Compare the Functionalist and Marxist Views on Social...

CRITICALLY COMPARE MARXISM AND FUNCTIONALISM IN THE WAY EACH PERSPECTIVE CONCEPTUALIZES THE PHENOMENON OF SOCIAL STRATIFICATION. Social stratification refers to the presence of distinct social groups which are ranked one above the other in terms of factors such as prestige and wealth (Haralambos Holborn, 2004). Those who belong to a particular group or stratum will have some awareness of common interests and a common identity. They also share a similar lifestyle which, to some extent, will distinguish them from members of other social strata (Lenski, 1984). Social stratification involves a hierarchy of social groups and they either enjoy or suffer the unequal distribution of rewards in society as members†¦show more content†¦These provide the preconditions for the emergence of a class of producers and a class of non-producers (Haralambos Holborn, 2004). According to Marx, the relationship between the major social classes is one of mutual dependence and conflict. The wage laborers must sell their labor power in order to survive since they do not own a part of the means of production. They are therefore, dependent for their livelihood on the capitalists and the wages they offer. The capitalists are dependent on the labor power of wage laborers, since without it there would be no production. This relationship however, is one of an exploiter and exploited or oppressor and oppressed. As such, the ruling class gains at the expense of the subject class which leads to a conflict of interest between them. From a Marxist perspective, capital, which is the money used to finance the production of commodities, is privately owned by the capitalist class. Marx believes that this capital is gained from the exploitation of the working class (Haralambos Holborn, 2004). This he further argued, produced nothing as only labor was capable of producing wealth; yet still the wages paid to workers are well below the value of the goods they produce. Therefore the capitalists realize a surplus value or profit. The bourgeoisie are therefore exploiting the proletariat who are the real producers of wealth. Marx maintained that in all societies, the ruling class exploits and oppresses the subject class. According toShow MoreRelatedCompare the Functionalist and Marxist Views on Social Stratification1734 Words   |  7 PagesCRITICALLY COMPARE MARXISM AND FUNCTIONALISM IN THE WAY EACH PERSPECTIVE CONCEPTUALIZES THE PHENOMENON OF SOCIAL STRATIFICATION. Social stratification refers to the presence of distinct social groups which are ranked one above the other in terms of factors such as prestige and wealth (Haralambos Holborn, 2004). Those who belong to a particular group or stratum will have some awareness of common interests and a common identity. They also share a similarRead MoreSocial Stratification According to Marx and Weber1163 Words   |  5 PagesSocial stratification is the hierarchical arrangement of individuals into divisions of power and wealth within a society. Social stratification relates to the socio-economic concept of class, consisting of the upper class, middle class, and lower class. Each class may be further subdivided into smaller classes through the main indicator is occupation. This is the most practical and most effective means of encompassing the wide variety of economic and social elements that go to make up a person’sRead MoreCompare and Contrast Functionalist and Marxist Theories of Stratifica tion.1537 Words   |  7 PagesCompare and Contrast Functionalist and Marxist Theories of Stratification Stratification is the separation of society into layers which are distinguished by unequal rewards and life chances and many systems of stratification have been based on slavery, caste and feudalism. Slavery, being the oldest and most extreme form of stratification, involves the enslavement or ownership of others. This ownership came about as a result of conquest, trade, kidnapping, hereditary status or the repayment ofRead MoreDiscuss Marxism and Functuionalism and Compare1133 Words   |  5 PagesCompare Marxist and Functionalist Perspectives Compare and Contrast Functionalist and Marxist Perspectives Sociology is a systematic way of studying the social world. It seeks to discover the causes and affects of intercommunication and interaction that arise in social relations. The science of society was developed as a discipline in the 19th Century by Auguste Compte, a French philosopher. For him, common sense and the obvious would not suffice; he wanted to build scientific theories basedRead MoreTheories of Education2587 Words   |  11 Pages------------------------------------------------- Compare and contrast Functionalist and Marxist theories of Education in Society. The role of education in society has an important effect on society by way of transmitting cultural values and contributing to the social stratification or class system. Functionalists also referred to as consensus theorists believe education helps stability and functioning of society, whereas conflict theorists namely the Marxists see education as justifying and promotingRead MoreSociology of Education1597 Words   |  6 PagesSociology of Education This assignment will compare and contrast competing theoretical