Descartes And Spinoza On The Freedom Of Human Will

Many people have wondered if humans have the freedom of human will. Do we have the freedom of making our own decisions and judgements or is our will powerless and our actions and decisions are predetermined by prior causes? Well, there are two philosophers named Descartes and Spinoza that have had some disagreements about the human will and will give you their accounts about why their argument is stronger than the other. Descartes account of the will starts from the very nature of the will. The nature of will is given from God to give or withhold assent; to act on desires. When the will and the intellect, which contains ideas, come together, they make a judgement or decision. For example, when you see a nice cup of coffee, your intellect and will comes up with a judgement on whether or not you want to pick up and drink that coffee. But, sometimes there can be a problem with these judgements. When you are making those decisions, the will extends beyond the intellect. So, sometimes when we are making a judgement, our will overpowers our intellect and causes ourselves to make mistakes, our own mistakes. In Descartes’ Meditation Four, he goes more in depth by saying, â€Å"Because the will is indifferent in regard to such matters, it easily turns away from the true and the good; and in this way I am deceived and I sin.† This is what we call intellectual freedom, the freedom to make judgements. Descartes believes the will is free because since the will is from God and GodShow MoreRelatedEssay about Descartes vs. Spinoza1588 Words   |  7 PagesTerm Paper, Philosophy 1107 Aaron Davis Evaluation Comparison Between Descartes and Spinoza About The Paper: What I will do in this following paper is to discuss two very interesting philosophers, Rene Descartes and Benedictus de Spinoza. I will discuss each philosopher’s perspectives and insights on their most recognized theories and thoughts. I will then evaluate them and then give my opinion on the given topic. By doing this, I will contrast the similarities andRead MoreIn Philosophy, There Are Going To Be Some Agreements And1393 Words   |  6 Pagesall is Descartes’ and Spinoza’s take in regards to mind and body, and God and free will, God existence. I will compare and contrast Descartes’ and Spinoza’s perspectives on the relationship between mind and body, and God and free will. Maria, there is no fast way to explain all of this as this takes time, so please brace yourself as I hope to provide you with a better understanding of the agreements/similarities and disagreements/differences between the two philosophers’. Similarities Descartes andRead MoreDescartes : The Father Of Modern Philosophy1518 Words   |  7 PagesDescartes The father of modern philosophy, Descartes, lived in the seventeenth century. he was similar to Socrates in that he accepted his own ignorance and like Plato he doubted his senses. He did not even trust, â€Å"the knowledge handed down from the Middle Ages† (Gaarder 230). His disbelief in everything around him led him to make his own philosophy and travel all Europe in order to seek the wisdom he searched for. Descartes wanted to organize all the contemporary ideas into a philosophical systemRead MoreThe Influence of Rationalism on the French Revolution1509 Words   |  7 Pagesethics and metaphysics. The first modern rationalist philosopher was Rene Descartes (1596-1650).The Stanford Encyclopedia of Philosophy states that: â€Å"Descartes is known as the father of modern philosophy precisely because he initiated the so-called epistemological turn that is with us still.† Descartes interest in philosophy stemmed from a fascination with the question of whether humans could know anything for certain. Descartes desired to create a philosophy that was as solid as say the concepts ofRead MoreHume s Theory Of Free Will2486 Words   |  10 Pageshe emphasized the freedom of action instead of freedom of will. For Hume, freedom means only the absence of external coercive force. I will argue in favor of Hume definition of free will from three perspectives. Firstly, I will argue that Hume’s agnosticism concerning the problem of mind and body relation was the solid epistemological basis for this this definition and it has not been refuted on scientific grounds. Unlike Descartes, Hume didn’t speculate about the nature of human mind and whetherRead MoreBiography Of Baruch Spinoza s Theory Of Human Emotions, And The Human Nature1899 Words   |  8 PagesAt the age of 20, Baruch Spinoza was banned from the Synagog, and from Amsterdam for his radic al believes. His masterpiece, The Ethics, can basically be considered as his guide for humans to achieve absolute tranquility. His purpose is psychotherapy. It is his directory to living the right way and being happy and content. He believes that in order to do so, one must truly understand the nature of two major phenomenas. He, by breaking his book into five different parts, explains the