The American Exceptionalism Development Essay Example for Free

The American Exceptionalism Development Essay Since the begining of the founding of the English colonies, This land we now call America has always been looked upon as the promise land and land of opportunites. having the image of exceptionalism has been a great part of U.S history. from the founding of the English Colonies, throuhgh 1877, The American Identity was the image of _______________________________________ . Although many changes in ruling, laws, and roles happened during this period, American’s were still able to reach the expectiations they had since the beginning of their time. The United states started off as colonies in the 1600’s. When John Winthrope founded the colony of Massachusetts bay, he as a leader wanted to bring together a society of moral codes in reference to the bible. He gave the NOTION that New England was looked upon as a â€Å"city upon a hill† which was to mean that more American’s began to see themseves as exemplary and a model to the rest of the world. The American ideal at this period of time was to be seen as a model based on religion. â€Å"let us choose life, that we and our seed may live by obeying His voice and cleaving to h/im, for He is out life, and our prosperity.† (Winthrope, 1630) This helps understand that American’s were living based on God and obeying â€Å"Him†. As more time passed and more settlers arrive to the new land, the first colonial constitution came to action in 1639, known as The Fundamental Orders. This constituion paved the way for self-government and democratic freedom in the North American Colonies. If the idea of self-government never came to mind, American’s wouldn’t have been able to create laws against england and create laws and government to benefit the Americans. which soon lead to the freeing of power from BRITAIN, in having said that, would expand the ideals of the American Exceptionalism. In 1677, a charter for the separation of church and state was created, guaranteeing separation of church and state in the American colonies bringing the Americans closer to freedom. Blacks, however, did not recieve these rights, they soon at this time began introducing slavery. Women also had been looked down on simply because they are weak. By the 1700’s The coloies had begun to shape. Charters, Acts and laws have been established, more rights were given, but of course, Slaves were excluded. In 1738, the Great Awakening had begun to take full swing reshaping religious policies, and by 1763, the road to independence from Britan had begun. The Boston Massacre and The Boston Tea Party were two great events that showed how Americans began to push their way through and to fight for their independence. As American’s get closer to their independence, Women begin to GROW with ENTHUSIASM and curiosity about their rights. Right before the declaration of Independence of the Thirteen Colonies, Abigail Adams had written to John Adams about the â€Å"New code of laws† and how she wished, they be more considerate to the women and their rights. Abigail also threatens that â€Å"If particular care and attention is not paid to the ladies, we are determined to foment a rebellion and willl not hold ourselves bound by any laws in which we have no voice or representation.† (Adams 1776) This is a bold statement proves of another identity that America has: Women had no voice, nor representation in anything. From the 1600’s to the late 1700’s, America still has not changed in accordance to who is included in having rights; women always had the image of staying home and caring for housework and children, and slaves never had rights. A little after the personal corres pondence between Abigail and John, the Colonies finally gained their independence from Britain. Although the Declaration of lndependence, which was established July 4, 1776, did declare independence from Britain, this declaration also states laws to prevent something like the ruling of Britain happen again. In the declaration of independence it is stated that â€Å"We hold these Truths to be self-evident, that all Men are created equal, that they are endowed by their creator with certain unalienable Rights, that among these are life, liberty, and the pursuit of happiness† (Jefferson 1776) At the time, the words â€Å"All men are created equal† was not clarified unto who was created equal, did they mean all humans, or all males? The meaning behind â€Å"men† in that time period was meant for white men, or men who would vote, and had a voice and represintation. In this new ideal of America, many groups of people were excluded, such of those would again be women, and blacks. In 1783, however, Slaves do get their freedom if they served in the continental army. In 1801, when Thomas Jefferson gives out his first inaugural address In the Inaugural Address, he points to common underlying principles and a loyalty that transcends partisanship. He praised a minimal federal government, and avowed a federalism affirming â€Å"State governments in all their rights† as a shield against â€Å"antirepublican tendencies†. (Jefferson 1801) By this time, Jefferson is attempting to better the country by speaking out about what should be done, he tries to bring back the identity of being a model to the rest of the world. Not long after, in 1839, John L. O’Sullivan also points out America and it’s destination to better deeds on Manifest Destiny. Sullivan tells about the principles as a country that we are and how we are â€Å"the nstion of progress, of individual freedom, of universal enfranchisement.† (Sullivan 1839) When Sullivan speaks of America, he does include everyone as a whole. During this time period, this was the period of renewing, and revival in the United States. Because of this Manifest Destiny, many new opportunities were open to the people and many changes were made in the government, along with slavery. During this period of â€Å"renewing and revival† Women finally make an early move in women’s rights. Elizabeth Cady Stanton paired up with Lucrettia Mott, and wrote the Declaration of Sentiments in 1848. Stanton models directly on the declaration of Independence; it identified male patriarchy as the source of women’s oppression and demanded the vote for women as a sacred and inalienable right of republican citizenship. In the Declaration of Sentiments Stanton rewrites the declaration of independence with one of the tweaks being â€Å"We hold these truths to be self-evident; that all mem and women are created equal†(Stanton 1848) This reminds us of how American’s have gotten carried away from including everyone, now to just certain groups. During the 1800’s not only do women start movements, but blacks also begin to get some freedom as soon states begin to illigalize slavery and prohibit it. During the civil war, Abraham Lincoln gives out his gettysburg speech adress in 1863 and brings to attention the strive and perserverance these men have given to the w ar. †Fourscore and seven years ago our fathers broughtt forth on this continent a new nation, conceived in liberty and dedicated to the proposition that all men are created equal.† (Lincoln 1863) He highlighted the fact that liberty and equality were the core components for the emancipation of America. Lincoln urged the common man and politician to consider the lives lost in the attempt to save the nation from colonization, and pay tribute to the unsung heroes. He emphasized on the fact that the Gettysburg Address may be forgotten in time, but not the soldiers who willingly laid down their lives. By 1877, much has changed and been accomplished. moe states abolish slavery, and blacks finally have some rights in the Constitution, and representation in congress. Women still fought to get their voice and Congress now had control of the states rather than have another country take over. looking through the history that American’s went through from founding colonies to staying united as a whole, American’s managed to live up to those standards and ideals that they set for themselves in the beginning. although there were troubles throughout the years in including and excluding certain people, American’s strived through in still becoming exceptional and trying to include everyone in the country. Bibliography Adams, Abigail and John. Personal Correspondence. March-May, 1776. Cady Stanton, Elizabeth. Declaration of Sentiments. Seneca Falls, N.Y.: July 19th and 20th, 1848. Jefferson, Thomas. The Declaration of Independence of the Thirteen Colonies. 1776. Jefferson, Thomas. First Inaugural Address. Washington, D.C., 1801. Lincoln, Abraham. The Gettysburg Address. Gettysburg, Pennsylvania, 19 November 1863. L.O’Sullivan, John. On Manifest Destiny. 1839. Winthrope,John. The Modell of a Christian Charity. 1630.

