Effects Of War Has On Our Economy - 1981 Words

For as long back as we all have known, Wars have been inevitable. In the mist of destruction, most aren’t thinking about the long term and short term effects that will reflect upon us for years to come, both negatively and positively. War has a profound influence on our countries economic history. Unfortunately, there must always be a winner and a loser. The victors have shifted economic and trade patterns forever. All while the losers leave with disgruntled markets, unstable economic growth, and their pockets of wealth turned inside out. After extensive research, I will tell you the many effects war has on our economy, the effect on International Business, who or what companies may thrive, which it destroys, and the overall everlasting†¦show more content†¦Not just in modern day is this effective, but on record they say one of the largest percentages of tax increase was the Revolutionary War. If the money is not raised from taxes, then it is borrowed, which only adds to our current 20 Trillion dollar debt here in the United States. Last but not least, another way to pay for a war is to print currency. This only adds to our already large, hot topic of inflation. If we go back to the World Wars, you can see the trend of inflation immediately following the ending. After World War 1, many Americans returned from overseas only to find lower paying jobs and higher prices. Inflation had caused prices to spike so drastically that soldiers found their mothers, sisters, and wives currently working. Following WW1, society started to issue currency more freely instead of using the gold standard. Inflation also followed the Civil War, WWII, and Vietnam. The country was war induced and it was affecting everyone and everything. Unfortunately, inflation is worldwide. During the Civil War in Angola, their countries currency became so worthless, bottles of beer replaced it for everyday transactions. War not only drains a country financially, but it strips it of resources of all participants, creating an area of collapsing capital in things like factories, farmland, and cities all around, squeezing and suffocating economic output. Let’s take the Thirty Years’ War from the 17thShow MoreRelatedWar I And World War II1264 Words   |  6 PagesDuring any war, there will alwaAys be alliances made which stick even after the war has been dissolved. Postwar foreign policy after wars such as World War I and World War II was complicated and both had their similarities and differences from each other. World War I (WWI) strengthened our international relations with many countries, It also deteriorated some relations as well and set the stage for America becoming a great power. World War II (WWII) had some of the same effects, solidating our bond withRead MoreThe Economy Of Early America856 Words   |  4 PagesThe economy of early America certainly had its share of struggles, in addition to its years of profitability. The economy was i nfluenced by a number of different goods lowing in and out of the country, as well as services offered in the country over an almost 200 year period. Some of these influences are certainly more important and had a greater effect than others, namely slavery, the production of cotton, and the revolutionary war. While many of these economic factors were around through the endRead MoreEssay History of Taxes in the United States1324 Words   |  6 PagesHistory and Effects of Income Tax The first form of income tax was signed into effect by President Abraham Lincoln in on August 5th, 1861 to raise revenue for the Civil War. Previously the country was generating revenue from the taxes on alcohol and tobacco. The tax started off as a 3 percent tax on income between $600 and $10,000, along with a 5 percent tax on income more than $10,000. It wasn’t until 1868 when the taxes were finally changed again. With the war over, the economy did not needRead MoreThe President Of The United States1532 Words   |  7 Pagesfor our economy, our foreign affairs, and our rights and liberties. The economy is a major part of any presidential campaign, as it should be, since our economy is very weak right now and susceptible to damage that could further bring us into a recession we need a strong president to help us supersede all expectations set for our economy. Like most Republicans, Paul supports being conservative on our domestic spending, however unlike the establishment conservatives, he also wants to curb our militaryRead MoreEco 372 Week 1 Dq1 Essay1395 Words   |  6 PagesWeek 1 – DQ Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes? Response #1 There are many factors that affect the real GDP such as interest rates, consumers confidence in spending and/or asset prices. When it comes to interestRead MoreIs American Education Getting Worse Or Better?. One Of1378 Words   |  6 Pageseducation system such as spending less money on war and inmates and lower the high school dropout rates. First, Americans are willing to put more money toward war than education. Education should be the number one priority instead of war. Americans pay 21% of their taxes to the military. â€Å"In fiscal year 2015, the federal government spent $3.7 trillion, amounting to 21 percent of the nation’s gross domestic product (GDP)† (Policy Basics: Where do our federal tax dollars go?). Some school will needRead MoreWho Can Save America?1539 Words   |  7 Pagespresidency in all fields, but more specifically, for our economy, our foreign affairs, and our rights and liberties. The economy is a major part of any presidential campaign, as it should be, since our economy is very weak right now and susceptible to damage that could bring us further into a recession we need a strong president to help us supersede all expectations set for our economy. Like most Republicans, Paul supports being conservative with our domestic spending, however unlike the establishmentRead MoreHow Could War Stimulate The Economy?1235 Words   |  5 PagesQuestion 1: How could war stimulate the economy? An increased spending by the military can engender some positive advantage via creation of employment as well as extra growth of the economy in addition contributing to the development of technology. This might give a multiplier effect which then gush on to other businesses. By looking into the state of the economy at each and every major conflict since world war II, it is prudent that the positive effect