Key Auditing Concepts for Professional Scepticism-myassignmenthelp

Question: Write about theKey Auditing Concepts for Professional Scepticism. Answer: Auditors while performing an audit engagement, are required to exercise certain approaches such as professional judgement and professional scepticism in their work since audit is conducted to enable the auditor to express an opinion about the true and fair view of the financial statements of an entity. Professional scepticism requires the auditors to remain alert to anything unusual indicating the possibility of material misstatements in the financial statements of the company, which they come across during the audit process. The approach to keep a questioning mind throughout the audit process is necessary to critically assess the audit evidences which assists them in drawing a conclusion based on which audit opinion is formed. Although it is not the statutory duty of auditor to detect the frauds and errors in the financial statements but still they are supposed to follow the concept of professional scepticism if they find any information that casts doubt about the reliability of nec essary documents and the inquiry responses of the relevant parties. Even if there are contradictory evidences on a particular audit matter the auditor must apply professional scepticism to determine the genuineness of the audit evidences. There are 3 main elements of professional scepticism which interact whenever auditor encounters the unusual situations (Hurtt et al., 2013). These are attributes mind-set and the action. First one is the Attributes includes the auditors knowledge and skills. Second element is Mind-set includes the auditors behavioural approach towards the audit i.e. the auditor cannot start his work of audit with suspicious framework of mind about the entitys management. Therefore, the auditors should not be influenced by the evidences that are less persuasive by nature. Actions is the third element which involves gathering and critically examining the audit evidences to assess the genuineness of the entitys books of accounts. For the purpose of critical assessment auditors must the sufficient and appropriate audit evidences. While pursuing the approach of professional scepticism auditors must extend the audit procedures whenever they find anything unreasonable. Moreover, auditor is also required to assess the appropriateness of going concern assumption adopted by the company and if during the audit engagement he identifies certain indicators which affects the reasonability of going concern assumption he must extent his audit procedures.(Quadackers, Groot Wright, 2014). Auditors are the external parties appointed by an entity for the purpose of conducting audit so as to raise the level of confidence of the investors and other stakeholders of the company. Therefore, to ensure their independence auditors are required to apply professional scepticism in the audit planning and while performing the audit procedures. Earnings Management It is the practice where the business managers manipulates the financial reports of the entity in order to deceive the stakeholders about the companys financial position so as to ultimately attain the economic benefits. As the value of firm is influenced by the level of earnings reported by it, the managers tends to manipulate the earnings with the motive of attaining the economic incentives (Cohen Zarowin, 2010). It is therefore difficult to determine whether these practices of earnings management are acceptable or they form part of fraud done by the management to mislead the investors. Financial reports are considered as the most effective way of communication of information between the company and the stakeholders about the financial performance of the company. The critical nature and usefulness of financial reports necessitates the need of audit of financial statements by an independent party (auditors) so as to increase the creditability of financial statements in the eyes of t he shareholders. Therefore, the auditors are required to maintain the highest degree of independence while conducting an audit and at the same time auditors are also required to apply professional scepticism and professional judgement during the entire audit process. The exercises of earnings management can either be for the purpose of showing higher income or for showing the lower income in the financial statements of the company (Badertscher, 2011). For example, the managerial remuneration system of a company requires the managers to generate a certain level of earnings so as to earn incentives and bonuses and in order to gain the incentives the managers engage themselves in the earnings management exercises. The company may be suffering losses which is affecting the reasonability of its going concern assumption then to raise funds from financial institutions the management may increase the earnings in the reports as going concern assumption is based on companys viability to conti nue business in the future. Also, to gain the governmental subsidies and assistances management adopts the practice of earnings manipulation (Gunny, 2010). Discretionary Accruals: Accruals are one of the two components of total earnings of the company. The other component is the direct cash flows from the operations of an entity. The total accruals are the estimates and judgements made by the management to reflect better economic performance through improved earnings accounting. Accruals can be either discretionary accruals or non-discretionary accruals (Linck, Netter Shu, 2013). Discretionary accruals is the component that the managers can select on their own, within the accounting regulations flexibility, to adjust the cash flows of the company (Badertscher, Collins Lys, 2012). Discretionary accruals offers the business managers with the flexibility to manipulate the companys earnings so as to influence the stakeholders. Due to the involvement of extensive