The Conflict Between Federalists and Anti-Federalists

The Conflict between Federalists and Anti-Federalists The Conflict between Federalists and Anti-Federalists While the anti-Federalists believed the Constitution and formation of a National Government would lead to a monarchy or aristocracy, the Federalists vision of the country supported the belief that a National Government based on the Articles of the Confederation was inadequate to support an ever growing and expanding nation. After the constitution was signed the next step was ratification by a least nine states. Ratification by the states was by no means a fore gone conclusion in 1887. Any state not ratifying the constitution would be considered a separate country. The Federalists and Anti-Federalists had very different†¦show more content†¦The questions being debated were what is the best form of government? What powers will be moved from the state level to the federal level? Will the state retain sovereignty over its territory? It was not until May 29, 1790 that the 13th and final state ratified the constitution ending the debate. The real dilemma the Anti-Federalists had with the constitution, when the constitution was signed it did not contain a Bill of Rights to protect citizen’s rights. The Anti- Federalist feared a national government would strip citizens of their individual rights. The Anti-Federalists did not want a repeat of the Revolutionary War. The Federalists main argument was a large republic would be vulnerable to aggression from foreign powers, internal unrest to the point of civil war absent a Federal Government. Federalists also believed they had an obligation to create a republican government versus a democratic government to protect the Federal government against such situation, because a republican governments elect representatives to make government decisions, republican governments are better equipped to make decision based on national interest, not state or local interest; while a democratic government would be more inclined to base decision on local interests because all citizens in a democratic government have a direct role in government decision making process. According to Net Industries (2009), â€Å"Madison divided popularShow MoreRelatedThe Federalists And The Anti Federalists1189 Words   |  5 PagesIn debate of the ratification of the Constitution, the Federalists and the Anti- Federalists agreed on several things: the necessity of some form of national government, the preservation of the right to vote, and the need to secure our liberties. The Federalists wanted a strong central government, whereas the Anti- Federalists wanted more power reserved to the state government. The right to vote is important for both sides, but they hold conflicting views on the amount of involvement through theRead MoreThe Federalists Vs. Anti Federalists1010 Words   |  5 Pageswith the conflict between the Patriots and the Loyalists during the American Revolution. The rivalry between the Federalists and the anti-Federalists emerged during the process of ratifying the Constitution between 1787 and 1788. Initially, the Federalists supported the Constitution while the anti-Federalists did not (199). The principle differences dividing the Federalists and anti-Federalists were the controversy of creating a federal government and how to interpret the Constitution. Anti-FederalistsRead MoreFederalist vs. Anti-Federalist Essay844 Words   |  4 PagesFederalist vs. Anti-Federalist The road to accepting the Constitution of the United States was neither easy nor predetermined. In fact during and after its drafting a wide-ranging debate was held between those who supported the Constitution, the Federalists, and those who were against it, the Anti-Federalists. The basis of this debate regarded the kind of government the Constitution was proposing, a centralized republic. Included in the debate over a centralized government wereRead MoreAn American Ideal Of Equality Is Not An America At All.1501 Words   |  7 PagesThree texts that better explain the American Ideal of equality are; The Federalist Papers/The Anti-federalist,†The Bill of Rights†, and The other Amendments. The Federalist Papers are an over 50-page document of laws that the federalist believe and why the laws should be followed. Additionally, The Anti-Federalist Papers are an additional document to The Federalist Papers. The Anti-Federalist Papers explain reasons why the Federalist Papers are wrong in the opinion of others. â€Å"The Bill of Rights† areRead MoreAnti Federalists Vs. Federalists1634 Words   |  7 Pages Anti Federalists vs. Federalists (Paper #1) The Federalists and the Anti - Federalists played an indispensable part in the establishment of the American Constitution. Federalists were supporters of the constitution, while Anti federalist were against the ratification of the Constitution. Federalists believed in the idea of a larger heterogeneous republic whereas anti federalists wanted a small homogenous republic. Famous federalists like James Madison, John Jay and Alexander Hamilton are responsibleRead MoreAnti Federalists And The Revolutionary War934 Words   |  4 PagesAlthough independence was just won, the country still needed protection from other hostile countries. Besides protecting the country from foreign enemies, the Anti-Federalists wanted to protect the American people from its own government. In fact, the â€Å"Anti-Federalists were especially concerned with preserving for ordinary citizens the ability to participate in government† (Amar). After all, the Revolutionary War was fought in order to gain free dom from oppression. However, by giving all of the powerRead MoreFederalists vs. Democratic-Republicans Essay743 Words   |  3 Pagesparties; the Federalists and