El Dorado s Candide The Utopia That Wasn t. Candide

El Dorado in Candide: The Utopia That Wasn t Candide was a novel published in 1759 by Francois-Marie Arouet, known best by the pseudonym â€Å"Voltaire†. It was written primarily to satirize German philosopher Gottfried Leibniz s â€Å"theodicy†, which was a philosophy Leibniz designed to explain why evil exists in the world. He maintained that we live in the â€Å"best of all possible worlds†, an idea Voltaire dismantled in Candide with biting attacks on philosophy, religion, politics, and social order. One of the most unusual displays of satire he invoked was in the novel s description of El Dorado, which was apparently a utopian society. However, Voltaire rejects that ideal, not only with open satire but with subtext, and this is why Candide ultimately decides to leave. â€Å"They were obliged to creep along, from rock to rock, for the space of a league, till at length a spacious plain presented itself to their sight. This place was bounded by a chain of ina ccessible mountains† (125). This is Candide and Cacombo s first glimpse of El Dorado. The near impossibility of access to it is intriguing, because while it may protect the inhabitants from the outside world and the pollution of their society, it also means that egress is also just as difficult. This is proven when they decide to leave, and the vast undertaking it requires to get them out. Not everyone wanted to stay there after arrival; the Incas left to conquer other lands and Candide himself ends up wishing to leave. He

Being A Declaration Of The New Sharing Economy - 2063 Words

Intentions in partaking in the new sharing economy vary, which is not shocking given the assorted qualities of platforms and activities. A few members are drawn by the popularity or uniqueness of the platforms. It is, in any case, imperative to perceive that the uniqueness about which numerous participants (and uniqueness) talk can be a declaration of classism and prejudice. The obvious reasons are mainly to do with cost saving during a period of economic struggle, and sustaining the environment. On the other hand, of larger interest are the obvious reasons for sharing, which can be found in references to the timelessness of sharing, under the circumstance of that sharing is an activity that children do. The timelessness of sharing is implied when collaborative consumption is described as being â€Å"based on natural behavioural instincts around sharing and exchanging† (Botsman Rogers, 2010, p. 213). Therefore, sharing is not only a relic of past societies; such practices per sist to be more common in the working class, deprived, and marginal groups. The talk of novelty develops a false universalism that can distance to individuals who have kept up non-computerised sharing practices in their day by day lives. The sharing economy communities are not only for the young. The current stereotypical depiction of the sharing economy is that it is the space of tech-savvy, open-minded younger generations. However, it is factual that 35 of the 66 percent of people among global respondentsShow MoreRelatedThe Sharing Economy, Why People Participate For Collaborative Consumption1723 Words   |  7 Pages(Reference: The Sharing Economy, Why People Participate in Collaborative Consumption) The sharing economy has been growing significantly over the past couple of decades and has been taken a large sum of interest from investors across the world. 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Introduction of As 701 with the Collapse of Lehman-Free Samples

Question: How did Lehman Collapse? Answer: Introducation: The title of the report is the introduction of new auditing standard 701 and the collapse of Lehman Brothers. Auditing Standards are issued by the auditing standard board and is made available to the auditors of the company to perform their audit in the effective and efficient manner. With the aim of analyzing the new auditing standard with regard to the case of Lehman Brothers, the report has been divided into defined sections. In the first section, the history of Lehman Brothers have been explained in detail as to how the company has come into place and made itself known to the market across the country. In that section only the reasons for the collapse of the company has been discussed in detail with reference to the conditions prevailing at that time. In the second section, the meaning and the purpose of the auditing has been explained and details as to why the auditor issues the audit report to the company and how the audit report has been considered as the useful document for t he users of the financial statements of the company. The concept of independency has also been discussed in relation to the auditor while issuing the auditor report. In the third section the meaning and purpose of the issue of new auditing standard 701 has been discussed in detail with regard to its content. Thereafter it has been mentioned as to what key matters are required to be disclosed and what key matters would have been disclosed by the auditor of the company through which the collapse would not have happened. At the