Auditing Essay Example | Topics and Well Written Essays - 1750 words - 2

Auditing - Essay Example As the report declares the evolution of auditing ethical standards has abdicated the powers governing ethical issues of objectivity from the institutes and placed it in the hands of the ASB, this doesn’t seem to enough to properly control the behaviour of auditors in terms of objectivity and independence. In some cases, the Auditor becomes too financially dependent on the client that it cannot afford to give negative reports regarding the company for fear of losing his/her job. After all, good paying clients are becoming quite scarce nowadays. Other auditors are also providing very profitable advisory services to the client and even go to the extent of deciding for the company instead of merely advising the same. This discussion stresses that standards be set and properly instituted through statutes to provide effective deterrent to potential violators. The low cost auditing services proves to be a major reason why most auditors are resorting to unethical practices of the profession to augment their income. Standards have to be upgraded in terms of professional fees for auditors to prevent them from becoming too financially dependent to the clients. The decision rendered by the Court on the Caparo Industries plc v Dickman case, it if now very difficult to prosecute the auditor. Two provisions of Civil Law can be used to sue auditors for breach of contract, where the client sues the auditor for giving clean report which the client subsequently feels unjustified, and for tort which can be brought to court by anybody other than the client being audited for breaching their duty.

Cruise Line Industry Essay Example | Topics and Well Written Essays - 1500 words

Cruise Line Industry - Essay Example Ted Arison served in World War II in the British Army in the 1940s. An Israeli immigrant, he started a business running cargo between Israel and New York. However, this venture failed due to competition. In the early 50s, he moved to the United States and worked as a cargo manager for the Israel’s national airline. He then started an air freight company called Trans Air System in the late 1960s. At the age of 42 he moved to Miami to run a small cruise ship between Florida and the Caribbean. The ship was impounded due to owner debt; Arison transferred the passengers onto a Norwegian Cruise Line. He was then convinced he needed to own the ships rather than work for others. (Funding Universe, 1999). Together with his former schoolmate, Meshulam Riklis, they formed Carnival Cruise as a subsidiary of AITS (American International Travel Service). (Funding Universe, 1999). â€Å"Our mission is to deliver exceptional vacation experiences through the world’s best-known cruise brands that cater to a variety of different lifestyles and budgets, all at an outstanding value unrivaled on land or at sea.† (Carnival Corporation, 2012). Carnival Cruise Line began in 1972 by using the old to bring in the new. Its founder, the late Ted Arison’s vision, to start with one refurbished ocean liner and just enough fuel to make a maiden voyage one way from Miami to San Juan, Puerto Rico. The first voyage did not go well, as the ship ran aground off the Florida coast. However, coupled with his enthusiasm and future vision, he began to build his American Dream through a partnership. Two years later in 1974 the small line was fighting to stay in business. Arison, determined to see his vision become reality, bought full ownership of the company for $1 and $5 million in debt. Being a very determined entrepreneur, Arison spend the largest portion of his life building the Carnival name into the most well