A Growing Level of Financial Engineering and Risk Management Research Paper

A Growing Level of Financial Engineering and Risk Management - Research Paper Example The prestigious hypothesis by Lon Fuller that is titled the â€Å"inner morality† of the Rule of Law obviously specifies that a lawful framework will fall flat if laws introduced inside the framework are dark, and negating. Along these lines, to guarantee that Islamic banking keeps up its novel nature it has been basic to devise a legitimate structure that guarantees productive working of Islamic banking, which is in similarity with Islamic lessons. We can investigate the key components that are contained inside a legitimate system to help the effective working of Islamic banking. Aldohni expressed that under the Islamic financial act, Islamic financial business is depicted as a financial business whose activities and goals just contain components that have been affirmed by the Islamic religion and specifically, the Shariah laws (63-65). Hence, the primary components inside the legitimate system for the productive working of Islamic financial attract their cause to the Islamic religion. The most overwhelming component of the lawful structure for Islamic banking is the denial of the issuance of premiums on all types of exchanges inside Islamic banks. This component inside the lawful structure guarantees the productive working of Islamic banking in a way that complies with Islamic lessons and it helps in separating Islamic banks from the other business banks (Aldohni, 68-71). This differtiation would prompt making sense of to the open the fairness and shirking of Ghara in Islamic banking when contrasted with customary framework regular banking lawful and administrative structure.

The Mojito is a very well-known Cuban drink Free Essays

The Mojito is a very notable Cuban beverage, however this was not generally the situation. There was many years that went before this beverage became what it is today. The elements for this incredible tasting drink are unique and however changed somewhat throughout the years, are as yet similar ones utilized today. We will compose a custom paper test on The Mojito is a very notable Cuban beverage or on the other hand any comparative theme just for you Request Now Exclusive that truly added to the foundation of this astounding beverage was Sir Francis Drake. Another renowned name that gave this beverage some ubiquity was the essayist Ernest Hemingway. This well known beverage was found decades prior is despite everything flourishing today. The conventional Mojito comprises of 5 fixings: shimmering water, white rum, mint, lime squeeze, and sugar. The formula initially from the island of Cuba, regularly comprises of spearmint or Yerba Buena, a famous mint on the island. The mint and citrus is utilized so as to lessen the solid kick of the white rum. Because of its sweet taste, the Mojito has become a well known summer drink. When making a Mojito, the mint leaves and sugar are included originally followed by the lime juice. After, the leaves should tenderly be squashed up, yet just enough for the oils to be discharged. The rum is then included and the blend is mixed so as to lift the leaves and the sugar to break up. To wrap things up, the beverage is then beaten with soft drink water and entire ice blocks to give a superior introduction. A few lodgings in Havana, Cuba, add Angostura which assists with cutting the pleasantness the mojito presents. Angostura is a fluid comprised of water and 44. 7 % liquor. An inn visitor in Cuba may have their mojito presented with new lime rather than lemon. This likewise can rely upon the barkeep setting up the beverage. There are different ways the mojito can be made so as to give the beverage an alternate taste. A few people say that this beverage was imagined by the African slaves that worked in the sugar stick fields in Cuba seeing as the name â€Å"Mojito† originates from the African word â€Å"mojo† which intends to put a little spell (http://havanajournal. com/culture/passage/cuban-mojito-history-and-formula/). There are many of these rum-based beverages, yet the first is the most mainstream. In spite of the fact that Cuba is supposed to be the Mojito’s origin, many would discuss something else. The Mojito has been followed to a nineteenth century drink known as â€Å"El Draque†, named after Sir Francis Drake (http://iml. ou. ufl. edu/ventures/fall12/araujo_J/history. html). The Draque was initially made with sugar, lime, mint, and aguardiente. Aguardiente is an unmistakable mixed beverage that appears as though vodka, yet comprises of a higher liquor rate. It is made in Colombia, and means â€Å"sizzling or fire water†. In more established occasions t his beverage was utilized in a restorative manner. They would put the alcohol in a jug with a dead snake and let it set for a while. After some time it was utilized as a scouring liquor for muscle torments. The 1800’s was the defining moment for the mojito. Because of the foundation of Bacardi in the 1800’s, the prominence of the Mojito soar. In 1940 Federick Villoch changed this sweet tropical drink’s name from â€Å"El Draque† to the mojito (http://www1. bacardi. com/#/us/en-us/originalmojito/history). While it was not initially called a Mojito, the fixings utilized in those days are as yet similar ones utilized today. One well known man who especially delighted in this beverage was the author Ernest Hemingway. His adoration for this beverage made him compose â€Å"My Mojito in La Bodeguita† which interprets â€Å"My Daiquiri in the Bodega†. The title of the book originated from the bar La Bodeguita del Medio which Hemingway helped put on the map. In the bar today you can in any case observe his works on the dividers. The bar was opened in 1942 by Angel Martinez. It was built up close to a printing shop which gave the little bar more clients who made a trip for a beverage after business. The bar turned into the new drinking spot and in a matter of seconds the spot was constantly pressed. In 1950, Martinez changed the name from â€Å"La Casa Martinez† to â€Å"La Bodequita del Medio† and has remained as such from that point forward (http://bodeguita. om. ua/? page_id=6218lang=en). The creation of the mojito was not arranged, however it produced a progressive item that is still right up 'til the present time delighted in around the world. The fixings are anything but difficult to track down and the beverage, however careful in detail, is definitely justified even despite the time spent. Numerous individuals h ave added to its prosperity, and because of this achievement the mojito will keep on flourishing. This gives only a little insight that this very much made beverage will keep on having accomplishment for a long time to come. Works Cited http://bodeguita.com.ua/?page_id=6218lang=en. (n.d.). http://havanajournal.com/culture/passage/cuban-mojito-history-and-formula/. (n.d.). http://iml.jou.ufl.edu/ventures/fall12/araujo_J/history.html. (n.d.). http://www1.bacardi.com/#/us/en-us/originalmojito/history. (n.d.). The most effective method to refer to The Mojito is a very notable Cuban beverage, Papers