of a rise in military spending were overshadowedRead MoreThe Civil War Of The United States1605 Words   |  7 PagesThe Civil War of the United States was a major and influential event in the history of our country. The Civil War shaped our nation and how we think of liberty in general. Such a big event in our antiquity must have been caused by a series of dominant events. However, a War of this size has many effects to go along with it. The most common effect thought of is the freedom of slaves, however, the Civil War was not just a war fought for freedom. One major cause of the Civil War was the issue of slaveryRead MoreAfter The Attacks Of September The Eleventh On The United1402 Words   |  6 Pagesthe world has transformed drastically; the events of 9/11 2001 was followed by a string of similar attacks and suicide bombings all around the world that terrorism has become a major threat to our planet. With the help of the media in dramatizing these attacks, fear of terror has become a major concern to people around the world. Terrorism has somehow played a major role in shaping our world in the twenty first century and the past decade. Some of the unimportant but time consuming effects of terrorism

What Makes A True Epic Hero - 1313 Words

What makes a true Epic hero? According to â€Å"From Legend to History† the main characteristics of an Epic hero would be that they would be fearless, larger than life, willing to defeat any evil creature and so much more. In the story of Beowulf all of these characteristics come to life in an epic battle with evil creatures in order to save a city and all the citizens inside of it. The story of Beowulf is set two places Geatland and Herot. The story begins long before Beowulf comes into the picture. One night in Herot all of the warriors were gathered in the mead hall celebrating, after all of the warriors have fallen asleep the evil creature Grendel goes into the mead hall very late at night and snatched up thirty men in his claws and smashed them while walking out with their bodies in his hands. Only for in the morning did the Prince of Herot, Hrothgar, realized what had happened in the night and that many of his friends and close companions were gone, due to the wrath of Grendel. Once Hrothgar had come to terms with what had happened the night before and so he had everyone that he could flee Herot and go as far from Herot as possible to escape what Grendel might do. That night Grendel journeyed back to Herot looking only to kill whoever he would be able to. That night the only people who survived were those who left Herot that day. Then, Grendel took Herot for his own for many years. Although, Hrothgar’s warriors did not stop fighting for the land of Herot.Show MoreRelatedAnalysis Of John Milton s Paradise Lost 1499 Words   |  6 Pageslight in Satan Epic heroism is a category that can pertain to many different subjects considering on what they have done or been through. No matter good, bad, or evil some of these subjects can find a way to make themselves that epic hero that best fits them. An epic hero goes by the definition of, a brave and noble character in an epic poem, admired for great achievements or affected by grand events. This being said can make any possible being, an epic hero if that being has done what is required.Read MoreAnalysis Of Byrons Poem1306 Words   |  6 Pages One such work is Byron’s, Don Juan. The poem follows the adventures of the Spanish hero Don Juan. He travels around the world and gets involved in bizarre situations, usually due to a romantic interest. The poem seems to share more similarities with the epic tradition than Wordsworth’s. Don Juan’s titular character, like many heroes in other epics, pre-existed the Byron poems. The story is vast in scale; it follows Don Juan’s adventures in love and travel. Juan’s adventures pull him from situationRead MoreBeowulf : A Hero Or Hero?1092 Words   |  5 PagesCole Jackson Miss Sibbach Honors English IV 10 December, 2014 To Be a Hero, or To Not Be a Hero Countless people have tried to say that Beowulf represents the qualities required of an epic hero, but many people also suggest that Beowulf does not show any of these qualities. While Beowulf shows heroic characteristics in all of his acts, both pride and greed motivate his actions. The story of Beowulf contains all of the information needed to show this, but people do not notice that which they do notRead MoreOdysseus As The Epic Hero In Homers Odyssey1019 Words   |  5 PagesOdysseus as the Epic Hero in Homer’s The Odyssey A style of work often explored in Greek literature is that of the epic. An expansive poem of a wide scope centered on and regarding the wondrous deeds of the main, heroic figure, on whose actions depend the fate of a nation. The definition of an epic can be used to describe The Odyssey by Homer. In The Odyssey we are introduced to our main character, Odysseus, the former king of Ithaca and a Trojan war hero who has been trapped on an Island by theRead MoreBeowulf as a Epic Hero Essay960 Words   |  4 PagesBeowulf Paper A true hero does not fear death or, but instead risks all that he is for what he believes to be right, moral, and just. Beowulf is an epic and tells the story of a legendary hero, conquering all obstacles as if he was immortal. Up until the end of Beowulfs life he was constantly looking to be the hero. However, his humanity is exposed by his death. Heroes all share the characteristic of their willingness to die in their effort to accomplish their heroic act, thus making the actRead MoreOdysseus Or Gilgamesh - Will The Real Epic Hero Please Stand Up?1640 Words   |  7 Pagesor Gilgamesh - Will the real Epic Hero please stand up? â€Å"Gilgamesh went to the entrance into the mountain and entered the darkness alone, without a companion. By the time he reached the end of the first league the darkness was total, nothing behind or before. He made his way, companionless, to the end† (Book 9 p. 51, The Epic of Gilgamesh). In The Epic of Gilgamesh, an epic poem translated by N.K. Sanders, Gilgamesh is a character who is by all accounts an epic hero. As a person of nobility, he becomesRead MoreAchilles : An Epic Hero1253 Words   |  6 Pages2017 Achilles: An Epic Hero in an Epic Poem In the battle between Hector and Achilles, there was more on the line than winning the war. Until the end of the poem, it can be argued that both Achilles and Hector fit the role of an epic hero, but there