managerial judgement this component is more subjective than the other components of earnings. The audit of the entities with more discretionary accruals is difficult than the audit of entities with lesse r amount of discretionary accruals (Kent, Routledge Stewart, 2010). This type of accruals at times holds two elements that are, the disturbance caused by the unethical and aggressive reporting done by the managers for their personal benefits and the information element which enables the managers to share their inside information. Since the highly skilled auditors have greater experience and knowledge to separate the information element from noise, they are capable of enhancing the informative quality of discretionary accrual by restricting the unethical and unreasonable reporting practice. List of References: Badertscher, B.A., 2011. Overvaluation and the choice of alternative earnings management mechanisms.The Accounting Review,86(5), pp.1491-1518. Badertscher, B.A., Collins, D.W. and Lys, T.Z., 2012. Discretionary accounting choices and the predictive ability of accruals with respect to future cash flows.Journal of Accounting and Economics,53(1), pp.330-352. Cohen, D.A. and Zarowin, P., 2010. Accrual-based and real earnings management activities around seasoned equity offerings.Journal of accounting and Economics,50(1), pp.2-19. Gunny, K.A., 2010. The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks.Contemporary Accounting Research,27(3), pp.855-888. Hurtt, R.K., Brown-Liburd, H., Earley, C.E. and Krishnamoorthy, G., 2013. Research on auditor professional skepticism: Literature synthesis and opportunities for future research.Auditing: A Journal of Practice Theory,32(sp1), pp.45-97. Kent, P., Routledge, J. and Stewart, J., 2010. Innate and discretionary accruals quality and corporate governance.Accounting Finance,50(1), pp.171-195. Linck, J.S., Netter, J. and Shu, T., 2013. Can managers use discretionary accruals to ease financial constraints? Evidence from discretionary accruals prior to investment.The Accounting Review,88(6), pp.2117-2143. Quadackers, L., Groot, T. and Wright, A., 2014. Auditors professional skepticism: Neutrality versus presumptive doubt.Contemporary Accounting Research,31(3), pp.639-657. Kindly use the references in case any follow up is required on any of the above explained topics. Yours Sincerely, Students Name

Medea Essays - Women And Death, Argonauts, Operas, Medea, Medes

Medea Medea Title of Work: Medea Country/Culture: Greek Literary Period: Classical Type of Literature (genre): Drama/Tragedy Author: Euripides Authorial information: Euripides was born in 484 BC and took up drama at the young age of 25. At most drama competitions, however his plays came in last place until he was about 45 or 50 years old. In his entire life, he wrote 92 plays of which only five received first place awards at competition. Euripides despised women. He had been married twice to unfaithful women and had three sons. This hate of women is shown in his work of Medea. Author's unique style: Euripides' characterization of women is considered unique in the play Medea because the tragic Hero/ine - in this case Jason and Medea in each one's own sense - is done over by a woman after cheating on her with the princess of the King of Corinth. He places emphasis on human emotions and individual psychology in order to help the reader produce a clear picture of the characters. Medea features strong dramatic situations and a stirring part for the heroine, whose attitude of feminine pride and tradition is still popular in today's world. Setting: The entire play takes place on the island of Corinth in present day Greece. Individual places such as Medea/Jason's home, and the palace of the king and princess are also spoken of and used in the play. It has an ancient Greek setting as well. Theme: "What goes around comes around." The theme of revenge in the sense of Medea's strong desire to seek revenge on Jason. Another possible theme of Medea may be that at times a punishment of revenge should justify the crime - no matter how severe. Only a person in such a situation (and greater beings) may know what to action to take in this position. Characters: Medea - The strong willed woman who would do anything for her husband is victimized by him and turns deadly. After going to a great extent to help Jason - killing people to be with him and married to him - he turns around and marries a younger princess and leaves Medea and their two children with nothing. This deeply angers Medea - her tragic flaw appears to be an over excessive sense of revenge - who goes absolutely berserk and kills the princess and her children to get back at Jason for leaving her. She is very decisive and intelligent and had thought through her actions against Jason before carrying them out. Jason - The Husband of Medea who leaves her for another woman - the King of Corinth's daughter - claiming it would be better for both Medea and their children if he "got in good with the king". Jason obviously is not caring about his wife who actually killed to be with him. He does however still love his children. His flaw of apathy or the fact that he is not perseverant causes his downfall when Medea has his wife (the princess) murdered as well as his children. This causes Jason to be extremely disturbed - but it is deserved. King Aegeus - The present King of Athens who is very sympathetic. He is friends with Medea and understands her problem. He tells her that she may come to Athens and seek refuge if she pleases. He has no children and asks if she will "provide him with some". In this sense, he is a jolly fellow who assists friends in time of need. He also provides Medea with a place to go and be protected after she goes on her killing rampage. Nurse - The Nurse plays a somewhat minor role and yet influences the story of Medea. She is employed by Medea to look after the children but the Nurse also gossips and provides advice and assistance to Medea. She provides the audience with background information on the play and puts pieces together of the "big picture." The Nurse begs Medea to not do anything rash because of Jason but says that she knows Medea will so that foreshadows the though of tragedy in the play. She also sympathizes Medea but as soon as Medea is not looking, the Nurse criticizes her as being somewhat over reactive. King Creon - King Creon finds disfavor on Medea for many reasons. Most of all he believes she may decide to kill his daughter out of spite. Quotes: "O God, do you hear it, this persecution, these my sufferings from this hateful woman, this monster, murderess of children? Still what I can do that I will do: I will lament and cry upon heaven, calling the gods to

