Did Oil Drive the US Invasion of Iraq

The United State’s decision to invade Iraq in March 2003 was not without opposition. President George W. Bush argued that the invasion was a vital step in the war on terror by removing Iraqi dictator Saddam Hussein from power and riding the Iraq of his weapons of mass destruction then believed to be stockpiled there. However, several members of Congress opposed the invasion, arguing that its actual primary goal was to control Iraq’s oil reserves. Utter Nonsense But in a February 2002 address, then Secretary of Defense Donald Rumsfeld called that oily assertion utter nonsense. We dont take our forces and go around the world and try to take other peoples real estate or other peoples resources, their oil. Thats just not what the United States does, Rumsfeld said. We never have, and we never will. Thats not how democracies behave. Nonsense aside, the sands of Iraq in 2003 held oil... lots of it. According to data from US Energy Information Administration (EIA) at the time, Iraq holds more than 112 billion barrels of oil - the worlds second largest proven reserves. Iraq also contains 110 trillion cubic feet of natural gas, and is a focal point for regional and international security issues. In 2014 the EIA reported that Iraq held the fifth largest proven crude oil reserves in the world, and was the second-largest crude oil producer in OPEC. Oil IS Iraqs Economy In a 2003 background analysis, EIA reported that the Iran-Iraq war, the Kuwait war and punishing economic sanctions had greatly deteriorated Iraqs economy, infrastructure, and society during the 1980s and 1990s. While Iraqs gross domestic product (GDP) and standard of living fell sharply after its failed invasion of Kuwait, increased oil production since 1996 and higher oil prices since 1998 resulted in estimated Iraqi real GDP growth of 12% in 1999 and 11% in 2000. Iraqs real GDP was estimated to have grown by only 3.2% in 2001 and remained flat through 2002. Other highlights of the Iraqi economy include: Inflation in Iraq was estimated at around 25 percent.Unemployment and underemployment were both high in Iraq.Iraqs merchandise trade surplus was about $5.2 billion, although much of this was gained under UN-sanctioned control.Iraq suffered a heavy debt burden, possibly as high as $200 billion (or more) if debts to Gulf states and Russia were included.Iraq also had no meaningful taxation system and suffered from erratic fiscal and monetary policies. Iraqs Oil Reserves: Untapped Potential While its proven oil reserves of 112 billion barrels ranked Iraq second in the work behind Saudi Arabia, EIA estimated that up to 90-percent of the county remained unexplored due to years of wars and sanctions. Unexplored regions of Iraq, the EIA estimated, could have yielded an additional 100 billion barrels. Iraqs oil production costs were among the lowest in the world. However, only about 2,000 wells had been drilled in Iraq, compared to about 1 million wells in Texas alone. Iraqi Oil Production Shortly after its failed 1990 invasion of Kuwait and imposition of resulting trade embargos, Iraqs oil production fell from 3.5 million barrels per day to around 300,000 barrels per day. By February 2002, Iraqi oil production had recovered to about 2.5 million barrels per day. Iraqi officials had hoped to increase the countrys oil production capacity to 3.5 million barrels per day by the end of 2000 but did not accomplish this given technical problems with Iraqi oil fields, pipelines, and other oil infrastructure. Iraq also claims that oil production capacity expansion has been constrained by the refusal of the United Nations to provide Iraq with all the oil industry equipment it has requested. EIAs oil industry experts generally assessed Iraqs sustainable production capacity at no higher than about 2.8-2.9 million barrels per day, with a net export potential of around 2.3-2.5 million barrels per day. In comparison, Iraq produced 3.5 million barrels per day in July 1990, prior to its invasion of Kuwait. Importance of Iraqi Oil to the US in 2002 During December 2002, the United States imported 11.3 million barrels of oil from Iraq. In comparison, imports from other major OPEC oil-producing countries during December 2002 included: Saudi Arabia - 56.2 million barrelsVenezuela 20.2 million barrelsNigeria 19.3 million barrelsKuwait - 5.9 million barrelsAlgeria - 1.2 million barrels Leading imports from non-OPEC countries during December 2002 included: Canada 46.2 million barrelsMexico 53.8 million barrelsThe United Kingdom 11.7 million barrelsNorway 4.5 million barrels US Oil Imports vs. Exports Today According to U.S. Energy Information Administration, the United States imported (bought) approximately 10.1 million barrels of petroleum per day (MMb/d) from about 84 countries. â€Å"Petroleum† includes crude oil, natural gas plant liquids, liquefied refinery gases, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. Of these, about 79 percent of the imported petroleum was crude oil. The top five source countries of U.S. petroleum imports in 2017 were Canada (40%), Saudi Arabia (9%), Mexico (7%), Venezuela (7%), and Iraq (6%). Of course, the United States also exports (sells) petroleum. In 2017, the U.S. exported about 6.3 MMb/d of petroleum to 180 countries. The top five foreign customers for U.S. petroleum in 2017 were Mexico, Canada, China, Brazil, and Japan. In other words, the United States bought about 3.7 MMb/d of petroleum more than it sold in 2017.