can only be one. The battle represented who would ultimately be determined the epic hero. In Homer’s epic poem, The Iliad, Achilles is crafted into an epic hero throughout the poem by the illustration of the qualities of an epic hero: a great warriorRead MoreEpic Passages of The Epic of Gilgamesh and Homers Odyssey921 Words   |  4 PagesThe definition of a hero has evolved over time through both written word and human experiences, so what is a hero? In the two epic passages The Epic of Gilgamesh and Homers Odyssey, heroism appears to be a clear distinction with the literature, and has the same basic framework as today’s definition of a hero. Historically, in the texts, heroes such as Gilgamesh and Odysseus are protagonists viewed and credited with great bravery an d most certainly heroism. Nearly all of the heroic figuresRead More Beowulf is an Epic Hero Essay957 Words   |  4 PagesA true hero does not fear death or, but instead risks all that he is for what he believes to be right, moral, and just. Beowulf is an epic and tells the story of a legendary hero, conquering all obstacles as if he was immortal. Up until the end of Beowulf’s life he was constantly looking to be the hero. However, his humanity is exposed by his death. Heroes all share the characteristic of their willingness to die in their effort to accomplish their heroic act, thus making the act in itself heroicRead More Beowulf vs. Gilgamesh as Epic Heroes Essay1025 Words   |  5 Pagespowerful and well-respected, embody the true essence of what it means to be an epic hero. Gilgamesh’s lifestyle and rash decisions make him the perfect candidate for a life lesson by the gods. Beowulf and his boastful nature ultimately lead him to be great in life and to later fal l. Finally, the two epic heroes both share some of the same good and bad qualities, thus, making each one slight mirror images of one another. According to Websters, an epic hero is â€Å"a larger than life figure from a history

U.s. Military Field Manual - 1426 Words

The intent of this policy memorandum is to propose that policy on counterterrorism in the United States of America be manufactured. Defining counterterrorism in a Western democratic sense is extremely difficult. This is due the uniqueness of each terrorism case. According to Jason Rineheart, what makes this defining process so difficult is that these democracies must take into consideration certain civil liberties and the rule of law. As stated by the U.S. Army Field Manual, counterterrorism can be defined as offensive actions taken in efforts to â€Å"prevent, deter, preempt, and respond to terrorism.† What is most important when defining counterterrorism is the focus on its offensive nature. It is also necessary to focus on the nature†¦show more content†¦Despite its illegality and inefficiency, racial profiling is used to execute the processes of counterterrorism. Therefore for the purposes of this memo, counterterrorism will be defined as the execution of o ffensive actions in order to prevent, deter, preempt and/or respond to terrorism by way of racial identification of targets. Racial profiling as method of counterterrorism is a major problem in the United States. Due to the damaging effects of 9/11 on the moral of the country and the present threats from ISIS, the Muslim-American society as a whole is being depicted in a way that classifies them as extremist terrorists. This fear of the Muslim society has become so dominant that the term â€Å"Islamophobia† has been adopted to communicate â€Å"fear, hatred and hostility towards Islam and Muslims.† As seen in a 2011 report on the West’s respect for Muslims, 52% percent of the American citizens who answered this poll voted that Western societies do not respect Muslim societies. (See figure 1.) The analysts of Gallup attribute this disrespect and fear of Muslim societies to differences in religion and political interests. (See figure 2.) America needs to re evaluate its counterterrorism strategy in order to account for and respect the human rights of its targets. If not, an entire society of people, Muslim-Americans, will be targeted as terrorists. The targeting of an entire group of people based on

Park Avenue Money, Power, And The American Dream

The documentary film â€Å"Park Avenue: Money, Power, and the American Dream† directed by Alex Gibney is about the wealth gap between the rich and the poor in the United States. The documentary compares the access to opportunities of residents of Park Avenue both on the Upper East Side and in the South Bronx. The documentary includes interviews with a series of people: a doorman at 740 Park Avenue, journalist Jane Mayer, Yale University Professor Jacob Hacker, Berkeley Professor Paul Piff, and Republican advisor Bruce Bartlett. The documentary makes a compelling case that inequality exposes democracy and that the victims of inequality include not only those who find themselves in the rapidly expanding underclass, but the American dream itself. Park Avenue on the Upper East Side of Manhattan is the wealthiest neighborhood in the New York City. Across the river, Park Avenue runs through the South Bronx, home to the poorest congressional district in the United States. Gibney stat es that while income disparity has always existed in the U.S., it has accelerated sharply over the years. Seven thousand people live in the South Bronx and 40% of the population live in poverty. Most of them lost their jobs during the recession that was caused by bankers on the other side of the river. David Koch is the richest person who lives in the Park Avenue on the Upper East Side of Manhattan. Koch donates money to politicians, and Paul Ryan received more money from Koch brothers than any otherShow MoreRelatedPark Avenue : Money, Power And The American Dream819 Words   |  4 PagesPark Avenue: Money, Power and the American Dream In my opinion being bias has both good and bad characteristics. I believe the negative part of being bias is that you only think one sided and not open minded. You can t be biased in some situations where you have to see both sides of view. A positive aspect is that you are consistent and not indecisive. If you have a passion or believe in something, then you will stay consistent with your decision. In the video Park Avenue: MoneyRead MoreThe Movie Park Avenue : Money, Power And The American Dream858 Words   |  4 PagesThe Truth behind a Dream It is easy for a person to put away a dream