Comcast Business Report Essay

Abstract The purpose of this report is to dissect and learn about the strategies, management team, external environment and industry analysis that Comcast has put in place to become a booming and profitable corporation. Comcast, which is headquartered in Philadelphia and is a well-liked service provider for television, phone, and internet, has been around for many years with a positive reputation. Comcast is known for using the acquisition entry strategy by purchasing numerous TV networks, such as NBC Universal, and the cable company, Time Warner Cable. General Why did you choose this company? As a group, we decided to do Comcast for a variety of reasons. One being that the television, internet, and phone service provider is popular in the Hampton Roads area. It’s competitor for television and Internet service is Verizon. As a Fortune 50 leader, Comcast sets the pace in a variety of innovative and fascinating businesses and create career opportunities across a wide range of locations and disciplines. What Comcast does? Comcast is the largest cable and home Internet service provider in the United States and is ranked third for the largest telephone service provider. Comcast provides services for residents and commercial offices in 40 states and the District of Columbia. Additional, Comcast is a producer of film and television contents, operates cable channels including E! Entertainment Television, the Golf Channel, and national channels such as Telemundo. In February 2014, the company agreed to merge with Time Warner Cable in an equity swap deal worth $45.2 billion. Where/When it was established? In 1963, Comcast was found in 1963 (previously known as American Cable Systems) and is currently headquartered in Philadelphia, PA. Comcast has come a long way since its beginnings as a single-system cable operator in Tupelo, Mississippi in 1963. Today, Comcast is a leader in the worlds of media, entertainment and technology and our story has unfolded due to an entrepreneurial spirit that is the foundation of everything we do. Company goals Comcast has many goals, but since 1963, Comcast continues to fulfill Ralph Roberts’ goal of building an organization with a close-knit, family feel. Comcast’s strategic objective is to gain long-term market share and dominance. The company is striving to become the most desired high-volume and low-cost service provider in the market Company Mission Statement â€Å"Comcast brings together the best in media and technology. We drive innovation to create the world’s best entertainment and online experiences.† (Comcast) Company Vision & Values In Comcast’s Corporate Social Responsibility Report, the company has a range of different values that the company as a whole would like to uphold. These values would be: Connect media, technology, and people Create media that matters Reduce environmental impact Operate responsible Deepening trust through stewardship Develop and engage employees Promote diversity and inclusion Bring the best out of people Number of Retail Units Although there is not an exact number for retail units throughout the United States, there is information about the number of customers for television, internet and phone services provider for residential and commercial. As of December 31, 2013, there are a total of 53.8 million customers receiving service from Comcast. Television service is provided to 21.7 million customers, high-speed Internet is provided to 20.7 million customers and phone service is provided to 10.7 million customers. Majority of these customers can be found in Maryland, New York, Massachusetts and Miami. Number of Employees Comcast has nearly 130,000 employees that help make the company successful. Comcast employees pride themselves with ingenuity and passion with everything that they do. The employees provide excellent service and have ideas for innovative products to create insightful and entertaining content. Comcast tries to create an attractive work environment and rewards their employees because of their dedication. Employees are rewarded with competitive pay, benefits, professional training and opportunities to build exceptional leadership skills Revenue Comcast is the largest mass media and communications company in the world in revenue. As of March 31, 2014, according to Yahoo! Finance, Comcast has earned $17.4 million revenue, which is a $1.5 million increase since December 31, 2013. Net Income Comcast’s net income last record on March 31, 2014 by Yahoo! Finance is $1.8 billion, which is a decrease since December 31, 2013. In December it was recorded that the net income of the popular service provider was $1.9 billion. According to ycharts.com, the net income (quarterly) range from $866 million being the minimum income in March 2010 to $2.113 billion being the maximum in September 2012. (See Fig NI for a line chart of net income since 2010) Number of Shareholders There are a total of 539,000 shareholders that hold a share in the company in either a direct or indirect form of share. Direct shareholder is if you hold a physical stock certificate, while an indirect shareholder is if you hold your stock through a broker. Top Management Team In today’s workforce, diversity is extremely important to equal opportunity employment. Women make up about 40% of the American workforce. Comcast believes in cultivating an inclusive and diverse workforce in an effort to leverage perspectives and remain on the cutting edge of innovation. Comcast believes strongly in diversity and the total team concept. According to the Comcast website (2014) Women roughly occupy eight positions on the top management team at Comcast. These women are known as â€Å"the women of Comcast and NBCUniversal†. D’Arcy F. Rudnay is the Chief Communications Officer for the Comcast Corporation. According to the website for corporate Comcast (2014) Rudnay serves as the communications counsel to the Chairman and CEO as well as other members of the executive branch. She leads the management of the company’s brand, reputation and strategic communications activities across the Comcast organization. Rudnay has years of experience in both the public  and private sector. Before joining Comcast, Rudnay worked at the Lincoln Financial Group where she served as Vice President of Corporate Communications and Media Relations. She also served as Vice President of Lincoln Financial Group Foundation. Rudnay has a long list of awards to her credit to include induction into the Public Relations Hall of Fame as one of the Nation’s top 25 communications executives. Her experience and skills has been a valuable addition to Comcast team. Amy Banse serves as the Managing Director and Head of Funds for Comcast Ventures. Banse has critical role in strategic planning for funds throughout the Comcast spectrum. According to the website for corporate Comcast (2014) Banse has accumulated over 20 years of experience in investing at Comcast. She began her career at Comcast in 1991 as an attorney responsible for investing, starting and building companies throughout Comcast. Banse became a central figure in the development of the TV Everywhere strategy. She founded Comcast Interactive Media and led the charge in overseeing multiple acquisitions to include Xfinity.com, Xfinitytv.com, and Fancast. These acquisitions led to the development of the TV Everywhere strategy. The experiences of Rudnay and Banse have been vital to the success of Comcast. Any organization that resembles Comcast must have some form of legal counsel who is responsible for the companies’ legalities and business ventures. Business ventures are critically important to growing and expanding the businesses to the Comcast level. Banse is an experienced team lead who is responsible for founding the Comcast Interactive Media. This venture led to the development of the TV Everywhere strategy. Her experience and expertise keeps the company moving forward and leading the charge in the digital age. Rudnay brings a wealth of experience from the communications side of the business. Rudnay has been elected to the Public Relations Hall of Fame for her diligent efforts. Together Rudnay and Banse provide the necessary tools and experience to keep Comcast at the tip of the spear in the digital world. My impression of the top management team is two-fold. Women are well  represented at the executive levels holding eight offices spanning from chairman to vice president. The positions held by these women represent a breakthrough for women as minorities. On the other hand, minority women such as African Americans and Hispanics were not represented. However the door to diversity remains open for minority women. In my opinion, the cast of executive women may be too small given the size and scope of the Comcast Company. According to the website for Comcast Executive Biographies (2014) Brian L. Roberts serves as the Chairman and Chief Executive Officer of the Comcast corporation. Roberts took the helm as President of Comcast Corporation in 1990. Under his leadership at Comcast, the company’s annual revenue has grown to over $64 billion Comcast has grown into a global Fortune 50 corporation under the leadership of Roberts. Roberts has numerous awards for his leadership and recognized by Fortune magazine as a â€Å"Business Person of the Year.† Duality does exist for Roberts who has served as chairman for three consecutive terms. Board of Directors The Board of Directors is a diversified group of professions. The Board of Directors is represented by a diverse group of men and women. The Comcast Board of Directors is comprised of 61 professionals and out of the compliment of 61 personnel, 16 are professional women. This group of professional women is represented by minority women as well. The Comcast Corporation has many moving parts. Considering the size and scope of the Comcast Corporation, in my opinion, the 61 members who make-up the Board of Directors, is the right number of personnel to oversee each aspect of the Comcast corporation. Most small businesses and large corporations have an obligation to shareholders to disclose what they do with the profits and how they obtain their profits. It is also a means to manage the corporations’ impact on the economy, society, and the environment. Comcast has a corporate social responsibility aimed at giving back and supporting the communities they serve. According to the website for Comcast (2014) the Comcast Corporation  seeks to empower local partners with the required resources to improve neighborhoods and create opportunities to change lives. Comcast also provides resources and funding for local supporting nonprofit organizations. Comcast hosts annual events to support different groups and organizations within the community. Comcast Career Day is an annual event that focuses on community service. The goal of Comcast Career Day is to send a goodwill message from the Comcast’s employees, families, and friends and to leave an indelible mark on the communities they serve. According to the website for Comcast (2014) â€Å"In 2012, approximately 75,000 employees of Comcast and NBCUniversal and family members volunteered in local community service projects. This effort spanned across 665 different locations logging more than 454,000 labor hours and awarded more than $1.5 million in Comcast Foundation matching grants in 2012†. In a continued effort of corporation social responsibility, Comcast also supports and works with the Big Brothers Big Sisters of America. The website for Comcast (2014) reports Comcast partnered with the Big Brothers Big Sisters of America to connect Comcast employees with students in need. Comcast launched a program called Beyond School Walls. This program paired local student’s up with Comcast employees to serve as mentors. The Beyond School Walls program reported greater work satisfaction and the students showed improved grades which encouraged an expansion of the program. In recognition of Comcast’s support of the Big Brother Big Sister of America program, Comcast was honored with its President’s Award. Comcast: Business Level Strategy Comcast has been making significant investments to enhance their products, while improving the service and support being delivered to consumers. Comcast’s strategy is to mainly focus on providing consumers with the best and most content across all available platforms. Comcast’s vision is to give customers more content choices – all of which are available to consumers at the click of the remote, without having to buy any additional equipment. One huge business level strategy that Comcast has implemented is a new  brand. In 2010, Comcast began promoting â€Å"Xfinity†, the company’s rebranding trademark for the services provided. With this brand, Comcast is looking to improve customer perception and reputation with this new brand. Comcast’s networks and products now offer 100+ HD channels, 50 to 70 foreign language channels, incredibly fast Internet speeds and thousands of TV shows and movies online for a variety of customers of all ages to enjoy whenever and wherever they would like. With the â€Å"Xfinity† brand in full effect, â€Å"Xfinity Signature Support† is a new service for personal computers, home networking equipment and many other devices that customers connect to Comcast services 24/7. With Signature Support, Comcast customers have access to knowledgeable and experienced IT professionals who can provide support, troubleshooting and online technical support, either over the phone or in the home. This type of assistances is available either as part of a monthly subscription plan or for a stand-alone basis for those one-time fixes, such as virus removal or connecting printers or game consoles wirelessly. Customers are given the opportunity to choose an equipment protection plan that provides extended warranties for computers and televisions. Comcast will not have to change its strategy to continue to operate after the merger with Time Warner Cable. Comcast