Fashion Designing and the Global Fashion Industry

Fashion Designing Until the mid 19th century, most of the clothing at men and women wore was custom made. There were present dress makers and tailors who stitched clothing and sold it to individual. With the advent of technologies like the sewing machine, global capitalism grew and the fashion industry spread throughout the world. Starting initially from America and Europe, the fashion industry quickly spread throughout the world. With the globalization of fashion, different ideas and trends are accessible to people all over the world. Apart from allowing better trends to settler, a global fashion industry paves way for the production of more jobs and flow of cash in the developing countries. Due to this industry being globalized, it is possible that an American company can attain fabric from China, get them manufactured in Vietnam, completed in Italy for instance and then delivered back to the United States for sale. Apart from flow of revenue, it is paved way for countries to enhance their trade an d thus make profit from this industry. Where the Fashion Industry goes on to promote Fashion as a means of globalization and an industry without regulation, racism is quite prevalent in the industry as well. Different genders and races have been targeted either it is through modeling or through the production of different brands. Even after years of struggles to end discrimination against African Americans many African American still feel as if they are being victimized inShow MoreRelatedFootwear Design Of Shoes And Shoes1223 Words   |  5 Pagesis the name of this career field. Footwear designing is another form of fashion designing but with shoes. Footwear design includes the design of shoes and creation of shoes and several other types and styles. Footwear designing allows people to show and express their creativity through shoes. Footwear designers use art and creativity through shoes to influence the world. I believe that I have new ideas that would make an impact on the wor ld through fashion. ​ According to Shoe History and Facts, â€Å"AdvancementsRead MoreMarketing Plan: ZARA1571 Words   |  7 PagesJastine Eugenio Ms. Angelica May Ignacio Ms. Mary Christine Agojo Ms. Shenna Mae Reyes Mr. Eric Balaoro I. Executive Summary Zara is the largest retail company owned and run by Inditex, largest Spanish corporation and the world’s largest fashion group. The way Zara has runs its company is by following a vertical integrated operation that has the advantage to shorten the time in making decisions. Inventories in the stores depend on the geographic area in which the store is located; and theRead MoreAnalysis of the Fashion Industry1301 Words   |  6 PagesFashion is one of the world’s most important creative industries. It has provided economic thought with a canonical example in theorizing about consumption and conformity. Social thinkers have long treated fashion as a window upon social class and social change. Cultural theorists have focused on fashion to reflect on symbolic meaning and social ideals. Fashion has also been seen to embody representative characteristics of modernity, and even of culture itself. Everyone wears clothing and inevitablyRead MoreElie Saab s Influence On Fashion Starting From Early Ages Essay1349 Words   |  6 Pages1. INTRODUCTION Elie Saab developed an interest on fashion starting from early ages. Built his first atelier only at the age of 18. His passion for fashion and haute couture grew in the following years and has dedicated himself to his brand from design to brand and customer communications .According to him :â€Å"Couture was a creative engine for the entire brand, a marketing tool for foundation of an image on a profound long term level.† 2. BACKGROUND 2.1. Core Product-Total Product View 1.Read MoreCharacterisitics of Business Leadership: Vera Wang1697 Words   |  7 PagesDescribe the business leader’s primary business or businesses, highlighting how the leader got started and analyze the leader’s three (3) major business challenges in establishing and/or running the company. Vera Wang began her career in the fashion industry in 1971, working her way up the corporate ladder to Senior Editor for Vogue. In 1987, she began working for Ralph Lauren, dealing primarily with accessories. In 1987, out of frustration with the lack of options to suit her sophisticated tasteRead MoreQuestions On The Business Opportunity Essay1678 Words   |  7 Pages1.0 The Business Opportunity 1.1 The Marketplace Problem The fashion industry especially the retail business has not received full exploitation and therefore an opportunity exists in the bringing affordable quality products to the proximity of customers. Many retail shops stock women only fashion products excluding other sensitive groups such as children. Therefore, Trendy Fashions will house a chain of products that cater for the needs of both women and children. The reason why this class of peopleRead MoreFashion : The Window Of The Soul Essay1639 Words   |  7 Pages Fashion: The Window to the Soul Fashion is a combination of Art, love and History. It gives a person a voice without speaking and a purpose. Fashion has been around for decades before it was given a name. In Queen Elizabeth I Era one s clothing showed social status, individuality, and grace. Women were mostly into fashion, their clothes were unrealistic ; wide hips and small waist (corset). Another glamorizing or disfiguring tool used by fashion-conscious womenRead MoreThe Retail Giant Of Zara Essay1351 Words   |  6 PagesThe retail giant Zara have proven that utilizing all resources and different management techniques branded the store as a fashion empire. However, Zara has been named one of the most profitable retailers in the world. Zara has expanded and is operating stores all over the world which makes the retailer global. The philosophy behind the retail giant is immersing new fashion fast. Furthermore, Zara focus is producing high-end quality clothes through creativity. The retail giant u ses a rapid responseRead MoreThe Marketing Strategy Of Zara1394 Words   |  6 Pagesbecome necessary for businesses to invest heavily in marketing to have chances of succeeding in the market. Zara, just like any other big business organization employs unique marketing model to help it achieve its targets. This paper examines the fashion marketing strategy and brand development strategies of Zara. Company Background Zara is a Spanish chain store of Inditex Group, one of the world’s biggest retail store in the world. Founded by Amancio Ortega in 1975 in Spain, where its still homeRead MoreCase Study : Zaras Success1299 Words   |  6 Pagesprocess (slack et al, 2010). This is an essay on Zara (a fashion retailer) and how its approach to operation management makes it a successful company. OVERVIEW OF ZARA Zara employs one of the greatest and most successful operations strategy in the retail industry is the strategy employed by Zara. Zara being the flagship brand of a Spanish fashion retail giant, Inditex, (Industrias de Deseno Texti S.A.), was founded in 1975 and is engaged in designing textiles, manufacturing and distribution (Dutta. D

