The Ethics Of Sarbanes Oxley Act - 1667 Words

Abstract Sarbanes-Oxley Act was enforced in the past but caught everyone’s attention when drastic audit failures from Enron and Worldcom happened. An enhanced act (SOX) was enacted in 2002 improving audit quality. In particular, section 404 provides guidance of assessment to internal control. For an accounting perspective, internal control is a system for internal and external auditors to measure performance and recommend the improvement of the control. It is definitely correct that both enforcement and the system are to address the risks of frauds. In the meantime, a new regulatory agency, the Public Company Accounting Oversight Board (PCAOB) was created to monitor the work of public accountants. Among SOX and the PCAOB, accounting†¦show more content†¦With the use of AIS, risk management become higher and material weaknesses can be avoided that management can efficiently make decisions under reliable and accurate financial information. Therefore, there is a direct cor relation between AIS and controls along with legislation. Sarbanes-Oxley Act of 2002 (SOX) Summary SOX was passed by the Congress after the substantial audit frauds by Enron and Worldcom occurred. A series of standards were set and enforced for all U.S. public corporations and public accounting firms in order to improve business performance and processes, and decision-making. It is mandatory. SOX consists of 11 major elements following as (SOX, 2002, p. 1): 1. Public Company Accounting Oversight Board 2. Auditor Independence 3. Corporate Responsibility 4. Enhanced Financial Disclosures 5. Analyst Conflicts of Interest 6. Commission Resources and Authority 7. Studies and Reports 8. Corporate and Criminal Fraud Accountability 9. White Collar Crime Penalty Enhancement 10. Corporate Tax Returns 11. Corporate Fraud Accountability Each of them is significant for public accounting companies to develop effective control environment, provide reliable financial information, and set policies complying with applicable laws and regulations. Internal Controls According to the framework, Internal Control – Integrated Framework, issued by the

