History Is A Repetition Of Events - 970 Words

History is a repetition of events: war after war, economic crisis after economic crisis, technology outdoing itself as we speak. A line of events that for centuries have been reported by the world’s oldest storytellers: journalists. Yet, the future of journalism itself has never been as uncertain and unpredictable as it has been in the past decade and the role of ‘gatekeepers’ of news has never been more precarious. The digital era has brought traditional journalism to the edge, forcing the industry to update its means in order to sustain the constant commercial pressure it is put under. On some level, the digital era disrupted an already easily corruptible industry, while from another perspective, it has opened new opportunities for innovation and renovation, which could mean the restoring of such criticized profession. It is inferable that the ‘Fourth Estate’, as in journalism acting as a watchdog and as provider of objective and impartial news, is in great danger. The pressure to maximise profits and the frequent censorship, both as a result of government control, and market ownership, have undermined the industry’s professionalism as a whole. At the same time, new media has been claimed to be a dynamic tool to enhance democracy, as it allows citizens to bypass the traditional mainstream news media and to get access to a plurality of information coming from alternative and independent news providers and online watchdog organizations, untouched by any kind of pressure.Show MoreRelatedAnalysis Of Learning To Read By Malcolm X957 Words   |  4 Pagesdevoted so much time to it. Malcolm X recounts his personal history of learning to read and how he finds reading to be the most important skill and influence everything in his life. He retells his history of reading several books and dictionaries and how th process slowly affected his life. He elaborates how reading increases a performance and efficiency to heighten their potential. In â€Å"Learning to Read, â€Å" by Malcolm X, he utilizes repetition and anecdotes to hint at the fact that reading allows a personRead MoreThe Cyclical Nature of Life as Demonstrated in the Nov el the House of the Spirits by Isabel Allende1078 Words   |  5 Pageslong list of causes and effects, repeating patterns and cycles as it stretches through time. Isabel Allende, in the novel The House of the Spirits demonstrates how history repeats itself and that everything is connected through the repetition of events, the inter-generational storyline and the ending of cycles. Throughout the novel, events, motifs, and characteristics are mirrored, bringing attention to the cyclic nature of the novel, as well as connecting characters and ideas together. Rosa and Alba’sRead MoreEssay on Analysis of Obamas Victory Speech831 Words   |  4 Pageslast from ll. 95-105. In the first part of the speech Obama uses many stylistic devices. He makes repetitions (â€Å"three hours, four hours†, l.10), (â€Å"Blue States†, l.20, â€Å"United States†, l.21) to underline his ideas and to emphasize that people waited long to have the chance to vote even for the first time (ll. 7-13) and that the USA is one state (ll. 18-21). He also uses a metaphor (â€Å"arc of history†, l. 25) to evoke the picture of a unity that hopes together and that believes as one in the AmericanRead MoreThe Rhetorical Analysis Of Pierre Trudeaus Speech1233 Words   |  5 Pagessignificant historic event that took place in Canada at that time. Up until that point, the country had ruled under the British Parliament, and the Charter of Rights had not been added to the Canadian Constitution. His words appeal to his audience, Canadians of all backgrounds, and the British Monarchy, through logos, ethos and pathos to punctuate this monumental change for Canada. T hrough the use of figurative devices such as symbolism, personification, diction, imagery, repetition, metaphor, fictionRead MoreNight Trilogy By Elie Wiesel1075 Words   |  5 Pages His simple language of the historical events he endured are captured without a plea of sympathy, yet readers feel empathy towards young Wiesel and his father, which explains how powerful and influential Wiesel’s writing is, especially in Night. â€Å"Wiesel does not tell the reader what to think; he simply presents events as plainly as possible and lets them speak for themselves† (Winters 1). He does not emphasize on the horrors since these terrible events reveal themselves as nightmares. In NightRead MoreThe Language Of Imagery In George DrowBy George Doctorow794 Words   |  4 Pagescontradict his style of writing which uses both history and fiction which is ironical. Repetition is also a common element in the novel to give an allure of the recurring element of history. 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They dont give specifics-they give generalities.   The first chapter gives the background to all of the following events. Every-other chapter gives more background to the story.   Whether a massive

Class Oppression The Key To Social Control. In Both The

