A Mechanism to Check Corporate Frauds - Free Essay Example

Sample details Pages: 7 Words: 2107 Downloads: 8 Date added: 2017/06/26 Category Law Essay Type Research paper Did you like this example? FORENSIC AUDIT: A MECHANISM TO CHECK CORPORATE FRAUDS ABSTRACT Satyam, Enron, Worldcom, Tyco are few of the big brands which were charged with financial frauds. Corporate are separate legal entities wherein directors and managers are supposed to act for the welfare of shareholders. Various regulators, rating agencies, auditors are part of external check system. Don’t waste time! Our writers will create an original "A Mechanism to Check Corporate Frauds" essay for you Create order However the financial frauds around the globe has raised several questions. The current paper focuses on the concept of forensic audit. It is now believed that the regular audit system was not successful in detecting the symptoms of fraud at correct time. Was it the negligence, incapability or willingness on part of auditors that these frauds occurred and led to collapse of big companies. This has led to emergence of a new concept- Forensic auditing. The current paper discusses about the concept of forensic auditing, its techniques and investigation procedure. Several institutes are now providing certified courses and producinf forensic auditors who will be experts in detecting the financial frauds. The rising numbers of forensic audits in India, specially banks, have created demand for forensic auditors. The accounting firms are now training their employees to meet the growing demad. The paper discusses the rising importance of forensic audit in context of India. It is recommended t hat there should be independent agenies conducting forensic audits to ensure that cases like Satyam do not occur again. KEYWORDS: Auditors, Forensic audit, Frauds. JEL Classification: M41, M42 INTRODUCTION Corporates scams around the world since 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s have highlighted various corporate governance issues. They have resulted in development of numbers of codes, standards and laws to improve the governance of companies. However, when one analyses the scams like Satyam, Enron, Worldcom, Tyco, BCCI etc., we find that failure of auditors was one of the important cause of the failure. The auditing companies came under the scanner during the corporate frauds. PWC, Arthur Anderson, KPMG, have been penalised in different cases. It is known to everyone how Arthur Anderson compromised with its auditing standards in case of Enron. The result was that Arthur Anderson, who was once among the à ¢Ã¢â€š ¬Ã‹Å"Big Fiveà ¢Ã¢â€š ¬Ã¢â€ž ¢ is no more a part of it and the world is left with à ¢Ã¢â€š ¬Ã‹Å"Big Fourà ¢Ã¢â€š ¬Ã¢â€ž ¢. Similarly in the case of Satyam, its auditors PWC failed to detect the fake cash and bank balances. PWC was fined $6 million by the SEC for not following the c ode of conduct and auditing standards while performing its audit duties in the case of Satyam. The history shows that auditors have not performed their duties efficiently in case of the large scandals around the world. They failed to detect frauds in the big corporates, many of which later collapsed. Ironically the companies which failed were big corporate houses and the auditors involved were also global names. When the big names can have such frauds, it would be easier for smaller companies to do fraud and get away with it. Due to rising importance of corporate governance and increasing awareness among stakeholders, it is becoming tougher for companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s management and auditors as they are under constant scrutiny of the stakeholders and regulators. Many changes have been made over the years to improve the governance of companies, like increased disclosures; fixing accountability and responsibity of Board of Directors (BOD), management and auditors; changes in composition of BOD etc. One of the latest emerging area in fraud detection and prevention is forensic audit. Let us understand what is forensic audit all about and why is its on demand, specially in banking sector. OBJECTIVES The paper aims to explore the rising concept of forensic auditing. Objectives are as follows: To understand the concept of forensic auditing. To understand how forensic audit is conducted. To analyse growing importance of forensic audit. FORENSIC AUDIT: THE CONCEPT The term forensic means à ¢Ã¢â€š ¬Ã‹Å"suitable for use in a court of lawà ¢Ã¢â€š ¬Ã¢â€ž ¢. Forensic audit refers to the examination and evaluation of the financial information of company which can be used as an evidence in the court of law. The purpose of forensic audit can be different, it may be for prosecuting a party charged of fraud, or embezzlement