The Coso Internal Control Framework - 1271 Words

The COSO Internal Control Framework The framework describes internal control as a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories: †¢ Effectiveness and efficiency of operations †¢ Reliability of financial reporting †¢ Compliance with applicable laws and regulations COSO goes on to state that the internal controls of an organization can be depicted graphically using a pyramid (Appendix A). The pyramid is comprised of five different layers representing the overall internal control system. Additionally, COSO depicts the components of internal control as they relate to the organizations objectives listed above (Appendix B). The â€Å"control environment† layer represents the foundation of the pyramid. COSO cites the control environment of the organization as the foundation of any internal control structure. The control environment reflects the overall attitude or actions of the board of directors, management, and others concerning the importance of internal controls in the organization. This overall attitude of upper management sends a message to the rest of the organization referred to as the â€Å"tone at the top.†For example, if upper management stresses high-quality products, a strong positive message is sent to the organization. This would create a strong internal control environment. On the other hand, if upper management has a reputation of looking the other way regarding policy violations, a negative message isShow MoreRelatedThe Scopes Of Coso : The National Commission On Fraudulent Financial Reporting1423 Words   |  6 Pagesrecommendations on internal control for public companies, the US Securities and Exchange Commission (SEC), other regulator and educational institutions. COSO was established in the same year and it became the Committee of Sponsoring Organizations of the Treadway Commission. COSO is a private sector that was sponsored by American Accounting Association (AAA), American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), Institute of Internal Auditors (IIA),Read MoreComparative Analysis Of Coso I Vs Basel IIi1411 Words   |  6 Pages This paper includes: †¢ Comparative analysis of COSO I vs BASEL III †¢ Analysis of Enterprise Risk management(ERM) relative to BASEL III Capital Accord ABSTRACT Learning about COSO and BASEL, the two important frameworks in the business world is much needed to understand the internal functions in an industry. COSO framework helps us in understanding how internal consulting is done in a corporation. It explains the procedure with in-depth details and all the errors to be avoided in the pathRead MoreFunctions Of The Control Activities738 Words   |  3 PagesControl activities. COSO requires the organization to consider general control activities over technology, wherefore activities related to the understanding of technology dependencies are viewed relevant, the IT infrastructure are configured to support restricted access and segregation of duties, and define clear access rights for financial applications and processes. The important elements for the control activities are the development and documentation of policies and procedures, their reassessmentRead MoreBusiness Analysis : Coso Enterprise Risk Management Framework1279 Words   |   6 PagesPeng ACCT 501 Prof. Dennis A. Conrad January 23, 2016 COSO Enterprise Risk Management Framework Introduction Enterprises are exposed to various risks that decrease the chances of achieving their business goals both internally and externally. Internally, there are company politics and mismanagement. Externally, factors such as economic environment, regulations and technology influence risks. It is important for an enterprise to build framework for good risk management, which is â€Å"the process of identificationRead MoreKey Developments Within Coso 2013-151508 Words   |  7 PagesIMPLEMENTATION Key Developments within COSO 2013-15 †¢ COSO released an updated internal control- integrated framework in 2013 which will supersede the 1992 framework by Dec 14 2014 †¢ The SEC has stated the staff intends to monitor the transition for issuers using the 1992 Framework to evaluate rather any staff of commission action will be needed in the future. As the Framework was updated on Dec 14 2014 the staff that still abide by the 1992 Framework are likely to be questioned by the SEC regardingRead MoreIT Corporate Governance Essays1599 Words   |  7 Pagesthe responsibility of an organization’s board of directors (BOD). The internal auditor (IA), the external auditor (EA), and the information technology (IT) auditor all play important roles in the process of corporate governance. By using established frameworks established by the Sarbanes-Oxley Act (SOX), the Integrated Framework from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and the Control Objectives for Information and related Technology (COBIT), organizationsRead MoreControls for Information Technology and Reporting Evaluation Essay1634 Words   |  7 PagesControls for Information Technology and Reporting Evaluation Week 6 Controls for Information Technology Risk is a necessary undertaking for any business. Success in business is determined by effectively managing the risk. Effective risk management helps to protect the company from losses because of poor accounting practices and fraud. Good controls also protect company management from the liability when they certify the financial statements issued in the annual report because they are alsoRead MoreQuestions On Implementing An Effective Erm Program1492 Words   |  6 Pages Assignment 1: ERM Roadmap Wayne Thomas Dr. Patricia White IT Audit and Control October 15, 2016 Abstract This paper represents the IT Audit and Control course and will address the following four issues. ïÆ'Ëœ We will elaborate the COSO Risk Management Framework and COSO’s ERM process. ïÆ'Ëœ We will propose to management the method that they need to take to implement an effective ERM program. This will comprise the concerns and the organizational impact they might meet if they do not implement anRead MoreAcct 309717 Words   |  3 PagesACCT 309 COSO Integrated Framework: Internal Environment Part 2 Assignment 1. Download or open the COSO ERM Integrated Framework from Course Handouts in Blackboard. 