last, the conclusion has been made citing the overall findings of the study and then the recommendation has been made. Lehman brothers History of the Company The history of the company starts from the early years of eighteen hundred and forty. The owner of the company namely Mr. Henry Lehman who has come to United States of America for the purpose of business and has opened the shop where dry goods are sold to the nearby customer. As the time passed, he is joined by his two brothers. After their joining they realized that the United States of America is the hub for cotton market and the company can achieve gains in the short period of time if it starts to sell the cotton to the customers. They have then adopted the strategy where they start selling the dry goods to the customers not in cash but in exchange of the dry cotton. With this strategic thought the company starts making profits in the shorter period of time. Soon after the knowing of then cotton market, the company came to know about the hub commission house which is placed in other part of the United States. Simultaneously the English civil war has started which have given the wa y to company to get engaged in the business of the banking coupled with the commission business. During and after the war it has been recognized that many roads have been damaged, the offices of many people including the houses have been damaged. In order to gets it renovated or able to work again, the individuals including the companies started finding the way to have the loan from the external; agencies including the banks or other financial institutions. In this era the Lehman Brothers have got themselves engaged in providing the loans to their customers and have helped to build the railway system and to renovate the roads and re build the houses and so on. With this expansion the companies have entered their step into the market of banking industry and have been regarded as the one of the leading companies engaged in the investment banking. With this the Lehman Brothers have come up with all the ways from 1844 to 15th of September, 2008, the day on which the company was collapse d (HBS, 2014). Factors causing collapse After coming from all the ways from the year of 1844, the companies have the condition when it has been forced to file the bankruptcy application for protection before the authorities. The collapse of the company has not occurred suddenly rather there are the circumstances which have been prevailing from the last eight consecutive years. The application was filed on 15th of September 2008 and has been marked as the historical date in the books of the banking industry. The factors which have caused the collapse of the company are discussed below: First reason for the collapse is the accounting fraud that the company has been doing with the inclusion of the auditor and management of the company. They are violating the essence of the Repo 105 transaction and have making the accounting entries at their own convenience rather than following the rules of the transaction. The Repo 105 transaction states that the company can sell its securities for the short period of time to the customers and will repurchase the securities after completion of the specified time at the premium (Johnson, 2012). The proper agreement is required to be executed for the sale and repurchase and is referred as the Repurchase agreement. Accordingly the company shall hold the liability in the books of accounts till the securities are repurchased at the premium. In the given case Lehman Brothers have adopted the strategy where they execute the proper agreement of repurchase but do not intend to repurchase the same and not showing the liability rather they hav e accounted the transaction as sale of securities in the statement of Profit and Loss (Azadinamin, 2013). From the cash so made available with the company, the company has started setting off the liabilities and has been successful in setting off the fifty million dollar liability. Due to this the company has been reporting the high turnover and high net profits at the quarter end and at the year end (Chadha, 2016). This fraud has been perpetrating in the books of accounts for the last eight years and the time has come when the company is now under the pressure to either repurchase the securities or file the bankruptcy application. As the company is not having any funds to repurchase the securities, the company has adopted to move an application for bankruptcy. Second major reason for the collapse is that the company was unable to find any buyer. The time when the Lehman Brothers have collapsed, most of the banks are in that situation only but they have easily found the buyers and have successfully sold whole of the company to the acquiring company (Farndale, 2008). The Lehman Brothers have been delayed in looking for the buyer and when they have found the buyer Barclays Bank, then the Government has refused to allow for such acquisition and resulting to the collapse of the company (Maux and Morin, 2011) The third major reason for the collapse is that the company was unable to finance it short term