Waste Management Case Analysis - Free Essay Example

Sample details Pages: 5 Words: 1384 Downloads: 5 Date added: 2017/09/13 Category Advertising Essay Did you like this example? 1. Based on the fraud triangle, there are several factors present at Waste Management that are indicative of each of the three fraud conditions. Incentives: from the case, the SEC staff claimed that the top Waste Management officers’ fraudulent conduct was driven by greed and a desire to retain their corporate positions and status in the business and social communities. Their bonuses, retirement benefits and stock options closely correlate with the performance of the company. If the company meets predetermined earnings targets, those top managements will earn a lot from profit sharing. Furthermore, aside from money, those people can maintain their high social status by constantly using those ill-gotten gains to contribute to charitable affairs, which will give them a lot of respect and power. Opportunities: during the 1990s, approximately 14 employees who play either key financial or accounting positions are former employees of the company’s long-time auditor, Arthur Andersen. This management structure gave Waste Management a great opportunity to manipulate their financial performance because we can infer that Waste Management maintained a good relationship with its auditor. Don’t waste time! Our writers will create an original "Waste Management Case Analysis" essay for you Create order Attitudes/Rationalization: it was a time when Waste Management was encountering intense competition. The competition came from various sources in all phase of its waste management and related operations. Although the management of Waste Management noted that the pricing, quality, and reliability of services and the type of equipment utilized are key elements to compete in the industry. Those improvements usually take time to accomplish. In contrast, deferring several expenses and manipulating earnings are shortcuts to improve their financial performance. In addition, the management believes that the future performance will offset the extra earnings they currently adjusted so that nobody will even notice. In other word, the company adopted the wrong way to improve its performance and justify their action by fraudulently believed that meeting the target earning is the most important no matter which approach to use. 2. Based appendix on the AU Section 342, examples of accounting estimates, compared to Waste Management’s Consolidated Balance Sheet, we can find several items were based on management estimations. Assets Cost+estimated earnings in excess of billings: this amount depends on the outcome of future event thus is uncertain. Accumulated depreciation of property equipment: the salvage value of property and equipment are based on management’s own judgment and these amounts will affect depreciation expense. Furthermore, different depreciation methods adopted also result in different amount. Liabilities Current portion of LTD: this amount comes from the amount due within the current year of the present value of long-term debt. To calculate the long-term debt, the discount rate is assumed based on the relative risk of the company compared to correspondent US treasury securities. However, the interest rate in the future is uncertain thus the present value of long-term debt is arbitrary. Unearned revenue: the company cannot sure that their future service will be actually rendered thus is uncertain. Long-term debt and put options: the present values of financial instruments are always based on future discount rate as mentioned above thus is subjective and uncertain. 3. Accounts involving significant management estimation mean that the balances of these accounts are based on subjective as well as objective factors such as management’s knowledge or experience about past and current events and its assumptions about conditions it expects to exist and course of action it expects to take. If management does not maintain high ethical standard or is simply too careless to make the right estimation, the numbers shown on the financial statement cannot reflect the true value of the company and will mislead current and potential investors. Since investors are not sure whether management has sufficient knowledge and experience to make the right estimations and the criterions of these estimations are somewhat ambiguous, those accounts are comparatively more risky. 4. Based on the AU Section 342. 04, the auditor is responsible for evaluation the reasonableness of accounting estimates made by management in the context of the financial statements taken as a whole. The auditors should consider, with an attitude of professional skepticism, both the subjective and objective factors of the estimates. Also, based on article . 7, the auditor’s responsibilities when evaluating accounting estimates is to obtain sufficient appropriate audit evidence to provide reasonable assurance that a. All accounting estimates that could be material to the financial statements have been developed. b. Those accounting estimates are reasonable in the circumstances. c. The accounting estimates are presented in conformity with applicable accou nting principles and are properly disclosed. As to evaluate the reasonableness of an estimate, based on the article . 