true and absoluteRead MoreImmanuel Kant s Philosophy On Philosophy844 Words   |  4 Pagesto follow. Therefore, many philosophers came up with ideas to convince people to live  ¨better ¨. Rationalism related with the overview of mathematical approaches into philosophy during the period by the major rationalist figures such as Descartes, Leibniz and Spinoza developed people ´s way of thinking in many different ways. Rationalism is perspective which engages the rational and deductive reason, an opposite structure from personal experience or teachings as the foundation of knowledge or rationa lizationRead MoreLocke And His Theory Of Determination1623 Words   |  7 Pagesas relating to all human beings and this is to say that all humans think that happiness is maximized pleasure and minimized pain. And to refute this is to point back to the list of people who sacrifice pleasures and even life for the wellbeing of others. The second way to read this excerpt is to ignore the capital â€Å"B† in Being, since Locke’s seems to like to throw around capital letters in strange places, and interpret it as any being that is not intelligent, including human beings, would not thinkRead MoreEssay about Baroque Period (1600-1750) General Background890 Words   |  4 Pageswriters, fueled the scientific revolution of the 17th Century by proposing world views that challenged conventional assumptions and questioned established Church dogmas. The scientific advances of this period had a profound impact on all spheres of human activity including the arts and music. The scientific revolution is traditionally considered to be framed between 1543—the year of On the revolutions of the heavenly spheres by Nicolaus Copernicus (1473-1543), a work which was put on the CatholicRead MoreLocke And His Theory Of Motivation1563 Words   |  7 Pagesas relating to all human being and saying this is to say all humans think that happiness is maximized pleasure and minimized pain. And to refute this is to point back to the list of people who sacrifice pleasures and even life for the wellbeing of others. The second way to read this except is to ignore the capital â€Å"B† in Beings, since Locke’s seems to like to throw around capital letters in strange places, and interpret it as any being that is not intelligent, including humans, would not think happiness

Arousal Essay - 534 Words

Discussion: Arousal is an integral element that is needed when preparing ones-self for sporting competition ( or practice for that matter). According to Weinberg and Gould, the athlete must become aware of his or her psychologigal states before they can control any thoughts or feelings they may have. This means when preparing for competition it is important to create an arousal state that is indicative of the competition you are competeing in and be aware of that state in order to set yourself up psychologically to compete. The athlete must energize him/herself when feelin flat and be aware of what he or she is doing in order to enhance his/her sport performance. With that said, if arousal levels are too high then sport performance can be†¦show more content†¦Individual Zones of Optimal Functioning is a concept which states that â€Å" A person’s zone of optimal functioning may be at the lower, middle or upper end of the anxiety continuum. In the Multidimensional Anx iety Theory arousal is said to inversley affected by an increase in state anxiety, therefore decreasing performance. In Kerr’s model,the Reversal Theory, he establishes that if an athlete see arousal as a pleasant experience , tthen the performance will benefit, however if is viewed negatively then performance will be hindered. When discussing Hardy’s Catastrophe Model, it becomes apparent that arousal can be beneficial, but only to a certain point. Hardy believes that as arousal increases it forms an inverted-U as stated previously but if anxiety surpassess the levels of optimal performance then catastrophic failure occurs and performance is at its worst. The athlete must then stop, relax,re-focus and use visualization techniques in order to get to a state of acceptable performance again. nbsp;nbsp;nbsp;nbsp;nbsp;With that said, it is beneficial to understand how to employ relaxation techniques in order to cope with situations like this. Relaxation exercises are used in order to relieve stress from the muscles and clear the mind in order to focus a nd perform at ones best, whether it be in practice or a game situation. There are different types of relaxation techniques. TheyShow MoreRelatedFemal Arousal Disorder1373 Words   |  6 PagesFEMALE AROUSAL DISORDER In recent years more then ever women are being studied for problems with sexual disorders and dysfunction’s Sexual disorders and dysfunctions refer to difficulties individuals experience in their sexual functioning. (O’Donohue, Geer) In the past when sexual problems were studied amongst women the focus was on the orgasmic phase, with such problems as Vaginismus, Dyspareunia