or for any other financial claims. We all are aware of the financial audit which involves verification of the financial statements of a legal entity, with a view to express an audit opinion. It is supposed to be an unbiased examination and evaluation of the financial statements of an organization. But the past financial scams have proved that internal and external auditors have failed to be unbiased. Forensic audit is done by an expert group. These experts are supposed to have knowledge of not only accounting standards and finance, but also skills to detect frauds. The experts are trained to investigate frauds unlike the co nventional auditors at the likes of PwC who ignored the seven-year long Satyam scam. Forensic Audit is useful due to following reasons:- The evidences collected serves as readymade proof from a third party in relation to any audit, It gives expert comment on any fraud, Forensic Audit reports can be directly placed in the court of law for prosecuting. The forensic experts need to go beyond investigation of the financial statements and explores number of questions such as:- Figure 1: Forensic Audit: Going beyond traditions questions Types of Forensic Audit: Forensic audit can be classified into two broad categories- reactive and proactive forensic audit. They are summed up in the figure below: Figure 2: Types of Forensic Audit Forensic audit should focus on significant transactions both as reflected in financial statements and off balance sheet items. In the corporate scams some of the companies had material off-balance sheet items, which if would have highlighted at right time, would have prevented the frauds. The techniques used for forensic audit are: a. Critical Point Auditing: It aims at filtering out the symptoms of fraud from the normal transactions in which they might be mixed or concealed. In order to do it, the financial statements, records etc are analyzed in order to find out unusual trends, accounts, discrepancies, inflated sales etc. b. Propriety Audit:- It is conducted by the supreme audit institutions. It uses the à ¢Ã¢â€š ¬Ã…“value for money audità ¢Ã¢â€š ¬Ã‚  technique which aims at lending assurance that economy, efficiency and efficacy have been achieved in the transaction for which expenditure has been incurred or for which revenue collected. THE INVESTIGATION PROCESS The process of conducting a forensic investigation is similar to the process of conducting a financial audit with some additional considerations. The various stages are summarized in figure 3. Figure 3: Procedure of Forensic Auditing RISING POPULARITY If we go back two years, India had only about 30 forensic auditing experts. Today the number stands at 300 that means it has multiplied 100 times! KPMGs forensic audit team conducted 220 inquiries in India in the nine months through December 2013 compared with 77 in the full fiscal year 2010-11. The rising demand is due to several reasons. The investors and stakeholders are pressurising companies to have mechanisms to identify and mitigate risk of fraud. Finaincial scams of the past has also increased the pressure on Board to seek third party investigation as a precautionary measure. After the NSEL crisis, promoters are ordering forensic audits of their firms to ensure there is no such employee fraud. Independent directors who are now considered as watchdogs, also prefer forensic audits. Also to comply with the Foreign Corrupt Practices Act, foreign companies might go for forensic audit of the books of their Indian arms or firms they intend to invest in. Countries such as the UK and US have tightened their anti-bribery and corruption laws in the past few years. Many other countries are also enacting similar laws that companies must follow to do business. NSEL scam has brought forensic audit into public discussion. The Forward Markets Commission had ordered forensic audits of NSEL and one special audit of Multi Commodity Exchange. The forensic audits are also catching up in banks. Banks are opting for forensic audits themselves as well as RBI is also ordering the same in order to investigate money laundering, fraud etc. For example, KPMG has been hored by Axis Bank to conduct forensic audit. This was due to a sting operation done by Cobrapost that alleged executives of the bank had indulged in money laundering. KPMG has also been appointed to conduct forensic audit of Universal Commodity Exchange(UCX) after it found that its promoter allegedly siphoned off funds from the exchange. UCX is the countrys sixth national level commodity bourse. RBI has i nstructed banks to include forensic auditing practices. A clean and transparent banking system is the key to detect and fight accounting frauds and other white-collar crimes like that of money