as a mere fantasy that cannot be achieved in life. For this reason, people never take the opportunity to evaluate the true facts behind that dream. In the documentary â€Å"Park Avenue: Money, Power and the American Dream† by Director Alex Gibney, an analysis of the true facts behind the ‘American dream’ is presented (Lee). Similarly, the poem â€Å"Dulce et Decorum Est† by Wilfred Owen speaks about the true facts of a war that people foolishlyRead MoreThe American Dream Must Have Been A Dream After All Essay1678 Words   |  7 PagesPark Avenue, on the Upper East Side of Manhattan, is one of the wealthiest neighborhoods in all of New York City, home to the ultra rich, the top tier of the American upper class, the 1% (Park Avenue). Those who reside in Park Avenue not only have vast amounts of wealth, but an immense amount of influence that has turned the tables in their favor. But, if you go a couple of miles No rth of Park Avenue and cross the Harlem river, you arrive at the other side of Park Avenue or otherwise known as theRead MoreThe Nightmare Of The American Dream1538 Words   |  7 PagesThe Nightmare of the American Dream. Introduction The future of work is a topic that many people don’t take the time to actually analyze and question as to what it will be like when the future actually comes. The films Wage Crisis by Michael Maher; Park Avenue: Money, Power and the American Dream: Why Poverty? by Alex Gibney; and The Secret of Oz by Ben Still, are some of the films that highlight the future of work and the how the wages and the economy are really affecting those who are looking forRead MoreWage Crisis By Michael Maher : Money, Power And The American Dream : Why Poverty?1189 Words   |  5 Pagesit will be like when the future actually comes. The films Wage Crisis by Michael Maher; Park Avenue: Money, Power and the American Dream: Why Poverty? by Alex Gibney; and The Secret of Oz by Ben Still, are some of the films that highlight the future or work and the how the wages and economy are really affecting those who are looking for work and trying to work towards a common goal – achieving the American Drea m. Throughout this review, these movies will be compared to the content that have been coveredRead MoreThe Land Of Opportunity By Loewen960 Words   |  4 Pagesthe child of low-income parents, the chances are good that you will receive limited and often careless attention from adults in your high school† (qtd. in Loewen, 203). High school students cannot look to the classroom to prepare them for real world power dynamics. If left to their own devices, adolescents may be influenced by skewed allegories in fictional entertainment media. Parents must use educational resources to prompt critical thinking about socioeconomic inequality in order to prepare America’sRead MoreRaising Taxes By The Middle Class1208 Words   |  5 Pagesstress and worry to be lifted off of the middle class and those in poverty. As a result, the rich will pay more taxes, which will benefit the middle and lower class. The so called â€Å"American Dream† is slowly losing its meaning when in come inequality comes into play because there is no fair game as to how we gain money. Bold plans such as raising the taxes will allow for an increase in revenue and help with employment issues. Furthermore, with the rise in inequality, we are at the tipping point andRead MoreStructural Racism And Racial Equity Analysis Essay1850 Words   |  8 Pagesa better life here in the states, â€Å"The American Dream†. However, is the â€Å"American Dream† really a dream or a nightmare for these immigrants. The whole thought of the American Dream is that everyone has an equal opportunity in America, but this is truly not the case. In the movie, Park Avenue: Money, Power the American Dream, they compare America, but mainly focusing on New York City, to the game of monopoly. The narrator states, â€Å"True to the American Dream, everyone has an equal opportunity, startingRead MoreAbortion Pros And Cons Essay1964 Words   |  8 Pagesremembering they can’t take this ba ck. First, In the film Park Avenue: Money, Power and the American Dream it stated â€Å"Steve Schwartzman has twenty-five fully decorated Christmas trees in his apartment for an annual Christmas party, to have a tree in each room of this apartment† (Alex Gibney). Meaning he spent all of that money just to have a fully decorated house for Christmas, when he could have spent that money on something meaningful such as giving money to charity. Also, proving that many rich people doRead MoreThe Civil Rights Movement Essay1601 Words   |  7 PagesMovement â€Å"I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.† This was a speech by Martin Luther King Jr. Even one hundred years after slavery was banned, African Americans were still being treated unfairly. Martin Luther King Jr. was one of the most famous leaders of the Civil Rights movement in the 1960’s. The Civil Rights movement was a movement of African Americans who felt that they

Royal Wedding Media Coverage Free Essays

Example of a great media coverage The Royal wedding in 2011 Many PR specialists define the Royal Wedding of Kate Middleton and prince William as the PR event of the year. It is a proof that a well- managed event can resonate for months or even years. It has set the beginning of the reputation building of this new family. We will write a custom essay sample on Royal Wedding Media Coverage or any similar topic only for you Order Now As Pagefield’s founder and senior partner Mark Gallagher argues, the event not only promoted the young couple, but also gave the monarchy, London and the UK a boost. Before the event, there was an estimated number of 8500 journalists expected to arrive in London from abroad. More than 36 broadcasters, such as BBC, Sky News, ABC, NBC, CBS, Al-Jazeera etc. ; were housed in a special structure, built close to the Westminster Abbey, where the wedding took place. Apart from nearly 2000 guests, 40 broadcast cameras, 12 photographers and 28 reporters from national, international and regional media were expected. More than 100 overseas broadcasting organizations were transmitting the event. BBC had the biggest broadcasting presence with around 550 people staff at a cost of ? 2 million. The US networks have begun their coverage at 3 a. m. n the west coast. 64% of Americans said that they believe that the event has received too much attention in the media, however 28% of US citizens have admitted that they have followed the wedding very closely. The wedding’s audience has reached 2 billion people worldwide. According to Google, there are over 162 million web pages mentioning the wedding. It was estimated to bring ? 630 million into the economy. All these fa cts are a proof that the event has received great, or even excessive media ; editorial coverage worldwide and has reached a huge number of people. This has probably turned it into the TV (PR) event of the century. An example of the number of articles that only CNN has concerning the Royal wedding: http://edition. cnn. com/SPECIALS/2011/royal. wedding/ . ——————————————– [ 1 ]. http://www. prweek. com/uk/features/1124547/the-power-books-top-5-pr-campaigns-2011/ [ 2 ]. http://www. guardian. co. uk/uk/2011/apr/28/royal-wedding-media-tv-audience [ 3 ]. http://www. guardian. co. uk/news/datablog/2011/apr/29/royal-wedding-numbers-figures How to cite Royal Wedding Media Coverage, Essay examples