Compare and Contrast Hebrews, James, and 1 Peter - 1210 Words

The final eight epistles of the New Testament canon exert an influence out of proportion to their length. They complement the thirteen Pauline Epistles by offering varying perspectives on the richness of Christian truth. Each of the five authors – James, Peter, John, Jude, and the author of Hebrews – made a distinctive contribution from his own point of view. Like the four harmonizing approaches to the life of Christ portrayed in the Gospels, these writers provide a sweeping portrait of the Christian life as a whole and how it should be lived out. Although Paul’s epistles are excellent, the New Testament revelation after Acts would be severely limited by one apostle’s perspective had the writing of these five men been neglected. The†¦show more content†¦63, right before the outbreak of Nero’s persecution of Christians in A.D. 64. The overall theme of Hebrews is the greatness of Christ or His superiority, and that of Christianity to the Old Testament covenant. The author seeks to demonstrate his purpose by giving the reader five significant ways in which Christ is superior or better. As the Son, He is: superior to the Old Testament prophetsShow MoreRelatedMatthew- Christ The King. We Begin Our Survey Of The Biblical889 Words   |  4 Pagesthere that Jesus of Nazareth is the Messiah? Matthew begins answering this question in chapter 1 with a genealogy of the people of Israel from Abraham to David to Christ, showing that Christ has the blood and legal right to the throne of the kingdom. However, Matthew certainly does not forget to emphasize the deity of Christ as well, which means that He not only has the right to rule over the Hebrews but also the whole earth. As Matthew is writing primarily to the Jews, his answer on this questionRead MoreExegesis of the Book of James3509 Words   |  15 PagesAn Exegesis of James Synopsis/Overview: The Book of James is addressed to the twelve tribes in the Dispersion and outlines how an individual should live their life. The book of James outlines the faith walk through sincere religion, honest faith, and wisdom. The book of James also contains a significant parallel to Jesus’ Sermon on the Mount in Matthew 5-7. James begins by describing the overall traits of the walk of faith. James goes on to discuss the evil of the tongue, the responsibilityRead MoreBiblical Models of Servant Leadership13223 Words   |  53 PagesNEED: BIBILICAL MODELS OF SERVANT LEADERSHIP Introduction There are basic attitudes which we see in the lives of those whom God called to servant leadership in the Bible. These include a serving attitude where the leader sees his[1] primary responsibility to those whom he leads as to serve and develop them to fulfill their God-given mandate. The leader serves by putting on a redeeming attitude, like Moses and Joshua. In other words he takes responsibility for those he leads, recognizingRead MoreCredential Exam Essay6584 Words   |  27 Pagesgroup of apostles were the Twelve, which had a ministry in the initial establishing of the Church and will sit on twelve thrones during Millennium; name translates to â€Å"ambassadors, sent with a mission†; apostolic ministry had three distinct features: 1) commissioned by the risen Lord Jesus/first hand witnesses to the teachings and resurrection of Jesus 2) unique role of establishing the Church and producing Scripture 3) signs/wonders; function is similar to the task of the pioneer m issionary todayRead More Parallelisms and Differences:Rastafarianism and Judaism Essay6341 Words   |  26 PagesTestament is still prevalent. Many of the customs are almost identical, but the rationale behind the traditions and laws contrast greatly. In 1933, when Leonard P. Howell was arrested for usingseditious and blasphemous language,to boost the sale of pictures of Haile Selassie, he stated that Selassie was,King Ras Tafari of Abyssinia, son of king Solomon by the queen of Sheba.1 Howell knew that in later years factual information about Selassies true origin would be declared. As an Ethiopian constitutionRead MoreBible Summary2905 Words   |  12 PagesGideon, Samson, and Samuel (the last judge). Ruth - This is the story of a Moabite widow who takes care of her mother-in-law. Her loyalty and trust results in her marriage to an Israelite named Boaz. Her great-grandson turns out to be David. 1 Samuel - The first half of the book covers Samuels period as the last judge. Listening to the will of the people, a king is chosen. Saul is the first king over Israel. He soon sins and God finds a replacement ... a youth by the name of David. SaulRead MorePeter: Character Study5305 Words   |  22 PagesLiberty University Peter Are You A Peter? submitted to Dr. Wayne Stacy In Partial Fulfillment of the requirements for the course NBST 521 D02 Spring 2011 Liberty Baptist Theological seminary By Jeremiah Hagler (ID #74544) Lynchburg, Virginia. May 4, 2011 OUTLINE Thesis: It is the intent of this paper to dig into the life of Peter and see just who this man that passionately followed Christ was. As we dig into the life of Peter we will examine his character strengths, his weaknesses, andRead MoreBible Versus the Toran12356 Words   |  50 PagesName: Sandra R. Gibson Student I.D.: 0405713 Course: REL-275-OL Date: 9/3/2011 Final Project TABLE OF CONTENTS I. INTRODUCTION PAGE 1 II. AUTHORSHIP OF THE BIBLE PAGE 2 - 9 III. THE BIBLE PAGE 10 - 18 IV. AUTHORSHIP OF THE QURAN PAGE 19 V. THE QURAN PAGE 20 - 23 VI. Read MoreIs Mormonism a branch of Christianity?4109 Words   |  17 Pagesmen came into the jail and killed Joseph Smith (â€Å"Joseph Smith†). Smith’s followers remained faithful, and in 2009, there were over 13.8 million members of the Mormon Church. The Church’s numbers continue to increase daily (Bruner).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In contrast, â€Å"The history of Christianity goes back into Jewish ancestry and revolves around the 300 prophecies in the Old Testament which reveals the upcoming of a Jewish Messiah who would be a Savior of humanity†(Wenner). The birth of Jesus Christ by a virginRead MoreRastafarian79520 Words   |  319 Pagescondition on any acquirer Library of Congress Cataloging-in-Publication Data Edmonds, Ennis Barrington. Rastafari : from outcasts to culture bearers / Ennis Barrington Edmonds. p. cm. Includes bibliographical references and index. ISBN 0-19-513376-5 1. Rastafari movement. 2. Jamaica—Religious life and customs. I. Title. BL2532.R37 E36 2002 299†².676—dc21 2002074897 v To Donnaree, my wife, and Donnisa, my daughter, the two persons around whom my life revolves; and to the ancestors whose struggles