2. Review chapter 2 â€Å"Internal Environment† pages 27-34. 3. Read the following information about Go-Go Corporation. 4. Determine how each of the issues relates to the eight factors of the internal environment. * Factors of internal environment include risk management philosophy, risk appetite, board of directorsRead MoreControls for Information Technology, Reporting and Evaluation718 Words   |  3 Pageshead: IT Controls Controls for Information Technology, Reporting and Evaluation Controls for Information Technology, Reporting and Evaluation Information technology (IT) controls are particular functions performed by employees and operating systems specifically designed to ensure business objectives and goals are met. Although IT controls are different than internal controls both are vital functions of an organization that are both reported and evaluated on a regular basis. IT control objectives

The History and Development of Sliced Bread Essay examples

What is the greatest invention? Many think of the printing press, the wheel, or the telegraph, but most do not immediately consider sliced bread; yet, it is the invention to which all others are compared. Without it, the phrase â€Å"the best thing since sliced bread† would not exist. Sliced bread had a greater effect on the world than most realize. For example, the toaster was invented two years before sliced bread, but after the invention, the sales of the toaster soared (â€Å"Fascinating Facts†). Sliced bread shaped our perspective of food and convenience in America. Additionally, the way in which bread was sliced differentiated individuals: thinner for women and children and thicker for workers and men. The bread slicer contributed to the†¦show more content†¦However, something in Rohwedder changed after graduation and instead of opening an optics shop, he opened a jewelry store in St. Joseph, Michigan. He was a successful jeweler and later opened two more stores. In 1905, Rohwedder married Carrie Johnson (1880-1955) with whom he had two children. (â€Å"Fascinating Facts†) One day in 1912 Rohwedder conjured up the magical machine that would slice bread so that housewives would not have to. Rohwedder did not actually begin designing the bread-slicing prototype until 1916 when he sold all three of his jewelry stores and moved back to Davenport, Iowa. In 1917, a fire destroyed the warehouse where Rohwedder worked resulting in a complete loss of faith in the project by the investors who then withdrew their funding. Rohwedder was then forced to stop work on the machine and to take a job as an investments and securities agent in order to support his family until he could establish funding for another attempt to create the revolutionary machine. This second chance for all bread-loving individuals came in 1927 when Rohwedder once again followed his dream of the bread slicer. Instead of securing investors, Rohwedder paid for the vent ure himself. He completed this sixteen-year adventure in 1928. His prototype used a set of knives that would slice the bread from the top and the bottom at the same time to prevent the bread from beingShow MoreRelatedEgyptian Cuisine During The Arab Republic Of Egypt871 Words   |  4 Pagesinfluenced throughout history, particularly by its neighbors from the Middle East. Those contries that have influenced include Persians (modern-day Iraqis), Greeks, Romans (modern-day Italians), Arabs, and Ottomans (from modern-day Turkey) first influenced Egyptian cuisine thousands of years ago. More recently, the foods of other Arabic people in the Middle East such as the Lebanese, Palestinians, Syrians, as well as some foods from Europe, have affected the Egyptian diet. †¢ Rice and bread remain stapleRead MoreMorocco, An Agriculture And Industry Country1395 Words   |  6 Pageschain in Auckland. The most successful one is located in Orewa. Morocco has a history of independence not shared by its neighbours. 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Others, however, immediately saw them as a concern to the general public, just as anything new in the food supply would be. Since then, GMOs and GE (Genetic Engineering) have become more advanced and existent in the world, and the controversyRead MoreCost Sheet Analysis of Britania9682 Words   |  39 PagesMINOR PROJECT REPORT ON â€Å"Cost Sheet Analysis of Britannia Bread† SUBMITTED IN THE PARTIAL FULFILLMENT FOR THE AWARD OF THE DEGREE OF BACHELOR IN BUSINESS ADMINISTRATION UNDER THE GUIDANCE OF: Ms. NITIKA SHARMA Assistant Professor/ Associate Professor/ Professor, RDIAS SUBMITTED BY: Name of the Student – Rinki Khatri Enrollment No. 03515901711 BBA, Semester 3 Batch 2011 – 2013 RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES NAAC Accredited ‘A’ Grade Category Institute High Grading 81.7% by jointRead MoreThe Culture Of Israel s Culture1911 Words   |  8 Pagesand social organization. One of the most interesting, and most recently developed, cultures in the world is the culture of Israel. 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Characteristics of a Good Boss vs. a Bad Boss Free Essays

