Essay On Gene Diversity - 1015 Words

CONVENTION ON BIOLOGICAL DIVERSITY: ACCESS AND BENEFIT SHARING: The Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (the Protocol) was concluded in October 2010 under the auspices of the Convention on Biological Diversity after many years of negotiations. This provides an international framework for establishing national regimes on Access and benefit sharing (ABS). ICC played an active role coordinating business participation in the negotiations and continues to coordinate business input in the process of national implementation of the Protocol. ROLE OF INTERNATIONAL REGULATIONS: Both the diversity of traditional knowledge system on use of medicinal plants as†¦show more content†¦Ã¯Æ'Ëœ The ‘Recommendations at the Multilateral Level’ of the Expert Meeting on Systems and National Experiences for Protecting Traditional Knowledge, Innovations and Practices, held in UNCTAD from 30 October to I November, 2000, noted that ‘exclusions from patentability of TK based products in one country, for instance, would not exclude others from granting it a patent’. ïÆ'Ëœ . In order to ensure that national level regimes for preventing bio-piracy and ensuring benefit sharing arrangements are effectively implemented and are not violated when use or commercialization of TK takes place outside the country, suggestions have been made by India in international fora under the aegis of CBD as well as WTO, that applications for patents should disclose the following:†¢ The source of knowledge and biological material; and†¢ an undertaking that the prevalent laws and practices of the country of origin have been fully respected. INTERNATIONAL RECOGNITION OF NATIONAL LEVEL SYSTEMS FOR PROTECTION OF TK ïÆ'Ëœ . It is quite clear that the existing forms of intellectual property protection regimes do not adequately recognize the rights of TK holders. National level mechanisms and legal provisions to prevent bio-piracyShow MoreRelatedWhy Are Living Organism so Diverse ?1541 Words   |  7 PagesWhy are Living Organism so Diverse ? Regardless of worlds life diversity, we all, from the ant to the whale and us humans have DNA linkage, which gives us the evidence for one common ancestor. The question that comes up now is how from this very primitive common ancestor did we all end up so diverse. Biologist have dedicated they life to answer this question, Through this essay I shall show how through different aspects life has become so diverse. Timescale Life as not evolve suddenly from itsRead MoreImportance Of Diversity Between Species And Species1110 Words   |  5 Pagestoday.This essay will explore the source and importance of diversity with and between species using examples from the order Squamata, class Reptilia, comprising of over 9000 different species (Uetz, 2014) of lizards and snakes, (HABITATS) Diversity within and between species is created by genetic variation; a process that allows new traits to originate which will then become more or less prominent in a population through Natural Selection.The factors mainly responsible for this diversity can be tracedRead MoreThe Origin And Significance Of Diversity Within A Named Taxonomic Group Of Your Choice1264 Words   |  6 Pagesorigin and significance of diversity within and between species in a named taxonomic group of your choice.† The stability of biodiversity over millions of years of evolution has been one of the most persistent puzzles of ecology and evolution (Hutchinson, 1961). Different species had evolved from their ancestral and were not created in their present forms (Darwin, 1859). This essay will explore how diversity arises within and betweenRead MoreShould Cloning Be Beneficial?784 Words   |  4 Pagesnot created by the Creator is in my opinion, ethical injustice. The goal of cloning is to create identical genes. This method is a process of replication in genetic constitution, which results in lack of differentiation in gene diversity. Reducing the diversity of genes weakens the human population’s ability of adaptation. Cloning is also detrimental to the beauty that comes from diversity, which is truly valuable especially in a Christian perspective. God has created each and every individual onRead MoreThe Controversy Of Cloning And Cloning1156 Words   |  5 Pagesof cloned characters. The answer for this question is yes, clones do exist. The term, cloning is a process of producing genetic identical living organism asexually using genetic material such as DNA. A cloned organism is likely to have the identical gene with the parents. There are several types of cloning such as therapeutic, reproductive and embryonic cloning. These steps are performed by expert scientist with the aid of modern technology. The first experiment on cloning wa s carried out in 1952 onRead MoreThe Causes And Complications Of Devil Facial Tumour Diseases905 Words   |  