and Anorgasmia, rather than on the arousal phase. Even in 1970 when MastersRead MoreSexual Arousal And Sexual Activity Essay1057 Words   |  5 Pages Sexual arousal can vary from person to person. Some people are aroused just by looking at a person, being touched in a certain place on one’s body, or thinking about a sexual act. Sexual arousal, or sexual excitement, is described as a physiological state as well as emotional. Physiologically, it is defined as an increased amount of blood flow to the genitals during a sexual act. As the amount of blood flow increased to the genitals, the clitoris swells for the woman and the penis erects for a manRead MoreThe Effects Of Sexual Arousal On Mental Disorders1554 Words   |  7 PagesA paraphilia is known as a medical category which medical doctors created in the 1920s to describe abnormal sexual arousal to individuals, objects, or situations that are not considered normal or typical behavior in a community and causes personal distress or serious problems. Quinsey (2011) noted that the Diagnostic and Statistical Manual of Mental Disorders includes paraphilias as mental disorders. He stated that this is because they are known to include a behavioral or psychological dysfunctionRead MoreA Decrease in Sexual Fantasies in Women Decreases Desire and Arousal1499 Words   |  6 PagesFor the scholarly journal I found the disorders in sexual desire and sexual arousal in women comes from the study of the difference in sexual motivation between men and women. This disorder consists of a lack of sexual fantasies and desire for any form of sexual activity. The author was trying to show the difference in how women react to different sexual responses and what can cause lack of sexual desires. It did figure out that women show lower and less frequent sexual motivation than men. NormallyRead MoreCue-Arousal Theory1557 Words   |  7 Pagesverbal threats and the behaviour of harming yourself. (Kristalyn Salters-Pedneault, PhD) There are many theories of aggression, namely: Frustration-Aggression Theory Social Learning Theory Instinctive-Aggression Theory Relative Deprivation Theory Cue-Arousal Theory Excitation-Transfer Theory Deindividuation Read MoreFemale Sexual Arousal Disorder796 Words   |  4 PagesSexual Arousal Disorder Donna Lindley BEH/225 March 3, 2013 Christina Lakeman There are many different disorders that a person can have and one common disorder is female sexual arousal disorder. This is the second most common sexual dysfunction in women. (Female Sexual Arousal Disorder, 2013). There are many women who suffer from the dysfunction. Sexual arousal in women can be broken into three categories, genital arousal disorder, subjective arousal disorder, and combined arousal disorderRead MoreHow Does Emotions Impact Our Motivation?851 Words   |  4 Pagesit(webmd.2005-2015). With the Yerkes - Dodson law it show how our arousal affect performance and motivation. The arousal begins it increases our focus and the person gain energy. The â€Å"Yerkes Dodson law is low arousal produces maximal performance on difficult tasks and high arousal produces maximal performance on easy task.(Deckers, 2010.p134) The arousal and emotion affect the human being motivation. Physiological arousal occurs first than emotion comes after, so I decide to research howRead MoreArousal Reappraisal and Social Anxiety696 Words   |  3 Pagestherefore will not give a public speech. However, the development of the correct tools can motivate the individual with social anxiety disorder to give a public speech and get over their fear of public interactions. Research on appraisal, specifically arousal reappraisal and social anxiety, found that reappraisal can help individuals with social anxiety feel less shame, anxiety and less avoidant when confronted with an emotionally charged stimulus. Reappraisal is the idea of coming back to an already formedRead MoreThe Effects Of Optimal Arousal And Performance1686 Words   |  7 PagesIntroduction The effects of optimal arousal and performance has been studied extensively in psychology. Throughout sports psychology it is known that there is an optimal arousal level at which athletes perform their best. In previous studies surrounding the relationship between emotional states and performance, have been examined using the individual zone of optimal functioning (IZOF). IZOF is a sport-specific framework that describes the relationship between emotional experiences and success onRead MoreHow Emotions Are Shown Through Open Forms Of Body Language Essay1982 Words   |  8 Pagesoptimal arousal, and the humanistic theory. When we set a goal for ourselves and strive to achieve it, it is consciously thought on and sought after. We must predetermine the process in which we will go about attaining success. An example relative to the humanistic theory is, in the process of seeking self-actualization, we must consciously understand who we are and fulfill all of our other needs first. The research conducted by Deepak Malhotra (2009), investigated competitive arousal, how it is