The Power of Media Book Review - 550 Words

The Power of Media (Book Review Sample) Content: Name:Instructorà ¢Ã¢â€š ¬s name:Course:Date:The Power of MediaPrivacy is that state of being free from being disturbed by people. People can be easily debilitated if there is no restriction of personal information. The media has a high degree of influence with respect to shaping the thoughts of people. The novel, 1984 written by George Orwell explains clearly the astute perception about the society and politics. It explains the loss of critical thinking faculty in individuals and also the less capacity for self expression. The battle for self expression is difficult and also challenging and it is a representative of a society where the media is an instrument of misunderstanding, hate and also misinformation.In the novel, the hierarchical system depicted as Big Brother and the party controls and represses everything and everyone. Its mandate is to take total control on peopleà ¢Ã¢â€š ¬s privacy and their thoughts by the use of cameras and microphones which are locate d on every corner of the city. They punish anybody who thinks differently or questions them on their role. The relationship of two protagonists, Winston Smith and Julia are a threat to Oà ¢Ã¢â€š ¬Brian, an antagonist who ultimately breaks their relationship. The main reason for this is because of their rebellion towards Big brother and the Party. Oceania is typically a totalitarian state controlled by Big brother.In the 1984 movie, an abuse of privacy and information is evidently seen by the citizens of Oceania being bombarded with so much propaganda from the authorities by the use of telescreens. Winson, however, had to put up with the lectures of Big brother through the telescreens (Hall, 6). Those who had committed crimes in the 1984 movie face direct assassination by use of predator drones and in this case there is no legal process and no oversight. In the novel, the miscreants had to be brainwashed and tortured but not murdered. In 1984, higher level of thinking by individual s was eventually destroyed by the state and the citizens had to believe everything that was presented to them. The word "bellyfeel" used by Orwell best explained the ordeal of having blind faith in accepting everything and hence having no room for critical thinking.Americans are now living in a society which seems to be more draconian than the life in the 1984 novel. They are facing greater abuse and also a high tech surveillance than any other that Winston Smith had ever faced. All the utterances made by the citizens in America are publicly listened to by Big Brother by the use of surveillance. In addition, there are street lights that have been installed in cities in the country and these can record conversations that are private. America is currently more advanced than Orwellà ¢Ã¢â€š ¬s Oceanic because in these recent times, helicopters are not necessarily used in spying as there are unmanned drones, which do not only act as surveillance devices, but also have teasers which can easily pass an electric shock to any criminals dimmed as suspicious.The Homeland security in America has come up with the "See something, Say something" notion which mainly entails the American citizens being watched at all levels, in hotel rooms, in Wall-Mart and in football games. Schools in The USA are also training their children of all ages to be "eco-spiesà ¢Ã¢â€š ¬Ã‚ , and this report the bad recycling habits of their parents. Moreover, illiteracy rates are on the rise in many US states. The citizens are dumbed down by a decaying culture that celebrates its stupidity and also systems of public schools in terminal decline.Just like the Oceanic citizens who were faced with a lot of propaganda from the state through telescreens, in America, its citizens are faced with the onslaught of alerts from the gover... The Power of Media Book Review - 550 Words The Power of Media (Book Review Sample) Content: Name:Instructorà ¢Ã¢â€š ¬s name:Course:Date:The Power of MediaPrivacy is that state of being free from being disturbed by people. People can be easily debilitated if there is no restriction of personal information. The media has a high degree of influence with respect to shaping the thoughts of people. The novel, 1984 written by George Orwell explains clearly the astute perception about the society and politics. It explains the loss of critical thinking faculty in individuals and also the less capacity for self expression. The battle for self expression is difficult and also challenging and it is a representative of a society where the media is an instrument of misunderstanding, hate and also misinformation.In the novel, the hierarchical system depicted as Big Brother and the party controls and represses everything and everyone. Its mandate is to take total control on peopleà ¢Ã¢â€š ¬s privacy and their thoughts by the use of cameras and microphones