Potential Liability Certified Information Systems

Question: Discuss about the Potential Liability for Certified Information Systems. Answer: The auditor is a person who is qualified to evaluate and validate that the accounting information given by an audited organization precisely fits in to the actions that are acquired by an organization. The auditor's responsibility is to prepare a report at the end of the audit, which decides the standard of accurateness and clearness that the company has considered. For a moment, if every step related to accounting prepared by an organization is illustrated in the records, and all information that is noticeable in the books matches to the course of trade in an organization, then it states that audit will show no inaccuracy (Economic, 2016). Power and duties of auditors The power of the auditors helps them to properly analyze the financial position of the firm. Auditors should have right to access the accounts and vouchers of organization. The organizations management should provide all the relevant data to the auditors, for performing duties without any hindrance. Auditors have the authority of signing the audit report of organization and other financial documents as well (Bainbridge, 2012). Notices and communications related to any meeting should be properly sent to auditors on time. Remuneration of the auditors should be made clear within the general meetings or any other way of communication. The duties of the auditors make them responsible for indicating things in advance to organization (Cannon, 2011). Auditors should make audit report for the company, as it helps to know about the financial statements. Auditors work should based on the certain principles of the auditing. Auditor while performing his/her duties founds out that illegal act is i nvolved, fraud is being committed in opposition to the organization by officers or employees, auditors should right away inform the fact to the Central Government on time and by following approved procedure (Pickett, 2010). Duty of care Duty of care can be explained as, the accountability or the lawful duty of an individual or association to keep away from actions or measures, which can create damage for others. An accountant owes it in properly developing organizations accounts, an auditor owes it in validating an organizations financial statements appropriately, which represents financial position of an organization. Director to shareholders it is owed in preserving the firms assets and manufacturer to consumers it is owed for the security of goods and every party to a contract it is owed to the other parties who are contracting (Giove, 2015). Global financial crisis is a universal era of financial complexity accustomed by markets and customers. A global financial crisis is a complex business environment to do well because possible customers are likely to decrease their acquisition of products and services up till the economic conditions develops (Davies, 2010). The financial crisis and auditor liability The global financial crisis (GFC) is frequently presumed to have begun in July 2007, when there was loss of motivation by US financers in the worth of sub-prime debts induced a liquidity crisis. This, sequentially, evolved out in the US Federal Bank introducing a huge amount of investment into monetary markets. With September 2008, the crisis had aggravated as stock markets across the universe strike and resulted in extremely unstable manner. Customer motivation hit the rock bottom as everybody tightens belts in terror of what could happen further (Davies, 2014). Auditors are under attention due to faith that a green signal provided by the auditor means that a states that organizations accounting application have approved inspection (Pal, 2010). The table below illustrates that anxious ?nancial ventures, in Netherlands, Iceland, Germany, UK, France, USA, or Switzerland, acknowledged unquali?ed audit viewpoints on their ?nancial statements issued right away former to the public announcement of ?nancial problems. These viewpoints were given by one of the Big Four accounting enterprise Ernst Young, KPMG, Deloitte Touche, and Price water house Coopers. The principles of auditing in Australia are very much associated with international principles of auditing, which illustrates that the auditors process essentially engage a thought of the organizations capability to carry on in operational continuation for the future nearby. Sequentially, that compels deliberation of the present and the probable future conditions of the company and the surroundings in which it works. Principles of auditing also need auditors to present audit process planned to acquire adequate suitable audit proof that all proceedings until date of the report of auditor may need modification of, or revelation in, the ?nancial statements, which is recognized (Malb, 2013). Lehman brothers case On 28 January 2008, Lehman Brothers who acknowledged an unquali?ed audit viewpoint on its accounts annually, on 10 July 2008, which was chased by vigorous clean bill in terms of accounts quarterly (Rootzen, 2011). On the other hand, nearby August it was undergoing rigorous ?nancial troubles and on 14 September 2008 registered for insolvency. Bear Stearns, Americas fifth chief investment bank, on 28 January 2008 acquired an unquali?ed audit viewpoint. On the other hand, by 10 March, its ?nancial troubles strike the headings and on 14 March, with the help of state, JP Morgan