Auditing Case Essay - 604 Words

Keith Parkinson 2/3/15 Auditing Case 1: Merry-Go-Round Merry-Go-Round (MGR) is a clothing retailer that was founded in 1968. The company’s locations were in malls that targeted the youth and teen market. In the late 1980s, the company was listed by Forbes magazine as one of the top 25 companies. By the early 1990s, sales fell due to stiff competition from other retailers. Facing bankruptcy, the company hired turnaround specialists from Ernst and Young (Eamp;Y) to help overcome the financial crisis. However, the company filed for Chapter 11 reorganization and due to that a group of 9,000 creditors filed a lawsuit against Eamp;Y saying they were the main reason for MGR’s decline. First of all, Eamp;Y violated GAAS first standard†¦show more content†¦Overall, I just think having a set of standards would keep a professional manner. Finally, we need to know if Eamp;Y acted ethically throughout this engagement. Eamp;Y had a close relationship with Rouse Co., one of MGR’s landlords. Eamp;Y was soliciting business f rom Rouse and provided significant tax services. Also, Swidler and Eamp;Y had participated in at least 12 different business arrangements, some of which resulted in Swidler receiving significant fees from Eamp;Y. I think these relationships had a direct affect on Eamp;Y’s advice to MGR. I think Eamp;Y acted unethically because they didn’t keep independent which is a violation of GAAS. I think it was clearly unethical on Eamp;Y’s part because they didn’t disclose any of this information with MGR. So, I purposely think Eamp;Y worked together with Swidler to increase the fees because Swidler was the one that referred MGR to Eamp;Y. To conclude, consulting advisors for Eamp;Y could have conducted business with MGR in a more of a professional manner, especially when disclosing relationships. I also think MGR could have done a better job and looked into Eamp;Y first before hiring them. In the end, I think Eamp;Y was more at fault just because they were unethic al about the entire situation and purposely hid information trying to help themShow MoreRelatedAuditing Case808 Words   |  4 PagesAudit case You are the engagement partner in a firm of chartered accountant and are reviewing the audit fire of a client ABC ltd. the audit manager has recommended that the audit option is qualified because he is in dispute with the directors of ABC ltd. The audit manager wishes the directors to create a large doubtful debts provision against a major debtor that is over six months old. The directors do not witch to alarm the public about the current liquidity problems of their major costumer becauseRead MoreEssay on Example Auditing Case753 Words   |  4 PagesExample auditing case 1)† Based on the information given in this case and your knowledge of auditor’s reports, identify the deficiencies in the draft of the proposed report. Do not redraft the report, but provide justification or explanation for each of the deficiencies you identify† (Pany, Auditors Report, 2010). A. In the Introduction paragraph it states â€Å"As discussed in Note K to the financial statements, the Company has properly disclosed a subsequent event dated March 14, 20x9† (Pany, AuditorsRead MoreAuditing issues in Enron case2114 Words   |  9 Pages1 Auditing issues in Enron case Independent Needed for the Houston office of Andersen, an audit partner that understands the role of being a public watchdog with ultimate allegiance to the creditors and shareholders . 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BDO, the accounting firm that was responsible for auditing Stanford’s financial statements, is currently the target of a major lawsuit. BDO did not act in accordance with the responsibilities of an auditor and thus led to audit risk, lack of independence, and various violations of the PCAOB’s auditing standards regarding investment securities. BDO consistently issued unqualified reports when there were material misstatementsRead MoreThe Runners Shop-Case Study 11.1-Auditing Cases Essay2280 Words   |  10 PagesCase 11.1: The Runners Shop Relevant Guidance †¢ AU 339 (SAS 103): Audit Documentation †¢ Auditing Standard No. 3: Audit Documentation †¢ International Standard on Auditing 230’ (Revised) (Site -http://irba.co.za/documents/doc_00535.pdf ) Questions 1] Describe the purposes of audit documentation and explain why each purpose is important. According to AU 339.03, â€Å"audit documentation provides the principal support for the†: (a) â€Å"representation in the auditor’s reportRead MoreEssay Anonymous Caller Auditing Case Study1029 Words   |  5 PagesAnonymous Caller Case Study 1 a) What would you recommend to the caller if you were Dr. Mitchell? Since it appears that the firms top executives are all apart of the fraud and don’t plan on correcting their unethical action. I recommend that the anonymous caller completely remove himself/herself from the situation by resigning or by reporting the situation to the firm’s board of directors or a governmental agency. b) What are the risks of continuing to work with the company? ThereRead MoreThe Role of External Auditing in Public Sector Governance. a Case of Zimbabwe15117 Words   |  61 PagesUses of Information Technology to Auditing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.15 2.3 Audit Process†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 2.4 Audit Opinion and CAATS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 2.5 Impact of a computerized system on the Audit Process†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.26 2.6 Knowledge and Experience†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.28 2.61 Audit Documentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.29 2.7 Information Technology and the development of Computer Auditing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.31 2.8 Auditor Competencies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreAuditing Cases22626 Words   |  91 PagesAdditional Cases for the Course The case readings have been developed solely as a basis for class discussion. The case readings are not intended to serve as a source of primary data or as an illustration of effective or ineffective auditing. Reprinted by permission from Jay C. Thibodeau and Deborah Freier. Copyright  © Jay C. Thibodeau and Deborah Freier; all rights reserved. 1†¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ ( Case 61  ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supplyRead MoreBcci Case Study for Auditing5660 Words   |  23 Pagesactually in the UK. Because it was chartered in Luxembourg and Grand Caymans, Bank of England (BOE) thus thought itself as a secondary role in supervising BCCI, thereby reducing the level of scrutiny imposed on BCCI. In addition, BCCI has an uncommon auditing system. Price Waterhouse (PW) was the accountants for BCCI overseas, while Ernst Whitney in charged of BCCI holdings. Two sets of auditors being used was to avoid them from publishing a meaningful consolidated accounts and make sure neither of