A Critical Review of Yahoo! Corporate Governance Essays

A Critical Review of Yahoo! Corporate Governance Essays A Critical Review of Yahoo! Corporate Governance Paper A Critical Review of Yahoo! Corporate Governance Paper A recommendation is then given followed by a conclusion to the analysis. L. Introduction Corporate governance has come along way since the 1 9th century. What was once an elite fraternity based on little more than cronyism and family connections has now taken on a new shape, resulting from greed and deceitful corporate breakdowns of iconic companies in the first part of the 21 SST century. If the 19th century was the century of the entrepreneur; and the 20th century was the century of management; then the 21 SST century is the century of corporate governance. This paper seeks to review the governance in a publicly listed company whose equines performance has been criticized publicly and to report about its governance protocols and practices. A brief description of the company in question followed by the criteria for the review of governance will be presented. Then, a critical review of their existing practices will be forwarded. Finally a list or recommendations will conclude the review. The goal is to shed light on boardroom practices and to better understand past events so to prevent them from reoccurring. 2. Background Yahoo! S a SIS based multinational Internet company headquartered in Californians silicon valley. It is widely known for its Web portal, search engine, Yahoo! Mail, advertising, online mapping, social media and a myriad of other services, including popular acquisitions such as Alabama, flicker and Tumble. Yahoo! Was founded in 1 994 and was once one of the most popular sites in the US. However, in recent years, its been plagued by poor governance. Between 2009- 2012, the board had dismissed 5 Chief Executive Officers, indicating a history of CEO problems with dire need of stability at the top. The current CEQ Marimbas Mayer has been in place since 201 2 and has also been heavily criticized; however, her leadership has changed the dynamic and ultra of the company, resulting in a tripling of the stock price and acquisitions worth over $1 billion. (Geol. 2014) The next section will explore the criteria for the review of governance. 3. Criteria for review In light of on-going setbacks at Yahoo! , the following criteria have been identified, including a discussion on their importance and why it is appropriate to use them. Yahoo! As a section addressing my criteria in their Corporate Governance Guidelines and nothing appears out of place, in other words, the guidelines are concise and appropriate, according to the textbook. (Trickier 2012) 3. Board membership criteria Although this may seem basic at first glance, it is not. Boards operate differently company to company. In theory, an active board oversees the formation of strategy in shareholder favor, they develop incentives fo r the CEO and other managers to tackle whilst also working toward the agreed upon strategic objectives. The board also critiques the performance of management against such objectives throughout the year and also formally once annually. It is important for boards to run smoothly, as outlined above so to monitor the business, stay abreast with changes in the marketplace so to be in a session to act quickly when required. There is always work to be done by board and committee members, (independent or external) law also requires regular reporting and shareholders require updates. This is an appropriate way to operate because if a board becomes passive, the effects will trickle down and a change in company culture will ensue. To avoid this, and to follow best practice, boards and committees are voted in by shareholders and reviewed annually by the chairman. 3. 2 Selection of the Chief Executive Officer Selection of the Chief Executive of the company is reserved for an active road committee (often independent) who is nominated to do the legwork in the nomination process. The idea is that the nomination committee, headed by its own chairman accept suitable referrals and vet said referrals (and leads) based on the board requirements. Best practice suggests that by the time a nomination is put forth to the chairman, the audit committee has already approved the candidates background and confirmed that no known conflict of interest exists. Not only is it important that each board member be given a specific task or project, its also important to have clear guidelines in place to undertake one f the most important board obligations. Chief Executives are typically not identified easily or hired quickly and the search itself is often expensive. For this reason, shortcuts cannot be made or left up to assumption. It is appropriate for a board to have nomination guidelines in place for top-level positions before exploring the market even begins and well before candidate engagement. By having such guidelines approved and published, it lessens the possibility of oversight by committee members who may feel pressured to tick all the boxes before a formal nomination can be presented, with a genuine seal of approval. . 