10, techniques commonly used by auditors are shown as follows: . Review and test the process used by management to develop the estimate. b. Develop and independent expectation of the estimate to corroborate the reasonableness of management’s estimate. c. Review subsequent events or transactions occurring prior to the date of the auditor’s report. 5. To evaluate the reasonableness of estimate of salvage values and useful lives for property and equipment, Arthur Anderson should follow the procedures mentioned in the previous questions as follows. a. Review and test management’s process by using the procedures in article . 1 steps (a) through (i) to determine if the supporting data and factors are sufficient and consistent to sustain the management’s estimation as well as comparable to industry level. b. Use other alternatives to develop the estimation and compare the result to the original estimation. c. Review subsequent events or transactions to confirm the credibility of the previous estimation. 6. For those officers who previously served Arthur Anderson, they may implicitly or explicitly force the auditor to accept their adjustment of Waste Management’s financial report. Since they worked for Anderson, they know every detail of auditing procedures performed by the auditor and thus may use their relationship to influence the judgments of auditors. Furthermore, if there is an conflict of interest between those officers and the company, they may chose the ways which are beneficial to themselves. To avoid this kind of fraud, the Sarbanes-Oxley Act of 2002 Section 206 clearly identified what a company should do when potential conflict of interest may occur. Based on the article, it shall be unlawful for registered public accounting firm to perform for an issuer any audit service required by this title, if a chief executive officer, controller, chief financial officer, chief accounting officer, or any person serving in an equivalent position for the issuer, was employed by that registered independent public accounting firm and participated in any capacity in the audit of that issuer during the 1-year period preceding the date of the initiation of the audit. Therefore, the article tells us that Waste Management can still employ those personnel coming from Arthur Anderson but should not allow them to involve in the auditing process within one year restriction. 7. As the case mentioned, since there are several key officials who previous worked for Anderson and during that time there is no such law like Sarbanes-Oxley Act to prevent those people from participating in auditing process, it was very difficult for Anderson to clear-cut the relationship with those former workers and work independently. Furthermore, Anderson not only did audit but also provide consulting service for Waste Management. In other words, on one hand, Anderson audit Waste Management’s financial and negotiate for the correction of errors. On the other hand, Anderson’s consulting service may provide several recommendations about how to manipulate their financial performance to externally improve its profitability. This is also one of the most important issues of the introduction of Sarbanes-Oxley Act, which force the consulting service under an accounting firm to be separated as a single business entity. In addition, the extra bonuses are also important reasons for Anderson to accept and help to hide those errors. This situation is slightly relieved because the new regulation puts into practice. However, any accounting firms should avoid auditing for companies which may have conflict of interest and do their work independently. Also, managements of accounting firms should periodically examine their audit works done by their auditors and constantly tell their employees to do their jobs with integrity and professional ethics. Most important of all, managements should discipline themselves to follow the audit standards and no reconcile with any improper requests from their clients. Only when the top management do their work with integrity will the other workers follow.

The Battle Of The Cold War - 1526 Words

Riding on the coattails of the unresolved issues between them, a battle-less conflict began as a result of a strictly civil alliance turning sour with the defeat of a common enemy. In the aftermath of World War II, great powers from the West and the East were thrown into a state of military and political tension. These opposing nations strived to ruin each other through increasingly obvious competition in STEM that could improve the human condition. Not only did the Cold War involve competition in the advancement of weapons of mass destruction, the unchartered depths of space were beginning to be explored. While ideology cannot entirely explain the origins of the cold war, it may help explain why the cold war became so enduring and contentious. Both nations held dramatically different worldviews, nurtured by their domestic values. The Soviet Union envisioned a world-wide global revolution leading to a Communist utopia. The United States believed in democracy and private enterprise. As their World War II coalition melted away in the face of growing political disagreements, the rhetoric of both nations turned shriller and argumentative, making faith in negotiations and treaties virtually non-existent. The Space Race became a symbol of the broad ideological and political competition between rivaled world powers. The way the two competitors strategized to achieve their goals in space highlighted the basic differences in their understanding of the needs of their nations. AsideShow MoreRelatedThe Battle Of The Cold War955 Words   |  4 PagesWorld War II between the United States and the Soviet Union came a time period full of mistrust and deceit. By the end of the Second World War, the United States and the Soviet Union became increasingly suspicious of one another, and their relations resulted in being unstable. This evident yet rising political and military tension between the two world powers has come to be known as the Cold War. 