We live in a society that offers a diverse and broad range of job opportunities, though finding suitable employment can be difficult in today’s economy. For some, that means putting up with a bad boss or a good boss. The most notable distinction between the two types of bosses is whether they trust you to do your job . We will write a custom essay sample on Characteristics of a Good Boss vs. a Bad Boss or any similar topic only for you Order Now A boss are generally defined as someone who directly supervises the work activities of others. The perception of whether a boss is considered good or bad depends on the outlook of the employee being supervised. Bosses come in all flavors and styles. Most bosses are easy to work with and will do their best to create an enjoyable working environment for everyone. Flexibility, honesty understanding, listening, open for the input of your employees and taking full responsibility are the most important qualities you need to be a good boss. A good boss provides good work direction, has a hands-off approach, and is available when needed. Usual a good boss is one that becomes the mentor of their employees. A good boss is as much as team player as a leader. Good bosses always understand and encourage focused side-projects. .A good manager promotes on merit and ability. A bad manager promotes his friends based on their ability not to show him or her up. As a result, employees tend to be happier, more at ease, and more likely to be more productive. Bad bosses are not pleasing to be around. No one likes an individual who criticizes, belittles and disrespects people. On the other hand, a bad boss micromanages the work of employees, hangs over their shoulders, and often criticizes their work in front of others. A bad boss fails to give recognition for the little things his employee does. Another quality of a bad boss is inability to communicate. Usually, a bad boss does not listen to what is being said or does not care about what is being said. A bad manager promotes his friends based on their ability not to show him or her up. The boss whose self-interest always comes first or whose chief drive is to constantly curry favor with senior managers at higher levels in the organization without sharing credit with his/her staff or employees. The boss, who demands that a task be completed on an unrealistically small budget, or with an unrealistically close deadline, then goes ballistic when those impossible demands cannot be met. How to cite Characteristics of a Good Boss vs. a Bad Boss, Papers

Human Nature Persuasive Essay Example For Students

Human Nature Persuasive Essay ESSAY CATEGORY: Philosophy Human natureGrade: BLanguage: EnglishSystem:Country: TaiwanAuthors Comments:Teachers Comments: 11/6/96 Our life is full of problems. Reasoning is a usual way to response to problems which we concern about. We reason in response to everyday problems. For instance, asked by friends to go out dinner at a time when we have planned something else, we must decide which one is more important for us at that moment of time, and whether to decline or to adjust our schedule. Reasoning appropriate to problems like this has often been called practical. Practical reasons might be said to be reasons for acting, and it is in some sense point toward action. Practical reasoning has been much discussed by philosophers, and it is catalogued under Moral Philosophy. For Aristotles moral philosophy, as it appears in his document now called the Nicomachean ethics, reflects his teleological (goal-oriented) metaphyics. In the Nicomachean ethics, where Aristotle considers a science of doing, and acting in certain way to seek rational ends. The notion of Goal, or Purpose, is the principal one in his moral theory. Aristotle noted that every act is performed for some purpose, which he defined as the good of that act, the end at which the activity aims. We perform an act because we find its purpose to be worthwhile. Either the totality of our acts is an infinitely circular series: Every morning we get up in order to eat breakfast, we eat breakfast in order to go to work, we got to work in order to get money, we get money so we can buy food in order to be able to eat breakfast, etc., etc., etc., in which case life would be a pretty meaningless endeavor because this is just bunch of repeated and vain activities practicing if without a purpose. Or there is some ultimate good toward which the purpose of all acts are directed. If there is such a good, we should try to come to know it so that we can adjust all our acts toward it in order to avoid that saddest of all tr agedies the wasted and vain life According to Aristotle, there is general verbal agreement that the end toward which all human acts are directed is happiness; therefore, happiness is the human good since we seek happiness for its own sake, not for the sake of something else. In a sense, realizing the end of attaining happiness is an activity of making, and its the activity aims to make a certain kind of man, living in a certain kind of society. Happiness might be explained as the fruition of a mans way of life, in the truly human aspect of that way of life. The good of each thing is its own function; thus, vision is the good of the eye and walking is the good of the foot. As Aristotle said in the Nicomachean ethics, Every art and every inquiry, and similarly every action and pursuit, is thought to aim at some good; and for this reason the good has rightly been declared to be that at which all things aim. (11) However, unless we philosophize about happiness and get to know exactly w hat it is and how to achieve it, it will be stereotyped simply to say that happiness is the ultimate good. To determine the nature of happiness, Aristotle turned to his metaphysical schema and