Parmalat Accounting Scandal | Summary

Parmalat Accounting Scandal | Summary The Parmalat Accounting Scandal 1. What were the events leading up to the Parmalat accounting scandal and ultimately the revelation of the accounting fraud and the reasons behind the scandal? Evolving from a small dairy shop into an international concern, Parmalat appeared to be a gigantic and stable dairy producer. At some point in time, it may well have been gigantic and stable, but in December 2003, shocking news was broken to Parma, Italy, and the world at large. Parmalat was no longer a success as it once may have been, and it was bankrupt, and had been bankrupt for several years without this ugly truth being exposed. The truth had apparently been concealed due to a number of people being at least somewhat aware that something was amiss with transactions on the books, but had not spoken out. Through the years that Parmalat was going bankrupt, there were several events that took place before Parmalat’s condition was finally exposed. To begin with, as early as 1990, there were signs that Parmalat was in debt. In accordance with what has been uncovered, Parmalat’s fraudulent activities are said to have ‘taken off’ in 1990. This was when their stock went public, and reflected the need for a big company like Parmalat to perform in the international market so that their performance improved and met investor expectation (Family Arrests in Parmalat Scandal, 2004). The following year [1991] the Tanzis purchased Parma Football Club of which Tanzis son, Stefano, was president, and also was Parmalat board member. With this purchase, the football club rose to fame quickly, but faced large losses that recorded a deficit of over â‚ ¬77m in 2002. According to investigations, Parma Football Club was the first asset to be sold[1]. Another set of purchases that went along with purchasing the Parma Football Club included Tanzi buying up his competitors. Once he had established Parmalat Milk in the global market, his financial ventures proved to be devastating. This included his family’s financial interest in football and tourism, as well as his failed attempt to outdo Belosconi when he purchased a TV network, Odeon TV. At this point, Parmalat’s finances were a mess. Purchasing Odeon TV Network was a disaster as Tanzi had to sell the network off for a around  £30m. From this point on though, it is said that Parmalat still progressed in spite of its major losses. This was largely achieved through altering the books and attaining bank loans and investments against falsified figures. Parmalat had spent â‚ ¬130 million on Odeon TV, but it collapsed within 3 years. In order to prevent bankruptcy at this point, Parmalat had to sell itself to a company that was already listed on the Milan stock exchange. This helped to produce â‚ ¬150 million from external investors, and paved the way for Parmalat to be in public view in 1990. It also enabled them to patch up some of its accounts[2]. It is thought that Parmalat began altering its books in 1993. If Parmalat had not ‘cooked’ its books it would have registered financial losses every year. However, they registered profits, which meant that they would still be viewed as a viable organization and one that was worth investing in. Therefore, they managed to avoid being suspected of any losses and attracted much investment. Parmalat managed to cover losses through a combination of fictitious transactions and aggressive acquisition. This commenced in 1992, when Parmalat started ‘snapping up’ various companies in Argentina, Italy, Brazil, Hungary and the U.S. However, beyond 1995 it is thought that Parmalat was not able to fund its own needs. Yet it managed to prove to investors that it was registering significant profits. Perhaps, Parmalat’s profits registered were so convincing that the Bank of America alone, in 1997, provided $1.7 billion through bonds and private placements for U.S. investors. It also received $30 million or more as payments and commissions[3]. One of the main events that lead up to the Parmalat accounting scandal exposure includes the company changing its external auditor. In accordance with Italian law, an external auditor can be changed once in 9 years. So, in 1999, Parmalat, in accordance with Italian law replaced Grant Thornton with DeLoitte and Touche. Grant Thornton was keen to keep working with Parmalat, which was a high profile company, as it would be good for their reputation still being developed. Therefore, they recommended that Parmalat spin off its travel and other businesses, and permit these to be under them [Grant Thornton]. Such an arrangement would be convenient to both Parmalat itself and Grant Thornton. Through such an arrangement Parmalat could then satisfy its new external auditors [DeLoitte and Touche] with Grant Thornton making illicit payments to Parmalat. This was made possible through the executives at Parmalat creating debts, and Grant Thornton creating false accounts from which Parmalat could be paid. Grant Thornton would then produce these records to DeLoitte and Touche who saw little wrong with them. Numerous reports reinforce that Grant Thornton was aware of the ‘shell games’ that Parmalat was playing. One example of these games includes case of â€Å"cooking the books,† that reports the Cayman Islands subsidiary Bonlat claiming to have sold a large quantity of powdered milk in a span of one year to Cuba. It claimed that this quantity was sufficient to produce 55 gallons of milk for every individual on that island. Another interesting event that lead up to Parmalat’s exposure of the accounting scandal was that Grant Thornton and Deloitte Touche signed off on its increasingly surreal accounts. In return, it is said that they booked millions of dollars (Parmalat Scandal Deepens†¦, 2006). In Parmalats final weeks, Deutsche Bank had taken on helping it work with Standard Poors, hardly ten days before the exposure. Around this time, analysts around the world kept encouraging investors to continue purchasing its stocks and bonds. In 1999, finance director Alberto Ferraris laid out a financing scheme. He managed this through a Delaware company known as Buconero. This was the Italian for black hole, that Citigroup established for Parmalat in 1999[4]. This company loaned out $137 million to a Swiss subsidiary of Parmalat. From here, the money was transferred to Parmalat companies. In return for Buconero’s service to Parmalat, it received a return of around 6%, in addition to $7 million in payments for Citigroup. Just like Parmalat made use of Buconero, it also used other offshore companies to dress up its debt till the time of its exposure[5]. Back in 1995, Parmalat also commenced concealing its debt through shell companies. It had been losing $300 million annually in Latin America, and decided to wipe this debt off the companys financial records. It managed to do so by using 3 shell companies situated in the Caribbean. The huge debt patchwork through the 90s began to raise concern by the end of the decade. Esteban Pedro Villar, expressed concern and filed an early warning report (Gumbel, 2004). This was regarding Parmalats Latin American set-ups. He had so many questions that his concerns were termed as offensive and ridiculous† (Gumbel, 2004). Then suspiciously, Deloittes Parmalat business in Argentina was terminated. In response, Deloitte was silenced, and the accounts were certified. In addition to the above concern that was demonstrated by a Deloitte partner in Latin America, there were others. On March 28th, 2003, Deloittes Maltese office raised questions regarding a $7 billion intercompany transfer they suspected was fictitious. Wanderley Olivetti, the Deloitte auditor in Brazil, raised such concern at the Milan office regarding Parmalats Brazilian accounts that the matter went straight to Deloittes chief executive in New York City at that time, Jim Copeland. However, Olivettis objections were mysteriously ignored and he was soon removed from dealing with the Parmalat account. Deloitte claims it behaved within its rights to remove any employee