which are locate d on every corner of the city. They punish anybody who thinks differently or questions them on their role. The relationship of two protagonists, Winston Smith and Julia are a threat to Oà ¢Ã¢â€š ¬Brian, an antagonist who ultimately breaks their relationship. The main reason for this is because of their rebellion towards Big brother and the Party. Oceania is typically a totalitarian state controlled by Big brother.In the 1984 movie, an abuse of privacy and information is evidently seen by the citizens of Oceania being bombarded with so much propaganda from the authorities by the use of telescreens. Winson, however, had to put up with the lectures of Big brother through the telescreens (Hall, 6). Those who had committed crimes in the 1984 movie face direct assassination by use of predator drones and in this case there is no legal process and no oversight. In the novel, the miscreants had to be brainwashed and tortured but not murdered. In 1984, higher level of thinking by individual s was eventually destroyed by the state and the citizens had to believe everything that was presented to them. The word "bellyfeel" used by Orwell best explained the ordeal of having blind faith in accepting everything and hence having no room for critical thinking.Americans are now living in a society which seems to be more draconian than the life in the 1984 novel. They are facing greater abuse and also a high tech surveillance than any other that Winston Smith had ever faced. All the utterances made by the citizens in America are publicly listened to by Big Brother by the use of surveillance. In addition, there are street lights that have been installed in cities in the country and these can record conversations that are private. America is currently more advanced than Orwellà ¢Ã¢â€š ¬s Oceanic because in these recent times, helicopters are not necessarily used in spying as there are unmanned drones, which do not only act as surveillance devices, but also have teasers which can easily pass an electric shock to any criminals dimmed as suspicious.The Homeland security in America has come up with the "See something, Say something" notion which mainly entails the American citizens being watched at all levels, in hotel rooms, in Wall-Mart and in football games. Schools in The USA are also training their children of all ages to be "eco-spiesà ¢Ã¢â€š ¬Ã‚ , and this report the bad recycling habits of their parents. Moreover, illiteracy rates are on the rise in many US states. The citizens are dumbed down by a decaying culture that celebrates its stupidity and also systems of public schools in terminal decline.Just like the Oceanic citizens who were faced with a lot of propaganda from the state through telescreens, in America, its citizens are faced with the onslaught of alerts from the gover...

Summary Of The Declaration Of Independence By Daniel...

Inalienable Right to Choice in Life John Stuart Mills, a 19th century utilitarian, formulated an argument that helped to explain the idea of the inalienable right to liberty written about in the Declaration of Independence. Daniel Callahan reformulated this argument making it into an explanation of the inalienable right to life rather than liberty, using the same idea in the premises. Callahan’s argument concludes that the right to life and the right to commit suicide are not compatible, therefore euthanasia is not permissible without the right to suicide. However, I believe that this is not the case and in this paper my goal is to prove that because of misunderstood terminology, the right to life and the right to choose death are, in fact, completely compatible. To understand my objection in this paper, both Callahan’s and Mill’s argument must be completely understood. According to Callahan, his reformulated argument begins with the premise that people have the inalienable right to life. This correlates with Mill’s first premise that people have the inalienable right to liberty. For the sake of the argument, Callahan then throws in the possibility that people have the right to suicide. For people to be able to have the right to suicide, then they must be able to surrender their right to life, but Callahan compares this to Mill’s argument about people trying to surrender their right to freedom. Mill’s claims that for someone to be able to give up or transfer theirShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 PagesWhat Are Management Skills? 9 Improving Management Skills 12 An Approach to Skill Development 13 Leadership and Management 16 Contents of the Book 18 Organization of the Boo k 19 Practice and Application 21 Diversity and Individual Differences 21 Summary 23 SUPPLEMENTARY MATERIAL 24 Diagnostic Survey and Exercises 24 Personal Assessment of Management Skills (PAMS) 24 What Does It Take to Be an Effective Manager? 28 SSS Software In-Basket Exercise 30 SCORING KEY AND COMPARISON DATA 42 Personal Assessment