Cipd - 3rto Resourcing Talent - 679 Words

Date:10/10/2015 To: Maxine Rawlings From: Michaela Sampson Subject: Module: 3RTO Resourcing Talent Overview: The aim of this report is: 1.1 To identify and and explain at least 3 organisation benefits of attracting and retaining a diverse workforce 1.2 To identify and assess at least 4 factors that affect an organisation’s approach to attracting talent 1.3 To describe at least 3 factors that affect organisation’s approach to recruitment and selection Diversity in any organisation includes hiring and promoting a workforce of people with differences. These differences include race, gender, ethnicity, sexual orientation, physical abilities and economic backgrounds. The premise of a diverse workplace is that employees are†¦show more content†¦* Greater diversity leads to greater innovation and productivity which is crucial in being successful on the market. It encourages different perspectives and ideas whilst fostering innovation as well as ability to come up with wider range of solutions to a business problems and challenges. Available at: http://www.slideshare.net/fred.zimny/forbes-innovation-through-diversity?related=1 (Accessed:13th October 2015) 1.2; * Recruitment policy; will provide a framework for recruitment policy. Policies and procedures on how to recruit, who to recruit and based on what.. Policies and procedures will be adhering to Legal Factors such as: Law and various acts such as Child Labour Act 1986, Equality Act 2010 amp; Discrimination, Immigration etc. * Restructuring - changes to the companys structure and the way they operate will have an effect on its workforce. Talent of its lack of will give a ground for recruitment drive from outside or within the company. * Image of the company; Organisation with a positive image and diverse workforce will have more chances of attracting, recruiting and retaining the talent. Negative image leads to loss of trust from employees current and potential, as well as all business partners or customers. * Supply and demand; Organisation will have to look at supply of the talent. If the supply is low and demand high use of internal resources will be necessary by forward plannin g, supply of specialist trainingShow MoreRelatedCIPD Resourcing Talent 3RTO1276 Words   |  6 Pagesorganisation’s growth and goals. 1.2 Business Objectives Budget has a huge impact attracting talent. We are currently doing more in-house promotions, freeze pay increase at least for this year, keeping outsourcing to a minimum .We tend to recruit Healthcare Assistants with psychology background as that is cheaper than paying Psychology Assistants. Lack of engagement /commitment impact on attracting talent. Having failed in trying to motivate employees through CPD, PDP, in-house promotions, and activitiesRead More3RTO Web770 Words   |  4 Pagesï » ¿ Resourcing Talent – (3RTO) Activity 1 Diversity means variety. Diversity is about â€Å"valuing everyone as individuals, as employees, customers and clients† (CIPD 2010a). The benefits of diverse workforce are immense. Since the primary purposes of an organisation are to survive and develop so that it continue to provide the best possible service for its public or provide the highest return to its shareholders, in order to achieve this, the organisation needs a knowledgeable and competentRead More3RTO Resourcing Talent Assignment1351 Words   |  6 Pagesï » ¿ Resourcing Talent Amanda Dingli Student number: 284483 Unit number 3RTO Resourcing Talent Lecturer – Will Boulton 4th May 2015 Resourcing Talent Introduction. It is essential for every organisation to understand the recruitment trends as by attracting the best talent, organisations will have an advantage over their competitors. When talent planning, organisations should promote a career opportunity, not a job opportunity as this gives a whole new outlook to any potential employeeRead MoreCipd Level 34041 Words   |  17 Pageswho do not have sufficient qualifications to undertake CIPD intermediate or advance level qualifications Learners will need to relate these skills and techniques to their own organisations and to the environmental context in which it operates. Recommended Text Book for HRP MARTIN, M., WHITING, F. and JACKSON, T. Human Resource Practice. 