Class Oppression: The Key to Social Control In both the film Metropolis (1927) and Brave New World, Fritz Lang and Aldous Huxley depict utopian societies where upper castes â€Å"are happy; they get what they want, and they never want what they can’t get† (Huxley 2006: 220). Each of these â€Å"ideal† societies has established some level of social control. In fact, in Brave New World â€Å"people were ready to have even their appetites controlled† (Huxley 2006: 228). These civilizations rely on and thrive because of the lower working class, â€Å"Standard men and women; in uniform batches† (Huxley 2006: 7). Through the comparison of these pieces, it is evident that Lang and Huxley are criticizing/commenting on the fact that for a society to maintain social†¦show more content†¦They stand at grueling machines all day, feeding the machines with their life force. Their jobs are imperative, as can be observed in the explosion scene where the ma n fails to complete his task, resulting in mechanical failure and the maiming of several workers. The city relies on the workers to provide them with power and probably many other vital aspects of the city’s infrastructure. Though these lesser members of each society are easily replaceable, like cogs in a machine, without them, the whole thing comes crashing down. Some may argue whether a lesser class is necessary or if every member of society could exist as equals. Huxley takes time to express his thoughts on this through the voice of the world controller. Mustapha Mond discusses an experimental island comprised entirely of Alphas. Most â€Å"lesser jobs† were left unfulfilled. â€Å"Low-grade work[ers] were perpetually intriguing for high-grade jobs, and all the people with high-grade jobs were counter-intriguing to stay where they were† (Huxley 2006: 223). 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Auditing and Assurance Global Financial Setback

Question: Describe about the Auditing and Assurance for Global Financial Setback. Answer: Introduction This report focuses on the potential liabilities of the auditors toward the business enterprises and third party. Auditor liabilities have become an important debate issue for the public after Global Financial Crisis. Global Financial Crisis was a setback for the economy for whole globe, it triggered down the economy in middle of 2007 and in 2008. Global financial crisis affect the business of many large institution and there was a big collapse of the financial institutions. This report also contains the recommendations, that can assist in the controlling the loss of business and third party. Global financial crisis Global Financial Crisis affected the whole worlds financial institutions, mainly the economy of US (Shefrin and Shaw, 2016). In this purview Lehman Brothers, Merrill Lynch, American international group, HBOS and many large institutions had collapsed. Lehman Brothers collapsed due to many reasons such as, Credit Default Swaps, misrepresentations of financial statements and unethical behavior of the executives. Notably, the auditors were negligent to perform her duties properly. Moreover, Lehman Brother used the 105 Repo to show the financial position healthy than the real position. Ernst and Young did not disclose the impact of the 105 Repo, to the government, investors and creditors. On the other hand, HBOS a banking and insurance institution in UK. It was also failed, at the time commercial real estate business was on peak and their quality of lending was not appropriate. The HBOS plc was unable to meet the liability. The underlying balance sheet of HBOS was very weak due to the crisis of financial system and the banking staffs not have the professional skills that can handle the financial mismanagement of auditing. Auditors liabilities under law Auditor in the company is as a pillar which shapes the businesses financial strength through directing the company account. Auditors liabilities can be defined as the responsibility of accountants to maintain the company account and relationship with third party (Gay and Simnett, 2015). Liabilities stated as the responsibilities of auditor toward the assessment of the account handling. The liabilities of the auditors have been increased for the purpose of controlling the financial inclusion of the business. Auditors play an important role in internal control in the business through managing the financial stability of the business. Auditors common law liability arises due to the fraud, breach of contract and negligence when an auditor does not performs his duty as per the contract rules and regulations. These liabilities arise due to the common behavior and statutory legality obligation. The common liabilities are as follows- Negligence liabilities Negligence Liabilities arises in the situation when an auditor acts negligibly and it leads to the loss for a business (Leung and Coram, 2012 ). In many situations where accountant fails to use their skills and professional care for the business organization to handle the business accounts, it leads to the negligence of liability of auditors. Furthermore, if any negligence liability occurs, auditor is liable for the loss of companys financial positions. Moreover, this liability may occur due to the misunderstanding regarding the duties assumed by the auditors. In recent years many cases arises against the auditors for the claim for loss. Criminal and civil offence liabilities Auditors are potentially liable for the criminal and civil offense. These liabilities arises when an auditor demolish the government rules and regulation, that need to be followed for a better financial management. Criminal offence is a crime against the state law, when auditor breakdown