Racial Injustice in A Raisin in the Sun, by Lorraine...

I have a dream that one day little black boys and girls will be holding hands with little white boys and girls. by Martin Luther King Jr, the dream that is still unfulfilled. White supremacy, black inferiority, Jim Crow law, segregation, racial terror, and racial inequality are the most common topics of American history. The quote of Martin Luther King Jr asserts the truth that racial injustice was in the vein of the American dream. He hopes someday that injustice, the view that African Americans are inferior will go away, and they will be treated equally like a full human being. The theme of racial injustice is prevalent in both â€Å"A Raisin in the Sun† by Lorraine Hansberry and â€Å"Sonny’s Blues† by James Baldwin stories. Both of the stories†¦show more content†¦Later in the story, another bomb attack reported in the paper which was much closer to home: a racially motivated attack against a black family integrating a white neighborhood. That event was announced by the Younger’s neighbor Mrs. Jonson, when they were ready to move to the all Whites Clybourne Park. Example scenarios from the above certainly provide the evidence of racial terrorism, and its fear among the Black community. In contrast â€Å"Sonny’s Blues†, talks about the fear of direct physical harm. Narrator’s mother described that in a moonlit night some dunk white folks killed his uncle in front of his father which is a horrific act of racism. However, mama says, â€Å"I ain’t telling you to make you scared of bitter or to make you hate nobody. I’m telling you this because you got a brother. And the world ain’t changed† (346). Comment of the narrator’s mother clearly shows the view point of the African American people of that time to their American dream, and how they were living in fear of physical harm. Jim Crow law legalized the segregation between the blacks and whites thought out the USA in the 19th century, and that led to the discrimination such as housing inequality and neglected segregated black community. That law allowed the whites to discriminate black people from the equal opportunity of housing and prohibit blacks from living in