perspectives on education process. Functionalism, Marxism and interactionist theories will be included. The definition of education is that it is a process or the act of gaining or teaching general knowledge; it is an act that assists in the development of reasoning as well as judgement and generally preparing oneself or others the intellectuality for mature life. Functionalism in essence deduces each part ofRead MoreCompare and Contrast Any Two Sociological Theories and Briefly Evaluate Them.2079 Words   |  9 PagesCompare and contrast any two sociological theories and briefly evaluate them. In the following essay I am going to compare and contrast the theories of marxism and functionalism, looking at the topics of the family and education. Functionalism has a macro-structural approach to society. It looks at society as a whole and is known as a consensus perspective i.e. everyone agrees on social norms and values and people work together to maintain society. These norms and values are learned by socialRead MoreCompare and Contrast Marxist and Weberian Theories of Stratification1525 Words   |  7 PagesQ: Compare and Contrast Marxist and Weberian Theories of Stratification. The purpose of this essay is to compare, contrast and critically evaluate Marxist and Weberian theories of stratification. To do this effectively this essay must explain and consider the main features, claims and perspectives of both Karl Marx and Max Weber. O’Donnell (1992) defines social stratification as â€Å"the division of a society or group into hierarchically ordered layers. Members of each layer are considered broadly equalRead MoreSocial inequality is a necessary evil of capitalist society‚Äà ¹. Please comment with the reference of the sociology perspectives being discussed in the lecture and textbook.2012 Words   |  9 Pagesï » ¿2. Social inequality is a necessary evil of capitalist society†. Please comment with the reference of the sociology perspectives being discussed in the lecture and textbook. Social inequality exists in every society, no matter it is capitalist society or communist society. Yet, referring from three of the sociology perspectives, it proves that social inequality is a necessary evil of capitalist society. Capitalism affects the whole situation of different countries on different aspects, examplesRead MoreTraditional African Family19679 Words   |  79 Pagestime needed and the appropriate Introduction Sociological perspectives page references from Sociology Themes and Chapter 1 Social stratification Perspectives. (Clicking on the ‘handout’ button will Chapter 2 Sex and gender take you Chapter 3 directly to ethnicity and nationality The Race, the appropriate handout.) handout can Poverty be copied for the class. then to and social exclusion Chapter 4 Chapter 5 Health, medicine and the body The lesson plans are designed to be flexible. They Chapter 6 Crime

The Elements Of Genocide Genocide - 1312 Words

The Elements of Genocide What a genocide? The term itself didn’t exist prior to 1944. Genocide is referred to as the intent to destroy or eliminate a group through violent crimes. One of the prime examples of a genocide is the holocaust, which was a governmental systematic persecution and the murder of 6 million Jews by the Nazis. Like the holocaust, genocides posses eight stages known as classification, symbolization, dehumanization, organization, polarization, preparation, extermination and denial. These characteristics will ultimately define if situation was a genocide or not. Similarities and differences for the eight stages of the genocide can be seen between the dark Holocaust, and the cruel War in Darfur. Stage is one†¦show more content†¦All Jews were required to wear the Star of David.These symbols were give to distinguish between people. Since we all look alike. The Civil War in Darfur was also quite different. They didn’t have any symbolization insti tuted by the government. However, the Janjaweed, African Union, Sudanese government, and the African Darfurians were all subjected to different articles of clothing. Janjaweed wore the kafiya over the head and neck with a dark green military outfit. The African Union has the same military outfit but with light green beret. For the Sudanese government, they wear the same military outfit, but with a red beret instead. And the African Darfurians wore regular civilian clothes that were suited for the sand. After the symbols had been given to â€Å"them† the next stage is dehumanization. The Steps of Genocide will only take it’s definite roots when the first three stages are combined, which is classification, symbolization, and dehumanization. For the Nazi regime, they dehumanize the Jews by the Nuremberg laws. They excluded the jews from citizenship and prohibited them from marrying or having sexual relations with anyone of German blood. The Nazis had also denied the Jews of any political rights. Basic rights like these were stripped away from them. In Darfur, the Sudanese government have dehumanized the African Darfurians through rape, torture, and mass murder. Because of the tragicShow MoreRelatedRape As An Element Of The Crime Of Genocide Essay1887 Words   |  8 Pagesare common and may be the least reported forms of rape. Widespread and systematic rape and sexual