Prophet Muhammad as Role Model for Religious Teachers Free Essays

ENGLISH ESSAY: PROPHET MUHAMMAD (PBUH) AS A ROLE MODEL FOR RELIGIOUS TEACHERS Prophet Muhammad (PBUH) is the example par excellence for his ummah, especially for religious teachers with his good example and noble personality. His behavior in all cases is the behavior that is not contrary with the Qur’an, in fact his behavior reflects the contents of the Qur’an such as his patient, sincere and forgiving character. In education, Prophet Muhammad (PBUH) has provided many lessons especially for religious teachers which can be applied on students. We will write a custom essay sample on Prophet Muhammad as Role Model for Religious Teachers or any similar topic only for you Order Now Firstly, as religious teachers we must always be patient as was done by Prophet Muhammad when he was performing prayers and Uqbah bin Abi Muit threw waste on him where he did not get angry instead He continued His prayer. Therefore, accept the students behaviour in whatever manner they are. Secondly, teaching sincerely is very important for religious teachers in which we should not hope for any rewards, Prophet Muhammad (PBUH) said, â€Å"Verily Allah will not accept charity unless the charity is exercised in good faith and done solely to please Allah. † Even Prophet Muhammad did not hope for any material rewards when delivering knowledge. Lastly, we must emulate the forgiving character of Prophet Muhammad where He was tested by a Jewish woman who tried to poison Him and He forgave her instead of having a grudge against the her. So as religious teachers, we have to forgive our students for whatever mistakes they make to guide them to seek Allah’s pleasure and Grace. In conclusion, religious education would be pointless if the teachers themselves behave badly. Prophet Muhammad (PBUH) exemplary conduct is the one and only to emulate to help us perform our duties as religious teachers effectively in order to get Allah’s Blessings. (281 words) How to cite Prophet Muhammad as Role Model for Religious Teachers, Essay examples

J.P. Morgan Persuasive Essay Example For Students

J.P. Morgan Persuasive Essay J.P. Morgan EssayMy life on the whole has helped the whole country prosper. I give away so much money to great causes. I also help the government with monetary crises. I admit that I am very wealthy. But is having money a crime in this capitalist country? Definitely not. I obtained my wealth by hard work and dedication. I never once backstabbed or stepped on people to get what I wanted. I have helped and continue to help companies that are in need of money. I have financed International Harvester, American Telephone and Telegraph, and General Electric. Without the money I gave these companies, they would never have existed. In essence, I have helped create great companies such as the above. How is this unethical?Not only do I help companies; I help the government whenever possible. After the panic of 1893, I helped reorganize railroad companies such as Northern Pacific, Erie, Southern, and the Philadelphia and Reading. The government didnt have the capital to aid these companies so I did because it needed to be done. Also, in 1895 I sold my firms $62 million government bond issues. Due to this, I helped end the gold shortage in the U.S. Treasury. In 1907 I loaned money to banks to keep them from closing after the panic of 1907. As shown above, I have aided the government several times out of the generosity that is in my heart. Helping the government and companies is good, but I wanted to give back to society. In order to do this, I decided to donate and help found public associations. I founded the Lying-In Hospital in New York City and gave a large sum of money to the Harvard Medical School. In addition, as an ardent Episcopalian, I gave a large portion of funds to build the Cathedral of Saint John the Divine in New York City. I also decided to share some of the great art works that I owned. I gave many valuable statues, pictures, and books to American libraries and museums. Some of my most famous collections were loaned to the Metropolitan Museum of Art, which I helped found as well. It is easily seen how my life helped every aspect of our country. Im not a low-down scoundrel off the streets. I am a generous, respectful man who enjoys helping others.