the Democratic-Republicans. Although the Federalists and the Democratic-Republicans ideology and stances on the power of the federal government, domestic economic policies and the group of constituents they represented differed vastly, members of both parties often compromised their own beliefs for the nation’s best interest as a whole. The limitations on the amount of power the federal government should possess was one of the most prevalent conflicts between the FederalistsRead MoreThe Articles Of Confederation And The New Constitution Of 17871177 Words   |  5 PagesArticles of Confederation and the New Constitution of 1787 According to Keene, Cornell, and O’Donnell (2013), the Articles of Confederation were put together in 1777, but were not sanctioned for another four years. In the Articles, a bond was formed between the Colonist States and allowed each State the freedom to govern itself. The Congress that developed the Articles did not want to give any absolute power to a Federal Government for fear that it would be just as oppressive as the British governmentRead MorePolitical Parties in George Washingtons Cabinet758 Words   |  4 Pagesthe country and weaken support of the Constitution (Doc 4). The first major political parties, the Federalists and the Republicans, were created during the term of President George Washington. Despite President Washington’s warning, the rise of the two political parties, in the years after his term was inevitable. The Federalists were in favor of a strong central government, while the anti-federalists opposed most their ideas. Over time, the gradual development of political parties resulted in theRead MoreEssay about The Clashing Interests of The Founding Fathers544 Words   |  3 PagesConstitution resulted in several conflicts dealing with economic issues, political concerns and dynamic conflicts of interest between the delegates. Each separate force had a perspective, usually clouded by personal motives, on how the new governmental system should operate. During the framing of the Constitution, the central conflicts were between the small states and the big states while in the ratification period the struggle involved the anti-federalists and the federalists. Each opposing force struggled

Physician Assisted Suicide Permissible or Not - 1610 Words

Nikia Washington April 24, 2012 Death and Dying Christian Coons Physician Assisted Suicide: Permissible or Not? In the case of Physician Assisted Suicide, I believe only in certain, extreme, and clearly defined situations should a doctor be allowed to prescribe a drug to terminate a patient’s life. The role of a practicing medical doctor, or a physician, is defined by Mosby’s Dental Dictionary as a practitioner of medicine; one lawfully engaged in the practice of medicine. The essential word in this definition is lawful – physicians must act in a manner that is ethical to their practice and lawful to the country in which they are practicing. In most countries, murder and suicide are unlawful; therefore for a doctor to commit such an†¦show more content†¦3.) has an ample amount of time to live, but still has the desire to exit life, the physician should offer alternatives to the patient – euthanasia not being one of them. I have specifically identified the three situations above, because I feel only in these cases should the doctor seriously consider the option of PAS, or in the situation of option three, how to alternatively assist a patient who is seriously considering euthanasia. In the first case, I mention the doctor’s patient being in a permanent vegetative state – medically defined as patients who have an irreversible loss of brain damage who are left permanently unaware and extremely unlike to ever recover. The vegetative state case is a vital circumstance in which the doctor should consider euthanasia, because these patients will most likely never function fully as human beings again, therefore never to lead a life worth living. The decision is only to be made by the family, guardian, or caregiver of the patient rather the doctor should end treatment to allow to patient to live. However, this should only be done after six months of complete inactivity of the patient, to secure t here is no chance of revival. If the family requests for their loved one to be kept alive after the six month, their wishes must be granted; the doctor shall have no say in theShow MoreRelatedPhysician-Assisted Suicide: Is It Morally Permissible?1780 Words   |  8 PagesPHYSICIAN-ASSISTED SUICIDE | IS IT MORALLY PERMISSIBLE? INTRODUCTION TO THE ISSUE-QUESTION My essay topic is whether or not physician assisted suicide is morally permissible. I intend to argue that it is permissible because a competent patient ultimately has the right to choose for themselves the course of their life, including how it will end. To lie in a hospital bed in a vegetative state, unable to see, think, speak, eat, being totally unaware of your surroundings or those of your lovedRead MorePhysician Assisted Suicide Should Be Morally Permissible1663 Words   |  7 PagesPhysician assisted suicide should be morally permissible. Patients who are in constant suffering and pain have the right to end their misery at their own discretion. This paper will explore my thesis, open the floor to counter arguments, explain my objections to the counter arguments, and finally end with my conclusion. I agree with Brock when he states that the two ethical values, self-determination and individual well-being, are the focal points for the argument of the ethical permissibility of Read MoreThe Debate Over Physician Assisted Suicide951 Words   |  4 PagesIn today’s society, suicide, and more controversially, physician assisted suicide, is a hotly debated topic amongst both every day citizens and members of the medical community. The controversial nature of the subject opens up the conversation to scrutinizing the ethics involved. Who can draw the line between morality and immorality on such a delicate subject, between lessening the suffering of a loved one and murder? Is there a moral dissimilarity between letting someone die under your care andRead MoreThe Morality Of Physician Assisted Suicide1003 Words   |  5 Pagesdefinition of physician-assisted suicide is, â€Å"suicide by a patient facilitated by means or information (as a drug prescription or indicated of the lethal dosage) provided by a physician who is aware of how the patient intends to use such means or information.