the legal rules relating to liability (Gibson and Fraser, 2013). In context of criminal offence an auditor present the false report, balance sheet and financial statements of the firm, than third party can sue for claim the loss. In this regard auditors mislead or deceptive practices of auditing for organizations occurred, it resulted into the loss for business. Moreover, large money is lost by the creditors and investors due to the misstatement regarding the shares and debentures, it comes under the civil liability for the auditors to present the actual listing of shares and debentures. Auditors are liable to perform as they contract with the firm, if accountant fails to perform his duty legally firm can sue against the auditors to breach the contract. This is the legal liability of auditors and firm can oblige to act according the terms of contract. Under the contract law innocent party can seek for damages. Liability of misrepresentations Auditor is liable for the tort with the audit of account. Auditor cannot distort the financial statement of the company (Latimer, 2012). Auditors duty is to present the real picture of the companys financial position through which investors and shareholder can take the decision to invest in the institutions. On the other hand, creditors, shareholder and investors suffer the loss due the auditors report of financial statements, auditor is liable to pay the loss amount to the third party. Proportionate liabilities Proportionate liability of the auditors can promote the competition in the market. It is stated regarding the proportionate liability, the auditors would be liable for the actual loss of shareholder. The Australian model explained that an auditor cannot exempt from the liability in course of the blame by the shareholders. Major Australian state set the maximum liability of auditors ten times of fee. Auditor liabilities in the context of global financial crisis In the global financial crisis of 2007 many financial institutions collapsed a short time after unqualified audit reports were given by the auditors. This is a serious issue. An auditors report is an integral part of the financial statements of a company disclosed to public. The unqualified audit report by an auditor means that the auditor is conveying that the financial statements of the company are showing a true and fair picture of the financial position of the company and all the generally accepted accounting principles as required by the regulating authority have been followed in the preparation of the financial statements (Australian Securities And Investments Commission, 2016). The unqualified opinion of the auditor also means that the auditor agrees with the accounting policies and methods of treatment of accounting entries followed by the business enterprise. An auditor can be prosecuted under the criminal law of Australia for knowingly or recklessly including misleading, fa lse or deceptive matters in an audit report. In other words an auditor can be held liable for knowingly giving a wrong audit opinion (Accaglobal.com, 2016). In a case relating to Ernst and Young, an auditing firm, a law suit was filed by the New York attorney general against the firm for helping Lehman Brothers, a bank, in misleading investors by hiding material information from them (Reuters.com, 2016). Ernst and Young were auditors of Lehman Brothers. The auditing firm used unfair methods to make debts disappear from the financial statements of Lehman Brothers. These liabilities were not shown in the balance sheet presenting a much better financial position of Lehman Brothers than it actually was. Ernst and Young settled the law suit by agreeing to pay an amount of ten million dollars. Many of the financial institutions including banks which collapsed as a result of the global financial crisis did not record all their assets and liabilities in their financial statements. Moreover, assets were shown by some of the banks at much higher values than their actual values. Many companies made use of financial derivatives to conceal their losses and true risks involved in their business transactions. The internal auditors of these companies had also failed in their duties. There seemed to be complete lack of corporate governance. In several cases the directors and senior management had supported fraudulent practices (Soh and Bennie, 2011). It is the duty of the auditor to ensure that the company shows all its assets in the financial statements. In a case where officials of a business enterprise do not reveal all assets owned by it in its accounting records as per Australian accounting standards which meet the requirements of International Financial Reporting Standards and misappropriate assets of the organization, then it is an example of a fraud. An auditor is expected to report the fraud to the relevant authorities. But if there is a case where the auditor has failed to do so and the auditor argues that it was not able to detect the fraud, then, it is considered by law if the auditor had put into action competently an audit plan which had reasonable possibility of detecting a fraud. In other words there should be no case of negligence on the part of the auditor in deciding the scope and performing the audit with due care. In a legal case in Australia the judge Moffitt J observed in Pacific Acceptance Corporation v. Forsyth (1970) 92 WN (NSW) 29 