What Happened At The Macondo Well - 1007 Words

Humans are a poisonous sludge, slowly poisoning ourselves and all other inhabitants. There are many ways we do this, offshore oil drilling being one of them. Offshore oil drilling is the process of drilling into the earth and pulling up petroleum, a natural fuel source made of decomposed organisms. While there are many positive effects, there are too many negative ones for oil drilling to continue. Offshore oil drilling is too dangerous to be considered safe for use in the ecosystem. Not only is it too dangerous, oil rigs are made in an environment many would deem too hazardous for settling any type of structure. Oil drilling kills many people each year and pollutes the marine environment, killing the oceans natural inhabitants.†¦show more content†¦Nature is unpredictable and one cannot prepare for every outcome. While nature is a big factor in well breaches, one main factor is the oil companies’ lack of restrictions. This is demonstrated in National Environmental He alth Association Position on Offshore Oil Drilling, where the author states: An ABC News review of federal records shows that in spite of chronic safety violations, MMS†¦ In a majority of cases in which workers were killed, there was no record of fines paid. When fines were imposed, the maximum penalty was only $25,000 (5). This quote shows how much the oil companies are allowed to get away with. If this were to happen in any other industry, they would have been arrested and forced to pay millions of dollars in fines, but not when it comes to oil because of how much revenue it brings in. The amalgam of these three facts shows the dangers of oil drilling in the extreme environments that oil is found in. In addition, offshore oil drilling causes water pollution and disrupts the marine ecosystem. Doctor Ermal Xhelilaj states in his article, The Behavior and Effects of Oil Pollution into Marine Environment and Oceans† that â€Å"Shorelines are also vulnerable to the oil pollution and a study of the US Coast Guard has revealed that exposed rocky cliffs and seawalls, wave cut rocky platforms, fine to medium-grained sand beaches, coarse-grained sand beaches, mixed sand and gravel beaches, gravel beaches/ riprap

The Mexican -american War And The Annexation Of The...

Juan Garcia Instructor Froese History 11 December 6, 2016 The Mexican -American War and the Annexation of the Republic of Texas (1836-1845) Since the United States was founded as an independent nation from Great Britain, its people had confronted many economic, political, and social problems. The United States started to expand its territory in the western part of the country. Some examples are the Louisiana purchase from1803 and the Spanish Florida annexation. One of the most significant and controversial in the antebellum years was the Texas annexation which was a result of the War between Mexico and the war of independence by Texan rebels on the late 1830’s and 1840’s. Therefore, the annexation of the Republic of Texas existed from 1836-1845 produced controversy and consequences on both sides of the border. In order to understand the consequences of the war, it is important to mention some struggles that confront both countries. First, in 1803, the United States had purchased the territory of Louisiana claiming that the purchase also includes the territory of Texas. The Spanish responded by closing the border where many mercenaries had been penetrated. However, the Spanish attempt to colonization failed; as a consequence, the Texas territory was scarcely populated. The Spanish crown allow the immigration of residents of Spanish Louisiana and Florida to settle in the territory of Texas. Yet, there some important conditions: they must belong to the Roman Catholic ChurchShow MoreRelatedEssay On Manifest Destiny1432 Words   |  6 Pagesfrom, the Annexation and war with Mexico being one of them. Annexation is the action of invading, most times it was about invading land. There were more Americans living in Texas then there were Mexicans. Eventually Texas became an independent republic in 1 836, this simply added to the events leading up to the war with Mexico. 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Complementarity of Wind Solar Energy Resources †MyAssignmenthelp

Question: Discuss about the Complementarity of Wind Solar Energy Resources. Answer: Introduction Managing and regulating the energy resources is crucial for every country to protect the natural resources. However, in the developing country if energy emission is high it affects the economic growth as well as the environmental sustainability. For this reason, it is important for every country to manage the energy resources in a proper way (Adalet et al. 2017). In the recent years, energy management is a big challenge for the developing country. OECD includes 35 countries one of the most important is UK. The main of OECD is to improve the economic and social well being of the individuals in the world. OECD offers a forum where the government of each country makes a collaborative work with the stakeholders and share the experience with the people regarding the energy management (Busemeyer and Garritzmann 2017). On the other hand, INDCs or Intended Nationally Determined Contributions refers to a term categorized under UNFCC. The purpose of INDCs is to reduce the green house gas and t o keep the global warming below 2C. In order to conserve the energy resources, it is important to forecast the climate change. This study deals with the INDCs policy, stakeholder analysis of UK and factors affecting the availability of the energy resources in this country. OECD includes 35 countries in the worldwide. However, the purpose of OECD is to bring economic and social development in such countries. UK is one of the crucial members of such country. Energy conservation is crucial to bring economic development in a country. UK stakeholder refers to the government of UK, industries of UK and the employees of UK (Benjamin 2017). However, stakeholder analysis is associated with the rules and regulation of INDCs. The major policy of INDCs is the climatic control by managing the energy sources in a country. However, it is crucial for a country to manage the energy resources to facilitate the economic growth of the country. Various countries are associated with the international climate agreement categorized under UNFCC or U.N. Framework Convention on Climate Change Conference of the Parties (COP 21). This agreement has been established in Paris in the year 2015. In this agreement, the countries have made an outline about the steps based on which they will bring a climatic change in post-2020 (Wri.org. 2017). Such new agreement is termed as INDCs or Intended Nationally Determined Contributions. According to this Paris agreement, the countries need to increase the awareness about the emergence of the global temperature. On the other hand, global temperature should be below 2C at the second half of this century (Dai et al. 2017). UK is associated with the Paris agreement to control the climate change. However, UK government has taken a vital initiative to comply with the terms and condition of this agreement. According to this agreement, the parties those are involved in INDCs need to develop strategies by 2020 to reduce the greenhouse gas emission and to publish mid-century (Wri.org. 2017). For this reason, UK government needs to incorporate energy efficient strategy to get control over the climate change by 2020. However, the industries especially the oil and gas industries need to involve in the reduction of carbon emission. The UK government needs to engage the business owners of UK to take initiative to conserve the energy by limited using of natural resources. It is important to conserve the natural resources and use renewable resources besides reducing the carbon dioxide gas emission. Apart from the government and the industrialists, employees of the oil and gas sectors need to comply with the rules of INDCs while working (Busemeyer and Garritzmann 2017). Temperature control is associated with the zero gas emission and energy conservation (Wri.org. 2017). It is important for the UK stakeholders like government, business industries, employees, and citizens to give the effort to conserve various energy sources like solar energy, water energy, and wind