uses a focused differentiation strategy, since the company looks for innovations that television, high-speed internet and phone service subscribers will be interested in using. General Environment Demographics: In regards to demographics, the cable industries top 10 competing TV subscriptions are Netflix, Comcast, Direct TV, Dish, The Warner Cable, Hulu, AT & T, Verizon Fios, Charter and Cox. Video subscriber Netflix is the leading company with 36.2 million subscribers. Within the cable industry the subscribers between the ages of forty and sixty purchase the most subscriptions. As a result, certain channels are included on these cable networks in order to appeal to subscribers that purchase most of their service. Along with the aging population, many different nationalities & ethnicities make up the demographic market. Therefore within the cable industry, different channels are included in order to provide entertainment services to viewers of all cultural backgrounds. For instance, Comcast offers American Spanish language television and Telemundo in order to make their company more marketable to different cultures in the cable industry environment. Telecommunications and the development of broadband internet services are the rising affluence within the cable industry. Telecommunications have become very popular within the industry serving 26 million customers (NCTA, 1). Broadband Internet services within the industry make up five of the top ten residential phone companies in the country servicing 50 million customers (NCTA, 1). Socio/Cultural: From a socio cultural standpoint, society places a lot of emphasis on a diverse non-discriminating work environment where women and men are treated equally. Within the cable industry there has been emphasis on women employment due to pre-recession levels. However, Comcast is working with these socio cultural expectations by creating a diversified non-discriminating workforce for women with interest pertaining to their cable industry by hiring more women to be a part of their team. Along, with hiring women within the cable industry the pressure to accommodate older worker plays a major role in the socio cultural environment. According to the government data, â€Å"40 percent of workers older than 55 were in the workforce as of February 2012 up from just 29 percent in 1993. The number is expected to increase to 43.5 percent by 2018. This trend reflects the need for many older workers either to stay in or rejoin the workforce to beef up their retirement income by temping† (Greenberg 1). Temping plays a major role in society because it opens up the option for older men and women to work. However, the cable industry accommodates these workers by offering part-time positions and retirement plans with good pay. Comcast helps to accommodate older workers by providing retirement plans, salaries, and bonuses. Technology/Global: The cable industry delivers through broadband providing service to over 50 million customers as of year ending 2012(NCTA 2). Some trends that consumers are looking for in cable companies are fast broadband speeds and standard cable broadband speeds ranging from 10 mps to 20 mps. Comcast is  keeping up with this trend by creating innovative services in their technologies including online streaming of their cable channels and faster Internet services (Comcast 1). In regards to global, poverty can increase the amount of viewers that purchase TV subscriptions since; this can be used as an alternative to going to the movie theaters or purchasing movies. Also, poverty can decrease the amount of viewers that purchase TV subscriptions due to their lack of income. Economic/Political: There are a lot of factors that contribute to the economics of cable networks. The pay TV ecosystem in the United States has set the platform of growth for cable networks. In today’s society approximately 100 million US homes and business pay an average of $68 per month to a cable or satellite operator for 19 channels of video programming (Grimes 1). â€Å"They pay TV providers, in turn; pay some $20 per subscriber per month to the cable networks in carriage fees that aggregate to roughly $24 billion per year. Add U.S. advertising sales of $25 billion in 2011, another billion or so for the sale of content to alternate distribution outlets and a $50 billion annual revenue industry with 40+% cash flow margins comes into focus. And that excludes the contribution from international networks that is especially significant for ESPN, CNN, MTV and the Discovery network†(Grimes, 2). Therefore, it is evident that cable networks make a lot of profit in today’s economy as a result of subscribers. In the economy, more people are willing to pay a subscription for a small monthly fee and as a result this has fueled new growth in their revenues as an industry. The good news for cable networks is that advertising sales trends remain strong on a demand and cost per thousand (CPM) basis such that the industry’s ad revenue growth rate of 11%(Grimes 3). This just continues to add to the revenue of cable networks as a whole to continue to make their industry worth more profit. Events such as the London Olympics and U.S elections contributed a lot to their exceeding revenues. Along with cable networks with international broadcast, has increased the growth rates of non-U.S business which is the first time in years that this has exceeded domestic business. The less good news is that while cable and satellite carriage fees are expected to rise at the healthy, but lower, rate of 7% this year on a per-subscriber basis, the days of U.S. pay TV subscriber growth are over, probably forever (Grimes 4).  The year 2012 will be the first years in 33-year history of pay TV in the U.S. As a result subscribers will decline from the previous year. Younger people are paying for TV at lower rates than people of older generations. The downward slope of TV subscriptions will begin, however investors will be forced to think about a world in which cable networks are finally maturing assets (Grimes 5). Industry Analysis When looking at the Industry Environment of Comcast, The Five Forces of Competition Model, created by Michael Porter, can break it down. Rivalry among competing firms When looking at the different products and services that Comcast offers, their competitors come from several different markets. For their most known service as cable television provider, Comcast is the top cable provider, having a reported 21,690,000 subscribers in the fourth quarter of 2013, which is sustainably more than the rest of the top 10 cable providers in the United States. The most known competitors in this market include Times Warner Cable, AT&T U-verse, and Verizon FIOS, all of which having 10,493,000 less subscribers in the country or more, making the current competition level in this area a low threat. With same companies as competitors in cable Internet services, AT&T is their highest competitor. Both companies with recorded 17 million customers and AT&T offer slightly better services compared to their prices. Even though this is the case, customers still have resided with Comcast, as they are known as the largest Internet cable provider as well. After gaining ownership of NBCUniversal, Comcast also has competition in the area of major film studios. NBCUniversal is the third largest film studio behind Warner Bros Entertainment, which is owned by their new business partner, Times Warner Cable, and The Walt Disney Studios. Respectively the firm’s own 17.1%, 15.9%, and 13.9% of the U.S. and Canadian market share in 2013, and have been in similar position since 2005. As Comcast begins to develop new online streaming services of its cable channels and other networking systems, it will meet other competitors as well. Threat of new entrants Because of the amount of time that is spent behind entering and becoming a competitor in these industries, and the fact that Comcast is the leader of them as well, the threat of new entrants that would affect the firm’s market share is very low. The difficulty behind making a successful worldwide cable provider is a high level barrier to entry and the current cable providers have been in existence for decades. Comcast’s threat of new entrants would not occur unless a firm was created that provided more innovating technology at a greater and widespread form. Threat of Substitute Products Due to the fact that new technology is being created constantly, Comcast has met new threats of substitutes in the recent years. Firms like Netflix and Hulu, which offer customers on-demand Internet streaming media, usually shows and movies that are offered on their cable channels, for low monthly rates, are substitutes that have been encountered within the past decade. This has lead to some consumers to use this service rather than paying heftier cable bills every month. This substitute threat is the reason why they are currently producing their own online streaming of their cable channels to compete with these companies, which is predicted to launch later this year. Bargaining Power of Suppliers Because Comcast is always searching for innovating technology and software to provide their customers with new services; Information technology suppliers have high bargaining power against the firm. These suppliers understand that they are necessary for Comcast to continue success so they will always be at high demand, and able to charge a heavy amount as well. Bargaining Power of Buyers Because there is a limited amount of communication and cable companies in the United States, the bargaining power of buyers of Comcast’s services are limited. At the same time, in order to compete with their competition in the industry, they also have to make sure that the services and the prices of those services are at levels that their customers are willing to pay. If customers believe they are not reasonable, they will convert to another  firm’s cable services. So, by voicing their opinion on Comcast’s services, customers are able to bargain for what they want from the firm. Recommendations The long term sustainability for Comcast will be based on their ability to streamline movies and sitcoms. This will allow them to maintain their market share from competitors like Netflix, Hulu TV, Livestream and other startup companies. In order for Comcast to attain long-term sustainability, the company will have to improve the reputation that they have when it comes to their customer service. Comcast has the lowest customer-service rating of any Internet service provider. (Berr, 2014) Comcast customers are not happy with the type of service they receive and that affects the company if they would like to have a future in the television, internet, and phone service industry. Although Comcast has stated that a goal of the company is to improve the customer service, the company is just not there yet. Improving the customer service will help the company tremendously for the present and for the future. Works Cited â€Å"Amy Banse.† Amy Banse. N.p., n.d. Web. 20 June 2014. . â€Å"Brian L. Roberts.† Brian L. Roberts. N.p., n.d. Web. 19 June 2014. . Comcast. â€Å"Comcast Corporation Form 10-K.† Comcast. Comcast, n.d. Web. 1 Apr. 2014. â€Å"CMCSA Income Statement | Comcast Corporation Stock – Yahoo! Finance.† CMCSA Income Statement | Comcast Corporation Stock – Yahoo! Finance. Yahoo! Finance, 31 Mar. 2014. Web. 18 June 2014. . â€Å"Comcast Corp..† . Edgar Online, 31 Dec. 2013. Web. 18 June 2014.. â€Å"Comcast Net Income (Quarterly).† Comcast Net Income (Quarterly) (CMCSA). YCharts, 31 Mar. 2014. Web. 18 June 2014. . â€Å"Corporate Social Responsibility Report – 2012.† 2012 Corporate Social Responsibility Report. Comcast — NBC Universal, 1 Jan. 2012. Web. 18 June 2014. . â€Å"D’Arcy F. Rudnay.† D’Arcy F. Rudnay. N.p., n.d. Web. 21 June 2014. . â€Å"Develop and Engage Employees.† Develop and Engage Employees. Comcast — NBC Universal, 1 Jan. 2012. Web. 18 June 2014. . Cox, Kate. â€Å"Why Comcast Wants To Buy Time Warner Cable, And Why TWC Wants To Let Them.† Consumerist. N.p., n.d. Web. 12 Apr. 2014. â€Å"Developing Tomorrow’s Professionals and Leaders.† Developing Tomorrow’s Professionals and Leaders. N.p., n.d. Web. 20 June 2014. . Fowlkes, Jasmine. â€Å" » Opinion: Why Social Media Is Destroying Our Social Skills USA TODAY College: College News and Information Powered by USA TODAY.†  » Opinion: Why Social Media Is Destroying Our Social Skills USA TODAY College: College News and Information Powered by USA TODAY. N.p., 11 Oct. 2012. Web. 11 Apr. 2014. Green, R. Kay. â€Å"The Social Media Effect: Are You Really Who You Portray Online?† The Huffington Post. TheHuffingtonPost.com, 07 Aug. 2013. Web. 10 Apr. 2014. Greenberg, Paul. â€Å"Temping: An Option for Older Workers. Web. 23 June 2014. Grimes Spencer. â€Å"Sunset of the Golden Age As Cable Networks Mature†. Web. 23 June 2014. http://seekingalpha.com/article/519831-sunset-of-the-golden-age-as-cable-networks-mature Horrocks, Bill. â€Å"Equipping Homes for Energy Efficiency.† Equipping Homes for Energy Efficiency. N.p., n.d. Web. 14 Apr. 2014. â€Å"Major Movie Studios.† Wikipedia. Wikimedia Foundation, 04 Oct. 2014. Web. 14 Apr. 2014. â€Å"National Cable & Telecommunications Associations†. Web. 23 June 2014. https://www.ncta.com/industry-data Pomerantz, Dorothy. â€Å"Comcast Looks Set To Buy Time Warner Cable.† Forbes. Forbes Magazine, 13 Feb. 2014. Web. 14 Apr. 2014. Stelter, Brian. â€Å"Comcast Agrees to Buy Time Warner Cable for $45 Billion.† CNNMoney. Cable News Network, 13 Feb. 2014. Web. 1 Apr. 2014. â€Å"The Women of Comcast and NBCUniversal.† The Women of Comcast and NBCUniversal. N.p., n.d. Web. 20 June 2014. . UELAND, SIG. â€Å"20 Top Internet Service Providers.† Practical Ecommerce. N.p., 11 Dec. 2011. Web. 14 Apr. 2014. Warrell, Margie. â€Å"Seduced by Social Media: Is Facebook Making You Lonely?† The Huffington Post. TheHuffingtonPost.com, 08 Nov. 2013. Web. 11 Apr. 2014. â€Å"XFINITY TV.† Comcast. Comcast, n.d. Web. 7 Apr. 2014.

