Essay on English Portfolio Metaphor

Essay on English Portfolio Metaphor Essay on English Portfolio Metaphor Yasmine Shahbazi English II Mr. Paulsen 15 May 2013 English Portfolio Metaphor Sophomore year has definitely been peculiar to say the least. It has come with great challenges, some overcome, and some not; one thing for sure, it was no walk in the park. Managing to get through this year has been like a poker game. You deal or are dealt to. It includes skill and luck. You bet, check, bluff, and raise. You learn from those you play with. Sometimes you win with a pair or lose with a full house. But whatever happens, it's best to keep on shuffling along. (tying in metaphor to this year don’t know where to put it in essay)******Sophomore year required times when I had to deal with certain situations solely by myself and yet there were other times when I had the reliability of my teachers to help me. This year made me study to the point where my brain physicaly hurt to get a successful grade, or I wouldn’t study at all and somehow do fine. I took risks, yet there were moments when I was insecure. I relied immensely on my peers who always encouraged me to try the best I could. There were tests I would get A’s on, and tests I would fail. But finally by the end of the year, I learned to let whatever happens happen as long as I tried my hardest.**** Over this past year, I know I have truly changed as a whole. I used to be so insecure, and the things that used to be so important to me before are completely irrelevant now. I remember the struggles I had when I was a freshman, not my best time. I was doing horribly in school and no matter how hard I tried, my grades continued to tumble. I remember sitting there with my friends after first semester was over having ended with a 2.8 gpa, and one of my friends was claiming it to be the end of the world because she had one A- along with the rest of her A’s. I was so embarrassed knowing I was by far the dumbest one in that room, I remember sitting there thinking could I quite possibly be the stupidest person in our grade? I feel like Sage is the complete opposite of the typical stereotype of highschool, that if your not smart at sage your a loser. I just always felt people thought I purposely wasn’t trying when I want nothing more than to have good grades! And then theres t he annoyance of people who don’t try at all and get perfect grades while I am studying as hard as I can to only do at best mediocre. For example, my friend and I both had a science test the next day. I had been sitting in my room for ours studying the material ready to have a nervous breakdown when I get a call from that friend asking if I want to go to dinner and the mall that night. When I ask her about the test, she said she hasn’t studied yet and shes just going to fail. Next day, I get an 80 and she gets a 98. This is so frustrating to me and when I am at my worst it seems like the most unfair thing in the world to me. These thoughts and frustrations continued to fluster my mind for the rest of freshman year. I constantly put myself down and was always severly stressed out about my future. Hearing all of my friends talking about all of the extracurricular activites and community service they already have as freshman when I had none. I had very overdramatic days w hen I honestly thought I would not get into college. After a long summer break, going into sophomore year was a way easier transition than I thought. Everything that I was constantly worried and stressed out about freshman year never factored in and I still don’t know why. I have been trying my hardest and for the most part, it has proved to be successful! Not going to lie, I feel a lot better about myself when I hear my friends saying how they think sophomore year is a lot more challenging than freshman year when I feel that I am doing okay! I do not mean to downplay it, however. Sophomore year is slightly less challenging, but its still not easy. And I don’t think that the