The Debate Of Euthanasia And Euthanasia - 1429 Words

INTRODUCTION: The debate of euthanasia is an ongoing one that’s shrouded with much controversy and ambiguity regarding the ethics of it in contemporary Australian society. However, the frequency of this topic being debated by physicians, influential figures and the media has become more prominent now than ever. In particular, in association with its impending legislation within Australian states. (The Royal Australian and New Zealand College of Psychiatrists,2012) Various types of euthanasia are recognised, these include active and passive euthanasia, voluntary and involuntary euthanasia and assisted suicide. Presently, any form euthanasia is prohibited across all Australia states and territories. This is predominantly due to the possible†¦show more content†¦Both forms of passive and active euthanasia can be executed voluntarily or involuntarily. Voluntary euthanasia occurs when a patient who is in a competent and conscious state of mind requests that treatment is halted or action be taken that will result in the patients’ death. (Johnson, 2016) This can be done in a formal written or verbal manner whenever the patient requests for it. Non-voluntary euthanasia is when a patient’s consent cannot be obtained because they’re physically or mentally unstable to be able to give consent. However, involuntary euthanasia is when the patient can give consent but doesn’t do so because they were never consulted or they do not wish to be euthanized. (White and Willmott, 2012) Assisted suicide is when the patients request and consents to end their own life and the doctor provides them with the means of death, thus the patients can use that means to commit suicide. (Fieser, 2017) What is the legality stance on euthanasia in Australia? Presently, active voluntary euthanasia is prohibited across all Australian states and territories. However, there was a period when the Northern Territory legalized euthanasia and physician assisted suicide under the Right of Terminally Ill Act (1995). The Act became effective in 1996 and made the Northern Territory the first place in the world to legally permit active voluntary euthanasia and physician assisted suicide. Under this legislation, competentShow MoreRelatedThe Debate About Euthanasia And Euthanasia1631 Words   |  7 PagesThe debates about euthanasia date all the way back to the 12th century. During this time, Christian values increased the public’s opinion against euthanasia. The church taught its followers that euthanasia not only injured individual people and their communities, but also violated God’s authority over life. This idea spread far and wide throughout the public until the 18th century when the renaissance and reformation writers attacked the church and its teachings. However, the public did not pay muchRead MoreThe Euthanasia Debate1211 Words   |  5 PagesEuthanasia is defined as the painless killing of a terminally ill patient by means of lethal injection by a doctor in a controlled me dical environment. Similarly, physician assisted suicide (PAS) is when a patient requests a lethal prescription from a doctor or pharmacist to end their life before a fatal disease does. The two are akin to each other and are almost interchangeable in definitions. Being a highly controversial topic, there is a plethora of arguments surrounding PAS, all very emotionallyRead MoreThe Euthanasia Debate Essay1290 Words   |  6 Pagesthought of suicide, but is euthanasia the same thing? Do human beings have the right to choose death? â€Å"Americans have developed a paradoxical relationship with death-we know more about the causes and conditions surrounding death, but we have not equipped ourselves emotionally to cope with dying and death (Bender and B. Leone).† Death is a scary subject for all humans. And death caused by oneself, or suicide, is even scarier. Suicide on a medical terms, or euthanasia, confuses many people. ItRead More The Euthanasia Debate Essay1583 Words   |  7 PagesA long, ongoing battle in the institutional review boards, ethics committee and in the United states federal court is Physician assisted suicide (PAS) and euthanasia. PAS refers to â€Å"a third part action informed by the intended objective (at the very least) to furnish a potential suicide with the lethal means necessary to end his or her bodily life† (Parteson 11). There are victims suffering in silence because of this issue and it calls for immediate action with a federal regulated law. The victimsRead MoreThe Debate Concerning The Morality Of Euthanasia915 Words   |  4 PagesAmericans , arguably more than any other nationality, have a right to their opinion and there exists few subjects that generate more opinions than does euthanasia. The debate concerning the morality of euthanasia parsimoniously rests on the moral assessment of whether or not the physician intentionally kills or intentionally let die the patient. An assumption has been perpetuated that there is a line of demarcation between intending to let die and intending to kill. This pseudo-practical barrierRead MoreCritical Reflection : The Euthanasia Debate1652 Words   |  7 PagesReflection: The Euthanasia Debate Medical advancements and improved living conditions worldwide have increased the life span of our population (U.S. Department of State, 2015). As a result, many individuals are now living with degenerative or chronic ailments that require increased support (Vissers et al., 2013). Unfortunately, these illnesses often come with a â€Å"diminished quality of life† (Butler, Tiedemann, Nicol, Valiquet, 2013). These issues have brought forth the euthanasia debate, which posesRead MoreThe Debate On Euthanasia Is Never Ending1263 Words   |  6 Pages The debate on euthanasia is never ending. It is an important topic that debates whether assisted death is ethical or In spite of this euthanasia is not discriminatory towards the mentally ill. They are reasons and law Euthanasia is ‘painless inducement of a quick death’. It is is a long living debate that challenges the morality of life. Due to its high controversy only certain countries have legalised the procedure however they have strict rules and procedures that must be followed. InRead MoreEssay about The Debate Over Euthanasia1216 Words   |  5 PagesThe Debate Over Euthanasia The controversy over euthanasia has recently become highly publicized. However, this issue is not a new debate. Society has voiced its opinions on the subject for hundreds of years. Euthanasia, which is Greek for good death, refers to the act of ending another person’s life in order to end their suffering and pain.1 Two forms, passive and active euthanasia, categorize the actions taken to end the person’s life. Passive euthanasia involves removing a patient’s lifeRead MoreEssay on The Debate of Euthanasia Legalization in Britain980 Words   |  4 PagesThe Debate of Euthanasia Legalization in Britain The term ‘Euthanasia’ comes from the Greek word for ‘easy death’. Is that not how we would like our end to be? Unfortunately, Euthanasia is one of the most controversial issues being debated about in society today. Formally called ‘mercy killing’, euthanasia is the act of purposely making or helping someone to die, instead of allowing nature to take it’s course. Basically, euthanasia means killing in the name of compassionRead MoreThe Ethical Debate On Non Voluntary Euthanasia963 Words   |  4 PagesThe ethical debate on non-voluntary euthanasia is a complex issue due to its multifaceted nature. This topic examines the morality of ending a human’s life in circumstances where the person is incapable of issuing explicit consent. These cases would include utilizing euthanasia on very young children or someone in a vegetative state. There lacks consent with young children since they cannot speak to provide consent. Explicit consent is lacking with someone in a vegetative state since they are