laundering. RBIà ¢Ã¢â€š ¬Ã¢â€ž ¢s circular dated 16 September 2009, titled à ¢Ã¢â€š ¬Ã…“Fraud Risk Management System in banks à ¢Ã¢â€š ¬Ã¢â‚¬Å" Role of Chairmen / Chief Executive Officersà ¢Ã¢â€š ¬Ã‚ , have urged the banks to identify and train staff in forensic auditing to investigate à ¢Ã¢â€š ¬Ã…“large value fraudsà ¢Ã¢â€š ¬Ã‚  or scams involving more than 1 crore rupees. In 2013 October, RBI has mandated forensic audit of all loans of Rs 1,000 crore or more where the bank plans to move them for corporate debt restructuring. For smaller loans too, banks are advised to take the help of these auditors. The Ministry of Corporate Affairs has also established the Serious Fraud Investigation Office (SFIO), which seeks the help of forensic auditors. CONCLUSIONS Forensic audit appears to be the need of the hour to detect and prevent white collar financial frauds in corporates. The forensic audit market is at nascent stage in India. Changes have started at national level. The introduction of the Companies Act, 2013 has a significant impact on fighting and preventing frauds.Setting up of NFRA, definition of à ¢Ã¢â€š ¬Ã‹Å" fraudà ¢Ã¢â€š ¬Ã¢â€ž ¢, enhanced responsibility of auditors and directors aim to keep a check on the frauds. National Financial Reporting Authority (NFRA) have been set up by Central Government which will have wide powers to recommended, enforce and monitor the compliance of accounting and auditing standards. The auditors role has come under scrutiny as they will be regulated by the NFRA and heavy penalties have been prescribed for auditorsin case of failure. As per section 245 (1g) the depositors and members of a company can claim damages from auditors, management and other consultants for the wrongdoings by the company and its management. Many consultants and senior executives are expected to become part of the certified community. Due to increased demand, there is new career area for the young auditors. As already mentioned, a forensic investigation requires highly skilled team members who have experience not only in accounting and auditing techniques, but also of the relevant legal framework. It is believed that personnel having such skills would be in great demand and would be valuable assets to a bank for their fraud risk management activities. ICAI and ACCA are providing courses on forensic auditing that will prepare individuals to act as watchdogs in companies. Youngsters can look upto this avenue and pursue to become forensic auditor who are going to be in great demand in near future. They will be skilled and have distinct identity from regular auditors as they will be trained in muti-disciplines and relevant regulations so that they can detect and prevent frauds. However on must pay att ention to the fact that the big auditing firms who were involved in frauds themselves, will be able to detect frauds with help of forensic techniques or will it be better to have separate forensic auditing institutes who would be independent agencies and conduct independent investigations which would be complementary to the regular auditing function of the company. REFERENCES Adukia RS.FORENSIC ACCOUNTING.Last Retrieved on October 1, 2014 from www.caaa.in/Image/Forensic%20Accounting.pdf Bhattacharjee S. Despite RBI norm, forensic audits of only 12 banksfiled. Last Retrieved October 15, 2014 from https://indianexpress.com/article/business/business-others/despite-rbi-norm-forensic-audits-of-only-12-banks-filed/ Chatterji A.N. Forensic Auditing. Last Retrieved October 15, 2014 from https://www.asosaiorg/journal2001/forensic_auditing.htm Gopakumar G. Rising NPAs: RBI initiates forensic audit at United Bank. Last Retrieved October 8, 2014 from https://www.moneycontrol.com/news/cnbc-tv18-comments/rising-npas-rbi-initiates-forensic-audit-at-united-bank-_998640.html Gopalakrishna G. Forensic Auditing in Banks- Perspectives Challenges. Last Retrieved September 15, 2014 from https://cab.org.in/CAB%20Calling%20Content/FORENSIC%20AUDIT%20IN%20BANKS/Forensic%20Auditing%20in%20Banks%20-%20Perspective%20and%20Challenges.pdf Gupta T. Forensic Audit. Last Retrieved October 15, 2014 from https://www.forum.charteredclub.com/threads/forensicaudit.50/ Jaitley orders forensic audit of UCO Bank. Hindustan Times. Last Retrieved September 10, 2014 from https://www.hindustantimes.com/business-news/jaitley-orders-forensic-audit-of-ucobank/article1-1257237.aspx KPMG to Conduct Forensic Audit of UCX: Regulator. Last Retrieved 15, 2014 from https://profit.ndtv.com/news/corporates/article-kpmg-to-conduct-forensic-audit-of-ucx-regulator-665592 Malusare LB. The Effectiveness of Forensic Accounting in Detecting, Investigating, and Preventing Frauds in India. Last Retrieved October 15, 2014 from www.oiirj.org/oiirj/may-june2013/26.pdf