Chase purchased it (Harress and Caulderwood, 2013). The German migrant Henry Lehman and his brothers came with the establishing Lehman Brothers in the 1850s. In its initial years organization traded cotton, however with the commencement of the 20th century the organization entered in trading of banking and securities, ultimately became a speculation bank (Historical Resources, 2010). Financing and performing business in rising section of the 20th century, moreover, preceding worldwide and obtaining other firms, Lehman Brothers extended along with becoming worlds chief speculation banks . Modern speculation banks like Lehman are complicated academies with superior and difficult formation, with every day undertakings of numerous billion of dollars. Prior to the fall down of Lehman Brothers the chief business sectors was characteristic speculation banking, also equities, capital markets, fixed income and speculation administration. Lehman Brothers speculation banking industry gave financial services like, underwritings and issuing securities, mergers and acquisitions (Rootzen, 2011). Further business areas related to the equity sector of Lehman financed in equity across the globe. However, the fixed income, speculation administration and capital markets sector focused on wealth administration and different services. The size of the undertakings or services given was charged and their major revenues were acquired from these (Hantoft and Jerkrot, 2012). Financial crisis in Lehman Brothers Lehman Brothers executive and auditors failure caused the bank collapse that unbinds the worst of financial crisis. Lehman Brothers continuously extended their own domestic risk limits and commands and huge range of worst calls due to its management caused the failure of bank, stated in the report commenced by inspector Anton Valukas. The U.S. Bankruptcy Court for the Southern District of New York to examine the causes of Lehmans failure appointed Valukas, of New York law firm Jenner Block, in January 2009 (Wong and Smith, 2010). Credit crunch led investor motivation to fall down and in 2008, Lehman tried to anticipate collapse creating a false image of its financial situation. Lehman Brothers executives could have done better in comparison. Valukas, held responsible Lehman executives for aggravating the organizations troubles, creating the financial down fall for creditors and shareholders. The executives' behavior towards balance sheet manipulation is a severe but unoccupiable mistake related to business decision. Lehman Brothers make use of Repo 105 to make their accounting records look better. Instead of selling $ 50 million at a loss, they used Repo 105 to create a false picture in the balance sheet, which removes these assets from the balance sheet (Wong and Smith, 2010). Lehman Brothers global financial controller provided confirmation in context of Repo 105 use was only for showing reduction in transaction from balance sheet. Ernst Young the auditor was conscious about the use of Repo 105, except that also it did not confront or inquiry in context of this. However, there was not any evidence regarding the awareness of auditors about the use of Repo 105 (The Guardian, 2015). Charlie Perkins Ernst Young representative pivoted liability from his company, stating that Lehman Brothers insolvency was the outcome of a sequence of unfavorable proceedings in the financial markets. Ernst Young stated that they audited the financial statements according to the Generally Accepted Accounting Principles. Hence, auditors are not liable for the insolvency of Lehman Brothers (CNBC, 2016). Recommendations Based on the report it can be recommended that accountants, managers, boards of members are responsible along with auditor for financial crisis. Hence, it becomes the combined responsibility of the all of these to work in a proper format to avoid financial crisis following prescribed standards. Regulators should be allowed to take responsibility directly for auditing. It is not anticipated from auditors to provide assurance for the continued existence of any organization. Rather than auditors should be allowed to work independently for the organizations they are auditing and should work out sensibly with concern and ability. Auditors should be good at predicting the performance of the organization since previous 12 months accurately, by providing justified and reasonable view over the performance. Auditors work is to focus on the historic information not over the future prediction. The auditors should focus on the reliability and impartiality strategy. The cooperation of the manageme nt is necessary for the auditors to create a fair audit report for the organization. The organization must inform the auditors about the meetings that have to be attended on time. Public expectations and actual facts should be met out, there should not be any gap between actual and expected. Conclusion From the report, it can be evaluated that financial crisis has the huge impact on auditors liability. Principle of auditing has been changed from time to time. Auditors play very crucial role in the organization. Investors and lenders before dealing with nay organization focus over the auditing reports of any company. Auditing report helps to judge the financial position of the organization. Power and duties help auditor has to perform their jobs properly. Auditors cannot be fully blamed for financial crisis, as accountants, manager, board members are also responsible for the organization. Direct responsibility of the regulators can restrict financial crisis probably. Auditors do not have the liability to provide guarantee for the survival of the organization. Auditors can only analyze the financial statements of the organizations and provide accurate report to the company. The job of auditor is not to forecast future rather to provide guarantee that organizations financial statement s provide a factual and reasonable analysis over the preceding 12 months presentation. References Bainbridge, S. M. (2012) Corporate Governance After Financial Crisis. New York: Oxford University Press Cannon, D. L. (2011) CISA Certified Information Systems Auditor Study Guide. Australia: John Wiley Sons CNBC (2016) On this day 8 years ago, Lehman Brothers collapsed: Have we learned anything? Available at: https://www.cnbc.com/2016/09/15/on-this-day-8-years-ago-lehman-brothers-collapsed-have-we-learned-anything.html (Accessed: 13 