5th ed. N.B. ALL learners must join the Chartered Institute of Personnel and Development (CIPD), who will require an initial registration fee and a proRead More3rto Resourcing Talent Essay5855 Words   |  24 PagesCIPD ASSIGNMENT SUBMISSION DECLARATION To be completed by candidate: |Centre name: |SELHURST CONSULTING | | |Candidate name: |Angelina Algieri | | |CIPD Qualification undertaken: Read More3rto7920 Words   |  32 PagesTutor Marked Assessment- Submission document 3RTO Resourcing Talent |Your Name |Marion Dobson | |HLC Student Number |708616925 | |Cohort/Group |January 2016 | |YourRead More3RTO CIPD Essay2710 Words   |  11 Pagesï » ¿ Resourcing Talent (3RTO) Activity 1 – Word Count: 1272 Identify and assess at least 4 factors that affect an organization’s approach to attracting talent. Market Demand/Supply for Talent: Depending on the nature of the business, organizations will require various sets of talents (skill, knowledge and capabilities) that contribute towards the their growth and success. Markets in general have high supply of some talents and low of others. Based on the talent requirement of the organization and

Audit Declaration and Acquiescence Process

Question: Discuss about the Audit Declaration and Acquiescence Process. Answer: Introduction: Christensen, Glover Wood, (2012) indicated that audit serves as the technique of verifying several accounts of an organization. The case study explained that the auditors have the responsibility to plan at the time of auditing and at the same time complying with Generally Accepted Accounting Principles (GAAP) regulations. Auditors are in charge of issuing two major types of audit reports that encompass no skills qualifies and unqualified audit reports. This is after conducting the audit procedure of a company. The opinion of the qualified auditors indicates the opportunity of the mentioned financial and accounting information that is prohibited and the company has not complied with the principles of GAAP efficiently (Cohen Simnett, 2014). The auditors requires to consider several aspects of an organizations financial position that can impact the banks investment decision as well as of banks, investors and financial institutions. The King and Queen company was observed to experience severe liquidity issues after the debtors turnover and poor inventory turnover. The case indicates increased efficiency of organizations in asset maintenance (Decaux Sarens, 2015). King and Queen company has auditors those intend to be highly cautious of the organizational case and the situation of the organization was not offered increased importance. For this reason, the company has not employed efficient measures in measuring proper asset values. Moreover, the auditor has also not considered the fact that further process is required to ensure inventory and debtor valuations of the company. The above indicates the case of auditors responsibility negligence and certain cases pertaining to the same are mentioned below: According to the case study Hedley Byrne and Co Ltd v Heller and Partners (1964) AC 465 a particular circumstance appeared that highlights the impact of audited report. Moreover, from detailed study of this particular case, it has been noted that the audited report was prepared by a professional auditor only with the aim to take an effective decision. The KPMG Peat Marwick vs. Law Society and Others; CHD 3 NOV, 1999 case explained auditors organizations is based on the auditors decisions (Duncan Whittington, 2014). Generally Accepted Accounting Principles (GAAP) evaluation explained that sustainability is to be maintained by audited party and auditors (Erickson, Goldman Stekelberg, 2015). The primary instance can stand as a condition during which an auditor is able to attain valuable information, which are on the basis of the internal audit to the third party. The decisions regarding investment are deeply relied on the report of the auditors (Homb et al., 2014). The case study explained, King and Queen will not reveal the internal financial information that reduced EFL based liabilities. This is due to the fact that it might go against the rules of GAAP in order to reveal certain information, which are in relation to the internal audit (Sta?iokas Rupys, 2015). The incapability of King and Queen is observed to