Aviation Transportation Security Act - 2424 Words

Aviation Aviation and Transportation Security Act Abstract The passage of the Aviation and Transportation Security Act (ATSA) in 2001 changed the way the aviation industry operated and how passengers travel. The ATSA forced the US Government and aviation to change its security culture to ensure protection of passengers and employees from future attacks like those that occurred on September 11, 2001. The ATSA was passed and signed into law in direct response to the security vulnerabilities that surfaced during the 9/11 attacks. This paper will demonstrate how the ATSA affected how US Government agencies and aviation industry upgraded security processes in an effort to prevent terrorists from attacking the US in the future.†¦show more content†¦The transfer of airport security from the privatized system to the government-controlled system has so far prevented a repeat of September 2011, but this new system has caused negative press and public uproars about personal privacy issues (GAO, 2008). In November 2001, President Bush signed the ATSA into law creating the TSA as the new federal government agency in charge of airport security (CRS, 2001). With the TSA as lead, aviation security enhancement was standardized. Today, only one agency is responsible for all screening procedures along with comprehensive passenger and employee background checks. TSA control has provided standardized security regulations, procedures, processes, requirements, and training at all airports (GAO, 2008). Prior to ATSA, all airport security policies and procedures were general and vague. After passage of the ATSA, federal security agencies are now required to share vital security information about passengers and employees with airlines and airports. This includes crosschecks with the FBI and other watch lists (GAO, 2008). The TSA required and established the same security standards at all airports under their control. The ATSA requires TSA inspections of all checked baggage with the use of X-rays, hand searches, sniffer-dogs, as well as other technological systems. Since 2002, all checked baggage has been inspectedShow MoreRelatedThe Aviation And Transportation Security Act1367 Words   |  6 PagesNovember of 2001 the Aviation and Transportation Security Act was signed into law. The TSA now employs over 50,000 officers. These officers screen approximately two million airline passengers per day. 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(Institute of Business Ethices, 2013). Aviation security is a service or several services currently provided by the Transportation Service Administration or as we more commonly know them during this season of travel, TSA. The mission statement for the TSA is â€Å"Protect the Nations transportation systems to ensure freedom of movement for people and commerce.† (Department of Homeland Security, 2013) From this mission statement we can see that people traveling are

Equal Employment Opportunity Commission †Church and State Violation Free Essays

Equal Employment Opportunity Commission. Church and state violation If the criteria of Matthew and Thomas’ â€Å"Christian-only† hiring policy was spread across to all religions, then they could probably get away with it as long as the employment contracts with employees state such. If this were for a school and they had more than 15 employees, then they would have to have posters posted under Title VII of the Civil Rights Act of 1964 informing employees of their rights with the utilization of the language approved by the EEOC. We will write a custom essay sample on Equal Employment Opportunity Commission – Church and State Violation or any similar topic only for you Order Now Under the Great Commission Perspective this policy would be advisable. Being raised Baptist, currently non-denominational,some of my old Baptist fundamentalist views came into play. Being raised Baptist, I was taught that it is our rights as Christians to setup outreach ministries, missionaries, and bring as many souls to the kingdom as possible by ministering to people we meet on a day to day basis, even if this means going door to door. This goes hand in hand with several passages from the Bible. In re-reading Genesis 12: 1-3, the Great Commission Perspective, Gen. 8: 14-15 and Matthew 28: 18-20, we see the promise of God for our lives as well as the duties expected of us as Christians. â€Å"And Jesus came and spake unto them, saying, All power is given unto me in heaven and in earth. Go ye therefore, and teach all nations, baptizing them in the name of the Father, and of the Son, and of the Holy Ghost: Teaching them to observe all things whatsoever I have commanded you: and, lo, I am with you always, even unto the end of the world. Amen. † (Matthew 28: 18-20, KJV). In verse 19, Jesus charges us to teach all nations and baptize them in the name of the trinity. Verse 20 is our assurance, His promise that he is with us always, until the end of the world as we know it. â€Å"And thy seed shall be as the dust of the earth, and thou shalt spread abroad to the west, and to the east, and to the north, and to the south: and in thee and in thy seed shall all the families of the earth be blessed. â€Å"And, behold, I am with thee, and will keep thee in all places whither thou goest, and will bring thee again into this land; for I will not leave thee, until I have done that which I have spoken to thee of. (Genesis 28:14-15, KJV). In verse 14 we shall travel all ends of the earth saving souls for Christ and as a result of our faithfulness to God’s word, our children and generations to come will be blessed. Verse 15 is God’s promise that he is with us until the end and will keep us, protect us, and will not forsake us. Other scripture that comes to mind that gives the same instruction based on the Great Commission Perspective is,  "And he said unto them, Go ye into all the world, and preach the gospel to every creature. † (Mark 16:15, KJV). We can also look at the book of Luke for the same instructions, â€Å"And that repentance and remission of sins should be preached in his name among all nations, beginning at Jerusalem. † (Luke 24:47, KJV). Like Paul, some of us are meant to be apostles, setting up churches for the greater good of the kingdom and overseeing them to ensure that kingdom work is being carried out. Even though Thomas and Matthew have a good idea in regards to their hiring policy of Christians only, in my opinion it would only be foreseeable in a perfect world and in my own utopia. With so many laws that protect others religious beliefs, it makes it hard to turn a profit with such a policy in place, especially if they are looking for federal assistance in regards to utilizing tax payer dollars. My answers would change drastically if Thomas and Matthew were opening a Christian school rather than a manufacturing company. The conditions and laws change in matthew and thomas’ favor greatly. Being a school means that they have the freedom to carry out these hiring policies. Under the Civil Rights Act of 1964, Title VII allows churches and religious organizations to discriminate on the basis of religion (Bagley Savage p. 68). Under the RFRA, Religious Freedom Restoration Act 1993, federal grant programs can exempt Christian relief organizations from prohibitions against hiring only those of its own faith, (p. 136). During the Bush Administration, more funds were appropriated for expansion of religious hiring rights, including issuance of an executive order th at set the policy for federal administration agencies, (Esbeck, Carlson-Thies, Sider). Christian schools need a Christian only hiring policy in my opinion because it protects the morals, values and ethics of the Bible and how each professor uses it in accordance with everyday learning. You have people who study the word and know the word, but don’t live by the word, including some Christians, but when it comes to instructing others on how to live according to the Bible (Basic Instructions Before Leaving Earth), then a hiring policy that discriminates against religious preference makes sense. These principles are maintained by the federal government when it comes to hiring for Head Start programs and for the Workforce Investment Act References Carl H. Esbeck Stanley W. Carlson-Thies Ronald J. Sider http://www. religionandsocialpolicy. org/docs/religiousstaffing. pdf How to cite Equal Employment Opportunity Commission – Church and State Violation, Papers