† I believe that some forms of euthanasia are moral given the pr emise that the patient is suffering from an incurable and painful disease and will die in the next few months. Given these exceptional circumstances, physician assisted suicide is permissibleRead MoreVoluntary Active Euthanasia Essay1010 Words   |  5 Pagesis morally permissible? Voluntary Active Euthanasia is a controversial subject, Does one have the right to end their own life? According to Peter Singer in â€Å"Voluntary Euthanasia: A utilitarian Perspective,† Voluntary Active Euthanasia is morally permissible under certain circumstances. If and only if certain requirements are met by certain parties can the process of voluntary active euthanasia be completed. Certain situations where Voluntary Active Euthanasia is morally permissible include; mentalRead MoreEuthanasi The Complex Role Of The Physician With Physician Assisted Suicide1702 Words   |  7 PagesThe theoretical aim of this thesis is to introduce euthanasia, the complex role of the physician with physician-assisted suicide (PAS) under the argument that it is not an issue of passive or active. Nor right or wrong. Euthanasia is defined as the act or practice of killing or allowing someone to die on grounds of mercy (Morally Disputed Issues: A Reader, 341). In its complexion euthanasia is not merely a dead or alive decision as it truly is at its core goal. There is passive euthanasia which isRead MoreEssay on The Right To Die1135 Words   |  5 Pagesfrom medicine. The demands for assisted suicide and euthanasia are increasing (Kass 17). These issues raise many questions, legal and ethical. Although neither assisted suicide and euthanasia are legal, many people believe they should be. A great number of those people may never be faced with the decision, but knowing the option would be there is a comfort (Jaret 46). For those who will encounter the situation of loved ones on medication, being treated by physicians, sometimes relying on technicalRead MoreWhy Physician Assisted Suicide ( Pas ) Should Be Considered Morally Okay949 Words   |  4 PagesWhy Physician Assisted Suicide (PAS) Should be Considered Morally Okay Physician assisted suicide (PAS), a widely controversial topic, has two apparent sides. Those who oppose the morality of PAS, and see deep rooted problems, and those who see PAS as beneficial and support the morality. With this issue gaining publicity, it is important to explore and examine exactly why allowing PAS would ultimately be beneficial to us all. California recently passed a bill allowing PAS, and the effects of thisRead MoreFree Doctor Assisted Suicide Within Canada1136 Words   |  5 PagesIn late February 2016, a recent debate among Canadian politicians arose on whether mature minors have the right to access doctor-assisted suicide within Canada. In Canadian Paediatric Society1 article, it explains how the government has a three-year deadline in order to create new legislation. However, the the Canadian Paediatric Society (CPS) believes that this three-year deadline Is not enough time to â€Å"gather adequate and appropriate information† on whether this practice should be allowed to beRead MoreThe Ethical Issues Of Physician Assisted Suicide1586 Words   |  7 PagesPhysician Assisted Suicide Physician Assisted Suicide Is it Right or Wrong? The ethical issues of physician-assisted suicide are both emotional and controversial, as it ranks right up there with abortion. Some argue physician assisted suicide is ethically permissible for a dying person who has choosing to escape the unbearable suffering at the end of life. Furthermore, it is the physician’s duty to alleviate the patients suffering, which at times justifies providing aid-in -dying. These arguments

Internal Controls Free Essays

string(47) " to the directors to not devalue the property\." Risks surrounding the identified accounts The Audit of TON Ltd has highlighted number of risks. The risks highlighted In the audit are discussed throughout the report. Below is a table of the risks and tests to carry out, based on the five accounts highlighted as being of risk. We will write a custom essay sample on Internal Controls or any similar topic only for you Order Now The common assertion that is common to the five accounts is valuation and allocation. Account Assessment of Risk Substantive audit procedure Accounts Receivable Account Receivable has Increased while sales has decreased. Days In receivables ratio has also Increased considerably. This highlights a high risk of overstatement of the assets. Subsequent assessment of sales receipts, aged receivable trial balance, and follow up on amounts that are overdue. Inquiry with key persons as to how and when overdue balances are classified as bad debts. Current Investments The decrease In current Investments needs Investigating, as well as why It has been Impaired and has the Impairment correctly been done. Review the share certificates, to vary they are held, and how many are held. Review the share prices used in the balance to the ASS listed prices. Property Assets