Auditing,governance and scandals Coursework Example | Topics and Well Written Essays - 750 words

Auditing,governance and scandals - Coursework Example The problems that faced A.I.G are not purely financial crises brought about by the tough global economic condition or any form of catastrophes. The problems, as evidenced by the Mutual fund scandals (2003), the Insurer bid rigging (2004) and AIG accounting scandal (2005) were purely caused by managerial twists and dysfunctions (Evans, 2012 p62). The management administration and governance failures saw the company plunge into a deep financial crisis, from which it has been trying to recover until present day (Markham, 2005 p510). The management and governance failure for this organization are traceable in several of the management deliberate misdeeds. First, the company took a huge amount of funds that were collected from securities lending, and invested them in the subprime bonds. Additionally, the company comingled its insurance subsidiaries to give it back some more money for that purpose (Boyd, 2011 p72). In so doing, the company ignored all the risks involved in operating liquid ity subprime bonds and went on to commit huge amount of its customer’s funds to this risk. ... The organization inflated its reserves that are used to pay claims by $106 million, making its reserve appear as though it was in a good state, and thus overly stating the organization’s total net worth. Additionally, the top management of the organization engaged in an illegal scheme with its traders, where it instructed them to buy A.I.G shares from the stock market in bulk, so that its share prices would rise (Spencer, 2009 p42). The acceptance of the ethical and accounting lapses, which led to the fraudulent and manipulation of accounting practices, places this organization on the list of companies with a high management and governance failure. Finally, bid rigging is yet another management failure that adds to the governance problem of the organization. The organization and its subsidiaries were involved in colluding with the executives of leading insurance companies, to defraud customers off billions of money, under false pretenses (Markham, 2005 p496). The executives ar ranged some fake noncompetitive bids and then conveyed them to the customers of some of the company’s subsidiaries, while also hiding some commission charges, to defraud the insurance buyers. A.I.G improvements and changes after the big scandals Notwithstanding the financial crisis that the company experienced after the scandals and management malpractices, the situation of the organization has continued to improve. The organization has engaged in various practices that improved its situation. First, the organization replaced all the top management executives who were involved in the malpractices, with other fresh individuals, who are committed to the course of reviving and improving the situation

Creative Writing Proposal Assignment Example | Topics and Well Written Essays - 1250 words

Creative Writing Proposal - Assignment Example Tamara’s grandfather had tried to raise his voice against such fatally dangerous customs and, as a result of it, had been banished from the tribe. I will give background on how he makes it to England and raises Tamara’s father in accordance with the culture of his forefathers but omitting all harmful practices of that culture. Tamara is a typical western teenager with average looks and a few beautiful features, but she is a victim of an identity crises inflicted by the strong pull of two opposite forces; Tamara’s mother and Tamara’s grandfather whose character I shall explain later. I will trace Tamara’s development from a meek girl into a strong woman who decides to build her own identity in face of heavy opposition by her best friend, Agatha, and her mother. Mrs. Odua Brown and the eventual transition she inspires in their respective views. She travels along with Rajab, her lover, and Agatha to Kenya to work on a thesis she decides to write for he r university degree. This is an intentional choice by her as she wants to fulfill her grandfather’s desire of saving the unique culture of their ancestors from the damage some of the customs are inflicting upon it. I will write in some detail the interesting travel stories through Africa that these friends will experience and how they change some of their views and strengthen others. Then she travels back to Birmingham and highlights the plight of her people through a book she writes based on her thesis. Agatha initially tries her best to make Agatha believe that she should try and blend into her environment instead of looking for and showing her ancestor’s, according to her, obsolete way of life. Maasai shave their head in order to show a transition in their lives, and Tamara does the same to show her friends and family that this is who she is and wants to stay. This signifies the start of the transition in her life. Agatha’s character is a soft and understandi ng one, so she accompanies Tamara to Kenya where her views are changed. She is also a loyal friend who does not leave Tamara even when she falls into some serious trouble with the Maasai chief. Mrs. Brown is another such character who opposes Tamara’s choice of Maasai traditional religion and culture but comes around with time, although she is still not strongly satisfied even till the end. Rajab and Youssef are two Muslim brothers who fight a lot amongst themselves but their fights are not of a serious nature. They fight because Youssef keeps motivating Rajab to be a little closer to their religion Islam while Rajab is a free soul who came on earth merely to enjoy and marvel life. The brothers provide comic relief and their conversations provide different perspectives on the perception of religious identity in the west after 9/11. But there is another interesting twist to the story, both secretly love Tamara and have their own unique styles of showing their feelings. Rajab f inds an interesting opportunity to be with Tamara in accompanying her to Kenya but is not motivated by her cause, which is until he experiences the Maasai life firsthand. He helps Tamara significantly in giving awareness to the tribal people. Rajab’s character flourishes into the second strongest character after Tamara. The prejudices people still hold based on ethnicity are highlighted through the lack of help Tamara