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It happened in the early hours of the morning, the sun slowly stretching and awakening from its own peaceful slumber but couldn t get its bright rays past the army of clouds that stood guard over the land. Our broken bodies leaning against the trench wall, our soggy backs slowly sinking into the disgusting, dark and dingy mud. The sound of the raindrops smacking the floor of our trench andRead MoreThe Battle Of The Cold War958 Words   |  4 Pagesabout the Cold War amidst research, it all hit me, this war draws its beginning and end from an extremely similar yet reciprocal process. The means through which the war ended were based strongly around the Power of the United States and the USSR. Only through the loss of power by either nation could the war hope to come to an end, and to that end, came my full understanding of how everything came full circle. 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This war was known as the Cold War, and it beganRead MoreThe Battle Of The War On The State, And Post Cold War3796 Words   |  16 PagesIntroduction: Ever since the Napoleonic Wars, war was a concept that was considered to be under the purview of the State, however this belief is inherently wrong. In all of history, warfare has been engaged by private actors as opposed to the State. In fact, the State as the dominant actor in warfare should be understood as the exception, rather than the norm. Even though the State has not been the dominant actor in warfare, there were certainly multiple attempts by the State to control, or have

Global Principle for Wesfarmers - Sinopec and Amazon- myassignmenthelp

Question: Write about the Global Principle for Wesfarmers, Sinopec and Amazon. Answer: Introduction There are a number of global principles that apply to the way businesses operate with the regard to the environment and society that surrounds them. In our paperwork, we shall be discussing only two principles including Principle 1 and 9 that quote that every business should support and respect the protection of the internationally proclaimed human rights and that they should also encourage the development and implementation of technologies that are environmentally friendly respectively. We shall be looking at a number of businesses including the likes of Samsung, Wesfarmers, Sinopec, and Amazon. For instance, the Amazon company, which a giant online shopping mall globally respects both the Global Principle 1 and 9 as it has partnered with indigenous as well as other environmental organizations that protect both the human rights and the environment.[1] Business practices in regards to the Global Principles 1 and 9 Different companies perform various or diverse actions in their day to day life in the name of running their systems. Looking at a company such as Samsung, it is limiting its actions in such a way that it does not go beyond the line of respecting both the environment and human rights[2]. In regards to principle 1, the company respects the human rights through fair labor practices, keen on safety and health of its workers, and engaging all stakeholders. The company, Samsung, also respects the principle 9 through a number of strategies such as eco-management, eco-design, chemical limitation, and the production of energy-efficient products. It also incorporates the use of sustainable materials and responsible recycling of its waste products.[3] Another company such as the Wesfarmers utilizes its actions towards the fulfillment of these two principles including the protection of the human rights and the environment too. In protecting the human rights, the company has fixed the rates of extractives, medical equipment, and agricultural products in the line that it does not manipulate diverse interests of different persons. This topic was the hottest one ever reported at its annual general meeting that took place on the 7th October 2017. The company also respects the other principle through the manufacture and implementation of the use of environmentally friendly agricultural products.