Due to the property market being in decline, why hasn’t the property in the financial reports not also decreased considerably? There could be an overstatement of property assets. Inquiry on why the directors valued the property the way they did and reasoning for It. External valuation by an expert. Intangible Assets No movement in intangible ass ets is unusual, particularly considering technology does not have an indefinite life. Overstatement of assets could be in use. Inquiry on why the directors valued the asset they way they did and reasoning for It. External valuation by an expert. Deferred Developmental Expenditure Even though analytical procedures can only be used, deferred development expenditure requires Investigation, due to the more than significant increase. Added to that the information that a competitor has successfully developed and patented a similar device the future economic benefits from the deferred development expenditure is in question. Is there / could there be an overstatement? Assessment of accounting procedures used to create the deferred development expenditure balance. Inquiry to directors, and experts about the obsolescence of the company’s laser development. Expert analysis of the technology. After all analytical procedures have been used to evaluate any risks to the financial reports of TON Ltd a number of risks have been highlighted in other accounts. Although It Is highly unlikely for a business to genuinely manipulate expenses to A) is certainly a major concern for TON Ltd. The operating expenses has also doubled in percentage of total sales (Appendix C). The decrease in inventories whilst also having an increase in accounts receivable is very unusual, mainly due Tao decrease in sales revenue. This highlights that accounts are not being written off to (increase he company’s assets), falsified sales (increase the company’s assets), or even theft of inventory. Business Risk The business risk for TON Ltd has increased from previous years. The primary business risk of concern is the loan agreement placed on the money borrowed to fund research projects. As the agreement with the bank states, that if the company’s debt to equity ratio increases to over 1. 2:1. 0 the bank is allowed to demand immediate repayment. The analytical procedure has shown that the debt to equity ratio has increased from 1. 02:1. 0, to 1. 11:1. 0 (Appendix B). This is of great concern to he going concern of the business, and points out that the entities is highly leveraged and may be incapable to meet its debt obligations. Other factors concerning going concern are the other profitability ratios (Appendix B). This risk of going concern can create considerable pressure for the manipulation, falsification or modification of financial records in order to meet the agreement in place. The decline of the property market is also another increased business risk, as one on TON Lad’s major activities is investing in the property market. The decrease in the property market ultimately decreases the value of assets in TON Ltd and such presents the risk of overstatement of the value, or understatement of the impairment of the property. This influences the current liquidity ratios, and may be the reason for an increased ratio (Appendix B), when there should be a decline as indicators have presented. This is mainly apparent in the director’s valuation of investment properties. (Note 8 of the financial reports). One property has not decreased from the previous year, and one was purchased in the current year. This could be an indication of a fraudulent misstatement. Competitors are another business risk for TON Ltd. One competitor of TON Ltd have developed and patented a device similar to the one in which TON Ltd spent a considerable amount on. This highlights a risk of obsolescence of inventory for the company and an overstatement of assets as the expenditure hasn’t been written off. The reporting of this expense into other non-current assets account has lead to an increase of 1900 percent in the trend statement (Appendix A), and an increase in the percentage of total assets by almost 13% (Appendix C). As with the property, the treatment of expenditure affects the current liquidity ratio, making impasse liquidity look better than it actually is (Appendix B). If the amount was written off, due to it not providing any future economic benefit to the company then it would decrease the assets of the business, and increase the tax liability of the company. The factors highlighted above would have placed pressure on the directors of the company. Considering the directors value certain financial report balances, these balances have a risk of being fraudulently misstated. These accounts are Investments (non-current), Property Plant and Equipment, and Intangible Assets (non- current). As discussed previously, the decline in the property market would indicate a decline to the value of the property held by TON Ltd. However, TON Ltd has not The pressures that might been placed on the directors, may have lead to the directors to not devalue the property. You read "Internal Controls" in category "Papers" This can also be said for the intangible assets account which contains technologies that’s valued by the directors. These technologies have not been impaired which is not normal, considering technology is regularly improving and therefore obsolete in a shorter period than other intangibles. Plant and Equipment also needs be looked at. Although there is no indication of misstatement in this account, in fact it has decreased in the trend and common size statements (Appendix A and C) should be looked into. Appendix A Trend Statement 2013 2012 2011 sales 100% Cost of goods sold 68% 85% 100% Gross profit% 109% 100% other Revenue 