets, securities and portfolios which plot on the SML are efficient. Question 13 True , because the portfolio is less risky

Enron Essay Example | Topics and Well Written Essays - 250 words - 1

Enron - Essay Example It was only after the scandal that the government decided to do something about the prevention of possible future crimes that might be committed. Ethical considerations for the case and verdict required that no further information on the criminal case was leaked out into the public. As for justice on the crimes that were committed, the defendants had to pay for their crimes and were sent to jail. As much as they claimed that they were innocent, the jury had found them guilty with no biases made. The victims, although suffered terrible losses in terms of finances in the market, nothing more could be asked as the criminals who were the cause of the crime were sent to jail—it was better than having the criminals set loose. For the rest of the people in society who were not involved in the incident, justice was served as the government had took action to close the company so as to prevent more probable problems that might come from them. As a result of the scandal, the UK and the USA were the first countries to make the necessary changes so as to prevent anything like the scandal to happen again. Accountability and legal changes were made and this lead to the creation of the Sarbanes-Oaxely Act which required that CEO and CFO of any company to certify annual reports that will be passed to the government. The inability to do the required action of the law meant the probability of facing charges on the part of the CEO and CFO (â€Å"What is the Sarbanes-Oxely Act?

Ethical And Moral Dilemma Case Studies Study Example | Topics and Well Written Essays - 2250 words

Ethical And Moral Dilemma Studies - Case Study Example She is also obligated to honor the orders from her seniors and hence the conflict of interest. By letting go of the cocaine case, Linda would be acting against morality and the oath of service she took and the distribution of the drug would cause more harm to the society. Failing to heed to the distress call by the dispatcher would imply that she doesn't honor the authority and as such liable for punishment. Besides, her failure to attend to back up the burglary case may imply that her fellow officers would be outdone by the criminals and as such the whole force being on the losing side. Linda also would consider the morality in failing to arrest the drug trafficker on the premise of overcrowding o the jails which would also be unethical. This paper postulates that Linda would assume the call by the dispatcher to concentrate on the drug crime as it is an equal crime as the burglary is. The ethical support o such reasoning would be based on the fact that crime towards humanity is alwa ys unethical. Trafficking harmful substance such as the drug compromises the social well-being of the people who would use it and hence the moral responsibility of the police force to combat the crime. Although burglary is an equal vice, Linda is not ethically justified to leave drug crime to attend to the burglary because as much as burglary needs attention, drug trafficking requires an equal and urgent attention. Linda is therefore in the crisis between choosing to be loyal to the seniors and acting legally as the profession expects of her.

History Of The Stewardship Theory Accounting Essay

History Of The Stewardship Theory Accounting Essay The stewardship theory holds a different approach from that of the agency theory, it first premise is that, the company serves a large range of social purposes rather than just trying to maximize the wealth of shareholders. The stewardship theory also called the stakeholders theory assumes that corporations are social entities that affect stakeholders welfare and stakeholders are individuals interacting with the firms directly, therefore, they can affect or affected by the achievement of the firms objectives(Donaldson and preston,1995, freeman,1984) According to Starik and Rands(1995), a companys success can be judge by its ability to add stakeholders value(starik and rands,1995,Dunphy et al,2003).stakeholders will only return to a firm for more when they always get what they wantFreeman,1984, freeman and Mc Vea,2001).Hence stakeholders are regarded as instrumental to corporate success and they tend to possess some moral and legal rights(Donaldson and Preston,1995, Ulrich,2008).Companies management have to take in to consideration the claims or concern of stakeholders in their decision making process(Blair, 1995), stakeholders participation in the companys decision making process enhance better efficiency (Turnbull,1994) and also reduces conflicts(Rothman and friedman, 2001). A company can use two approaches when considering or integration stakeholders in their decision making (kaptein and van Tulder,2003). These two approaches are reactive and proactive approach. Reactive approach on one hand is when the concern of stakeholders are not considered or integrated in making corporate decision. This usually leads to misalignment of the companys objectives and the demands of stakeholders (Mackenzie,2007).The scandals of world com was attributed to the fact that they never integrated the stakeholder concern in their decision making processes(Curral and Epstem,2003, Turnbull,2002, walkins,2003 and Zandstra,2002) .In respond to these scandals, some regulations were set up by governments with the aim of aligning stakeholders interest with corporate objectives. For instance, the Sarbanes-Oxley Act. On the other hand, the proactive approach is when companies integrate the concern of stakeholders in their corporate decision making process, thus establishes a good cor porate governance structure( de wit et al, 2006). 