it wishes to, and this may be done for a number of reasons. It also said that the investigation of Parmalat started in October 2003, after Deloitte Italy had drawn attention to Parmalats financial dealings[6]. Following the suspicions raised by auditors, Epicurum was established in an attempt to show that Parmalat was due considerable amounts of money. However, this attempt to erase debt from the records at Parmalat failed, and the company admitted that it could not retrieve the amount they were due from Epicurum. One of the key events that led to the exposure of Parmalat includes Tanzi and his son’s meeting with private equity firm Blackstone Group in New York. Tanzi and his son Stefano, one of the main executives at many of the family’s concerns, met with the Blackstone Group to discuss the sale of 51 percent of the family’s share in the food empire. It was in the course of conversation regarding preparation for the books to be opened to a transition team from Blackstone, that Tanzi and his son slipped out with the fact that the cash on hand was less than the 3 billion Euros registered in the company’s annual report. In addition to this, they revealed that there were barely any liquid assets. They even further stated that the company was in debt of about 10 billion Euros. In addition to the suspicion that was brought against Parmalat through observations of its faulty accounting records, it is this final attempt to sell of 51 percent of family shares that marks the end of the road for Parmalat’s long trail of fraud. The following facts presented date-wise are interesting to note as they map the path that Parmalat took since its inception till its end on 13th December 2003: 1961 Parmalat was founded by 22-year-old Calisto Tanzi. It was established as a small family food business that pasteurised and sold milk 1963 Parmalat introduces Tetrapak for packaging its ‘long-life’ milk products. 1980s Parmalat starts producing fruit juice, biscuits and ready-made sauce. 1990 Parmalat is listed on the Milan stock exchange. Through the 1990s Parmalat grows after flotation. It then reaches into America, Brazil, few South American countries, and Eastern Europe and Australia. Tanzi aims at expanding a television network to outdo tycoon Prime Minister Silvio Berlusconi. However, his Odeon television foray flops and costs Parmalat  £30m. Parmalat products also get sale in 20 countries. 1999 Parmalat‘s Bonlat subsidiary is established in the Cayman Islands. 2003 11 November Crisis escalates when shares are hit after auditors raise questions regarding accounting of transactions with mutual fund Epicurum [a Cayman-based company linked to Parmalat]. 15 November Alberto Ferraris resigns from the position of Finance director. 8 December Parmalat admits failure to recover â‚ ¬496.5m from Epicurum. This amount was needed to service debt. 15 December Tanzi resigns as chairman and CEO. 16 December Enrico Bondi takes control of the company. 17 December Bank of America denies the credibility of documents that affirm Bonlat account existence. 24 December Parmalat files for irregular administration operations. 27 December Italian authorities hold Tanzi in their custody in Milan [7] 29 December Tanzi admits to siphoning off â‚ ¬500m of company funds; Bondi takes charge as Parmalat administrator; US Securities and Exchange Commission bring charges against Parmalat for fraud. 30 December Tanzi is formally charged with fraud. 31 December Parmalat officials are arrested. These included former CFO Fausto Tonna and Luciano Del Soldato, and two officials from Grant Thorntons Italian branch that audited Bonlat. 2. How was fraud perpetrated and how was the company able to continue with the fraudulent practice for such a long time? Parmalat started out as many other businesses have. It was first a small dairy shop that slowly progressed and expanded its range of products, and finally turned into a large dairy producer that sold its products in several countries. From the early 1990s and onwards, Parmalat appeared to make significant progress, registering profits annually that was encouraging enough for investors to go on investing in the company. However, the truth of the matter was that these very investors were all being deceived due to Parmalat’s fraudulent practices largely perpetrated by Tanzi, top managers, the Parmalats external lawyer, Gian Paolo Zini, and two external auditors, Maurizio Bianchi and Lorenzo Penca. However, Zini, Bianchi and Penca claim that they are innocent[8]. Falsifying Credibility and Obtaining Loans and Investments: Tanzi and all those who were allegedly involved in what is known to be one of the biggest scams, managed to borrow money from banks and even justified these loans for Parmalat through inflating revenues and fictitious sales in records between 1990 and 2003. They would also ‘cook’ its books in order to make debt vanish. They managed to do this through transferring debt to offshore ‘shell’ companies. In addition to covering up debt in this manner, there were other tactics that Parmalat resorted to (Parmalat Dream Goes Sour, 2004). One of the other methods Parmalat used in order to cover their debt when it got too big to cover with the offshore shell companies included their invention of a bogus milk producer, supposedly situated in Singapore. Parmalat claimed that the company had supplied 300, 000 tons of milk powder to Cuba. This process included Bonlat, a Caymen Island subsidiary of Parmalat. Bonlat had a fictitious account in the Bank of America. This whole setup is so surprising that it has left many baffled as to how could such a fraudulent concept have been so successful and convincing when there was no concrete evidence in it[9]. Looking at the above example of the manner in which Parmalat faked transactions, it can be observed that the whole concept is such that it would have an ordinary person believe that it was authentic. Who would have suspected that any of it was fictitious, particularly because Parmalat had been a company in operation for several years? Ordinarily, one would suspect a company if it had a single concern that was being publicized. However, since Parmalat was projecting trade being conducted that included different physical points, there was little suspicion raised. There was the exporter in Singapore, the importer in Cuba, and Bonlat involved too in the Caymen Islands. The scheme thought up was very believable also because of the fact that Bonlat supposedly had an account in the Bank of America. Different Roles Played to Conceal Debt: Considering the debt that was actually showing up in the books, Parmalat had to have people who could cover it up well enough. This called for people on the inside as well as the outside to co-operate. External auditors, internal auditors as well as the top-notch individuals at Parmalat had to play their roles. One the inside, the books were maintained in the hands of trusted people. External auditors were told to keep this quiet. In this case, it was chiefly Grant Thornton that aided Parmalat in carrying out its fraudulent practice for so long. Grant Thornton’s Role: Grant Thornton played a major role in helping Parmalat continue its long-term fraudulent practice. It did so because it had a great deal to gain from Parmalat, and so did Parmalat have a lot to gain from Grant Thornton working with them. Grant Thornton was and up and coming auditing firm that needed to be have sound clients in order to help its reputation in the market. Parmalat paid Grant Thornton considerable amounts to conceal debts. Quite obviously, this seemed to work for several years, and did so till 1999, when Parmalat were compelled to replace Grant Thornton with DeLoitte and Touche. This was necessary because by Italian law, an external auditor should be changed every nine years. Parmalat abided by the law, but was also proposed a way of continuing its fraudulent practice. With DeLoitte and Touche taking charge as external auditors meant that debts would no longer be concealed, and Parmalat could be exposed. This could have happened in 1999. However, since