The Portryal of Women Free Essays

This also includes any female emotions they might encounter such as pain, sorrow and frustration leading them to surrender. In Exile of the Son’s of Gillis, Dermis’s destiny was already determined while she was in the womb. She was raised apart from everyone else and isolated from the world. We will write a custom essay sample on The Portryal of Women or any similar topic only for you Order Now After she was born all of her power was taken in the hands of society. She was fully under the control of Connector, as he announced â€Å"This Woman I’ll keep to myself'(131). As only being seen as an object the types of men she was Introduced to would never eve her, but would take control of her and battle for her ownership. The full year she was taken under Schooner’s control she never gave one smile, she had no strength to eat or sleep, or even Lift her head from her knees. At this time, Dredger was taken full advantage of the most by being degraded and raped repetitively by Connector and Eagan. Despite the men that Derider has been through, no one captured her feelings as much as Noises. This is where Derider had taken it upon herself to have Noises convince Connector allow them to escape together. Since Cinchonas made no exceptions, Derider urged Noises to return home where she would remain unprotected. In order for this physical and mental pain she was experiencing to stop, she was left nothing more but to kill herself. One of her last words spoken was, â€Å"Break my heart no more today, In a short while I’ll be no more, Grief is heavier than the sea, If you were but wise, Connector†(136). Due to not having any control In this situation she rebelled against them proving her ultimate power over her body, mind and spilt. When Dredger committed seclude, she knew that by taking her own life she would never be dominated by Connector and Eagan, the two men she hated the most. Similar themes are encountered in The Wife’s Lament. The main character is also feeling the same emotions as Derider in the Exile of the Sons of Gillis. In the beginning, this poem it describes the wife’s resentment she has towards her husband who left her feeling empty and alone in the world. This can be compared to Derider were both of these women do not know how to react to their different tuitions or able to move on from it. Also, they both are longing for a love that they will never have. Since her life was revolved around the well being of her Lord, once he is gone she feels helpless in this unfamiliar and hostile world. Her misery Is expressed when she recites, â€Å"There I weep my exile, the many burdens. Therefore I can never set my cares at rest, nor still all this life’s longing, which Is my lot†(1 14). This quote overlooks all her sorrows being left In the dark and deserted, that she will never overcome her suffering pain of separation. She was left with no control under ten solution Ana let to accept near loneliness. Her last tongue was auto near husband and convinced herself that he too was suffering. â€Å"Whether my friend has all the world’s Joy his bidding or whether, outlawed from his homeland, he sits covered with storm frost beneath a rocky cliff – my weary – minded friend, drenched in some dreary hall – he suffers great anguish†(114). Overall, this poem is mainly focuses on the speaker’s grief suffering through her state of hopelessness. Today, women are till experiencing the issues of degrading and being looked at as an object. Each of the women in The Exile of the Son’s of Gillis and The Wife’s Lament showing the corruption that degrading had caused. This is where they both took action and tried to escape their feeling of constant misery. They had no control or power in any situations leading them to their feelings of pain, sorrow and frustration. Leading us to have higher hopes for the future that will always be taken into consideration in positions of leadership and appreciated for what they stand for. How to cite The Portryal of Women, Papers

Auditing - Assurance & Services ACC707 Individual Assignment

Question: Discuss about the Auditing Assurance ? Answer: Introduction In the United States, Lehman Brothers were regarded as the fourth biggest investment-banking firm until 2008 when it became bankrupt. Prior to the year 2008, Lehman Brothers provided international financial services to its customers but after becoming bankrupt, it was forced to file for Chapter 11 bankruptcy. The reason behind such bankruptcy and failure of Lehman Brothers can be attributed to the non-assessment of risks by the management and negligence on the part of auditors to warn the management about such happening and its outcomes that would arise due to the managements fault. Besides, various data relating to this situation were hidden from the financial statements by the auditors, which could have assisted the company in preventing