Bilingual Education in Early Childhood Essay

Living in a world on the move, it may well turn out that tomorrow the next-door neighbors of a certain family will be persons who speak what to them is a foreign tongue. For political, economic and social reasons, as well as to further their education, people are relocating themselves in all parts of the globe. Perhaps there is already a foreign-speaking population where you live. Truly, East, West, North and South are meeting as never before. So if the children come running home with the exciting announcement, â€Å"Dad! Mom! We have a new playmate who doesn’t even talk the way we do,† parents might seriously begin to consider teaching their children to speak another language. Before closing one’s mind completely to the prospect, however, consider this fact: Talking to native speakers is one of the best â€Å"teachers† there is. As one is acquainted with them, extending hospitality, an individual will also be able to learn something about their language, and this will enable the parents to teach their children. Indeed, in a global brotherhood that the world is involved with today, it is essential for people to at least learn two or more languages that is widely used by people around the world. This is mainly to be able to catch up with the growing need for language experts in the professional world. However, the question is, when should bilingual education begin? According to Psychologist Dennis Coon, â€Å"the best time of teaching a person how to speak is from the belly of his mother beginning during the pregnancy years† (34). How is this possible? It has been learned through research that children, even when they are still inside the uterus could already interact with the world outside. Moreover, as the infant is born, talking to him in straight words without baby talking seriously developed early speaking skills on many growing babies today. (Coon, 36) It is also according to the authorities that the most effective time of teaching a child to speak his language and at least another one is during the first four formative years of the child’s life. Hence, it is indeed vital to start as early as first year of the baby’s life. A child’s first formative years is the highest capacity of a young mind to grasp the lessons being learned. However, some issues need to be addressed when bilingual education is being discussed. Scope of the Problem In many parts of educational development, bilingual education is treated as learning for non-American students. The use of their native language along with the inculcation of English to their vocabulary is the main aim of this program. According to educators, this is more likely an ESL program that would indeed assist foreign nationals living in the American territories to adapt to the society, especially with regards to children who are born in America. This would help the non-Americans to be ‘one’ with the American community in terms of language. To the educators, this is a way by which America could be able to overcome ethnic differences in the country. However, some language experts say that this is not an easy task for early childhood educators. The fact is that at times, some students come to the American region with a fluency on their native language already and thus may not have so much interest in knowing other languages more. Aside form this, according to some ‘English Only’ advocates, â€Å"bilingualism would only lead to an ethnic line of division between the nationalistic views of the natives of America† (Internet). The Pros of the Issue on Bilingual Education Implementation Many educators are indeed amiable that bilingual education is an essential part of learning especially with children who are of different ethnic society in the United States. Many professional early child education experts consider that through the utilization of bilingualism in the educational systems, children would become more concern and highly, in connection with their environment because of their language. The following are some of the facts that support the said claims of education experts: †¢ Children’s preparedness in facing the society with confidence lies in their ability to speak their thoughts in a way that their peers would understand them. Hence, for ethnic groups in the United States, learning nilingual language is necessary for them to be able to get along well with the American society. †¢ Bilingual education has been proven to sharpen the minds of the young students. The fact that their thinking ability is still budding, learning languages is one of the best ways to develop a young person’s mind through challenging education. †¢ Understanding what the world talks about and being able to respond is an essential part of a person’s life. This factor of being accepted in the society in a simple way f being understood because of language is a great potential for producing confident individuals in the future. The Cons of the Issue Although the fine part of the programmed education has already been laid, not all educators agree of that the bilingual education program would simply do its purpose. To them, the other side of the issue may bring disaster to the American society. How? The details regarding this are as follows: †¢ Teaching the ethnic groups on the use of perfect English language may make their groups stronger that they would be able to rebel against the rules of the law at times that these laws would not be amiable to their wants. †¢ Since the native language of the ethnic groups of the American Society would be used, it could be noticed that there could be a possibility of the lost nationalistic idea in teaching. Some American students may want to learn other languages that may affect their own personalities. As obviously seen, these reasons of the bilingual education implementation’s ineffective effects to the American society may be true, yet at some points exaggerated. It could be observed that by being able to balance the values that bilingual education implies, the said system of teaching young students could as well be beneficial not only for the pupils themselves but also for the whole American community. What Early Childhood Educators Need To Know There are necessary guidelines though that educators need to know when teaching bilingual education to children. The said guidelines are as follows: †¢ Bilingual education helps in the mind-development of handicapped children. (Internet) If incase the class that an educator is supposed tot each involves handicapped children, he must be able to recognize that learning bilingual knowledge is vital for their growth and development as a person of ‘worth’, hence, he should continuously encourage them in learning their lessons well. †¢ Teaching bilingual education requires close interaction with the students, especially with those who are having a hard time coping up with the changes. This has to be done for the educator to be assured that the students under his supervision are learning something from his teachings. †¢ Quality is more important than quantity exposure to the English Language. A child’s ability to speak correctly depends not on the times he is exposed to English speaking people but on the correct teachings of his educators in his class. †¢ ESL is taught more efficiently in natural situations. This means that children are forced to use English when they are faced with situations that require them to do so. With these guidelines, Early childhood educators would be equipped with the necessary points of consideration they have to remember during their teaching sessions. Resources for Early Childhood Educators To be able to meet the challenges of teaching bilingual education to young students, the government of the United States of America provided necessary resources that are available for teachers to utilize. Aside form these, numerous books are also available for study basis on this issue. As for example, Peter Woods’ â€Å"Multicultural Children in the Early Years: Creative Teaching, Meaningful Learning† talks about the necessary factors of consideration that educators should remember upon meeting Multicultural Children in their class. Meanwhile, Tony Cline features several effective curriculum for bilingual education, which were used and proven effective by other educators in his book â€Å"Curriculum Related Assessment, Cummins and Bilingual Children†. Likewise, Angela Carraasquillo’s â€Å"Teaching the Bilingual Special Education Student†, gives guidelines on the teaching methods that could be inculcated in the nature of teaching of the educators to their young students. Finally, Norbert Francis’ â€Å"Language and Literacy Teaching for Indigenous Education: A Bilingual Approach†, helps the educators overcome cultural differences during the entire course of bilingual education instruction processes. By utilizing the said resources, the educators would surely gain the necessary skills that are to be of good use during their teaching sessions with multicultural students. Conclusion Indeed, teaching is an art. Moreover, the artistic approach of this art is further encouraged in teaching students of the bilingual education. Hence, to be able to gain success from the said aspect of teaching, educators must have the right disposition as well as inspiration and reason for teaching. The fact that they realize that they are able to help ethnic groups in the American regions to fit in the society, should make them see the importance of educating the children with bilingual education. BIBLIOGRAPHY Maria Estela Brisk. (2005). Bilingual Education: From Compensatory to Quality Schooling. Lawrence Erlbaum Associates, Inc. ; 2nd edition. Colin Baker. (2006). Foundations of Bilingual Education And Bilingualism (Bilingual Education and Bilingualism). Multilingual Matters Limited; 4th edition. Olivia N. Saracho. (2004). Contemporary Perspectives on Language Policy and Literacy Instruction in Early Childhood Education (Contemporary Perspectives in Early