slavery can occur during international conflict. These practices are crimes against humanity and war crimes. Rape is also recognized as an element of the crime of genocide when committed with the intent to destroy, in whole or in part, a targeted ethnic group. People who have been raped can be traumatized and develop posttraumatic stress disorder. (Post-Traumatic Stress Disorder in Rape Survivors. (1995)Read MoreElements of Genocide: Collective Behaviour and Acting Crowd Essay1307 Words   |  6 Pagesterm genocide to describe the mass extermination of various groups. He combined La tin word â€Å"genos† (race or tribe) with another Latin term â€Å"cide† (to kill). After the holocaust, Dr. Lemkin fought for the recognition of genocide under international law. Thanks to his efforts, the UN Convention of Genocide was created. (Analysis: Defining Genocide 2) Today, genocide is seen as one of the most heinous crimes against humanity. This essay will discuss the essential elements needed for all genocides byRead MoreThe Genocide And Its Impact On The World s Existence706 Words   |  3 Pageswas unaware of all the genocide cases and their concepts that constitute what a genocide truly is that have occurred within the world’s existence. The UN Convention defines the term genocide (rape and killing) into five specific categories of the terminology. Out of the five elements described, the first, second, and fourth elements are the categories that I mostly saw demonstrated throughout the studies that we discussed within the class. These elements proclaim that genocide means the killing, causingRead MoreGenocides And Genocides Of Genocides987 Words   |  4 PagesAfrican Holocaust Genocide is a million African people being butchered by hand by their neighbors, with household tools and homemade weapons—machetes, hoes, and hammers. Genocides are commonly overlooked throughout many countries. Africa has had many genocides and wars occurring over the past century. The most known genocides are ones that occurred in Rwanda and Darfur. Researchers have found that most genocides show the same patterns and key elements. As different genocides of Africa have occurredRead MoreGeneral Karenzi Karake Is Part Of The International Community755 Words   |  4 Pagesbloody history. On the night of April 6, 1994, Rwandan President Juvenal Habyarimana assassination while flying back to Rwanda by unknown fighters triggered the last genocide of the twentieth century. The Rwandan Genocide or also named the 1994 Genocide against the Tutsis, ravaged the entire country as neighbours killed neighbours. Genocide perpetrators claimed that the massacres were required in order to protect the nation from the invading Tutsi-dominated Rwanda Patriotic Front (RPF), which RwandaRead MoreMotives Behind Genocide : Genocide Negatively Affects Perpetrators By Perpetuating Distorted Thinking About The Self And Others1628 Words   |  7 PagesSarah Hawes Bombard 10, November 2015 Motives behind Genocide â€Å"Genocide negatively affects perpetrators by perpetuating distorted thinking about the self and others, including cognitions that dehumanize those who are targeted† (qtd. in â€Å"Resolution against Genocide†). Genocide causes millions of innocent individuals and families to be tortured and murdered in numerous inhumane ways. The violence that is used in genocide is caused by the false beliefs inside ones mind. Eugenics, socioeconomic statusesRead MoreWas Genocide Committed against the Armenian People in the Ottoman Empire During World War I1597 Words   |  6 PagesWAS GENOCIDE COMMITTED AGAINST THE ARMENIAN PEOPLE IN THE OTTOMAN EMPIRE DURING WORLD WAR I? In some countries, it is highly forbidden to mention the Armenian Genocide, which took place during the First World War with an approximate number of one and a half million Armenians exterminated. Currently around the world, there are still arguments whether genocide took place in the Ottoman Empire, targeting the Armenians. However, Turkey continues to firmly deny the fact that there was genocide, concedingRead MoreAnalysis Of Hotel Rwanda By Terry George880 Words   |  4 Pagescinematic telling of the systematic genocide that occurred in the spring of 1994 in modern Africa. It depicts the boiling point of tense relations between two ethnic factions the Tutsi and the Hutu. The movie directed by Terry George, and starring Don Cheadle as Paul Ruseasabagina portrays the struggle of survival Paul endured as he sheltered over one-thousand refugees in a hotel to avoid the slaughter. The film employs the use of elements to convey the violent genocide that erupted as a result of theRead M oreThe Measure Of The Impact Of The Genocide1458 Words   |  6 PagesThe measure of the impact of the genocide is an often-touched upon subject in both books. Again, Fujii’s perspective tends to measure the impact of the genocide on individuals (though the national and international impact is mentioned), whereas Destexhe’s writing focuses on the macro-level impacts on both the country of Rwanda, as well as the international community. This is one aspect where I believe that Fujii’s method of analysis falls short when compared to Destexhe. While Fujii’s interviewsRead MoreGenocides Have Been Going On For Many Years Whether People1127 Words   |  5 Pages Genocides have been going on for many years whether people may want to accept it or not even recognize an event as a genocide, Genocide is a deliberate killing of a large group of people, especially those of a particular ethnic group or nation. The term Genocide was created by polish attorney and write r Raphael Lemkin, by combining the Greek word â€Å"genos† which means race and the Latin word â€Å"cide† which means killing. Which as from now one can see that it’s that a massive killing of a specific race(s)