10 Best Alternatives to Student Loans

10 Best Alternatives to Student Loans Getting into the college of your dreams is only the first hurdle many students need to overcome. By far the most difficult part of going to college is coming up with the money to pay for it. With student loan problems splashed across every newspaper, blog and financial website in the universe, many students are beginning to explore alternatives to traditional student financing. Weve rounded up the 10 most promising alternatives. 1. Peer-to-Peer (P2P) Lending Peer-to-peer lending, often abbreviated to P2P, is a type of private loans which takes place between two individuals, or peers. Some characterize P2P lending as the corporate worlds spin on one friend loaning another some money†. While perhaps an oversimplification, thats essentially what it is. In peer-to-peer lending there are no credit checks, bank or government involvement in the loan itself. Private lenders offer loans for a set interest rate and its conducted as a private business. The largest lending platforms in the United States are Prosper and Lending Club. 2. Work Study Programs If youre already working part-time, you may qualify for the Federal Work Study (FWS) Program. This is a fund maintained by the government to help students who work part-time and go to school full time. Applications can be submitted through your schools Student Office as well as directly through the programs website. 3. Tuition Reimbursement Many companies offer a tuition reimbursement program. These program pay students back a portion of their school tuition, but does not include fees or textbook costs. This kind of program is typically offered in companies that traditionally promote from within and have various options for career growth. 4. Scholarships You dont always need to have the best grades or crazy athletic skills to land a scholarship. Scholarships are awarded by schools, companies, organizations, clubs and churches. There are thousands of scholarships that range from a few hundred dollars and go up to $10,000 and more. Local scholarships can be found through community organizations, churches and private businesses. Check your local library, community swim team and the local businesses that support softball, baseball, football or other local teams. Have your parents ask at work – many companies offer special scholarships to the children on employees. National and international scholarships can be found easily online or with the help of a high school or college adviser. 5. Grants In contrast to scholarships, grants are typically need based and are offered through the Federal Government. These grants can be applied for directly through the student aid website of the US Government. Several grants are also available at the state level. Grants do not have to be repaid and can be applied for either once a year or, in some cases, during each quarter or semester. 7. The Military Every branch of the US Military offers a number of grants, scholarships and financial aid opportunities for active and former servicemen and women as well as the families of those soldiers. If youre willing to postpone college a few years and enlist yourself, you could easily get a free ride, no matter what your degree. As a bonus youll get plenty of hands on experience in your chosen field and a history of military service makes a great impression on resumes and in an interview. 8. AmeriCorps AmeriCorps is a program maintained by the US federal government. It aims to get people more involved with various non-profit charities, schools and other community centered organizations on both a state and national level. It could involve working with the homeless, teaching children how to read, working with at risk teens or any other kind of public service. A 12 month stint with AmeriCorps snags you a living allowance, help with housing and, once youre done, some nice Education Credits you can apply to your tuition and other education costs. 9. Cap in Hand Where do people turn to in times of trouble and need? The internet, of course! Hitting up people for small (or large) donations online is nothing new, but plenty of people never consider it when looking into ways to pay for college. From asking for financing on a specific university project through a website like Kickstarter to just taking up a page and using it to ask for donations, the internet can be a great way to raise funds. Alex Tew made history in 2005 when he set up the Million Dollar Homepage and sold ad space online for $1 per pixel in order to pay for his university education in Wiltshire, England. The ploy paid off and, in 2006, Tew grossed $1,037,000. 10. Rich Relatives or Winning the Lottery Perhaps a bit less pragmatic than our other options but, hey, if you havent seen Great Uncle Norbert for awhile, this might be a great time to catch up! Failing that, hit the Bingo haul with Grandma and dont forget to borrow one of her lucky troll dolls!

Michael Jackson Term Paper Example | Topics and Well Written Essays - 750 words

Michael Jackson - Term Paper Example The other four members of this group were his brothers, Sigmund ‘Jackie’, Toriano ‘Tito’, Jarmaine, and Marlon. They began playing at local bars and clubs in Indiana. They later moved to compete in bigger competitions. The Jackson five were discovered by the Vancouver and the Bobby Taylor in 1968 and got an audition for Berry Gordy. They later signed for Motown, hence moving to California. It was here that their first four singles made US number one hits. During this time, Jackson with Motown recoded four solo albums. The group stayed in Motown until 1976, when they needed more artistic freedom and decided to move on (Pratt 81). They dropped the name Jackson Five, since it was owned by Motown and adopted the name The Jacksons. At this time, they had a number of records and made six albums altogether between 1976 and 1984. Michael later teamed up with his producer for his first solo album. The album was titled Off The Wall, and was a tremendous success all ov er the world. It was the first album ever released that produced the four number-one singles in the United States. The world’s largest selling album was released by Michael in 1982. It was titled Thriller. It produced seven hit singles, once again breaking more previously established records (Pratt 81). It has been documented to have sold over fifty million copies across the world. Jackson was careful, as well as skillful, in using the music videos to promote his singles from the album. His success has, nevertheless, been attached to his directors and producers. They were the best, and made use of the latest technology coupled with choreography and fantastic dancing. The short film, Thriller, incorporated latest artists in the make-up technology to produce a video which lasted 14 minutes, with the beginning, the middle part and the end. This video was so successful that it became the world’s largest selling video. At the Motown 25-years anniversary show, Jackson perfor med his legendary moonwalk for the first time. It was this performance that set him into the realms of a superstar (George 98). Michael broke a record by winning 8 Grammy awards in a single night in the year of 1984. These awards were for his narrative for the ET Storybook and the Thriller album. On 9th December 1984, during his final performance of The Jackson’s Victory Tour, he declared that he was quitting the group and going solo. His third, and much awaited solo album titled Bad, was released in 1987. It was during this time that he launched his first solo world tour that was significantly record-breaking (Josh 1). He wrote his first autobiography, Moonwalk, where he talked for the first time about his career and childhood. Michael was soon to turn thirty when significant changes were observed in his outlook. He seemed to have undergone a facial surgery, which not only changed his facial features, but also his skin color and jaw line. This did not, however, affect his mu sic career. By the end of 1980s, Michael was commonly known as the Artist of The Decade. This was as a result of his success in the Thriller and Bad albums. Michael signed the biggest ever recording agreement with Sony Music in 1991. It was during that time that he released his fourth album Dangerous. Touring the world in 1992, he brought his performances to the countries that had never received a pop artist. Other than his success in the