asked, What is the function of the human? In the same way he would ask about the function of a knife or a cloth. He came to the conclusion that a humans function is to engage in an activity of the soul which is in accordance with virtue and which follows a rational principle. Before grasping this complicated definition , we must determine what virtues is and what kinds of virtues there are. But first, we must have a basic understanding that Aristotle believed that certain material conditions must hold before happiness can be achieved. This list of conditions will show Aristotles elitism: We need good friends, riches, and political power. We need a good birth, good children, and good looks. For the man who is very ugly in appearance is not likely to be happy. Also we must not be very short. Furthermore, we must be free from the need of performing manual labor. According to Aristotle, no man can practice virtue who is living the life of a mechanic or laborer. Personally, I am strongly disagree on these conditions which Aristotle had claimed as the criteria toward Happiness. There should not have a set of conditions or definitions on Happiness because different people have different ways of understand happiness, and different people have different beliefs and goals toward their own life. It should be noted that Aristotles moral theory would be left substantially perfect if his elitist bias were deleted. Now, as to virtues, there are two kinds: Intellectual and moral, corresponding to the two parts of the soul. Intellectual virtues are acquired through a combination of inheritance and education, and moral virtues through imitation, practice, and habit. The habits that we develop result in states of character, that is , in dispositions to act certain ways, and these states of character are virtuous for Aristotle if they result in acts that are in accordance with a golden mean of moderation. Courage is a mean between cowardice and foolhardi ness. For example, when it comes to facing danger, one can act with excess, that is, show too much fear. (This is cowardice.) Or one can act deficiently by showing too little fear. (This is foolhardiness.) Or one can act with moderation, and hence virtuously, by showing the right amount of fear. (This is courage.) Aristotle realized that the choices we must make if we are to learn moral virtue cannot be made mathematically; rather, they are always context-bound and must be approached through trial and error. Returning to the intellectual virtues of practical and philosophical wisdom, the former is the wisdom necessary to make judgments consistent with ones understanding of the good life. It is therefore related to moral virtue. Philosophical wisdom is scientific, disinterested, and contemplative. It is associated with pure reason, and, for Aristotle, the capacity for reason is that which is most human; therefore, philosophical wisdom is the highest virtue. So, when Aristotle defined happiness as an activity of the soul in accordance with virtue, the activity referred to is philosophical activity. The human being can only be happy by leading a contemplative life, but not a monastic one. We are not only philosophical animals but also social ones. We are engaged in a would where decisions concerning practical matters are forced upon us constantly. Happiness (hence the good life) requires excellence in both spheres. Therefore, in the Aristotelian view, that the highest virtue is for the few. In the Nicomachean Ethics, Aristotle argues that the function of man is an activity of soul which follows a rational principle which based on both virtues. Human good turns out to be activity of soul in accordance with virtue, and if there are more than one virtue, in accordance with the best and most complete. But we must add in a complete life. For one swallow does not make a summer, nor does on day; and so too one day, or a short time, does not make a man blessed and happy. One who is trying to live according to a rational principle as what Aristotle suggested, aiming for happiness, will surely find that such a life is very difficult, that the swallows do not long remain, that the happy days do not last. What we try to do, in living out our days of contested moral positions, is to seek happiness. But usually what we find is very little happiness and very much despair, especially in the long run, in a complete life. Aristotles end A happy man in a complete life seems unrealistic . As mentioned before, different people might hold different belief toward happiness. Belief is that upon which a man is prepared to act. Beliefs, then, are rules of action, and they got their meaning from the action for which they are rules. Beliefs produced habits, and that the way to distinguish between beliefs was to compare the habits they produced. A persons belief could be established by observing that persons actions If certain people believed that God existed, they would conceive of the world very differently from the way they would conceive of it if they believed God did not exist. Also, their definition toward happiness would also be very different from those who do not believe in God. However, there are other people whose conceptions of the world would be practically identical whether they believed that God did or did not exist. For certain other people who find themselves somewhere between these two extremes, the proposition God exists means something like this: On Sunday, I put on nice clothes and go to church. This is because, for them, engaging in this activity is the only practical outcome of their belief. For those who are Christian, richness might not have so much meaning to them. It is because their definition on happiness is not depend on