There Are No Children Here Essay - 2507 Words

There Are No Children Here The book â€Å"There Are No Children Here† follows the life of two young boys, Pharoah and Lafayette as they battle everyday life in the dangerous neighborhood of Henry Horner. Many of the life events of Pharoah and Lafayette’s book â€Å"There are no Children Here† can be tied to lessons in the book of â€Å"Juvenile Delinquency.† Some of the more prominent themes are macro level theories, critical theory of labeling, juvenile justice system, and drugs and gangs. In this book summary I will be discussing how these theories can be applied to the book â€Å"There Are No Children Here.† Summary: (Small side note: I actually live like 15 minutes away form Hery Horner when I was little, I lived in Cicero which was like west from there, so I kinda new some of the streets and hospitals they where talking about in the book! I don’t know just though it was kinda cool, haha.) The book starts of by showing the reading with a small scene of children running along the train tacks one summer night, in this chapter we meet our two main characters nine year old Pharoah and Lafayette, as they experience one of the few peaceful days in their lives. In the next chapter we meet the children’s mother LaJoe who is described to be a beautiful, gentle woman who has been though too much. We also learn about the children home, an apartment complex known as Hery Horner Homes named after the Governor. In this chapter we also learn a bit more about LaJoe and her past life, and how she wasShow MoreRelatedThere Are No Children Here2082 Words   |  9 Pagesâ€Å"Chicago Slums: The Other America† Children are great imitators. So give them something great to imitate. (Anonymous)† In the 1980 Chicago slums this quote couldn’t be truer. The slums were/are a terrible place for not just children, but everyone to live. The Henry Horner homes in particular are full of death, drugs, and poverty. This may not seem like the greatest place for children to be raised, but for some, they know nothing different. The constant gang trouble, drug trafficking, and hidingRead MoreAnalysis Of There Are No Children Here1160 Words   |  5 PagesJackson Evans Sociology Dr. Wernet 11/4/17 There are no Children Here The book â€Å"There Are No Children Here† by Alex Kotlowitz details the challenges two young boy’s face by being raised in the inner city housing project (Henry Horner Homes). These challenges stem from racism, discrimination, the social construction of reality, social location, social class, and the deviance theory, which is due to their location and influences at which causes many youths to lead a life of crime. The book focusesRead More There Are No Children Here Essay978 Words   |  4 PagesThere Are No Children Here Alex Kotlowitz was a freelance journalist. In 1985 a friend came to him and asked him to write a text for a photo essay he was doing on (children living in poverty) for a Chicago magazine. That is when he met the Rivers brothers, Lafeyette, age ten, and Pharoah age seven. He spent only a few hours with them interviewing for the photo essay. Lafeyette had an impact on Kotlowitz. When asked what he wanted to be, Lafeyette responded with If I grow up, Id like toRead MoreThere Are No Children Here By Kotlowitz Essay1236 Words   |  5 PagesIn There Are No Children Here, Kotlowitz describes the experiences of Pharoah and Lafayette to highlight the racist and classist undertones existing within the criminal justice system of Chicago in the late 1980s. This essay will utilize the theory of critical criminology to illustrate the structures of inequality within the criminal justice system and the subsequent marginalization of youth that exists within the Henry Horner community, leadin g to youth deviance and violent crime. Beginning withRead More There are no Children Here Essay1736 Words   |  7 Pages nbsp;nbsp;nbsp;nbsp;nbsp;Alex Kotlowitz’s book, There are No Children Here, is a story about two boys, Pharoah and Lafeyette Rivers growing in the late 1980’s in Henry Horner, a housing project in Chicago. The boys try to retain their youth while they see constant gang violence, death of close friends, their brother in jail and their dad struggling with a drug addiction. In Horner, there are two gangs that claim it as their turf, and the Rivers family is constantly ducking from shots of gunfireRead MoreThere Are No Children Here Essays: Style607 Words   |  3 Pages Style of There Are No Children Here There Are No Children Herenbsp; In Kotlowitzs description of the harsh realities of the Chicago projects, three stylistic elements stand out: his precise narration, his bluntness, and his questionable objectivity. These three elements blend to form a unique style that is particularly well-suited for There Are No Children Here. If there is one thing on which critics agree when discussing this book, it is that Kotlowitz is a brilliant narrator. He has aRead MoreThere Are No Children Here - Book Review1651 Words   |  7 PagesBook Review – There Are No Children Here by Alex Kotlowitz Summary There Are No Children Here is a story of the struggles two preteen boys live with while