Tuesday, December 31, 2019
American Underclass And The Underclass Essay - 837 Words
Americans used to teach their children that words canââ¬â¢t hurt you. This was a way for parents to comfort their children when they were faced with bullying. In society today, that thought process has changed. Words and labels can hurt people, just not physically. According to Herbert Gans, he believes that labeling a group of people can hinder their mobility in a society. Herbet Gans would not agree with the statement, ââ¬Å"sticks and stones may break your bones but worlds will never hurt you.â⬠He believes that labeling certain groups, particularly the group we label as ââ¬Å"the underclassâ⬠harms that population. The reason is because other people associate negative characteristics along with the label the underclass. There is a long list of characteristics that are associated with the underclass population. Two main characteristics are the most important. Americans believe people who are in the underclass group are dangerous and undeserving. This makes the people who are labeled as underclass have a negative connotation about them and they have consequences they face just because of their label. When people put a label on a group of people in a society, the people in the labeled group become to attach themselves to that label and then play their role in that label. This can be positive for the upper classes, however, for the underclass it has devastating effects. Not only are the underclass labeled, there have no choice in the matter. If they have some of the characteristics, forShow MoreRelatedThe Underclass Is Not the Major Threat for American Ideals1893 Words à |à 8 PagesThe Underclass Is Not the Major Threat for American Ideals There is no agreement or consensus reached on the proper definition of the term underclass. Furthermore, most researches have not determined the size of the underclass population, much less, on how the underclass population has changed over time. Most people assume that the term underclass implies a group of people who live in isolation, or are isolated from the rest of the society. Secondly, these kinds of persons (underclass) have low payingRead MoreThe American Underclass in In Life at the Bottom by Theodore Dalrymple1127 Words à |à 5 Pagesnow the way to depict the lower class. Dalrymple also argues that in order to rise out of the underclass that family ties are needed and without it there is hardly any way to do so. Dalrymple says that many of the issues that plague the underclass comes from a bourgeoisie society, that this upper class of liberals are feeding and fueling all of the problems and mentality that are taken on by the underclass. Some of the points that where stated by Dalrymple can in fact be transitioned towards theRead MoreThe Underclass Of The United States1449 Words à |à 6 PagesAn underclass does not exist in the United States. It is a function of conservativeââ¬â¢s imaginations. The relevance of their creating of an underclass serves one large purpose and that is to be an emotional ploy to keep people politically occupied with small issues. This allows corporations to ensure that their competition will be busy fighting other battles while they continue to push policy and laws that will represent the interests of the countryââ¬â¢s wealthiest and most powerful. A distraction isRead MoreThe Undeserving and Deserving Poor Structure1065 Words à |à 5 Pagesthat of the underclass. Karl Marx tabled the idea of the lumpen proletariat, yet in the modern era, the concept did not take hold in Britain until 1989. Today, the debate focuses on whether frictional forces create a continuum of inequality, or whether a defined underclass does exist. The question asks if poor people belong in a separate underclass, which is a vague definition. There will always be poor people, but whether or not this automatically qualifies them as a separate underclass is tenuousRead MoreThe Inequality Of Social Classes982 Words à |à 4 PagesMatt Wuerker a political cartoonist for Politico, published Kitchen Tables that highlighted the injustice in social classes. It is a cartoon that consist of three different drawings of kitchen tables that Americans sit around: a luxurious upper class, an average middle class, and a deprived underclass. Wuerker used unequal proportion between each of the drawings size to represent the iniquity within social classes. He not only gave the upper class half of the paper, but he also labeled it the ââ¬Å"top 1%â⬠Read MoreThe Poverty Of Americans Are Affected By Poverty1464 Words à |à 6 PagesMillions of Americans are affected by poverty every day, it does not spare anyone of a certain race, age, or gender. As children go hungry and the homeless become invisible, the 85 percent of wealthy Americans go on believing poverty does not exist. We live in a ââ¬Å"culture of povertyâ⬠where there are many Americans that deny the fact that the country is in a state of despair, the only likely way out is to change how the government assists the deprived and to educate the unknowing. Policy makers haveRead MoreThe New Jim Crow : Mass Incarceration1667 Words à |à 7 PagesMain Thesis Americans think they live in a colorblind society and do not discriminate based on race. The fact is Americans