Lifting of Corporate Veil free essay sample

Lifting or Piercing the Corporate Veil is a Legal process or proceedings taken to uncover the common shield in respect of any suspicious event happened or to be happened or on the basis of allegation made or to be made against the Company. This piercing process can be compared to a person lifting the curtain of a Drama Stage to know what is actually happening without being the drama commenced. Piercing the Corporate Veil is a Premeditated process with an intention to curtail the unfair advantage enjoyed on forming of a Company. Merits on Incorporating a Company. Incorporating a Company is always preferred by active entrepreneurs than commencing a Partnership firm or sometimes a sole proprietorship. The major boons of incorporating a Company are: 1. Limited Liability. Almost all the Companies are started with limited liability status. A Company with Limited Liability indicates that a Members’ loss in a Company is only up to the value of his shares or loan made, if any thing unfortunate happens to the Corporate. We will write a custom essay sample on Lifting of Corporate Veil or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The Personal Assets or earnings of Director or the Officer will never be put at risk. But if the event is a fraud or anything outside the purview of the Memorandum of Association (which means â€Å"Ultra Vires†) the Directors or â€Å"Officers in Default† {Section 5 of Companies Act} will be held for Personal Liability. 2. Protection of Name: The Company’s name will be protected immediately once it is approved by â€Å"Registrar of Companies† (herein after called as â€Å"ROC†). There will be no chance of another Company being started with the same name or even identical to the Companies Name. Whilst in the case of a Partnership Firm or Sole Proprietorship Concern, the name can be only protected by a Trademark Registration. 3. Existence. As an old proverb indicates, â€Å"Members may come and go, but the Company exists forever† is the gist of the Company formation. The Company will disappear only after the complicated winding up and liquidation process under the Specific order from Registrar of Companies or any other appropriate authority. 4. Raising Funds: There are not too many better options otherwise than incorporating the Company to raise funds for expansion of the markets for its products, commencing a new business, enter into a global market etc. Initially a Company will be floated as a Private Company (with a limit of 50 shareholders) and after rooting its base in the market, it may proceed with an Initial Public Offer to become a Public Company and gets listed in the Stock Exchange within 21 days of the closure of Public Offer (Usual Routine). A Company can also raise loan on its assets by creating a Charge (Fixed or Fluctuating) in favour of a Bank (Secured Creditor after Charge is being created) which is a very simple process done through MCA portal where the ROC is intimated by filing Form-8. 5. Taxation Benefits. The Taxation part is the most fruitful of all the benefits enjoyed by the Company. The Company’s liability for tax when compared to partnership firms and sole proprietorship concern is very limited. A corporate is blessed with so many deductions and other tax allowances which can be charged against the profits of the Company which limits the liability to pay tax. When Companies began to show Nil Total Income after their tax planning, Section 115JB was introduced in the Income Tax Act vide Finance Bill 2002, which articulates Minimum Alternate Tax whereby a minimum tax obligation was put on the Company which is charged against their Book Profits. Rising of Lifting the Corporate Veil concept. Any Company incorporated under the Companies Act, 1956, can enjoy all the fruits and permitted to do all the acts under the Laws of the land. But if the Companies start to get pleasure from other undue benefits prejudicial to the corporate habitat, the Lifting of Corporate of Veil concepts come into the picture. 1. Regular Company Law formalities are not followed. The Companies are required to abide with certain compliance formalities such as convening of Board Meetings and General Meetings, Filing of Balance Sheets with the RoC, filing Income Tax Return etc. When these regular formalities are not met or complied invariably, with/without any reason, legal actions may be initiated for piercing the corporate veil. 2. Disinvestment and Diversion of Funds. On some occasions directors may on their discretion, having the controlling stake may opt to disinvest or divert the funds without intimating the Shareholders. Such disinvestments or diversion of funds may adversely affect the financial stability of the Company in general and the interests of the stake holders in specific which invites the court to pierce the corporate veil of the Company. 3. Seasonal Non Payment/Excessive Payment of Dividend. Non payment or excessive payment of dividend to the shareholders may sometimes bring suspicions on other stakeholders or legal/governmental authorities for which lifting corporate veil proceedings get attracted. 4. Alter Ego concept. The Company being blessed with so many merits, will be floated and all regularities will be done at the initial stages so as to make it appear as an active company. But later, the alter ego of the Directors gradually starts visible and will occupy the driver’s seat of the company. When it is felt that there are some discrepancies being done placing Company as a shadow/mask, lifting corporate veil of the Company becomes indispensable. 