3.5 Summary of the theories. The knowledge of agency theory can be credited to Coase (1937) however the ideas of this theory was practical only to directors and boards since the 1980s.Following . agency theory, individuals are self-interested and not altruistic, therefore individuals can never be trusted to always act in others best interest. On the other hand,, individuals will always want to maximize their utilities functions, the agency theory considered managers and shareholders relationship as a contract ( Adams, 2002). This means that managers actions must be properly monitored to guarantee that they always act in shareholders best interest. The stewardship theory on its part opted that companys board of directors and their CEO, acting as stewards, are encouraged to act in the companys best interests and not trying to satisfy their selfish interests. This is partly because, previously senior executives regarded companies as an extension of themselves (Clarke, 2004; Wheelen Hunger, 2002).The stewardship theory therefore suggested that,like shareholders, top management of a company should care more on the future success of the company (Mallin, 2004). 3.6 The impact of Audit committee The AC is seen to have great impacts in attempt to ensure good corporate governance. These impacts can be seen on audit process and audit fees 3.6.1 The impact of AC on Audit process It has been acknowledge that AC has a pertinent role to play in verifying and protecting the integrity of the companys financial statement and the company internal control systems (Abbott et al, 2004; klein, 2003; Australian accounting research foundation et al, 2001).Included in this role, the AC has the responsibility of guaranteeing the independence and competence of external auditors(ASX, 2003;Australian accounting research foundation, 2001).According to Sabones-Oxley act, the AC has the responsibility to appoint auditors and they have to oversees the performance of the auditors regarding the firms external financial reporting(US congress, 2002) It was argued by smith report (2003) that AC have to review the engagement memo at the start of audit and the AC has to take in to consideration the audit scope and the suitability of the work that is planed.Furthermore, according to smith report,(2003) ,at the end of the audit work, the AC have to evaluate the the audit findings and management opinions regarding the auditors recommendations. As a recommendation, AC has to meet with external auditors at least on a yealy basis in the absence of the management to deliberate on issues arising fro the audit (smith report, 2003, Australian accounting and research foundation et al, 2001). Some research has been carried out to sample auditors view regarding the impact of AC on audit. Cohen et al,(2002) carried out a structured interview sampling the opinions of auditors. It was revealed that AC has a less significant role to play on audit process compared to senior management or the board. In this interview, the auditors specified that they only met with AC 2 to 3 times a year and in these meetings, the AC plays a passive role rather than acting proactive as the auditors tends to be reporting to the AC. However, deliberations with AC are reported to have significant impact on the audit risk assessment and audit setting(cohen et al, 2002). Another key area where AC has a pertinent role to play in audit process is to resolve conflicts between the management and the auditors(cohen et al,2002, Turley and Zaman, 2004).As revealed by beattie et al (2000), AC seems to diminish the confrontational strength of interaction between the auditors and management by increasing the level of discussion and reducing the need for negotiation(Beattie et al (2000).On the other hand, some studies like Dezoort et al,2003;Dezoort and salterio, 2001:and knapp,1987) observed influential factors on the AC decisions to support auditors in steads of the management. Such factors include, AC members expertise and experiences, the nature of the conflict, the auditors perseverance and clients financial situation. 3.6.2 The impact of AC on Audit fees A good number of studies have found out that there is a link between audit fees and the AC.( Goodwin-stewart and kent, 2006; sharma, 2003).This is seen on the AC role of guaranteeing that audit hours are not cut down to a level that will compromise audit quality(Cadbury committee, 1992,;jack, 1993).According to smith report(2003), in situations where the AC is not contented with the audit scope, more work or task has to be requested. Also, the AC have to be satisfied that the audit fee is appropriate and that efficient and effective auditing performance will be achieved for the fees charged. As a consequent, incase the AC fails to carry out their responsibilities properly, they will lose their status or reputation and will face litigation when there is audit failure(Abbott et al, 2003).Therefore, the AC have high incentives to request for good auditing quality. Chapter 4 4.1 Corporate Governance issues in Developing Countries (Cameroon) According to Wallace (1990), developing countries are defined as those countries found in mid-stream of development and are referred to anamorphous and heterogeneous group of countries found mostly in Africa ,Asia, Latin America ,Middle East and Oceanea. There exist difference between developed and developing countries in terms of culture, politics and market economics (Waweru and Uliana,2005).Due to lack in skilled human resources, developing countries therefore find it difficult to attract personnels verse with accounting and financial skills in their