how rich you are, and this is exactly why I opposed Aristotles elitism. C learly, practical reasoning which Aristotle founded it provides a way to understand and explain actions. There are two important points with this founding. First, the method is reasoning in the context of a desired end, at least typically in a way that includes a commitment to some principle or belief. This provides motivation for the action issuing from the reasoning. Second, this provides guidance for the action. It is exercised in part by a belief to the effect that the end can be achieved by a certain kind of action, for instance, in order for reaching a sweet, one might go buy some candy. The belief helps to sustain and guide the action. In conclude, Happiness is not a further end of the action, but its essential end. To act for a reason is to act in order to achieve an end, whether ultimate or, more often, subsidiary, as when we prescribe medicine in order to cure. Actions performed for a reason very commonly issue from practical reasoning; and if Aristotle does not think the y always do, he at least holds that they are motivationally attached by a purposive chain which terminates in a desire for happiness and can be associated, link by link, with practical arguments that concern the relevant want, belief, and action, or at least of all action performed for a reason, is behavioral foundationalism. Our life is full of problems. Reasoning is a usual way to response to problems which we concern about. We reason in response to everyday problems. For instance, asked by friends to go out dinner at a time when we have planned something else, we must decide which one is more important for us at that moment of time, and whether to decline or to adjust our schedule. Reasoning appropriate to problems like this has often been called practical. Practical reasons might be said to be reasons for acting, and it is in some sense point toward action. Practical reasoning has been much discussed by philosophers, and it is catalogued under Moral Philosophy. For Aristotles m oral philosophy, as it appears in his document now called the Nicomachean ethics, reflects his teleological (goal-oriented) metaphyics. In the Nicomachean ethics, where Aristotle considers a science of doing, and acting in certain way to seek rational ends. The notion of Goal, or Purpose, is the principal one in his moral theory. Aristotle noted that every act is performed for some purpose, which he defined as the good of that act, the end at which the activity aims. We perform an act because we find its purpose to be worthwhile. Either the totality of our acts is an infinitely circular series: Every morning we get up in order to eat breakfast, we eat breakfast in order to go to work, we got to work in order to get money, we get money so we can buy food in order to be able to eat breakfast, etc., etc., etc., in which case life would be a pretty meaningless endeavor because this is just bunch of repeated and vain activities practicing if without a purpose. Or there is some ultimate good toward which the purpose of all acts are directed. If there is such a good, we should try to come to know it so that we can adjust all our acts toward it in order to avoid that saddest of all tragedies the wasted and vain life According to Aristotle, there is general verbal agreement that the end toward which all human acts are directed is happiness; therefore, happiness is the human good since we seek happiness for its own sake, not for the sake of something else. In a sense, realizing the end of attaining happiness is an activity of making, and its the activity aims to make a certain kind of man, living in a certain kind of society. Happiness might be explained as the fruition of a mans way of life, in the truly human aspect of that way of life. The good of each thing is its own function; thus, vision is the good of the eye and walking is the good of the foot. As Aristotle said in the Nicomachean ethics, Every art and every inquiry, and similarly every action and pursuit, is thought to aim at some good; and for this reason the good has rightly been declared to be that at which all things aim. (11) However, unless we philosophize about happiness and get to know exactly what it is and how to achieve it, it will be stereotyped simply to say that happiness is the ultimate good. To determine the nature of happiness, Aristotle turned to his metaphysical schema and asked, What is the function of the human? In the same way he would ask about the function of a knife or a cloth. He came to the conclusion that a humans function is to engage in an activity of the soul which is in accordance with virtue and which follows a rational principle. Before grasping this complicated definition , we must determine what virtues is and what kinds of virtues there are. But first, we must have a basic understanding that Aristotle believed that certain material conditions must hold before happiness can be achieved. This list of conditions will show Aristotles elitism: We need g ood friends, riches, and political power. We need a good birth, good children, and good looks. For the man who is very ugly in appearance is not likely to be happy. Also we must not be very short. John F. Kennedy Essay A persons belief could be established by observing that persons actions If certain people believed that God existed, they would conceive of the world very differently from the way they would conceive of it if they believed God did not exist. Also, their definition toward happiness would also be very different from those who do not believe in God. However, there are other people whose conceptions of the world would be practically identical whether they believed that God