Parmalat maintained Grant Thornton for its spin offs [its travel and other businesses], they were able to continue tricking everyone far and wide. This scheme was simple as well, and included another series of false records in order to show that Parmalat was still making profits annually. This was possible through illicit payments that these spin offs could make to Parmalat. Executives at Parmalat would create debts while Grant Thornton would create false accounts from which they could make payments to Parmalat. They would produce these records to DeLoitte and Touche, and they would be approved[10]. More Actions that helped to Conceal Parmalat’s Debt: Basically, it could be asserted that it was the executives on the inside of Parmalat and the external auditors that were hand in glove; together they managed to conceal debt. However, in addition to this practice that lasted for many years, the innovative idea of offshore concerns enhanced credibility. In addition to this, the fact that Parmalat products were popular in several countries meant that fewer questions would be asked. Also, for a whole decade none of the auditors in any location raised any concerns. It is thought that the amount concealed by 1995 amounted to $300 million annually in just Latin America. By this time, debt was already enormous and it is obvious that a great deal was being done to conceal it well enough. However, since Parmalat’s increasing debt went unnoticed for a few more years, it is obvious that more action needed to be taken in order to make sure that it stayed covered. This meant that Parmalat had to transfer debt off its financial statements. In order to do this, it had to make use of ‘shell’ companies in the Caribbean. These companies had to show sales, and Parmalat would send them fictitious invoices in order to legitimize the sales. Parmalat would then make out notes to banks in order to show them that they were owed so much finance. Against these notes, Parmalat would be granted loans, as it appeared that the Parmalat was making profits. In order to make their debts disappear, Parmalat transferred its debts to its offshore subsidiaries that were based in tax havens (Parmalat Dream Goes Sour, 2004). The Beginning of the End: Parmalat had been making use of offshore shell companies until 1999. Parmalat shifted operations of its three offshore shell companies to Bonlat, in the Cayman Islands in 1999. This is thought to be the beginning of the end for Parmalat. At this point, debt was so high that it was becoming difficult to conceal it. Fictitious assets at Bonlat amounted to around $8 billion, which forced Parmalat to create a Cayman Islands-based investment fund, Epicurum, which would take over part of the fictitious credit. It was Epicurum that caught auditors’ attention as well as Italys stock market regulator [November 2003]. It was just a matter of a month before everything was exposed and the company officially was declared bankrupt[11]. Finally, it may be asserted that it was the auditors through which Parmalat managed to deceive everyone for so long with the help of top-level management at Parmalat. If Parmalat had not been able to get Grant Thornton to work in their favor along with their internal auditors and top-level management, the entire scam would not have been possible. This dates back to the beginning of the fraud when Parmalat first began to conceal its debt. If it did not have an external auditor on its side to conceal the large debt it incurred because family business and unnecessary purchases, Parmalat’s debt would have been in public view in the early 1990s. However, this was not to be due to a ring of people working to conceal debt. Though there were several people involved in making debt disappear off the records, it can be observed that it was the auditors that made each of Parmalat’s fraudulent schemes possible. This is true to say whether one looks at the debt covered in the earlies t days of fraud or towards the end. The fictitious transactions with shell companies too were made possible due to the auditors who ‘cooked’ the books. However, it can also be asserted that the auditors were not solely to blame in making sure this fraud lasted for so long, as there had to be others in on these schemes too. This included key people of Parmalat such as the executives, its CEO, its internal auditors as well as external auditors and individuals at key financial institutions. In order for a fraudulent scheme to last as long as it did in the case of Parmalat, there had to be a whole ring of people involved, which also explains why it took such a long time and deep investigation to uncover all those were responsible for the scandal. 3. The role and the responsibility of auditors in preventing financial scandals and ensuring and upholding the principles of good corporate governance. In organizations such as Parmalat and other large organizations where there are several shareholders and many people dependent on the progress of these corporations, executives and top-level managers have a responsibility towards them. Generally, it can be asserted that corporate governance refers to ways in which rights and responsibilities are shared between various corporate participants, the management and the stakeholders[12]. Governing corporations such as Parmalat consists of fixed processes, customs, policies, laws and institutions that impact the way it is directed and administered. These are processes that should have been conducted responsibly in order to make sure that Parmalat made progress. If Parmalat was facing debt, executives and all those concerned should have been honest and made sure that these debts were made known (Gumbel, 2004). This would have saved the organization in its earliest days of trouble. Therefore, it can be asserted that being honest and responsib le in corporate governance is important. It is important to assert that corporate governance also encompasses the relationships among the many participants involved in the process (the stakeholders) as well as the goals for which the corporation is managed or governed. The principal participants are the shareholders, management and the board of directors. In addition to these main players there are other stakeholders: employees, suppliers, customers, banks and other lenders, regulators, the environment and the even community[13]. This is because all these people and institutions are affected in one way of another by the actions and repercussions of a corporation and the decisions it makes. In view of the many people that corporate governance impacts as in the case of Parmalat, accountability, fiduciary duty and mechanisms of auditing and control are of immense importance. Responsibility of Auditors: Auditors, whether they are external or internal auditors, have responsibility towards all those involved with a corporation. Particularly, it may be asserted that there are many individuals who are not directly involved with the operations of a corporation, but they may be dependent on its operations significantly. These are the kinds of people that really need to be protected, and auditors have a great responsibility towards them (Gunz and McCutcheon, 1996, 7-15). To begin with, a very basic and generally stated duty of auditors is to make sure that a corporation’s operate efficiently, their records are maintained properly, and its taxes are handed in on time. Auditors generally offer these services to their clients, which include government, public and management accounting. In offering these services, their role includes preparing reports, analyzing, and verifying financial statements and documents for the purpose of providing information to their clients. By performing these tasks honestly and not concealing any information auditors fulfill their duties (Gunz and McCutcheon, 1996, 7-15). This is precisely what is required of them when they deal with huge corporations like Parmalat. The role of auditors would include exposing whether the corporation is actually making huge annual profits or whether they are concealing their debts[14]. In