energy. The stakeholders require limited use of such energy resources to keep the temperature under control. The citizens and the business industries should support the UK government and need to comply with the government rules. This will enable UK government to keep the global temperature below 2C by 2020, which ensures the fulfillment of INDCs rule (Theccc.org.uk 2017). In order to limit the climate change, zero emission of gas is required for UK. In order to control the climate change, UK should develop a robust plan to meet the legislated carbon budget in UK. On the other hand, measurement of the effectiveness of policies and deliverable of the policies require proper arrangement. Howe ver, if the UK government measures the policy properly then emission can be reduced. This will be effective for the UK government to meet the aim of Paris agreement. Apart from this as the prime stakeholder of UK, the government needs to adopt a strategy to reduce the green house gas emission from agricultural and aviation industry by utilizing modern technology. Factors affecting availability and management of the energy resources Supply is the big factor that is associated with the availability of the energy resources. However, if the supply chain is not perfect then it is difficult for the energy market to increase the availability of the energy resources (Schwartz et al. 2017). It is important for a country to improve the structure of the supply chain management for the energy resources. Stakeholders as suppliers need to manage the logistic to increase the supply of the energy resources. Based on the management of the supply chain the availability of the energy resources can be determined. If the supply chain is poor then the energy cannot be reached to the consumer domain. Demand is another factor that influences the availability of the energy resources. However, based on the current market demand the availability of the energy resources can be measured. If there is a high demand in the market then more availability of the energy resources is required. On the other hand, if there is less demand for the ene rgy then availability will be less. As for example, in UK there is a high demand for the natural resources as a result, more energy from natural resources like solar energy, wind energy is required (Omer 2017). Transportation is another factor that affects the availability and management of the energy resources. However, there are various constraints in the gas supply pipeline and capacity of electrical transmission. Hence, if the transportation of energy cannot be managed then it will be difficult for the country to manage the energy resources properly. On the other hand, availability of the energy resources is based on the geographical factors. Natural resources of energy like coal, gas, petroleum are not available in all countries. In some countries, these are available in a huge amount and in some areas; there is less availability of such resources. As for example, in UK 60% of the energy comes from abroad. Russia exports coal and Norway exports gas in UK (goodenergy.co.uk 2017) . UK depends on the imported energy resources to supply energy throughout the country. Therefore, UK includes renewable energy sources. Hence, home-grown fuels are the good source that provides half of the energy in UK energy market. However, the above factors influence the UK energy market as well as the availability of the energy resources. It has been important for a country, to conserve their energy resources and make them available to the consumer. Impact of the factors on rising energy demand In UK the energy demand is high due to the growing population and the economic stability. In order to meet the demand of the energy, it is important for the suppliers to reframe the supply management process of energy. Supply and demand are related to each other (Majumder et al. 2017). However, if the demand is high then supply chain should be strong by making the energy resources available in the market. In UK, maximum energy is generated from the outside of the country. Foreign countries are the major contributors of the energy resources. The coal and gas are imported into UK. However, as maximum energy in UK comes from the foreign countries thus, the supplier has a big role in UK energy market. They need to communicate with the foreign countries and to increase the availability of the energy resources. On the other hand, if there is the low supply of the energy in the UK market then it is difficult for the country to cope with the rising energy demand of the country (Zheng et al. 2017). On the other hand, transportation of the energy is crucial. However, it is crucial for the UK energy sectors to maintain the gas pipeline and electricity transmission to meet the demand of the rising energy. Development of the energy transmission infrastructure is essential to meet the demand of the market. On the other hand, the geographical factor that highlights on the different locations of a country is associated with the management and availability of the energy resources. The energy suppliers of the UK need to identify the regions where the coal and gas are available. However, if in a location of UK the energy demand is high and the geographic region of this area is not enriched with coal and gas then energy scarcity can occur (Miglietta et al. 2017). Allocation of the energy resources refers to the allocation of oil and gas that is associated with hydrocarbon accounting. In the context of the petroleum management process, the ownership of the extracted hydrocarbon is identified (Soares et al. 2017). Hydrocarbon accounting is associated with the inventory control, transportation practice and material balance. However, during the high energy demand, the energy allocation needs a spontaneous method. Rising energy demand gives an opportunity to the investor to invest more in the energy allocation system. This often leads the investors to contribute more to the energy supply in order to meet the rising demand. During the high energy demand, the energy cost will be increased and the energy will be allocated against the high price in the consumer domain. On the other hand, during the low demand of the energy, the allocation cost is low. Technological advancement Energy management can be done with the help of advanced technology. However, the advanced technology is associated with the building management, manufacturing process, and automatic control system. However, building automation system, distributed control system, and building energy management system are the major technological systems of energy management (Soares et al. 2017). Energy management system technology includes the measurement of the energy inputs from different metering devices. Control of the output devices is another part of the energy management system. On the other hand, use of a separate controller for each system is helpful to manage the energy. However, the communication network is associated with input, output and control method. Control based on the multiple inputs refers to the sensor, data of external system and time of the day. With help of advanced technology, one can measure the log value of the inputs regarding the data of energy meter. On the other hand, th e report of energy consumption can be analyzed with the help of modern technology (Kupzog et al. 2017). Energy producing countries refer to the oil and gas producing countries. However, the poverty rate is high in the oil exporter countries (Buxton 2017). On the other hand, poor healthcare, poor educational performance, and child mortality are very common in the oil exporter country. In order to reduce such social and economic consequences oil exporter countries export energy to other countries. Export of oil enables these countries to increase the employment rate and improve the infrastructure. Per capita income increases by exporting oil in such countries. As for example, in North America and Middle East soared high revenue is generated by exporting energy. The disparity between the oil wealth and poverty is notable in Nigeria. However, oil dependence is negatively correlated with the healthcare expenditure. On the other hand, the oil exporter countries contribute less in the healthcare sectors. Child malnutrition is very common in such countries. Evaluation of the barriers in