3 Independence of the Board As a result of the breakdown in governance of iconic companies such as Enron and Arthur Anderson, governments from each country have been forced to take action to preserve the rights of shareholders and employees. An example of this can be found in the US, UK and Australia who operate as a unitary board, unlike Europe, which operate on a two tier board consisting of the executive board and the supervisory board. By law, the unitary board must include independent directors (INDEED) and committees. The paradox of the unitary board is the greater a directors independence, the less he/she is keel to know about the company. The more the INDEED knows about the company, the greater his/her potential contribution, the less his/her perceived independence. According to the textbook, an independent board is one that is capable of performing under the direction and leadership of a non-executive chairman or lead director so no to fall prey on initiatives from management or internal directors. (Trickier 201 2) Independent directors have periodic meetings of independent directors to evaluate management against the strategic goals. They follow strict rules to keep a fair, unbiased balance between the board ND management. This is important because it demonstrates greater transparency to the shareholders and to the SEC, SOX and other government regulators. A lack of transparency was a pattern followed by every board of companies that have since been found guilty in criminal court. It is appropriate to adopt an INDEED board not only to satisfy laws but also to demonstrate that action has been taken to ensure that the board as a whole is fair, that board members come from diverse backgrounds with unique areas of expertise, including industries. Independent Directors are equally accountable to the chairman of the board, hat they are offering is another a new way to view challenges faced by the company and offering the best solutions. . Critical review of Yahoo! Governance Yahoo! Has experienced tumultuous board movement over years, considering that the company is only 20 years old. Many past board members have held their seats for only one year. As of this day, there have been thirteen past board directors which suggests a critical lack of congruence within the business. There are currently ten board directors, including Mayer, CEO. Each director boasts a diverse set of skills and experience from companies that align with Yahoo! , which is ideal and half appear to be independent, also a good thing. It has been acknowledged however, that half the board were replaced following Mayors induction in what is reported to be a buyout. Its been reported that those she bought out would have become made her new post difficult as they likely would have clashed at some point and that it would likely be due to character first and strategy direction, second. (Yarrow 2013) According to Yahoo! Corporate governance guidelines, The Nominating and Corporate Governance Committee shall be responsible for assessing the appropriate balance of criteria required of Board members. It is true that a board will often nominate new members with the induction of a new CEO; however, it is reported that Mayer handpicked this board to support her. (Swisher 2014) If this is the case, then it brings up many concerns and questions. The textbook identifies nine concepts and principles for corporate governance. (Trickier 2012) In the case of board selection, believe the following principles sing out: judgment, and accountability. The execution Of best judgment is expected in any nomination. The boards decisions should e made for the greater good of the company, rather than to promote personal agendas. Records show that although Mayer may have nominated half her board, the shareholders and existing board directors have approved it. In other words, they appear to have gone through due process as stated in the company guidelines. One would hope that the current board will prove not to be yes-men and that they will be supportive yet unbiased and even critical as required as cronyism has lead many a company down slippery slopes. The concept of accountability suggests that directors are answerable for their actions and decisions. Mayer must have already known that as one of the first changes she initiated at Yahoo! Was a weekly meeting that everyone was invited to attend to have their questions answered based on recent decisions, changes in the business and write ups in the press. Employees submitted questions online and the first 5 questions with 50 votes would be addressed. Mayer even allowed employees to submit anonymously, which naturally invited in the tougher questions. From an outside perspective, this was a genius move on her part and showed that she was being transparent and penny willing to put herself on the line. This next topic goes without saying that Yahoo! Has been hit hard by the mismanagement of their Chief Executive Officers in recent years. As stated above, the selection of the CEO is a critical task of the board and its committees. Yahoo! Has terminated four Chief Executives in three years. Mayer took the reins in 2012 following Scott Thompson resume embellishment that was made public only four months into his tenure. Each of the two interim Chief Executives had been deemed unsuitable to take the role on permanently. This is an example of poor governance; the situation tit Thompson may have gone away more rapidly had Yahoo! Not already terminated the 3 Chief Executives before him. This is also a problem of succession planning as 2 of the interim Chief Executives were internal. On the other hand, how might a company be prepared to nominate two internal Chief Executive candidates who are ready for the role in such a short space of time? Chief Executives are not interchangeable. It is believed that Yahoo! Did the best with what they had to work with, it just wasnt enough. To make matters worse, at the time of the Thompson revelation, the chair of