Corporate Law The Partnership Structure

Question: Describe about the Corporate Law for The Partnership Structure. Answer: Part A 1(a): Aysha and Dilara currently operating the partnership structure for their winery which named as Ankita. We can say this because partnership is formed when two or more persons agree to carry the business with a view to earn profit. In this partners agree to share the profit and loss mutually. Following are the important aspects of partnership: In partnership there must be an agreement between the partners, which contain all the terms and conditions of the partnership which is mutually agreed by the partners. In partnership partners share profit and loss mutually. In partnership partner share agent principle relationship with each other, as all the partners are agents of the firm as well as of other partners. In partnership there is no need to use the word limited, in this case name of the firm is just Ankita. There is no need of minimum capital in the partnership. In this form of business structure there is no separate legal entity of the firm, and partners have unlimited liability[1]. So it is clear after considering the above aspects of partnership that Aysha and Dilara are operating partnership because they both are sharing their profits equally, and in the name of the winery no limited word is used. Therefore, we can say that Aysha and Dilara are operating partnership form of structure[2]. (b) Aysha and Dilara decided to sell part of their business to Mr. Polat for arranging the working capital for their business. After considering the facts of the case, we can say that partnership is not the correct form of business if Aysha and Dilara decided to sell the part of the business. For Aysha and Dilara the appropriate business structure which supports their decision is company. Company is a separate legal entity, which require higher set up and administration cost because there are number of legal formalities to form a company. In Australia, companies are registered and regulated by ASIC. Company is a form of organization which is run by its directors, and owned by the shareholders of the company. In this form of structure shareholders of the company have limited liability, and except in some cases they are not liable for the debts of the company[3]. All the profits and losses of the company, and also all the assets and liabilities of the company are owned by company separately from its shareholders. Company has power to sue and sued by others, and company can buy and purchase property on its own name. It is necessary that company must have at least one director or shareholder to start the company. Directors of the company can also be the shareholders of the company, and it is must that they must be of age 18. Any person who is insolvent and convicted in an offence which is related to company cannot form company. Following are the advantages of the company: Shareholders of the company have limited liabilities. Ownership or part of the company can be easily transferred by selling shares of the company. Shareholders of the company can be employed by the company. Tax rates are lenient. It is easy to access capital in this form of business[4]. As we mention above, it is easy in case of the company to transfer the ownership of the company by transfer the shares. In three situations a person can transfer or sell the part of its business to another person: To expand the business: Idea of selling a part of the business to get some cash inflow in the business is good. Such cash inflow will help in expanding the business. Company can access those resources which create value: through the proceedings of sale company can access those resources which create value for the business. Reduction of risk: by selling the part of the business a person can reduce the risk, and get better resources to manage the risk[5]. In this case, both the partners can transfer the ownership of Ankita by transfer the shares of the company, which is beneficial for them. 2: In this case it is clear that Leo is the shareholder of the Thomas The Tank Engine Pty Ltd and holds two shares of the company for $500,000. In this case, Ruby and Amanda are the two executive directors of the company, and they are also the shareholders of the company. This year both the executive directors have decided that they are not paying the dividend for this year, and they both voted themselves a large pay rise in their salary and bonus also. They also lease two luxury cars for their exclusive use. Leo asked questions about the dividend policy and also raise objection on the lease of the cars. It must be noted that payment of dividend are the right of directors and directors are not obliged to declare and pay the dividend to the shareholders of the company. Directors are authorize to decide whether or not to pay the dividend, and for this purpose approval of shareholders are not required. But it must be noted that f directors declare the dividend it is necessary that they declare equal dividend for particular class of shares. Directors cannot pay higher value of dividend to some shares in same class, and lower value of shares in other class. In this case, Leo cannot raise objection on the decision of dividend against the directors, but he can raise objection for the unethical acts of directors[6]. It must be noted that as per section 254T, company cannot pay dividend unless it clear solvency test[7]. Following are the rights of the shareholders in company against the directors of the company, shareholders can claim against the directors of the company if they found that directors are breaching their duties towards the company. If members found that directors are breaching their duties, and make personal profit from their position then they can access to the court. There is an obligation on the directors of the company that they act in the interest of the company and its members. Shareholder can sue the company and its directors for their wrongful act. Shareholders can also seek injunction against the acts of the director which are in the nature which cause harm to company or shareholders. Shareholders can also rescind the contract in which directors has undisclosed interest. In general shareholders have following rights: Shareholders can challenge the resolution passed in a general meeting of the company if that resolution was against the interest of members of the company. any resolution passed by the directors and approved by members in general meeting can be questioned by the directors of the company. Shareholders can challenge the decision of directors, but could not question the validity of the decision. Shareholders can apply to the court for relief in case when companys affairs are not in the interest of the members, because of the resolution passed by the directors of the company. No minimum shareholding is required for seeking the relief in the court, its just that shareholder must have at least one share. Shareholders can also convene resolution in general meeting for removing the directors if shareholders think that directors are not acting in the interest of the shareholders[8]. In this case Leo can file application against the resolution passed by directors. Leo can question the rise in pay scale of the directors, and also question the purchase of luxury cars for the company, which are for the exclusive use of directors of the company. 