requirements as they earlier use to set off from the short term loans that they avail from the bank using the credit facilities or on the pledge of the securities (Dutta, 2010). When the company has declared the net loss on the quarter ending June 2008, then every stakeholder have started backing out from the company resulting in shortage of funds in the company. Further the Federal Reserve Bank has also denied giving the amount of loan to the company to revive its operations. Apart from the above factors there are other factors too that have resulted in the collapse of the company are improper management of the cash flows and ineffective management of the company. Auditor's Report Purpose and Content The auditor of the company is the person who checks the accounting books of the company and financial statements of the company prepared by the management of the company. The auditor after checking the financial statements of the company is required to give his opinion and his opinion so formed shall be objective and independent. If it is not done then he will punished with guilty of professional misconduct. In the auditor report the auditor is required to report whether the company financial statements of the company represents the true and fair view of the financial position and performance of the company or not. Clean Report Issued In the given case the auditor has been issuing the Clean Report of the financial statements of the company. The auditors of the company were Ernst and Young. The auditors of the company were in believe that the company was entering into Repurchase transactions and following the provisions of the standards as defined in the accounting standards (Chatterjee, 2015, Mc 2010 and Inman, 2014). But in actual the company has not been making the financial statements of the company in accordance with the accounting standards and the provisions of the Corporations Act 2001 and the company with the connivance of the auditors has done this very successfully which have remained undisclosed for the period of consecutive eight years (Coenen, 2010). The auditor of the company have folded their hands and authenticated the financial statements of the company with the blind faith that the company is doing and following all the work in the letter and spirit. As per the given case study, the auditors are aware of the fact of the massive accounting fraud that is being done by the company but despite of this fact the auditor have issued the clean report only on the matter of the financial interest that the firm has seen and the audit firm have sacrificed the integrity, objectivity and the independence of the auditor and sign the balance sheet with clean report (Goldstien, 2014). This financial interest amounts to one hundred and fifty million dollars over the last eight years. In this manner, the auditor has issued the clean report. New Auditing Standarg 701 Purpose of Issue The new auditing standard relating to Communication of Key Audit Matter by auditor has been come into existence in 2015 and applicable in 2016 on the auditor. The standard describes the detailed responsibility of the auditor before issuing unqualified report by the auditor. The new principle enhances the role of the auditor to make him liable more towards the stakeholders and towards those charged with governance. The main purpose of the audit standard is to provide transparent information about the affairs of the company and highlighting the affairs which require more attention of the stakeholder and on that basis steps can be taken by stakeholders in order to reduce the impact of the information reported as Key Audit Matter by auditor (AASB, 2015) Content The audit standard defines the matters which can be considered as Key matters and how the auditor will identify these Matters and what has to report in relation to identified key matter by the auditor. Any matter in the working of an organization can be considered as Key Audit Matter if it is communicated by those charged with governance to auditor and also include the matters which identified by the auditor with use his professional knowledge and judgment. The auditor professional experience and verdict plays important role in assessment of Key Audit Matter which require reporting. The following areas which are considered as Key Audit Matter in the organization and should reported in the auditor report: Areas which are defined as highly significant risky areas under Auditing Standard 315 which can create the situation of danger in the policies and procedures of the company. Areas where accounting estimates has been used by the company in order to get the value of particular transaction like estimate taken for useful life for calculating the depreciation on fixed assets by the management. Important matters which can have impact on ten disclosure requirements of the financial statements of the company. Required Key Audit Matters In Lehman Brothers Audit Report The application and effect of the new auditing standard should have be done by the auditing standard board retrospectively from the year before 2000, then fall back of the Lehman Brother can be avoided