Auditing - benefits and limitations

Auditing benefits and limitations Chapter-1 INTRODUCTION INTRODUCTION The review of saving money organizations assumes an imperative part in India as it manage the saving money organizations in right way. In review of banks incorporates different sorts of review which are ordinarily completed in saving money organizations, for example, statutory review, income/wage use review, simultaneous review, PC and framework review and so on the above review is principally directed by the banks own staff or outside reviewer. Be that as it may, the tenets and the regulation identifying with the behavior of different sorts of review or assessments vary from a bank to bank expect the statutory review for which the RBI rules is pertinent. In this, I have given more significance on the general bank review framework. In today’s focused world review is all that much vital and in addition obligatory , in light of the fact that speculator contributing choice is rely on upon that specific idea if evaluator has communicating his perspective about specific association is genuine and reasonable then financial specialist can get his thoughts regarding the amount he ought to put resources into specific organizations. ORIGIN AND EVOLUATION OF AUDITING 1) Origin of term : The term review is gotten from the Latin expression â€Å"audire† intend to listen. In right on time days, an evaluator used to leaning to the record read out by the bookkeeper keeping in mind the end goal to check them. 2) Ancient origin : Examining is as old as bookkeeping. It was being used in every single old countrie, for example, Mesopotamia, Egypt, Greece, Rome, U.K., and India. The Vedas,Ramayana, Mahabharata contain references to bookkeeping and inspecting. Arthashasastra by Kautilya gives nitty gritty principles for bookkeeping and evaluating of open accounts. The Mauryas, the Guptas and the Mughals had created and bookkeeping and evaluating framework to control state accounts. In this manner, fundamentally, bookkeeping and examining had their starting point in the requirement for the legislature to control the wage and consumption of the state and the armed force. The first question of reviewing was to distinguish and avoid mistakes and cheats. 3) Compulsory audits of companies: With expanding number of organizations, the organizations’ demonstrations in diverse nations started accommodating mandatory review of records of organizations. Accordingly U.K. review of records of restricted organizations got to be obligatory in 1900. In India, the organizations demonstration, 1913 made review of organization records mandatory. With expansion in size of organizations, the object of review likewise moved to discovering whether the records were â€Å"genuine and reasonable† as opposed to â€Å"genuine and right†. In this manner, the accentuation was not arithmetical precision but rather on reasonable representation of budgetary undertakings. 4) Development of accounting and auditing standard: The global bookkeeping measures advisory group and the bookkeeping guidelines leading body of foundation of contracted bookkeeper of India have created standard bookkeeping and examining practices to direct the bookkeepers and reviewer in their everyday work. 5) Computer technology: The most recent improvement in evaluating relates to the utilization of PCs in bookkeeping and in addition reviewing. Truly, reviewing has make some amazing progress from â€Å"listening to† the records in the antiquated day to utilizing PCs to inspect mechanized records of today. DEFINITION OF AUDITING ‘ Different persons, for example, the proprietors, shareholders, financial specialists, loan bosses, moneylenders, government and so on utilize the last record of business sympathy toward diverse purposes. Every one of these clients should make certain that the last records arranged by the administration are dependable. An inspector is an autonomous master who looks at the records of a business concern and reports whether the last records are dependable or not. Diverse powers have characterized inspecting as takes after. ‘ Mautz characterize the inspecting as â€Å"reviewing is worried with the check of bookkeeping information, with deciding the exactness and dependability of bookkeeping explanation and reports†. ‘ International auditing guidelines characterizes the inspecting as â€Å"evaluating is an autonomous examination of budgetary data of any substance with a perspective to communicating a sentiment consequently†. ‘ BASIC PRINCIPAL OF AUDITING: 1) Integrity, objectivity and independence: The examiner ought to be straightforward and earnest in his review work. He must be reasonable and objective. He ought to additionally be free. 2) Confidentiality: The evaluator ought to keep the data acquired amid review, private. He ought not reveal such data to any outsider. He ought to, keep his eyes and ears open yet his mouth close. 3) Skill and competence: The auditor should have adequate training, experience and competence in Auditing. He should have a professional qualification ( i.e. be a Chartered Accountant) and practical experience. He should be aware of recent developments in the field of auditing such as statement of ICAI, changes in company law, decisions of courts etc. 4) Working papers: The evaluator ought to keep up working papers of vital matters to demonstrate that review was led with due consideration as indicated by the fundamental standards. 5) Planning: The inspector ought to arrange for his review work. He ought to set up a review modified to finish the review productively and in time. 6) Audit evidence: The report of the reviewer ought to be base on confirmation got over the span of review. The proof may be acquired through vouching of exchanges, check of advantages and liabilities, proportion investigation and so forth. 7) Evaluation of accounting system and internal control: The inspector ought to guarantee that the bookkeeping framework is satisfactory. He ought to see that all the exchange have been appropriately recorded. He ought to think about and assess the inner controls. 8) Opinion and report: The examiner ought to touch base at his sentiment on the record in light of the review prove and present his report. The feeling may be inadequate, qualified or unfavorable. The review report ought to obviously express his sentiment. Law ought to require the substance and type of review report. AUDIT COMMITTEE One of the elements of this board of trustees is to give guidance and manages the operations of the aggregate review capacity in the bank. The council additionally needs to audit the inward examination capacity in the bank, with extraordinary accentuation on the framework, its quality and adequacy as far as postliminary. The board needs to survey the arrangement of arrangement and compensation of simultaneous examiners. The review board of trustees is, in this way, joined with the working of the arrangement of simultaneous review. The technique for arrangement of evaluators, their compensation and the nature of their work is to be checked on by the Audit Committee. It is in this connection that periodical meeting by the individuals from the review board of trustees with the simultaneous examiners help the review advisory group to manage the operations of the aggregate review capacity in the bank. ADVANTAGES OF AUDITING 1) Assurance of true and fair accounts: Review gives a certification to the different clients of conclusive records, for example, proprietors, administration, leasers, moneylenders, financial specialists, government’s and so on that the records are genuine and reasonable. 2) True and Fair balance sheet: The client records can make sure that the advantages and liabilities appeared in the examined monetary record demonstrate the worry, as it is i.e. neither more nor less. 3) True and fair profit and loss account: The client can be sure that the inspected benefit and misfortune record demonstrates the genuine measure of benefit or misfortune as it is i.e. neither more nor less. 4) Tally with books: The reviewed last record can be brought to count with the books of records. In this way, the wage assessment officer can begin with the figure of examined books benefit, make modification and register the assessable salary. An outside client need not experience the whole books. 5) As per standard accounting and auditing practices: The examined last records take after the standard bookkeeping and evaluating standards set around expert bodies. Subsequently, inspected records depend on goals standard and not on individual impulses and fancies of a specific bookkeeper or inspector. 6) Detection and prevention of errors and frauds: Examined records can be accepted sensibly free from blunders and fakes. The evaluator with his master learning would take due consideration to see that Errors and cheats are identified so that the records shoe a genuine and reasonable perspective. 7) Advice on system, taxation, finance: The evaluator can likewise prompt the customer about the bookkeeping framework, inside control, interior check, inner review, tax assessment, accounts and so on. LIMITATIONS OF AUDITING 1.An examiner can’t check every last exchange he needs to check just the chose zones and exchange on an example premise. 2.Audit proof is not convincing in nature accordingly affirmation by an indebted person is not definitive confirmation that the sum will be gathered. It is said proof is instead of convincing in nature. 3.An examiner can’t be relied upon to find profoundly laid cheats as a rule includes acts intended to cover them, for example, imitation , chaste inability to record exchanges, false clarification and thus are hard to recognize. 4.Audit can’t guarantee the clients of record about the future gainfulness, prospects or the productivity of the administration. 5.An examiner needs to depend upon master inspector may need to depend on master in related field, for example, legal counselors, architects, esteem’s and so on for evaluating unforeseen liabilities, valuation of settled resources and so forth. INTERNAL CONTROL IN CERTAIN SELECTED AREAS General ‘The staff and officer of a bank ought to lift structure one position to another often and without earlier notice. ‘The work of one individual ought to dependably be checked by someone else in the ordinary course of business. ‘All arithmetical precision of the book ought to be demonstrated autonomously consistently. ‘The mark book of the telegraphic codebook ought to be kept with capable officers, utilized, and seen by approved officers just. ‘The bank ought to take out protection strategies against misfortune and representatives unfaithfulness. ‘Cash ought to be kept in the joint authority of two capable individuals. Bill of collection: ‘All archives going with the bill ought to be gotten and entered in the register by a mindful officer. All the season of dispatch, the officer ought to likewise see that all archive sent alongside the bills. ‘The record of clients or principals ought to be credited when bills have been gathered or an exhortation to that impact got structure the branch or operators to which they were sent for accumulation. ‘It ought to be guaranteed that bills sent by one, branch for accumulation to another branch of the bank, are not in the gathering twice in the amalgamated monetary record of the bank. For this reason, the accepting branch ought to switch the passages, for example, bills toward the end of the getting branch toward the end of the year fir shutting pur Bill purchased: ‘At the season of obtained of bill, an officer ought to check that all the archive of titles are legitimately doled out to the bank. ‘Sufficient edge ought to be kept while obtained or reducing a bill to cover any decrease in the estimation of the security and so on. ‘If the bank is not able to gather a bill on the due date, promptly step ought to be taken to recuperations the sum shape the drawer against the security gave. ‘All sporadic remarkable record ought to be accounted for to the head office. ‘In the instance of obtained exceptional at the end of the year rebate got subsequently ought to consequently ought to be appropriately allocated betw Loan and advances: ‘The bank ought to make propels strictly when fulfilling itself as to the financial soundness of the borrowers and subsequent to getting assent from the correct powers of bank. ‘Sufficient edge ought to be kept against securities taken to cover any decrease in the quality thereof furthermore to agree to legitimate powers of mandates. Such edge ought to be dictated by the correct powers of the bank as a general approach or for specific recor ‘All the securities ought to be gotten and returned by mindful officer. They ought to be kept in the joint authority of two such officer ‘In the instance of good possessing the bank, substance of the bundle ought to be test checked at the season of receipt. ‘Surprise check ought to be made in admiration of hypothecated merchandise not in the ownership of the bank. ‘Market estimation of good ought to be checked by officer of the bank by individual enquiry notwithstanding the receipt to the receipt quality given by the borrowers. ‘All record ought to be kept inside both the drawing force and as far as possible at all times. ‘ The signature on demand draft should be