he nomination committee, Patti Hart (who approved Thompson) was also found to have an embellishment on her resume. This is was an embarrassment for Yahoo! As the filing had already gone to the SEC to which the board was accountable. The concepts that stand out in this instance are: honesty, meaning not misleading and of strong morality and integrity, mean inning of high moral value and professionalism; such principles are expected by a board of a ($billion) company. One article describes the dilemma well. Should we be focused more on education or on ethics? Enders 201 2) As an outsider, I believe ethics weigh stronger than education; especially as top executives receive ongoing, relevant training and development. In Thompson case, he resume claimed a computer science degree from the asss which would have added little value to the company. Makes one wonder if it was really worth the risk. Oversights do happen, yet this particular one had been following him around since the early asss. Based on the updated company nomination guidelines, such mistake will likely never happen again as better, more appropriate checks and balances have been set in place. The final topic is around independence. As outlined above, a unitary board just have independent directors and committees to ensure that decisions are made in the best interest of the company. At the time of Thompson and Harts tenure, the only thing that makes sense is that the board became too comfortable and exercised gross oversight and incompetence. The trouble here was that the board didnt question the independent committees findings. Independence is important, though so is due process. (Labeled Sillies 2003) The audit committee was not involved and the chairman at the time was known for not rocking the boat. Brenner 2014) The results were crippling for the company. The concepts that require discussion and analysis are: responsibility, having clearly defined roles and reputation, an estimation of having done something well. Although each board member looked adequate on paper, there were many gaps that could have been avoided if the directors had been diverse enough or willing t o take a stand to ensure that all the boxes have been ticked. It seems that each was relying on the other to do the right thing and each accepted the general consensus without further query. This proved damaging to the reputation of the entire board and some lost their appointments as a result. On a positive note, Yahoo! Now have a new guideline in place to ensure that three committees review and approve a nomination before it goes to the board for further review. This is consistent with best practice for unitary boards. 5. Recommendation Mayer has been CEO for a little more than two years. Since then, she has driven more than 30 acquisitions worth more than $1 billion; she has also initiated a monthly bell curve review of all staff which determines merit for bonuses and in some cases, termination. Stock price has tripled under her tenure. Her decisions are not always popular, yet shes doing what few before her were able to. Therefore, its recommended that the board continue to give her money for acquisitions and also for RD to make Yahoo! Known for its products, not just its acquisitions. Mayer has been heavily criticized in the press for making decision based on feeling. Not all her decisions have worked out well, yet she has not yet created a pattern of poor decisions making. I recommend that she remain CEO for another two years to bring her strategy to fruition. That way, shareholders will continue to reap the rewards of the tock price whilst Mayer continues to harness energies toward customer experience, which is where her expertise lies. 6. Conclusion The past several years have been tough for the company. The good news is that Yahoo! Appears to be turning things around for the better. It was a big risk for the board to hire a green CEO. Her successful track record at Google as well as her industry contacts and networking skills will prove invaluable. Meyers gender, age and rapid ascent into executive management have earned her a national celebrity status.

Market Risk Analysis on Solar Thermal vs. Solar Photovoltaic System in Essay

Market Risk Analysis on Solar Thermal vs. Solar Photovoltaic System in UK - Essay Example It is a universal knowledge that the burning of oil and natural gas could produce and emit excessive carbon monoxide and carbon dioxide that could trigger global warming. To combat the global climate changes, the UK government decided to gradually shift from the use of non-renewable to renewable energy resources (Committee on Climate Change, 2010). Recently, the Committee on Climate Change announced that the Scottish Government will reduce the carbon gas emission by 3.5% annually between 2020 to 2050 (Committee on Climate Change, 2011). As a result of increasing the use of non-renewable energy resources, the annual emission of carbon dioxide throughout the United Kingdom decreased from 8.95 metric tons per capita in 1995 down to 8.6 metric tons per capita in 2007 (Federal Statistical Office Germany, 2010). Solar photovoltaic (PV) and solar thermal is another form of renewable energy resources that will enable the UK government to generate electricity using the sunlight that falls upon the silicon layer of a solar system (Goodall 2007, p. 268). To enable the reader gain a better understanding of solar PV and solar thermal system, a brief literature review will be conducted concerning the nature and advantages of these two alternative energy resources. Given that existing UK renewable energy industry is focused on the use of biofuels, wind power, and hydroelectricity, this report will conduct a risk management analysis whether or not the UK government should extend its financial and political support in the promotion of either solar photovoltaic or solar thermal as one of the potential renewable energy resources throughout the United Kingdom.

