Kant and Gay Marriage Essays - 859 Words

Background All decisions we make are guided by an influenced belief or a maxim. A maxim is an individual rule that we use in our negotiations to steer our conduct. Maxims contain our principles and intentions; they point toward our general character. A solid and well intentioned maxim is universalizable. The precise significance of universalizability is contentious, but the most widespread interpretation is that the categorical imperative asks whether the maxim of your action could become one that everyone could act upon in similar circumstances. An irrational maxim is self-defeating, as it cannot be consistently willed with its intended goal; in other words, it cannot provide a rational guide for human action since it cannot in†¦show more content†¦Although this is not really true but could still be argued that as long as everyone had the right to be a homosexual the laws of Universalisation would stand to be true. Universalisation says that we should apply homosexuality as a maxim and apply it to everyone; however this would lead to a problem, as the continuation of the species would not occur. Of course, marriage does nothing to ensure people will in fact have children. We could however adjust this maxim for sexuality, however, this may be moving away from the absolutist nature of Kant’s categorical imperative. He also states that marriage is the only place in which sex may take place. However, were gay marriage to become legal Kant may approve. â€Å"Kant, renown for his 1781 work Critique of Pure Reason, has been criticized for being rigid and overly rational in his moral thinking, but others believe those aspects of his work are over played (Brunfield, 2011)†. Brunfield goes on to say My interpretation focuses on his attempts to view moral thinking as something thats not religious, she said. People often believe we should be moral because we will make god angry, but Kant thinks we should be moral because its the right thing to do (Brunfield, 2011). I am not so sure about these views, as Kant also believed that sex was debasing and unless constrained by marriage would allow one partner to treat anotherShow MoreRelatedEssay Utilitarian Kantian View on Same Sex Marraige961 Words   |  4 PagesRolbin Flores Assignment 4 Since 2001, same sex marriages have been big issues in the US and other countries like (Argentina, Canada, Iceland, the Netherlands, Belgium, Sweden, Portugal, Mexico City, Spain, South Africa, and some regions within the United States). It is always a debate in the US based on the fact if we don’t allow same sex marriage, it affect our right constitutional demand of equality established by our founding fathers. Same sex couples been trying to get marriedRead MoreThe Doctrine Of The Divine Command Theory Essay1434 Words   |  6 Pagesmorally right? Many people who believe in utilitarianism, would say yes, this doctor did do the morally correct thing. Kant’s Duty Defined Morality is a collection of moral theories created by Immanuel Kant, who is said to be one of the greatest, if not the greatest philosopher of the modern era. Kant sees morality as a set of principles, or rules that he defines as imperatives. Imperatives can be hypothetical or categorical. A hypothetical imperative tells us what we should do if we have certain desiresRead MoreSix Ethical Approaches Of Aristotle s The Greatest Happiness Principle 835 Words   |  4 Pagessame. This concept says that the government would only interfere with contracts, private property protection from theft, and keeping peace in society as written in the this chapter about the concept of libertarianism. Controversies such as gay marriage, abortion, recreational drugs, and prostitution would all be allowed. 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As a Kant deontologist I would say that we need to remove those worlds from the pledge of allegiances for the greater good. Kant would say if every one is not on abroad with the same idea. So the best thing we can do is while doing the pledge of allegiance to pay our respect for the people who died and who are fightingRead MoreThe Issue Of Gay Marriage2016 Words   |  9 Pagesthem. Christians for example do not believe in gay marriage. It is not part of their truth and most likely never will be. This is because they believe in the bible, and a god (higher power) which tells them that gay marriage is wrong. They use this information to decide what their truth is and how they will live out their lives. On the flip side of this there are many people who were raised, or influenced by people who are completely fine with gay marriage therefore those people whom they influence (theRead MoreEthics And The Argument On The Existence Of Subjective Moral Value1184 Words   |  5 Pagesuniver sal, and if one was to disagree with another one’s morals, then one of them is incorrect and one of them is correct. He has two arguments for his position: the argument for relativity and the argument for queerness. Another philosopher, Immanuel Kant, says there are two different types of imperatives when it comes to subjectivism, hypothetical and categorical. 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What Was the Necessary and Proper Clause