5. Fraudulent Motive. When the judiciary feels that when there is any fraudulent activities are going on in a Company or there is a chance such malpractices, the Court has all the powers to pierce the corporate veil. 6. Enemy Character. At any time, if any Country has become the alien enemy (War has been declared against another Company), the Court has the authority to pierce the corporate veil so as to analyze the Shareholding and other management and fiduciary interests of the Alien Company in that Company to protect the General Interests. 7. Tax Regulation. If any tax legislation insists the appropriate authority to pierce the Corporate Veil, the Court would not mind the Separate Legal personality of the Company and proceed with digging the core of the formation and other commotions of that Company. Some Celebrated Case Laws related with Lifting the Corporate Veil of the Company: 1. Salomon Vs Salomon (1897) In this case, Mr. Saloman was dealing with shoe business. The Kingdom of Britain then enacted a statute providing for the incorporation of businesses and a corporation then had to have at least seven shareholders. Mr. Salomon formed a corporation, with all seven shareholders being members of his family. The business of the corporation eventually went under, leaving considerable unpaid debts and ever branching liabilities. The creditors argued in court that the shareholders should be liable for the debts of the corporation, because they were all related to Old Man Salomon, and that the corporation was set up a mere sham. The court held in favour of the shareholders, Old Man Salomons relatives. The fact that the shareholders were all related to Old Man Salomon was irrelevant in determining that the corporation legitimately existed as a separate entity, and thus the individual shareholders were not held liable for the corporations debts. This case law in a narrow aspect does not have any relevance with regard to Piercing Corporate Veil concept. But this judgment was taken as a trump card to taste the cream of formation of Companies. 2. Gilford Motor Company Vs Horne: In this case, the Court disregarded the judgment of Salomon Vs Salomon, questioning the distinct legal personality of a Company. Mr. Horne was an ex-employee of Gilford Motor Company and as per the terms of the employment, he should not solicit any of the Company’s customers. In order to defeat this provision, Mr. Horne incorporated a Company in his wife’s name and solicited all the customers for which the Company brought up action against him. The Court analyzed the motive of incorporating the limited Company and it was ipso facto found that the Company’s main purpose was to perpetrate the fraud. 3. Jones Vs Lipman This case is similar to Gilford Motor Company Vs. Horne. Here, Lipman entered into contract with Jones to sell his land. Later, Lipman changed his mind and transferred the property to a Company in order to avoid Specific Performance. But it was held that the Company as well as the transfer of property was only acting as a mask to avoid recognition by the eye of equity. 4. Edwards Company Inc Vs Monogram Company Inc: Monogram Industries acquired Entronic Corporation in the field of production of smoke detectors. Monogram made its purchases through its wholly owned subsidiary name Monotronics. Monotronics then entered a Limited Liability Partnership with Entronic Company and acted as a General Partner. In the course of the business, Edwards Inc granted loan worth $ 350,000 to Entronic Corporation which it could not ply went the market slashed. However, Monotronics, being a General Partner could repay a part of the loan worth $ 10,000 from its estate to Edwards Company. But, Edwards filed a suit against Monogram Industries for the recovery of the debt against Entronics, an attempt to pierce its corporate veil on the basis of the following grounds: a. The Board of Directors, Office and Contact numbers of Monotronics and Monograms are same. b. Monotronics was only a piece of paper or a dummy company as far as Monograms is concerned. But, the Honourable Court analyzed that: 1. There was nothing to prove or insist the court to order for lifting the corporate veil as there was no fraudulent act or injustice shown from the Company/Companies to escape from the liabilities. 2. There was no lack of separate existence of the 2 Companies. 3. There was no violation of any corporate formalities. 4. There was also no co-mingling of money and under capitalization in both the Companies. Taking in view of the above analysis, the Court quashed the suit filed by Edwards Company against the Monogram Group. Conclusion: It is always fruitful for active and vibrant entrepreneurs to expose their skills and respond to the changing environment by incorporating a Company. The Incorporation of such a corporate must be in the true spirit of law. Once the Company is floated, in spite of enjoying all the merits, it also has to comply with all the procedural and legal formalities. A Director of a Company must be also aware of Section 322 of Companies Act, 1956 which makes their liability unlimited. In the Era of Corporate Governance and Corporate Social Responsibility, the chance for lifting the Corporate Veil may not arise, but there are cases of â€Å"Fly by Night Entrepreneurs† and â€Å"Vanishing Companies† after the Initial Public Offer even after SEBI has framed vide variety of Guidelines for protecting investors and other stakeholders. In Taxation words, this can be compared with Tax Planning and Tax Evasion where the essence depends upon the intention of the assessee whether to apply all the loopholes available in the law or by pass the boundaries for unjust enrichment.