checked by an officer with signature book. ‘ All the best demand draft sold by should be immediately confirmed by the advice to the branches concerned. Inter branch account: ‘The record ought to be balanced just on the premise of utilization with sensibly great credit evaluation. ‘Prompt move ought to be made ideally by focal powers, if any passages are not sensibly time. ‘There ought to be compelling screening of utilization with sensibly great credit appraisal. ‘There ought to be strict control over capacity and issues of card. ‘There ought to be arrangement of brief reporting by the vendor of all settlement acknowledged by them through Visas. ‘Reimbursement to vendors ought to be made strictly when check of the legitimacy of dealer acknowledgment of card. ‘All the repayment ought to be made promptly charged to the clients account. ‘There ought to be a framework to screen and catch up client installment. STAGES IN AUDITING 1) Preliminary work: a) The auditor should acquire knowledge of the regulatory environment in which the bank operates. Thus, the auditor should familiarize himself with the relevant provisions of applicable laws and ascertain the scope of his duties and responsibilities in accordance with such laws. He should be well acquainted with the provisions of the Banking Regulation act, 1956 in the case of audit of a banking company as far as they relate of preparation and presentation of financial statements and their audit. b) The auditor should also acquire knowledge of the economic environment in which the bank operates. Similarly, the auditor needs to acquire good working knowledge of the services offered by the bank. In acquiring such knowledge, the auditor needs to be aware of the many variation in the basic deposit, loan and treasury services that are offered and continue to be developed by banks in response to market conditions. To do so, the auditor needs to understand the nature of services rendered through instruments such as letters of credit, acceptances, forward contracts and other similar instruments. I. Obtaining internal audit reports, inspection reports, inspection reports and concurrent audit reports pertaining to the bank/branch. II. Obtaining the latest report of revenue or income and expenditure audits, where available. III. In the case of branch auditors, obtaining the report given by the outgoing branch manager to the incoming branch in the case of change in incumbent at the branch during the year under audit, to the extent the same is relevant for the audit. c) RBI has introduced and offsite surveillance system for commercial banks on various aspects of operations including solvency, liquidity, asset quality, earnings, performance, insider trading etc., and has indicated that such reports shall be submitted at periodic intervals from the year commencing 1-04-1995. It will be appropriate to be familiar with the reports submitted and to review them to the event that they are relevant for the purpose of audit. d) One set of tests that the auditor at both the branch level and head office level may apply for audit of banks in analytical procedure. 2) Evaluation of internal control system: It might be noticed that exchange in banks are voluminous and dreary, and fall into constrained classes/heads of record. It might, in this manner, be more proper that the assessment of the inward control is made for every class/classification of exchange. On the off chance that the activity of interior control assessment is legitimately done, it help the evaluator to decide the adequacy or generally of the control frameworks and in like manner empower him to reinforce his review methodology, and lay fitting accentuation on the danger inclined ranges. Interior control would incorporate bookkeeping control regulatory controls. a)Accounting controls: Bookkeeping controls spread regions straightforwardly worried with recording of monetary exchanges and upkeep of such registers/records as to guarantee their unwavering quality. Inward bookkeeping controls are additionally visualizing such systems as would decide obligation and fix responsibility as to protecting of the advantages of the bank. It would not be strange of notice that there is a qualification between bookkeeping framework and inside bookkeeping controls. Bookkeeping framework conceives the preparing of the exchange and occasions, their acknowledgment, and fitting recording. Inward controls are strategies, technique and methods so outlined and normally incorporated with frameworks, as would empower aversion and in addition location of blunders, oversights or abnormalities during the time spent execution and recording of exchange/occasions. The inside bookkeeping controls as would guarantee aversion of blunders, exclusions and inconsistencies would incorporate after: I. No exchange can be enrolled/recorded unless it is authorized/affirmed by the assigned power. II. Built-in double control/supervisory systems guarantee that there is an autonomous programmed keep an eye on information/vouchers. III. No single individual has power to start exchange and record through all stages to the general record. Every day exchanges are precisely and instantly recorded, and the control and auxiliary records are kept adjusted through staff autonomous of one another. The reviewer would be all around encouraged to investigate different zones may prompt location of mistakes, oversights and anomalies, entomb false name in the accompanying: I. Missing/loss of security paper, stationery shapes. II. Accumulation of exchanges/equalizations in ostensible heads of records like anticipation, sundries, between branch accounts, or other ostensible head of records especially if there records especially if these records are broadly used to adjust books, in spite of accessibility of data. III. Accumulation of old/vast unexplained/unverified sections in records with Reserve Bank of India and different banks and organizations. IV. Transaction spoke to by minor book conformities not prove/substantiated or upon non-respecting of agreements/responsibilities. V. Origination charges I head office records/between branch accounts. VI. Analytical audit methodology. VII. Serious inconsistencies pointer out in inward review/assessment/exceptional review VIII. Complaints/matters pending in the cautiousness/grievances cell, as respects inconsistencies in records of constituents, and so on. IX. Results of occasional scientific survey, if saw as antagonistic. a) Administrative control: These are extensively worried with the choice making process and setting down of power/designation of forces by the administration. It might be noticed that in the typical course, the head office utilize the zonal/territorial workplaces don’t direct any saving money business. They are for the most part in charge of authoritative and approach choices which are executed at the branch level. 3) Preparation of review system for substantive testing and its execution Having acquainted him the necessities of review, the reviewer ought to set up a review program for substantive testing which ought to sufficiently cover the extent of his work. In surrounding the review program, due weightage ought to be given by the evaluator to territories where, in his perspective, there are shortcomings in the inward controls. The review program for the statutory inspectors would be not the same as that of the branch reviewer. At the branch level, essential keeping money operation are to be secured by the review. Then again, the statutory evaluators at the head office (procurements for tip, official records, and so on.). The extent of the work of the statutory inspectors would likewise include managing different bookkeeping angles and exposure necessities emerging out of the branch returns. 4) Preparation and accommodation of review report The branch reviewer advances his report to the statutory inspectors who need to manage the same in such way, as they considered vital. It is attractive that the branch evaluators’ reports are satisfactorily in unambiguous terms. Beyond what many would consider possible, the money related effect of all capability or unfriendly remarks on the branch records ought to be obviously gotten out the branch review report. It would help the statutory reviewers if a standard example of reporting, say, head savvy, starting with resources, then liabilities and from that point things identified with pay and use, is taken after. In setting up the review report, the evaluator ought to remember the idea of materiality. In this way, things which don’t really influence the perspective introduced by the monetary articulations may be overlooked. Be that as it may, in the judgment of the inspector, a thing however not material, is in opposition to bookkeeping standards or any declarations of the Institute of Chartered Accountants of India or in, for example, would require a survey of the important technique, it would be suitable for him to draw the consideration of the administration to this angle in his long shape review report. BOOKS OF ACCOUNTS OF BANKS A managing an account organization is required to keep up the books of records as per sec.209 of the organizations demonstration. There are, in any case, certain goals in saving money business they are the prerequisites to keep up precise and dependably a la mode account. Banks, in this manner, gadget their bookkeeping framework to suit these prerequisites. The fundamental attributes of a banks arrangement of accounting are as per the following: passages in the individual records are made specifically from vouchers as opposed to being posted from the books of prime section. A.The vouchers went into distinctive individual records every day are condensed on summery sheet; the sums of each are presented on the control accounts in the general record. B. The general record trail equalization is extricated and concurred each day. C. A trial equalization of the nitty gritty individual records is arranged intermittently, normally at regular intervals, and concurred with the general record control accounts. PRINCIPAL BOOKS OF ACCOUNT ‘ General ledger: It contains control records of every single individual record, the benefit and misfortune account and distinctive resources and liabilities accounts. There are sure extra records known as contra records, which is novel element of bank bookkeeping. These contra records are kept up with a perspective to keeping control over exchanges, which have no immediate impact on the banks positions. For e.g. letter of credit opened, bills got for accumulation, certification is given and so forth. ‘ Profit and Loss ledgers; A few banks keep one record for benefit and misfortune in this general record and kept up particular books for the definite records. These are columnar books having separate segments for every income receipt and cost head. Different banks keep separate books for charges and attributes presented are entered in on the benefit and misfortune account in the general record. SUBSIDIARY BOOKS OF ACCOUNTS ‘ Personal ledgers: Separate records are kept up by banks for distinctive sorts of records, i.e. current record, sparing record, and so on. As has been looked after before, these records are posted straightforwardly from vouchers and the whole voucher entered in every record in a day are compressed into Voucher Summary Sheets. ‘ Bill Registers: Subtle elements of diverse sorts of bills are kept in particular registers, which have suitable sections. For e.g. bill acquired, internal bill for accumulation, outward bills for gathering and so forth are entered serially everyday in isolated registers. Sections in these registers are made by reference to the first archives. ‘ Other subsidiary registers: There are diverse registers for different sorts of exchange. Their number, volume and subtle elements, which vary as indicated by the individual needs of every bank. For instance, there will be registers for: A. Demand drafts, telegraphic and mail exchanges issued on branches or organizations. B. Demand drafts, telegraphic and mail exchanges got from branches and organizations. C. Letters of credit. D. Letter of surety. ‘ Departmental diaries: Every division of bank keeps up a diary to take note of the exchange sections went by it. These diaries are memoranda book just, as every one of the passages made there are likewise made in the daybook, through voucher synopsis sheets. The reason for existing is to keep up a record of all exchange passages started by every division. ‘ Other memoranda books: ‘ Besides the book specified above, different divisions of a bank need to say various memoranda books to encourage their work. A percentage of the critical books are depicted beneath: o Receiving clerks money book o Paying clerks money book o Main money book ‘ Outward clearings: A man checks the vouchers and rundown with the clearing checks got books. The voucher are then sent to proper offices, where clients record are instantly credited. Ordinarily no drawings are permitted against clearing checks stored that day however special cases are regularly made by the director on account of set up client. ‘ Inward clearing: Checks got are check with the going with rundown. These are then disseminated to varied division and number of checks given to every office is noted in a notice book. At the point when