growing up in the projects. From the first pages the scene is set amongst the all too familiar gun fire blazing through the neighborhood. This story is of eleven year old Lafeyette and nine year old Pharoah dealing with the daily fight for survival in inner-city Chicago circa 1987. The boys are living in an apartment at the Henry HornerRead MoreThere Are No Children Here By Alex Kotlowitz Essay1933 Words   |  8 PagesRenee Driver CCJS 454 0101 November 22, 2016 Final Paper There are No Children Here, by Alex Kotlowitz, tells a story about the family of LaJoe and Paul Rivers. The book focuses on Lafayette and Pharaoh, two of the younger children in the family, and their interactions with each other, the neighborhood, their family, their friends, and the police. Following the family over three years shows the importance of neighborhood factors when it comes to crime. According to Sampson and Groves (1989)Read MoreThere Are No Children Here By Alex Kotlowitz Essay1909 Words   |  8 PagesThere Are No Children Here by Alex Kotlowitz tells the harrowing story of the Rivers family and their shocking experiences living in an underserved Chicago public housing project. The story focuses on Lafayette, a middle school aged boy discovering his identity, Pharoah, an elementary school aged boy with high ambition and goals, and their resilient mother LaJoe. Matza’s Techniques of Neutralization discuss how people can create rationalizations to justify d elinquencies and crimes. Specifically applicableRead MoreThere Are No Children Here Essay examples1767 Words   |  8 PagesAlex Kotlowitzs book, There are No Children Here, is a story about two boys, Pharaoh and Lafeyette Rivers growing in the late 1980s in Henry Horner, a housing project in Chicago. The boys try to retain their youth while they see constant gang violence, death of close friends, their brother in jail and their dad struggling with a drug addiction. In Horner, there are two gangs that claim it as their turf, and the Rivers family is constantly ducking from shots of gunfire there. They live in

Analysis Of Frank Mccarthys The Kid - 2471 Words

McCarthy describes the Kid as a savage animal rather than a sympathetic protagonist. Yet instead of representing an ideal hero, the Kid is shown to savage, uncaring, and inhuman. The first description of the Kid as a child and of the night of his birth. He is described as â€Å"incubat[ing] in [his mother’s] bosom†¦who would carry [his mother] off† and that he already has â€Å"a taste for mindless violence† (1). To â€Å"incubate† refers to dormancy, usually applied to viruses developing inside a host. In calling the kid a creature that â€Å"incubates† in the womb portrays him as a virus, an unfeeling entity existing to cause disease regardless of the person. Emphasizing this concept of detachment is the phrase â€Å"carry her off†. The Kid is described to have†¦show more content†¦Sproule’s arm is badly injured and he moves much more slowly across the plains. When they arrive at a deserted town, the Kid says that †Å"we ought to scout the houses† and that â€Å"we need to find†¦a place to sleep† (62). Note that the Kid uses the pronoun â€Å"we† and not ‘I’ or ‘you’. Despite Sproule being injured enough to cause him to be a liability, the Kid still considers them as a group. He acts for the benefit of both of them, as shown in how he discusses their action in terms ‘we’. Even after Sproule tells him to â€Å"go on† and for the kid to â€Å"save [himself]† he stays by Sproule and doesn’t move, choosing to travel with Sproule and share the scarce food supply until the man dies of his injuries (66). The Kid could have easily abandoned Sproule in favor of surviving alone. With the limited supplies they scavenged, the Kid may have fared better alone than sharing with Sproule who had little chance of recovering with no professional medical help nearby. Acting for the sake of a group and watching out for someone el se isn’t an action following the image of the selfish, cruel individual. The novel even appears to echo this misrepresentation of the Kid during the scene where Sproule decries the kid as someone â€Å"wrong all the way through† when he thinks Kid tried to kill him (69). The reality of that situation was that a bat had come and bit Sproule to suck his blood. The Kid had woken up and tried to kill the bat, not Sproule. The Kid appears more well-intentioned than he is

Effects of Internet on Child Development Free Essays