have Barack Obama as their president. Some might argue as long as there are exceptional blacks there are no excuses for all blacks to succeed. Although, Michelle Alexanderââ¬â¢s book, The New Jim Crow: Mass Incarceration in the Age of Color Blindness, challenges Americanââ¬â¢s colorblindness by bringing to light the mass incarceration of African Americans. Jim Crow laws are no longerRead MoreAmerica, Like Ancient Rome, Depend On A Marginalized Underclass Of Maintain Its World Power Status?1330 Words à |à 6 PagesStephanie Sierra Professor Stern History 219-01 Paper#1 Does America, like Ancient Rome, depend on a subjugated underclass to maintain its world power status? In Ancient Rome, The way society worked was much similar to America. The Roman social class is and has been very significant in the operational American social class. None of the Roman classââ¬â¢ was oppressed or enslaved rather they were split into two. Once the Romans defeated the Etruscans they went on to build an empire that would changeRead More The Two Major Causes of the Urban Underclass Essay1870 Words à |à 8 Pagesof the Urban Underclass nbsp;nbsp;nbsp;nbsp;nbsp;Today in the United States, as well as in many other affluent, industrialized nations, there exists an urban underclass, which is defined as a class of people that comprises members of low-income households who have little or no participation in the workforce (Gilbert 2003, p. 274). Currently there are predominantly two distinct, conflicting views of why the underclass exists. On one hand, there is the notion that the underclass is simply theRead MoreSocial Class Is An Integral Part Of Our Society Essay1609 Words à |à 7 Pagesclass is a valuable subject to address since itââ¬â¢s difficult to really understand the differences between the classes as well as the fact that, at least in America, it is easy for people to turn a blind eye to the truly horrifying situations a lot of underclass families find themselves in. Class was defined in lecture as, ââ¬Å"A set of people who share similar status with regard to factors such as wealth, income, education, an d occupation (Obernesser, L. 2016,)â⬠and social class is, ââ¬Å"a group of people in society
Monday, December 23, 2019
Child Development Is All Apart Of A Life Cycle - 1851 Words
Child development is all apart of a life cycle. The life cycle defines pathways for individuals as they age from birth to death. Child development is an interesting topic to observe. Anyone who is around or care for children cannot help but to notice the rapid growth from infancy to adulthood. Those without children can recognize the rapid growth also, because he or she was once a child. ââ¬Å"Childhood has thus been identified as a stage of life, associated with chronological age, located between infancy and youth, and including adolescenceâ⬠(Burke 4). Children go through periods of development as they grow up in life, and they also participate in their own development and learning. Childhood is generally considered to be a natural biological stage of development (Burke 1). In each stage there are multiple changes in the development of the brain. Studies show that child development processes through three stages; early childhood, late childhood, and adolescence. The beginn ing stage in child development is early childhood. ââ¬Å"Early childhood is defined as the period from birth to five years old. This is the time in which the brain grows; these years lay the foundation for subsequent learning and developmentâ⬠(Mott 1). While the structure of the brain is determined biologically and develops during the prenatal stage, the connections within the brain that are critical in laying the foundation for all later development result from the child s interaction with his or her humanShow MoreRelatedPoverty in America Essay838 Words à |à 4 Pagesprovided a means for escape from the continuing cycle. Other factors contributing to poverty was the location of homes or neighborhoods and the accessibility to better paying jobs. Introduction Its hard to believe in a country as wealthy as the United States, that we have the problem of poverty. Poverty has not become a recent problem of our nation. Legislators, scientists and those impoverished have long searched for the end of the poverty cycle. The fact is that poverty does seem to be anRead MoreAnatomy And Physiology : Questions1722 Words à |à 7 Pagesmethod is described as a natural form of contraception when engaging in sex. There is no form of birth control used such as pills, shots, intrauterine devices (IUDs), or any kind of condoms. A woman is basically relying on the upkeep of her menstrual cycle and tracking the days she thinks she is fertile and ovulating and on those particular days she either refrains from sex or instead decides to use a form of birth control. The pros of this method is that there arenââ¬â¢t any side effects related to theRead MoreThe Oedipus Complex And The Electra Complex1032 Words à |à 5 PagesSigmund Freudââ¬â¢s declaratio n that ââ¬Å"neurosesâ⬠¦can be derived only from disturbances in sexual lifeâ⬠(94), challenged the prevailing societal attitudes of his day regarding mental health, childhood development, and human sexuality. Freud explored the inner life of children developing into