at 65): 'If fraud has taken place and is undetected by the auditor he is blameworthy in the eyes of the law [but] only so far as he has been negligent in determining the scope and character of his examination' (Serperlaw.com, 2016) It has to be understood that an auditor is expected by Australian Law to act as a skilled inquirer while performing the audit. The auditor is expected to study documents of the company and take samples. The provisions of section 50 of Corporation Act are used to determine whether the auditor took sufficient care in carrying out the audit or there has been a breach of duty by the auditor. So far as valuation of assets of a company is considered, an auditor is expected to arrive at a range of possible values for a particular asset and then see the estimated value of the asset as arrived at by the company falls within the range of values chosen by the auditor. If there are material uncertainties with regard to the valuation of an asset then the auditor is required to make an emphasis of matter in the auditors report. The auditor is expected to make use of the individuals professional experience and skill in estimating the value of an asset (Caanz, 2016). Sometimes there is lot of subjectivity or uncertainty involved in making accounting estimates, which can be described as inherent limitations of an audit. The auditor is expected to mention risks related to audit in the auditors report. The auditor is expected to have knowledge of the business of the company it is auditing and also know about the particular industry and the company customers. But an auditor is not expected to predict accurately what would be the market price of an asset owned by a company in future. The auditors work is primarily related to give opinion regarding the financial statements which are records of the past business transactions of the company. The quality of work being done by the auditors over the years has been questioned by many people. The collapse of companies like Allco, Westpoint, Centro, Storm financial, Opes Prime and Babcock and Brown in Australia has put renewed focus on the allegations of negligence by auditors of certain companies in carrying out their duties (Kordamentha.com, 2016). There are creditors and suppliers who have done business with a company on the basis of the information given in the audited financial statements and auditors report relating to that organization (Chung et al., 2010). If that company becomes insolvent after sometime, these creditors and suppliers would not be paid their money owed by the particular company. In this case these parties have suffered a loss due to the inefficiency and negligence of auditors. It is assumed that a company would continue to be in business for coming years. This is known as the assumption of going concern. Where a company faces huge risks including a liquidity crunch, which are likely to lead to closure of the company in the near future, then it is the duty of the directors of the company to mention this in an assessment which is part of the financial statements (Taylor, Tower and Neilson, 2010). The auditors are required by Australian auditing standards to review this assessment by directors and mention in their audit report whether there is existence of material uncertainty that puts in danger the companys going concern status (Xu et al., 2013). If the directors have failed to make a right assessment about the companys going concern status then the auditor should not give an unqualified audit opinion but would give an adverse opinion. If the auditor fails to mention material uncertainty that would lead to company ceasing to be a going concern then it is a case of negligence by the auditors. In the case of global crisis some of the companies became insolvent. It would be considered by law if the auditor of the company knew about material uncertainties surrounding the existence of the companies as a going concern and if they were mentioned by the auditor in auditors report. In the case of some banks that became insolvent after the global financial crisis, there seem to be inadequate internal controls. These banks made rash investments without proper risk analysis (Taylor, Tower and Neilson, 2010). Loans were advanced to people by banks for buying houses even when these people did not have the ability to pay interest to banks on such loans. Banks bought securities of companies which were not good. It is the duty of the auditors to also assess the internal control system in an organization during the audit process. One of the examples of a business failing because of its risky business models is that of Storm Financial (Sydney Morning Herald, 2016). This company performed the role of financial planner for its clients. Storm Financial encouraged its clients to borrow more in order to maximize its fee. But the company did not advise the investors properly that they were putting their funds in highly risky securities. Storm Financial exercised almost negligible control over the investments made by its clients who subsequently lost millions of dollars as their investments sunk. Storm Financial could not pay its creditors an amount of $ 80 million owed by the company. In cases where it is found that internal controls were nonexistent or minimal in such banks and the auditors failed to mention this in the audit report and gave a positive audit report, then