be decreased. Moreover, there exist two types of conditions, which if considered might reveal answers relying on the audited firm. The auditors interdependence can be indicated that after employing objective approach and integrating with the auditors technique (Mollik Berapi, 2014). Conversely, it serves to be a cornerstone for audit process. The approach of interdependence asks the auditors to finish their work in an effective manner. Actual Independence: The real independence of the auditors that is the actual independence is considered as the autonomy of mentality. It usually looks into the way in which the auditors react to the particular condition (Pitt, 2014). On the other hand, the independence of the auditors can be identified through facilitate of intellectual viewpoint and the individual reliability of the auditors. The feeling revealed by the auditors is useful in determining the independence of the auditors. These opinion presented by the auditors about the financial statements of a firm is valued via maintaining the principle summed up with the real independence (Schmidt, Wood Grabski, 2016). Perceived Interdependence: The auditors feel implying many perceptions in fighting with a particular issue that is helpful in arriving at a definite solution that is optimal (Schmidt et al., 2016). The judgment given on the basis of perceived independence may not be done via using any specific procedure as the perceptions may vary among the auditors (Mollik Berapi, 2014). As per the provided condition (first), Bob proposed to manage two tasks in conjunction with the other. At the time of performing the particular studies under the guidance of the university, it can be said that this also maintains as an assistance of auditing in the organization named Club Casino. Bob needs accomplishing the assignment of the university and at the time of carrying out the auditing techniques, he found out that financial information that can provide certain accomplishment assistance (Shah Nair, 2013). According to the alternative circumstance, it can be said that the case of the firm Ace Limited reveals that an individual named Wendy performs auditing of the particular organization for a long period of time (Mollik Berapi, 2014). The organization has not appointed company secretary and in lack of that, Wendy takes into account accomplishing all duties of organizational secretary over a time of six months (Sta?iokas Rupys, 2015). The organizations require complying with all the required regulations and maintaining certain professional behavior in carrying out associated activities in the organization (Erickson, Goldman Stekelberg, 2015). Aligning with the regulations of GAAP, the audit-acting partner might not carry out director board members responsibility along with the top management team (Schmidt, Wood Grabski, 2016). Aligning with the similar guidelines this conduct can be deemed as serious offence associated with profession of audit (Schmidt, Wood Grabski, 2016). This is because after accomplishing such act, Wendy did not comply with regulations associated with audit profession. As a result, it can be advised that Wendy should offer resignation to his current designation, as it is the only defensive appraise for this particular performance. Thirdly, it has been found that as per the situation, Leo is the eldest child of a worker who works in an organization named Precision Machinery Limited. After the completion of the vacation work, Leo was provided with serving as internal auditor of the chosen company. Additionally, certain responsibilities were provided to the people that include evaluation of internal control and cash system payments associated with organization. This is because certain conduct results in breach of the audit processes regulations (Erickson, Goldman Stekelberg, 2015). The reason behind this is that an individual having association with another worker of the similar firm cannot be incorporated as an employee (auditor) of the identical firm as this is against the doctrines and regulations of auditing (Schmidt, Wood Grabski, 2016). However, there are two ways by implementing which breach of the rules can be avoided. A substitute, which can be found within the case of Leo, is to function as an auditor (internal) of the mentioned