Trading decisions of individual investors Evidence of psychological Essay

Trading decisions of individual investors Evidence of psychological biases - Essay Example The Common Stock Investment Performance of Individual Investors†, Barber and Odean (2000). Barber and Odean (2000) studied data of stock market transactions undertaken by 78,000 households, from January 1991 to December 1996. Under the overconfidence model, investors who are overconfident about executing a profitable trade will trade more frequently in the market, and because much of their market action will be based on emotion (overconfidence) rather than deliberate and pragmatic study, their trades will be of lower expected utility. The resulting net return of households with high turnover will be inferior to those less frequently traded accounts. By comparison, the rational expectation framework of Grossman and Stiglitz posit that when investors trade, it is because they perceive that the marginal benefit they will realize is greater than the marginal cost they will incur. Since such investors trade only when such opportunity presents itself, which probably will be as often as not, then the rational investor transacts less frequently, incurring a lower aggregate transaction cost. The study discovered that households that have lower turnover (and thus traded less frequently) had larger accounts that those households that had higher turnover. This may be explained by the fact that investors who trade less frequently are longer-term investors whose objective in entering the market is for capital appreciation rather than the â€Å"quick buck†. They will tend to select stocks of â€Å"blue chip†, investor, quality, and to maintain that position for years. The earlier investigation done by Odean (1998) sought to discover whether or not individual investors tended to maintain a losing position too long and, conversely, close out on their gaining stocks too soon. This has direct bearing on the Prospect Theory by Kahneman and Tversky (1979), originally conceived as a

The Kings Contributions To Development Of Thailand History Essay

The Kings Contributions To Development Of Thailand History Essay With the constitutional monarchy belonging to the country, on 9 June, 1946 at the tender age of 18, King Bhumibol Adulyadej ascended the throne in the name head of state by not involving to political activities for leading country after the death of his brother, King Ananda. Due to the law of constitution, the king was restricted into a narrow role and segregated from the reign of power; however, with the purpose of developing nation and being capable, the king establish his base of support among Thai people which was the step of his mission. The absence of government support had made the king face to harsh reality in his initial phase of his development effort, but the king still was able to continue his efforts. For over 6 decades of reign, King Bumibol Adulyadej has contributed a number of developments in social, economic and political field to his nation and got more respects from his people constantly. His Majestys contributions to social and economic development The first decade of kings contributions (1946-1955): Mainly focusing on rural development, the king had set up thousands of development projects aiming to promote potential consumption among the Thai rural poor. For instance, in early 1950s, the severe epidemics ravaged the Thai population and caused people loss of life, physical impairment and chronic suffering, as the consequence, the king personally set up the project of promotion of large scale disease control by contributing over 2,000,000 baths, and more importantly, from this project, many constructions of rural hospitals were established to serve public. Besides this project, many agricultural projects were established at the same time in order to accelerate the rural poors living standard. From this flying in northeastern Thailand over Phuphan Mountain in 1955, the king notice the inadequate rainfall to the arable land belonging to farmers; as the result, from this understanding over the facts farmer faced, the king started to set up project of water irrigation to help poor farmer for their cultivation. From this project, the idea of artificial rain introduced by His Majesty was facilitated by technological advances; moreover, fresh water for public consumption was also introduced under this water management project. In the educational sector, His Majesty set up the scholarship fund in 1955under the name of Ananda Mahidol to enable outstanding students to gain more academic knowledge abroad to serve the nation. The second decade of kings contributions (1956-1965): In this second decade of reign, His Majesty still continued to take many actions to broaden his rural development mission. At this time, His Majesty, moreover, started to strengthen the diplomatic tie with other nations with the belief that it is a key to stabilize Thailands security and continue Thailands prosperity. For second decade of his reign, His Majesty had spent most of his time abroad with long-version mission for his country. By mid-1960, His Majesty had embarked on a whirlwind tour of 15 nations in North America and Europe. Between 1961 and 1967, His Majesty visited 13 other countries in Asia, Australia, and made similar visits to Germany, Austria and the US (Bangkok Post, 2006). The visits of His Majesty aimed to establish international diplomatic relationships between Thailand and the globe, and more importantly to express Thailands image on the international stage in order to gain countrys international credibility. Furthermore, seeking Western support in countering the spread of communism which was a threat to Thai national security was considered as the underlining objective of the visit of His Majesty who wanted to strengthen the democratic system in his country for making prosperous living for his Thai people. From this state visiting of His Majesty, Thailand did get huge recognition and acknowledgement from international community; as the result of His Majestys diplomatic efforts, Thailand was considered as the significant actor in the arena of foreign