the checks are passed and presented in on record, there number is autonomously concurred with the notice book. On the off chance that the checks are discovered unpayable, they are come back to clearing house. ‘ Loans and overdrafts departments: a) Registers for shares and different securities hung in the interest of its client b) Summary books of securities give in points of interest of government securities. c) Godown registers kept up by the Godown managers of bank. d) Overdraft approval register e) Drawing force book. f) Delivery request books. g) Storage books. ‘ Deposit department: a) Account opening and shutting registers. b) Fixed stores rate register. c) Due date dairy. d) Specimen mark book. ‘ Establishment department: a) Salary and partnered registers. b) Register of altered resources. c) Stationary registers d) Old record registers ‘ General: a) Signature books of bank officers b) Private telegraphic code and figures ‘ Incomplete records: In a few circumstances, the inspector may find that sure bookkeeping and different records are not up and coming. In such a circumstances, the examiner ought to first determine the degree of unpaid debts in housekeeping and the territories in which bookkeeping and different records are not a la mode. It might likewise be noticed that in Long Form Audit Report (LFAR0), the examiner needs to mention point by point objective fact on such overdue. VERIFICATION OF ASSETS AND LIABILITES Capital and Liabilities: 1) Capital The accompanying particulars must be given in appreciation of offer capital in a critical position sheet ‘ For nationalized banks The capital claimed by focal government as on the date of accounting report including commitment from government, if any, for support in world bank venture ought to be appeared. ‘ For banks incorporated outside India Capital (the sum got by banks by method for start up capital as endorsed by RBI appeared under this head) Measure of store kept with RBI under segment 11(2) of the managing an account regulation act, 1949. ‘ For other banks The inspector ought to check the opening equalization of capital with reference to the evaluated asset report of the earlier year. On the off chance that there has been expansion in capital amid the year, the evaluator ought to look at the pertinent reports supporting the increment. For instance, in the event of a build an approved capital of a managing an account organization, the evaluator ought to analyze the extraordinary determination of shareholders and the reminder of affiliation. 2) Reserves and surplus: The accompanying are required to be unveiled in a critical position sheet under the head ‘Stores and Surplus’. a) Statutory holds. b) Capital holds. c) Share premium. d) Revenue and different stores. e) Balance in benefit and misfortune account. The evaluator ought to confirm the opening equalizations of different stores with reference to the examined asset report of the earlier year. Expansion to or reasonings from stores ought to additionally be confirmed in the typical way, e.g. with reference to board determination. On account of statutory saves and share premium, consistence with lawful necessities ought to additionally be analyzed. 3) Deposits: Stores are required to be grouped in a critical position sheet under the accompanying heads. A. I. Interest Deposits (i) from banks (ii) from others II. Sparing Bank Deposits I. Term Deposits (i) From banks. (ii) From Others. B. I. Stores of Branches in India. II. Deposits of Branches outside India. The reviewer may check sorts of stores in the accompanying way. I. Current account: The inspector ought to check the equalizations in individual records on an examining premise. He ought to likewise look at whether the parities according to backup records count with the related control accounts in the general record. II. Saving bank deposits: The evaluator ought to check the equalizations is individual record on an examining premise. He ought to likewise analyze whether the equalizations according to auxiliary records count mind the related control accounts in the general record. III. Term deposits: Term deposits are deposits repayable after a specified period. They are considered time liabilities of the bank. The auditor should verify the deposits with reference to the relevant registers. The auditor should also examine, on a sampling basis, the registers with the counter-foils of the receipts issued and with the discharged receipts returned to the bank. IV. Deposits designated in foreign currencies: On account of stores assigned in an outside money, for e.g. outside coin non-occupant stores, the inspector ought to look at whether they have been changed over into Indian rupees at the rate told for his sake by the head office. V. Interest accrued but not due: The inspector ought to analyze that hobby collected yet not due on stores is excluded under the kept but rather is appeared under the head ‘different liabilities commercial procurement’ 3) Borrowing: Borrowings of a bank are required to be appeared in monetary record as takes after. I. Borrowing in India. a. Reserves Bank of India. b. Other banks. c. Other establishment and organizations. II. Borrowing from RBI, different banks/budgetary foundation and so forth ought to be checked by the inspectors with reference to affirmation certificated and other supporting record, for example, understandings, correspondence and so on. The examiner ought to likewise analyze whether a reasonable qualification has been made in the middle of â€Å"rediscount† and â€Å"renegotiate† for divulgence of the sum under the above head subsequent to rediscount does not figure under this head. Other current liabilities: The third calendar to the managing an account Regulation act, 1949, requires exposure of the accompanying things under the head ‘different liabilities and procurement’ ‘ Bills payable ‘ Inter office changes. ‘ Interest collected ‘ Other (counting procurements) The evaluator may check the different things under the head different liabilities and procurement in the accompany ‘ Bills payable Charges payable speak to instrument issued by the farm against cash got from clients, which are to be paid to the clients or according to his request. These incorporate Demand Draft, Telegraphic Transfer, and Mail exchange and Mail Transfer, Traveler checks, Pay request, Banker checks, and comparable instrument issued by the bank however not displayed for installment until the asset report date. Inter office adjustment: The adjusted in official conformity account, if in credit, is to be appeared under this head. Other As per the notes and directions for gathering of monetary record and benefit and misfortune record, issued by the Reserve Bank of India, the accompanying things are to be incorporated under this head ‘ Net procurement for money assessment and different expenses like premium duty, less advances installment and duty deducted at source. ‘ Surplus in total in procurement for terrible and dicey obligations procurement account. ‘ standard resources. ‘ Proposed profit/exchange to govt. ASSETS: Cash, bank balanced and money at call and short notice: The third calendar to the Banking Regulation act, 1949, requires taking after divulgence to the be made in the made to be determined sheet in regards to money, parities with Reserve Bank of India., equalization with other bank, and cash at call and short notice. Cash and balance with Reserve Bank of India. I. Cash close by (counting remote coin notes) II. Balance with Reserve Bank of India a) In current record b) In other record Adjusted with banks cash at call and short notice I. In India A) Balanced with banks 1. In current record 2. In different stores account. B) Money at call and short notice 1. With banks 2. With different foundations II Outside in India 1. In current records. 2. In different stores account. 3. Money at call and short notice.Cash Reserved: Deposits by foreign banking company: Area 11(2) of the demonstration requires the managing an account organizations joined outside India to store with RBI certain sum either in trade or out unrestricted securities or mostly in trade and somewhat out such securities. 2) Investment: The reviewer ought to check the speculation scripts physically at the end of business on the date of accounting report. In outstanding situations where physical check of speculation scripts on the accounting report date is unrealistic the inspector ought to complete the physical confirmation on an ought to take into thought any alteration for resulting exchange of procurement, deal and so forth he ought to take specific consideration to see that just bona fide venture are delivered before him. 4) Advances: In completing of review of advances, the evaluator of advances, the reviewer is basically worried with getting proof about after a) Amount incorporated into accounting report in appreciation of advances are exceptional at the date of monetary record. b) Advances speak to sum because of the bank. c) There are no unrecorded advances. d) The inspector ought to audit the operation different advances accounts 4) Fixed assets: In doing a review of altered resources, the evaluator is concerned principally with getting confirmation about their presence and valuation. The branch reviewer ought to find out whether the records in admiration of premises and/or other settled resources are kept up at the branch or halfway. Essentially, he ought to find out the area of archives of title or different reports confirming responsibility for things of altered resources. The inspector ought to check the opening parity of premises with reference to calendar of settled resources, record or altered resource register. N.P.A.GUIDELINES The rule requires the banks to characterize their advances in four general classes as takes after:- 1. Standard resource:- A standard resource is one, which does not reveal any issues, and which does not convey more than typical danger joined to the business such resource is not a non-performing resource 2. Sub-standard resource: It is one, which has been delegated N.P.A. for period not surpassing not over year and a half. 3. Doubtful resource: It is one, which remained has N.P.A for period surpassing year and a half. 4. Loss resource: It is one where the misfortune has been distinguished by the bank or the inner or outer evaluators or the RBI investigation, however the sum has not been composed off entirely or incompletely at the end of the day such resource is viewed as uncollectible and of such little esteem that its consistent as bankable resource is not justified through in spite of the fact that there may be some rescue or recuperation esteem. With the perspective to moving towards worldwide based practices and to guarantee more prominent transference it has been chosen to receive the 90 days late standards for recognizable proof. Of N.P.A. from the year finishing 31st March 2004, agreeing with impact from 31st walk 2004, a non-performing resource should be an advance or advances where, i. Interest and portion of standard stays past due for the time of over 90 days in appreciation of term credit. ii. The record stays out of request for time of over 90 days. In appreciation of overdraft or money credit limit. iii. The bill stays past due for time of over 90 days on account of bills acquired and marked down. iv. Interest and portion of guideline stays late for two harvest season however not surpassing 2.5 years on account of cutting edge allowed for horticulture reason. v. Any add up to be gotten stays past due for a time of over 90 days in of other record. A portion of the Exemptions are their as takes after, i. Project money: On account of bank, money given for modern task or for farming status where ban period is accessible for installment of premium, installment of premium gets to be expected after the ban period is over and not on the date of charge of premium. ii. Agricultural Advances Affected by Natural Calamities: As far as RBI direction where Natural cataclysms in fairs the reimbursement limit of farming borrower the bank can change over fleeting generation credit, into term advance or reschedule the reimbursement and assent them transient advance advances in such cases the term advance and new fleeting may be dealt with as present duty and need not be named N.P.A. iii. Loans and Advances upheld or bolstered by government: Any credits and advances gave by the bank under any plan presented by GOVT. like PMRY. Plan won’t be dealt with as N.P.A. in spite of the fact that the record in past due or exceptional for over 90 days. Provisioning for Loans and Advances: The rules require procurements for diverse classes of advances to be made as takes after:- ‘ Standard Asset: A general procurement of least of 0.25% on aggregate standard resource ought to be made. ‘ Sub-standard Asset: A general procurement of least of 10% on aggregate Standard Asset ought to be made. ‘ Doubtful Asset: Full procurement to the stretch out of unsecured part ought to be made in doing as such the feasible estimation of the security accessible to the bank ought to be resolved on a practical premise moreover 20% to half of the secured segment ought to likewise be given to relying on the period for which the advances has been considered as a suspicious are as per the following Pages: Page 1, Page 2