The Necessary and Proper Clause, formally drafted as Clause 18 of Article 1 of the U.S. Constitution and also known as the elastic clause, is one of the most powerful and important clauses in the Constitution. Clauses 1–17 of Article 1 enumerate all of the powers that the government has over the legislation of the country. Clause 18 gives Congress the ability to create structures organizing the government, and to write new legislation to support the explicit powers enumerated in Clauses 1–17. Article I, Section 8, Clause 18 allows the Government of the United States to: make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this constitution. The definitions of necessary, proper, and carrying into execution have all been debated since the words were written during the Constitutional Convention in Philadelphia in 1787. There is a strong possibility that it was kept purposefully vague. Necessary and Proper Clause The Necessary and Proper clause of the U.S. Constitution provides Congress the power to fulfill its legal powers.  Also known as the elastic clause, it was written into the Constitution in 1787.The first Supreme Court case against the clause was in 1819 when Maryland objected to Alexander Hamiltons formation of a National Bank.The Necessary and Proper clause has been used in cases about many things, including challenges about Obamacare, legalizing marijuana, and collective bargaining. Purpose of the Elastic Clause In general, the main purpose of this elastic clause, also known as the sweeping or general clause, is to give Congress the flexibility to get the other 17 enumerated powers achieved. Congress is limited in its power over the American people to only those powers specifically written into the Constitution, such as determine who can be a citizen, collect taxes, establish post offices, and set up a judiciary. The existence of that list of powers implies that Congress can make laws necessary to ensure that those powers can be carried out. Clause 18 makes that explicit. For example, the government could not collect taxes, which power is enumerated as Clause 1 in Article 1, Section 8, without passing a law to create a tax-collecting agency, which is not enumerated.  Clause 18 has been used for all sorts of federal actions including requiring integration in the states—for instance, whether a National Bank can be created (implied in Clause 2), to Obamacare and the ability of states to legalize the growing and distribution of marijuana (both Clause 3). In addition, the elastic clause allows the Congress to create the hierarchical structure to enact the other 17 clauses: to build a lower court (Clause 9), to set up an organized militia (Clause 15), and to organize a post office distribution method (Clause 7). The Powers of Congress According to Article 1, section 8, of the Constitution, Congress has the following 18 powers and only the following powers: To lay and collect Taxes, Duties, Imposts, and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;  To borrow Money on the credit of the United States;  To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;  To establish a uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;  To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;  To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;  To establish Post Offices and post Roads;  To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;To constitute Tribunals inferior to the Supreme Court;  To define and punish Piracies and Felonies committed on the high Seas, and Offences against the Law of Nations;  To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;  To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;  To provide and maintain a Navy;  To make Rules for the Government and Regulation of the land and naval Forces;  To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;  To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;  To exercise exclusive Legislation in all Cases whatsoever, over such Dis trict (not exceeding ten Miles square) as may, by Cession of particular States, and the Acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for  the Erection of Forts, Magazines, Arsenals, Dock-Yards, and other needful Buildings;—And  To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.   The Elastic Clause and the Constitutional Convention The 18th clause was added to the Constitution by the Committee on Detail without any previous discussion at all, and it was not the subject of debate in Committee, either. That was because the original intent and wording of the Section was not to enumerate Congresss powers at all, but instead to provide an open-ended grant to Congress to legislate in all cases for the general interests of the Union, and also to those to which the States are separately incompetent, or in which the harmony of the United States may be interrupted by the exercise of individual legislation. Proposed by Delaware politician Gunning Bedford, Jr. (1747–1812), that version was roundly rejected by the Committee, who instead enumerated the 17 powers and the 18th to help them get