adulthood by reviving mythological stories of incest, brutality, and obsessive self-love: The Oedipus Complex and the Electra Complex, both variations on the theme of destructive love, murdering the same-sex parentRead MoreHomelessness in the United States952 Words à |à 4 PagesThe focus will be on homelessness and how the child is affected in two major settings: the home, or lack of, and school. In both of these settings, children are impacted by different social forces and must push through barriers that are set before them given their circumstance. ââ¬Å"Living without permanent, long-term housing creates a number of stressors for children and families, but being homeless can be particularly detrimental to the healthy development of young childrenâ⬠(McCoy-Roth, Mackintosh,Read MoreThe Cycle Of Life928 Words à |à 4 Pages The Cycle of Life ââ¬Å"Children have never been very good at listening to their elders, but they have never failed to imitate them.â⬠(Baldwin). The idea that two groups of people, generations apart can be akin to one another is one of lifeââ¬â¢s many mystical ironies. Human life is often characterized by cycles and stages, beginning with birth and ending at death. The exact reason why people age is still an incomprehensive phenomenon. As people age, they often take on the characteristics of a dependentRead MoreThe Book of Ecclesiastes Essay1182 Words à |à 5 Pageswhom the actual author of Ecclesiastes is, but the overwhelming majority of critics deem the authorship of this book to Solomon, King Davidââ¬â¢s son, based on textual clues. It is also generally accepted that this book was written late in King Solomonââ¬â¢s life based on the text in chapter 12:1-7. Ecclesiastes is similar in style to several Biblical poetic books as well as in context to various ancient Near Eastern text s, which demonstrate that practical wisdom is of little value in the real world. HavingRead MoreSelf Control And Its Effect On Our Lives1570 Words à |à 7 Pagesdefine self-control as the ability to control ourselves when put in a variety of situations, in particular in dealing with emotions and desires. Self-control sets us apart from our ancestors and also sets us apart from other animals in that we have higher reasoning skills and can better control our behavior. With these developments, humans have the ability to subdue impulses in order to achieve long-term goals, instead of surrendering to impulses to get instant gratification. Humans can also analyzeRead MoreThe Necessities For Living Are Basic Food, Water, And Shelter1115 Words à |à 5 Pages The necessities for living are basic: food, water, and shelter. Plain and simple, but how do you acquire such necessities? Education is the foundation. No matter where anyone goes with life, the need for an education is an important factor in living a healthy, safe, and successful life. In America, many adults still lack the ability to read and understand the world around them because they are not literate, and it doesnââ¬â¢t just affect the individual. The affects are passed down to the children, theRead MoreEffects Of School Achievement On Children1306 Words à |à 6 Pages School achievement outcomes are also life impacting. Often the only way out of poverty is an education that can provide them with a job which can meet their income needs. If a childââ¬â¢s school achievement is affected by poverty, they have a higher chance of dropping out and continuing poverty in their generation. Effects of school achievement are measured by if the child has repeated a grade, suspended or expelled, and/or dropped out before graduating. A large amount of children that live in povertyRead MoreDivorce And The Effects On Child Development1577 Words à |à 7 Pages Divorce and the Effects on Child Development Nicole Harris Child Development- PSYC 3026-20 Simpson University July 3, 2015 Divorce and the Effects on Child Development Although needed in severe cases of abuse, divorce harmfully impacts, wives husbands and children. The lack of understanding of the primary nature of marriage has brought about a withdrawal from the institution of marriage. Parents need to slow on the uptake and proceed with care before the decision is made that divorce is
Sunday, December 15, 2019
Speak Response to Literature Free Essays
ââ¬Å"It is easier not to say anything. Shut your trap, button your lip; can it. All that crap you hear on TV about communication and expressing feelings is a lie. We will write a custom essay sample on Speak Response to Literature or any similar topic only for you Order Now Nobody really wants to hear what you have to say. â⬠(Speak. Pg. 9, Paragraph 4. ) Everyone at some point in their lives have felt that terrifying feeling of dejection, sorrow, anger, frustration and pain. Whether it is an action done by one or an action done by others, there is always the fear of being judged, to which people decide it is best if they donââ¬â¢t talk their problems with others. Melinda used to be a serene, sweet loving girl that loved to play sports and had a good relationship with her parents and friends, but suddenly, as she started her first high school year, she skips days of school, drop her grades and feels completely empty. The tones of fear and relief in Speak, by Laurie Halse