3: directors duties ensure the good governance, and designed to ensure that directors are acting in the interest of the company. Section 198A of the Corporation Act 2001 states the powers of directors. The companys business is managed by the directors of the company by giving directions[9]. This power comes along with some responsibilities and duties. These duties are imposed on directors by the Corporation Act 2001. One of the most important duties of director is act with due care and diligence. This duty is imposed on directors by the common law, and equity terms. Section 180 of the Corporation Act 2001 states that any director or officer of the company must exercise their power and discharge their duties with due care and diligence that a person would exercise in the capacity of director or officer of the company. This section also covers the duty of care and diligence which are described in the common law and considered as general duties of directors[10]. It must be noted that on contravenes of this section civil penalty provisions are applied which are specified in section 1317E. Section 180(2) states the business management rule, according to this rule if any director of the company make any decision then it is necessary that they follow the requirements of section 180(1), common law duties and general considerations. Duty of care and diligence: it is the duty of director that they are informed about the companys financial position, including the information about the solvency of the company. Directors cannot delegate this duty by delegating the responsibility to any other officer or employee of the company. Directors cannot save themselves by the penal provisions in case of ignorance of companys affairs, especially in case when ignorance is on their own part. Directors of the company are liable towards the company, and also towards the members of the company. It is their duty that they act in the best interest of the company. Any negligence from the directors side in analyzing the financial statements of the company, and take decision which is not informed will result in great loss to the company. It is important for directors that they ask questions on the financial statements of the company if they think that financial statements are not correct. It is necessary that they analyze the financial statements of the company on their own, and just did not accept the financial statements which are prepared by the employees of the company. We can understand this with the help of the example, if director gets a balance which is not matching with the casual status of the company then it is the breach of the duty if director would not ask questions on that balance sheet. It is necessary that directors of the company make independent and informed decision regarding the affairs of the company. Directors guide the management of the company; therefore it is necessary that directors of the company are properly informed about the decision[11]. Directors can delegate number of responsibilities to another person, for example accounts preparation, and other matters which are related to day to d ay management of the company. In case of care and diligence duty, directors are expected that they take active interest in the financial affairs of the company, and just do not rely on the employees of the company. Directors of the company cannot delegate the responsibility of financial affairs of the company to any other person. It is necessary that they make judgment in accordance of good faith, directors must not have any personal interest in the decision, decision is informed and taken after analyzing the complete facts, and in last directors must believe that decision is in the best interest of company[12]. Any breach of this duty will attract provisions of civil penalty, and directors are penalized under the civil liability. Directors are penalized up to $ 200000 for the breach of section 180 of the Corporation Act 2001[13]. We can understand this with the help of the case law, Australian Securities and Investment Commission (ASIC) v Cassimatis. In this case the Federal Court of Australia determines the duty of care and diligence of directors which are defined under section 180(1) of the Corporation Act 2001. In this case court found that directors of the company breached their duties as directors, because in normal cases directors of the company are informed and aware that company breaches the provisions of corporation act. Court also applied test in this case to find whether or not director take reasonable care and diligence in exercising his power. Court held that application of this section is depend on the circumstances in which foreseeable risk is analyzed. It also includes the directors conduct at that time and effect of the decision of directors on the company[14]. In this case, it is found that directors of the company do not analyze the balance sheet of the company, and make wrong decision of investing more. In this case it is clear that directors of the company breach the section 180 of the Corporation Act 2001, because directors of the company that is Erol who failed to tell the directors about the loss and Vanessa failed to ask any questions about the financial statements, and Kurt as mentioned was absent from the meeting. In the present case, Erol, Vanessa and Kurt breach their duties on the position of directors. Directors of the company can be held liable for the breach of their duties under section 180 of the Corporation Act 2001. Therefore, directors of TACH Ltd are penalized under the provisions of civil liability. Part B Introduction: Auditors prepare accounts generally for its client, but some other parties are also relying on the accounts prepared by the auditors such as creditors and investors. Auditor owns a duty of care under tort and liability under contract towards its client, but towards the third party it only owns duty of care under tort. In this essay, we are discussing the concept that auditor is liable only towards its client only not towards third party. Auditors liability: It is clear that auditors are liable towards their clients only, but the issue related to liability of auditor towards the third party are discussing now a days at a high level. This issue was raised because not only clients but the third parties such as investors and creditors are also taken their decision on the report of the auditors. In recent years, there are global economic crises which collapse number of corporate around the world. These economic crises generate claims by third parties towards the auditors. Time is really uncertain for auditors from last few years because of the claims against auditors such as claims against KPMG and Ernst Young. The new provisions of company law limit the liability of auditors towards the third parties, which results in reduction of number of claims which are against the audit firms. This step is necessary because it is unfair to hold the auditors accountable for the accounts of the company. Directors of the company prepare the accounts of the company, and auditors only verify those accounts, and it is not possible in practical sense that auditors check and cross verify every single transaction. It must be noted that auditors are watchdogs but only for their clients, and not of creditors and investors of the company. we can understand this with the help of the case law that is Hercules Managements Ltd. v. Ernst Young, [1997] 2 S.C.R. 165 (Hercules Managements). In this case, shareholders claim against the auditors of the company, because of the negligence in audit report on which they relied. In this case, court applied two stages test to consider whether or not auditors owned duty of care towards the employees[15]. At first stag court consider whether any relationship is exist between plaintiff and auditors, which prove that plaintiff is relied on the work of the auditor, and court, found that yes relationship, exist between the shareholders and auditors because of which auditor owned duty of care towards shareholder. Under the second stage of the test court consider the policy of spectre of indeterminate liability, in this court held that plaintiff owns duty of care only in two situations towards the third party: Shareholder is known to the auditors, and he is the member of limited class of plaintiff known to the auditors. Shareholder relied exclusively on that statement, which was made by auditor[16]. In last we conclude that auditor should not hold liable exclusively towards the third parties, and it is necessary that auditors liability must be limited. Conclusion: In this essay we deal with the issue whether or not auditor should be held liable towards the third party, and in this essay we conclude that auditor owns duty of care towards the third party but only in some limited situations which are described in essay.