180 to learn was reported in 65 cases, to play was reported in 57 cases, to browse in 35 cases, and to communicate in 27 cases. Thus, the five indices of child home Internet use in cluded: 1) the continuous variable years of home Internet access and the dichotomous (report ed-unreported) variables of child home In ternet use to 2) learn, 3) play, 4) browse, and 5) communicate. Family Socioeconomic Characteristics The parent questionnaire assessed five family characteris tics commonly used to determine socioeconomic status (Bradley Corwyn, 2002; Sirin, 2005). We will write a custom essay sample on Effects of Internet on Child Development or any similar topic only for you Order Now Two items queried father’s and mother’s employment status. Approximately 70% of mothers and 96% of fathers were employed, full-time or part-time. Two questionnaire items requested father’s and mother’s level of education, coded as: elementa ry = 1, junior high school = 2, high school incomplete = 3, high school complete = 4, technical school/college (complete or incomplete) = 5 and university (complete or incomplete) = 6. The mean educational level of mothers was 4. 79 (SD = 0. 95) suggesting that many mothers had post-secondary education; the mean educational level of fa thers was 4. 45 (SD = 1. 2) suggesting that some fathers had post-secondary education. The final socioeconomic item on the questionnaire asked parents to indicate annual family income by selecting one of the following options: $20 000 = 1, $20 000 to $40 000 = 2, $40 000 to $60 000 = 3, $60 000 to $80 000 = 4, $80 000 to $100 000 = 5, $100 000 = 6. Annual income for participating famili es was approximately $60,000 CD (M = 4. 07, SD = 1. 48). Table 2 presents a summary of measured constructs which includes: four tests of children’s cognitive development, five indices of children’s home Internet use, and five fa ily socioeconomic characteris tics. Which are the better predictors of cognitive development during childhood, — el ements of the microsystem or elements of the techno- subsystem? Two series of stepwise regression analysis we re conducted with the four c ognitive development scores as the dependant variables. In the first regression analyses , family socioeconomic characteristics (elements of the microsystem) were the independent variables. In the second analyses, indices of home Internet use (elements of the techno-subsystem) were the independent variables. Tab le 2 Description of Constructs and Measures Ecological System System Elements Specific Measures Bioecology Cognitive Development Expressive Language Metacognitive Planning Visual Perception Auditory Memory Techno-Subsystem Home Internet Use Years of Internet Access Online Learning Online Playing Online Browsing Online Communication Microsystem Family Characteristics Father Employment Mother Employment Father Education Mother Education Annual Family Income Results Results of analyses revealed that fa mily socioeconomic characteristics (eleme nts of the microsystem) explained a odest (but significant) amount of the variation in children’s cognitive deve lopment scores. As presented in Table 3, adjusted R 2 values indicated that father’s level of education accounted for approximately 7% of the variation in children’s level of expressive language (as measured by the WISC-IV vocabulary subtest), 5% of the variation in children’s visual perception and auditory memory (as measured by the CAS nonverbal matrices subtest and CAS 181 word series subtest, respectively). Whether or not moth ers were employed, part-tim e or full-time, accounte d for pproximately 6% of the differences in children’s capacity to execute metacognitive functions such as planning (as measured by the CAS matching numbers subtest). While the other measures of familial socioeconomic status (e. g. , mother’s education and family income) explained some of the variance in children’s cognitive development, such measures did not improve upon the predictive utility of fa ther’s education or maternal employment; variation is prerequisite to prediction. Almost all fathers were employed and almost all mothers had finished high school. For participating middle-class families, father’s education a d mother’s employment were more sensitive to children’s cognitive development scores than were family income, father’s employment, and mother’s education. Tab le 3 . Stepwise Regression Analysis: Family Characteristics Predicting Child Cognitive Development Cognitive Score Predictor Beta Weight t value R 2 (adj) F value Expressive Language Father Education . 292 2. 70** . 074 (1, 78) = 7. 29** Metacognitive Planning Mother Employed . 270 2. 46* . 061 (1, 77) = 6. 05* Visual Perception Father Education . 244 2. 22* . 047 (1, 78) = 4. 93* Auditory Memory Father Education . 258 2. 6* . 054 (1, 78) = 5. 55* *p . 05; **p . 01 Results of analyses further revealed th at indices of home Internet use (elements of the techno-subsystem), in general, explained more of the variation in children’s cognitive de velopment than did family socioeconomic characteristics (elements of the microsystem). Summarized in Table 4, specific types on online behavior (i. e. , learning, communicating, and playing) and years of home In ternet access combined to predicted child cognitive developmental outcomes. Indicated by adjusted R 2 , children’s online communication, ears of home Internet access, and online learning (as reported by parents) accounted for ap proximately 29% of the varia tion in children’s level of expressive language as measured by the WISC-IV vocabulary subtest. Online learning and communicating (reported- unreported) combined to explain 13. 5% of the variation in children’s metacognitive planning. Online learning and playing (reported-unreported) combined to explain 10. 