Avalon Destorying Free Essays

A sense of belonging Is what all teenagers seek out wealth high school. Destroying Valor by Kate MacAfee takes us through the Journey of the main character Valor, her move to a new school and her struggle to make friends. All the characters within the novel seem to be struggling for a sense of belonging, making it a strong theme of the novel. We will write a custom essay sample on Avalon Destorying or any similar topic only for you Order Now Valor, Jukes and Alice are the three main characters who all face with the dilemma of belonging and being accepted. In regards to Valor it is her need to progress forward socially which only ends when she develops a strong sense of belonging in the Z group. However with Jukes the desire to belong never ends, her cyber bullying campaign is only a means for her to gain a sense of belonging with her online followers. Alice on the other hand has to maintain her position and sense of longing always following the example of the other girls In her group by bulling the students below her socially. It Is through Valor that the need to belong and be accepted Is first presented. Valor within the novel moves from a place where she Is â€Å"captain of the hockey team and member of the swimming squad† to a school where she is stuck in the Z group of â€Å"Queers and Weirdoes†. She is constantly in the beginning of the novel trying to get out of the bottom group so that she no longer has to Bullying is a problem that seems to have become more vicious with the invention of social networking technology. The novel Destroying Valor by Kate MacAfee explores the theme of cyber bullying and its consequences through the character Marshall. Marshall Is the best friends of the main character in the novel, Valor; It Is she who Is Initially cyber bullied however the focus shifts to Marshal during the novel. Marshall, who Is confused about his sexuality, Is unable to cope with the bullying and In the end How to cite Avalon Destorying, Papers

Auditing and Assurance Framework Enterprises

Question: Describe about the Auditing and Assurance for Framework Enterprises. Answer: Introduction The Audit quality and auditors liability provide an important framework to the business enterprises for the effective implementation of the robust financial reporting and financial decision-making. An efficient and quality auditing provides the external checks on the reliability and integrity of the financial statements. The transparent and credible financial reporting with an efficient audit function provides an adequate control on the financial system and is imperative for the financial and economic growth of the business enterprise by managing the financial statements and accounting data properly (Arens, Best, Shailer, and Fiedler, 2013). This report will discuss the potential liability of the auditor in the case of the global financial crisis by presenting the auditing report for Sally through conducting researches for the economic and financial growth of the company. Global Financial Crisis and causes The global financial crisis is a serious financial problem that is caused from the insolvency of the financial corporations (banks, money lenders, insurance company, and finance institutions). It hampers the economic growth, financial position, product portfolio, and sales performance of the company. The global financial crisis is caused due to economic fluctuations, financial instability, and slowdown, stagnation, and decline in the economic and financial activities in the global markets. The global financial crisis affects the capital investment and purchasing decisions, economic and financial forecasting activities, customers buying behaviours, mobility of goods and labours, raw material costs, and labour charges, and financial standings of the company in the relevant market. The auditor is liable to present the auditing report to Shally by informing consistently about the economic activities and financial conditions in the global markets (ACCA, 2011). Due to the global financial crisis, the business enterprises experience the low investment opportunities, low customers spending, corporate business failure, fall in the share prices, low industrial outcomes, decline in sales performance, and low employment opportunities. The global financial crisis has been seen the sharpest and largest dropdown affecting the economic activity and financial position of the business firms in the modern era. The political instability, ineffective government fiscal and monetary policies, capital markets liquidity risks and falling currency value are such factors that majorly contribute to the rise of the global financial crisis (Ariff, Farrar, and Khalid, 2012). The global financial crisis results in