achieving INDC, which is stated by COP21 target in UK UK has developed a strategy to reduce the green house gas emission from their country, which is the main aim of INDC or Paris agreement. In order to maintain the temperature below 2,C UK government sets a target to lead the domestic emission to net zero. However, reduction of the consumption of the energy by controlling people behavior is a big barrier for the UK government (Eid et al. 2016). On the other hand, it is important for the UK government to meet the carbon budget in this country. For this purpose, decarbonization of the electricity is required. Zero emission from the vehicle and heating should be done. For this purpose, new policy needs to introduce by UK government, which may change the operation process of the industry. This may lead this country to face resistance from the investors. In order to reduce the zero emission of carbon in agricultural and aviation industry, UK government has developed strategy (Theccc.org.uk 2017). This may lead this country to face challenge s from such industries. For the net zero emission, such industries need to use renewable energy sources, which is costly. As a result, the barrier can occur from such industries as it may increase their operation cost. Conclusion The above piece of work reveals the management of energy resources and the major aim of INDC associated with COP21. However, according to the Paris agreement, the global temperate should be below 2C by 2020. However, for this purpose UK government has taken initiative to reduce the carbon emission from different industries. However, a major resistance can be occurred from such industries, as they need to change their operation process. On the other hand, several factors like supplier, transportation, and geographical factors are associated with this energy management. References Adalet, M., Andrews, D. and Millot, V., 2017.Insolvency Regimes, Technology Diffusion and Productivity Growth: Evidence from Firms in OECD Countries(No. 1425). OECD Publishing. Benjamin, D. 2017. Correlating hotspot issues: implications for Paris climate agreement and international climate policy regime.Environmental Science and Policy. Busemeyer, M.R. and Garritzmann, J.L., 2017. The effect of economic globalization on compensatory and social Investment policies compared: A multi-level analysis of OECD countries. Buxton, J., 2017. Social Policy in Venezuela: Bucking Neoliberalism or Unsustainable Clientelism?. InTowards Universal Health Care in Emerging Economies(pp. 347-371). Palgrave Macmillan UK. Dai, H., Xie, Y., Liu, J. and Masui, T., 2017. Aligning renewable energy targets with carbon emissions trading to achieve China's INDCs: A general equilibrium assessment.Renewable and Sustainable Energy Reviews. Eid, C., Codani, P., Perez, Y., Reneses, J. and Hakvoort, R., 2016. Managing electric flexibility from Distributed Energy Resources: goodenergy.co.uk. 2017.Good energy. [online] Available at: https://www.goodenergy.co.uk/blog/2016/10/01/where-does-uk-energy-come-from/ [Accessed 21 Nov. 2017]. Kupzog, F., Elmenreich, W. and Bieber, R., 2017. Managing data and complexity in energy systems. Majumder, S., Khaparde, S.A., Agalgaonkar, A.P., Ciufo, P., Perera, S. and Kulkarni, S.V., 2017. DFT-based sizing of battery storage devices to determine day-ahead minimum variability injection dispatch with renewable energy resources.IEEE Transactions on Smart Grid. Miglietta, M.M., Huld, T. and Monforti-Ferrario, F., 2017. Local complementarity of wind and solar energy resources over Europe: an assessment study from a meteorological perspective.Journal of Applied Meteorology and Climatology,56(1), pp.217-234. Omer, A.M., 2017. Some Aspects of Solar and Wind Energy Resources. Schwartz, L., Wei, M., Morrow, W., Deason, J., Schiller, S.R., Leventis, G., Smith, S., Leow, W.L., Levin, T., Plotkin, S. and Zhou, Y., 2017.Electricity end uses, energy efficiency, and distributed energy resources baseline: Commercial sector chapter. Tech rep. January, Lawrence Berkeley National Laboratory. Soares, J., Ghazvini, M.A.F., Borges, N. and Vale, Z., 2017. A stochastic model for energy resources management considering demand response in smart grids.Electric Power Systems Research,143, pp.599-610. Theccc.org.uk. 2017.UK climate action following the Paris Agreement. [online] Available at: https://www.theccc.org.uk/wp-content/uploads/2016/10/UK-climate-action-following-the-Paris-Agreement-Committee-on-Climate-Change-October-2016.pdf [Accessed 15 Nov. 2017]. Wri.org. 2017.What is an INDC?. [online] Available at: https://www.wri.org/indc-definition [Accessed 15 Nov. 2017]. Zheng, C.W., Wang, Q. and Li, C.Y., 2017. An overview of medium-to long-term predictions of global wave energy resources.Renewable and Sustainable Energy Reviews,79, pp.14

The Leslie Fay Companies Essay Essay Example

The Leslie Fay Companies Essay Paper Background The Leslie Fay Companies was a women’s dress maker established by Fred Pomerantz. a former Women’s Army Corps uniform shaper during World War II. Despite the â€Å"volatile and intensely competitive† ( Knapp 34 ) nature of the industry. Leslie Fay grew to hold the 2nd largest one-year gross revenues compared to any of the other publically owned women’s dress makers. merely behind Liz Claiborne. Fred Pomerantz hired Paul Polishan for a place in the accounting section where Polishan befriended Pomerantz’s boy. John. After Fred Pomerantz’s decease in 1982. John Pomerantz became CEO and president of the board. holding been president of the company and supervising operations ten old ages prior. Polishan was besides promoted and became the company’s CFO and senior frailty president of finance. Although Leslie Fay’s central office was situated in New York City’s garment territory. the accounting office was off-site in Wilkes-Bar re. Pennsylvania. Polishan was known for his â€Å"strict and autocratic† ( 33 ) regulation in this location. demanding much from his employees and digesting really small. In Polishan’s absence. the accounting office was run by Donald Kenia. the company accountant. Contrary to Polishan’s demeanour. Kenia was mild and soft-spoken. We will write a custom essay sample on The Leslie Fay Companies Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Leslie Fay Companies Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Leslie Fay Companies Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The women’s dress industry suffered during the late 80s and early 90s due to the â€Å"casualization† ( Knapp 35 ) of American manner every bit good as the economic recession. The desire for more casual-looking apparels led to worsening gross revenues of frocks and other high-end garb. The recession besides caused â€Å"many consumers to restrict their discretional outgos. including the purchase of new clothes† ( 35 ) . This was a major blow to Leslie Fay’s chief customers—department shops. When some of these section shops filed for bankruptcy. Leslie Fay incurred material losingss. â€Å"In October 1991. John Pomerantz announced that Leslie Fay had achieved record net incomes for the 3rd one-fourth of the year† ( 36 ) . These net incomes were achieved despite the disabling economic state of affairs and John Pomerantz’s antique concern patterns that shunned â€Å"extensive market testing† ( 35 ) and the usage of computing machin es. While many rivals were financially fighting. Leslie Fay was turning. On January 29. 