100% operating 154% 100% Finance costs 150% 128% 100% profit before Tax 103% 100% Tax Expense 103% 100% Net profit 103% 100% 9000 $’000 $’000 cash 139% 100% Trade and other receivables 131% 111% 100% Investments 110% 100% Inventories 110% 107% 100% other% 92% 100% Total current Assets 110% 108% 100% Non Current Assets Investments 150% 145% 100% Property, plant equipment 84% 92% 100% Intangibles 200% 200% 100% otherness% 100% 100% Total Non-current Assets 158% 130% 100% Total Assets 140% 122% 100% Current Liabilities Trade and other payable 104% 118% 100% provosts 59% 100% Total current Liabilities 101% 116% 100% Non Current Liabilities sank Loans 188% 125% 100% provosts 116% 114% 100% Total Non-current Liabilities 179% 124% 100% Total Liabilities 144% 120% 100% Net Assets 135% 123% 100% Equity Share capital 100% 100% 100% Reserve 107% 100% 100% Retained Earnings 190% 163% 100% Total Equity% 123% 100% Appendix B Activity Ratios Receivables Turnover 4. 55 6. 32 Days in Receivables 80 58 Inventory Turnover 2. 19 2. 85 Days in Inventory 166. 53 127. 89 Profitability Ratios Gross profit 0. 32 0. 30 0. 25 Net profit 0. 07 0. 14 0. 13 Return on Total Assets 0. 03 0. 09 0. 11 Return on Shareholders’ Equity 0. 07 0. 19 Solvency Ratios 0. 22 Times Interest Earned 0. 63 1. 76 Liquidity Ratios current Ratio 1. 80 1. 54 1. 66 Quick Asset Ratio 0. 90 0. 79 0. 83 Appendix C Common Size Statement $’000 $’000 $’000 sales Revenue 100% 100% 100% 2. 17 Cost of goods sold 68% 70% 75% Gross profit% 25% other Revenue 7% 7% operating Finance cost 11% 8% 6% profit Before Tax Tax Expense 6% 5% Net profit $’000 $’000 Current Assets cash 0. 15% 0. 25% 0. 22% Trade and other receivables 11. 15% 10. 79% Investments 3. 36% 5. 91% 6. 56% Inventories 14. 80% 16. 45% 18. 75% other. 22% 0. 31% 0. 41% Total current Assets 29. 68% 33. 70% 37. 81% Investments 33. 59% 37. 26% 31. 25% Property, plant equipment 14. 33% 17. 99% Intangibles 8. 96% 10. 28% 6. 25% 23. 75% Total Non-current Assets 70. 32% 66. 30% 62. 19% Total Assets 100% 100% 100% Trade and other payable 29. 99% 40. 2% 41. 68% provosts 1. 28% 2. 55% 3. 13% Total current Liabilities 31. 6% 43. 27% 44. 81% sank Loans 63. 80% 50. 91% 49. 04% provosts 4. 93% 5. 82% 6. 15% Total Non-Current Liabilities 68. 74% Total Liabilities 100% 100% 100% Net Assets 56. 73% 55. 19% Share capital 23. 65% 25. 94% 31. 88% Reserve 25. 30% 25. 94% 31. 88% Retained Earnings 51. 05% 48. 11% 36. 24% Total Equity% 100% 100% Question 2 – Internal Controls The client of ACT Ltd has stated they have established improvements to their systems surrounding their internal controls. From the information that has been provided by the audit manager containing the new internal controls implemented at ACT Ltd, the allowing table contains a list of the four internal controls that are potentially effective, the risk each one could mitigate, and the appropriate tests of each of the identified controls. Strengths Effective Control Risk Addressed Test of Control l. Documentation which allows the follow up of partially filled orders by the dispatch department manager. (Preventative control. ) l. Deals with the custody that happens in the sales process, dealing with shipping/delivery in particular. The control helps to prevent the overstatement of sales by accounting for partially filled orders and not listing them as complete orders. It also helps to prevent the understatement of inventory by keeping a correct record of what has actually been dispatched. This deals with the occurrence and completeness assertions Examination of the reconciliation of shipments to invoices Monitor the checking of shipments, or inspect selected shipments, including partially filled shipments Inspection of documentation relating to shipments, and partially filled shipments IV. Computing and updating the customer volume ratings that are used to apply discounts. Provides a segregation of duties by having the ratings calculated by one person, and authorized by another individual. It encourages the right recording of sales, and discounts applied. It allows discounts to be applied, with accordance to the company’s policy. This deals with the accuracy assertion. Select a sample of invoices (with discounts applied to them), and check the evidence that the discount applied can be traced back to the approved list. Check against previous sales totals of the customer VIII. Reviewing of the trade receivables analysis to detect and highlight any accounts that are past 90 days. Allows the financial manager to follow up with the trade receivables clerk, and receive reasoning for the outstanding balances. Detective control) VIII. Deals with accounts receivable and mainly outstanding accounts. The control is in place to allow the detection of any abnormal balances, and bad debts. It encourages the chasing up of debtors before 90 days, the correct assessment of bad debts expense, It also helps to detect any customers that are of concern in these areas. The assertion here is classification. Assessment of outstanding accounts, and make inquiries with key staff about the outstanding amounts, and the chance of payment. Examine against company, and accounting, policy on bad and doubtful debts. X. Chasing up outstanding receivables. Also makes sure that customers do not go over credit limits by putting a hold on / delaying of shipments until a payment is received f rom the customer. (Preventative control) ‘X. Deals with accounts receivable, bad debts, and sales/ inventory. The control allows for a plan that’s been in placed to follow up on any outstanding debts, and or detect bad and doubtful debts. The control is in placed to ensure sales/inventory are not completed and thus shipped to customers who have outstanding accounts that the financial manager is