9% of the variation in children’s auditory memory. Years of home Internet access explained approximately 3% of the diffe rences in children’s visual perception scores. With the xception of visual perception, indices of home Internet use (elements of the techno-subsystem) were better predictors of children’s cognitive development than were family socioeconomic characteristics (elements of the microsystem). Tab le 4 . Stepwise Regression Analysis: Home Internet Use Predicting Child Cognitive Development Cognitive Score Predictor/s Beta Weight t value R 2 (adj) F value Expressive Language Online Communication . 344 4. 00*** Years of Internet Access . 263 3 . 12 ** Online Learning . 256 2. 99** . 287 (3, 101) = 14. 97*** Metacognitive Planning Online Learning . 287 3. 03** Online Communication . 201 2. 12* . 35 (2, 101) = 9. 06*** Visual Perception Years of Internet A ccess . 192 1. 99* . 028 (1, 104) = 3. 98* Auditory Memory Online Learning . 242 2. 60* Online Playing . 228 2. 46* . 109 (3, 101) = 14. 97*** *p . 05; **p . 01; ***p . 001 Discussion A variety of mechanisms linking family socioeconomic status to child cognitive development have been proposed including parenting (Petrill, Pike, Price, Plomin, 2004 ; Mistry, Biesanz, Chien, Howes, Benner, 2008) and 182 resources (Bradley Corwyn, 2002). For the current samp le of middle class children, paternal education and maternal employment were associated with measures of hild cognitive development. More educated fathers tended to have offspring who scored high on three of the four cognitive measures (expressive language, visual perception, and auditory memory). Mothers who were employed tended to have children who scored high on the measure of metacognitive planning. Educated fathers and employed mothers may genetically transmit to their offspring some neurological processing advantage (bioecology). Simultaneously, educated fathers may provide enhanced language models and stimulating environments that facilitate the cognitive development of their children (microsystemic influence). Employed mother may provide models of organization and place increased demands on children to self- regulate thereby enhancing the metacognitive planning abilities of their offspring (microsystemic influence). Family socioeconomic status (as measur ed and for the current sample) accounted for 5% to 7% of differences in child cognitive development scores. In contrast, indices of home Internet use (as measured and for the current sample) accounted for 3% to 29% of differences in child cognitive development scores. Me ta-analysis confirms that the impact of socioeconomic status on academic achie vement is eroding over time (Sirin, 2005). Increasingly ffective structures of social equali zation (e. g. , public education, quality daycare, preschool intervention, and prenatal programs) and the expanding middle class create the need for more precise description of home environments. Current results suggest th at indices of home Internet use (i. e. , elements of the ecological techno- subsystem) provide more useful information regarding cognitive development than do family socioeconomic characteristics (elements of the microsystem). Only two of five family socioeconom ic characteristics added to the regres sion equation, suggesting that some measures (i. e. , family income father employment, and mother education) did not differ in relation to children’s cognitive development. In contrast, four of the five indices of home Internet use during childhood added to the regression equation, suggesting that these measures differe d in relation to children’s cognitive development. In the context of the current investigation, soci oeconomic status is a crude construct re lative to home Internet use. Internet use includes both organized (e. g. , search) and disorganized (e. g. , browse) interactions with both human (e. g. , chat) and nonhuman (e. g. , database) elements in online environments (Johnson Kulpa, 2007). Internet use is a complex set of behaviors that vary widely across individuals and th at is influenced by cognitive and personality characteristics (Joinson, 2003). For the current sample of children, patterns of home Internet use explained more of the variation in cognitive development than did family socioeconomic characteristics. In the context of middle class families, elements in the techno-subsystem (e. g. , Internet access) may not necessarily facilitate child cognitive development; effective use of those elements, highly dependent upon parent behavior, may promote development. For example, Cho and Cheon (2005) surveyed families and found that parents’ perceived control, obtained through shared web activities and family cohesion, reduced children’s exposure to negative Internet content. Lee and Chae (2007) reported a positive relations hip between parental mediation techniques (website recommendation and Internet co-use) and children’s educa tional attainment. In the current investigation, the cognitive experiences provided to children by employed moth ers may include Internet skills instruction (e. g. , sending email) and models of information management (e. g. acc essing websites for informa tion). Such experiences, over