1993. Polishan informed Pomerantz of a major fiscal issue ; seemingly Kenia had â€Å"secretively carried out† ( Knapp 36 ) an accounting fraud for several old ages. exaggerating net incomes â€Å"by about $ 80 million from 1990 through 1992† ( 33 ) and subjecting â€Å"approximately $ 130 million of fake entries† ( 39 ) . Leslie Fay’s stock list was inflated. minimizing cost of goods sold and hence increasing the gross net income border. In add-on to the forging of â€Å"inventory tickets for nonexistent products† ( 39 ) and the fiction of â€Å"large sums of fake in-transit inventory† ( 39 ) . orders were prerecorded. price reductions were omitted from fiscal statements. and disbursals and liabilities at the period-end were non reported. Almost all of Leslie Fay’s diary entries associating to be were tampered with in some manner. Donald Kenia claimed full duty for the fraud. but because of his compliant nature and low bets in the company. many believed this to be false. Polishan. as CFO. â€Å"was straight responsible for the unity of Leslie Fay’s accounting records† ( Knapp 37 ) . and since he ruled the accounting office with an Fe fist. he was thought to hold played a greater function in the cozenage. Kenia lacked an obvious inducement in orchestrating this large-scale fraud since he was non compensated based on net incomes. but other executives. such as Polishan and Pomerantz. w ho owned a important sum of portions in company stock. did benefit. They received â€Å"substantial year-end fillips. in some instances fillips larger than their one-year wages. as a consequence of Kenia’s alleged scam† ( 34 ) . Pomerantz and Polishan claimed to hold known nil about these accounting mistakes. After the fraud was uncovered. the audit commission investigated and released a study that exonerated Pomerantz ( 40 ) . but Kenia subsequently confessed. in resistance to his original testimony. that Polishan â€Å"had overseen and directed every major aspect of the fraud† ( 42 ) . Polishan and Kenia were convicted. In 1997. Leslie Fay was ruled to pay $ 34 million in colonies and filed for bankruptcy. but the company was able to return to a â€Å"profitable condition† ( 42 ) before being bought out in 2001. The function of Leslie Fay’s external hearer in the thick of this fraud of course comes into inquiry. BDO Seidman had been Leslie Fay’s â€Å"audit house since the mid-1970s and issued unqualified sentiments each twelvemonth on the company’s fiscal statements† ( Knapp 39 ) . After the disclosure of the fraud. BDO Seidman withdrew these unqualified sentiments for 1990 and 1991. The accounting house took on a similar defence to that of John Pomerantz. claiming themselves as victims of misrepresentation. Leslie Fay shareholders sued BDO Seidman for foolhardy auditing in 1993. Leslie Fay’s fiscal statements had been â€Å"replete with ruddy flags† ( 40 ) . lending to the cases. These pending legal conflicts led to questionable hearer independency. therefore doing BDO Seidman to vacate as Leslie Fay’s hearer. Numerous misstatements in about all cost and liability line points leads to the inquiry of whether the deficiency of sufficient internal controls was mostly responsible for the fraud and if the external auditor’s failure to look into Leslie Fay’s internal controls caused them to lose such mistakes. Business Risk Assessment Nature of the Entity The Leslie Fay Companies was a publically traded house on the New York Stock Exchange in the concern of fabricating women’s dress. From its origin. Leslie Fay’s focal point was on bring forthing â€Å"moderately priced and conservative frocks for adult females aged 30 through 55† ( Knapp. 34 ) . In 1982. John Pomerantz. boy of Fred. became the company’s CEO and president of the board following a leveraged buyout after the decease of his male parent. The steadfast re-listed on the NYSE in 1986. Pomerantz. Polishan. and other company executives held big parts of company stock. and as a consequence. they had a direct fiscal involvement in the continued fiscal success of Leslie Fay. Top executives were besides the receivers of frequent and big year-end fillips. In some instances. these fillips were greater than their one-year wages. Structurally. the company CFO and accountant. Polishan and Kenia. had big overruling powers over fiscal informations. Internal controls were badly missing. leting direction to skew about all minutess related to cost. Polishan â€Å"‘dominated’ Kenia through bullying and fear† ( Knapp 42 ) . converting Kenia to blow up Leslie Fay’s gross borders. Until the fraud was uncovered. Leslie Fay produced the 2nd largest net incomes in the industry. puting the company in the leaderboard. Industry. Regulatory. A ; external factors To understand the place of Leslie Fay in the late eightiess and early 1990s. it is of import to look at the province of the women’s manner industry at that clip. Leslie Fay’s cardinal rivals included Oscar de la Renta. Donna Karan. and others. However. the firm’s top challenger was Liz Claiborne. â€Å"the merely publically owned women’s dress maker in the late eightiess that had larger one-year gross revenues than Leslie Fay† ( Knapp 34 ) . The firm’s chief clients. which were besides shared by its rivals. were the big section shop ironss. Several industry tendencies contributed to economic adversity. The most impactful of these tendencies was the â€Å"casualization† ( Knapp 35 ) of America. This was a tendency that had developed a few old ages before and was in full force by the late ’80s. Millions of consumers began to eschew the traditional impressions of women’s manner and opted alternatively to dress in more comfy vesture. This motion began with younger adult females but so hit adult females in the 30 to 55 year-old section. Leslie Fay’s mark market. More specifically. this displacement toward insouciant vesture significantly impacted women’s frock gross revenues. In the early 1970s frock gross revenues began to worsen as a consequence of the popularity of pants suits. and by the late 1980s the displacement toward casualwear had for good damaged the gross revenues of frocks. All of this was bad intelligence for Leslie Fay. Since they were a maker of â€Å"stylishly conservative frocks. † ( Knapp 34 ) they were stuck in a current towards insouciant vesture with a concern theoretical account trying to swim upstream. The civilization of deregulating in the United Sates that began in the seventiess. took off in the 1980s. and flourished in the 1990s and early 2000s had an affect on the fiscal and accounting sections of many companies. Specifically sing accounting. the PCAOB did non be until 2002. This meant the deficiency of a regulative organic structure to supervise the creative activity of and conformity with accounting and auditing criterions. In add-on. jurisprudence did non yet necessitate the modern. SOX-created version of the audit commission. responsible for the hiring and fire of the external hearers among other things. The CFO and CEO were non required to personally certify ( with a signature ) to the truth of the company’s fiscal statements. giving them less answerability. The overall deficiency of answerability for CFOs and CEOs and the more mellow attack that hearers took during that clip period enabled Leslie Fay’s dirt to go through through unnoticed for that long. A assortment of external factors influenced Leslie Fay. Most of import was the recession of the late eightiess and early 1990s. The recession merely heightened the jobs in the women’s manner industry. as consumers began to watch their disbursement and spent less on new apparels. There was an overall economy-wide diminution in retail disbursement. which hurt concern for the major section shops that were Leslie Fay’s clients. As a consequence of weak retail gross revenues. many section shop ironss were forced to either merge with rivals or to neutralize. This injury Leslie Fay because the lasting section shops. with which the house did concern. â€Å"wrangled fiscal grants from their suppliers† ( Knapp 35 ) . As Leslie Fay’s primary clients took hits during the economic recession. the fabrication house besides suffered great losingss. Internal Control From the information presented in the instance by Knapp. it is apparent that Leslie Fay did non hold an effectual system of internal controls. First and foremost is the fact that the firm’s accounting offices were located 100 stat mis off from corporate central office. Bing this far off from the Garment District in Manhattan would hold made it hard for internal and external hearers to hold a complete apprehension of how Leslie Fay’s concern operated since they could non physically detect it. In add-on. most accounting forces located in PA could non discourse issues face-to-face with people in corporate central office. Paul Polishan made frequent trips to New York. nevertheless he was finally responsible for orchestrating the accounting fraud. and his bossy leading manner exacerbated the issue. Anyone who asked for records had to instantly reply to Polishan. supplying a ground why they needed to cognize that information. This gave Polishan the possible ability to cover up information before anyone else could see them. Leslie Fay besides had a deficiency of any type of information engineering system. In an age where it had become platitude in the industry to utilize computing machine webs to supervise day-to-day gross revenues. the house was still doing calls to clients on a hebdomadal footing to enter gross revenues Numberss ( Knapp 35 ) . This made it easier to pull strings gross revenues and stock list Numberss towards the terminal of accounting periods. particularly when sing Polishan’s strong belief. because a deficiency of IT meant less-precise Numberss. In add-on. the accounting offices in PA were non up to rush with modern informations processing ; instead they did more work by manus. Last. the extent of the influence that Polishan had over Kenia. the accountant. and finally the full accounting procedure. indicated a deficiency of cheques and balances within the system. Knapp provinces in the instance that Kenia and other subsidiaries followed any order given by Polishan merely due to his bullying factor. A good system of internal controls would guard against this. a cardinal agreement Leslie Fay clearly lacked. Aims. Strategies. A ; Business Risks Leslie Fay had received ailments from consumers that its vesture line was excessively â€Å"old-fashioned. † â€Å"matronly. † and â€Å"overpriced† ( Knapp. 