addition to the roles that auditors play in offering their services to corporations, other services they provide include financial and investment planning, budget analysis, information technology consultation, and limited legal services. However, these are services can only be carried out if they perform their fundamental duties responsibly. This is because the figurers that they provide after performing their fundamental tasks impact these additional processes. For example, if debts of a corporation are not presented accurately and annual profits are fictitious, how can an authentic and realistic budget be prepared? Therefore, it can be asserted that auditors cannot work and produce any realistic figures if they distort debts and profits made annually. In recent times, this is what has been occurring. Corporations hire auditors to check their statements. Somehow, these auditors have gotten involved in illegal behavior and have hidden debts and elevated profits. Based on these fig ures they helped in painting pretty pictures for the corporation’s reputation in the market. This is how Parmalat managed to remain in the global market for a long time without being suspected of having immense debt. Having asserted the above, it is also important to consider the fact that in the US there are limitations imposed on auditors that investigate a corporation’s financial statements. Due to the fact that there have been corporate scandals that have involved auditors being involved, it is now illegal for an accounting firm that audits a corporation’s financial statements, to advise areas such as investment banking, legal matters, etc. of that firm. One exception to this prohibition is that auditors may provide advice on tax issues that would benefit the company (Young, 1997). Forensic Auditing: Having asserted the necessity of making accurate reports of financial figures regarding a corporation’s annual budgets or debts, it must be asserted that one major and specialized accounting practice is forensic accounting. Several public accountants specialize in this, as it is of growing importance in today’s world where corporate scandals appear to occur frequently. Forensic accounting includes investigation and interpretation of white-collar crimes. This type of crime includes bankruptcies, securities fraud and embezzlement, and contract disputes. In addition to this, criminal financial transactions, such as money laundering, are also included in white-color crime. It can be asserted that auditors who specialize in forensic accountancy play an important role in preventing corporate scandals such as the one that took place with Parmalat. However, it should be remembered that auditors who do not specialize in forensic accountancy are no novices. This means that if there are any unusual entries and irregularities in records, any auditor should be to detect them, and this is why all auditors are said to have responsibility to report any irregularities[15]. Though auditors generally are able to detect any irregularities, those that specialize in forensic accounting make use of accounting and finance knowledge, law and investigative techniques. They use this combination in order to detect illegal activity in a corporation, and it is obviously a greater advantage to them as they are more specialized. It is known that there are several forensic accountants that work in tandem with personnel from law enforcement departments during investigations. However, this occurs normally after a corporate scandal has been detected. Considering this, it might be a good idea for forensic accountants to work in this manner as part of regular and standard procedure in order to safeguard everyone involved with a corporation. If such a practice were adopted as standard procedure, it would become more difficult for financial scandals to take place. This is considerate of acknowledging that corporations usually appoint their own auditors. Auditing firms might be required to adhere to practices that would make regular procedures more thorough and transparent as a result[16]. Aside from considerations for current practices of audit firms and ones that could be included in order to prevent financial scandals, the general concept of internal and external auditors reviewing and analyzing financial statements of firms aims at doing the same thing. Fundamental Responsibilities of Auditors: It is the primary responsibility of internal auditors to make sure records are accurately maintained. These records are also checked for any form of irregularity, which may include things like mismanagement or even fraud. Internal auditors are not only supposed to maintain records of financial figures, but their roles also encompass examining the firm’s operations with regard to finance and information systems, management, and internal controls. Examining these operations are important as they help to make sure that financial records are accurately maintained. In addition to this, these steps also examine the adequacy of controls to protect the firm against financial scandals (Gunz and McCutcheon, 1996, 7-15). Further, it can be asserted that internal auditors have the responsibility of evaluating important areas of the corporation such as effectiveness, compliance with all standards and corporate policies and procedures, efficiency, laws, and government regulations. Since there are so many types of operations to take care of in a corporation, there are areas of specialization for internal auditors as well. Some of these may include environmental, engineering, electronic data-processing, legal, insurance premium, banking, and healthcare auditors. The reason for specialization in these areas is because there are technical procedures that need to be understood in order to evaluate things like efficiency and effectiveness. Having deeper understanding of individual industries helps internal auditors to evaluate a corporation’s operations more specifically (Bavly, 1999, 25-30). Among the important steps that internal auditors may take towards better controls within a corporation, recommendation of better controls is high on the list of priorities for better auditing processes. An example of recommendations that internal auditors may make in a firm, internal auditors may help managers through co

Compare And Contrast On Characters Rayona And Pearl :: essays research papers

Compare and Contrast on Characters Rayona and Pearl Rayona and Pearl were two characters that were very alike in the stories. They are also somewhat different. They lived lives that were very troublesome. Rayona had to go through the tough times of her mother's sickness and the death of her brother. She lived away from most of it, but still had to live with it. Pearl had to go through the tough times of her mother Hester being charged with adultery, she also had to go through all of her trials.   Ã‚  Ã‚  Ã‚  Ã‚  Rayona and Pearl are similar in that they both went through the tough times of their mother's problems. Rayona lived with knowing her mother was very sick. Pearl had her mother's scarlet letter to live with. As children they didn't know who their fathers were, they were forced to guess. Rayona and Pearl were also similar because they both had a tough time getting along with the kids they had to go to school with. Neither of them were able to make friends very easily. Rayona's trouble was that she was part African American growing up in a Native American community. Pearl had trouble because of the fact that her mom committed adultery and the kids laugh at her. Both of the children were also social outcasts in their community. The community was different from them didn't accept them. Rayona and Pearl were also similar in another way. Through the tough times of their mothers they stood by their side and endured the same hardships.   