Enron Accounting Scandal: Changes to SAS 99

Enron Accounting Scandal: Changes to SAS 99 The Enron accounting scandal is one of the most shocking nightmares in the professions history. Enron rises to success quickly after its establishment in 1985. However, despite attracting huge share prices, the company files for bankruptcy in December 2001 and its share value plummets from $92 to $0.67 within a span of one month. The question that most stakeholders still have is how such a huge company, one of the most promising in the United States, comes crumbling down overnight. The underlying problem in Enrons case is the lack of sufficient accounting oversight to ensure that the figures executives post reflect a true and fair view of the companys position (McLean Elkind, 2003). Massive deregulation and the lack of an independent accounting firm to audit Enrons books helps to keep the con going for years. Though the company starts failing in the late 1990s, it is not until late 2001 that the world realizes what is going on behind the scenes. Main players in the scandal including CEO Jeffery Skilling, Enron former CEO Kenneth Bay and innovative CFO Andrew Fastow are all convicted of insider trading and fraud related charges. Arthur Andersen LLP, the accounting firm that fails report Enrons misrepresentation is closed and convicted for obstructing justice, though this conviction is overturned. The SEC works with a tight regulatory framework looking to prevent companies from pulling stunts like the ones in Enrons case. However, there are loopholes that allow Enron to thrive. Among them is a mechanism that allows companies to influence the progress of their share values on the stock market. Mark-to-market accounting allows Enron to peg its share value on the market price, rather than the value reflected on its books(Collins, 2006)On top of this, allowing companies to hedge their stock using SPVs in the balance sheet represents a failure in preventing companies from unfairly influencing the progress of their stock value. These are only basic aspects that Enrons exploits, but there is a bigger safeguard of them all, an independent audit firm. Arthur Andersen LLP fails in its obligation to provide a true and fair view of Enrons operations. This allows the company to continue its fraud over an extended period of time. At this time, rather than report to the board of directors, t he audit firm directly reports to the company executives, which limits its independence significantly, as well as introduce a loophole in the mechanism that allows executives to perpetuate their own interests at the expense of the shareholders (McLean Elkind, 2003). Changes to SAS 99 Communication of potential fraud: SAS 99 improves look to ensure that there is greater oversight against corporate fraud. As a result, the reporting framework has been expanded to include more than just management. The board of directors and other stakeholders are now more engaged in the communication of fraud process (Thomas, 2002). Furthermore, the obligation of the independent auditor has shifted and they now cover a wider stakeholder scope, which means that offering information to management alone is not enough. Failure to provide a thorough breakdown of the audit to other stakeholders now amounts to a failed engagement. Fraud risk factors: auditors heavily rely on information that they gather in the course of an engagement to make a decision about the nature of a companys financial statements. However, revisions to SAS 99 means that they can now establish ways to detect fraud by assessing the audit environment. That is, auditors can rely on more than just the financial information that a company presents to determine whether or not there is any misrepresentation in the information sent to the public or board of directors. Greater auditor independence: SAS 99 reviews what is expected of an independent auditor in the course of an audit engagement. The greatest transformation that occurs to SAS in this regard is to distinguish the role of management from that of auditors. Initially, there is a small line between the auditor and management to the extent that the auditors are allowed to have other interests that are connected with management. What this change in the standard does is to eliminate the conflict of interest by drawing a line between these two key stakeholder groups when it comes to preventing accounting fraud. Greater independence not only comes because of regulations, but also a greater scope in the number of stakeholders that auditors report to (Thomas, 2002). Clients illegal operations: SAS 99 does provide a new perspective when it comes to reporting illegal acts that the audit discovers are conducted by the client. Initially, failing to report these acts fell under the jurisdiction of criminal justice and was labelled as obstruction of justice. However, SAS 99 offers a fresher approach to the issue by outlining procedures and obligations of an auditor when it comes to reporting and handling perceived illegal operations by the client. Therefore, for the first time, the auditor does have a responsibility under accounting principles when it is suspected that there are illegal acts by the client. References Collins, D. (2006). Behaving Badly: Ethical Lessons from Enron. Dog Ear Publishing, LLC. McLean, B. Elkind, P. (2003). The Smartest Guys in the Room. New York: Portfolio Trade. Thomas, W. (2002). The Rise and Fall of Enron. Journal of Accountancy. Retrieved from http://www.journalofaccountancy.com/issues/2002/apr/theriseandfallofenron.html