rapid fall in the value of exchange rate, fall in industrial outcomes, higher unemployment, negative economic growth, fixation or falling in the capital markets, fall in supply of money, and losing control of the banks on the consistent money supply. Auditors liability under legislations The audit committee is an important financial conducting authority of a business enterprise which is responsible for the preparation of all financial statements and presentation of the data accurately and comprehensively for the use of the decision-makers. The auditors play an important role in the financial growth and economies of the company by ensuring the solvency and financial liquidity of the enterprise. The auditor also plays an important role in the business relationships with the third party by assisting the management in giving proper financial advice while making the business dealing with them. The liabilities of an auditor are as followings:- Liability of Negligence- The auditor is liable for the negligence actions when he/she fails to perform his/her duties carefully which can cause for the loss for company in the form of losing the financial position of the company. The liability of negligence arises when the auditor fails to implement the proper financial statements because of failure/unable to perform the action with care and diligence and doesnt comply with the statutory requirements of the company (Australian Government, The Treasury, 2010). Liability of the third parties- The third parties, such as government, investors, creditors, financiers, tax authorities, shareholders, and business analysts are dependent upon the auditors report. The auditor is liable to present the financial reports and data with accuracy and properly by avoiding the material errors or counting mistakes. In the case of finding frauds and material errors in the reports, the auditor is liable to pay the damages caused due to negligence action. Civil and criminal offence liabilities- The auditor is liable for paying the damages caused from the civil and criminal offence activities. The auditors liability arises in the course of action of breach of contract and breakdown of laws and regulations (CTI Reviews, 2016). The auditor is found for the criminal offence in the case of not complying with the requirements of law, falsified accounts and inaccurate presentation of the reports knowingly. Thee auditor presents the inaccurate reports and false financial statements that can cause for the loss of the business growth and financial position of the company. Misstatement in prospectus- The auditor is liable to pay the damages caused from the misstatement in prospectus. The prospectus invites the people to share the debentures or share of the company, while the auditor is liable to pay compensation to the person who subscribe for purchasing the debentures or share of the company on behalf of the prospectus. The misstatement in prospectus can cause for the loss of the client and losing the credibility with the prospectus. Liability of professional misconduct and misstatements- The auditor is liable for the professional code of conduct and accurate presentation of the financial statements for presenting the real picture of the financial position of the company (Fiedler, 2011). In the case of finding accused for the professional misconduct, the council can withdraw the auditing certificate of the auditor and he/she could be suffered from the penalty in the form fine or jail or both. Auditors liability in the case of the Global Crisis Management The auditors play an important role in maintaining the subsequent financial position of the company in the critical situation of the global crisis management. The Auditors role becomes important while the enterprises face the problems of economic recession or crisis which can result into the loss of the financial position, decline in sales performance and customer spending activities, and fall in the share prices. The auditor plays a significant role in ensuring the higher economies and financial growth of the company by maintaining all financial reports and accounting records effectively and accurately (Fiedler, 2011). The auditor is liable to present the proper and accurate financial reports through the preparation of all financial statements of the company. The Auditor is liable for presenting the report to Shally regarding the market risks divers, underlying assets, capital investment, budgeting, financial and economic risks, and portfolio management, financial and economic forecasting, economies, and policy-making of the company. The auditor is liable for presenting the financial statements to gain assurance and ensuring that the data and accounting information are being reported accurately, fairly presented, and properly measured. The auditor is liable to present the financial statements accurately and to give the reasonable assurance by avoiding the fraudulent activities and material errors (Gay and Simnett, 2015). The auditor is required to have relevant auditing skills, judicial information, financial and accounting knowledge, financial analysis, and knowledge related to mathematics, informatics, and ethics. The auditor can show his skills, knowledge, and talent to Shally through updating the report