Synthesis and Chemistry free essay sample

Salts of the peroxodisulfate ion are relatively stable but in acidic solution they react to give hydrogen peroxide, H2O2: O3S-O-O-SO32- + 2H+ ? HO3S-O-O-SO3H HO3S-O-O-SO3H + H2O ? HO3-O-OH + H2SO4 HO3-O-OH + H2O ? H2O2 Reaction (3) in Table (1) showed no signs of change in the solution upon adding K2S2O8 it can be assumed that the peroxodisulfate ion had been converted to H2O2. CONCLUSION In this experiment, K2S2O8 was synthesized via electrolysis of the aqueous solution of H2SO4 and K2SO4. Using Faraday’s equation, the expected yield was 8. 432 g but only 12% (1.045 g) of this yield was recovered. This can be due to the fact that ideal conditions for maximum yield of K2S2O8 was not maintained (overvoltage, low temperature of solution, etc. ) increasing the oxidation of H2O leading to the production of more O2 gas. The peroxodisulfate anion is also known to be a strong oxidizing agent, even stronger than H2O2 thus comparative tests were done to confirm this. We will write a custom essay sample on Synthesis and Chemistry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Peroxodisulfate anion also has the ability to serve as a counterion for precipitation by preparing copper (II) complex. An IR spectrum for the product was obtained and sharp peaks at 1297.  61 cm-1 was observed, noting the presence of a C-C bond in the product which can be seen in pyridine’s molecular structure. Sharp peaks at 1047. 24cm-1 and 1069. 29cm-1 were evident accounting for the S=O in the peroxodisulfate anion. Qualitative tests are recommended to confirm the presence of the Cu2+ ion in the collected product. Its capability to be counterion, together with its strong oxidizing property, peroxodisulfate anion allowed for stabilization of the unusual oxidation state of 2+ for silver which was observed by preparing an analogous silver (II) complex. The IR spectrum for the collected product showed the prominent peaks for the S=O from the peroxodisulfate ion (1042. 82cm-1 and1059. 27cm-1) and peaks for the C-C (1303. 61cm-1) and C-H (3028. 39cm-1 and 3097. 87cm-1) from the pyridine. A test for the presence of the silver (II) complex is recommended to confirm the presence and success of this synthesis. Overall, the synthesis for K2S2O8 was a success. Though further investigation is recommended for the distinct properties of the perocodisulfate ion. 3 REFERENCES 1. Girolmi, G. S. ; Rauchfuss, T. B. ; Angelici, R. J. Synthesis and Technique in Inorganic Chemistry: A Laboratory Manual. University Science Books, 1999. 2. Miller, F. ; Wilkins, C. Infrared Spectra and Characteristic Frequencies of Inorganic Ions. Ph. D. Dissertation, Mellon Institute, Pittsburgh, PA, 1952. 3. Szafran, Z. ; Pike, R. M. ; Singh, M. M. Microscale Inorganic Chemistry A Comprehensive Laboratory Experience. Wiley, 1991. 4. Nakamoto, K. Infrared and Raman Spectra of Inorganic and Coordination Compounds, Parts A and B. Wiley, 1997. 5. University of Calgary, Department of Chemistry, Chemistry 331, Inorganic Chemistry: Main Group Elements, Online Lab Manual, Fall 2013, Project #2 pp 33-36.