Ã‚  Ã‚  Ã‚  Ã‚  Rayona and Pearl also have many differences. Rayona was of American Indian and Black decent while Pearl was of American decent. While Pearl had to live with her mother's troubles, Rayona lived away from them. There is a time when Pearl finds out her history and the things her mother went through. Rayona however never found out about her past or what her mother went through. Another difference between the two is that Rayona had a brother to grow up with and play with. Pearl only had her mother around the house. Rayona also had several people to look up to such as, Aunt Ida and Reverend Tom. Compare And Contrast On Characters Rayona And Pearl :: essays research papers Compare and Contrast on Characters Rayona and Pearl Rayona and Pearl were two characters that were very alike in the stories. They are also somewhat different. They lived lives that were very troublesome. Rayona had to go through the tough times of her mother's sickness and the death of her brother. She lived away from most of it, but still had to live with it. Pearl had to go through the tough times of her mother Hester being charged with adultery, she also had to go through all of her trials.   Ã‚  Ã‚  Ã‚  Ã‚  Rayona and Pearl are similar in that they both went through the tough times of their mother's problems. Rayona lived with knowing her mother was very sick. Pearl had her mother's scarlet letter to live with. As children they didn't know who their fathers were, they were forced to guess. Rayona and Pearl were also similar because they both had a tough time getting along with the kids they had to go to school with. Neither of them were able to make friends very easily. Rayona's trouble was that she was part African American growing up in a Native American community. Pearl had trouble because of the fact that her mom committed adultery and the kids laugh at her. Both of the children were also social outcasts in their community. The community was different from them didn't accept them. Rayona and Pearl were also similar in another way. Through the tough times of their mothers they stood by their side and endured the same hardships.   Ã‚  Ã‚  Ã‚  Ã‚  Rayona and Pearl also have many differences. Rayona was of American Indian and Black decent while Pearl was of American decent. While Pearl had to live with her mother's troubles, Rayona lived away from them. There is a time when Pearl finds out her history and the things her mother went through. Rayona however never found out about her past or what her mother went through. Another difference between the two is that Rayona had a brother to grow up with and play with. Pearl only had her mother around the house. Rayona also had several people to look up to such as, Aunt Ida and Reverend Tom.

Mans Discovery Of Fossil Fuels Could Be His Downfall. Discus Essay

Throughout the entire history of mankind, the technological advancements that civilisations have made have always been tied in with the development of energy sources. The first human energy technology was fire, along with human labour as the major energy source. This has bee supplemented by animals for agriculture and transportation since at least the dawn of agriculture some 10,000 years ago. Wind and waterpower for milling grain have also been used nearly as long. The development of the steam engine by George Stephenson in the late 1700’s was the technological breakthrough that led to the industrial revolution. For the first time in human history transportation could be provided without the use of domesticated animals. Steam engines were used in steam locomotives, steam tractors and steam ships (B.Nebel and R.Wright 1995). Stationary steam engines were rapidly established in all the major industries. The major fuel for steam engines was firewood. By the end of the 1800’s, the demand for energy was ever increasing and firewood around industrial centres was becoming scarce. This led to a switch to coal as the major source for fuel and energy. As well as powering steam engines coal became widely used for heating, cooking and industrial processes. Air pollution during the Industrial revolution was far worse than anything seen today. Apart from the smoke and fumes obscuring visibility, they also caused major health problems to the inhabitants of the industrial areas reducing life expectancies, predominantly with respiratory diseases. The simultaneous development of the internal combustion engine, well drilling technology and the capacity to refine crude oil into gasoline and other liquid fuels (B. Nebel et al 1995) in the late 1880’s, produced an alternative to steam power. Air pollution was greatly reduced as coal-fired steam engines and gasoline and diesel engines, and fuel oil furnaces replaced furnaces. Due to the length of time it takes to change from one energy technology to another, it was not until the late 1940’s that oil surpassed coal as the worlds major energy source. World oil use peaked in 1979 when daily production passed 66 million barrels per day (W.Cunningham et al 1993). This was not without problems however. In 1973, the recognition of the increasing dependence of industrialised nations on oil along ... ...nder normal conditions. Extraction of fossil fuels is a dirty and dangerous business, with associated diseases of workers and environmental pollution, such as dust from mining and spills from tankers transporting oil. As can be seen from the various points discussed, the civilisation that we inhabit today is very much dependent on fossil fuels, without them the level of technology that we take for granted today would not exist. The economical, political, social and environmental issued associated with them show the problems of mans dependence on them. With increasing worldwide demand, and declining supplies, every effort needs to be made by governments to find solutions to these problems. This has already started today, with developments in alternative energy sources such as nuclear power, which raises its own issues, and the move towards solar and other renewable energy sources. References Cunningham. W.P and Saigo B.W (1995). Environmental Science: A Global Concern. W.C.B, Bubuque. Nebel B.J and Wright R.T (1993). Environmental Science. Prentice Hall, New Jersey. Pickering K.T and Owen L.A (1995). An Introduction to Global Environmental Issues. Routledge, London and New York.

Citizen Soldiers :: essays research papers

Citizen Soldiers   Ã‚  Ã‚  Ã‚  Ã‚  From the beaches of Normandy to the German surrender. That is the length of the war that Citizen Soldiers covers. It talks about personal stories and experiences from the private on the ground to the generals at the top. The book tells of the trials and tribulations of fighting a war far away from home and in many cases little knowledge of what the objectives are and were the war is headed.   Ã‚  Ã‚  Ã‚  Ã‚  The stories told in the book range from Lt. Waverly Wray’s assault on the German hedges the day after landing at Normandy, to Sgt. Edgar Lauritsen’s accounts of German infiltration techniques.   Ã‚  Ã‚  Ã‚  Ã‚  When Sgt. Lauritsen was manning a checkpoint on December 21, 1944, his CP was being shelled by a German tank. Just then two jeeploads of soldiers in American uniforms pulled up. There were nine of them. One a captain and the rest in enlisted uniforms. They pulled up, got out of the jeeps and began walking around a house near the checkpoint toward the German lines. Sgt. Lauritsen got suspicious, so he asked the captain what unit he was with. When the captain replied with slight difficulty pronouncing his unit, he was shot in the back. Unfortunately, the eight men with him grabbed him and dragged the shot captain back to German lines. Stories like this are found throughout the book. These stories show how evasive and seemingly overly ambitious there enemy was.   Ã‚  Ã‚  Ã‚  Ã‚  Although the book has many accounts of what general did this on that day, it merely helps paint the big picture of what was happening. The truly interesting parts of the book are where the young enlisted men tell their stories of what happened down in trench or at their machinegun bunker. Because of these men, America was able win the war on both fronts.   Ã‚  Ã‚  Ã‚  Ã‚  In closing, this book is a good book to read if you want to learn about actual historical accounts of what happened down on the ground.