36 ) . Given these fortunes. the house should hold sought to revamp their merchandise line and industry more voguish vesture while remaining true to the basic thoughts about manner that Leslie Fay was known for. Unfortunately for the company. John Pomerantz insisted on making concern the antique manner and relied on himself and his interior decorators to calculate manner tendencies. This might hold worked had Pomerantz known what the overall tendency in the women’s manner industry was. but he did non do usage of market proving to see what adult females were truly looking for in vesture. The house faced many concern hazards during this clip period. The recession heightened competition as many houses were all aiming the same market section that was passing less on new vesture. There was besides force per unit area to get the better of Liz Claiborne as the gross revenues leader in the industry. Leslie Fay was besides pushed to develop trendier vesture in a changing set of consumer demands. The settlement and amalgamations of section shops led to many write-downs and loss of income for the fabrication house. Leslie Fay was besides capable to less-advantageous gross revenues footings forced upon them by the shops such as longer payment footings. more indulgent return policies. and increased fiscal aid ( Knapp 35 ) . As ever. the force per unit area is on maintaining costs down in the market they are in. Since they aimed for reasonably priced vesture. the house needed to drive down costs in order to do a net income on their ware. The house had to maintain gross revenues and net incomes up all while factoring in these alterations in the economic system and in their specific market place. Leslie Fay faced the force per unit areas of run intoing analysts’ projections. since they were a publically traded company. If they did non run into projections. they were capable to a loss of investor capital. Healthy fiscal Numberss were besides of import to keep for the interest of maintaining creditors happy. The house needed funding from both loaners and investors in its common stock to back up the design and industry of its vesture. Entity Performance Measures The province of the economic system and industry in the late eightiess and early 1990s led to cut down disbursement. which would hold translated to take down gross revenues and net incomes for most houses in the manner industry. However. as noted in the instance and as seen by Leslie Fay’s financials. the house was accomplishing record net incomes despite a slow retail industry ( Knapp 36 ) . Some cardinal fiscal ratios and observations are presented in Exhibit 1. An analysis of these ratios shows that. harmonizing to Leslie Fay’s doctored fiscal statements. they were more liquid than the industry norm. but less solvent. They had lower stock list. histories receivable. and plus turnover ratios than the industry. and the ages of their stock list and histories receivable were higher than the industry norm. Their gross border per centum was about on par with industry norm. nevertheless they showed a higher net income border on their gross revenues ( by 1. 31 % ) every bit good as a significantly higher ROA ( 9. 79 % higher ) . Their Roe was lower than the industry norm. A higher net income border on gross revenues. together with reduced gross revenues from 1990 to 1991. suggests that Leslie Fay manipulated cost-side entries. Fraud Triangle Incentive/Pressure Changes in consumer behaviour of the women’s dress industry pressured Leslie Fay as it suffered a diminution in clients in the 1970s and 1980s. During this clip. manner tendencies were switching to go more insouciant. and new manners included more comfy. well-worn garments like denims and jerseies. Even Leslie Fay’s mark market of adult females between the ages of 30 and 55 were dressing more casually and buying less frocks. As tierce of Leslie Fay’s entire gross revenues are attributed to frocks. Leslie Fay felt the force per unit area of the alteration in the dress industry ( The Leslie Fay Company Inc. History ) . It was besides affected by the economic recession of the late eightiess and early 1990s. The company’s major clients. section shop ironss. experienced a diminution in retail disbursement due to this recession ( Knapp 35 ) . The fiscal strain on section shops caused them to demand fiscal grants from providers like Leslie Fay. The company was asked to let the section shops longer payment footings and more indulgent return policies. and to supply more fiscal aid for in-store shows. booths. and apparel dress shops ( Knapp 35 ) . Retailers criticized Leslie Fay of fabrication apparels that were overpriced and antique. The company was forced to give discounts to sweeping clients that could non sell all of the dress they had purchased. Pressure from retail merchants created an environment that burdened Leslie Fay with happening new ways to maintain up net incomes. Executive compensation is another inducement to perpetrate fraud. Executives including Pomerantz and Polishan had significant involvements in the Leslie Fay Companies as they owned big blocks of the company’s stock. In add-on. executive fillips were highly generous. sometimes transcending one-year wages ( Knapp 34 ) . Top executives whose fiscal involvements were to a great extent invested in Leslie Fay through stock ownership and these big fillips were more likely to perpetrate fraud for their ain personal benefit. Opportunity A important facet of Leslie Fay’s operations was the geographical difference between corporate central offices and the accounting offices. Corporate central offices were located in Manhattan. while the accounting offices were 100 stat mis north-west in Wilkes-Barre. Pennsylvania. Paul Polishan dominated the Wilkes-Barre office. nicknamed â€Å"Poliworld. † as the CFO and senior frailty president of finance. This physical separation between the accounting section and other executives and top direction created an chance for fraud. Finance and accounting employees were non as closely supervised as those in the corporate central offices due to this geographical gulf. This besides limited the internal controls that could be implemented over the accounting section ( Knapp 33 ) . Public accounting houses were non yet regulated by Sarbanes-Oxley. making an chance for Leslie Fay Companies to perpetrate Fraud. SOX mandates that public companies obtain an incorporate audit. including an audit of fiscal statements and internal controls over fiscal coverage ( Messier 43 ) . BDO Seidman was non required to carry on an audit of internal controls as there was no bing ordinance. This means that management’s actions associating to fiscal coverage were non needfully being investigated by its external hearer. This deficiency of ordinance affected the audit processs performed by BDO Seidman. which left the internal control system unchecked. Attitude/Rationalization Paul Polishan’s ruling personality made him a powerful influence over his subsidiaries. particularly Donald Kenia. Polishan purely ruled the Wilkes-Barre offices and when senior directors from the corporate central office asked him for fiscal information he frequently demanded the ground they needed the information ( Knapp 33 ) . This defensiveness which should hold been a ruddy flag created an environment where people were hesitating to oppugn Polishan. The relationship between Kenia and Polishan was besides closely examined during the probe of Leslie Fay. Kenia claimed to hold been â€Å"dominated† by Polishan through bullying and fright ( Knapp 42 ) . Polishan’s dashing personality allowed him to intimidate Kenia and his staff into distorting fiscal minutess and commit fraud. Polishan’s laterality at Leslie Fay put a strain on internal controls. Case Questions 1. A common size balance sheet and income statement. every bit good as cardinal fiscal ratios are detailed in Exhibits 2 through 4. Key ratios that should pull hearer attending include stock list turnover and age of stock lists. histories receivable turnover and age of histories receivable. gross border. and net income per centum. The low and continuously diminishing stock list turnover and similar histories receivable turnover that the ratio spreadsheet shows means that stock list is sitting for 85. 