Anderson reflect an inner growth presented by the main character when she overcomes the challenging and devastating condition of being sexually abused. The foreshadowing presented several times in the story reinforces the mystery and the intrigue in the reader as it discovers and resolves the conflict and causes of it. In the beginning of the book, Melinda expresses what she has ââ¬Å"been dreadingâ⬠; she is the ââ¬Å"Outcastâ⬠and the only person ââ¬Å"in the entire galaxy [she is] dying to tell what really happenedâ⬠(Pg. 3, Paragraph 3; Pg. 4, Paragraph 2. ) and whom she trusted all her life, Rachelle, Melindaââ¬â¢s best friend until 8th grade, hates her to death. For this reason the reader can infer that something inconveniently awful occurred since there is a very sudden shift in their friendship that caused not only their total isolation, but also, feelings of anger and resentment. The author does this to emphasize a sense of interest, charm and curiosity as a hook to capture the readerââ¬â¢s attention from the beginning to build up the plot in the story. Equally, later on in the book, there is a shocking event when Melinda gets trapped with Andy Evans in the janitorââ¬â¢s office; she was about to ââ¬Å"wet [her] pantsâ⬠as Andy lividly ââ¬Å"cracks his knucklesâ⬠and ââ¬Å"stares at [her] without talking. (Pg. 193, Paragraph 3. ) As Melinda gets corned face to face with her biggest fear, the reader feels anxious wondering whether he is going to rape her again or is Melinda going to stand up for herself, be courageous and take revenge from that pervert selfish man. The author does this to built suspense in the reader as i t gets to the ending resolution of the bookââ¬â¢s plot; this anxiety is built up by giving small clues that indicate certain actions. For this reason the reader is able to get the traumatic feelings of terror and affliction from a likely experience. The symbolism behind the abandoned janitorââ¬â¢s office in Speak, conveys the reader of the powerful conflict of man versus self. In a moment of trouble, Melinda discovers the inactive and decrepit janitorââ¬â¢s office and she describes it as an ââ¬Å"abandoned [place] ââ¬â [with] no purpose, no nameâ⬠and finds is it appropriate for her. (Pg. 25, Paragraph 4. ) The closet represents isolation from the rest of the school as well as it provides her with a place of self-reflection and tranquil safety. The author does this to emphasize Melindaââ¬â¢s affliction and her insecurity, hiding from people and not expressing her feelings to others. Consequently, the Secret Annex was a place for protection and avoiding any type of harm during the World War II in which Anne Frank and her family lived for a very long time. Furthermore, in the end of the story, Melinda is packing her stuff from the closet when suddenly, ââ¬Å"some body slams into [her] chest and nocks [her] back intoâ⬠it (Pg. 193, Paragraph 3. ); she trapped with Andy Evans, the beast that hurt her once and came to do it once more. As they were fighting, Melinda breaks the mirror hanging form the wall and ââ¬Å"wrap [her] fingers around a triangle of glassâ⬠; she holds it into Andy Evans neck ââ¬Å"hard enough to raise one drop of bloodâ⬠. Immediately, ââ¬Å"his lips are paralyzedâ⬠and ââ¬Å" cannot speakâ⬠. Melinda added, ââ¬Å"I said noâ⬠(Pg. 195, Paragraph 2. ). The closet reflects the place of self-transformation as she becomes courageous and gains control of the situation to fight for herself. The author does this to demonstrate the rewarding satisfaction of fighting over the problems and the huge change that involved courage and maturity. Melinda is able to defeat her biggest fear by growing up, having confidence in herself just like an invincible hero. The first person point of view gives the reader a personal-hand experience of the struggle the protagonist experience as she overcomes her condition. After confronting the truth about what happened that night in a TV show, she feels extremely sick, devastated and confesses, ââ¬Å"My head is killing me, my throat is killing me, my stomach bubbles with toxic waste. (â⬠¦) A coma would be nice. â⬠¦) Anything just to get rid of this, these thoughts, whispers in my mind. Did he rape my head too? â⬠(Pg. 165, Paragraph 2. ) When the character starts reflecting about what happened, she feels fearful and uncertain. The author does this to help the reader understand a personal experience by getting inside her head, which is the only place where Melinda expresses without restrictions or concerns of being judged by her parents, friends and society. In the last pages of the story, Melinda makes a self-reflection in which she says, ââ¬Å"IT happened. There is no avoiding it, no forgetting. No running away, or flying, or burying, or hiding. (â⬠¦) It wasnââ¬â¢t my fault. He hurt me. It wasnââ¬â¢t my fault. And Iââ¬â¢m not going to let it kill me. I can grow. â⬠(Pg. 198, Paragraph 1. ) As Melinda cogitates on the events that occurred that night, she has a drastic transformation from her mature beliefs compared to her callow, insecure ones. The author uses this point of view to emphasize the emotional and personal growth of the protagonist by becoming courageous and confronting her fear. This perspective is intended so the reader can feel empathy and understanding as