One Easy Way To Deepen Any Emotional Moment - Freewrite Store

One Easy Way To Deepen Any Emotional Moment - Freewrite Store As storytellers, we become very aware of certain buzzwords as they tend to be threaded into most writing articles, workshops, and how-to books. Show don’t tell, tension, conflict, backstory†¦these are all important concepts that come up again and again because they don’t belong in one box labelled â€Å"Plot† or â€Å"Character.† Of these buzzwords, one stands above the rest: emotion. Emotion is the powerful current that flows through every part of our story, from the plot and characters to the setting, pacing, theme†¦and beyond. It touches everything, giving all layers of our story a deeper meaning, and most importantly of all, it connects readers to our characters via empathy. If we can’t create that empathy link where readers feel emotionally invested in what’s happening, the book will close and the reader will move on. So learning how to write emotion well is probably our top job as writers. The key to empathy is really very simple: draw from the real world in a way that creates an instant (and powerful) sense of emotional recognition. In other words, write about things that are true to life and important to readers. Things they themselves have experienced and felt. In this way, we can encourage â€Å"shared experiences† where the reader isn’t just following along, but actively engaging to the point where they feel something deep and meaningful themselves. There are many ways to sharpen the emotional impact of a scene. Here’s one that is often overlooked. Emotions In Conflict If there’s one thing we know about the real world, it is that life is never simple, and this trickles right down to our basic emotions. Life would be so much easier if we could always define exactly what we feel in every moment, and be able to act on these emotions. The thing is, often we can’t because we are feeling several things at once, and of these, some are in conflict. Let’s look at a familiar scenario for writers: You’ve worked like crazy to hone your craft. You’ve read novels by the bookcase, put hundreds of hours in front of the keyboard, taken workshops, joined critique groups, studied and queried, and finally†¦you’ve sold your first book! All the hard work and the heartache along the way was worth it: a contract, an advance, a release date. Huzzah! You should feel ecstatic at attaining your goal, right? Yeah†¦no.    Instead, you feel a mixture of joy, pride, vindication, worry, doubt, and fear. Why? Because while your passion and dedication paid off, now you’re faced with what’s next: a contract means expectations, responsibilities, and deadlines. What if you blow the edits? What if the book fails to sell well? What if you screw up the follow-up book your publisher also contracted?Suddenly this crowning achievement also becomes a trip into the deepest reaches of your insecurity as you question whether you’re ready for the stress and pressure of the task ahead.   Conflicting emotions are part of our every day, making them part of the reader’s every day, too. During any emotional moment, we feel a range of things. And yet often in fiction, the emotional experience we deliver is one-note, a single emotion. We describe the character as being happy though body language, internal sensations, dialogue, and POV thoughts. Or, if we provide an emotional range, it is a complementary one, where we show a character happy and grateful and peaceful all rolled into one. Emotional experiences are usually complex, and contain both positive and negative elements. A character buying their first car is probably almost jittery-excited to drive it off the lot so they can cruise by their friend’s house and show it off. But if we dig deeper, maybe instead of going full-out, pedal to the floor, they’re driving a bit more cautiously. Why? Because getting into an accident isn’t an option. They extended themselves all the way to buy this car and can’t afford to replace it. In fact, maybe the euphoric rush of this new radical ride dims a little as they start to worry about how to afford the payments. The character doesn’t always get along with his boss, and while he gripes about work (what twenty-something doesn’t?) now maybe he has a bit of newfound gratitude toward his employer. The character realizes he’s lucky to have the job, and maybe he should put in more effort to make sure he keeps it.   Like this situation, emotions affect thought and action.When conflicting emotions are involved, it creates a mesmerizing push-and pull effect that readers latch onto because they know exactly what it’s like to feel opposing things and the dilemmas that sometimes result. Your Turn! The next time you sit down to write the emotional progression of a scene, challenge yourself to include some of the other emotions bubbling beneath the surface. Showing a few hints of conflicting behavior (such as wanting to let ‘er rip to see what a new car is capable of but driving sensibly instead) can be a natural gateway allowing you to introduce opposing emotions to readers. Angela Ackerman is a writing coach, international speaker, and co-author of five bestselling books including, The Emotion Thesaurus: A Writer’s Guide to Character Expression. Her popular guides are available in six languages, are sourced by US universities, and are used by novelists, screenwriters, editors, and psychologists around the world. Angela is also the co-founder of the popular site Writers Helping Writers, as well as One Stop for Writers, an innovative online library filled with tools and resources to help writers elevate their storytelling. She would love you to visit sometime, and registration is always free.