4 Pagesreclassified to ‘Endangered’ by the International Union for the Conservation of Nature (IUCN) in 2009 as a result of this, and the species is considered to be at risk of potential extinction (C.E Hawkins et al., 2008; McCallum et al., 2009). This essay aims to report the pathology of the disease, the effect it has on Tasmanian Devil populations and whether there is any hope of cure. The first observed case of DFTD was in Mount William National Park, Tasmania in 1996, recorded by Wildlife PhotographerRead MoreIndi Native American Captive Asian Elephants742 Words   |  3 Pages India El Genetic Diversity in North American Captive Asian Elephants R.Lei, Grewcock Center for Conservation and Research R.A.Brenneman, Grewcock Center for Conservation and Research D.L.Schmitt, Grewcock Center for Conservation and Research E.E.Louis Jr., Grewcock Center for Conservation Research http://onlinelibrary.wiley.com/doi/10.1111/j.1469-7998.2011.00851.x/full For about twenty eight years now the Asian elephant has been struggling for existence. They have been classifiedRead MoreAnalysis Of Enzo Colombo s Article Reflections On Race, Diversity, And The Crossroads Of Multiculturalism 865 Words   |  4 Pagesethnic diversity than white Europeans are seen as the minority. This is a fact that is backed by many references across the world and even in articles we read today. In Enzo Colombo’s article â€Å"Multiculturalisms: An overview in western societies† he believes that minorities should be given the same opportunities as everyone else, he starts with the political figures then applies his theory to the society as a whole. However, in Douglas Hartmann’s article â€Å"Reflections on Race, Diversity, And theRead MoreGenetic Modifications For Unborn Children905 Words   |  4 PagesLike the old saying says the rich will become richer and poor will become poorer. The technology to produce a perfect human is not far away â€Å"A new gene editing technology called CRISPR Cas-9 has transformed the field of biomedical research into something that five years ago was a scientist s wet dream† (Yeung). At this point the CRISPR Cas-9 – a gene-editing device, is at this stage a cheap procedure, the poor will be willing to test and experiment for a small reward without knowing the full consequencesRead MoreEugenics: Improving The Human Race? Essay1128 Words   |  5 Pagesthat only certain nationalities of people have defective genes. One influence on eugenics was an English Philosopher, Herbert Spencer. He was best known as the father of social Darwinism. Charles Davenport argued against the laws controlling the â€Å"inferior blood† in the population. The way eugenics will be used is by correcting genetic problems in embryos. Soon enough a parent will be able to find out the accurate view of their childs genes, allowing any defects to be seen. If the child seems perfectly

Night by Elie Weisel Book Analysis - 1782 Words

Night Analysis Elie Wiesel’s use of language and structure emphasizes the meaning and tone of the selection. Closely examine the memoir and your annotations to find examples of these features of language and structure. Fill in the chart below, providing the definition of the device, 2-3 examples from the text complete with page number references, and the effect of each example on the context in which it is used and the work as a whole. Literary or Stylistic Device | Definition of Device | 3-4 Examples from the Text | Effect of Each Example | Anaphora | The repetition of a word or short phrase at the beginning of a sentence or sentences | 1)†Never shall I forget that night†¦Never shall I forget that smoke†¦Never shall I forget the small†¦show more content†¦But the fact that all Wiesel’s family had left were a knife and silver spoon, shows how much the SS took from them. Wiesel didn’t even want to take his inheritance because that would have also mean t letting go of the last family member he had with him. | Foreshadowing | A hint of what is going to happen | 1)†Mother was stroking my sister’s blond hair, as if to protect her. And I walked on with my father, with the men. I didn’t know that this was the moment in time and the place where I was leaving my mother and Tzipora forever. I kept walking, my father holding my hand.† (Wiesel 29)2)†Just you wait, kid†¦You will see what it costs to leave your work†¦You’ll pay for this later†¦And now go back to your place†¦Ã¢â‚¬  (Wiesel 57)3)†Suddenly, the gate opened, and Stern, a former shopkeeper who now was a policeman, entered and took my father aside. Despite the growing darkness, I could see my father turn pale.