disintegration (Zhang et. al, 2007). Therefore, this concludes the fact that effective regulations and strategies are vital in the present scenario as it can play a key role in leading towards an enhanced operation. The major data that was hidden by the auditors from the financial statements are that Lehman Brothers started relying more on debts in order to invest all the proceeds in the mortgage market. This was because there a period of great prosperity betwixt the year 2001 and 2008, and the company assumed such period very profitable in nature. However, the sub-prime mortgage businesses related to housing finances had already become disastrous. Another vital vulnerability on the part of Lehman Brothers was in private financing, real estates, and leveraged lending from their own resources (Bhasin, 2008). In relation to this, the firm had already expended billions in risky portfolios and in order to expand such huge amounts, it had borrowed from various financiers, thereby generating a situation wherein the consequences came out to be immensely disastrous. Instruments used The riskiest step undertaken by Lehman Brothers was the utilization of Repo 105 transaction in an inappropriate way so that the image of the firms balance sheet can be made attractive in the eyes of the public and other financial institutions, thereby creating an effective opportunity to procure more borrowings from the institutions. Furthermore, the firm kept its investment securities as collateral and utilized the procured resources to pay off its other obligations. In order to show the collaterals as it is on the firms balance sheet, the auditors assisted in hiding the major details (Fazal, 2013). Furthermore, the transaction was depicted as the sale of inventory of securities, and eventually, such securities were minimized by Repo transactions. In addition, the borrowings or loans procured by the firm in opposition to such securities were not depicted in the balance sheet, as the firm made ways to treat such loans as Sale proceeds of investment securities. Nevertheless, the firm took all such steps in order to shed light on its liquid assets and less vulnerable liabilities. Lehman Brothers also took steps to mortgage its long-term assets and investment securities for short-term borrowings in the form of commercial papers and repo transactions. Sooner, the firm was borrowing on a daily basis until the year 2008 when it became vulnerable to various kinds of risks due to such borrowings. Besides, providing entrance to debt obligations in the financial statements plays a key role in exaggerating the rate of interests, thereby generating a major risk over time (Parker et.al, 2011). Moreover, the financial institutions also stopped accepting long-term securities as collateral in opposition to short-term loans and therefore, Lehman Brothers became incapable of satisfying its debt obligations. On a whole, all these transactions played a key role in the disintegration of Lehman Brothers but the scenario was made disastrous because of concealment of relevant material information from the firms financial statements. If the auditors (Ernst and Young LLP) had perfor med their jobs in an effective way, then such disintegration might have been safeguarded or delayed to some extent. ASA 707- Communication of relevant audit matters in the Independent Auditors Report This auditing standard came into effect on or after December 15, 2016, in order to enhance the financial reporting standards. Moreover, the main goal of incorporating this standard into financial reporting is to evaluate the relevant audit matters and thereafter, communicating the same with an unbiased judgment on such matter to the management of the audit firm. Besides, communication of such relevant audit matter to the management can play a key role in enhancing the transparency of the audited financial statements that can, in turn, assist the user to observe the matters that can influence their decision-making as a whole (Guan et. al, 2008). Nevertheless, in relation to Lehman Brothers, if such auditing standard was implemented and followed, then the auditors could not have concealed such material information from the financial statements, thereby enhancing the users capability in interpreting the financials. Such key audit matters necessitate relevant and prior attention of an au ditor while auditing the financial statements of a company (Wiggins et. al, 2014). Therefore, in order to evaluate the significance of such matter, the auditors must seek matters that pursue a bigger risk of material misstatement and the effects of such matters on the financial statements. Auditing issues that resulted in the collapse of Lehman Brothers The following issues shed light on the auditing issues on the part of Lehman Brothers. If ASA 707 was there at that time, the collapse of the firm could have been avoided or delayed. Therefore, the role of auditors in hiding the material facts from the financial