68 yearss in stock before it is sold. and when it is finally sold Leslie Fay is non having the money owed to them for 56. 33 yearss. While this is to be expected in the recession that the company was confronting during this clip period. it is significantly longer than the industry norms of 53. 7 yearss for stock list and 45. 5 yearss for histories receivable. This should pull hearer attending to the stock list and histories receivable lines on the balance sheet. doing certain they are valued right and wholly. including appropriate allowances. With clients purchasing less and taking longer to pay for it. how does the company maintain the steady gross border and net income border in line with and transcending industry norms. severally? This is the cardinal inquiry that should hold drawn auditor attending and where hearers should hold exercised their professional incredulity. Decreasing stock list turnover and histories receivables turnover is to be expected in difficult times when clients want to purchase less and some are even traveling insolvent. but more attending should hold been focused on how Leslie Fay managed to transcend the remainder of the industry in net income border ( Leslie Fay’s 3. 5 % compared to the industry norm of 2. 2 % ) under these conditions. 2. In add-on to the balance sheet. income statement. and fiscal ratios. an hearer would wish to hold other cardinal fiscal information to execute the existent audit. For the hearer to make up ones mind what extra fiscal information was needed. he would foremost execute a comparing similar to that in Question 1. which evaluated the hazards on the fiscal statements. particularly in relation to industry norms. Through this analysis. the hearer would hold decided that physical stock list counts and substantial analysis of the stock list would be of import information to hold because Leslie Fay is a merchandising company whose concern wholly relies on its stock list. During a recession. it would besides be of import to verify gross revenues and the gross border. to guarantee that gross border is really higher than industry norms as the company claims. The hearer should scan for big and unusual entries. particularly at the terminal of the period. to guarantee that Leslie Fay is non merely fabricating extra stock list at the terminal of the period to convey down the cost of goods sold. Hearers should besides corroborate gross revenues with the clients both for happening and completeness of the minutess that were recorded. During this cheque it would be of import to read gross revenues contracts to guarantee that gross was recognized consequently. Finally. the hearer would necessitate to verify that Leslie Fay included a big adequate allowance for dubious histories. During this period there was a recession and many clients were unable to pay or were traveling out of concern. a major concern for company. 3. When measuring a company’s industry. it is of import to observe the current economic system and the peril of the industry itself. Even before the recession hit. Leslie Fay was non large on alteration ; it did concern without the usage of much engineering or consumer trailing. even in the accounting sections. In the extremely volatile manner industry. how did Leslie Fay header with invariably altering manners and gustatory sensations? They tried to foretell altering manners on their ain. without any trailing of consumer penchants to assist steer them ( Knapp 35 ) . Leslie Fay was taking a hazardous attack to a hazardous market. As the economic system declined. this manner industry merely became more hazardous. The industry was clearly in a ruin due to the recession and the culture’s motion off from frocks. both of which caused a lessening in how many frocks were purchased by retail clients. In this sort of market. it would be of import for the hearers to non merely garner non-financial information about Leslie Fay and the manner industry. but they should besides garner information about Leslie Fay’s clients. the large section shops. to find whether or non they will be able to pay for outstanding histories receivable. This information would assist find an appropriate allowance for dubious histories. which would act upon the sum of gross revenues recorded in the income statement and the histories receivable balance on the balance sheet. The downward force per unit area on the industry would greatly increase the inducements and force per unit areas to keep good financials. which in bend. would increase the hazard of fraud. All of these factors should act upon the type and measure of the trials performed by the hearers. Hearers should corroborate purchases with clients. and inquire interior and outside the house for how Leslie Fay merchandises fit in the market. The downswing of the economic system should besides increase the proving done to the gross revenues account to guarantee that they really happened to reply this inquiry: How did Leslie Fay net income when all other companies in the market were losing gross? 4. As antecedently mentioned. Paul Polishan played a really dominant function in the accounting and finance sections in add-on to his subsidiaries at Leslie Fay. When there is such a dominant individual at the top. particularly one that has great control over subsidiaries. the dependability of the fiscal information lessenings. The dominating figure decreases the cheques and balances within the company that guarantee right information. which increases chances for fraud. Hearers need to acknowledge this figure and program consequently to ask about company information from both internal and external independent beginnings. maintaining in head that the dominant individual could besides compromise internal enquiries. The hearers must acknowledge the important force and seek to analyze the facets that he had definite control over deeper. The hearer should seek out the motives that the dominant participant may hold and analyze countries that he would desire to hold altered. For illustration. Polishan’s personal income was greatly influenced by stock monetary value. significance that he would desire to blow up net incomes to increase market value. Hearers must. therefore. lessening sensing hazard and sample potentially affected histories more. The hearer should so take the clip to carefully measure direction averments about completeness. rights and duties. rating and allotment. and being of history balances and minutess that have taken topographic point. Overall. the hearers need to get down to scrutinize a company with a dominant figure like Polishan with a good degree of professional incredulity. recognizing that the tone at the top decreased the internal controls and they will hold to increase the sum of proving and asking done to acquire an accurate image of the company’s financials. 