Narrative Styles In Poe, Melville, Hawthorne Essay -- essays research

narrative styles in Melville’s Bartleby, Poe’s Arthur Gordon Pym, and Hawthorne’s The House of Seven Gables. How all three authors utilize a â€Å"conversational† tone for the function of their work.   Ã‚  Ã‚  Ã‚  Ã‚  In works by three of the most classically American authors of the nineteenth century, Melville, Poe, and Hawthorne, a trait that can be considered common to all three authors is pronounced clearly as a means to their narration. This trait is that of deploying a narrative laden with- and moreover led by –conversational phrasing and asides. The flow of passages in these authors’ works, Bartleby, Arthur Gordon Pym, and The House of Seven Gables, takes on a spoken structure, and numerous operations are made by each writer to establish a link with the reader as though he or she is actually engaged in an exchange of living conversation with the author. This approach is probably quite intentional and may be seen, since it is occurring in some of the most celebrated American authors of the period, to be one that portrays the literary mindset and mechanic at large during the time in which these books were written. In Melville’s Bartleby, this distinction becomes clear immediately. Although any first-person narrative is designed to impart upon the reader a close proximity to the protagonist, there are extra measures apparent in the style of this short story that furthers this. Shortly into the beginning of the narration, the voice gives the following passage (pg. 4): â€Å"I do not speak it in vanity, but simply to record the fact, that I was not unemployed in my profession by the late John Jacob Astor, I name which, I admit, I love to repeat, for it hath a rounded and orbicular sound to it, and rings like unto bullion. I will freely add, that I was not insensible to the late John Jacob Astor’s good opinion.† This single block of text is heavily charged with conversational phrasing: â€Å"I do not speak it in vanity;† â€Å"I admit, I love to repeat;† â€Å"I will freely add.† Such structures signal that the voice is one issuing from not merely from a w riter, but rather from a speaker. Furthermore, the structure of the following passages takes on the form of an oral report in which the narrator goes through descriptions of his colleagues point-by-point, as though he is simply trying to introduce them as concepts not to be forgotten throughout the ensuing lecture... ...heir positioning between segments of a more interpersonal nature, they render an effect of listening to their delivery rather than merely reading them, especially as they are often sewn back into the thread of the story via an expression such as one make in an oral presentation. The above passage, for example, is tied back into the narrative by â€Å"But to return from this digression.†   Ã‚  Ã‚  Ã‚  Ã‚  Of the three pieces examined, Poe’s is the least overt in the narrative features described. His approach has more inventive aspects to it, and while it also differs most radically in detail and content, Arthur Gordon Pym, put alongside the works of Nathaniel Hawthorne and Herman Melville, seems to suggest a step into more modern story-telling. This proposition is easily evidenced in face of the widely accepted viewpoint that Poe was the first true developer of the mystery or crime story. And if he is the most modern and his narrative style the least similar to that of either Melville or Hawthorne in the sense described earlier, than this trait of conversational address throughout a text may be all the more considered as emblematic of fiction in nineteenth century America.