the other 17 completed. However, Clause 18 was hotly debated in the ratification stage. Opponents objected to the 18th clause saying it was evidence that the Federalists wanted unlimited and undefined powers. The Anti-Federalist delegate from New York, John Williams (1752–1806), said with alarm that it is perhaps utterly impossible fully to define this power, and whatever they judge necessary for the proper administration of the powers lodged in them, they may execute without any check or impediment. The Federalist delegate from Virginia George Nicholas (1754–1799) said the Constitution had enumerated all the powers which the general government should have but did not say how they should be exercised. The sweeping clause should only be extended to the enumerated powers. What Do Necessary and Proper Mean? In his finding over the 1819 McCulloch v. Maryland case, Supreme Court Chief Justice John Marshall (1755–1835) defined necessary to mean appropriate and legitimate. In the same court case, then-former U.S. president Thomas Jefferson (1743–1826) interpreted that it meant essential—an enumerated power would be pointless without the proposed action. Earlier, James Madison (1731–1836) said there had to be an obvious and precise affinity between the power and any implementing law, and Alexander Hamilton (1755–1804) said that it meant any law that might be conducive to the implemented power. Notwithstanding the long-term debate over what necessary means, the Supreme Court has never found a congressional law unconstitutional because it was not necessary. However, more recently, the definition of proper was brought up in Printz v. the United States, which challenged the Brady Handgun Violence Prevention Act (Brady Bill), which  compelled state officials to implement federal gun registration requirements. Opponents said it was not proper because it interfered with states rights to set their own laws. President Barack Obamas Affordable Care Act (signed March 23, 2010) also came under attack in National Federation of Independent Business v. Sebelius because it was deemed not proper. The Supreme Court was unanimous in their decision to keep the ACA but divided about whether a law could ever fail to be proper if it did not involve direct federal regulation of state governments. The First Elastic Clause Supreme Court Case Over the years, the interpretation of the elastic clause has created much debate and led to numerous court cases about whether or not Congress has overstepped its bounds by passing certain laws not expressly covered in the Constitution. The first such major Supreme Court Case to deal with this clause in the Constitution was McCulloch v. Maryland (1819). The issue at hand was whether the United States had the power to create the Second Bank of the United States, which had not been expressly enumerated in the Constitution. Further at issue was whether a state had the power to tax that bank. The Supreme Court decided unanimously for the United States: They can create a bank (in support of Clause 2), and it cant be taxed (Clause 3).   John Marshall, as the Chief Justice, wrote the majority opinion which stated that the creation of the bank was necessary to ensure that Congress had the right to tax, borrow, and regulate interstate commerce—something that was granted it in its enumerated powers—and therefore could be created. The government received this power, said Marshall, through the Necessary and Proper Clause. The court also found that individual states did not have the power to tax the national government because of Article VI of the Constitution which stated that that national government was supreme.   In the late 18th century, Thomas Jefferson had been against Hamiltons desire to create a National Bank, arguing that the only rights that had been given to Congress were those which were in fact spelled out in the Constitution. But after he became president, he used the Necessary and Proper clause to take on a huge amount of debt for the country when he decided to complete the  Louisiana Purchase, realizing that there was a pressing need to purchase the territory. The treaty including the purchase was ratified in the Senate on October 20, 1803, and it never reached the Supreme Court. The Commerce Clause Several implementations of the Commerce Clause (Clause 3) have been the target of debates over the use of the Elastic Clause. In 1935, a case for creating and enforcing a collective bargaining piece of the National Labor Relations Act was the focus of a Congressional finding that refusal to bargain collectively leads to worker strikes, which burden and obstruct interstate commerce. The 1970 Occupational Safety and Health Administration Act, as well as various civil rights acts and discrimination laws, are considered constitutional because the health and employment workplace affects interstate commerce, even if the workplace is a manufacturing plant not directly involved with interstate commerce. In the 2005 court case Gonzales v. Raich, the Supreme Court rejected Californias challenge to federal drug laws banning marijuana. Since that time, several state laws allowing the production and sale