the auditors would be held liable for negligence by the law. The auditors have failed in their duties if they did not take up the issue of lack of adequate internal controls with the management of these banks especially if they were asked in their contract to assess the internal controls in the banks (Azim, 2012). Recommendations Recently, many companies are going bankrupt reason being negligence and fraud by auditor. On the basis of potential liability it can be recommended that the internal control system of auditing should be managed better because lacking in the internal audit system affects the financial statements of the business. On the other hand, financial institutions should pay attention on the risk analysis of the business. Banks like Lehman Brother collapsed due to the race lending to the borrowers and the auditors did not ensure the associated risk so, it is recommended that auditors should care before the lending to the customer. Furthermore, the auditing standard of the business should be improved because the standard judge the quality and performance of the account audited by the auditors so, the auditing standard must be set according to the financial reporting standards. It can also be recommended under the current system of joint and several liabilities, the reforms in proportionate liability should be undertaken for the control on the damages by auditors. Government should follow a systematic regulation of the auditing procedure, consequently it would be a action toward the control of misrepresentations and fraud with the audit report. Auditors should also be trained as per the norms of the audit that can improve skills and duty of care to escape from the errors in accounting. References Accaglobal.com (2016) Auditor Liability. Available at: https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/auditor-liability.html (Accessed: 8 September 2016). Australian Securities And Investments Commission (2016) Financial Reports. Available at: https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/preparers-of-financial-reports/financial-reports/ (Accessed: 8 September 2016). Azim, M. (2012) Corporate Governance Mechanisms And Their Impact On Company Performance: A Structural Equation Model Analysis, Australian Journal Of Management, [online]. Available at: https://aum.sagepub.com/content/early/2012/07/30/0312896212451032.abstract (Accessed: 8 September 2016). Bankruptcy of Lehman Brothers (2011) [online] Available at:https://www.researchgate.net/publication/230687440_The_Bankruptcy_of_Lehman_Brothers_Causes_of_Failure_Recommendations_Going_Forward (Accessed: 7 September, 2016) Caanz, S. (2016) Auditing And Assurance Handbook 2016 Australia. Australia: John Wiley And Sons. Chung, J. , Farrar, J. , Puri, P. and Thorne, L. (2010) Auditor Liability To Third Parties After Sarbanes-Oxley: An International Comparison Of Regulatory And Legal Reforms, Journal of International Accounting, Auditing and Taxation, 19(1) , pp. 6678, [online]. Available at: https://www.sciencedirect.com/science/article/pii/S1061951809000317?np=y (Accessed: 8 September 2016). Gans, J. (2011) Modern Criminal Law Of Australia. Australia: Cambridge University Press. Gay, G. and Simnett, R. (2015) Auditing and Assurance Services in Australia, Sixth Edition. Australia: McGraw-Hill Education. Gibson, A. and Fraser, D. (2013) Business Law 2014. Kordamentha.com (2016) Audit Negligence: Who Is To Blame When It All Goes Wrong. Available at: https://www.kordamentha.com/docs/for-publications/issue2011-04-auditnegligence.pdf?Status=Master (Accessed: 8 September 2016). Latimer, p. (2012) Australian Business Law 2012. Australia: CCH Australia Limited. Leung, p, Coram, p and Cooper, B.J. (2012) Modern Auditing and Assurance Services. USA: John Wiley and Sons. Reuters.com (2016) Ernst and Young Settles With N.Y. For $ 10 Million Over Lehman Auditing. Available at: https://www.reuters.com/article/us-ernst-lehman-bros-idUSKBN0N61SM20150415 (Accessed: 8 September 2016). Serperlaw.com (2016) Liability Of Auditors In The Common Law System: Australian Position. Available at: https://www.serperlaw.com/about-us/publications-and-articles/liability-of-auditors (Accessed: 8 September 2016). Shefrin, H. and Shaw, L. (2016) The Global Financial Crisis and its Aftermath: Hidden Factors in the Meltdown. UK: Oxford University Press. Soh, D. and Bennie, N. (2011) The Internal Audit Function: Perceptions Of Internal Audit Roles, Effectiveness And Evaluation,Managerial Auditing Journal, 26(7), pp. 605 622, [online]. Available at: https://www.emeraldinsight.com/doi/abs/10.1108/02686901111151332 (Accessed: 8 September 2016). Sydney Morning Herald (2016) Collapse Of Financial Planner Was Inevitable. Available at: https://www.smh.com.au/business/collapse-of-financial-planner-was-inevitable-20100527-whtv.html (Accessed: 8 September 2016). Taylor, G., Tower, G. and Neilson, J. (2010) Corporate Communication Of Financial Risk,Accounting Finance,50(2), pp.417-446, [online]. Available at: https://onlinelibrary.wiley.com/doi/10.1111/j.1467-629X.2009.00326.x/full (Accessed: 8 September 2016). Xu, Y. , Carson, E. , Fargher, N. and Jiang, L. (2013) Responses By Australian Auditors To The Global Financial Crisis, Accounting And Finance , 53(1), pp. 301338, [online]. Available at: https://onlinelibrary.wiley.com/doi/10.1111/j.1467-629X.2011.00459.x/full (Accessed: 8 September 2016).