Leadership Essay Example | Topics and Well Written Essays - 250 words - 30

Leadership - Essay Example Although the leader retains his decision making power as an individual, yet he is supposed to interact with the subordinates and reach a general agreement with them for the creation of a learning culture in the organization. To create a culture of learning in my organization, I would promote teamwork. There is a lot that inexperienced employees can learn from the more experienced coworkers. Group integration, frequent communication and eradication of dysfunctional conflicts are the prime issues that need to be addressed before the culture of learning can be established and promoted. Once this is achieved, I shall organize opportunities of learning and development for my organization including workshops and on-the-job training. â€Å"If organizations can sense and respond to emerging opportunities, there is a good chance they will endure† (Conner and Clawson, 2005). On my part, I need to collaborate more with my subordinates and inculcate the sense of need for change in them so that they may overcome their differences and display optimal

History of the United States :: Technology, Inventions

Over the year’s technology have affected America’s identity. It has been a simple life living without technology. However technology brought many positive things to America. Technology helped America to travel, trade, and gives the lasts news. Technology was good to America.   Ã‚  Ã‚  Ã‚  Ã‚  Living without technology was difficult. It was harder to get new around America because technology was so low. It was harder for the families to talk to each other or to even meet, because technology was invented yet. Not until telephones was invented that the communication in America started to increase. Also news from all over America can be reach through radios. It made people in America live an easier live with telephones and radios.   Ã‚  Ã‚  Ã‚  Ã‚  It wasn’t pleasant to live without light in the house. People in history had to light up candles to see in their houses. It was so inconvenience to lit the candles. In 1752 electricity was invented and it changed the Americans way of living. They were able to have light in the house without burning down their houses. Also it’s easier to have a light bulb then to light a candle. Electricity had a big impact on American lives.   Ã‚  Ã‚  Ã‚  Ã‚  As for traveling, it was awful because it would take them days to get to where they would need to go. However the railroad came along. It changed everything. People were able to import and export goods and travel farther put of their hometown. Railroad had really made a difference to the Americans.   Ã‚  Ã‚  Ã‚  Ã‚  As years went by technology made it ways through. It changed and made the society a better and easier way of living. History of the United States :: Technology, Inventions Over the year’s technology have affected America’s identity. It has been a simple life living without technology. However technology brought many positive things to America. Technology helped America to travel, trade, and gives the lasts news. Technology was good to America.   Ã‚  Ã‚  Ã‚  Ã‚  Living without technology was difficult. It was harder to get new around America because technology was so low. It was harder for the families to talk to each other or to even meet, because technology was invented yet. Not until telephones was invented that the communication in America started to increase. Also news from all over America can be reach through radios. It made people in America live an easier live with telephones and radios.   Ã‚  Ã‚  Ã‚  Ã‚  It wasn’t pleasant to live without light in the house. People in history had to light up candles to see in their houses. It was so inconvenience to lit the candles. In 1752 electricity was invented and it changed the Americans way of living. They were able to have light in the house without burning down their houses. Also it’s easier to have a light bulb then to light a candle. Electricity had a big impact on American lives.   Ã‚  Ã‚  Ã‚  Ã‚  As for traveling, it was awful because it would take them days to get to where they would need to go. However the railroad came along. It changed everything. People were able to import and export goods and travel farther put of their hometown. Railroad had really made a difference to the Americans.   Ã‚  Ã‚  Ã‚  Ã‚  As years went by technology made it ways through. It changed and made the society a better and easier way of living.