[4] Lessons learned from the businesses approaches A number of lessons can be learned from the approaches taken by the above companies. The first lesson is that every business that is set up with an aim of making from must also be ready to conserve the environment as it is where the people live in. It should contribute to various beneficial activities such as recycling of its waste products, produce less polluting products, and participate in activities that help in the wellbeing of our mother earth. In addition, the companies must also not exploit its employees but rather serve them according to the globally implemented human rights. These actions can be done through the well [i]inclusion of the employees in their daily operations as well as caring for their health and working conditions. Innovative business practices recommendations Every business regardless of its industry must perform a number of activities that bring the best in them every day in the business face. These activities include the likes of using technology for the purpose of developing the business, including innovation as a leadership development competency, funding outdoes activities such as the environmental campaign programs, and recruiting people with creative talents. To add up, they should reward the employees who perform innovative work in their firms. There are other actions that businesses can take such as training people to be creative, develop an idea-finding program for its employees, including innovation in its leadership training programs, and create a review procedure for the newly developed programs.[5] Benefits, challenges, and risks for key stakeholders through the implementation of these recommendations There are a number of challenges that the stakeholders will face as new systems come with a change in the mode of daily operations. The employees, for example, will have to face the challenge of adapting to the new form of working after the recommendations have been put in place. However, these recommendations will have diverse benefits such as education to its members and increase in sales as clients will be happy with the new mode of operation. The risks that can be encountered include the likes of losing an employee who has been equipped with the new operating techniques. In addition, the recommendations may fail to work if the employees find them difficult to understand.[6] Bibliography 10 Practices from the Most Innovative Organizations." The Creativity Post. Last modified 2017. https://www.creativitypost.com/business/10_practices_from_the_most_innovative_organ izations. AMAZON WATCH About Us. Amazon Watch. Accessed October19,2017. Retrieved fromhttps://amazonwatch.org/about. Benchmark Report Examines Human Rights Performance of Australian Listed Companies Ahead of Annual General Meeting Season | Business Human Rights Resource Centre." Homepage | Business Human Rights Resource Centre. Accessed October19,2017. https://business-humanrights.org/en/benchmark-report-examines-human-rights performance-of-Australian-listed-companies-ahead-of-annual-general-meeting season#c163682. Environment | Corporate Citizenship | Samsung Electronics | About Us | Samsung | Samsung UK." Samsung Uk. Last modified 2017. https://www.samsung.com/uk/aboutsamsung/samsungelectronics/corporatecitizenship/env environment/. Pinson, Pierre, and Henrik Madsen. "Benefits and challenges of electrical demand response: A critical review."Renewable and Sustainable Energy Reviews39 (2014): 686-699. Witjes, Sjors, W. J. V. Vermeulen, and J. M. Cramer. "Understanding corporate sustainability integration into business activities: proposing a holistic, integrative and longitudinal framework." 2015.

Theme and imagery in Hamlet Essay Example For Students

Theme and imagery in Hamlet Essay In the story Hamlet written by William Shakespeare, the Arthur had used the theme and imagery of Nature, Religious and Sexual to illustrate his poetic sentences and to convey his ideas to his audience. His creativity and imaginative approached charmed his audience by not fully stating the ideas he wants but more to allowing his audience to interpret and understand it in their own mind. To begin with, William Shakespeare had used the theme and imagery of Nature in his story. First, he wrote the phrase Hamlet was saying I am but mad north-north-west: when the wind is southerly, I know a hawk from a handsaw. pg 72. Hamlet was in madness of his fathers death in the north which he thought the King and the people around him in the south did not seem to understand his madness. Also, he was telling the people in the south that the King was a hawk seeking prey on the weak and vulnerable (his father). We will write a custom essay on Theme and imagery in Hamlet specifically for you for only $16.38 $13.9/page Order now The handsaw could also refer to the King having a hand made of saws which he used it to kill. Secondly, Shakespeare wrote when Ophelia was drowned there on the pendent boughs, her coronet weeds clambering to hang; an envious sliver broke, when down her weedy trophies, and herself fell in the weeping brook; her clothes spread wide. pg 132. Ophelia referred herself to the flowers and the beauty of all those flowers that she used to be. Coronet weeds clambering to hang and when down her weedy trophies could mean that her heart which used to be happy and full of emotions and contentment was now broken and her emotions and feelings were scattered followed by the distress and sadness she now had. The flowers and the river felt sorry for her for losing her father and she tried to drown herself. Thirdly, he wrote the phrase when Hamlet told Rosencrantz and Guildenstern I will tell you why; shall my anticipation prevent your discovery and your secrecy to the king and queen, moult no feather. pg 69. It implied that Hamlet did not want the truth or anything that his friends would reveal to