committees. The cultural variation between highly individualistic countries ( like North America) and highly collectivistic countries (like Africa) necessitate different corporate governance arrangements. Rabelo and Vasconcelos (2002) pointed out factors like economic trends towards globalization, under developed capital market as well as government intervention has made the model of corporate governance to differ from those in Europe an countries and North America. Mensah (2002) argued that countries in Africa are not well equipped in implementing the kind of corporate governance found in the western world because of the economic and political regimes characterizing these countries(example weak fraudulent legal and judicial regimes ,state ownership of companies as well limited capacity in skilled human resources.). Corporate governance structures in less develop countries are determined by the zeal to maintain control by the majority shareholders over firms ,the dependent on debt finance, weak financial markets and ineffective legal system (Rabelo and Vasconcelos,2002).Developing countries are always confronted with problems like less developed and illiquid capital markets, economic uncertainties ,investors protection as well as weak legal and judicial control system (Tsamenyi et al,2007). According to Goddard and Masters(2000),audit committees has become more relevant and prevalent latterly but however there is paucity in the empirical research about their value. Kalbers and fogarty(1993) further indicated that the issue of whether audit committees are really discharging their relevance responsibility remain insufficiently understood, suggesting therefore the need to examine the ways audit committees are operating in developing countries like Cameroon In Cameroon, most companies are owned by institutions and such institutions are owned by the state(government), therefore most board members are serving the position as management of shareholders not because of their qualification neither their experiences(Mensah,2002).Audit committees operations in developing countries are different compared with the practices in developed countries .In 2001,the Cameroon capital market authority gave guidelines regarding corporate governance activities for listed companies.one of this guideline was that which called all boards to form audit committees comprising at least three independent non-executive directors. Figure 2, corporate governance(CG) fram work in Cameroon 4.2 The legal and Regulatory Framework of corporate governance for listed companies in Cameroon Cameroon operates under two systems of laws namely ;the common law and the civil law. The bilingual nature of Cameroon is inherited from Britain and France when the county came under the administration of these two great powers. Therefore Cameroon has a bijural system with the English Common Law effective in the two Anglophone provinces of North West and South West and the French Civil Law effective in the eight francophone provinces namely ; Adamaoua, Centre, East, Far North, Littoral, North, West and South. The surveillance of the principles of good corporate governance in Cameroon listed companies have been protected by the mixture of voluntary and mandatory mechanisms .The DSX code of best practices for listed companies in Cameroon is voluntary and is aim at enhancing good business practices and standard for all listed companies in Cameroon. On the other hand, mandatory corporate governance requirements linked to companies are enclosed in the Companies and Allied Matters Act 2001).(CAMA). The following bodies are loaded with the responsibilities of guaranteeing effective management, accountability and control of companies in Cameroon.it is important to deliberate on the respective roles and responsibilities of these institutions . 4.2.1 The Douala Stock Exchange(DSX) The DSX is the top regulatory organ of stock market in Cameroon. DSX was formed , and organized in agreement with the provisions of degree No.99/015 of the 22nd December, 1999.but it went effective from 2001. The DSX is both a standard bearer of the national economic and the financial community .It is a public limited company with board of directors. DSX has a total capital of 1.8 billions CFA of which 7% is owned by private commercial banks , credit foncier of Cameroon and the Dutch bank FMO, 23% by public interest and 13.3% by private insurance companies. In Cameroon, the number of companies listed in the Stock market is very insignificant. There are only three companies listed in the DSX namely the mineral water company(SEMC), the African society of Agriculture and forest Cameroon(SAFACAM) and the Cameroon Society of palms(SOCAPALM),DSX got as it main objective the promotion of active stock market by creating a conductive investment environment to encourage foreign investors to in vest in Cameroon. To ensure appropriate standards of conduct and expertise in security business, one of the main functions of DSX is to ensure total protection of securities, the registering of all security merchants, investment consultants and physical market like the stock exchange trading floors or branches. In custody of its mandate of spreading good corporate governance, the DSX presented the code of best practices for companies listed in Cameroon. The aim of this code was to make sure that managers and companies shareholders perform their obligations within the context of accountability and transparency. This code of best practices focuses more on the board of directors, the audit committee and the shareholders. 