† (Wiesel 12) | 1)The effect of this example is that it shows how naà ¯ve and innocent Elie Wiesel was because he didn’t even realize he would never see his sister and mother again. Once he lost si ght of them, he would never see nor hear from them again. The SS took so much away from Wiesel and the other Jews that they were too gullible to realize what was going on, and by then, it was too late.2)The effect of this example is that it shows that because Elie was snooping around and notShow MoreRelated Dawn by Elie Wiesel Essay716 Words   |  3 PagesDawn by Elie Wiesel In this report you will see the comparisons between the novel Dawn and the life of Elie Wiesel, its author. The comparisons are very visible once you learn about Elie Wiesel’s life. Elie Wiesel was born on September28,1928 in the town of Hungary. Wiesel went through a lot of hard times as a youngster. In 1944, Wiesel was deported by the nazis and taken to the concentration camps. His family was sent to the town of Auschwitz. The father, mother, and sister of Wiesel diedRead MoreThe Holocaust : A Horrible Time Of Our Human History1369 Words   |  6 Pagesworks of Elie Wiesel and Primo Levi it becomes apparent that the holocaust was a horrendous time in our human history. However, although both writers went through similar experiences during this time; both seem to reflect and dwell on things differently such as their point of view and lives in the camps as well as the different themes they focus on. In this analysis the stories of the two authors will be compared and as sta ted above will also focus on how they recount their experiences. Elie Wiesel’s

The Film Moonlight By Barry Jenkins - 1020 Words

It’s more than difficult living in a drug-plagued, impoverished community. These places are often ignored, but just as important as anywhere else. The film Moonlight, directed by Barry Jenkins, is meant to demonstrate the hardships of living in a difficult community. Thematically, it highlights the already difficult nature of being black in modern America, while simultaneously showing the hardship of also being gay in said tough community. The film is comprised into three acts surrounding the development of the protagonist, Chiron (in order of acts: Alex R. Hibbert, Ashton Sanders, and Trevant Rhodes). Following him as he struggles with his own sexuality. Consequentially, each act circles back to Chiron at a local beach, which for him, is†¦show more content†¦The blocking in this scene is also a foreshadow for the rest of the movie. In the beginning, Chiron is scared and unsure of who he is, turning to the help of others like Juan and his girlfriend, Teresa. However, after trial and tribulation, Chiron learns how to â€Å"swim† on his own. He slowly starts understanding how to cope with his sexuality even if he’s not accepted. And unfortunately, for most of the film, Chiron is subjected to the sad realities that engulf everyone around him. As expected, this happy scene is cut short as Chiron is dropped off at home to find his mother with drugs and a stranger in the house. The scene is meant to immediately draw the viewer back to the real world, the one Chiron has grown up in. In actuality, Chiron can’t just escape the situation he was born into. The mise-à ¨n-scene used in this moment is meant to demonstrate how the mother is quickly losing grasp of a happy life; trying to escape their reality by any means necessary. The blocking of Paula portrays her as anxious and angry, grabbing what appears to be drugs from her dining table. The lighting is also dark and the house is dirty, reinforcing the idea that her life is slipping away. This is just one of many situations in which Chiron is snapped back into reality after feeling accepting for who he is. Act two cuts to Chiron as a high schooler. Like before, his quiet nature seems to get the bestShow MoreRelatedMoonlight Film Analysis1762 Words   |  8 PagesThe movie Moonlight- directed by Barry Jenkins- is a movie that breaks the stereotypes of black masculinity. Moonlight is a film which follows its main character Chiron through three pivotal stages in his life. Theses stages are titled; Little, Chiron, and Black. Little follows the main character as a child, Chiron follows him as a teenager and Black follows him as a young man. Each of these chapters shows things the character is going through and depicts him showing various emotions. One of theRead MoreAnalysis Of Moonlight By Barry Jenkins1584 Words   |  7 Pages Barry Jenkins’ Moonlight depicts the coming-of-age of a young black boy as he struggles with and endures abuse for his sexuality, causing him to hide his internal conflicts. The life of the protagonist, Chiron, is split into his three main stages of life , with each part focusing on the physical and emotional abuse he endures due to his homosexual orientation. When the viewer first meets Chiron, he is running from bullies. As he ages, the bullying follows him, causing him to harden and avoid vulnerabilityRead MoreAnalysis Of Moonlight By Barry Jenkins1126 Words   |  5 PagesMoonlight Moonlight is a coming-of-age film released in October 21st, 2016, in the United States. It