him since he himself had known the truth for certain why his friends were sent here in the first place. Next, William Shakespeare used the theme and imagery of Religious to write his story. First, in the phrase of the King telling Hamlet but the great cannon to the clouds shall tell, and the kings rouse, the heavens shall bruit again, re-speaking earthly thunder. pg 35. It could mean that the King is making a toast or saying something to the heaven and telling the clouds what he wanted to toast for. As the King made his toast, so will the heaven followed and made a toast back to him and the people by responding its toast by thunder. Secondly, Shakespeare wrote a phrase Laertes was saying to her beloved sister Ophelia beside her grave before she was buried May violet spring. I tell thee (churlish priest) a ministering angel shall my sister be, when thou liest howling. pg 140. It could mean that after Laertes told the priest what he wanted his sister to be, an angel and will live her life in eternity in the another world, the priest will grant him his wished and fulfill his request. Thirdly, in the speech Hamlet said to his mother I do repent: but Heaven hath pleasd it so, to punish me with this, and this with me, that I must be their scourge and minister. pg 108. Hamlet was in the wrong and he seeks for forgiveness but he knew that he could not escape from his wrong-doing and he willingly deserved punishment from the heaven for killing a person. .u30cc51688e7d83d3016772929ad2c8dd , .u30cc51688e7d83d3016772929ad2c8dd .postImageUrl , .u30cc51688e7d83d3016772929ad2c8dd .centered-text-area { min-height: 80px; position: relative; } .u30cc51688e7d83d3016772929ad2c8dd , .u30cc51688e7d83d3016772929ad2c8dd:hover , .u30cc51688e7d83d3016772929ad2c8dd:visited , .u30cc51688e7d83d3016772929ad2c8dd:active { border:0!important; } .u30cc51688e7d83d3016772929ad2c8dd .clearfix:after { content: ""; display: table; clear: both; } .u30cc51688e7d83d3016772929ad2c8dd { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u30cc51688e7d83d3016772929ad2c8dd:active , .u30cc51688e7d83d3016772929ad2c8dd:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u30cc51688e7d83d3016772929ad2c8dd .centered-text-area { width: 100%; position: relative ; } .u30cc51688e7d83d3016772929ad2c8dd .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u30cc51688e7d83d3016772929ad2c8dd .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u30cc51688e7d83d3016772929ad2c8dd .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u30cc51688e7d83d3016772929ad2c8dd:hover .ctaButton { background-color: #34495E!important; } .u30cc51688e7d83d3016772929ad2c8dd .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u30cc51688e7d83d3016772929ad2c8dd .u30cc51688e7d83d3016772929ad2c8dd-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u30cc51688e7d83d3016772929ad2c8dd:after { content: ""; display: block; clear: both; } READ: Blood Imagery in Macbeth EssayBut after he killed his uncle, he thought that his uncle deserved to die even more than he himself deserved to be punished and that he had done a good deed for killing him from the heaven or in other words, he was asked by the heaven to kill his uncle. Finally, in writing his story, William Shakespeare incorporated Sexual theme and imagery into his story. First, he wrote the phrase which Hamlet is telling his mother, Gertrude let the bloat King tempt you again in bed, pinch wanton on your cheek, call you his mouse, and let him for a pair of reechy kisses, or paddling in your neck with his damnd fingers, make you ravel all this matter out. pg 108. This suggested that the king was sexually active with the queen in various ways such as caressing, kissing, touching and fondling with each others until every nerves of the queen cried out in ecstasy. Secondly, Shakespeare wrote in the speech Hamlet was saying to his mother let Hercules himself do what he may, the cat will mew, and the dog will have his day. pg 142. The dog and Hercules were purposely said by Hamlet referring to the King. The king shall have the queen under his sexual command and will do whatever sexual to her until his blighter could not hold out much longer. In the process of love-making, the queen will groan in pleasure and the king shall come, in other words, finished his job and done with and continue with the process the next day. Thirdly, Hamlet was saying to his mother nay, but to live, in the rank sweat of an enseamed bed, stewd in corruption; honeying and making love over the nasty sty. pg 105. This could suggest that the king and queen have no longer living in a proper home and serving their duty. Their endless and desired of sexual activities were their daily motives. In return, their numerous excitement which eventually leading to accumulating body matter and stuff after sex was seen staining and their vigorously sweating process of love-making had also drenched the bed like a thick and creamy soup was being poured over it. The overall scene also suggested that the bed would look like a dirty pig sty. Thus, it is clearly seen from the examples above that William Shakespeare had used the theme and imagery of the three various forms: Nature, Religious and Sexual to present his ideas to his audience and also by leaving gaps and spaces for his audience to imagine, fantasize and finally, to come to a different conclusion.