of marijuana in one form or another have been passed. The federal government still sets the rules for all the states, and that rule is marijuana is a Schedule 1 drug and therefore illegal: But as of late 2018, the federal government has chosen to not enforce their current drug policy. Other issues referring to Clause 18 include whether the federal government can hold sex offenders past the ends of their terms for the protection of the public; whether the government can charter corporations to get a project such as an interstate bridge completed; and when the federal government can take a criminal from a state court to try him or her in a federal court. Continuing Issues The Necessary and Proper clause was intended to allow Congress to decide whether, when and how to legislate for carrying into execution the powers of another branch, and at the same time intended to respect and reinforce the principle of separation of powers. Even to this day, arguments still center on the extent of the implied powers the elastic clause gives to Congress. The arguments over the role that the national government should play in creating a nationwide health care system often come back to whether or not the elastic clause includes such a move. Needless to say, this powerful clause will continue to result in debate and legal actions for many years to come.   Sources and Further Reading Barnett, Randy E. The Original Meaning of the Necessary and Proper Clause. University of Pennsylvania Journal of Constitutional Law 6 (2003–2004): 183–221. Print.Baude, William. State Regulation and the Necessary and Proper Clause University of Chicago Public Law Legal Theory Working Paper 507 (2014). Print.Harrison, John. Enumerated Federal Power and the Necessary and Proper Clause. Rev. of The Origins of the Necessary and Proper Clause, Gary Lawson, Geoffrey P. Miller, Robert G. Natelson, Guy I. Seidman. The University of Chicago Law Review 78.3 (2011): 1101–31. Print.Lawson, Gary, and Neil S.  Siegel. The Necessary and Proper Clause. Interactive Constitution. National Constitution Center. Web. December 1 2018.

Canagliflozin is Used for Treatment of Type 2 Diabetes...

Canagliflozin is used for treatment of type 2 diabetes mellitus as monotherapy or in combination therapy with other antidiabetic agents to improve glycemic control.1 It belongs to a class of sodium-glucose cotransporter 2 (SGLT2). Canagliflozin reduces reabsorption of filtered glucose from the tubular lumen by inhibiting SGLT2 in the proximal renal tubule.1,2 SGLT2 is the main site of filtered glucose reabsorption; reduction of filtered glucose reabsorption result in increased urinary excretion of glucose, thereby reducing plasma glucose concentrations.1 Canagliflozin is given orally with the starting dose of 100 mg once daily prior to first meal of the day. The dose may increase to 300 mg once daily. However, it needs dose adjustment if eGFR is less than 60 mL/min/1.73m 2 and it is contraindicated if eGFR is less than 30 mL/min/1.73m 2. Its half-life is10-13 hours (dose dependent). The absorption is not affected by food, bind 99% to albumin. It is mainly metabolized by O-glucuronidation and minor oxidative metabolism through CYP3A4.1 Literature Search: Literature search was conducted using PubMed online database. Key words were used: canagliflozin, diabetes and A1C. The search was limited to clinical trials, 5 years, English language and humans. This search yielded 6 articles, while 4 of them were excluded because they studied the efficacy and safety of canagliflozin versus placebo. One article was included based on the efficacy of canagliflozin versus older

Auditing Report Workability and Reliability

Question: Discuss about the Auditing Report for Workability and Reliability. Answer: Introduction According to the analysis of entire financial scenarios of Lehamn brothers has been collapsed due to negeligence and ignorance of appointed auditors and it is also a potential liabilities on them rectify because it is the one of big reason behind collapse of entire economy due to financial crisis at that particular moment of time. basically financial deficiencies are measured on the basis of approvement on specific part of the financial structure for resolving the related problems which initiated at the beginning point of time (Crockett and Ali, 2015, pp.80-104). The auditors are initially faced issue while finding out difficulties to gain the confidence of the short term investors, because for long run concern, company required to reform their financial system, redevelop the regulations and securities with esurance of proper market guidelines for efficiently handle the business and economic activities. These concern products are also showing reliability concern for cooperating with the proper guidelines and collaboration between each and every monetary concern in all around the world. The financial structure of the company required to be improved and enhanced in several aspects. There are many similar business activity players in the market prefers hedging the holding funds which is not required to be bound, according to the severe system reporting within that specified