uncomfortable with. It encourages correct credit procedures, chasing up outstanding accounts, and the correct valuation of accounts receivable. An assessment of outstanding accounts, and inquires with key staff about the outstanding amounts, and the chance of payment. Evaluate against company, and accounting, policy on bad and doubtful debts. Review the credit approval process, against customers with outstanding debt. Check against company policy The above table highlighted the potentially effective controls that ACT Ltd has set in place. However though not all of the controls in placed were effective that the Audit Manager’s extract has identified, five out of the nine controls that ACT Ltd have in place had some weaknesses. The following section of this report will highlight the five sales and receivables internal controls, and the weaknesses inherent in each one. Weaknesses The first weakness to be highlighted is the weakness of control two, this weaknesses completeness and occurrence. The lack of separation of duties in this control, allows an employee to misappropriate assets. The employee can cover up any misappropriation as they are involved in both the shipping of goods and the good turned whilst without any appropriate supervising or authorizing. Another weakness in this control is that the trade receivables clerk is the one individual in charge of all credit notes. Again, by the lack of segregation of duties, allows the employee to cover up falsified actions by having control of both transactions. The weaknesses in control three are related to fraudulent activities, as with errors in the financial report, concerning unintentional mistakes. The IT system is fairly new and is looked after by the sales director and not an IT expert. This weakness can raise the risk of errors in the IT system. The prices of stock are gathered from the selling price master file, and as there is no password protection necessary for access to databases, the selling price master files, and every other file are all subject to inappropriate changes. This allows for any fraudulent activities and as well, honest mistakes dealing with the changing of database files. The most evident weakness in this control is the simple screen check performed by the trade receivables clerk to verify the accuracy of the invoices. A high risk of misstatement can arise, whether intentionally or unintentionally. Some simple controls of passwords, authorization of hangers, authorization and approval of invoices would help to reduce the weaknesses, and thus the risk. Control five has a few weaknesses that allow the risk of fraudulent activities, and segregation of duties. This control entitles the trade receivables clerk, who also creates invoices, to post them the general Journal. As there is not segregation of duties, this can allow the clerk to cover up any fraudulent activities they may be par taking in. Add to this weakness, not only can fraudulent activities be covered up, but unintentional errors may not be highlighted before the sales invoices are posted to the general ledger. Segregation of these duties, posting to the ledger, and/or receiving approval and authorization of the sales invoices and general ledger, can minimize the risk surrounding the weaknesses of control. As stated above, segregation of duties is visibly a weakness in the sales and receivables of ACT Ltd. This weakness also exists in control 6. The trade receivables clerk, who computes all the data for the invoices, is also the same person who accepts the receipts from debtors, compute the payments, prepares the bank deposit slip, and reconciles the trade receivables ledger to the debtors control account in this control. This is plainly raising the risk that the clerk could possibly partake and conceal any fraud during their normal course of duties. Sufficient segregation of duties is very vital to reducing this risk, and therefore reduces the weaknesses highlighted in this control. Control seven’s main weakness deals around the controls in the IT system and the controls around the databases. Control seven includes the computer generating an aged analysis at the end of the month, based upon all invoices completed. However with insufficient controls as highlighted in control three and our, the information in the report is likely to have errors. The fact that anyone can easily access the database means that the invoices computed can be fraudulently created, deleted or modified. Therefore occurrence and accuracy assertions can plainly be found to be inaccurate. Control seven can only be strengthened if the controls in place, the likely hood of misstatement in this control is only going to carry on. Assessment of Internal Controls As highlighted in the report the new internal controls that are in placed at ACT Ltd have both strengths and weaknesses. As such the reliance on these internal controls fifers in different areas. The strengths outlined above are obviously of less concern then the weaknesses outlined. The controls recognized as effective require more tests of control rather than substantive testing, as they can be relied upon more than the controls that have been recognized with weaknesses. As for the controls with weaknesses, they are require to have more substantive testing as the controls cannot be relied upon as much. The strengths highlighted surround delivery and shipping (control 1), the accuracy of discounts applied (control 4), aged trade receivables, allow up of aged trade receivables, and the accuracy of bad and doubtful debt expense (controls 8 and 9). The assertions attributed to these areas can therefore be relied upon more than the other controls. The tests of controls outlined above should be undertaken on these controls identified to ensure