How to Grow Orange Potassium Dichromate Crystals

How to Grow Orange Potassium Dichromate Crystals If youve mastered basic crystals, try growing an orange potassium dichromate crystal. Usually you have to use food coloring to get an orange crystal, but this crystal color is natural. Materials Potassium dichromateDistilled water Time Required Hours for seed crystal, weeks for larger single crystal What You Do Dissolve as much potassium dichromate as you can in warm water.Filter the solution, cover it, and allow it to sit undisturbed for several hours or until growth is observed. Alternatively, you could produce a seed crystal by evaporating a few drops of this solution in a shallow dish.You can grow a mass of crystals by just allowing the solution to evaporate, but for a large single crystal, decant the solution into a clean container whenever you notice growth other than on your seed crystal(s).You can control the growth of your crystal by changing the temperature of the solution or by controlling the rate of evaporation by the type of cover you put on the container (e.g., coffee filter has free airflow, sealing the container with plastic doesnt).The resulting crystals will be bright orange rectangular prisms.

Strategic management Essay Example | Topics and Well Written Essays - 2000 words

Strategic management - Essay Example Keywords: strategy, five forces, entrants, analysis, differentiation, Porter, Â   focus, competitors, substitutes, buyers, suppliers, cost leadership, competitive, method, framework, bargaining, rivalry The significance of strategy formulation by firms is coping with competition. Every firm competing in an industry has either an explicit or implicit competitive strategy. Strategies may have been developed specifically through a planning process or may have developed inherently through tasks carried out by various functional departments of a firm. Each functional department implements approaches directed by its professional direction and the motivation of those in charge. Developing a competitive strategy involves developing an extensive method for how a business is going to compete in an industry, what the objectives of that business will be and what approaches will be needed to achieve those objectives. According to porter, there are five competitive forces that form every industry and every market. The five forces model analyzes the environment in which a business operates to gain competitive advantage. The five forces include the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products and services and rivalry among industry competitors. These forces drive the magnitude of competition and hence the profitability and attractiveness of an industry. Corporate strategy aims to modify these forces in a way that promotes the position of a business. Competition within an industry is more intense when new companies have easy means of entering the industry. Several barriers of entry can be implemented to limit the threat of new entrants. These barriers include loyalty to major brands, high fixed costs, and scarcity of resources, incentives for using a specific buyer, government legislation, brand equity, switching costs, patents, economies of product differences, capital requirements, access to dist ribution, absolute cost advantages, learning curve advantages and anticipated retaliation from incumbents. Higher entry barriers lead to higher profits. Suppliers with large enough impact to affect a company’s margins and volumes hold substantial power. Suppliers can place pressure on a business for a range of reasons. They include existence of few suppliers for a particular product, lack of substitutes, products that buyers cannot do without, supplying industries with higher profitability than buying industries, Supplier switching costs being relative to a firms switching costs, presence of substitute inputs, degree of differentiation of inputs and cost of inputs relative to the selling price of the product. Firms can reduce the power of suppliers by diversifying their range of products, standardizing products and supplying some needs from within. Buyers compete with a firm for added value in the value chain, this drives down the prices obtained by a firm. Buyers have power when there are a small number of them, they purchase in large volumes, they cannot do without the product, switching to another competitive product is simple, they are price sensitive and when their switching costs are relative to a firms switching costs. Buyers can be lesser threats when there is a threat of forward integration from the firm. They are less powerful when a product or service is