Admission Essay for Pace University

I am a Turkish, male, 20 yr-old junior student currently studying here in Pace University, and I am interest to apply for admission in your Pforzheimer Honors College to belong in the honor students’ society. I am a very hardworking person and very persistent in pursuit of my goals in life. I make sure that my present activities are in line with my short and long-term goals.I love learning something new everyday. I never considered myself a quitter because I love challenges that is why I give my best and quality performance in everything I do. Challenges for me are opportunities for developing one’s character and values in spite of distress and I consider this as part of human life.In believing so, I exert my full effort and study hard   because I value the education that my parents provide me; also, I struggle to meet my short term goal of being a successful graduate for I believe that my present attitude towards my studies will shape me and hone me as a responsible, diligent, and industrious person.In developing and honing this character and personality, I believe I would be able to direct my future career and I would use this positive outlook of success in my life for the attainment of my long term goals.I should say that I am confident enough having the adequate skills, talents, and knowledge that is required for me to pursue the Pforzheimer Honors College degree in your prestigious university. I could attest such remark with the comments that my previous professors gave me here in Pace during my freshmen up to the present, and even my grades during my past high school and elementary education.Way back in Instanbul, Turkey, I studied my elementary education at Etiler High School and I received a special honor award during my 9th grade. My instructors consistently gave me a positive feedback regarding my commendable academic performance and extra-curricular skills in theatre club.Pursuing my high school, I transferred to Long Island Universit y (LIU) and due to my dedication and perseverance in studying, I was rewarded with a GPA grade of 3.6 during the previous fall semester before I decided to pursue my dream school—Pace University. Being presently happy in studying here, I am looking forward to experience more growth and personal development here in Pace. I studied very well and strived to get a high GPA grade of 3.74; this increases my chance of being qualified for your program.Transferring from LIU to Pace University, I saw the major difference and made me more motivated to pursue my education in Pace. I am very happy to belong in this school community. This chance of being accepted in Honors College will really bring me one step closer to the opportunity of reaching my dreams.I am so inspired to share my knowledge even in the smallest possible way I can at my young age. I know that I have the quality in me that could bring about change even in my own simple ways and make a difference in the society.I believe that youth is the hope for advancement of any society and even though United States is very popular with regards to all areas of advancements in the whole world, I would like to play a part and contribute my knowledge for my society to have and live a life fully with meaning and serve a purpose in this world.I have always been inspired by my mother’s motivation in my studies. I always value her support which gives me more reason to strive hard to aim high and hit the mark. My mother played a very essential role with influencing me to do my best in studying. She always wanted me to have the best and quality education that I could ever have and I see it here—my future, in Pace.I would never let my mom down and I want her to be proud of me. I am hoping that Long Pace University could help me fully actualize or utilize my potentials for the purpose of serving my society and even the whole country and other countries at large, in the future. From my past academic and non-a cademic experience, I was honed as an individual with integral human values which allowed me to become more God-centered and inspired and deeply involved and interested with my studies, friends and other social networks, and other extra curricular activities.I should say that from those experiences, I have grown up to become a complete mature person who is ready to face the real challenges of life and face them with such fortitude and temperance. As a future honor college student of Pace University, I will play an active stance in participating with the school activities that aims to increase the students’ involvement with the school, social interest, and education.I will apply my knowledge and share what I know with my fellow students by writing or joining the student’s organization or campus newspaper. I will share my ideals, opinions, and viewpoints with the current issues or any relevant topic that I find significant and useful for influencing or persuading my fell ow students to make use of their creative minds and speak out their ideas as well. In this way, I could help make a difference and I could inspire others to read more and value their education and utilize it the same as I am enjoying and using mine.In the near future, I plan to even take further studies if ever I get accepted in this course. I will refresh all the knowledge that I have learned by taking the exams necessary for my certifications and license so that I may teach a professor if this is God’s will for me. If Pace University could support me to fulfill my dreams, I also plan to devote myself into teaching profession and serve the school even for two years or more.In order to make these all possible, I will try my best to succeed by maintaining my high grades and GPA. I see myself and my bright future at Pace University and I am really hoping to be given this once in a lifetime opportunity which would change my life and change the lives of my family, and others whom I am very willing to help. I will continue my positive attitude of persistence and hard work in my studies to help me achieve my objectives and aspirations.From all the detailed experience and interest I have related, I am really hoping to be given the chance to achieve my pursuit of taking college here at Pace University.If given the chance, I would very much appreciate if you would allow me to enroll in your Honors College program. Rest assured, I assure you that I will serve as an asset to your organization or school and I will perform my obligations as a productive and dynamic student.ReferencesPace University. (2008). An invitation to all Pace undergraduate students.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Retrieved October 6, 2008, from  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.pace.edu/page.cfm?doc_id=13913

Reflection Paper for Philosophy of Religion Essay

Religion has been as part of society as far as its beginnings. All ancient human civilization had some sort of belief in a God or the transcendent. Beliefs have always been an issue within any human society. The belief of the transcendent gives humans a chance or hope for eternal happiness for people who abide their beliefs. But through out history, different religions and beliefs emerged which gives rise to the inconsistency. There are numerous differences between religions: one versus many gods, personal versus impersonal gods, personal survival of believers versus no survival of believers, moral codes, religious life, etc. As observable in human history, though religions often offer some sort heaven it often paradoxically entails conflicts and controversies. And despite the fact that religions supposedly gives people a sense of what’s right or wrong, atrocities have been committed in the name of religion; the hundred years war, the inquisition, jihad, ethnical cleansings etc†¦ And amidst the variety of beliefs that populate contemporary society, one cannot help to think how to take in hand the overabundance of truths that sometimes overlaps, dissent, and eventually oppose each other. There are three stances one can take. First is to (1) treat all religions as valid and true (pluralism). Another way is to (2) view beliefs in way that