affairs which contributed a significant role in helping to creating ASEAN. In the internal affair of Thailand in 1960, Thailand faced the worst national disaster which a severe typhoon devastated the thirteen provinces in southern of country, and at the same through his Au Sau Radio program, His Majesty raised 11 million baht from the donations of public to emergency help victims affected by natural disasters. Later on, in 1963 many foundat ions were established under the effort of His Majesty with purpose of emergency help and rebuild some infrastructure after getting natural disaster. Besides, His Majesty continued his effort on the agricultural section by conducting many research and experimentation to explore new methods of rice cultivation and dairy farming for his poor farmers and to see his Thai people with fuller stomach. From his hard-working on social development, His Majesty earned and organized his broad-base public support. The third decade of kings contributions (1966-1975): In 1971, artificial rain services were officially offered to the farmer by The Royal Rain-Making Research and Development Project. From this artificial rain services, the serious effects of the dry season to the farmers were reduced and people were able do their cultivation with other water management project efficiently; moreover, His Majesty still contribute his active involvement in this operation of the project till the present day. With the free charge of the Royal Rain provided by His Majesty, Thai farming enjoyed the significant benefit in cultivation even though the highly developed technological base was introduced in country by government. Moreover, from this royal rain services, His Majesty is remained in the heart of Thai people mostly Thai farmers up to nowadays. During the second decade of his reign, many complex problems were faced by Thai society; for this reason, His Majesty set up the approach to every issue with way of wisdom and sensitivity. His Majesty Bhumibol Adulyadej (December 15, 1970) delivered the speech to public that I dont wish to see anybody succumb to anybody else. I am for democracy. But we must create genuine and appropriate democracy. Democracy without wisdom will turn in chaos. And that Chaos will develop into anarchyà ¢Ã¢â€š ¬Ã‚ ¦ we must respect the dignity of humans, the dignity of individuals. We should think of how to promote peoples dignity. From this valued approach, His Majesty won the hearts of minority group in the Northern Thailand, and His Majesty could hold the hands of both side -the minority group and the government- to a solution over the problem of opium production done by minority group. Later on, His Majesty could convince the minority group to give up their traditional cultivation by planting opium, and to adopt the cash crops cultivation introduced under the royal project set up by His Majesty. Following this new cultivation, the minority group was ab le to enhance their standard of living with the higher income contributed to their budget. As a consequence, the illegal supply of opium from the northern part of country was extremely reduced, and that was considered as a great sign for Thailand to adopt legal market in the country with best obvious approaches to solution contributed by His Majesty. The fourth decade of kings contributions (1976-1985): For this decade of his reign, His Majesty still set up his commitment to rural development. The royal co-operative project was established for the purpose to teach farmer to rely on themselves by cooperating with each other and to help them from the exploitation of middleman merchants, capitalists, and the capital investment; moreover, from this project, His Majesty initiated the first Rice Bank in 1975 and the Cow and Buffalo Bank in 1979. At Thammasat University when visiting for musical performance, His Majesty (March 6, 1971) delivered a speech to farmers over the problem of exploitation from the middleman that à ¢Ã¢â€š ¬Ã‚ ¦if one wants to solve this problem, the starting point is to coalesce in groups, as a group of consumers have contact with the group of producers. Agreements should be made and there should probably be an establishment of a mill house or negotiations with the mill owner in order to prevent the middleman p rocess. If all rice consumers set up groups, buying paddies and milling paddies themselves or having them milled by an agreed operator, passing through one channel, the producers, the millers and the consumers could solve the question of the middleman. As the result, The Rice Bank was the part of the royal co-operative project and guideline to ensure that the project would get success. From the Rice Bank, farmers have to join together and keep their rice into the bank barn which means that it is the source of reserved food; moreover, the Rice Bank had its committee which practiced as the keeper and decided to give loan with minimum interest rate to farmers for consumption or to be used in their cultivation. From this policy, it helped the poor farmers from exploitation of outsiders. Cows and buffalos were the essential element for farmers to do their cultivation; however, some poor farmers were not able to own cow or buffalo for their cultivation. By understanding this issue, His Ma jesty initiated the Cow and Buffalo Bank to his poor farmer. From the Cow and Buffalo Bank, poor farmers were able to borrow cow or buffalo from the bank to use in any beneficial ways according to the agreement of the bank; moreover, poor farmers could also do long-term purchase installment for cow or buffalo with agricultural purposes. More importantly, the research and development centre was established in 1979 to guarantee that many new development methods and projects would provide to rural development. His Majestys actions were more recognized by public and the government. Shortly after this establishment of centre, in 1981, understanding the sustainable actions of His Majesty to rural development, the government discovered the office of the Royal Development Projects Board (RDPB) matched to His Majestys Royal projects by contributing professional and financial assistance from the appropriate agencies within