Spinal immobilization Research Paper Example | Topics and Well Written Essays - 1000 words

Spinal immobilization - Research Paper Example This is because of lack of effective measure to ascertain the degree and site of spinal injury at the time of presentation in any emergency setting. Also, the definition of the definite position of spinal immobilization is poor and lacking. Jin et al (2007) conducted a retrospective study to examine the sensitivity of the prehospital immobilization protocol in which age criterion is present to 5 criteria of spine clearance. The five criteria include decreased awareness, presence of intoxication, neurological deficit, pain on palpation of the spine and age criterion; which is 65 years or older. According to the protocol, standard full immobilization would be done to individuals with more than one criteria. This study included 238 victims of blunt trauma; of which 236 has atleast one positive criteria, suggesting 99.2 percent sensitivity. Of the 2 patients who did not receive immobilization, one had a small fissure in the arch of C2 and the other had fracture of the transverse process of L3. Both of them were discharged on the next day without any medical interventions or complications. Based on these results, the researchers concluded that spinal immobilization protocol must be based on clinical criteria rather than on mechanism of trauma. They also recommended a prospective study to confirm such findings. The effectiveness and benefits of immobilization of the spine depends on the perfection in application of the immobilization technique. Peery et al (2007) conducted a study to assess and examine the quality of long spine board spinal immobilization in patients presenting to the emergency room via emergency medical service. During examination, evaluation of the location and number of the restraining straps and also their degree of tightness was done. 50 patients were included in the study. 30 percent of these had atleast one unattached tape to attach head to the board. Also, 88 percent had more than 2 cm slack between the body. This study draws evidence that im mobilization is not done well in emergency medical service and better measures and protocols need to be drawn for improved immobilization. Thus, even though spinal immobilization may provide genuine benefits, they be lost due to poor application. Generally, immobilization of spine consists of a cervical collar that supports either side of the head, and the long and short back boards which have straps attached to them to immobilize the rest of the body. With regard to the boards, there is lot of controversy whether long boards are superior to short boards. According to Cline (1985; cited in AANS, 2001 ), short boards are superior to cervical collar alone. Mozalewski (cited in AANS, 2001 ) opined that unless the motion of trunk also was minimized along with motion of head, spine immobilization was ineffective. The literature review by AANS (2001) drew some implications about spine immobilization practices in an emergency setting. The review opines that studies pertaining to spinal imm obilization are limited because none of the studies actually evaluate the full range of available devices. However, from whatever results are available, it appears that a combination of cervical collar immobilization with supportive straps on a rigid long spinal backboard to secure the whole body including the trunk is superior to cervi

Men, Women, Sex, and Darwin Essay Example | Topics and Well Written Essays - 500 words

Men, Women, Sex, and Darwin - Essay Example Both have some kind of libido and sexual attraction toward the other sex. Men want women and women want men. That is why it is natural for them to marry and bear children. This is what produces generations. This is an illogical argument from men’s side that they will have more relations with many women because they are more sexually active than women. However, this is true that men get indulged in more sexual relations because they have less control over their sexual impulses. On the other hand, women tend to have more control over their sexual urges and are farsighted. They need stable relations. So, they tend to be sexually reserved (Nichols 12). Hence, it is not a matter of difference in sexual drive in both the sexes, but the difference in controlling power that make them get involved in more or fewer sexual relations. Polygamy makes a woman believe â€Å"that she alone will not satisfy him. He requires others. She is inadequate†, writes Boteach. Polygamy also gives rise to many social problems like rape, women trafficking, and prostitution (Zeitzen 172). Moreover, the author writes that women love older men because they have the lesser ego and are more resourceful. However, most women would want a younger partner because they want a relationship on which they can depend for their whole lives. When they will marry older men who will die soon, they will have no one to rely on for finances and protection. So even if younger men have higher egoistic issues and are less powerful financially, still most of the women would like to have young partners for relationships and marriages. The author also writes about gays and lesbians. It is right that they have biological faults in their brains that make them behave a certain way that is not in accordance with nature, still, we must also consider the fact that women tend to hate men for their infidelity, which is why they want to build relationships within their own gender.

Marketing projectthe puzzle phone Essay Example | Topics and Well Written Essays - 1250 words

Marketing projectthe puzzle phone - Essay Example Although there are many other companies operating in the mobile phone industry but in terms of market share iPhone and Samsung are the leading brands. However for surviving in such a competitive market our company is offering some specific features that will help us create product differentiation. Puzz phone is a phone with distinctive, advanced and innovative features at affordable price. Our pricing strategies are very much different from our competitors as we are offering customized products at affordable price. Puzz is also trying to come up with new innovative technological features in order to compete with brands like Samsung. Puzz phone offers more variable features to its customers and that is what will help us to attract new customers. Our company also takes lesser time to assemble customers’ product. There are various factors that are considered to be the strength of Puzz Phone, however the important ones are its price and high customization. We offer variability in price so customers are allowed to choose according to their preferences. The price advantage provided by Rubik incorporation helps attracting a lot of customers. High customization helps customers selecting the features of their own choice. The demand of every customer is different from the other. Puzz phone helps people to express their own different character and personality through their phones. There are some features of the phone that do affect the brand image. These features are the low productivity and efficiency of the phone. The high customization being offered by the company does affect the productivity of the brand. The company however is trying to overcome the drawbacks in order to cater with the complaints of the customers and establish long term loyalty of the customer. Rubik incorporation is also trying to adopt useful marketing strategies for fulfill their mission and vision. The mobile phone industry is considered to be the

Crossing Brooklyn Ferry Research Paper Example | Topics and Well Written Essays - 1250 words

Crossing Brooklyn Ferry - Research Paper Example He makes big assertions from the beginning, the he sees in all things a â€Å"simple, compact, well-joined scheme† (Section 2) and so on time and place â€Å"avail not† (section 3) an inspirational claim of harmony, solidarity and unity in the world and all through time. The central purpose of the poem is to communicate this argument and sense of balance and unity, not just to explain it but, to express it in the most direct route (Coffman). They say that a person can go beyond individual identity, change and time through shared human nature and experience, through the physical world itself and through works of art, Whitman’s Crossing Brooklyn Bridge being an example of works of art that talks about how humans can live in harmony and unity in the world and throughout life. The idea of art being a means of rising above time is on that Whitman’s poem, ‘Crossing the Brooklyn Ferry’ shares with other poems like Ode on a Grecian Urn by Keats. This argument is made to obtain an exciting and kinesthetic excellence that other similar poets have not been able to do in comparison to Whitman (Cavitch). Critics who have commented about how the poem is able to make a sense of movement and motion and how the linguistics and imagery used in the poem seem to be moving and flowing. The kind of experience about life that Whitman talks about and captured therefore seems to be more like a motion picture than a statue. The author also includes distinctive lines and quotes which talk about life’s struggles and weaknesses as a theme in the poem. In the line â€Å"The dark threw its patches down upon me also† (section 6), the poem expresses another way in which Whitman finds unity and harmony across time. At first it can be seen that the dark patches refer to â€Å"curious abrupt questionings† (section 5) that rouse within the author. After the dark patches,