some are right and some are wrong (exclusivism). Finally, one can also (3) think about all religions as false (atheism). Let me take into consideration the third stance first. By arguing that all religious beliefs are false, it also means arguing that God or any form of the transcendent does not exist. And by arguing this, means rejecting all of the theistic theses that were formulated in the history of man. And this is the part where the catholic philosopher’s shear my head off, as countless theologians in history were also philosophers. With atheism in hand, the question God’s Being is also raised. Paul Tillich argues that God is Being, where â€Å"Being† represented the ultimate reality that underlies all existence, whether natural or supernatural. In fact, Being doesn’t necessarily pertain to a personal God at all. Tillich wanted  to make Being stand for the ultimate concern of all humans, conceived in the broadest sense. Furthermore, any attempt to define what Being is, by giving it the name of a particular God, fails to capture the true Being. Tillich thinks that all particular conceptions of Being that we are familiar with in the West constitute idolatry. When we give religious symbols too much importance, then we have fallen into mere idolatry. It might be plausibly argued that a religion must possess religious symbols and rituals to qualify as a religion-but, if this is true, then all religions must in a way be idolatrous. This is quite a strong and ridiculous thing to claim. But on the other hand it can also be claimed that atheism is really theism because it possesses infinite concern. The unknowable â€Å"God behind God† symbols mediate our relationship with God. God is beyond existence and non-existence. This leads us to the more theistic approach on the variety of human belief. First is the idea of pluralism which is spearheaded by John Hick. Hick’s theory holds that all religions are expressions of the same ultimate reality. However, how is it possible for all religions to be true images of the same ultimate reality? They can’t all be correct because this would be a violation of the law of non-contradiction (the thesis that something cannot possess a property and lack it at the same time and in the same way). For example, to argue that God is personal from my religion’s perspective and not personal from another religion’s perspective and thus avoid the violation of the law of non-contradiction is to say that God is not ultimately personal. Since it has just been accepted that some other religion has an equally valid view of God which contradicts my own religion’s view, this conclusion once again dents the justification for believing in the specifi c theories of God by my particular religion (in fact, many religions will reject this compromise for this very reason; namely, because the religion’s views are not really believed to be entirely true). At one point, Hick argues that the ultimate reality of God has no properties or attributes by itself, but only in relation to believers. So the properties we attribute to God are relational properties, which don’t exist or pertain to God if we don’t exist to assign those properties to God. Yet, this theory still implies that each religion’s view of that ultimate reality is not completely true since there exist other, contradictory and  equally correct relative views of God. And this undermines the importance of that particular religion’s beliefs. Also, a being that has no properties or attributes in itself seems incoherent, because, once again, the law of non-contradiction does not seem to apply to that being in the absence of any believers. Besides, a being that has no properties is almost identical to nothing. On the other hand, one can also take the path of an Exclusivist. Exclusivism states that one’s own religion is true, all the other are false. Which yet again sets it in conflict with every other thought out there: Which religion is the true religion? For the exclusivist, salvation comes from faith in that one true religion. But, there are exceptions that present several problems. Examples of these are people who didn’t hear the religion’s message. Also there are those virtuous and good people who did hear the religion’s message but rejected it. One way to solve these problems is to accept a view that still accepts that there is one true religion (and all the others are false), but who is included in that religion is increased to include all of the people covered in the aforementioned examples (â€Å"Inclusivism†). In addition, the same difficulty mentioned above, of determining which religion is the one true religion, this theory also suffers in that it seems to undermine the importance of being one of the people who essentially hears and follows the message of that one religion. Since merely being a virtuous person is enough to get into heaven, it no longer seems to be all that important to hear any religion’s message, and this weakens the motivation for following that religion. Another way is to deal with the variety of belief is to treat them as some are more right than others. Although all beliefs may hold some truth in them as what a pluralist might say, there is also the notion of some beliefs holding more sensible, plausible, and appealing aspects than others. Treating beliefs that some are more right than others will impose some sort of hierarchy among them. Being so, there is no sense to take what is less that the optimal path or any belief other than the belief on the top of the ladder. This might be attributed to a sense of rationality or a mental faculty for deciding what people should hold is true or a sense of epistemic  duty. Since belief holds such importance in a person’s personal and social life as was mentioned earlier, it cannot be helped to seek verification of what is true and what is not. Then again, an argument can arise from here asking what basis of rightness or wrongness of a certain belief is in the aforementioned hierarchy. Certainly, we cannot take an objective perspective here due to nature of the subject as argued in numerable articles about belief (belief cannot be grounded empirically). This then leaves me with no means to measure the rightness or wrongness of a certain belief. If this is so, it can be said then that the matter of belief can be left to the personal opinions and values of the believer, or simply put, belief is completely subjective. Just like understanding any other major term in philosophy of religion, completely understanding the existence of variety of human beliefs in this case would be as hard as pinning gelatin to a wall. Just as one thinks one has held the whole thing in one point, the rest of it slips away and falls apart. And in the end we are back to ground zero, stuck in a standstill conflict of being either an atheist, pluralist or an exclusivist; a sort of conflict between two extremes of anarchy and tyranny. Pluralism in its purest form can lead to anarchy of beliefs due to the equal treatments of all beliefs as in way true and valid. Exclusivism taken to the extreme may is tyranny in sense that only one or some beliefs are the plausible ones to take. And the supposedly safe answer of atheism which every other theistic argument rebukes. Alluding to the idea of the other that cannot be consumed by the I in Hegelian manner of the thesis and the anti-thesis having a compromise in the form of the synthesis, religions can neither be equalized by a common denominator nor taken separately and treated with bias. Hick, Plantinga, and Tillich tried nobly to create stable grounds by creating bases for beliefs by conceptualizing the whole idea of religions and beliefs. Yet with the contradictions to every argument presented, loose or dead ends appear due to the infinitely vast reality (and paradoxically ambiguous) of religious beliefs, thus one cannot firmly hold his belief in every ground. Therefore, it can be said that there is no safe answer. A risk then of making a mistake is not avoidable just as every evil is inevitable in the world. And just as uncertain the issue of human belief is as every  philosophical paradox goes, it is left in the riddle of choice.