and major crisis in the finance industry can be avoided. The following are the Key Audit Matters which the auditor would have report in case of Lehman Brother and the corrective actions would have been taken by those charged with governance on the basis this key audit matters: Reporting of Repo 105 transaction and its treatment- The Repo 105 transaction which are prevailing in the banking industry were inappropriately used by the firm. In the Audit Key Matter the auditor should report that the company is selling short terms securities and receiving cash from them. The sale has considered as operating sale by the firm rather than taking it effect as borrowings. Also, the firm pays of its liabilities standing in the balance sheet from such cash received without considering the fact that this amount together with interest has to be return by the firm after lock in period of two year. Continuous decrease in Liquidity Position The auditor should report as key audit matter about significant risk which has been created on the liquidity position of firm from its operations. There are many times the firm is in crunch of liquidity and borrows funds from outside fulfill the liquidity requirement. The result of the situation deteriorated the cash and cash equivalents of the company from $ 167 million in last few years creating significant high risk on the firm continuity (Masytoh, 2010). Conclusion The report has been prepared keeping in mind the scam created by Lehman Brother which is the basis for US crisis happened in 2008. The scam of Lehman Brother affects 40 countries in the world where the company has major operations and creates a remarkable damage to financial market including the banking sectors. The route of the scam has been started in year 2000 and continued till 8 eights after which the firm has declared the bankruptcy and file the application to Federal. It has been concluded from the report that the root cause of the scam is the collision of the auditors and the management of the company who made the frauds at the accounting level to mislead its stakeholders. It is recommended from the study; the auditor should perform his duties with full ethical principles and shall not infringe the basic purpose of the accounting and auditing standard. The auditor should take due care and should report all the matters which can hamper the interest of the stakeholders. References AASB, (2015), ASA 701, Communicating Key Audit Matters in the Independents Auditors report, available on https://www.auasb.gov.au/admin/file/content102/c3/ASA_701_2015.pdf accessed on 16/05/2017. Azadinamin A, (2013), The bankruptcy of Lehman Brothers: Causes of Failure and Recommendations Going Forward available on https://www.researchgate.net/publication/230687440_The_Bankruptcy_of_Lehman_Brothers_Causes_of_Failure_Recommendations_Going_Forward accessed on 15/05/2017. Chatterjee P, (2015), Ernst and Young pays $10 million to settle Lehman Brothers Audit failure Lawsuit, available on https://www.corpwatch.org/article.php?id=16019 accessed on 15/05/2017. Chadha P, (2016), What caused the failure of Lehman Brothers, available on https://www.omicsonline.com/open-access/what-caused-the-failure-of-lehman-brothers-could-it-have-beenprevented-how-recommendations-for-going-forward-2472-114X-S1-002.php?aid=77283 accessed on 15/05/2017. Coenen T, (2010), Is Ernst and Young to blame in Lehman Brothers Fraud? available on https://www.aol.com/article/2010/12/23/fraud-files-is-ernst-and-young-to-blame-in-lehman-bros-fraud/19774486/ accessed on 15/05/2017. Dutta, (2010), Lehman Shell Game, Strategic Finance, Vol 92(2), pp 21-29 Farndale N, (2008), Lehman Brothers Collapse : How the worst economic crisis in living memory began available on https://www.telegraph.co.uk/finance/recession/3917584/Lehman-Brothers-collapse-How-the-worst-economic-crisis-in-living-memory-began.html accessed on 15/05/2017. Goldstien M, (2014), Arbitrators Ease Blame on Ernst and Young for Audits of Lehman Brothers, available on https://dealbook.nytimes.com/2014/08/11/arbitrators-ease-blame-on-auditors-of-lehman/?_r=0 accessed on 15/05/2017. HBS, (2014), History of Lehman Brothers, available on https://www.library.hbs.edu/hc/lehman/history.html accessed on 15/05/2017. Inman P, (2010), Auditors Role in Lehman Collapse Unites Opposition in calls for reform, available on https://www.theguardian.com/business/2010/mar/15/auditors-role-lehman-collapse-critics accessed on 15/05/2017. Johnson M, (2012), The failure of Lehman Brothers and its impact on other Financial Institutions, Applied Financial Economics, Vol 22(5), pp 377-383 Masyth O, (2010), The analysis of determinants of Going Concern Audit Report, Journal of Modern Accounting and Auditing, Vol 6(4), pp 27-36. Maux J and Morin D,(2011), Black and White Red All over : Lehman Brothers inevitable bankruptcy splashed across its financial statements , International Journal of Business and Social Science, Vol 2(20), pp 42-61 Mc G, (2010), Ernst and Young accused of hiding Lehman Troubles available on https://www.reuters.com/article/us-ernstandyoung-lehman-lawsuit-idUSTRE6BJ1FP20101221 accessed on 15/05/2017.