period of time. It is also complex job to decide the specified price for a newly generated financial instruments, on the other hand, it is also difficult to identify the reviewing the risk related to investment activities (Dorfman and Cather, 2012). it was also raised several questions for the investors for the investment related risks. As per the study and analysis, there is an opportunity which is related to the reviewing the investment related risks and also identify the initial point, from these risks are generated. After measurement if the specified risks related to the investment activities, it will be easier for the auditors to develop the appropriate guidelines and regulations for the finan cial scheme company about to start to recovered the affect of fianncial crisis. About Financial Crisis and Auditor Liabilities: There are several guidelines which is facilitating the aim and objectives of an auditors while fulfilling their goals related to preparation of auditing and financial reports. As per the ISA 200, it is found that the primary objectives and goal of an auditor and financial reporter is to properly applied for the financial structure of a specified organization. every organization should follow the guideline which declaring that each and every audit procedures required to be followed, on the basis of professional standards and also always required to be open house policy with shareholders and stakeholders of the company after their auditing process completed (Gerrans, Faff and Hartnett, 2015, pp.165-185). As per the entire financial crisis analysis shown that auditors liability within an organization is always subject of judgement and analysis on financial statements retstated by the organization for a specific financial period of time. It is also essential for an auditor while shaping their nature, scope and auditing processes for the evaluation processes on the basis of different evidence of financial audits and related outcomes. The appointed auditors of the company required to show some professionalism for structuring the financial statements of the company by removing all manipulations and errors (Carson, Fargher and Jiang, 2013, pp.301-338). The appointed auditors of Lehman Brothers might would faced difficulties while proper identification of material misrepresentation which is actually considered higher priority, in terms of providing fair financial services to their investors in the market. The authorized auditors job responsibility within an organization like Lehman Brothers is to proper and appropriately accessing the merits and measurement which is related to the specified amount of outcomes on the procedures of the auditing as per the specific analysis of the auditors. As a auditor, the prime responsibility of an auditor is to appropriately accessing the reliability and fairness of an financial statement produces by the organization within a specified financial period. There are also identifies that auditors in the organization are sometimes not able or authorized to provide their proper point of view regarding several problematic scenarios and also faced difficulties due to maintaining the specific auditing standard in the organization. there are several inverse scenarios are also affecting the genuine and proper financial report (Holm, 2014, pp.7-26). It is also is possibility that the auditing liabilities of an auditor might be enhanced with prospective of preparation of proper statement of financial position of the company. According to the IAS 10, All the events performed after Balance sheet date mainly refers to proceeding with most positive and adverse attitude also the occurrence schedule between financial statement and declaration filling for monetary transactions. There are mainly two ways for checking the auditing process from auditors end: By providing the confirmation for the financial statement schedule as per the existing circumstances. Identification of the different scenarios by measuring the alteration in the fiscal report and its measurement accordingly. The appointed managers of the organization are following the procedures for making business decision and other regulation for initiating the financial statement and reports. This is also found that it is sometimes problematic for the auditors of the organization for identifying and representating the fair valuation of the financial report generated by the organization (Wright and Wright, 2014, pp.35-50). The appointed auditors of an organization is also liable for ensuring the quality control activities through their auditing activities. According to the IFAC stanadards, it is found that proper monitoring on any job provides quality work as per the performance of an individual auditors. Quality control is one of biggest factor in auditing process to access the proper reliability and also eliminating the risk for that particular processes. This stanadards and policies are also providing assurance for monetary auditing: Auditors are bound to complete any auditing process by signing each and every paper reviewed from their end. Authorized person is liable to provide proper signature and specific