Mcdonald’s Business Plan Essay

McDonald’s Corporation is the world’s leading food service organization. By 1967 McDonalds expanded its operations to countries outside the U.S.A. This unyielding expansion led the Corporation to open 23,000 McDonald’s restaurants in 110 countries in 1994, producing $3.4 in annual revenues. In addition, McDonald’s opens a new restaurant every three hours and has twice the market share of its closest U.S. competitor, Burger King, representing 7% of total U.S. eating-out sales. Similarly, McDonald’s serves about 1% of the world’s population on any given day through its 23,000 restaurants internationally. Big Mac, the world’s most sold hamburger was developed by Jim Delligutti in 1967 to feed construction workers. ‘Big Mac’ is the biggest attraction and backbone of the corporation. Moreover, McDonald’s maintains its competitive advantage by constantly creating new items to add onto its menu. This shows us that McDonald ’s practices an analyzer type of strategy, introducing new items and defending its existing ones. This is a sample business plan and here we reflect our standard business plan model, some of the numbers shown in our following Financial Plan are fictitious, so be advised. 1.1 Industry McDonalds Industry is one of the biggest food chain companies around the world; is the world’s largest fast food restaurant chain, with over 32,000 locations in over 110 countries. McDonald’s operates its own restaurants and franchises its brand to local businesspeople (about 70% of the world’s McDonald’s restaurants are franchised). In the U.S, McDonald’s focused on increasing sales at existing locations by renovating stores, expanding menu options and extending store hours. Internationally, McDonald’s expanded aggressively, opting to franchise rather than operate its new locations, providing new income with little overhead. Domestically, McDonald’s  continues to perform well despite a pullback in consumer spending and is even benefiting as consumers trade down from more expensive eating options and at the same time, international operations are driving profit growth. 1.2 Target Customers McDonald’s uses demographic segmentation strategic with age as a parameter. The main target segments are children, young adults and the busy executive on the go. Kids reign supreme in FMCG (Fast-moving consumer goods) purchase related to food products so, to attract children McDonalds has Happy Meal with which toys ranging from hot wheels to various Walt Disney characters, the teenagers with the price on the products to satisfy their expectative as well as the facility of the WI-FI which it makes it attractive to most of the student’s college students. Also, the strategy is aimed at making McDonald’s a fun place to eat attracting the young urban families wanting to spend some quality time while their children have fun at the outlet. 1.3 Competitor Analysis McDonald’s is the clear leader of the fast food industry in terms of revenues generated and restaurants established; it faces competition from other fast food chains which are introducing new products themselves. The major direct competitors in the (hamburger-based) fast food industry that includes: Burger King the second largest hamburger fast food chain, Wendy’s which are the third largest hamburger fast food chain, and some others. McDonald’s also competes with non-hamburger-based fast food restaurants, local and national dine-in restaurants (such as Red Robin’s and Shari’s), pizza parlors, coffee shops (Starbucks), street vendors, convenience stores and supermarkets. But, even though McDonalds still the most famous and visited by the different types of families worldwide. 1.4 Company Description McDonald’s was founded and started franchising in 1955. A man name Ray Kroc, who was a milkshake mixer vendor, came across brothers Dick and Mac McDonald, who were running a small hamburger stand. He saw how quickly  customers were being served and suggested the brothers open a chain of restaurants. They did, and Kroc became their business  partner. McDonald’s, and the signature golden arches, have since become internationally recognized symbols. Their signs proclaim â€Å"millions served,† and that is not an exaggeration. With over 32,000 locations worldwide, McDonald’s is the leading global fast food franchise. 1.5 Products / Service Plan Customer perception is a key factor affecting a product’s success. Many potentially revolutionary products have failed simply because of their inability to build a healthy perception about themselves in the customers’ minds. McDonalds being an internationally renowned brand brings with it certain expectations for the customers that expect to be in a hygienic ambient and a little sophisticated brand that respects their values. The customer’s expect the brand to enhance their self-image. Customer responses obtained at the Vile Parle, Mumbai outlet confirmed the fact that they connect strongly with the brand. However, fulfilling some of the customer expectations like a broader product variety provide McDonald’s a great scope for improvement. 