was written and directed by Barry Jenkins, and based on Tarell Alvin McCraney’s unpublished semi-autobiographical play In Moonlight Black Boys Look Blue. The movie won Best Motion Picture in the 74th Golden Globe Awards as well as Best Picture in the 2017 Academy Awards. It became the first film with an all Black cast, and the first LGBTQ film to win Best Picture. The film divides in three partsRead MoreMoonlight Film Analysis1766 Words   |  8 PagesMoonlight (2016) a film directed by Barry Jenkins, is a film that has many intersections of identity present. The film follows its main character - Chiron - as he goes through three pivotal stages in his life. Theses stages are titled; Little, Chiron, and Black. Little follows the main character as a child, Chiron follows him as a teenager and Black follows him as a young man. The three chapters of the film demonstrate the way aspects of Chirons’ intersect with one another. These aspects also helpRead MoreMoonlight Film Analysis1678 Words   |  7 Pageswent to the movie Moonlight. This win was historic in many different ways. Moonlight became the first film that focused around the lives of black individuals without being about racism. It was also the first film to win the Best Picture award with the movie’s protagonist being an LGBTQ individual. Moonlight, a film with a $4 million-dollar budget, was capable of captivating audiences with its unique theme not often seen in films. The film is based off of a screenplay named In Moonlight Black Boys LookRead MoreThe Film Moonlight Film Analysis1279 Words   |  6 Pages This is a criticism of Moonlight, a film directed by Barry Jenkins. It is a coming-of-age story, telling the journey of a young gay black man named Chiron. Through linear character development the film follows a young Chiron from adolescence into adulthood while growing up with alpha male s in Miamis black ghettos. The Story is told in three parts, with a different actor playing the lead role in each section: a young Chiron named â€Å"Little†, as a teen named â€Å"Chiron†, and an adult named â€Å"Black†. DespiteRead MoreMovie Review : Moonlight 1327 Words   |  6 Pages I have truly enjoyed this semester in Blacks in Film this semester. I have been introduced to a wide variety of Black films that I probably wouldn’t have had the opportunity to watch if I was not in this class. Out of all the culturally diverse, emotional, dramatic, strange Black films that we have watched this semester, my favorite was Moonlight and my least favorite was the original Birth of a Nation. Moonlight was an extremely powerful and eye opening movie. Before having the chance to watchRead MoreThe Movie Moonlight By Barry Jenkins1456 Words   |  6 Pagescocaine. You look right and there is someone being robbed with a gun. The movie Moonlight tells a story about a kid named Chiron who was different from everyone else, because he is different he got picked on and got taken advantage by everyone else including his mother, Paula. When Chiron had an opportunity to start all over he pretended to be someone he wasn’t so he could survive and be respected by others. The film shows Chiron in the parts of his life, when he was a kid the others called him LittleRead MoreHuman Resources Management150900 Words   |  604 Pagesmaintained with faculty and officials at all times, even when there is little or no need for new employees. Recruiting programs can serve these schools in ways other than the placement of students. For instance, the organization might supply educationa l films, provide speakers, or arrange for demonstrations and exhibits. Many schools have a centralized guidance or placement office. Contact can be established and maintained with the supervisors of these offices. Promotional brochures that acquaint studentsRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesUniversity William J. White, Northwestern University David Whitlock, Southwest Baptist University Dan Wiljanen, Grand Valley State University Dean Williamson, Brewton-Parker College Hilda Williamson, Hampton University Alice Wilson, Cedar Crest College Barry Wisdom, Southeast Missouri State University Craig Wishart, Fayetteville State University Laura Wolfe, Louisiana State University Melody Wollan, Eastern Illinois University Evan Wood, Taylor University Fort Wayne Chun-Sheng Yu, University of HoustonVictoria

Beowulf Hero Analysis - 757 Words