Strategy Formulation in Start Ups

Strategy designing and management is a process through which organizations, at whatsoever level of growth, guarantee desired results in the future. It provides long term goals and defines ways of attaining the desired. Proper strategy designing and implementation ensures start ups break even and compete favorable as they grow to maturity. Failure to plan is recipe of failure. To succeed in the long run, long term plans and strategies or tactics have to be instituted or put in place.Advertising We will write a custom essay sample on Strategy Formulation in Start Ups specifically for you for only $16.05 $11/page Learn More The strategy process is standard whether the business in question is a start up or an established entity. Business strategy begins environmental scanning and then business modeling so as to suit into and control the business environment (Dess Taylor, 2004, p. 68). It is the control over the business environment i.e. capacity to influenc e environment in own favor that is widely known as a competitive edge. When it comes to a business start up, there is no historical data or experience to rely on. Much strategic options for start ups are derived from environmental scans and tested business models that allow for benchmarking against best practices in industry. Due to the lack of experience in the industry; a weakness of most start ups, planning has to be taken very seriously. This is why all business start ups have to prepare a good business plan. Start ups have to be clear on what they are about. Therefore, the planning process begins with spelling out a clear vision. Defining the business vision offers a long term focus that will direct the business. The vision for a start up should in line with how they want to differentiate themselves in the market (Dess Taylor, 2004, p. 45). Differentiation in the market is about uniqueness or specialty in offering. It is this uniqueness or proper differentiation that will give the start up a competitive advantage. It is the reason why customers will choose the start up over already established business or products. Once a start up has defined clearly what it is about i.e. the vision, the next step is defining the vision in terms of a mission. The mission statement connects vision to actionable undertakings (Joyce Woods, 2001, p. 64). In other words, the mission explains what the business is about and what ought to be done for the business to achieve desired status as stated in vision statement. Once the actionable aspects of the vision are clear, this should be broken down into objectives or goals. Objectives are the issues to be looked into or actual action details that fulfill the mission. Start ups have to identify the particular goals to be achieved and describe in detail what the action items are about. For start ups, more focus is given to the short term goals (Dess Taylor, 2004, p. 115). It is the attainment of this short term goals that will en able the start up to break even.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Values, often neglected or assumed, are an integral part of strategy formulation. For an organization to attain a competitive advantage, people are of critical value. It is people who translate plans into results. People also act as organizational interface with customers i.e. their experience with customers either keeps the customers coming or repels the customers. A start up can not fail to invest in quality. Quality deployment starts with full participation of all employees. It requires that all employees be convinced and adopt a certain way of doing business. To guide employees, the start-up managers have to define the qualities or values by which organizational employees will be identified. Such values may include integrity, punctuality, honest, respect, passion etc. As already indicated, lack of experienc e and not having been experienced by customers is the biggest huddle for start ups. The offer or initial stages in operation should be geared towards striking the right cord with customer. The approach towards desired brand resonance i.e. striking chord with customers has to be based on thorough market research. Therefore, a crucial step in strategy formulation for a start up business is research and industry analysis. There are many ways of doing an industry analysis or market research. The most commonly used methods are doing a SWOT analysis or applying the fives forces approach developed by Porter. As SWOT analysis basically looks at the internal and external business environment and identifies things that can work for and things that can work against the organization. The internal environment of a business consists of such facets as employees, suppliers, organizational structure, organizational culture or generally the resources, competencies and capacity that an organization ha s (Ogidefa, 2008). These resources, competencies and general capacity define what strengths and weaknesses an organization has. The strategy design process will look