1.6 Mission and Vision Vision: Is to be the world’s best quick service restaurant experience. Being the best means providing outstanding quality, service, cleanliness, and value, so that we make every customer in every restaurant smile. Mission: Be the best employer for our people in each community around the world; deliver operational excellence to our customers in each of our restaurants; and achieve enduring profitable growth by expanding the brand and leveraging the strengths of the McDonalds system through innovation and technology. Marketing Plan 3.1 Market Description There are close to 50,000 fast food chains across the United States, with McDonalds being the largest restaurant chain. In the world, there are more than 500,000 fast food places. Kids between the ages of 6 and 14 eat fast food 157,000,000 times every month. Ninety-six percent of kids in school could recognize an image of Ronald McDonald, the face of McDonalds. The only recognizable figure that ranked higher was Santa Claus. To top it off, Americans spend nearly $100 billion on fast food every year. There are around 13,000 McDonalds in the U.S. 40% of all of American family meals are eaten outside the home. 3.2 Market Facts McDonalds has grown rapidly in the last 10 years, following are some points related to the fast food customers in the USA. * 40% of all of American family meals are eaten outside the home. * 1 in every 4 Americans eat at a McDonalds on a daily basis 11 * McDonalds sells more toys than Toys R Us each year. * With all the tests scientists did, they came to the conclusion that many children can recognize McDonalds before they can even speak. * Over 25 percent of Americans consume fast food every day 3.3 Market Growth Fast food restaurants represent one of the largest segments of the food industry with over 200,000 restaurants and $120 billion in sales in the U.S. alone. Fast food restaurants, also known as quick service restaurants, are noted for their short food preparation time. Some of the largest players in this category include international giants like McDonald’s. 3.4 Market Demand Fast food restaurants in the USA are getting more demanding with the passage of time. Following are some common demands that have arise in the recent past. 1. Affordable: Fast food is affordable people and families with low income are able to afford the food from fast food restaurants. 2. Convenience: Families today are always on the go between works, school, and after school activities the quick accessibility to be able to order, get served, and eat a meal in just minutes makes it convenient for families today. 3. Easy access: They are now the world’s leading fast-food retailer, with more than 30,000 restaurants serving more than 52 million people in more than 100 countries each day. This makes it easily accessible for everyone. 3.5 Market Opportunities McDonalds offers a lot of opportunities for existing and potential investors. Their market is growing for many reasons some of them are the following: 1. More than 70 percent of McDonald’s restaurants around the world are owned and operated by independent local businesspeople. 2. The most frequently used method to buy a McDonalds franchise for sale is by buying an existing restaurant. 3.6 Barriers to Entry Government regulations, economies of scale, customer loyalty, advertising budget, and an exclusive agreement with suppliers are some barriers to entry for the fast food industry. 3.7 Targeted Audience McDonalds will be starting its operations in Miami, Florida. McDonalds target their advertising at children and students which is an important market for them. A parent with children might visit which gives children a treat. McDonald’s Happy Meals are one example, which includes a toy often, tied in with a newly-released children’s film, building playgrounds inside their restaurants, and creating one of the world’s best-known mascots, Ronald McDonald. The children want to visit McDonalds as it is a fun place to eat. McDonald’s was the first chain to put its restaurants near—and inside—schools as a strategy to market to children. In Chicago, one of the chain’s biggest markets, more than 90 percent of the city’s McDonald’s were located within walking distance of a school. Children watch, on average, an hour of fast-food commercials on television each week—more time than many children spend playing outside. The average child sees about 20,000 fast-food commercials every year. In 2006, fast-food restaurants sold more than 1.2 billion kids’ meals with toys. An estimated 20 percent of public schools sell branded fast food, mostly in high schools, where kids have more  discretion to buy â€Å"a la carte,† rather than from the regular lunch program. 3.8 Competition In one sense, McDonald’s doesn’t have any real competitors, as they are the  largest restaurant chain worldwide. But some of the other restaurant chains large enough to cut into its market share include Burger King Corporation. So how is it possible for Burger King to go up against history itself? Surprisingly they did and even though McDonald is still the best fast food franchise Burger King is trailing by not too far. One of the reasons why Burger King was so successful includes many factors but one of them was location. One of the best ways to explain it is Burger King has always found outlets where there is a large concentration of people but that wasn’t there only strategy because they also had the great idea of going head-to-head with McDonald across the street. By setting outlets in front or near a McDonald outlet they were guaranteeing visibility of their franchise. McDonald can come up with new marketing ploys and new food but it couldn’t have the advantage of location like Burger King. Remember both of them are fast food franchises so for the common customer the closest franchise is enough. In most cases people who have ate at McDonald’s have tried Burger King and people who ate at Burger King have tried McDonald and that’s completely normal. At the end of the day there isn’t much difference except for the name of every meal. If you look at it both franchises have the same types of combo which includes a hamburger, fries and a soft drink. The process may vary a little bit but in general you’ll be eating the same thing at both outlets. I. Product The first p is product. Which is one of the important things to remember when offering menu items to possible customers is that there is a huge amount of preference available to those potential customers with regard to how and where they spend their money. Marketing constantly monitors the customers’ preferences. In order to meet these changes, McDonald’s has created many new products and removed old ones over time, and they will continue to do that depending on what the customers’ needs are.