did or did not exist. For certain other people who find themselves somewhere between these two extremes, the proposition God exists means something like this: On Sunday, I put on nice clothes and go to church. This is because, for them, engaging in this activity is the only practical outcome of their belief. For those who are Christian, richness might not have so much meaning to them. It is because their definition on happiness is not depend on how rich you are, and this is exactly why I opposed Aristotles elitism. Clearly, practical reasoning which Aristotle founded it provides a way to understand and explain actions. There are two important points with this founding. First, the method is reasoning in the context of a desired end, at least typically in a way that includes a commitment to some principle or belief. This provides motivation for the action issuing from the reasoning. Second, this provides guidance for the action. It is exercised in part by a belief to the effect that the end can be achieved by a certain kind of action, for instance, in order for reaching a sweet, one might go buy some candy. The belief helps to sustain and guide the action. In conclude, Happiness is not a further end of the action, but its essential end. To act for a reason is to act in order to achieve an end, whether ultimate or, more often, subsidiary, as when we prescribe medicine in order to cure. Actions performed for a reason very commonly issue from practical reasoning; and if Arist otle does not think they always do, he at least holds that they are motivationally attached by a purposive chain which terminates in a desire for happiness and can be associated, link by link, with practical arguments that concern the relevant want, belief, and action, or at least of all action performed for a reason, is behavioral foundationalism. Our life is full of problems. Reasoning is a usual way to response to problems which we concern about. We reason in response to everyday problems. For instance, asked by friends to go out dinner at a time when we have planned something else, we must decide which one is more important for us at that moment of time, and whether to decline or to adjust our schedule. Reasoning appropriate to problems like this has often been called practical. Practical reasons might be said to be reasons for acting, and it is in some sense point toward action. Practical reasoning has been much discussed by philosophers, and it is catalogued under Moral Philo sophy. For Aristotles moral philosophy, as it appears in his document now called the Nicomachean ethics, reflects his teleological (goal-oriented) metaphyics. In the Nicomachean ethics, where Aristotle considers a science of doing, and acting in certain way to seek rational ends. The notion of Goal, or Purpose, is the principal one in his moral theory. Aristotle noted that every act is performed for some purpose, which he defined as the good of that act, the end at which the activity aims. We perform an act because we find its purpose to be worthwhile. Either the totality of our acts is an infinitely circular series: Every morning we get up in order to eat breakfast, we eat breakfast in order to go to work, we got to work in order to get money, we get money so we can buy food in order to be able to eat breakfast, etc., etc., etc., in which case life would be a pretty meaningless endeavor because this is just bunch of repeated and vain activities practicing if without a purpose. Or there is some ultimate good toward which the purpose of all acts are directed. If there is such a good, we should try to come to know it so that we can adjust all our acts toward it in order to avoid that saddest of all tragedies the wasted and vain life According to Aristotle, there is general verbal agreement that the end toward which all human acts are directed is happiness; therefore, happiness is the human good since we seek happiness for its own sake, not for the sake of something else. In a sense, realizing the end of attaining happiness is an activity of making, and its the activity aims to make a certain kind of man, living in a certain kind of society. Happiness might be explained as the fruition of a mans way of life, in the truly human aspect of that way of life. The good of each thing is its own function; thus, vision is the good of the eye and walking is the good of the foot. As Aristotle said in the Nicomachean ethics, Every art and every inquiry, and similarly every action and pursuit, is thought to aim at some good; and for this reason the good has rightly been declared to be that at which all things aim. (11) However, unless we philosophize about happiness and get to know exactly what it is and how to achieve it, it will be stereotyped simply to say that happiness is the ultimate good. To determine the nature of happiness, Aristotle turned to his metaphysical schema and asked, What is the function of the human? In the same way he would ask about the function of a knife or a cloth. He came to the conclusion that a humans function is to engage in an activity of the soul which is in accordance with virtue and which follows a rational principle. Before grasping this complicated definition , we must determine what virtues is and what kinds of virtues there are. But first, we must have a basic understanding that Aristotle believed that certain material conditions must hold before happiness can be achieved. This list of conditions will show Aristo tles elitism: We need good friends, riches, and political power. We need a good birth, good children, and good looks. For the man who is very ugly in appearance is not likely to be happy. Also we must not be very short. Furthermore, we must be freWords/ Pages : 9,071 / 24