time, may provide children with enhanced opportunities to direct their own cognitive development via increasingly sophisticated uses of the Internet. According to Livingston and Bober (2005), â€Å"a new divide is opening up between those for whom the internet is an increasingly rich, diverse, engaging and stimulatin g resource and those for whom it remains a narrow, unengaging, if occasionally useful , resource of rather less significance† (p. 2). Bruner (2005) recen tly reiterated that â€Å"our minds ap propriate ways of representing th world from using and relating to the codes or rules of available technology† (p. x). Cognitive abilities prerequisite to utilization of Internet applications constitute an implicit component of contemporary notions of intelligence (Maynard, Subrahmanyam, Greenfield, 2005). The ecological techno-s ubsystem furthers our understanding of environmental influences on child development by emphasizing the impact of digital technologies on cognitive growth during childhood. The techno- subsystem provides precise description of microsystemic mechanisms of developmental influence which lead to intervention strategies. According to Livingston and Bober ( 2005), many parents lack the skills to guide and support their children’s Internet use and Intern et-literate parents have Internet-litera te children. Subsequent research may evaluate the effectiveness of techno-subs ystem interventions for elementary school children at-risk, for example, the provision of home Internet access and pa rent Internet literacy training. As stated elsewhere, â€Å"current anxiety surrounding children’s Internet use should be for those whose cognitive processes are not influenced by the cultural tool† (Johnson, 2006, p. 570). How to cite Effects of Internet on Child Development, Papers

Auditing and Assurance Global Financial Crisis

Question: Discuss about the Auditing and Assurance for Global Financial Crisis. Answer: Introduction The given report aims to introduce the legal underpinnings of the potential liabilities of the auditors in wake of the losses caused to the user groups especially the shareholders of the company who tend to invest their money on the basis of the audited financial statements of various companies. This issue has taken centre stage in the wake of a host of businesses going bankrupt during the recent GFC (Global Financial Crisis) and thus the interests of the investors were adversely impacted. The concept of auditor liability has been interlinked with the incidence of GFC with special mention of the Lehman Brothers liquidation. Besides, various recommendations based on the research have been concluded which can enable that this liability can be managed in wake of a similar financial crisis occurring in Australia. GFC Impact GFC has had a profound impact on the overall economy but there is unanimity that the worst suffering was receipt by the financial sector and specially the organisations belonging to this sector conducting their business in developed countries (Shefrin and Shaw, 2016). The various financial firms that were earlier supposed to be icons succumbed to their liabilities and this included huge names including Lehman Brothers and HBOS. In context of Lehman Brothers, a host of reasons contributed to the failure including greed and unethical conduct of the executives, high incidence of use of CDS or Credit Default Swap and misrepresentation in financial statement for concealment of losses. Besides, there is no denying that auditor also played an enabling role in pushing the firm to the brink of failure as the adverse impact of various creative accounting jugglery tools like 105 Repo was not captured in the financial statements or the audit report by Ernst and Young (Leung, Coram Cooper, 2012) . Another example of downfall of a financial institution is that of HBOS which was a banking giant based in UK. The failure of the company could be attributed to the unhealthy practices adhered to by the company while lending as it was driven more by the belief of the constant increase in the value of the underlying asset rather than the underlying creditworthiness of the borrower. This contributed to the weakening of the balance sheet which was not appropriately captured and reflected by the financial statements of the company thus raising questions regarding auditors conduct (Caanz, 2016). Auditors liabilities under law The role played by an external auditor in regard to continued well-being of the organisation cannot be ignored and in wake of the increasing flexibility in accounting that certain companies are showing, this significance is on the increase. The liability of the auditors primarily arise as the auditors tend to have responsibility and duty towards both the client and also the wide user base consisting of shareholders, suppliers, creditors, regulators and society at large (Gay and Simnett, 2012). For enhancing the possibilities of the auditor adhering with the underlying expectations of these stakeholders, the auditor liabilities have risen as they play a key role in ensuring that early warning signs are available to users. If an audit is performed