Economics Microeconomic Theory of Demand and Supply †Free Samples

Question: Discuss about the Economics Microeconomic Theory of Demand and Supply. Answer: Introduction The microeconomic theory of demand and supply has wide implications for various business decisions as the firm needs to optimize the economic factors available so as to derive maximum profit. The usage of the above microeconomic theory has been demonstrated in the light of the article selected which deals with a particular incident that has taken place and to analyze the likely impact using microeconomic theory. Further, economic decision with regards to revenue also needs to be taken based on the service outlined besides highlighting the relevant externalities along with measures to increase the share of positive externalities. Analysis For a large theme park such as Dreamworld with limited presence in select locations only, the primary intended audience would be tourists along with children. Besides, the secondary audience would comprise of the domestic people who would also be visitors. It is of immense importance that the organizers must have requisite arrangements in place so as to manage any unexpected incident while ensuring that minimum damage or inconvenience is caused to the visitors (Gal, 2014). Considering the nature of activities present and the amount of people present in the theme party, it is apparent that there may be potential safety issues that may be lurking which in such a setting could provide sizable fatalities and thereby deter the customers the visitors from paying a visit to the theme park. Thus, such an incident would lead to demand being adversely impacted as the customers would satisfy themselves with alternative choices. The reduced demand for the services can be analyzed using microeconomic theory and the graphical aid presented below (Krugman. Wells, 2008). The graph above is indicative of the downward shift in the demand curve from D to D1 on account of the security concerns. The short term supply of the services by the theme park does not change and hence the equilibrium point relocates to a new point which has a lower price and lower quantity consumed for the services offered by the theme park (Mankiw, 2014). The quantitative aspects of the impact due to fluctuations in demand and supply factors amongst other parameters would be most critically impacted by elasticity of the underlying service. In order to derive a correct estimate of elasticity of demand, certain variables need to be accounted for. These would comprise of level of availability of cheaper substitutes along with the service type as in it is luxury or basic. Typically, luxury goods or services have higher elasticity in comparison with more basic goods which are considered almost indispensible (Mankiw Taylor, 2011). With regards to PED, the elasticity determination is contingent on the nature of the service. It is imperative that the service provided by the theme park is not a basic or essential service such as healthcare. Thus, in wake of increase in prices, it is possible to deter the visit to Dreamland. In this regards also, elasticity would be different for foreign and domestic tourists. The foreign tourists would exhibit comparatively lower elasticity in comparison with the domestic counterparts but overall the demand would be elastic with the demand elasticity value exceeding 1 in magnitude (Arnold 2008). Taking into consideration the above discussion, it makes sense for the operator of the theme park to keep revenue as low as possible as this would potentially maximize revenue for the park. This has been demonstrated using a numerical example relevant to the given example (Krugman Wells, 2008). Ticket price per individual = $ 80 Estimated customers expected at this price = 100,000 Revised ticket price per individual = $ 100 Price elasticity of demand for the theme park = -1.25 Ticket price (change in %) = [(100-80)/80]*100 = 25% Customer volume change = 25% * (-1.25) = -31.25% Thus, estimated consumers at P=$ 100 will be 100000*(1-0.3125) = 68,750 Revenues at P = $80 would be 80*100000 = $ 8,000,000 Revenues at P = $ 100 would be 100*68750 = $ 6,875,000 Hence, change in revenue = 6,875,000 - 8,000,000 = $ 1,125,000 Thus, on account of entry price increase, the overall revenues have declined. A theme park of the scale of DisneyWorld has significant implications related to generation of positive as well as negative externalities. The externalities are essentially those effects which the producer does not intend to produce while delivering a service or producing a good. This may have good or bad effect on the society based on which they would be labeled. Dreamworld would lead to positive externality generation for the local tourism industry. This is primarily because it is a hotspot for tourists and thus would attract significant tourist attention. As a result, incremental employment opportunities would be generated and also indirect benefits to the economy would be realized as the tourists would reside in the nearby places which would lead to incremental demand of food and lodging besides other services which the tourists frequently require. However, a potential negative externality arising from the park would be in the form of incremental strain on the infrastructure whic h would lead to higher congestion, higher rents and in general an increase in prices which would adversely impact the local people (Gal, 2014). The local government or the state government should take measures to promote the theme park through various promotional campaigns and including it within the attractions in the various informational booklets available online and offline. Also, incentives in the form of tax rebates may be provided to those tourism companies who are able to attract foreign tourists (Mankiw, 2014). For minimizing the attached negative externality, price differential must be maintained between foreign and domestic tourists and the revenues collected through this means should go in maintenance of the city infrastructure. The money can also be collected by levying a maintenance tax for all foreign tourists (Mankiw Taylor, 2011). Conclusion From the above analysis, it is clear that demand has become lower due to threats regarding security and thus led to lower profitability. Further, considering the elastic nature of services provided by theme parks, there elasticity coefficient exceeds 1 which implies that increasing the revenue is counter-productive for the operator. Also, externalities which are beneficial and those which are harmful are both present. It is imperative that the government must take proposed measures in order to maximize the positive externality potential while minimizing the negative externality impact. References Arnold, A.R. (2008). Microeconomics (9thed.), Sydney: Cengage Learning. Gal, L. (2014), The economic impact of theme parks on regions, Retrieved on April 30, 2017 from https://aocarastirmalari.arch.metu.edu.tr/files/2014/05/AOC_ARCH714_Loredana-Gal.pdf Krugman, P. Wells, R. (2008) Microeconomics (2nded.), London: Worth Publishers. Mankiw, G.(2014) Microeconomics(6thed.), London: Worth Publishers.Mankiw, G.N. Taylor, P. (2011) Microeconomics(5thed.), Sydney: Cengage Learning.