To Joseph Campbell a hero is an individual who is able to depart from his or her ordinary life for the sake of helping others in an opposite world. Campbell portrays his idea of a hero by utilizing the title character in Beowulf. Beowulf demonstrates many of Campbells stages of a hero through his strategic actions, his love for justice, and most importantly through his extraordinary strength. The hero Beowulf, is the â€Å"strongest of the Geats-greater/ And stronger than anyone anywhere in this world† (110-111). Although Beowulf is in an entirely different city he hears about how Grendel the â€Å"powerful monster† (1) is â€Å"[filling] nights with horror† (112), harming the lives of the innocent. Higlac’s follower is â€Å"Ready for what [comes]†Ã¢â‚¬ ¦show more content†¦The journey to find and defeat â€Å"Grendel’s mother/ [Who] is hidden in her terrible home† (443-444) starts. As Beowulf enters Grendel’s motherâ€℠¢s home he is also entering Campbells â€Å"Ordeal† stage. Beowulf â€Å"[sees]/ The mighty water witch and [swings] his sword† (492-493) but does not succeed in killing the monster. Many minutes are spent fighting and the â€Å"savage, now, angry/ and desperate [Beowulf], lifted [the blessed sword] high over his head/...Her body fell to the floor...and Beowulf rejoiced at the sight.† (536-542) The hero now confronts death and a new and improved Beowulf is born. Beowulf grabs his reward of Grendel’s mother’s head and carries his â€Å"trophy by the hair.† (619) Making sure that the people of Denmark and the King see his great prize he â€Å"[brings] it straight to where the Danes sat,/...and the warriors starred.† (620-623) Fifty long years pass and Beowulf is now an elderly person who must go and fight his third beast, entering Campbell’s eleventh stage of â€Å"Resurrection†. Beowulf acknowledges that he is not as youn g as he used to be but he does not allow his age to become a factor. Higlac’s follower says, â€Å"I am old, now,/ But I will fight again† (625-626) showing that he is still a hero who will not go down without a battle. Beowulf once again is confident in his capabilities and believes his incredible strength in his hands will tear the dragon â€Å"Limb from limb†Show MoreRelatedCharacter Analysis Of Beowulf As An Epic Hero765 Words   |  4 PagesA hero is the central figure who has superior qualities and risks personal danger to pursue a quest. Beowulf is a great epic hero because he performs many brave deeds such as risking his life for the greater good of society, and is significant and glorified by all people. Beowulf boasts and boasts about all of his great doings, but in the end he proves to everyone that he is as great as he claims to be. First, Beowulf shows that he will do anything for the fame, glory, and the greater good of societyRead MoreThe Becoming Of An Epic Hero1240 Words   |  5 PagesBecoming Of an Epic Hero Beowulf became the epic hero he was, from his will for his love to succeed, his strength to never give up even if it meant death .He existed trying to become like his father or even to surpass him. He defeated the dragon and his pride lead him to his death, but he saved so many lives before his inevitable demise. He gave his life for what he believed in, for honor, pride and for his people. Which in turn creates the next hero, Wiglaf who served Beowulf willing to give hisRead MoreThe Theme Of Fight In Beowulf798 Words   |  4 PagesELA 12 Theme of Beowulf Theme of fight: First of all I will to give you a definition of fight: Fight means limited engagement in space and time of enemy land, air or naval formations. Learn more about. In the book Beowulf we witness 3 fights, this theme is therefore the articulation of the book. Indeed, these fights that Beowulf delivers, the hero of history, intrigues the reader. Thats why I chose this theme. During the fighting the reader can feel suspense, will the hero come out victoriousRead MoreWhy Is Beowulf Considered A Hero?983 Words   |  4 PagesMay 2016 Why is Beowulf considered a hero? Beowulf, an epic hero of his time, has some people that don’t think he should be considered a hero, but I think otherwise. He killed many monsters, and creatures from various places, saving the people who live(d) there, and this is the definition of a hero, â€Å"a person, typically a man, who is admired or idealized for courage, outstanding achievements, or noble qualities.† That definition really describes Beowulf because of the outstandingRead MoreGood vs. Evil Found in Beowulf807 Words   |  3 PagesGood vs. Evil Found in Beowulf In the story of Beowulf, there are many different themes found. Many people argue the main theme found in this story. This has been argued for a very long time and will go on for many more years to come. Although many themes in this story stick out and a main theme will never be accepted, one main theme is very noticeable in the story of Beowulf. The main theme found in Beowulf is good versus evil. Good versus evil is very easy to recognize. â€Å"Some peopleRead MoreBeowulf And The Anglo Saxon Period1740 Words   |  7 PagesBeowulf The original poem, Beowulf, goes back to the Anglo-Saxon period in c. 650 and c.1100. Authors translated Beowulf many times in the Anglo-Saxon period to present day. It displays how a hero should be in the real world. He helps the people in the village and slays monsters. Everyone in