Joseph Vissarionovich Stalin and his Crimes against Humanity Essay

Joseph Vissarionovich Stalin and his Crimes against Humanity - Essay Example From the essay "Joseph Vissarionovich Stalin and his Crimes against Humanity", it is clear that the theme of perfect loyalty is one of the integral themes perpetuated through all his crimes. In 1924, only 25% of the Russian population was located in cities, the rest of the country lived in agriculture villages. Stalin realized that the power was in the hands of those who owned the land. Power meant financial gain. He set out a plan to manipulate the people in believing that he was their new god by replacing the Orthodox Church. He also demanded perfect loyalty from the kulack in the Centralization plan. When Lenin came to power in 1917, he offered territory to the peasants (kulak). It was Stalin's plan to take back the territory and rid them of all power. There are three things that bound each family: faith, the Tsar and the fatherland. Ridding each family of these three icons and creating new images would give Stalin ultimate power. Stalin banned religion, replaced icons with photos of himself. He had to change the outlook of the fatherland. He understood the power of the media. Every time he made a speech, he had it recorded on a vinyl record. He made sure each village had a gramophone and received records of each of his speeches. Villagers were impregnated with Stalin. He became their faith and their Tsar. In 1924 Russia was a poor country with an abundance of natural resources. These resources could be exchanged for technology and other goods which would assist Russia in becoming an industrialized country. Within three years of power, Stalin initiated his 5 year plan: A peasant society to a World Power. Historian John Brent from Harvard University (Man 2008) and Historian Mark Kramer from Yale University (Stalin 2007) explain the reasons backing centralization. Technology was expensive. One way to pay for it was to centralize the agricultural fields of Russia and use the goods as an export commodity. "Centralization was an answer to the Bolshevik revolution and the chaos that followed. It was rationalized that it was the only way to meet the economic and structural needs of the economy". (Gouldner 1978) The last reasoning behind centralization was the simple fact

MSc computer system security 'RFID' Essay Example | Topics and Well Written Essays - 5000 words

MSc computer system security 'RFID' - Essay Example The prime advantage of RFID technology is its ease of use and minimalism. RFID replaces barcodes and is a time saving, effective and reliable alternative. That is the reason why it is adopted and deployed in multipurpose applications i.e. Supply Chain Management (SCM), Inventory Tracking, Theft Protection, Location based Services, Electronic Health Monitoring for health care systems, RFID integrated travel documents, payment systems and context-aware applications. In recent years, this technology is flourishing robustly due to its extensive usability in upcoming technologies i.e. Ubiquitous Computing, Pervasive Computing or Ambient Intelligence Solutions. RFID technology comprises of transmitters spreading electromagnetic technology in the environment to send and receive signals. The communication is conducted between two elements, transceiver and transponder. 2. Radio Frequency James Clerk formulated its principles in 19th Century [9]. The radio waves propagation is emitted the form of electromagnetic waves and promulgate in speed of light. The applications of radio waves consist of Radar systems, Fixed Mobile and Satellite Communication, Media Broadcasting and Computer Networks. Radio waves can utilize different band of frequencies measured in Hertz (Hz) which represents the natural process of oscillation in waves. RFID technology utilizes Low Frequency (LF), High Frequency (HF) and Ultra High Frequency (UHF) from the electromagnetic spectrum. Light waves have certain limitations when passing through objects. On the other hand radio waves travel through solid objects and opaque materials. The range of radio frequency waves which is currently used illustrates the following ranges; 30 KHz and 30 GHz [9]. Table 1 from [9] defines the bands in the electromagnetic spectrum. 3. Barcodes and RFID There is always a logical concept of analyzing RFID as a better substitute for the barcodes systems. However, the consideration of difference between these two technologies is imperative in order to deploy them successfully. Undeniably, RFID technology does not entail a line of sight to read the tags as compared to barcodes, where it is mandatory to identify the tag optically to scan it within a squat distance. Furthermore, in RFID technology, the space for data in a tag can be more than 100 bytes which is far greater than the maximum space available in barcodes. The available storage space provides the freedom to assign identification numbers not only to a brand but also to each item individually. The valuable functionality of identifying multiple tags concurrently enhances the efficiency in any operational environment employing this technology. On the other hand, RFID technology is prone in terms of attenuation and propagation problems hereditary from radio frequency, more specifically in the existence of metal or liquid. It is also a cheaper deployment as compared to barcode technology. Consequently, RFID industry stakeholders are working tirelessl y to minimize the cost of RFID technology. The efforts are making the component prices lower, which are vital in calculating a cost of any RFID solution. As per the report in 2006, the RFID tag price will be around five cents [10]. 4. RFID Privacy and Security The protection related to privacy and security incorporated with RFID technology cannot be rectified without analyzing causes and driving factors. While ease of use and cost are the most significant factors, accumulation of

Truth in Management and Power Relationships Essay Example for Free

Truth in Management and Power Relationships Essay Throughout history, philosophers have come up with their versions of the actual definition for ‘truth’. The Greek philosopher Aristotle had explained truth as â€Å"To say of what is that it is not, or of what is not that it is, is false, while to say of what is that it is, and of what is not that it is not, is true† [1]. Aristotle explains that truth can be described as that something that is definite and distinct in its own form, nature or identity. Another Greek sophist and philosopher Protagoras held the view that â€Å"man is the measure of all things, of things that are that they are, and of things that are not that they are not†[2]. According to him, every person’s opinion of truth is based his or her own perception of truth. In the famous Greek poet Homer’s epic Odyssey, there is one instance when the Greek hero Odysseus did not actually reveal the truth when he says â€Å"I will tell you all the truth†[3]. In his epics, there are characters that hold back information or tell lies. In the present day management, we have to be cautious as to how we go about telling the truth to our subordinates or colleagues. There are multiple scenarios that we have to consider before revealing the truth. Sometimes, we may end up in situations whereby we have to cover up the truth to protect our integrity and position in the company or organization. Socrates, an Athenian Greek Philosopher once quoted: â€Å"You, my friend, are you not ashamed of heaping up the greatest amount of money and honour and reputation, and caring so little about wisdom and truth and the greatest improvement of yourself which you never regard or heed at all? [2]† We can relate to his quote in today’s fast paced times, when in the quest for power, wealth and reputation, we tend to forget our very basic virtues of being righteous and truthful. I can quote an example of my personal experience whilst working in a semiconductor company where my supervisor and colleague were from Philippines. I used to have reservations initially in opening up to my colleagues and then as the months passed, I started confiding with my Filipino colleague regarding a couple of problems I had with the company management style and extremely long working hours. He then later betrayed the faith that I had in him when he passed on all the complaints over to my supervisor behind my back. Since then, the company management started to ignore my inputs and started giving me disapproving eyes at every meeting. The lesson we can learn from that was to ensure that certain truths however cumbersome they may be to carry around, we have to ensure that they stay hidden away due to the competitiveness and lack of trust among employees in today’s management. The Greek philosopher Plato once said â€Å"You should not honor men more than truth[4]† but in today’s world of management, the key areas of output and performance are valued more highly than the truthful principles at work. Power relationships play a very important role in management in the present day. These relationships have taken on a very aggressive dimension nowadays with the current crop of power hungry managers. In my opinion, we need to build such relationships with our colleagues as well as our superiors to firstly sustain ourselves for the long run and then to ensure that we maintain a steady progress throughout our careers. From my personal experience while working with my previous employer, I used to notice that my team consisted of mainly Filipinos, Indians, Malaysians and Chinese. They used to split up into their respective nationality groups and stay together always while doing work and used to provide assistance and useful advice only to their countrymen when in need. Those groups kept trying out negative organizational politics against each other to ensure that none of them could grow in the company so as to attain overall power. The organizational politics at my company even went upto the higher management where in the promotions were dedicated only to their respective countrymen and was not based on ability or performance. The higher management even had absolute control of the human resource (HR) department whereby the hiring of new staff was prioritized based on nationality of the hiring manager or supervisor rather than giving priority to the qualification and experience of the new recruits. Quoting from Plato, â€Å"The measure of a man is what he does with power[4]†, in management terms, his words signify that a true ability of a manager can only be determined by how he utilizes his power effectively in the context of an organizational environment. The Greek Philosopher Socrates had once said: â€Å"Esteemed friend, citizen of Athens, the greatest city in the world, so outstanding in both intelligence and power, arent you ashamed to care so much to make all the money you can, and to advance your reputation and prestigewhile for truth and wisdom and the improvement of your soul you have no care or worry[2]†. This quotation is apt in describing the insatiable need for wealth among the Athenians in those days for gaining reputation and prestige at the cost of their moral values like truth and wisdom. Socrates’ words can even be applied with respect to today’s management style. In the current times, taking into account the fallout from the financial crisis and its impact on the organizations, managers get even more reluctant to follow the truthful ideologies and instead strongly engage in strengthening their power relationships with other hierarchical members within their organizations to establish a strong foothold for themselves in the industry. References: 1. Owens, J., Doctrine of Being in the Aristotelian Metaphysics. 3rd ed1978, Toronto: Pontifical Institute of Mediaeval Studies. 2. Spillane, R. , An Eye For An I: Living Philosophy2007, Melbourne: Michelle Anderson Publishing. 3. Thiselton, A. C. , The New international dictionary of New Testament theology, ed. B. Colin. Vol. 3. 1978, Exeter: Paternoster Press. 4. Stavropoulos, S. , The Beginning of All Wisdom: Timeless Advice from the Ancient Greeks. 1st ed2003: Da Capo Press.