with due care, it is highly likely to represent the accurate financial performance of the firm and also the underlying risks to the same (Arens et. al., 2013). As per common law, auditor liability may arise on account of fraud or negligence on the part of the auditors which in turn leads to failure in the discharging of the relevant fiduciary duties. The prominent liabilities in this regard are mentioned as follows. Negligence liabilities As the name suggests, the origin of these liabilities could be traced on account of negligent behaviour of the auditor based on which investors and other users tend to lose money and hence sue the auditors for the recovery of the same (Caanz, 2016). As the audit professionals have a duty to care towards not only their client but also their wide user base, thus by acting negligently, there is a breach of duty. As the potential losses suffered by the various user base has grown in size, the issue of auditor liability has also gained increasing clamour with users demanding accountability of behalf of auditors (Arens et. al., 2013). Criminal and civil offence liabilities The criminal liabilities with regards to auditor would arise in the event that an intention fraud is committed by auditor. This typically takes place in the form of quid pro relationship with the management where the interests of the shareholders are severely jeopardised (Gibson and Fraser, 2014). In the event of financial statements being misrepresented, the potential stakeholders to whom a duty to care is extended could file for recovery of losses in the form of tall claims. The liabilities are not initiated from the users side and may also be brought about by the client especially in case of negligence leading to material misrepresentation in the statements. Since, the client auditor relationship is bound by an explicit contract, thus the potential liabilities on account of the service standards not being met would be driven by the contract and the relevant provisions in this regard (Lindgren, 2011). Liability of misrepresentations As per tort law, liability arises for auditors in case of material misrepresentation irrespective of the fact whether this has been carried out on purpose or unknowingly as the losses are suffered in either cases (Davenport Parker, 2014). It is imperative that the auditors should take requisite precautions while giving opinion so as to ensure that no material misrepresentation does occur in the financial results. This is imperative considering the wide user base that tends to relies on the audit opinion as a certificate which provides authenticity to the financial results presented on an annual basis (Leung, Coram Cooper, 2012). Proportionate liabilities In regards to this concept, the auditor liability needs to be linked proportionally to the losses of the various stakeholders who suffered due to the negligence or fraud on the part of the auditor. In Australia, current the auditor liability is capped at a factor of 10 of the audit fees derived by the auditor from a particular client, however, there is increased clamour with regard to switching to proportionate liabilities with no upper limit (Cheung Kandiah, 2016). GFC and Auditor liabilities One of the common features during the days when GFC was at its peak was the collapsing of financial institutions despite the presence of the latest unqualified audit report. Without doubt, this matter is extremely serious and raises significant questions with regards to the relevance and ability of the audit professionals (Humphrey, Loft Woods, 2009). This is because the issue of an unqualified audit report indicates that the auditor is authenticating that the organisations financial statements are prepared in accordance with the applicable accounting standard and also the organisational position presented by these is fairly accurate (ASIC, 2016). Also, this indicates to the various users that the auditor is in agreement with the usage of accounting policies deployed by the client to record the various transactions and key balances. This opinion is critical which can be gauged from the fact that if an incorrect opinion is tendered by the auditor and if the same was carried out on pu rpose, then criminal proceedings may be initiated against the auditors (Arens et. al., 2013). The above is validated from the various cases filed by the aggrieved shareholders that were initiated against Ernst and Young which was the external auditor of Lehman Brothers at the time of its collapse. In their tenure when they acted as the auditor, the audit firm hailed various shoddy accounting practices deployed by the firm which were outrightly misleading since they systematically misrepresented the liabilities and gave an overall boost to the companys financial position. One of such accounting policies was the usage of Repo 105 and it is unfortunate that the auditor never highlighted the potential implications on the financial statement of this practice. Eventually, the lawsuit was settled by the firm in 2015 with a settlement amount of $ 10 million (Freifeld, 2016). There are other instances also when class action lawsuit have been