Aristotle-The Politics Essays - Empiricists, Metaphysicians

Aristotle-The Politics Essays - Empiricists, Metaphysicians Aristotle-The Politics Aristotle believes that the chief ingredient for a life of happiness is virtue. Virtue is a state of the soul that disposes and prompts our actions and is meant to guide our behaviors in society and enable us to practice moderation. Aristotle believes that human happiness, which is not to be equated with the simple-minded pursuit of pleasure, stems from fulfilling human potentialities. These potentialities can be identified by rational choice, practical judgment, and recognition of the value of choosing the mean instead of extremes. The central moral problem is the human tendency to want to acquire more and to act unjustly whenever one has the power to do so. According to Aristotle happiness is the highest good and the goo life comes from the realization and perfect practice of virtue. In order to lead a life of goodness there must be a foundation of adequate health (goods of the body), adequate wealth (external goods, property), and goods of the soul (virtue, wisdom). People think that a moderate amount of virtue is enough, but set no limit to their desires of wealth and property, power, reputation, and all such things... - i.e. of external goods. (1323 a35-40) Happiness is more often found in those who are cultivated in their mind and in their character, and have only a moderate share of external goods, than among those who possess extensive external goods but are lacking in higher qualities. The good life you lead or experience is an inner sense of well being. This is the active life of virtue and this is all for the sake of the soul. We may therefore join in agreeing that the amount of happiness which falls to each individual man is equal to the amount of his goodness and his wisdom, and of the good and wise acts that he does. [1323b21] Aristotle said we must act naturally in order to be happy. He believes nature is our guide and that nothing is good which is contrary to nature. According to Aristotle there are two types of reason that, if used well, will make you happy. The first type is calculative reason. Calculative reason is practical wisdom which leads to moral virtue. Included in the Aristotelian moral virtues are temperance, courage, liberality, gentleness, and proper pride. The idea behind this kind of practical wisdom involves knowing how to allocate time - judging the right moment to switch back and forth between practical action and intellectual activity, so as to strike the right balance between means and ends. The second type of reason is speculative reason, which is used to deduce the true nature of reality. Speculative reason is also referred to as scientific reason. There are four ways Aristotle thinks it is important to use scientific reason to really know happiness. The first is thought. We are most like the gods when we use thought. Second is that the quality of the pleasures one pursues must be marvelous in purity and duration. Third is independent thought or self-sufficiency. The fourth is that the process of learning is a joy and is rewarding in and of itself. Thus reason, if exercised well, will bring happiness and well-being. Use your reason well and you will be fulfilled. (Kaplan lecture, October 2000) Another important ingredient in the pursuit of happiness is leisure. There must be adequate free time to organize ideas and grow our knowledge or speculative reason. The city or ideal polis facilitates the nature of a good life. A good life is a life of active goodness involving fortitude, temperance, justice and wisdom. Aristotle is clearly against imperialist and military cities because he believes they are unjust, however he believes fortitude is a virtue because a collective readiness to defend ones country is required (but not desirable). The ideal city should not be overly populous one so that top citizens can be properly acquainted with one another. The ideal polis maximizes the opportunity for its citizens to display goodness and afford happiness. In the ideal polis, the foundation of the ideal social structure is based on serfs and slaves. That is, it is implicit in Aristotles conception of the good life that not everyone is meant to