the village looks up to him as he acts as if he were a role model. Beowulf, the protagonist in the translated Beowulf by Seamus Heaney, is a hero of his village, stands for bravery, strong will, and noblenessRead MoreTheme Of Heroism In Beowulf1139 Words   |  5 Pagesâ€Å"Beowulf† is the oldest surviving poem in Old English Literature. It is an epic poem, which is a narrative poem typically revolving around heroism. The poem emphasizes repetitively on how Beowulf is a hero. He saves countless people from countless monsters, three of which are the main antagonists in the poem – a demon, the demon’s mother, and a dragon. But is saving innocent lives the only factor to justify and determine a person’s heroism? Throughout the story of Beowulf, the author makes appealsRead MoreBeowulf Character Analysis885 Words   |  4 Pagesanalyzing and reading the text in Beowulf, I realized that Beowulf himself is a leader and a hero in the text also he plays a big role as the protagonist being a hero for saving his kingdom against monsters and mortal enemies but exactly how does it make him a greater hero than the average hero? In the text Beowulf’s uncle which is Hygelac was said to be a great ruler and it is evident that this is Beowulf’s role model and hero and as the story goes on. As a character Beowulf encounters with great monstersRead MoreBeowulf Epic Hero Essay880 Words   |  4 PagesAnalysis of Beowulf as an Epic Hero The definition of a hero from ancient times to present day has evolved greatly, but they often still possess characteristics synonymous across all cultures and timespans. In modern times, they are often thought of as role models for others to live up to, and are generally humble, honest, and not afraid to put others in front of themselves. In ancient times, more emphasis was put on strength and fearlessness, and epic heroes were often saviors of the land, sentRead MoreHeroes : A Comparison Of Beowulf And Wolverine750 Words   |  3 PagesFrom the medieval times to the aftermath of World War II we have two different but extremely similar hero figures in history. One was Beowulf, an inexperienced warrior who turned into a developed king. The other was what some would call abnormal who was later turned into a science experiment known as Wolverine. Beowulf and Wolverine are very harsh and pitiless when it comes to conflict. From ripping limbs off with crude strength to tearing their enemies into pieces, it goes to show just how

Law OF Diminishing Returns Essay Example For Students

Law OF Diminishing Returns Essay The Law of diminishing returns is a key one in economics. It is used to explain many of the ways the economy works and changes. It is a relatively simple idea; spending and investing more and more in a product where one of the factors of production remains the same means the enterprise will eventually run out of steam. The returns will begin to diminish in the long run. If more fertilizer and better machinery are used on an acre of farmland, the yield will increase for a while but then begin to slow and become flat. A farmer can only get so much out of the land, and the more the farmer works, the harder it gets. The economic reason for diminishing returns of capital is as follows: When the capital stock is low, there are many workers for each machine, and the benefits of increasing capital further are great; but when the capital stock is high, workers already have plenty of capital to work with, and little benefit is to be gained from expanding capital further. For example, in a secr etarial pool in which there are many more secretaries than computer terminals, each terminal is constantly being utilized and secretaries must waste time waiting for a free terminal. In this situation, the benefit in terms of increased output of adding extra terminals is high. However, if there are already as many terminals as secretaries, so that terminals are often idle and there is no waiting for a terminal to become available, little additional output can be obtained by adding yet another terminal. Another application for this law is in Athletics, for runners, their investment is the time and energy put into training and the yield is hopefully improved fitness. Early in their running careers or early in the training program a couple of weeks of regular training would be rewarded with a considerable increase in fitness. Having achieved a very fit state though, two weeks of regular training will achieve a barely perceptible increase in fitness. But in todays world, this famous law seems to have been turned on its head. In Japan, for example, huge amounts of investment have resulted in large increases in the economy and large increases in capital goods per worker. But the rate of productivity growth did not decline the way one would have expected on the basis of diminishing returns. Japan got ahead and stayed ahead.