Role of Media in Society Today

Media certainly plays a vital role in advertising of anything what so ever to the general public. It is simply the media which brings out the commodities, new cars, new products, new inventions, and new designs of simply anything, new ideas, and new technology to the people Even though there are a lot of different kinds of Medias but television no doubt is the most powerful media present today. There is no doubt that the inventions of television in the human lives have changed everything around us. Communications have been made easier due to these Medias like Radio, television, newspapers and many more. If we simply talk about television as a whole, it would certainly not be wrong to say that television plays a vital role in our lives today. Television has become a necessity, rather than a luxury in almost every part of the world. It is undoubtfully true that today we would see television in simply every home. Even though there are merits as well as demerit of this media. Nowadays television channels and newspapers are busy making money by giving out wrong kind of information to the general public. Making money has simply become top most priority of the people engaged in this media business. They simply think that this way they would become more popular .As indicated earlier, that everyone simply watches television, simply because of the fact that it provides a lot of entertainment although, it is a common thought that the television only offers all types of   dramas, soaps, advertising, and the news. So we could say that due to the reason that this particular media. Has got a lot of viewers on the whole. Children undoubtfully watch a lot of television and according to one of the survey report they spent a lot more time watching television than they spend in their classrooms.   Thus lot viewers mean that this is simply the best media for advertising. As it is that not only the children watch television extensively but also the adults. This has been the reason that advertising is also done extensively on this media.(n.p,n.d} Nowadays shopping is also done through television. within minutes with the help of credit cards without roaming in the rush of shopping malls, which has been greatly appreciated by the female populace of the globe. Thus, television has become a matter of just fingertips, and has promoted, as well as, assisted the humans in achieving a better and improved place in their lives. This way a lot of time is also stopped from being wasted for going to the shopping malls and a person could simply shop at home. Apart from advantages of this media there are a lot of demerits of watching television for example we could say that at times it does happens that what is shown on the television is not what it basically is. when the product is bought on the credit card after watching the advertisement reaches the customer ,the customer does not wants to have it because what was so attractive ,did not appear to be when it got in the hands of the customer. Due to this reason also a lot of people hesitate from buying after watching television ads .But still there are many more that prefer from buying like this because it wastes no time. For the most part the television is found to be very entertaining. People watch television shows they enjoy and find entertaining. Television does not only provide entertainment only for adults but also for the babies. TELEVISION AND ADVERTISING As indicated that even the children of all ages watches television thus a lot of products like candies, different kinds of chocolated, different kinds of outlets for children, toys ,cloths are also advertised on television so the children could also watch and ask their parents to buy it for them.   At the same time there are also a lot of disadvantages of watching television This is also a fact that when people men and women watches television and look at the slim, smart looking people they feel as if they are unhealthy and are not fit .Due to this reason they do not eat well and start to take medicines which is of course not correct. Escaping the media and their influence is impossible. Everywhere one turns, a different form of the media is conveying a message to the world about what normalcy is and/or should be. As Douglas Kellner, author of Cultural Studies, Multiculturalism and Media Culture writes, they provide materials out of which we forge our very identities, our sense of selfhood; our notion of what it means to be male or female† this is true that there is so much going on and so much to look at that it just becomes impossible not to take notice of the messages that the media is passing on to us. The influence of media in society has effects on various age groups As we know that the advertising is done for different age groups so the effect is also on the different group of people. Media’s influence on society is so great that it clearly has the ability to mould our world through its distribution of information. Media can be of any kind it is a fact that people are attracted to it; it is just like a cyclone which takes in everyone who is in its reach. CONCLUSION Earlier when the media was not as it is today, newspapers and radio were the greatest and most reliable source of information in the world to bring people’s attention to different things. But that was long time back .Today the strongest media is television and one of the most reliable too. As it is that it reaches simply everyone .People of all ages, casts, class and religion.. One of the advantages of the television is its reliability, as the information on the television is updated within seconds. Businesspersons can be informed of latest foreign exchange rates and products that would be in trend in the near future. The term ‘television’ is used not only for an electronic box that provides a transmission by receiving and sending particular images and sounds within a distance; however, a new commercial world of entertainment and technology has been emerged through this idiot box. Works Cited Les Brown. (1973). Television. Harcourt Brace Jovanovich: USA. Marry Ellen Brown. (1990). Television and Women’s Culture. Currency Press: USA. R. W. Burns. (1998). Television. IET: Texas, USA. Richard Collins. (1990). Television. Routledge: UK. Toby Miller. (2003). Television. Taylor & Francis: New York, USA. Vldamir Kosma Zworykin. (1954). Television. J. Wiley: New York, USA.   