initiated by shareholders to recoup the loss on their investments. For example, the same firm (i.e. Ernst and Young) in Canada had to settle a claim to the tune of whopping $ 118 million when it was accused of conducting audits that were below the requisite quality standards for a Chinese client named Sino-Forest which went bankrupt and the audit report provided no clue beforehand with regards to the dwindling financial position of the firm. Also, in a case from Australia in 2013, PWC (PricewaterhouseCoopers) had to pay a settlement amount of AUD 67 million in relation to class action lawsuit filed by the aggrieved investors of Centro Retail against both the company and their auditors (Aubin, 2013). One of the key striking features of those institutions that could not survive the GFC is the fact that there was sever misrepresentation in the financial statements of these companies as they failed to reflect on the burgeoning liabilities that were already outstanding in the form of derivative contracts and off balance sheet items. Also, the underlying assets valuation was stretched so as to enhance the financial position of the organisation and provide comfort to investors. Further, most of these organisations had sloppy internal controls as faulty business practices continued unabated (Soh and Bennie, 2011). As discussed above, the auditor needs to ensure that the no material misrepresentation happens in the financial statements presented by the company. In the event that certain assets or liabilities are not disclosed by the company, this essentially is categorised as fraud and requires that auditor takes proactive steps to report the same to the concerned authority so that appropriate corrective measure can be undertaken. If any fraud is not detected by the auditor, the auditor could still avoid liability by proving that no negligence was observed while carrying out the audit and appropriate audit tests were performed in line with the potential audit risk. Besides, the auditor also needs to prove that it shares no quid pro quo relationship with the higher echelons of management and therefore in not intentionally misrepresenting the financial statements (Gay Simnett, 2012). The above understanding was hailed in the arguments stated in the Pacific Acceptance Corporation v. Forsyth (1970 ) 92 WN (NSW) 29 at 65 case where it was argues the auditor liability would be determined by taking into consideration the conduct of auditor and the presence of negligence and/or fraud (Serperlaw, 2016). The key requirement to avoid any liability is that the auditor while carrying out the audit has to display prudence in giving a professional and informed audit opinion which has relevance for the users and client alike. One issue is in context of valuation of asset where it is reasonable for the auditor to estimate a broad range of valuation based on realistic assumptions and then check whether the valuation of the asset done by the company belongs to the range decided by auditor or not. If the auditor which conducting this process does notice certain discrepancies, then it is imperative to capture these in the report of the auditor. While performing this task, the auditor needs to rely on all the wide experience besides professional skills (Caanz, 2016). The subjectivity in asset and liability valuation in certain cases becomes do high that accurate estimates become difficult and therefore such situations may refer to the inherent audit limitations and are to be considered in the right spirit (Leung, Coram Cooper, 2012). One of the key assumptions with regards to the business is the going concern assumption as per which it is generally assumed that the business would not shut down in the future and continue to operate. But in situations when liquidity threats are faced by the company, the risk of liquidation enhances and the same needs to be captured in the financial statements by the directors of the company (Taylor, Tower and Neilson, 2010). The auditor on his/her part needs to review any potential assessment given by the directors in this regard which also needs to be reflected in the audit report. This is likely to enhance the overall awareness levels of stakeholders in relation to the going concern level of the company (Xu et al., 2013). If the directors of the company do not release such an assessment or issue a wrong assessment of the same, then the audit needs to give an audit opinion that in adverse and should not offer an opinion which is unqualified. However, in case the auditors fails to represents this material uncertainty as part of the audit report, then it would be fair to conclude that indeed negligence is reported by the auditor. At the time of determining the auditor liability in the backdrop of GFC, it is imperative to consider if there was certain information with the auditor in the context of material issues in relation to going concern by still kept these unreported (Arens et. al., 2013). Further, the internal controls need to be robust as their role in preventing misrepresentation in the financial statements is quite critical. Further, the auditor also regularly relies on