into how to reinforce or maximize utilization of strengths while reducing or eradicating the weaknesses (Ogidefa, 2008). The external environment of a business comprises of social structures, environmental related regulations or demands, legal framework, political issues, geographical issues, technological climate and economic climate. The most important factor in the external environment is competition. The fierceness and responses of competition have a direct impact on business. The external environment of a business frames where the threats and opportunities are. For example, changes in technology are bound to influence business operations. A start up has to consider how it is placed technologically and devise ways of positioning itself correctly. For a start up, the challenge is being able to identify gaps in the ma rket and galvanize resources as to ride on the gaps before competition makes a counter move (Joyce Woods, 2001, p. 118).Advertising We will write a custom essay sample on Strategy Formulation in Start Ups specifically for you for only $16.05 $11/page Learn More A SWOT analysis is easy to use and is applied widely. However, an organization can also beneficially consider the Five Competitive Forces of Porter. Porter’s five forces are based on the assumption that once an organization identifies the relative power of the different players in the market, it is better placed to coin or develop a competitive advantage (Mind Tools Ltd, 1998). The five forces in the market include supplier power, buyer power, the threat of new entrants, the threat of substitutes, and competition rivalry. Supplier power refers to how much influence suppliers have on an organization. If suppliers are few or overly differentiated in their offering, they wield a lot of influ ence in the market. Buyer power is capacity of buyers to influence the offering of suppliers. If a start up has capacity to buy in bulk, it means it will have more buyer power. Competition rivalry refers to how competitive the market is. This is a crucial element because if the market is full of sharks, the start up has to devise strategies that enable it to fight and bite hard. The start-up managers have to consider possible entrants in the industry and what substitutes are available to its offering. This information should guide in segmentation of the market and proper positioning as to achieve a unique position in the market (Mind Tools Ltd, 1998). Environmental scanning is crucial because it provides raw data that can be used in decision making (Joyce Woods, 2001, p. 225). Start ups do a lot of forecasting and statistical tools come in handy. However, given there is no much historical data, managers judgment is of critical value. Managers have to critically analyze market chara cteristics and employ such efforts like benchmarking to be able to break through. The managerial qualitative judgments or conclusions backed by quantitative extrapolations from proper market surveys should lead into devising appropriate responses. The responses given should be able to give a start up competitive advantage. Some of the sources of competitive advantage or areas of focus when designing a competitive advantage include technological superiority, employee skills and knowledge, first to enter market strategies, benchmarking strategies, customer orientation, entering virgin market segments, conducive organizational structure and culture, awesome product design, strategic partnerships, distribution characteristics etc. The managers of a start up business have to look into all elements, both in the external and internal business environment, and devise appropriate strategy.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The implementation of strategy takes into account functional or operational plans that define what to be done, where to be done, when to be done, how to be done and by whom. The strategic concern with details and statistical mapping, when it comes to operational plans, enables the organization to cut on costs, deliver to customers on time, reduce idle time, maximally utilize capacity of organization and avoid wastage. Such a concern translates into reduced prices enabled by efficiency and effectiveness plus improved productivity or performance in organization. When the mentioned happens, an organization has a high likelihood of doing well in the market. Reference List Dess, G. G., Taylor, M., L. (2004). Strategic Management: Creating Competitive Advantages. New York: McGraw Hill Book Co. Joyce, P., Woods, A. (2001). Strategic Management: A Fresh Approach to Developing Skills, Knowledge and Creativity. New York: Kogan Page Publishers. Mind Tools Ltd. (1998). Porter’s Five F orces. Mind Tools Ltd. Retrieved from https://www.mindtools.com/pages/article/newTMC_08.htm Ogidefa, I. (2008). Strategic Analysis of Internal Environment of a Business Organization. Bizcovering. Web. This essay on Strategy Formulation in Start Ups was written and submitted by user Albert0 to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.