it becomes aware of the main characterââ¬â¢s personal opinions. Melindaââ¬â¢s challenge reinforces lifeââ¬â¢s most challenging task, growing up. Being in such a traumatic age of 14 to 16, it is very hard to deal with these types of situations that are ordinary in our society but are often excluded from conversations; however Melindaââ¬â¢s actions should endure as being a raw model to other people that have experienced the same abuse. Society should protect and look after everyone involved in any abuse, instead, of being so close-minded and judgmental. Furthermore, in order for these abuses to stop, people should gain courage to defend themselves by denouncing their acts; the society around them should not let these misdoings be forgotten with neglect. Bibliography Halse Anderson, Laurie. Speak. New York: Penguin Group, 2009. Print. How to cite Speak Response to Literature, Essay examples
Saturday, December 7, 2019
Crazy Eddie Essay Example For Students
Crazy Eddie Essay Crazy Eddie Case Questions 1. Compute key ratios and other financial measures for Crazy Eddie during the period 1984-1987. Identify and briefly explain the red flags in Crazy Eddieââ¬â¢s financial statements that suggested the firm posed a higher-than-normal level of audit risk. There were several red flags in Crazy Eddieââ¬â¢s financial statements. The companyââ¬â¢s higher-than-normal level of audit risk can be determined by completing a ratio analysis of the financial statements. An analysis of key ratios over the period of 1984 to 1987 would have resulted in red flags. Crazy Eddieââ¬â¢s change in assets between this period is one red flag that an auditor should have noticed. Short-term investments had a zero balance until 1986 when it dramatically increased to 21. 1 and then dramatically increased again to 41. 4 in 1987. At the same time cash on hand dropped from 34 in 1985 to 3. 2 in 1987, which is a troubling sign. The saying goes that cash is king. Crazy Eddie was rapidly expanding the number of stores and was not anticipating what could happen in the future. Competition greatly increased and Crazy Eddie did not have the funds to pay suppliers for merchandise, which in turn causes potential customers to go elsewhere for their needs. Basically, the industry had become saturated with retailers and the company could no longer extract sweetheart deals from suppliers. After seeing this drop in cash, an analysis on merchandise inventories is needed. From 1984 to 1987, merchandise inventories decreased from 63. 8 to 37, which is another red flag that should have been investigated. Crazy Eddie is a retailer and retailers sell merchandise to customers so inventory is extremely important. This could have been a sign that inventory was misstated. As it turns out, Crazy Eddie had a huge overstatement of the companyââ¬â¢s inventory and personnel systematically destroyed incriminating documents to conceal inventory shortages. The age of the inventory was also a red flag that should have been noticed. In 1986, the age of the inventory was 80 days. It increased to 111. 8 days in 1987. This is a sign that inventory that is in stock is not selling, which is a negative since electronics become obsolete quickly and these products tend to have a short life cycle. During this same period from 1984 to 1987, the companyââ¬â¢s liabilities were taking a turn for the worst. Short-term debt increased from . 3 in 1984 to 16. 8 in 1987 while accrued expenses went from 16. 6 in 1984 to 1. 9 in 1987. Short-term debt increased because of the companyââ¬â¢s rapid expansion as previously mentioned. The decrease in accrued expenses could be the result of the company artificial inflating its revenue by releasing accruals and is a red flag for auditors. These red flags would have appeared to users when the financial statements of Crazy Eddie were compared against the financial statements of a competitor. 2. Identify specific audit procedures that might have led to the detection of the following accounting irregularities perpetrated by Crazy Eddie personnel: (a) the falsification of inventory count sheets, (b) the bogus debit memos for accounts payable, (c) the recording of transshipping transactions as retail sales, and (d) the inclusion of consigned merchandise in year-end inventory. Proper audit procedures are required for auditors to obtain sufficient appropriate audit evidence that will allow them to draw reasonable conclusions as to whether the clientââ¬â¢s financial statements follow generally accepted accounting principles. More specifically, an audit usually contains such procedures as risk assessment procedures, tests of controls, and substantive procedures. Of all the audit procedures, risk assessment procedures are preliminary. Through the risk assessment procedures, auditors obtain the needed understanding of the client, its environment, and internal control of the client company. As in the Crazy Eddie Case, the auditors should have found out the nature of the transshipping transactions, and the potential high risk placed in the inventory accounts by proper performance of the risk assessment procedures. Following the risk assessment procedures, substantive procedures are designed and conducted to detect material misstatements of relevant assertions. Substantive