that the controls exist and can be relied upon. The controls around these areas can be class as less than high. The weaknesses highlighted concern largely the segregation of duties, and controls around the IT system. These two weaknesses are common across all the weaknesses identified. As such, these controls cannot be relied upon, at least until the management of ACT Ltd correct the weaknesses identified. Therefore the risk assessment of these areas can be classed as high, and thus require no test of controls, and a greater emphasis on substantive testing. References: Gay, G. E. , Sentiments, R. (2012). Auditing and assurance services in Australia (5th deed. ). Roseville: McGraw Hill. ACACIA. (2014 or 2013). Auditing and assurance handbook. Brisbane: John Wiley Sons Australia. Accounts Receivable Account Receivable has increased while sales has decreased. Days in receivables ratio has also increased considerably. This highlights a high risk Current Investments The decrease in current investments needs investigating, as well as why it has been impaired and has the impairment correctly been done. Reasoning for it. External valuation by an expert. For it. Used, deferred development expenditure requires investigation, due to the more obsolescence of the company’s laser development. How to cite Internal Controls, Papers

Oil Spill in the Gulf of Mexico-Free-Samples-Myassignmenthelp.com

Question: Discuss about the Problem with the oil spill in the Gulf of Mexico. What are the Ethical Issues involved? Answer: Introduction The environment of the global business in the 21st century is very complex. Ethical issues are found in all kinds of business companies irrespective their sizes. The business organisation develops ethics codes of conducts so that the employees of the organisation will follow them and act accordingly. The most important complex ethical issues faced by the business organisations are decision making, compliance governance and the diverse cultures. Ethical dilemmas Ethical dilemmas the identification of the ethical based course of action are the important concern of the business organisations to prepare a framework for the ethical decision making. The recognition of the ethical issue, getting the facts, evaluation of the alternative course of action is the most important activities of the business organisations before making a decision test its reliability. The focus of the ethical decision making follows a process that will protect the employees of the organisation and will ensure that the entire operations of the organisation are conducted in a fair just manner( Parker Evans, 2014). The ethical decision making also ensures that the values beliefs of the individual employees of the organisation are protected. Discrimination Discrimination in the male dominated environment of the organisation is ordinarily found. A new female employee faces difficulty and sometimes complains against the inappropriate behaviour of the male employees. In this context, the management of the business organisation plans to organise training on sensitivity. Sometimes the management plans to move the female employee to a different location so that she will not be treated differently. In fact treating the female employee of the organisation differently is treated as the discrimination based on unethical conduct. Utilitarian ethics always does good for the employees of the organisation and limits the harm of the employees. The moral rights of the employees of the organisation are respected and protected by the correct approach of the ethical standard. In the process of the decision making, the just approach of the decision maker creates equality among all the employees. The ethical decision making focuses on promoting employees of the organisation(Vitez, 2017). The ethical decision making promotes the organisation as a whole. The decision-making process of the organisation fails when the individual profit is considered. The lack of ethical decision making enhances individual benefits and these lead to the lawful liabilities for the organisation. The problem with the oil spill in the Gulf of Mexico. What are/were the ethical issues involved? The problem with the oil spill in the Gulf of Mexico is considered as one of the most important ethical dilemmas that have been faced by the petroleum industry in the current time. The oil spill happened in the year 2010 and it continued for three months(Rubia, 2010). The oil spill occurred due to the release of the gas followed by the explosion that caused eleven lives seventeen injuries. This caused a fearful impact on the environment and polluted the land seas. Ethical issues related to the oil spill The ethical issues related to the incident are related to the negligence of the management to take care of the safety issues in the Gulf coast and avoiding the warnings the problems raised by various reports. The reports also focus that the oil spill is due to the decline in the performance quality( Malik, 2010). The pleas of the employees related to the potential risks were neglected by the management of the organisation and the data on the risks were considered as the fake data. The entire situation reveals that there were safety issues and the ethical dilemmas are related to the huge failure of the maintaining the integrity of the system that was required to be maintained in the workplace of the organisation(ABERNETHY, 2010). Failures of BP The series of accidents brought a decline in the reputations of the company. The effects of the accidents on the environment the human rights have been proved unethical. In 2005, the accident in Texas City caused the death of the fifteen workers and 180 injuries. The investigation on the accident indicates that the cost cutting