Into The Wild By Jon Krakauer - 1003 Words

Into the Wild, by Jon Krakauer, focuses on young Chris McCandless’ voyage not only to the Alaskan frontier, but also his personal journey with the demands of the individual, the community, and the divine. Chris, for years, isolates himself from those who love him the most because of his vendetta against temporal law and need to find peace within his personal eternal law. Chris McCandless was raised in a family that had a tremendous amount of faith in him. However, Chris despised being told what to do and would have been unhappy with whomever his parents were. His parents, Walt and Billie, always encouraged him and his sister, Carine, to receive high grades, attend college, and achieve a high paying job in order to live a comfortable lifestyle. From the outside looking in, the McCandless’ lived happily in an upper-middle class lifestyle. However, Walt and Billie did not have the strongest marriage; and Chris and Carine had a difficult time being witnesses to verbal abuse and would have benefitted from more attention from their hard-working parents. This caused Chris and Carine to become even closer. â€Å"In moments of anger, one or the other often threatened divorce. The rancor was more smoke than fire, says Carine, but ‘â€Å"I think it was one of the reasons Chris and I were so close. We learned to count on each other when Mom and Dad weren’t getting along†Ã¢â‚¬â„¢ (107). After Chris graduated from high school, he took a trip cross-country and discovered, through family friends, thatShow MoreRelatedInto the Wild by Jon Krakauer563 Words   |  2 PagesJon Krakauer presents Into The Wild a tragic tale of a young ambitious man who is motivated to go into the wilderness and discover his true identity.Jon krakauer conveys many messages to his readers through Chris McCandless, and his messages often offer a warning to society.we will furture idenitfy how the author delievers the warning to society and what effect it can have u pon society today.Three of the very important messages he empatizes on are the societies influence on people,the essence ofRead MoreThe Wild By Jon Krakauer1096 Words   |  5 PagesAllyssa Mikes July 2012 Into the Wild Mr. Fertmann Throughout the non-fictional novel Into the Wild, the author Jon Krakauer catches the reader’s interest early on in the book. Krakauer takes us on a journey, telling the story of young Chris McCandless’ adventures after abandoning everything he owned. Krakauer fully emerged himself into the study of McCandless’ life’s adventures and soon developed a deep understanding of who he was and how he impacted to world. Krakauer connected with McCandless in anRead MoreInto The Wild By Jon Krakauer946 Words   |  4 Pagescompelling novel â€Å"Into The Wild† by Jon Krakauer the character and intelligence of the youth in men is questioned. Through the pieced together 200 page novel we are introduced to Christopher Johnson McCandless also known as â€Å"Alex Supertramp†. A ripe 24 years of age he chose to question our reality and his meaning of life that is given to us by hitchhiking across America to the Alaskan wilderness, where after four months in the last frontier he is found dead. Krakauer throughout the novel shows thatRead MoreInto The Wild By Jon Krakauer1330 Words   |  6 Pagesshared.† - Jon Krakauer Into the wild. Jon Krakauer, the author of Into the Wild told the story of Chris McCandless. Chris escaped reality and went to go live off the land in Alaska, hoping to live a simpler life. In the novel, Into the Wild by Jon Krakauer, Chris McCandless shared a similar philosophy with Jack London, as they both have a strong passion for Alaska, they both appreciated they beauty of nature, and both wanted to be reborn. In the novel, Into the Wild by Jon Krakauer, Chris McCandlessRead MoreInto The Wild By Jon Krakauer1349 Words   |  6 PagesSummary Into the Wild by Jon Krakauer is a true story about Chris McCandless who is found dead in the Alaskan wild during September 1992. After discovering that his father had a secret secondary family when Chris was young, Chris pushes away his friends and family and eventually isolates himself. He obtains $25,000 from his parents by lying about attending law school and drives away from home, deserting his real name. He later leaves his car in Georgia after an engine breakdown due to rain damageRead MoreThe Wild By Jon Krakauer1522 Words   |  7 Pagesvictories.† (Richard M. Nixon). In his investigative biography, Into the Wild, Jon Krakauer, expresses that even though young people can be ignorant and take treacherous risks, these can be used as knowledge enhancers and can be life changers. Krakauer gives us insight by giving examples of what risk really are, how people take them, and how it actually affects those people. Throughout the whole book there are instances where krakauer uses real life examples of things that have happened where people haveRead MoreInto The Wild By Jon Krakauer Essay1237 Words   |  5 Pages Jon Krakauer s novel â€Å"Into the wild†, Is a story about a young man named Christopher McCandless or â€Å"Alex Supertramp† who went on a self discovering odyssey in which he had traveled around the U.S. The story surrounds Chris and his travels and what he had done at the time, leading to his death in August 1992. Thus the story takes a direction in the viewpoints of the people Alex has come across through in his travels. It speaks about what he had done at the time of his journey before he hadRead MoreInto The Wild By Jon Krakauer1013 Words   |  5 Pages Into the Wild, by Jon Krakauer, narrates the life of adventurer and free spirit Christopher McCandless, who died August 1992 in the Alaskan wilderness; however, his journey still remains relevant in today’s pop culture due to the unresolved controversy of whether he is a saintly role model or hubristic fool. Krakauer openly states that he â€Å"won’t claim to be an impartial biographer† (Author’s Note) due to the parallels he struck with McCandless, and provides a more idealistic approach to the biographyRead MoreInto the Wild by Jon Krakauer1516 Words   |  7 PagesRosselini, John Waterman and Carl McCunn. They all went to Alaska, just like Chris and died. After that Chris continued to canoe and got caught by the US officers when he was trying to get back into the US from Mexico. So he spent a night in jail. Krakauer then compared Chris to Everett Reuss. They both changed their names and they both disappeared. Chris applied for an ID as Alex Supertramp and found a job in Los Angeles. New York Times published about Alex’s death. Jim Gallien and Wayne WesterbergRead MoreInto the Wild: by Jon Krakauer1186 Words   |  5 Pagessense Krakauers natural liking for McCandless. He was sympathetic to McCandless, based on Krakauers sense of a shared experience in their youth and up until McCandless eventual death and Krakauers perceived near death experience on the Devils Thumb. I believe the author’s main point and perspective was formed from his own experience and relationship with his father. While the situations were basically reversed with Chris not approving of his father and Lewis Krakauer disappointed in Jon for not