firm. This is because employing one among the mentioned alternatives might support the companies to comply with audit regulations. Therefore, by espousing any one out of two options, one would facilitate the corporation to meet the terms of the audit rules, procedures and regulations. Fourthly, it has been found that within the firm Classic Reproduction Pty Limited there were two auditors, namely Chan and Associate. The company is observed to deal with extreme financial issues, as this did not efficiently experience fees of Chan and Associates over the past three years (Erickson, Goldman Stekelberg, 2015). Thus, for settling down the dues, the above mentioned organization has found to give its furniture (i.e. 50 % of total exceptional fees of the audit partners) (Pitt, 2014). Moreover, the latter has found to attain 25 % of the total stocks of an unrelated enlisted corporation for convalesce the left out area of the fees from the particular corporation (Erickson, Goldman Stekelberg, 2015). In addition, the auditors may not be able to gain shares from the non-listed companies. This indicates breach on the behalf of the companys auditor. As per the regulations, rules and doctrines of the auditing, the auditors are not allowed to attain bribe as an alternative option for their fees (Erickson, Goldman Stekelberg, 2015). Moreover, the auditors are also not allowed to accept shares from any kind of unlisted corporations (Sta?iokas Rupys, 2015). It entails the violation of principle of auditing on the part of the role of an auditor (Erickson, Goldman Stekelberg, 2015). Consequently, with the aim to embark on the corrective events, both the audit partners that are Chan and Associates are required for revisiting the accepted furniture and the attained shares to the mentioned corporation of the case study (Pitt, 2014). Therefore, it can be said that such corrective actions might help the audit partners to obey the rules and regulations of the existing doctrines of auditing (Mollik Berapi, 2014). References Caron, F., Vanthienen, J., Baesens, B. (2013). Comprehensive rule-based compliance checking and risk management with process mining.Decision Support Systems,54(3), 1357-1369. Christensen, B. E., Glover, S. M., Wood, D. A. (2012). Extreme estimation uncertainty in fair value estimates: Implications for audit assurance.Auditing: A Journal of Practice Theory,31(1), 127-146. Cohen, J. R., Simnett, R. (2014). CSR and assurance services: A research agenda.Auditing: A Journal of Practice Theory,34(1), 59-74. Decaux, L., Sarens, G. (2015). Implementing combined assurance: insights from multiple case studies.Managerial Auditing Journal,30(1), 56-79. Duncan, B., Whittington, M. (2014, September). Compliance with standards, assurance and audit: does this equal security?. InProceedings of the 7th International Conference on Security of Information and Networks(p. 77). ACM. Erickson, M., Goldman, N., Stekelberg, J. (2015). The Cost of Compliance: FIN 48 and Audit Fees.Journal of the American Taxation Association. Homb, N. M., Sheybani, S., Derby, D., Wood, K. (2014). Audit and feedback intervention: An examination of differences in chiropractic record-keeping compliance.The Journal of chiropractic education,28(2), 123. Knechel, W. R. (2016). Audit quality and regulation.International Journal of Auditing,20(3), 215-223. Mollik, A. T., Berapi, M. K. (2014). Effects of Audit Quality and the Qualifications of Audit Committee Members on the Firms Compliance with IFRS: Evidence from Australias Listed Firms. Pitt, S. A. (2014).Internal Audit Quality: Developing a Quality Assurance and Improvement Program. John Wiley Sons. Schmidt, P. J., Wood, J. T., Grabski, S. V. (2016). Business in the Cloud: Research Questions on Governance, Audit and Assurance.Journal of Information Systems. Shah, M., Jarzabkowski, L. (2013). The Australian higher education quality assurance framework: From improvement-led to compliance-driven.Perspectives: Policy and Practice in Higher Education,17(3), 96-106. Shah, M., Nair, C. S. (Eds.). (2013).External Quality Audit: Has it Improved Quality Assurance in Universities?. Elsevier. Spears, J. L., Barki, H., Barton, R. R. (2013). Theorizing the concept and role of assurance in Information Systems Security.Information management,50(7), 598-605.