statements resulted in a grave scenario, thereby creating a downfall situation for the firm. Non-disclosure of inappropriate treatment of the Repo transactions in the auditors report and Notes to financial statements The audit firm and Lehman Brothers itself made attempts to not shed light on the influence of Repo 105 transactions on the firms balance sheet because it would not be attractive in the eyes of financers and other investors, as they would consider the firm to be too vulnerable for investment. Therefore, the auditors must have played a role in disclosing all the effects of the transaction together with the wrong treatment of such transaction that was done by Lehman Brothers (Roach, 2010). Efficient approval by auditors to manipulate the Balance Sheet Lehman Brothers had initiated an internal policy of Reverse Repo and Repo 105 transaction, together with their improper treatment by depicting them as sale and repurchase of investments in the balance sheet. Moreover, this policy was framed after getting a prior approval from the auditors (Gilbert et. al, 2005). Thus, it was the duty of the auditors to restrict Lehman Brothers from conducting such mistakes. In addition, they must have warned them about the outcomes that would follow because of such steps. Besides, Lehman also started Repo 108 transactions in the later periods wherein it utilized equities in the place of fixed income securities as collateral. Moreover, the auditors also approved the same that was a grave mistake on their part (Wiggins et. al, 2014). Inappropriate classification of raised funds and utilization of the same through Repo transactions by adopting FAS 140 In relation to the Repo transactions initiated by Lehman Brothers, it treated its short-term financial transactions as sales in the financial statements. In addition, the offered securities as collateral were not shown on the balance sheet of the firm, and the liabilities was minimized in order to shed light on the fact that the firm had paid off its liabilities by selling its securities. Besides, this was done just to portray a wrong image of the firm (Lapsley, 2012). Nevertheless, the actual treatment of Repo transactions was to depict the offered securities in the balance sheet and nothing was to be depicted that such securities were given as collateral to the third parties in opposition to the revenues procured from them (Elder et. al, 2010). Besides, such procured loans from third parties were to be depicted in the balance sheet until they were paid off. On a whole, as the transaction was treated as sales through the means of FAS 140, the loans procured from third parties was no t depicted anywhere and the sold securities were minimized from the asset side of the balance sheet of the firm. Besides, Lehman conducted all such deeds in lieu of their auditors affirmation because the FAS 140 did not offer anything about an independent disclosure obligation (Wiggins et. al, 2014). Therefore, Lehman and its auditors took leverage of the same. Failure to disclose misstatement of leverage ratios The leverage ratio of Lehman Brothers had deteriorated in the year 2008 in comparison to the year 2007. However, such deterioration was not permanent and it was falsely generated through the use of Repo 105 transactions. Lehman repaid the debts of such repo transactions after the termination of fiscal quarters so that the securities would again be highlighted in the firms balance sheet. Nevertheless, this would have influenced the firms leverage ratios on a significant level and it was necessary to depict the same in the financial statements of the firm by the auditors (Elder et. al, 2010). Failure to disclose non-approval of true opinion of sale in the United States In order to treat the Repo 105 transactions under sales through the means of FAS 140, Lehman Brothers were under a non-delegable obligation to procure a true sales opinion that could play a key role in certifying that the transactions are in lieu of the legal requirements. Such true sales opinion was not attained by the firm in the United States. Sooner, the firm made collaborations with the UK finances in order to enter into Repo transactions wherein true sales opinion was procured with a prior condition that the investment securities must not only be depicted in the UK but also must only be traded within the country itself (Pilbeam, 2009). Based on such opinion, Lehman Brothers entered into several transactions and through which they had collateralized securities of fixed-income amounting of huge amounts of dollars. Besides, Lehman also started transfers of billions of dollars of fixed income generating securities of America, and that too without the prior permission from the UK fi nancers (Black, 2010). In relation to the above situation, the auditors had full knowledge of the same but they failed to disclose it in the financial statements. Approval of financial statements that hidden such Repo 105 transactions It was