4.2.2 The Board Of Directors ( BODs) The code of best practices focuses more on the board responsibilities and their functions. The board have the obligation of directing the activities of the company in a legal and efficient manner as well as ensuring that the company progresses in its value creation process. According to the code, the main functions of the board are strategic preparation, selection, performance assessment and compensation of senior executives. communiquà © with shareholders, guaranteeing the truthfulness of financial control and report and also guarantee that ethical business standards are upheld and that the company is in compliance with Cameroon laws .The code endorses the board size of almost 15 members and a least 5 members made up of both executive and non-executives directors. 4.2.3 The Audit Committee (AC) The DSX code of best practices identify the importance of audit committee due to its strategic position in guaranteeing good corporate governance standards in companies. The recommendations of audit committee are an addition to the provisions of CAMA. The main duties of audit committee can be summaries as listed below; To determine if the company accounting and reporting policies are in compliance with the legal requirements and in accordance with ethical business practices Reviewing the scope and the preparation of audit requirements -Ensure the effectiveness of the companys accounting system and internal control -Make approval to the board concerning the appointment, dismissal and compensation of the companys external auditors -Approve the internal auditors to conduct investigations on activities which are of prime interest to the committee -the appraisal of the integrity of the firms financial statements; -To counsel the board on the trustworthiness of financial and maybe other informations that has to be published in the name of the board; -To supervise the financial reporting and disclosure procedures -The deliberation on the nature and scope of the audit with the external auditors -To evaluate the management memo from the external auditor; -To ensure the effectiveness of the internal control operations of the firm To evaluate any substantial findings of internal investigations 4.2.4. The Shareholders The DSX code of best practices for corporate governance in Cameroon made a series of recommendations to ease shareholders contribution at the general meeting. In respect of this, the place for the general meeting has to be such that it is conceivable and affordable in both cost and distance, to permit a mainstream of shareholders to be present in the meeting and to vote, thus avoiding the violation of shareholders right. The code also necessitates that sufficient notice of such meetings should be made available to shareholders and these meeting notices should reach the shareholders a least 21 working days before the meeting day. The notice must contain informations on the annual reports , financial statements and other relevant information to allow them to vote appropriately on these issues. The general meeting is like a venue for the companys board to communicate and boosts shareholders contribution in the companys governance 4.2.5 The Government The role of Cameroon government is not left out in ensuring good corporate governance practices. The government offers the legal frameworks for firms incorporation, outline the limits of business activities, the government ensures that the companys operations are in compliance with formed standards and that stakeholders obligations are met. The basic principles which are entrenched in the stature regarding the management and control of business corporations in Cameroon include; -The acknowledgment of company as a legal entity different from its owners. -Infinite life of a company due to shares transferability -The designated board supervises the running of the company and is answerable to the all members on their stewardship. -The directors has the obligations of keeping good records of the financial issues of the company and make proper returns. There are three main legal form for doing business in Cameroon that is, an individual functioning as a sole owner without formality, a partnership of a least two persons and the creation of a limited liability company recorded under CAMA. The CAMA gives a lot of tasks to the board members to direct the companys activities effectively to guarantee business accountability, transparency and responsible to firms owners and stakeholders. 4.3 The Actors of Corporate governance; Managers and shareholders In Cameroon, there is a cumulative rise of the question of what companies owners will become as they are simply the viewers on the management of their money by managers. To answers this question, we have to look at Managers behaviors, however Managers behaviors varies depending on shareholders influential abilities. Managers behaviors defined the importance of Corporate governance in companies due to the critical position they occupy in the value creation process (Caby and Hirigoyen,2001) and also due to the detachment of ownership and decision making functions. Managers as shareholders agent have as their key objective to manage the business at shareholders best interest(Ross,1973 and Jensen and meckling,1976) but however both the manager and firms owners has varied utility functions and each tries to maximize its utility function(Ross,1973).Agency conflicts or problems can then result from managers opportunistic behaviors .For instances, managers are much motivated in seeking compa nys growth because their salary depends on it .