January, 2017) Davies, H. (2010) The Financial Crisis: Who is to Blame? UK: Polity Davies, J. (2014) Global Financial Crisis What caused it and how the world responded. Available at: https://www.canstar.com.au/home-loans/global-financial-crisis/ (Accessed: 13 January, 2017) Economic (2016) What is an auditor? Available at: https://www.e-conomic.com/accountingsoftware/accounting-words/auditor (Accessed: 13 January, 2017) Giove, F. C. (2015) Auditing Essentials. New York: Research Education Assoc. Gramling, A. A., Johnstone, K. M., and Rittenberg, L. E. (2012) Auditing. USA: Cengage Learning Griffithis, P. (2016) Risk-Based Auditing. USA: CRC-Press Hantoft, L., and Jerkrot, H. N. (2012) Statistical Report Lehman Brothers. Available at: https://www.math.chalmers.se/~rootzen/finrisk/Statistical%20Report%20Lehman%20Brothers%20Group%208.pdf (Accessed: 13 January, 2017) Harress, C., and Caulderwood, K. (2013) The Death Of Lehman Brothers: What Went Wrong, Who Paid The Price And Who Remained Unscathed Through The Eyes Of Former Vice-President. Available at: https://www.ibtimes.com/death-lehman-brothers-what-went-wrong-who-paid-price-who-remained-unscathed-through-1405728 (Accessed: 12 January, 2017) Historical Resources (2010) History of Lehman Brothers. Available at: https://www.library.hbs.edu/hc/lehman/history.html (Accessed: 13 January, 2017) Malb, M. (2013) The role of the Auditors Liability in the global financial crisis. Available at: https://prezi.com/vsujbqrl8kdw/the-role-of-the-auditors-liability-in-the-global-financial-crisis/ (Accessed: 12 January, 2017) Pal, T. (2010) The Impact Of The Economic Crisis On Auditing. European Integration Studies, Miskolc, 8(1) pp. 131-142. [Online]. Available at: https://www.matarka.hu/koz/ISSN_1588-6735/GTK_vol_8_no_1_2010_eng/ISSN_1588-6735_GTK_vol_8_no1_2010_eng_131-142.pdf (Accessed: 12 January, 2017) Pickett, K. H. S. (2010) The Internal Auditing Handbook. 3rd edn. Australia: John Wiley Sons Rootzen, H. (2011) A Case Study of the Lehman Brothers Bankruptcy. Available at: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.186.5564rep=rep1type=pdf (Accessed: 12 January, 2017) The Guardian (2015) Lehman Brothers' former CEO blames bad regulations for bank's collapse. Available at: https://www.theguardian.com/business/2015/may/28/lehman-brothers-former-ceo-blames-bad-regulations-for-banks-collapse (Accessed: 13 January, 2017) Wong, G., and Smith, A. (2010) What killed Lehman. Available at: https://money.cnn.com/2010/03/12/news/companies/lehman_examiner/ (Accessed: 13 January, 2017)

Marketing and Customer Engagement Case Study on Fly Buys

Question: Discuss about theMarketing and Customer Engagementfor Case Study on Fly Buys. Answer: Introduction Loyalty New Zealand was established in the year 1996 by the Bank of New Zealand, IAG New Zealand Limited, Greenstone Energy Ltd and Foodstuffs Venture Limited in order to develop a coalition loyalty program. This program recognizes and rewards the consumers of New Zealand and provides the businesses with unparallel and vital information regarding the customers. The flagship loyalty program of Loyalty New Zealand is called Fly Buys, which has over 2.5 million card holders and 1.3 million active households who swipe their Fly Buys cards at over 50 partner businesses and redeem more than 2000 rewards daily. Chris Lamers was appointed as the Head of Customer Engagement in the year 2007 with the aim to re-launch the Fly Buys brand for continuous growth of the organization. As per the case study, Chris Lamers has selected one out of three options but in this assignment, an alternative option has been selected, compared and analyzed for the same. Brief Description of Third Option The third option that was selected by Chris Lamers was Fly Buys should focus on stretching the brand. Chris knew that he could data mine the extensive databases of Fly Buys with the aim to analyze the usage patterns of members and also to compare these with the external and corporate database. Therefore, it can be said that this particular option will help Chris Lamers and his team members to identify the gaps in the present market place (Pride Ferrell, 2012). On the basis of the outcome of this analysis, Fly Buys would add more partner companies and this provide the consumers of New Zealand with more options for earning points of Fly Buys. The particular option also aimed to add new products to the existing offerings of Fly Buys. Thus, it can be said that the particular third option has two objectives to add more partner companies and to add new products, both of which need a creative thinking skill. Alternate Option Recommended As per the case study, there are two more options, one of which can be selected for the continuous growth of the organization and also for re-launching the Fly Buys brand. These options include firstly, Fly Buys might launch a new brand and secondly, Fly Buys might put focus on the market penetration. Chris Lamers along with his team wondered if Fly Buys has reached the maximum penetration and whether the time was right for launching a new brand. Chris Lamers by keeping the first option in mind decided to launch a Youth Card branded loyalty program for the younger customers and a Senior Card branded loyalty program for senior customers. The reason behind this is that as per the statistics New Zealand trend data, the proportion of New Zealand consumers over the age of 65 years was expected to increase with the passage of time. However, with this particular option, Chris Lamers found that he might face trouble and high risk regarding the launching of any new brand in the present marke t as launching of new brand might take a lot of time and also the resources of Loyalty New Zealand. Thus, it can be recommended that Chris Lamers and his team should opt for the second option that is Fly Buys should focus on market penetration. It has been found that Fly Buys was extremely popular among the consumers of New Zealand. Therefore, Chris Lamers by keeping the second option in mind, he could focus on getting the existing customers or members to swipe their Fly Buys cards more often at the partner companies of Fly Buys. This particular method would help Fly Buys to increase its customers. As per the record of the extensive database of Fly Buys, it has been found that the consumers of New Zealand swipe their Fly Buys cards 300000 times per day or it can also be said that they redeem their Fly Buys