Presidential Term Limits Pro Essays - Term Limit, Term Of Office

Presidential Term Limits: Pro TERM LIMITS: PRO Elections, especially of representatives and counselors, should be annual, there not being in the whole circle of the sciences a maxim more infallible than this, where annual elections end, there slavery begins. These great men . . . should be [chosen] once a year Like bubbles on the sea of matter bourn, they rise, they break, and to the sea return. This will teach them the great political virtues of humility, patience, and moderation, without which every man in power becomes a ravenous beast of prey. John Adams Government exists to serve the people, and not the politicians, American citizens know this. Polls show that Americans want term limitation by margins as high as three-to-one, even four-to-one. Congressional term limitation is the most important issue of our time because the future direction of our country depends upon it. There is no other way to restore government to, us, the people. There is no substitute for term limits. There are many second steps, depending upon where you sit, but there is only one first step toward turning the country around. It is congressional term limitation. There are many arguments for and against term limits. I am personally 100 percent for them. Many people think that with term limits we would lose experience, maturity, and knowledge of the workings of Congress. However, this is not correct. The workings of Congress need not be nearly so complex as careerists would have us think. However, great pains have been exerted to give us that impression. A term-limited Congress could get the nation's business accomplished in a fraction of the time that it takes now, with all the posturing, posing, ego trips and headline-grabbing. And a term-limited Congress could streamline all the procedures. As for experience we would be better off without some of it. What is needed is experience in the real world life experiences from new blood, with fresh ideas. With term limits, congressional staff people would gain control, is another widely used argument against term limits. The fallacy of that argument is that the staff people already have control. Thr ough the years, Congress has abdicated it to them. Committee staffs write the legislation, and members' staffs read it, then tell members what's in it. Members themselves rarely read what they vote on. In a country where ignorance of the law is no excuse, members of Congress are often ignorant of many of the provisions of laws they vote on. Congress and its members could regain control from the staffs right now, if they had the will. They don't have the will. A term limited Congress that had the will could get control of the staffs in a very short period of time. There is nothing difficult about it. Finally, I will give you a short list of what term limits will do for our country, and I am sure you will find them all to be positive changes. These changes include, but are not limited to the following: ? It will lead to regaining control of our Federal Government. ? It will lead to a citizen Congress, with a fresh attitude of service. ? It will start the process of lifting the yoke of oppressive, elitist bureaucracy from the backs of productive, tax-paying citizens. ? It will start the process of lifting the burden of inherited debt from the backs of our children and those who follow them. ? It will lead to the addressing of America's problems from an honest perspective. ? It will lead to the people getting their country back. For these reasons, we consider term limits to be the preeminent issue before the country today not so much for what it will accomplish by itself, as for what it will make possible. To change the government requires a lot of effort. Term limits is something that wont be done by the politicians. It will be done by people like you and I. The more secure an officeholder, the more his interests would diverge from those of his constituents. Andrew Jackson Legal Issues