Financial Recession And The Auditors Role Essay Example Pdf - Free Essay Example

Sample details Pages: 3 Words: 768 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The current recession was precipitated by the rapid growth of the internet industry, mainly dot-com businesses, sparked investor interest. Millions of dollars were invested in these internet companies and unfortunately they were unable to produce a profit causing a crash in the stock market in 2000 and 2001. In addition to the trouble caused by the internet boom, the terrorist attacks on September 11, 2001 caused the United States economy to suffer greatly (Barth et al, 2009). In an effort to stimulate the economy, the Federal Reserve began lowering short term interest rates which eventually fell to around 1.1 percent by 2003 (Kolb, 2010). 1With the interest rate dropping drastically, homeownership became an attainable goal and subprime mortgages helped those with blemishes on their credit record to achieve this goal. From 2001 to 2006 house prices in the United States increased by 51 percent; 34 percent when adjusting for inflation (Ovanhouser, 2009). It was d uring this time that subprime mortgage share went from 7.2 percent in 2001 to 20.1 percent in 2006. The growth of house prices and subprime mortgages became rampant as did securitization. Proper documentation for originating a loan was increasingly incomplete due to the lack of oversight, growing from 20 percent in 2001 to more than 35 percent in 2006 (Jarusic, 2010). Its been suggested that documents were missing due to the fact that the demand in homeownership caused lenders to leave appropriate documentation out or that lenders saw an opportunity to gain on these subprime mortgages by giving borrowers unrealistic loans. Normally such loans would not be permitted as they are considered predatory lending, but the lack of documentation gave lenders the ability to do so (Jarusic, 2010). Subprime mortgages, although riskier for the borrower, became very popular during this time resulting in a 451 percent increase in the amount issued(Kolb, 2010). The ability to refinance, sell, or tak e out a home equity loan was made possible and profitable as homes continued to appreciate, creating positive equity (Jarsulic, 2010). These subprime loans were packaged into mortgage-backed securities and sold on Wall Street generating robust earnings and diversification of portfolios. Similar to any economic bubble, rapid growth is not a realistic constant. Eventually house price appreciation dropped from 13 percent in 2006 to 3 percent by mid-2007 (Ovanhouser, 2009). As a result, borrowers endured negative equity and defaulting on mortgages became more probable because their loan to value ratio exceeded 100 percent. Refinancing loans and selling homes became very difficult. Firms and financial intermediaries alike began to report losses from their subprime mortgage securities. Those with large concentration of these assets relative to their capital became insolvent during this time and bankruptcy declaration by Mortgage giants such as Bear Sterns, New Century Financial and Leh man Brothers caused widespread panic (Jarusic, 2010). Foreclosure on homes was very common at this time. Not only were mortgage companies affected by the burst of the housing bubble, but hedge funds that invested in mortgage backed securities suffered major losses as well. The burst of the housing bubble was the cause of the financial recession. 2The auditing profession has been accused of playing a role in the financial crisis. In a Wall Street Journal article, Reilly reports that Ernst Young was investigated by a bankruptcy examiner assigned to Lehman Brothers. The examiner alleges balance sheet manipulations and earnings management though Ernst Young maintains that financial statements were within the boundaries of generally accepted accounting principles (2010). KPMG was also invested by an examiner when New Century Financial, their client and one the largest subprime mortgage companies at the time, declared bankruptcy in 2007. The examiner mentions negligence on KPMGs part but states it would be hard to prove. Whether theres a need for proof or not, the examiners report is catching the attention of analysts. The accounting profession is likely to see more accusations in their role of the current financial crisis, but the bankers, regulators and rating agencies are truly the key players in the financial recession. The recession is sure to cause changes in the auditing profession. Mortgage-backed securities, a part of level three in the hierarchy for fair value estimation, will need to examined thoroughly because they are very risky and prone to under or over-valuation; which may lead to material misstatement. In addition to the risk posed by fair value estimations of mortgage-backed securities the recession has created economy-wide budget cuts. These cuts can lead to the desegregation of duties or reduce their internal controls which are typically very costly but are necessary in reducing audit risk. Also, during economic hardship, people may be mo re desperate and the motivation to commit fraud, whether theyre social or economic factors, will become great. Auditors will need to adjust to these changes by reevaluating their audits, substantive and analytical procedures. 3 Don’t waste time! Our writers will create an original "Financial Recession And The Auditors Role Essay Example Pdf" essay for you Create order