Points for rewards (2000). These facts and figures imply that the present market of Fly Buys is already enriched but for continuous growth of the firm, Chris Lamers and his team should implement this second option. For this, Chris Lamers might introduce new strategies and can pro vide various offers and discounts in order to attract more customers and to increase the number of swiping times of the Fly Buys cards per day (Kotler Keller, 2012). Comparative Analysis It can be said that the recommended option i.e. to focus on the market penetration is better than the third option i.e. focus on stretching the brand. The reason behind this is that the stretching of brand is the process of utilizing the established brand names in launching products in a different and unrelated category of product. However, it has been found that the potential growth of the stretching of brand depends on the method by which the core product has been positioned in the minds of the customers (Hood, 2013). It can also be said that the new service or product has to fit the core brand or the resulting inappropriateness might demoralize the core brand. Generally, it has been found that the new product raises the equity of brand and also the profits of the firm (Kotler Armstrong, 2012). However, the primary disadvantage of implementing this particular strategy is that the stretching of a brand too far might develop the original brand distraction (Grewal Levy, 2012). In ad dition to this, brand stretching in any unrelated markets might lead to loss of reliability. Thus, Fly Buys should research about the product categories before implementing the particular strategy. Moreover, a risk is associated with this brand stretching strategy that is a new product might develop implications which might damage the image and reputation of core brand (Shani Chalasani, 2013). Therefore, it can be said that the implementation of brand stretching strategy might also affect the reputation of the company and this would lead the firm to run under loss as the customer base of the organization would also decrease. Additionally, it might happen that due to less awareness and trial, the management might not provide sufficient investment for the introduction of new services and products as they could assume the spin-off effects might compensate the original brand name (Elliott, Rundle-Thiele, Waller, 2012). It has been found that if the brand stretching does not has any ad vantage over the competitive brands in the newly introduced categories of products and services, then it might fail. Therefore, it can be said that the third option focus on stretching the brand is associated with several high risks. Thus, the second option to focus on the market penetration is comparatively better than third option focus on stretching the brand. Moreover, market penetration has various tactics that help to reduce the production cost of the company and also helps to increase the profitability of the firm (Burns Bush, 2014). Implication of Recommended Option The second option is considered as the recommended one for the particular circumstances of Fly Buys. The second option is that the Fly Buys should put focus on the market penetration. Therefore, it can be said that if this option of focusing on market penetration is implicated within the Fly Buys, then it will earn various advantages. These include firstly, the market penetration might cause quick adoption and diffusion of the product and services in the present market (Bosik, 2011). Secondly, this might also create goodwill among those consumers and this might also develop customer referrals (Czinkota Ronkainen, 2013). Thirdly, by focusing on the market penetration, the efficiency of Fly Buys might be encouraged due to thinner profit margins. This occurs due to aggressive pricing and the efficiency is required for maintaining profitability (Aaker, 2013). Fourthly, the competitors feel dispirited to enter the market, thus it can be said that the market penetration strategy can resi st the entry of the new entrants to the market. In addition to these, the market penetration strategy takes the advantage of lower pricing in order to raise the demand of product and also to raise the share of the market (Armstrong Kotler, 2013). On the other hand, it can also be said that with the increase in the demand, the organization Fly Buys can save money on the cost of production as the volume of production increases. Therefore, the second option is also suitable for the operation and regulation of Fly Buys in the present circumstances. Conclusion Therefore, it can be concluded that for any organization, continuous growth of the business is an essential factor for running the business successfully. It has been found that there are various options for the particular organization Fly Buys to grow continuously. Hoever, some of the options are associated with higher risks and challenges. Thus, in order to lower the risk, the management should analyze each of the options in detail such that the associated risk can be studied well. Depending on the amount of risks, the management should select the accurate option and should implement it in order to run the business effectively. Here, Chris Lamers has selected the third option i.e. to focus on stretching the brand but he might also opt for the second option i.e. to focus on market penetration as the later one is associated with relatively lower risks. References Aaker, D. (2013).Marketing research. Hoboken, NJ: John Wiley Sons. Armstrong, G. Kotler, P. (2013).Marketing. Boston: Prentice Hall. Bosik, D. (2011).Mobile marketing advertising 2012. [Place of publication not identified]: Mind Commerce Publishing, LLC. Burns, A. Bush, R. (2014).Marketing research. Boston: Pearson. Czinkota, M. R., Ronkainen, I. A. (2013).International marketing. Cengage Learning. Elliott, G., Rundle-Thiele, S., Waller, D. (2012).Marketing. Milton, Qld.: John Wiley and Sons Australia. Grewal, D. Levy, M. (2012).Marketing. New York: McGraw-Hill/Irwin. Hood, D. (2013).The marketing manifesto. London: Kogan Page. Kotler, P. Armstrong, G. (2012).Principles of marketing. Boston: Pearson Prentice Hall. Kotler, P. Keller, K. (2012).Marketing management. Upper Saddle River, N.J.: Prentice Hall. Pride, W. Ferrell, O. (2012).Marketing 2012. Mason, Ohio: Cengage Learning. Shani, D., Chalasani, S. (2013). Exploiting niches using relationship marketing.Journal of Services Marketing.