5. Independence and objectiveness are two of the most of import external hearer features. The SEC ruled that BDO Seidman’s independency had been jeopardized by the cases that named BDO Seidman and Leslie Fay as suspects because of the deficiency of objectiveness that the accounting house would hold if they performed the following year’s external audit. Because the shareholders’ case against them put BDO Seidman and Leslie Fay on the same side. BDO Seidman now had a personal interest in Leslie Fay’s fiscal statements and was no longer independent of the firm’s financials. If BDO Seidman were to execute the audit. the stockholders would non be able to trust on or swear the fiscal statements ; they would presume that BDO Seidman would change the auditing procedure to their benefit. The case was non the lone object of conflicting involvement between BDO Seidman and Leslie Fay. GAAS # 2 provinces that an external hearer must be independent in the manner of thought. After the fraud was revealed. BDO Seidman retracted two unqualified sentiments for the past two old ages and publically stated that they were victims of the Leslie Fay fraud. faulting Leslie Fay’s upper direction for the full strategy. This blasted game back and Forth between Leslie Fay and BDO Seidman clearly eliminates any possibility for hearers to travel into a Leslie Fay audit with an independent mentality. Extra Questions 1. The fraud would hold been more noticeable to the external hearers had SOX been implemented at that clip. Howard Schilit. a forensic accounting specializer. â€Å"suggested†¦that Leslie Fay’s fiscal informations had been full with ruddy flags† ( Knapp 40 ) . bespeaking that adequate abnormalities were present to warrant farther examination. One of the largest constituents of SOX is the probe of internal controls. Such an probe would hold helped the external hearers realize that the information they were given was non to the full dependable. BDO Seidman should hold evaluated the cheques in Leslie Fay’s system. doing certain that neither Donald Kenia. the accountant. nor Paul Polishan. the CFO and senior frailty president of finance. were able to fiddle with the fiscal informations without ordinance. The deficiency of any kind of IT system due to the CEO’s peculiar affinity to â€Å"old-fashioned† ( Knapp 35 ) tradition besides gave more power to executive management—they had absolute control over the fiscal informations without electronic grounds of fiddling. The legion ruddy flags described by Schilit make it evident that BDO lacked professional incredulity in this instance. ensuing in the unqualified audit studies for Leslie Fay’s fiscal statements. 2. The proper executing of audit trials would hold enabled BDO Seidman to bring out the accounting mistakes. Inquiry of Leslie Fay forces would hold rapidly indicated that Polishan had absolute control over the fiscal informations. doing the hearer to so prove internal controls. An experimental review of the application of internal controls should hold been administered so BDO Seidman could see what checks Leslie Fay had in topographic point to modulate their fiscal informations. If this was decently observed. executive management’s control over the fraud may hold been revealed. Many substantial processs could hold been implemented to further uncover mistakes. A trial of inside informations would hold shown mistakes in all the major line points sing cost and liabilities. Substantial trials of single minutess. such as with purchase bills. could demo that the stock list reportedly in-transit did non really exist. A walkthrough and review of paperss and activities would uncover that much of the stock list reported was falsely recorded because there would be no organic procedure in which existent stock list entered the warehouse and was recorded—since they were fabricated. the perceiver would hold recognized this cardinal measure. A trial of history balances would besides demo that the stock list on manus did non fit up to the reported sums. Substantial analytical processs are cardinal in this instance. Due to hapless economic fortunes and rival battles. a ruddy flag should hold been raised when Leslie Fay continued to describe net incomes growing but failed to explicate how. Since fillips were tied to net incomes. executives had inducement to blow up their Numberss. Pomerantz’s â€Å"total wage and fillips of â€Å"3. 6 million [ was ] three times more than the 1991 compensation of Liz Claiborne’s CEO. whose company reported gross revenues more than double those of Leslie Fay’s† ( Knapp 40 ) . BDO should hold compared Leslie Fay to other companies in the women’s dress industry. observing differences in tendency lines. The elephantine fillips may hold indicated that company operations were non management’s largest concern. Decision The accounting fraud engineered by Paul Polishan. CFO and SVP of finance at Leslie Fay. doubtless tarnished the repute of Leslie Fay and its direction. every bit good as BDO Seidman as its hearer. Many factors finally contributed to the $ 80 million accounting fraud that was eventually uncovered in the early 1990s. One of the major factors included a terrible deficiency of internal controls. No employee would contend the domineering Polishan. particularly the second-in-command at the office. Donald Kenia. the accountant. In add-on. whenever an employee or direction at the corporate central office would bespeak fiscal information from Polishan. he would oppugn them about why they needed the information. which should hold been a mark that possibly something illegal was go oning behind the scenes. Not merely was there a big communicating job between the executives of the company. but besides the deficiency of transparence between executives was amazing. as other executives were in the d ark refering the fraud. Leslie Fay’s continued success in a fighting women’s manner industry should hold sparked BDO Seidman to look more closely into the fiscal information provided by Polishan. and possibly carry on substantial analytical processs on a more elaborate degree. BDO Seidman besides should hold actively compared Leslie Fay to its close rivals. and the industry as a whole. to see that cardinal fiscal ratios did non fit the general tendency. The chance and inducements for Paul Polishan to perpetrate fraud were both present. The physical distance of Polishan from central offices opened up a big chance for him to perpetrate fraud. In add-on. he had an employee willing to take the autumn for him when the fraud was uncovered. With this chance. Polishan was able to hedge bad fiscal statements that the worsening women’s manner industry would hold given him and increase his fillip. which was tied straight to the net incomes of Leslie Fay. Had the Sarbanes-Oxley ( SOX ) statute law been implemented prior to the accounting dirt at Leslie Fay. the fraud would hold been more easy noticeable. SOX would hold held executives accountable for the truth of fiscal statements The external hearer would besides hold been held to a higher criterion of supplyi ng sensible confidence as to the truth of the company fiscal statements. Even though BDO Seidman merely provided an â€Å"unqualified opinion† on the truth of the statements. SOX would hold prevented BDO Seidman from being so careless in their auditing of Leslie Fay. Last. SOX would hold required an in-depth reappraisal of internal controls. which Leslie Fay was missing. The deficiency of internal controls at Leslie Fay. and BDO Seidman’s ignorance of this job. was a major part to the deceitful accounting strategy that took topographic point. If the external hearer. BDO Seidman. had performed a proper reappraisal of Leslie Fay’s internal controls. they would hold uncovered a complete deficiency of said controls. including a deficiency of cheques and balances between top direction. This lack caused a major gulf between the CFO and other company executives. with the critical job being information dissymmetry between the two parties. The accounting offices of Leslie Fay were located a 100 stat mis from the corporate central office. fostering the spread between the CFO and other top direction. and non leting the accounting squad to physically see the operations of the company. Additionally. Leslie Fay lacked any type of information engineering system. and alternatively tracked day-to-day gross revenues and stock list counts by manus. This allowed for easier use of informations linked to the net incomes procedure of the company. As seen through the state of affairs at Leslie Fay. strong internal controls. and the ordinance of these controls. is indispensable to the uncovering and bar of fraud within any company. The effectivity of the internal controls should be tested by the external hearer. every bit good as sporadically evaluated by executives of the company.