about his potential liability (Arens, Elder, Beasley, and Hogan, 2016). The auditor is liable to verify the compliance of the financial statements with requirements of the company. The auditor is liable to provide the accurate report regarding the measurement of the global financial and economic risks, capital investment and budgeting, and the estimation of financial and economic forecasting through presenting the reliable, accurate, and materialistic financial statements with reality. The period of the 2007-2009 is considered as the time of global financial crisis causing for the slowdown in the market because of the financial irregularities, market fixation, less customer shopping activities, slowdown of capital markets and money supply, huge decline in the share prices and fall in the economic activities. This period caused for the global financial crisis due to the insolvency of the financial institutions and failure of the auditors to understand and execute their liabilities and responsibilities to the enterprises in an effective manner. The auditors were failed to determine the major capital market risks, liquidity risks, economic forecasting and fluctuations in the market (Leung, Coram, Cooper, and Richardson, 2015). Due to the negligence action and criminal offence liability, the auditors were caused for the financial insolvency and inconsistent market growth that resulted into the financial loss and decline in the business performance. In the contingent situations of the global financial crisis, the auditor is liable to present the accurate financial data, statistics reports, and accounting information to the financial authorities and third party so that these financial representatives could take the appropriate decisions. Lehman Brothers was a case of an ineffective internal auditing system causing from the misleading and improper financial statements by the auditors, Ernst and Young. The unfair financial methods were used by the auditors and didnt comply with the auditing standards and statutory requirements of the company act. The debts were not appeared in the financial statements and the auditors didnt show their not liabilities toward the financial growth of the company (Leung, Coram, Cooper, and Richardson, 2015). As a result, Ernst and young were accused for the criminal offence liabilities and filed lawsuit in the form of penalty of millions of dollars against the damages caused from the presentation of th e misstatement. The auditor is liable to present the accurate financial audit reports by utilizing his/her skills, knowledge and capabilities in order to reduce the adverse impacts of the global economic recession on the company financial position. The auditor is liable to make the right entries in the reports as well as presenting the debts and credits accurately and effectively in the financial statements so that the financial management authorities could take the right decisions regarding the budgeting, capital investments, purchasing of the materials and customers data (Plessis, Hargovan, and Bogaric, 2010). The auditor is liable to present all financial, accounting, and statistical data accurately which will assist the management to determine whether the firm is continuing in the right direction toward the growth and is able to get the substantial profitability and high-growth potential. Some Australian business enterprises didnt follow the International professional financial and auditing standards as the directors were involved in the default and fraudulent activities that encouraged the auditors to present the falsified report for the financial management consultants and business analysts (Rahim and Idowu, 2015). Due to lack of effective corporate governance, most of the business enterprises were failed to have control on the internal auditing system within the organizations. The Bannerman case was an example of failure of the internal audit caused from the potential exposure of the auditors to litigation from the third party to whom the liabilities were not claimed (Louwers, 2013). As a result, the financial position and credibility of the firm were suffered from the disclaimer of the liability. Some business enterprises didnt comply with the International Financial Reporting Standards and the owners, directors, and mangers were involved in the fraudulent activit ies, falsified reports, misappropriation of the assets, and misstatements of the financial data. So, an ineffective internal control system and lack of corporate governance are also responsible along with the auditors misstatements or inaccurate financial presentation at the time of the global financial crisis. Recommendations for improving the auditing liability toward enterprise On the basis of above studies, it is highly recommended for enhancing the auditors role and liability for improving the financial performance and economic activity of the firm. The auditors should have adequate controls on the internal auditing system of the firm by preparing and presenting the financial statements properly and accurately. The auditor should present the right accounting information and financial reports to the senior management so that the management could take right decisions regarding the capital investment and budgeting, economic