(Baker ,Jensen and Murphy,19958),Also there is the issue of diversification that managers are always interested on .Managers can have the will to diversify risk but it will contradict shareholders interest (Aminud, and Lev,1981).Managers occupy a pivotal position in a company as they represent shareholders and act as the employees superior authority their arbitrations are difficult(Arcinles,1995).Corporate governance role is then to aligned managers attitudes near shareholders and stakeholder wealth maximization criteria. However , the extend to which corporate governance is importance is determined by the power exerted by shareholders and board of directors operations. shareholders having greater shares; This role of firms owner with larger shares is been justified by schileifer and Vishny,(1986)as a guarantee of managers discipline when there is capital dispersion, to supervise managers activities is then difficult and very costly to a shareholder taking it individually. Therefore to obtain optimal monitoring which is profitable to all shareholders, only shareholders with greater shares are allowed to incurred monitoring expenses .It is in this light that Jensen (1993) mentioned the nation of Active shareholders -Financial monitoring plays a role in situations where a company like joint stock company is been controlled by a group of persons whom because of their share capital contribution or as a result of foreign ownership representative can significantly influence the companys management. -The importance of family monitoring.(Allouche and Amann,2000) regard family shareholding as source of active shareholding .For instance, in Cameroon ,family shareholding have unequal economic roles and they tend to represent the main proportion of the country economic fabric .Factors such as confidence and family ties can explain their outstanding performance (Bourdieu,2002) Chapter 5; Research Methodology 5.1 Introduction Research method deals with the style in which datas are collected, analyze and interpreted to achieve the study objectives. This chapter will treat the design and method used to address the study questions as it was mentioned in chapter 1.This research made used of questionnaires survey and interview survey . 5.2 The questionnaire survey Questionnaires is the widely used method in social science fields ((Easterby-Smith et al, 2001; 2008). This is a method in which all participants are asked almost the same questions in the same situation (Easterby-Smith et al., 2001; Li et al., 2000;Merriam, 1988; Payne, 1980). In this study, a questionnaire was developed from a review of related conceptual, theoretical and pre-tested with a sample of auditing practioners. The questionnaires which is made up of 58 questions in total (see appendix 2) directly addresses the study objectives. This questionnaires centers on the audit committees operations, composition, financial skill, independence, self-evaluation, relationships, major achievements and outstanding challenges facing audit committee .A majority of these questions are Yes or NO question type and in the others, the respondents were expected to rate the committee achievements with a score of 4(to a greater extend ) to a score of 1(not at all). The researcher circulated the questionnaires to all targeted respondents which included ; audit committee chairpersons, company secretaries and the finance heads of the 3 listed companies in DSX with audit committee in place. This gave a total of 9 questionnaires ( 3 audit committee chairpersons, 3 company Secretaries and 3 finance heads) which was sent to these three sample groups. In regard to external auditors, this research included only auditing firms that carry out the statutory audit of companies listed in the DSX in the most recent 2 years. It is well noted that the DSX have enforce certain qualification for audit firms that can carry out statutory audit of the listed companies. One major qualification is that, the audit Firm has to be a partnership or joint venture entity, nonetheless a majority of the audit firms in Cameroon are owned by sole proprietors .In Cameroon, there are over 30 registered audit firms but only 6 audit firms are qualified to carry out the external aud iting for listed companies in DSX in the last 2 years .this survey involved all the 16 partners of the 6 qualified firms, therefore making a general total sample of 25 that received the questionnaires. Table 1. The sample Questionnaire survey analysis Group sample Sample size percentage AC chairpersons 3 12% Finance heads 3 12% Company secretaries 3 12% External auditors 16 64% Grand total 25 100% 5.3 Administration of the questionnaire survey The researcher mailed the questionnaires to the participants on the 12th December 2012 . The Mail package comprised a set of questionnaires, a motivating letter , a free post envelope and the researcher return address. The motivating letter is supportive in gaining higher response rate, this is because the motivating letter clarifies the participants on the purpose and importance of the study. In this motivating letter (see appendix 1), the researcher highlights the nature and importance of the survey, inviting to complete the questionnaire, guaranteeing the confidentiality of the participants responses. To enhance higher response rate by the respondents, the researcher exerted maximum efforts to monitor the survey through e-mails and telephone calls. 5.4 Response of the questionnaire survey The researcher mailed a total of 25questionaires out of which he received the response of 23 participants. 