Understanding Responsibility For Detecting †Myassignmenthelp.Com

Question: Discuss About The Understanding Auditors Responsibility For Detecting? Answer: Introduction The ASA701 Communicating Key Audit Matters in the Independent Auditors Report, is the latest standard that was developed by the IAASB. The main aim behind this standard is to improve the overall audit practices and to remove the loopholes that are present in the system. The standard was developed to specify certain key matters on which the auditor needs to gives his opinion. It makes a specification on the important duties of the auditor while conducting the process of audit. This standard is applicable on the audit of all the listed companies and all the auditors needs to follow the same and mention it in their audit report(Abbott, et al., 2016). The auditors can follow the directions of the management or comment on the overall key matter on his own will. This standard was issued in December 2016. It is one of the biggest changes in the standards of auditing since 2004, when they were first issued. There were many factors that led to the same. However the most important factor that was behind the issue of these standards was the global crisis that the world faced when the ABC Learning company went into liquidation. As much as the management of the company was responsible for the same, the auditors were also equally responsible. However no actions could be taken against them because they made their point clear that the responsibility of the auditor is to check the accounts till he finds them to be inaccurate. If he finds that there are no errors than he does not need to comment on the validity of the accounts. This raised a big question on the responsibility of the auditors and had in turn led to the issue of the new standards. Every auditor was asked to follow the same and comment on the same in their financial reports. If they do not comply with the provisions of this standard then they will be punished for the same(Brannen, 2016). This was the main reason why the standard was developed. In this reports we will analyze this reason in detail, and also tell som e brief facts about the standards. And give some recommendations by which the auditors can improve their overall area of operation and make the reports as accurate as possible. Downfall of the ABC Learning Centre The ABC Learning institute was founded in 1988, and was one of the biggest educational institutes in Australia. It had many number of day care centers that imparted education and other services to large number of children and adults. The company was earning a lot of revenue and in 2001 the company was listed on the stock exchange. The total after tax profit of the company was A$143.1 million, and the overall revenue was A$1.7 billion. But due to many reasons the company suffered a major setback and went into liquidation. This affected the investors who had invested in the shares of the company and they suffered huge losses. The company had taken huge loans, because of which they earned huge losses. All these affected the health of the company which led to its delisting and finally led to the liquidation of the company. There was a huge fall in the share price of the company from A$8.62 to A$0.54. This reflected how badly the investors were affected and what setbacks they suffered bec ause of all this. There were several factors that were collectively responsible for the downfall of the company such that the overall business model of the company was not effective(Burke Clark, 2016). The company indulged in taking large amount of loans and also indulged in aggressive takeovers that had affected the overall market value of the company. The company also had incurred huge capital expenditures that were not mentioned in the audit reports. When the investors tried to analyze the main reasons behind the downfall of the company they found that the business model of the company was not up to the mark and the auditors have stated nothing of this in their reports. This raised a question on the authenticity of the audit reports and also made the government aware that there were some major loopholes in the system. If the auditors had audited the accounts properly then these factors would not been hidden and the management would have been made aware about the same. Thus we fi nd that along with the management of the company that indulged in malpractices, the auditors were also equally responsible in covering the shortcomings of the company. They gave a false picture to the investors that the company was earning huge amount of profits and the company was in a very stable position. The company had appointed Pitcher Partners as their auditors and they held this position for six long years. The auditors worked as per the discretion of the management and their audit report was framed on the same. Their decisions were influenced by the decisions of the management and they stated the same in their audit report. As per their reports the company was a profit earning institution and their going concern assumption was held true. But in reality there were many loopholes in the management. The company had shown huge amount of profit from loss making units , moreover they had a large number of intangible assets in their balance sheet whose valuation was not stated completely(Guragai, et al., 2017). Most of the intangible assets that consists of derivatives, goodwill, and other biological assets were hard to identify and value. Most of the revenues and the payments that the company was showing in their financial statements was from loss making units and the same were merely El Dorado. The auditors supported all these claims of the company and also gave an unmodified audit report that stated that the financial statements were showing the true and fair view. However, when the new audit Ernst and Young took over they had a very different opinion from the previous auditor. So they further probed into the matter and saw that the management of the company had indulged in a lot of malpractices and the same was supported by the previous auditor. They asked the management to make the necessary changes, however the management refused to do so as that might need them to change the entire scenario of the business and these would have cost them large amount of losses(Jones, 2017). When the management refused the new auditor issued a modified report in which it made clear that the management was not supporting them necessary details and also the company was not a going concern. But the previous auditor was not ready to accept the same. This led to a situation of a deadlock between the two auditors, the government finally appointed a third party to comment on the validity of the accounts and the two audit reports. The third party was not able to reach to any conclusion. Hence both the reports were held to be true and