date of auditing processes. Auditors are liable to analyse the appropriate profitibility scenario of a particular firm or organization within a specific schedule. The authosied auditors are also accountable for the assessment activities by using inner control system, which is supportive to recognize the manipulative and fraud activities. the auditors are also eligible enough to recognize the higher amount of auditing ability through the help of internal control system (Clout, Chapple and Gandhi, 2013, pp.88-108). According to the international auditing standards mainly misleading and misrepresentation activities are done for the purpose of doing fraudulent activities and due to intentional or unintentional activities. The entire fraudulent activities are recognised as intentionally done for the purpose of getting more financial benefits by the illegal process and also for the unjustified events like assets theft activities, documents manipulation and also forging with financial figures of the organization and also misrepresentation of the accounting policies attended within a specified period of time. Unintensional and intentional error in auditing process are considered as mistakes which is shown in the financial statement and figures provided by the appointed auditors of the company for receiving the illegal gain from the business processes. On the other hand, sometimes it is unintentional done by an individual on mistake basis, not for the purpose of achieving anything in monetary purpose. There are several mistakes and errors related to amending wrong accounting calculations and figure indetification, which is affecting the financial statement of that organization within that specified period of time (Symeonidou and Bruneel, 2014, pp.16364-16364). As per the ISA 240 stating that, Auditors job is to judge fraud in an audit of financial reports. The financial auditors are not allowed enhance or avoid the fruadulents and misrepresentation activities. The appointed auditors of the company like Lehman Brothers are also responsible for forging or misplacement of confidential databas e outside the organization. being holding a auditors position in an organization is very difficult and full of challenges for fulfilling their responsibilities. They are also required authorities to provide the essential risk factors enclosing the several factors for future assessment. There are various types of auditing risk factors are identified and classified as a essential factors for incorporating a false financial statement and also for several unintentional mistakes arises due to misallocation of the provided assets. The main responsibilities of auditors are recognised through creating a questionnaire for monitoring the fraudulence activities and also providing appropriate assurance for the fact sheet without including any misrepresentation (Couch and Wu, 2016, pp.83-98). The appointed auditors are required to be capable enough to keep transperency and transformation to meet their responsibilities and goals. On the other hand, auditors liabilities are one of the necessary part for making proper adjustment and corrections in the released financial statement reports. Incorporation Corporate Law Economic Reform Program 9 The Corporate Law Economic reform Program (CLERP 9) was implemented in the month of October in 2003 in the parliament. However, it came into the effect on the month of July in 2004. This new additions introduced in this project have the focus on boosting the public admission requirements of the corporations (Houghton, Kend and Jubb, 2013, pp.139-160). Some of the corporate statements required to comprise to allow the shareholders to evaluate the business procedures, strategies and the financial conditions during the progression of (CLERP 9) (Carey, Monroe and Shailer, 2014, pp.370-380). Section 299A of this program listed the public corporation requirements for including annual report of the directors for the shareholders to make efficient assessment such as understanding the financial status of the business and the efficiency of the strategies implemented by the organization for the future business operations. Compulsion on the public companies for testimony on the important environmental conditions, which may have potential impact on the financial status of the organization is highly require to understand the section 299A of the program (Kuan, 2014). The environmental issues may get an high importance in the governance issues if this section is included. Some of the major environmental issues, which needs disclosure comprises are: Issues regarding the availability of the water resources Issues regarding the Greenhouse gas emissions It is essential to attend the Annual General Meetings (AGMs) for the auditors and they should turn after five years. Disclosures on several facts associated with the non-auditable services will also be needed. As per the Act, the auditor required to maintain the independence and develop annual declaration on this fact i.e., the liberty or independence was maintained. This policy is protective to the employees and the contractors who have the chance to report some sort