Using Context Clues to Improve Reading Comprehension

Using Context Clues to Improve Reading Comprehension Context clues can help many people with dyslexia to compensate for weak reading skills when comprehending reading passages. Context clues can significantly increase reading comprehension. According to a study completed by Rosalie P. Fink at Lesley College in Cambridge, this continues into adulthood. This study looked at 60 professional adults with dyslexia and 10 without dyslexia. All consistently read specialized information for their jobs. Those with dyslexia scored lower in spelling and required more time to read and indicated they relied on context clues, both during the study and in everyday reading, to aid in comprehension. Context Clues When you encounter a word you dont know as you are reading, you can choose to look it up in a dictionary, ignore it or use the surrounding words to help you determine what the word means. Using the words around it is using contextual clues. Even if you cant figure out the exact definition, phrases and words should be able to help you make a guess about the words meaning. Some of the ways to use context to help understand new words: Look for examples, illustrations or explanations. Difficult or uncommon words may be followed by information to help discern the meaning. The writer sometimes uses phrases to help identify examples and explanations: for example, such as, including, consists of, for instance, is like. Even without specific words introducing the meaning of an unknown word, phrases and sentences in the paragraph give further explanation, often enough to make a logical or educated guess as to the meaning of the word.Definitions are sometimes included in the text. For example, After the fire, the entire office was restricted, that is only a few people could enter, for several days. In this example, the author built the definition directly into the sentence.Sometimes surrounding words or phrases contain synonyms of the unknown word. For example, The boss complained when he was tardy, or late, for work for the third time this week.Antonyms can also be used to help readers figure out the meaning of a word. F or example, Joe was exhausted after the trip but Tom was wide awake and alert. Experiences can also be used to explain unknown words. Roger was reluctant to volunteer to help at a charity event. Last time he jumped right in and found there was much more responsibility than he was ready to take on and it took up an immense amount of time. This time, Roger decided to take it slow, offering only a few hours a month rather than whatever time was needed. His fear of making a quick decision paid off and he really enjoyed the job once he could control how much time he gave to the organization. Teaching Context Clues To help students learn to use contextual clues to learn new vocabulary words, teach them specific strategies. The following exercise can help: Using a textbook or printed worksheet, write down several new vocabulary words on the board. If using a textbook, write down the page and paragraph where the word is.Have students divide a paper into three columns.In the first column, the students should write the new vocabulary word.In the second column, the student should write down any clues in the text that help them guess the meaning of the word. Clues can be found immediately before or after the word, in the sentence before or after or even in the paragraphs around the word.The third column should contain the students guess as to what the word means. Students should review the different types of contextual clues, such as examples, synonyms, antonyms, definitions or experiences as they read through the text. If using a printout, students can use different color highlighters to mark the unknown word and the clues. Once the students make a guess, they should re-read the sentence, inserting their definition in place of the vocabulary word to see if it makes sense. Finally, students can look the word up in the dictionary to see how close they were in guessing the meaning of the word. References Literacy Development in Successful Men and Women with Dyslexia, 1998, Rosalie P. Fink, Annals of Dyslexia, Volume XLVII, pp 3311-346What Are Context Clues? Date Unknown, Staff Writer, Sacramento City CollegeWhat Contextual Clues Can I Use? Date Unknown, Presented by Lynn Figuarte, U.S. Department of Education

Create a financial information system on pricing costing funding which Essay

Create a financial information system on pricing costing funding which is being implemented into the railway tickets and makes the prices dynamic - Essay Example was a technical support element to accomplish desktop data entry in the late 1990s has evolved into a strategic element for increasing the revenue through identifying new business development opportunities as well as providing efficient quality of service to the customers a company is serving. Public transportation in the UK serves more than 75% of the total commuters’ transportation in the UK as argued by Simon Taylor (2003)iii. Railways in the public transportation especially accounts for over 50% of the total market share in the public transport as identified by Simon Taylor (2003). This makes it clear that the rail transport market in the UK public transport industry not only forms an integral part of the public transportation but also contributes to the Gross Domestic Product. Alongside, the railway industry is also facing stiff competition from other forms of public transport like the road and air transport that is increasingly cost effective in the UK as argued by Simon Taylor (2003). From the aforementioned it is clear that the railway industry in the UK not only needs to address the competition through the effective use of information technology and managing the information for strategic advantage but also accomplish financial operational excellence ass argued by Helen Knight (2005)iv. The fact that the finance especially the billing and ticketing section of the railway industry is the gateway of income to the industry’s overall operations as argued by Helen Knight (2005) makes it clear that the efficient information management in the form of financial information management system is essential. In this report a critical analysis on the implementation of a Financial Information System in the Railway ticketing system from an information strategy perspective is presented to the reader. The essay presents a critical analysis on the macro and micro business environment for the railway business in the UK through PEST and SWOT Analyses respectively. This