these internal controls and hence strengthening these could be a step in the right direction. This aspect has become critically important especially after the GFC as the dysfunctional internal controls were without doubt a contributory reason to the enhancement of the overall business risk to such levels where the liabilities outstripped the existing assets (Taylor, Tower and Neilson, 2010). Hence, going forward, the internal controls have a critical role to play which would enhance the overall audit quality (Azim, 2012). Recommendations Based on the above discussion, it is apparent the auditor plays a significant role in ensuring that misrepresentation does not happen in financial statements. With the rise in insolvencies especially during the GFC, the role of auditor and potential liabilities assumed is in the limelight, Further, to ensure that audit quality improves, the robustness of the internal audit procedures and policies needs to be improved so that there is adequate support for the external auditor as the initial auditing is performed by the audit committee. Also, it is advisable that the corporate governance practices that the firm follow should be improved as this ensures that there are reasonable checks and balances to the power of the executive directors especially in the form of non-executive directors those who tend to act in the interest of the smaller shareholders (Caanz, 2016). Besides, the companies also need to prudently manage business risk in line with the mandate given by the shareholders and should not aim for abnormal profits in the short term while threatening the survival of the firm in the long run. The auditors on their part need to ensure that their independence is not compromised and also various professional standards and ethical codes are complied with. Additionally, the auditors continuously need to update their knowledge and skills especially with regards to the latest financial products that keep on entering the market place. This is imperative so that the auditor could provide a reasonable estimation of the value of these complex products along with outlining the associated risks (Gay Simnett, 2012). References Arens, A., Best, P., Shailer, G. Fiedler, I. 2013. Auditing, Assurance Services and Ethics in Australia, 2nd eds., Pearson Australia, Sydney ASIC 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). Aubin, D 2013, Analysis: Knives out for auditors as class actions go global, Reuters Website, Available online from https://www.reuters.com/article/us-usa-accounting-lawsuits-idUSBRE92K0QB20130321 (Accessed on September 17, 2016) Azim, M 2012, Corporate Governance Mechanisms And Their Impact On Company Performance: A Structural Equation Model Analysis, Australian Journal Of Management, Available online from https://aum.sagepub.com/content/early/2012/07/30/0312896212451032.abstract (Accessed on 17 September 2016). Caanz, S 2016, Auditing And Assurance Handbook 2016 Australia, 3rd eds., John Wiley Sons, Sydney Chung, J, Farrar, J , Puri, P 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, Vol.19, No.1, pp. 6678 Cheung, J Kandiah, S 2016, Audit Negligence: Who Is To Blame When It All Goes Wrong, Kordamentha Website, Available online from https://www.kordamentha.com/docs/for-publications/issue2011-04-auditnegligence.pdf?Status=Master (Accessed on 17September 2016). Davenport, S Parker, D 2014, Business and Law in Australia, 2nd eds., LexisNexis Publications, Sydney Gay, G. Simnett, R. 2012, Auditing and Assurance Services in Australia, 5th eds., McGraw-Hill Education, Sydney Freifeld, K 2016, Ernst and Young Settles With N.Y. For $ 10 Million Over Lehman Auditing. Reuters Website, Available online from https://www.reuters.com/article/us-ernst-lehman-bros-idUSKBN0N61SM20150415 (Accessed on 17 September 2016). Gibson, A Fraser, D 2014. Business Law, 8th eds., Pearson Publications, Sydney Humphrey, C, Loft, A Woods, M 2009, The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis, Accounting, organizations and society, Vol. 34, No.1, pp.810-825. Leung, P, Coram, P Cooper, BJ 2012, Modern Auditing and Assurance Services. 4th eds., John Wiley and Sons, New York Lindgren, KE 2011, Vermeesch and Lindgren's Business Law of Australia, 12th eds., LexisNexis Publications, Sydney Serperlaw (2016) Liability Of Auditors In The Common Law System: Australian Position. Available online from https://www.serperlaw.com/about-us/publications-and-articles/liability-of-auditors (Accessed on 17 September 2016) Shefrin, H Shaw, L 2016, The Global Financial Crisis and its Aftermath: Hidden Factors in the Meltdown. 4th eds., Oxford University Press, London Soh, D Bennie, N 2011, The Internal Audit Function: Perceptions Of Internal Audit Roles, Effectiveness And Evaluation,Managerial Auditing Journal, Vol. 26, No. 7, pp. 605 622, 11 Taylor, G, Tower, G Neilson, J 2010, Corporate Communication Of Financial Risk,Accounting Finance,vol. 50, no. 2, pp.417-446 Xu, Y, Carson, E, Fargher, N Jiang, I 2013, Responses By Australian Auditors To The Global Financial Crisis, Accounting And Finance , vol. 53, no.1, pp. 301338

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