of breaches of the Corporation Act to ASIC (Samsonova-Taddei and Humphrey, 2015, pp.55-72). It should also include the level of knowledge and experience of the secretary of the company. The administrative details of the past three years of all the company listed in this program are essential in this context. According to this regulation, the details regarding the remuneration of the secretaries, directors and the general managers of the companies should also be disclosed. The environment of the corporate governance in Australia has been changed after getting this law effective in 2004. The program is helpful for balancing the corporate behavior of the organizations. Incorporation of the Audit Firms The auditors need flexibility regarding the restructuring the business models they are used for the business operations in order to get the most effective outcomes. The law firms are able to permit the auditors for assisting the services via a corporate structure, which may beneficial for them while the liabilities are limited (Carey, Knechel and Tanewski, 2013, pp.43-53). The audit firms can incorporate as company that may lead to a healthier competition among all the audit firms in the specific area by allowing an audit by the companies. Incorporation of the audit firms as the cost associate of the company; it can be directly passed to the customers or the clients of the companies. The companies should allow the audit firms to incorporate the new strategies. However, there must be some limitations regarding this. Professional Indemnity Insurance This is about the requirement of compulsory professional indemnity insurance for the holders and candidates of CPP (Cabral and Alexander, 2014). There are some limitation in the liabilities of the affiliated members and the entity members, depending on which the amount of break is decided or limited. Some important aspects of this regulation are as follows: In this regulation the meaning of member is a holder or candidate of a CPP or Affiliated membership. The meaning of principal associated with to the practice refers to a person who is a principal of the practice, trustee, a partner or a director of the firm which is carrying out an element of a practice. Related entity refers to a business organization performing practices. Each of the members should guarantee that each of the application has a proper contract regarding the insurance regulation that fulfills the minimum requirements. Parties insured: Principals The persons who were a principal or employee Related entity The persons is or ceases or becomes to be at the time period of the insurance Certification The insurance scheme must be certified according to the Insurance Act, 1973, or an Unauthorized Foreign Insurer (UFI) where: The broker or the agent who has made the agreement of the insurance, has proper license in Australia. The UFI should have minimum rating of A from the moody, AM Best and Standard and Poor rating agencies. The contract maintains the Australian Laws. All the legal systems of the domicile country are under Australian Laws. The insurance scheme should cover all types of services offered by the insured organization. The insurance company should provide a minimum cover up period of one year on the next expiry date for a period, where a common expiry date is required for all of the insurance. The indemnity level should be $1 million in case of having lack of an personal engagement fee higher than $100000. It should not be fewer than $500000 (Jackson, 2012). A cover up cost should exist for the expenses including the costs required for investigation, legal activities and the settlement of the Insurance claims. Conclusion In this report, the details regarding the liabilities of the auditors at the time of financial crisis have been critically analyzed. Different aspects of the CLERP 9 program with the details of its implementation or development have been discussed in this report. This regulation affected the whole area of the corporate governance majorly in Australia. Another major focus of this report is on the area of the liabilities of the insurance companies. The compiled regulations required to be carried out by the insurance companies have analyzed and understood in details. Various types of requirements and regulations associated with the professional indemnity insurance scheme have been discussed which may help to understand the way of using the insurance scheme efficiently. Reference Cabral, W. and Alexander, K., 2014. Auditor Liability and Legal Lacunae in relation to Risk Modelling Assumptions and Financial Institution Accounts in the context of the Financial Crisis.University of Zurich diss. Carey, P., Knechel, W.R. and Tanewski, G., 2013. Costs and Benefits of Mandatory Auditing of Forà ¢Ã¢â€š ¬Ã‚ profit Private and Notà ¢Ã¢â€š ¬Ã‚ forà ¢Ã¢â€š ¬Ã‚ profit Companies in Australia.Australian Accounting Review,23(1), pp.43-53. Carey, P.J., Monroe, G.S. and Shailer, G., 2014. Review of Postà ¢Ã¢â€š ¬Ã‚ CLERP 9 Australian Auditor Independence Research.Australian Accounting Review,24(4), pp.370-380. Couch, R. and Wu, W., 2016. 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