the duty of Lehman Brothers to buy back the billion dollar securities being transferred to the third parties. However, they did not disclose the same in their financial statements. Besides, all these kinds of transactions were depicted as mere balance sheet fluctuations in their management reports. In addition, the responsibility to repurchase such securities at a minimal rate was shown as derivatives on the balance sheet (Manoharan, 2011). Besides, these derivatives were concealed in a huge number of derivatives that were highlighted in the footnotes section in the financials (Hoi et. al, 2009). In relation to this case, all the affairs of Lehman Brothers were approved by the auditors that shed light onto their concealment of facts. Hence, the previously mentioned issues clearly depict the deficiency on the part of the auditors of Lehman Brothers. Moreover, if there were an ASA 707 standard, the auditors might not have stepped back from their obligation in following an ethical audit process. Besides, this could have safeguarded Lehman Brothers from being collapsed and the investors as well from infinite losses. Recommendation It is the duty of auditors to follow an ethical procedure while conducting an audit process. Furthermore, in the case of misstatements or errors, the auditors must make steps to initiate corrective actions and report to the management regarding the same. Besides, adherence to auditing standards is a compulsion while conducting an audit process. Further, such auditors are not bloodhounds, and instead, they are watchdogs who must be capable in interpreting the affairs of the company in an effective manner. This is the reason why auditors cannot be responsible for losses to third parties who materially relied on the financial statements that were examined by the auditors. Unlike the case of Lehman Brothers, auditors must not make way for incorrect reporting on the deeds done by the management. On a whole, the downfall of Lehman Brothers summarizes the fact that there was a major loophole betwixt the statutory rules and their real implementation. This also sheds light on the loopholes in the statutory mechanisms and therefore, necessitates effective and strict auditing standards. Conclusion The incident of Lehman Brother is an eye opener to every organization as its projects the needs of corporate governance and strong ethical standards. Further, the organizations must follow the principles of corporate governance and ensure the ethical standard is being followed as it will lay a strong foundation. This will ward off any financial collapse. It is imperative for the company to adopt the accounting policies that best meets the requirement and helps in steering the company. Moreover, a strong accounting policy helps to face the situation with ease and hence recommended that companies must ensure a strong accounting policy. References Bhasin, M. L 2008, Corporate Governance and Role of the Forensic Accountant, The Chartered Secretary Journal, vol. 38, no. 10, pp. 1361-1368. Black, W. K 2010, Epidemics of Control Fraud lead to Recurrent, Intensifying Bubbles and Crises, Working paper, University of Missouri-Kansas City. Cappelleto, G. 2010, Challenges Facing Accounting Education in Australia, AFAANZ, Elder, J. R, Beasley S. M. Arens A. A 2010, Auditing and Assurance Services, Person Education, New Jersey: USA Fazal, H 2013, What is Intimidation threat in auditing, viewed 8 May 2017, https://pakaccountants.com/what-is-intimidation-threat-in-auditing/. Gilbert, W. Joseph J Terry J. E 2005, The Use of Control Self-Assessment by Independent Auditors, The CPA Journal, vol.3, pp. 66-92 Guan, L, Kaminski, K. A Wetzel, T. S 2008, Can Investors Detect Fraud Using Financial Statements: An Exploratory Study, Advances in Public Interest Accounting vol. 13, pp. 17-34. Hoffelder, K 2012, New Audit Standard Encourages More Talking, Harvard Press. Hoi, C. K, Robin, A Tessoni, D 2009, Sarbanes-Oxley: are audit committees up to the task?, Managerial Auditing Journal vol. 22, no. 3, pp. 255-67. Lapsley, I. 2012, Commentary: Financial Accountability Management, Qualitative Research in Accounting Management, vol. 9, no. 3, pp. 291-292. Manoharan, T.N 2011, Financial Statement Fraud and Corporate Governance, The George Washington University. Parker, L, Guthrie, J Linacre, S 2011, The relationship between academic accounting research and professional practice, Accounting, Auditing Accountability Journal, vol. 24, no. 1, pp. 5-14. Pilbeam, K 2009, Finance and Financial Markets, Palgrave Macmillan Roach, L 2010, Auditor Liability: Liability Limitation Agreements, Pearson. Wiggins, R.Z., Piontek, T Metrick, A 2014, The Lehman Brothers Bankruptcy A., viewed 8 May 2107 https://som.yale.edu/sites/default/files/files/001-2014-3A-V1-LehmanBrothers-A-REVA.pdf Zhang, Y, Zhou, J Zhou, N 2007, Audit committee quality, auditor independence, and internal control weakness, Journal of Accounting and Public Policy vol. 26, pp. 300-327.