6 participants were considered disable in the survey. The details of this is given in the table below. Table 2, response analysis Description Mail sent Received Response rate unable AC chairpersons 3 3 100% 0 Finance heads 3 3 100% 0 Company secretaries 3 3 100% 0 External auditors 16 10 62.5% 6 Total 25 19 76% 6 The table shows that an overall response rate of 76% was conceived (19 out of 25).All the AC chairpersons, the finance heads and the company secretaries of the 3 listed companies in DSX (SEMC,SOCAPALM, and SAFACAM) responded to the questionnaires each having a response rate of 100%.However, the External auditor had a response rate of 62.5%( 10 out of 16).6 of the external auditors never responded to the questionnaires due to geographical dispersal and busy work schedules . SPSS was used in analyzing the datas , the researcher made use of frequencies to assemble raw data to facilitate interpretation, the average was used to rank the scares. However, the researcher did not conduct any statistical analysis since with 19 useable respondents, the subgrouping will be very minute for a significant statistics. Nonetheless, with the fact that 5 of the respondents declared their willingness to further participate in this study and the high questionnaire response rate of 76%; the research findings are still going to be meaningful. 5.5 Interview Survey The primary aim for the researcher to carry out an interview survey in this research is to permit participants to develop further their opinions because the closed questions of the questionnaire sealed participants into arbitrarily limited alternatives (Foddy, 1999). The researcher made used of semi structured interview method in conducting the interview. This method eases the researcher control over the time, content and the arrangement of the interview. Furthermore, this method permitted the interviewer to pose penetrating questions that gave a deeper understanding of the research issue. Consequently, semi-structured interview was carried out to confirm the outcomes of the questionnaire survey and to get a deeper understanding of the findings. 5.6 Administration of Interview survey The 5 respondents from the questionnaire survey who indicated their willingness for further participation in this study were the participants for the interview. This group of interviewees were made up of 2 AC chairpersons , 2 external auditors and 1 finance head. The researcher contacted the interviewees firstly through telephone to book for appointment. The interviewees were later e-mailed the interview agenda(see appendix 3) to enable them know beforehand what will be deliberated and also to confirm the appointments(date and time) The Interviews were conducted on working days through telephone, at the start of each interview, the researcher presented himself, explained the purpose for the study and guaranteed the interviewee the confidentiality of their responses. Each interview lasted for at most 30 minutes. 2 of the participants were interviewed on the same day and the rest of the 3 participants were interviewed on 3 separate days ( all on working days and in the same week).The discussion questions were centered on the participants backgrounds, the attributes of AC (composition, size, qualification, experience),the roles of AC to ensure good corporate governance ,some of the achievements and limitations. The interview ended with words of appreciations from the researcher. All the 5 respondents who opted for the interview made them self-available and their responses supplemented the questionnaire response to give a deeper understanding of the research issue. The high response rate of the questionnaire survey and the interview will make the research findings and discussion very meaningful. Chapter 6; Finding and Discussions 6.1 Introduction This chapter is to discuss the findings of the surveys. The researcher is going to present the findings in 3 main subjects of the survey namely; audit committee operations, relationships and major achievements/challenges. However, it is very necessary to talk about the background of the respondents that participated in this survey. The details are given in the table below. Table 3. Educational qualification of respondents Degree AC chairperson Finance heads secretaries External auditors Total N ° rate N ° rate N ° rate N ° rate N ° rate Bachelor 0 0 1 33.3% 2 66.7% 0 0 3 16% masters 1 33.3% 1 33.3% 1 33.3% 3 30% 6 32% Doctorate 2 66.7% 1 33.4% 0 0 7 70% 10 52% Other 0 0 0 0 0 0 0 0 0 0 Total 3 100% 3 100% 3 100% 10 100% 19 100% The above table reveals that, out of a sample of 3 for AC chairpersons, 2 chairperson have obtained a doctorate degree as their highest educational qualification(66.7%) and 1 with masters degree(33.3%).In the sample of finance heads,1 had a bachelor degree,1 masters degree and 1 a doctorate degree giving a 33.31% to each degree. In the part of the company secretaries,2 obtained a bachelor degree(66.7%) and 1 a masters degree(33.3%).Lastly for external auditors, out of 10 who responded to the survey(6 where considered unable),3 holds a masters degree(30%) and 7 a doctorate degree(70%).In total, out of 19 respondents who participated in the survey, 3 are holders of bachelor degree(16%),6 holds masters degree(32%) and 10 doctorate degree holders(52%).All the 4 groups of respondent have qualifications and experience in fields related to accounting, finance, economics, marketing and management 6.2 The Operations of AC It has been revealed that all the respondents have established audit committee charters, though only 60% of the charters are updated yearly whereas the 40% specified that their charters are been updated as needs arises. This complies with the literature which says that firms should established a tailor made charter, however this is contradictory with the commendation of yearly updates of charters (Hoi et al ,2007: Rezaee et al, 2003).we can base this on the limited human resource capacities in less developed countries (Mensah, 2002). AC has as their main duty to oversee the companys financial reporting scheme. The AC must have th