War on Poverty in US

30 Synonyms for Meeting

30 Synonyms for Meeting 30 Synonyms for â€Å"Meeting† 30 Synonyms for â€Å"Meeting† By Mark Nichol Humans, being social animals, have many reasons for meeting and many words to describe doing so in various degrees of formality and format. Here are thirty ways to label a meeting, depending on the particulars. 1. Assembly: a meeting for entertainment, legislation, or worship 2. Caucus: a meeting, often in a political context, to select candidates or policy 3. Clinic: a problem-solving meeting or one at which participants acquire knowledge or skills 4. Colloquium: a meeting at which experts, usually in an academic setting, give presentations on one or more topics and engage in a question-and-answer period 5. Colloquy: a serious, important meeting (also, a synonym for conversation and dialogue) 6. Conclave: a private or secret meeting, especially that of Roman Catholic cardinals convened to select a new pope, or any gathering of an organization 7. Confab: a chat, discussion, or meeting (informal usage) 8. Conference: a meeting for discussing issues or topics of interest to all participants, usually including keynote speeches and a wide variety of sessions on specific subjects 9. Congress: a meeting or session, especially of delegates to discuss and act on an issue or topic 10. Convention: a meeting to bring together representatives of a trade, profession, or interest group, or to assemble representatives of a political party to select candidates and policy 11. Convocation: a meeting of attendees called together, of a college or university’s members, or of clergy (and perhaps laypeople) 12. Council: a meeting to discuss or advise on one or more issues 13. Demonstration: an informal mass meeting, usually held outdoors on public property, to protest about or bring attention to a topic or issue 14. Forum: a meeting that involves a discussion among experts or between them and audience members 15. Gathering: a meeting (informal usage) 16. Get-together: an informal meeting 17. Huddle: a meeting (informal usage) 18. Panel: a meeting at which participants discuss a topic or issue in front of an audience 19. Palaver: a meeting, especially one between disparate parties 20. Parley: a meeting to resolve conflict or negotiate with an enemy 21. Powwow: a meeting or a social event, or a meeting to celebrate Native American culture 22. Rally: a mass meeting to inspire enthusiasm and/or action 23. Round-robin: a small meeting to discuss or decide on a topic or issue 24. Roundtable: see round-robin 25. Seminar: a meeting for disseminating and discussing information 26. Session: a meeting or series of meetings, or a portion of an extended meeting or one of various simultaneous meetings as part of a larger event 27. Summit: a meeting of high-level leaders 28. Symposium: a formal meeting at which several specialists deliver short addresses on a topic or on related topics 29. Synod: a meeting of clergy 30. Workshop: an educational meeting or program Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:The Royal Order of Adjectives 25 Russian Words Used in English (and 25 More That Should Be)10 Humorous, Derisive, or Slang Synonyms for â€Å"Leader† or â€Å"Official†

Im attaching the file that has all the information you need Essay

Im attaching the file that has all the information you need - Essay Example In other disciplines, mostly economics, international relations, political science, cultural studies, films and media, marketing and advertising, and communication, the probable date when globalization actually began was from1970s. It is difficult to comprehend such a significant occurrence in world history just began in the last four or three decades ago. These occurrences that began in about four decades ago merely accelerated the process of globalization, and as such they do not predict the actual date of globalization, they are just the antecedents of globalization. This paper seeks to get the deeper meaning and definition of the term globalization and the important factors that accelerated it. The paper also analyses three different phenomena which show indicate the existence and slow spread of globalization which dates back nearly 600 years ago and finally I would carefully present my own perception of the concept. Shortcomings of the Presentist Approach The mere understanding of the concept of globalization from the perspective of complex connectivity only refer to the concept in modern times, but ideally the analysis of the term implies economic, social, cultural, and political activities of human began much further in time. The term globalization was initially used in the business disciplines; in fact, it was first used in this field in 1970s, is has since spread out to other studies. According to Jones ‘†¦.thinkers began to refer to this process as globalization and by the 1980s this was already becoming one of the key vogue concepts pushed in both the academic literature on management and in the popular business literature†. The rise in the use of the term is mostly associated with the post war periods when many multinational corporations were setting up footprints in other countries, then the growth in information and communication technology, jet travel, global value chains, global advertising and global finance. The presentist vie ws of the term globalization do reveal very many short comings of their understanding of the term. First, due to their leanings, very many research works on globalization tends to overlook structural patterns, they present as original the older features and misreading of contemporary trends. Second, this view implies a Eurocentric view, meaning that world history probably began with the rise of western imperialism many dub it as the â€Å"the rise of the west†. Consequently, this perception of globalization ignores or down plays contribution to globalization by non western societies. These perceptions tend to downplay the historical perspective of the concept and present a narrow understanding of both history and globalization with understanding of the term modernity. Vary many historians have accounted for the concept without necessarily referring to the word itself, in fact; they recorded happenings that implied globalization before the advent of the word globalization. By any account, this is merely a semantic problem, as historians have found evidence of wide and deep infrastructures of global network amongst different societies without necessarily using the term globalization. Globalization is an approach that asserts that the world has never been isolated, unconnected communities, trade and other social interactions have