Shutter Island Scene Reviews and Diagnosis Essay Example

Shutter Island Scene Reviews and Diagnosis Essay Psychological disorder: Grandiose and Persecutory Delusional Disorder Movie title: Shutter Island Movie rating: 3. 5/5 Character name: Teddy Daniels (Aka. Andrew Laeddis) Actor’s name: Leonardo DiCaprio Andrew Laeddis’ wife went insane and drowned their children, so he murdered her. He feels guilty about neglecting to get his wife help, which could have saved their children, and guilty about killing her as well; the two of these add up heavily on his conscience, so much so that he creates an alternate personality (Teddy Daniels) to get away from the terrible reality that is his life. I will refer to him as Teddy throughout my character diagnosis. Scene one: Teddy experiences a nightmare about his wife. The fire symbolizes not only how she first tried to commit suicide, but also the death of his sanity. The nightmare begins with his wife scolding him about his drinking problem, which is a repressed regret that only comes out in his dreams where he is vulnerable. She says she never left, and she walks to the window where you can see the lake; the one where she drowned her children and was murdered (by Teddy) at. She tells him he needs to wake up, but she really means he needs to see reality, she says she’s not really there, and that he needs to face that. She says â€Å"Laeddis† is still there, which is who he was before he invented the Teddy persona to avoid feeling the guilt, since he would inevitably blame himself for their deaths. We will write a custom essay sample on Shutter Island Scene Reviews and Diagnosis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Shutter Island Scene Reviews and Diagnosis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Shutter Island Scene Reviews and Diagnosis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Scene two: Teddy has a flashback about his traumatic experience in Germany during World War II. He has post-traumatic stress disorder from his time spent there and his repressed memories span from killing guards to seeing thousands of innocent people turn to frozen corpses. He has guilt, shame and self-hatred induced psychosis from his involvement in the war. He sees his nurse (he replaces the image of his wife with the image of his nurse because it’s easier to handle) and his deceased daughter, she is a symbol of his guilt for neglecting his wife’s mental problems. If he had have done something about his wife, his children would not have died. Scene three: Again Teddy replaces his wife with his nurse to avoid further pain and she asks him to help her. He picks up his daughter and she once again is a symbol of guilt as she asks him why he didn’t save her. He said it was too late by the time he got there, meaning physically to the scene where his children were murdered as well as meaning that he was too late in getting help for his wife who was visibly losing touch with reality. Scene four: Teddy talks to his old friend, who he remembers, but he does not understand still that he was a patient at Shutter Island along with his friend. He does not remember beating up his friend, even when his friend says he looks so bad because of him. Teddy stays stuck in his other personality, which is a common trait of borderline personality disorder. When he is in one identity, he shows a complete amnesia for his other identity. He created a fictional life for himself, with fictional characters to go along with the story. He tells himself his wife died in a fire, when he really murdered her. He blames â€Å"Andrew Laeddis† (who is himself) for being the one who lit the match that killed his wife, which is a metaphor for him being at fault for her death, and the children’s deaths. He is in a constant search for Andrew Laeddis, saying he’s the secret patient at Shutter Island, and his imagined wife tells him to kill Andrew. He wants so badly to get rid of his past self, because he would rather live without feeling the guilt. His friend says he can’t deal with the truth and kill his old self at the same time, he makes the point that he’s fighting against himself. When his friend mentions his deceased wife, and repeats saying â€Å"let her go†, Teddy hallucinates that she is present in the room. His friend knows he’s seeing her, and is clearly distressed, he knows his delusions will be the death of him. He snaps out of his alternate personality for a moment and says that he can’t let her go. Knowing that Teddy was and still is technically a patient of Shutter Island, he warns that Teddy will never leave the island.