both the auditors were fixed on their decisions. This led to a lot of upheaval and a big question mark was raised on the authenticity of the audit reports. The previous auditor was not led guilty because they made a claim that it was no where mentioned that the auditors had to make assertions on specific matters. The auditors only need to check the account for their own satisfaction(Knechel Salterio, 2016). This led to the need of a new standard and hence the ASA701 was formed as per which the auditors needed to comment on the specific matters of audit and mention the same briefly in their audit reports. In case the auditor fails then he will be held liable by the court of law. This provided a limitation on the overall actions of the auditors and the necessary steps that they need to take to make sure that the books of accounts of the company are free from errors and the same mus t be very clearly stated in their audit reports. The main points that was concluded from this downfall was that there was a gap that was present between the demand of the investors and the auditors responsibilities. Just in the case of the ABC Learning we see how the actions of the auditors were responsible for the fail of the investors. The companies need to make sure that the audit report is genuine and the auditors must make sure that they are doing their duties genuinely. This standard will help the auditors in identification of the key matters on which they need to comment. This is an important change that was brought in the overall functioning of the auditors(Lefkowitz, 2017). Features of the ASA 701 This standard helps provides those guidelines that the auditors need for their development and the overall corporate governance. It is applicable on the audit of all the listed companies and every auditor needs to follow the same. The key features of this standard are It gives the auditor the chance to identify the key matters and comment on the same. They can take consultation with those charged with governance on the important matters that are affecting the company. But the decision of the auditor will be his own and wont be based on any biasness. The auditors mostly focus on those areas where there are chances of certain amount of risk like accruals, revenues, cost booking and taxes etc. All these require the auditor to make certain judgment, some estimations and recommendation and then prepare the audit report on the basis of the same. The auditors needs to define and explain each of the key audit matter in details and need to make proper recommendations on the same. The auditors must consider the effect of these key matters on the overall profit and the revenue of the company. It must be supported with proper research and findings and proper reasons behind each estimation must be given(Raiborn, et al., 2016) They also give a list of certain specific matters that cannot be included in the audit report. In case the same was included the auditor must give proper explanation of the same. It is important that the auditor must prepare a proper audit evidences file that must be maintained properly and will help the auditor in cases they need future reference. This will help the auditor is keeping a trail of the steps that were taken by them. Effect of the ASA 701 on the ABC crisis Previously these audit standards were not applicable and hence they worked negatively for the shareholders and the decision markers, but the auditors and the management of the company benefited from the same. If these standards were defined previously it would have helped the auditors in identifying the key matters on which they need to comment. In case if they fail, and worked as per the decisions of the management of the company, then they can be held liable and can be punished. In the case of ABC even if the previous auditors were known to be guilty no action was taken against them as they had made use of the loopholes that was present in the auditing standards. Thus this lead to a dead lock between two auditors who had different opinions(Sonu, et al., 2017). But with the introduction of this standard it was made clear that the auditors need to identify and comment on the key matters. This put a limitation on the overall actions of the management and the auditors and also gave the investors an insight into the financials of the company, which they can use to comment on important matters. The major loophole that was present in the auditing standards was removed and this embarked the biggest change that ahd taken place in the auditing standards since 2004. Thus we see how ABC learning and its downfall was responsible for the formation of these standard and what effect does it have on the overall functioning of the auditors. Conclusion From all the analysis it can be said that the auditors of the company must be true and fair in their approach. The investors are relying on their reports to take important decisions with their money, hence it becomes their duty to provide an unbiased report. In the given case we see that the auditors of the company were not true to their work and had malfunctioned in their actions. This had caused huge losses to the investors of the company. Thus the need for clear and transparent audit practices becomes more evident(DeZoort Harrison, 2016). It makes it more clear on how important it is that the financial statements that are prepared must be clear as so many stakeholders like banks, investors, the general public all are dependent on it in some way or the other. If the auditors had done their work properly the investors would not have suffered such huge losses. Thus it becomes clear that the issuance of the new standard was the need of the hour and all the companies must make it a po int to make sure that the auditors are stressing it in their audit reports. As for the auditors it is important to follow the same else if they are held guilty there are no more loopholes in the system that could save them. Recommendations It will thus be recommended that all the parties performs their duties with utmost conviction and genuineness there must not be any falsification of records that might give false picture to the investors. It is very important in the long run to make sure that the books of the companies are prepared free of errors else in the long run it wont be possible for these companies to survive. The companies those who indulge in malpractices will get liquidated one day. Hence it is requested that proper framework that has been defined must be followed and all the decisions must be taken on the basis of the same, so that none of the parties have to bear any losses. It is important that the actions of the auditors must be timely checked so that they are not able to do any mistakes. It is very important that all these auditing standards must be followed very seriously. 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