approach high production caused a decline in the safety regulations of the refinery. The company failed to clean the pipeline as per the law. The poor ethical decisions failure of the management by the executives of BP caused to pay a huge fine. The disaster could have been avoided by controlling offshore drilling. The company was required to prepare for the product disaster so that it would get the permission for the offshore operation. The company crafted poor plans and the plans were nonspecific and the plans were also based on the false information. Disaster in the Deepwater Horizon The faults in the internal external regulations and the failure of the philosophy of management to reduce to cost and taking risk brought the explosion in the Deepwater Horizon and that caused gas leak subsequently. The explosion on 20thof April, 2010 at BPs Deepwater Horizon oil rig, Gulf of Mexico caused the death of eleven workers. This created a huge oil spill five thousand below the surface and it had continued for eighty-seven days(Barron, 2012). It was the worst marine spill that spread around six hundred miles of the coastline. This caused the death of 1000s birds, fish marine animals. This invaded wetlands marshes. The estimation made on the loss indicated that around fifty-three thousand barrels of oil were leaked per day. Failure of Halliburton ,Transocean and MMS The responsibility of oil leak was also owned by Transocean that was given the charge of Deepwater Horizon(Colwell, 2014). Halliburton was given the responsibility of cementing the procedure. The failure of these two companies to perform their tasks was also one of the reasons for the oil spill. The attempts by the engineers for capping the leaks became successful on fifteenth of July and on September 19ththe well was sealed officially. With the joint efforts of BP, the Coast Guard, MMS the volunteers groups the entire containment cleanup were made. In Louisiana, Alabama, Mississippi Florida command posts of the incidents were created in order to oversee the containment of the offshore the response of the onshore. There were installations of the marine protection booms(Susskind, 2015). In order to stop the spread of the oil, ships aircraft were used. The company also trained people to help in the cleanup area and the programme was named as Vessels of Opportunity programme. Unethical management directives of BP The damage caused for the unethical management directive impacted on the organisation. The organisation wanted to control the information about the effects. The company issued press releases so that it can motivate people(Kroh Conathon, 2012).The company depicted that it supports to Transocean after drilling rig fire. The company through its press release wanted to prove that Transocean is responsible for the oil spill and now BP will help it to work for consolidating the situation. In other press releases, the company informed about the progress of the cleanup movement the grants of twenty-five million dollars to the coastal states(Safina, 2011). The company also made an unethical work by forcing the workers volunteers to sign the confidential clauses. Theories on the corporate responsibilities of Thomas Donaldson focus on three conditions that govern the fundamental international rights. These conditions are: The right that protects subject of extreme significance This should be subject to importance The burden of it is affordable economically. The ownership of the property right, right to enjoy use the natural resources the right to survival are the fundamental international rights that are violated by the oil spill at Deepwater Horizon. The spill brought huge loss to the marine life and caused eight thousand birds death and deform of the seafood. The fishing industry suffered a lot due to the collapse of commercial recreational fishing in the Gulf of Mexico. The tourism industry, restaurant owners were affected by the explosion(Juhasz, 2011). The duties of the states, individuals the multinational companies are to avoid depriving, protect from depriving assist the deprived.The duty of the corporations is to help the deprived. All the companies remain failed to protect from the deprivation. BP could do nothing to help the tourism sector and the fishing industry that faced huge loss due to the oil spill(Petrolia, 2015). The attempt of BP to aid the deprived was too late. BP and other related companies took many wrong decisions that violated the ethical responsibilities of the company. Conclusion The devastating explosion at Deepwater Horizon occurred due to the missteps taken by BP, Transocean, Halliburton the MMS. The companies neglected their responsibilities acted in an unethical way. The decision of the management of the company was poor and unethical. There was a need of reformation of the relationship between the oil industry the officials of the government. The conflict of interest within the organisation of MMS needed to be eliminated. The implementation of the new rules is required to be made in order to avoid such a disaster in the future days. The individual companies require following the regulations of safety risk-management so that it will prevent the society to face any harm in future. Bibliography Malik, S. (2010, 06 29). Ethical questions surrounding the BP Oil Spill | Practical Ethics. Retrieved from blog.practicalethics.ox.ac.uk/2010/06/ethical-questions-surrounding-the-bp-oil-spill/ Parker, C., Evans, A. (2014). Inside Lawyers' Ethics - Page 347 - Google Books Result. Retrieved from Christine Parker, Adrian Evans: https://books.google.co.in/books?isbn=110764173X ABERNETHY, B. (2010, 07 09). Gulf Oil Spill Ethics | July 9, 2010 | Religion Ethics NewsWeekly | PBS. 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