and financial forecasting, material purchasing, pricing policy, and asset management (ACCA, 2011). The auditor should enhance his/her own skills and potential liabilities to enhance the probability to rely more on the auditors reports and audited financial statements which are more relevant, accurate, and unbiased for in the use of the decision-makers (business analysts, financiers, tax authorities, accountants, and shareholders) . Along with this, the financial corporations (bankers, lenders, insurance firms, and financial institutions) should pay attention to the risk assessment and management for reducing the possibilities of the financial instability and insolvency. The auditor should express his potential liability by providing an opinion on the fairness of the financial and accounting standards to gain assurance of the people. The auditor should represent the auditing reports and financial data by following the national accounting and auditing standards (International Monetary Fund, 2012). The liability limitation agreement will be effective for the firm to ensure the liability limitations for the auditors owed by the company in the conditions of negligence, breach of contract, default, misstatements, breach of duties or trusts. It could also be effective for the businesses to ensure the freedom or independence of the auditor from the management influence. The informal meetings or private discussions with the auditor in the presence of the management of the company will encourage the auditor to be transparent on material issues of the financial statements and audit reports. Conclusion From the above discussions, it can be concluded that an auditor plays an important role in the financial and economic growth of the company by preparing the auditing report accurately as well as presenting these reports and accounting data effectively for assisting the financial authorities and business analysts in the decision-making. The auditor liability is not only limited to the preparation of the financial statements but also focusing on areas, such as risk management, assets management, and corporate governance. By considering the all aspects of auditing, the auditor can contribute to the organizational financial and economic growth. The auditors liability becomes important for securing the financial position of the company in the case of global financial crisis. By understanding his/her liability toward the enterprise, the auditor can protect the business enterprise from the impacts of the global financial crisis. The auditing report was presented by the auditor for sally by including the potential liability in the case of global economic and financial crisis. The auditor also showed his potential auditing liability by giving suggestions to the senior management which can assist in taking the right decisions regarding the capital investments, budgeting, financial and economic forecasting, and risks management. He showed his liability for the proper functioning of the accounting system and adequate internal control system of the enterprise by adopting the national auditing standards. References ACCA (2011). Audit reform: aligning risk with responsibility. [Online]. Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/audit-publications/tech-af-arar.pdf. (Accessed: 15 September 2016). ACCA (2011). Regulatory Impact Statement Audit Quality in Australia. [Online]. Available at: https://www.ris.dpmc.gov.au/files/2011/11/02-Audit-Quality-RIS.rtf. (Accessed: 15 September 2016). Arens, A. A., Best, P., Shailer, G., and Fiedler, B. (2013). Auditing, Assurance Services and Ethics in Australia. Australia: Pearson Education. Arens, A. A., Elder, J. R., Beasley, S. M., and Hogan, E. C. (2016). Auditing and Assurance Services. Australia: Pearson Education. Ariff, M., Farrar, J., and Khalid, M. A. (2012). Regulatory Failure and the Global Financial Crisis: An Australian Perspective. Australia: Edward Elgar Publishing. Australian Government, The Treasury (2010). Audit Quality in Australia: A strategic Review. [Online]. Available at: https://www.archive.treasury.gov.au/documents/1745/RTF/Audit_Quality_in_Australia.rtf (Accessed: 15 September 2016). CTI Reviews (2016). Auditing and Assurance Services: Business, Finance. Australia: Cram 101 Textbooks Reviews. Fiedler, B. (2011). Auditing and Assurance Services in Australia Study Guide. Melbourne: Pearson Education AU. Gay, E. G., and Simnett, R. (2015). Auditing and Assurance Services in Australia. Australia: McGraw-Hill Education. International Monetary Fund (2012). Basel Core Principles for Effective Banking SupervisionDetailed Assessment of Observance. Australia: International Monetary Fund. Leung, P., Coram, P., and Cooper, J. B. (2012). Modern Auditing and Assurance Services, Google eBook. USA: John Wiley Sons. Leung, P., Coram, P., Cooper, J. B., and Richardson, P. (2015). Modern Auditing Assurance Services. USA: John Wiley Sons. Louwers (2013). Auditing and Assurance Services. Australia: McGraw-Hill/Irwin. Plessis, D. J. J., Hargovan, A., and Bogaric, M. (2010). Principles of Contemporary Corporate Governance. Australia: Cambridge University Press. Rahim, M. M., and Idowu, O. S. (2015). Social Audit Regulation: Development, Challenges and Opportunities. London: Springer.