the government; therefore, from this discovery, it led to have the inc rease of floating fund to the budget, so many other His Majestys initiated projects have increased in number as well. The fifth decade of kings contributions (1986-1995): Again and again, His Majesty showed his commitment in social development which started in the first decade of his reign without support from the government till the fifth decade of his reign with a number of supports from public and the government. Many projects related to water irrigation, preventing soil erosion, building canal, etc were continued with contributions of His Majesty. From 50-year experience engaging in the development practice, His Majesty had revolutionized a new approach called The New Theory which was outlined into three parts to serve as guideline for farmer to get self-sufficient in their life. From this new approach, the farmers have firstly to empower themselves by starting with their individual level, and then they have to strengthen the entire community in order to effectively collaborate with the outside, and the last point is to envision fair and equal partnership between their community and the private sectors. His Majesty strongly believed that if the farmers can adopt this approach, it is clearly sure that they will improve their living standard. The six decade of kings contributions (1996-2006): In the six decade of His Majestys reign, Thailand faced the unexpected and dramatic collapse of its economy caused by financial crisis in 1997. This crisis caused millions of Thai people jobless and seriously affected to the whole country and region. Soon, His Majesty introduced the new approach or theory called Self-Sufficiency Economy to his country. (This point is going to be discussed in economic His Majestys contributions part.) His Majestys contributions to economic crisis There are many causes of the economic crisis in Thailand in 1997; however, one of those causes was the too much expansion of production with no buyer. For Thailand, from this crisis, it is the costly lesson of unbalance and unstable growth which partly due to the situation of economic and social process depending heavily on foreign capital flow and external market. With the understanding of the source of causes of crisis, His Majesty introduced the Self-Sufficiency Economy philosophy to his nation by giving an interesting speech to his people that In fact, I have often saidà ¢Ã¢â€š ¬Ã‚ ¦ to be a tiger is not important. The important thing is for us to have a self-supporting economy. A self-supporting economy means to have enough to survive. From this speech, His Majesty convinced that it was not too much important for Thailand to hold the position as an economic tiger, or be recognized as a newly industrialized country, but what much important is the living in moderation and being s elf-reliant in order to prevent ourselves from the destabilization caused by the external actors in the globe. The main concept of the Sufficiency Economy is to enable Thailand to remain self-reliant, staying in middle path between society at the local level and the market in the global context, reserve of richness of the ecosystems and survival without the necessity of intervention from external factors. From this concept, the government now commonly include in many development project for the country.

Creon as the Tragic Hero in Sophocles Antigone Essay example -- Antig

Creon as the Tragic Hero in Antigone     Ã‚   This essay will compare two of the characters in â€Å"Antigone†, Antigone and Creon, in an effort to determine the identity of the tragic hero in this tale.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To identify the tragic hero in Sophocles’ renowned play â€Å"Antigone†, we should first consider both the elements present in Greek tragedies and what characteristics define a tragic hero. Aristotle’s definition of tragedy is: â€Å"Tragedy is a story taking the hero from happiness to misery because of a fatal flaw or mistake on his part. To be a true tragic hero he must also elicit a strong emotional response of pity and fear from the audience. This is known as catharsis or purging of emotion.† In most cases the tragic hero begins the play with high status, which is often lost in the exodus of the play. For example, in another of Sophocles’ plays, â€Å"Oedipus Rex†, in which Oedipus is the undisputed tragic hero, Oedipus begins the play as an illustrious king and ends as a blind beggar. His plight encourages sympathy from the audience because of the curse that had been on him since he was a chil d.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Antigone, to whom the play owes its name, is daughter of Oedipus, the former king of Thebes. It would seem that she has a relatively high position for a woman, based on the fact that she has a marriage tie to Haemon, son of Creon, the present king of Thebes.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Antigone, rather than being happy at the plays’ beginning, instead makes her entrance in the opening scene very upset with the order given by Creon not to bury her brother Polynices. Antigone is then caught while burying Polynices and seems almost content with being put to death, â€Å"I earned the punishment which I now suffer† (Antigone, 152), though... ...† In Twentieth Century Interpretations of Oedipus Rex, edited by Michael J. O’Brien. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1968. Heidegger, Martin. â€Å"The Ode on Man in Sophocles’ Antigone.† In Sophocles: A Collection of Critical Essays, edited by Thomas Woodard. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1966. Jaeger, Werner. â€Å"Sophocles’ Mastery of Character Development.† In Readings on Sophocles, edited by Don Nardo. San Diego, CA: Greenhaven Press, 1997. Segal, Charles. Oedipus the King: Tragic Heroism and the Limits of Knowledge. New York: Twayne Publishers, 1993. Sophocles. Antigone. Exploring Literature: Writing and thinking About Fiction, Poetry, Drama, and the Essay. Ed. Joseph Terry. New York: Addison-Wesley Educational Publishers Inc, 2001. Sophocles. Oedipus Rex. Trans. Bernard M. W. Knox. New York: Washi ngton Squ are Books, 1994.