procedures include analytical procedures and tests of details. Analytical procedures involve evaluations of financial statement information by a study of relationships among financial and nonfinancial data. Tests of detailsà may be divided into three types. One test is the test of account balances to address whether there are misstatements in the ending balance of an account. In the case of Crazy Eddie, auditors should have put greater attention to inventory and accounts payable accounts. The second test is a test of classes of transactions to determine whether particular types of transactions have been properly accounted for during the period. Crazy Eddies fraudulently classified these transshipping transactions as retail sales to inflate its sales revenue and continue growth at existing stores. Child abuse EssayAssume that client personnel were unable to locate 10 of these invoices. How should you and your superiors have responded to this situation? Explain. These ten missing invoices are a troubling sign and needs to be thoroughly investigated by the auditors. It could be a sign that client is trying to conceal fraudulent accounting transactions or it simply could be an issue of lost or misplaced invoices. In situation like this, auditors need to use professional skepticism and increase the assessment of fraud risk. Auditors have the responsibility to detect both fraud and errors. It is important that the auditors adequately examine the internal control procedures for receiving merchandise and paying bills. The auditors needs to understand the process from cradle to grave so it is important that the auditors observe an transaction from start to finish to determine whether the internal controls are appropriate. By understanding the process, the auditors can then determine if the invoices could have been simply lost in the scuffle. Also, the auditors could contact the supplies of the inventory to request the missing invoices in order to verify the existence of the invoices. Finally, they can compare the transactions with previous years records and other firms in the same industry to see if there is a similar pattern. If no there is no satisfactory conclusion to the ten missing invoices, auditors should report the problem to auditing committee. 6. Should companies be allowed to hire individuals who formerly served as their independent auditors? Discuss the pros and cons of this practice. There are several pros and cons of hiring individuals who formerly served as independent auditors. Hiring former external auditors to work as senior accounting and finance officers is known as a revolving door phenomenon. One draw back of this practice is that some individuals believe that this practice undermines auditor independence, audit quality and the quality of financial statements. Auditor independence is extremely important and it is essential to satisfactory performance. Also, the former external auditor has knowledge of how external audit firm operates and their testing techniques for audits. This means that the former auditor has the ability to help its current employer to manipulate the financial statements in ways that are least likely to be detected by the auditors. They have the potential to keep external auditors from finding evidence of any fraud. Also, remaining members of the external audit team may be reluctant to question former colleagues. This past relationship history can constrain the independence and professional skepticism of the auditing, because reliance is now placed on emotional confidence and trust. However, there are many pros with this practice of hiring individuals who formerly served as their independent auditors. Companies have found these employees to be both efficient and effective. They are efficient for the company because these individuals are already familiar with the companys policies, practices, and corporate culture. This means that less time and money is required to educate and train these individuals about the company. Also, these individuals are highly educated and are knowledgeable about the industry and the internal control. They have had years of experience and are familiar with numerous types of businesses and complex accounting financial transactions. The former external auditors already have relationships with employees at the company. They have had first hand experience with the employeeââ¬â¢s and know about the employeeââ¬â¢s capability, ethics, and personality, which is beneficial in certain situations. Sarbanes Oxley resulted in auditing firms no longer being able to provide internal audit work to the clients they audit. This was done to avoid any appearance of conflict of interest. On March 31, 2003, the rules for hiring individuals who formerly served as their independent auditors changed. According to Securities and Exchange Commission, under Release No. 33-8183, an accounting firm is deemed to be not independent with respect to an audit client if a former member of the audit engagement team is employed by the issuer in a financial reporting oversight role unless the individual had not been a member of the audit engagement team during the one year period preceding the initiation of the audit.
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