Analysis Of The Book If The Chronicles Of Narnia

If The Chronicles of Narnia is read in chronological order, C.S. Lewis introduces Polly Plummer as his first main female character in The Magician’s Nephew. However, the title indicates this story is not about her; it is about Digory, the magician’s nephew. She explores and travels with Digory as his friend, but her involvement in the story is mainly seen through her impact on Digory’s perspective and decisions. Nevertheless, by the same feminist ideology that declares each person prove her own merit, the strength of Polly’s characterization should be measured on its own. To suggest, as Susan Henthrone does in â€Å"The Image of Woman in the Fiction of C.S. Lewis,† that Polly’s role as a supporting character means that she is not a strong character is to do a disservice to her distinctive characterization. Digory’s indignation at Uncle Andrew’s sexist manipulations and comments serves to undermine the conception that Lewis, as a narrator, undervalues Polly simply because of her gender. To get Digory to go to what he calls the â€Å"Other World,† Uncle Andrew tricks Polly into putting on the green ring that will transport her without giving her the ring that would bring her back. It would be easy to assume, from Digory’s initial condemnation of Andrew in the exclamation that he â€Å"behaved like a coward, sending a girl into a place you’re afraid to go yourself† (Lewis, 25), that Lewis implies that Polly’s gender, and some inherent weakness therein, makes Andrew’s trickery trulyShow MoreRelatedAnalysis Of The Book The Chronicles Of Narnia 1693 Words   |  7 PagesKendall Childers Dr. Sagerson ENGL 1302 September 14, 2015 Noble Act Andrew Anderson’s film The Chronicles of Narnia: The Lion, The Witch, The Wardrobe starts off with four siblings who are escaping from the air strikes of World War II. The children escape to an old man’s mansion where they find a wardrobe that has a magical doorway to a mystical land called Narnia. While they are walking in Narnia their brother wonders off and finds the evil White Witch who lures him in through gluttony away fromRead MoreAnalysis Of The Book The Chronicles Of Narnia 1576 Words   |  7 PagesClive Staples Lewis, although his name avowed around the world, his literary works are exceedingly identifiable to the common household. There are few children who have yet to experience the mystical land in â€Å"The Chronicles of Narnia† and numerous scholars who have dissected the â€Å"Studies in Medieval and Renaissance Literature†. Having written over thirty published works by his death in 1963, Lewis has explored close to every genre of lite rature. (CSLEWIS.COM) Referred to as one of the intellectualRead MoreSymbolism Between C.S. Lewis ´ The Lion, The Witch and The Wardrobe and The New Testament in the Bible1627 Words   |  7 PagesThe symbolism between C.S. Lewis’ The Lion, The Witch and The Wardrobe, the fourth book in The Chronicles of Narnia, and the New Testament in the Bible, particularly the account of Jesus’ death is not merely coincidental because The Lion, The Witch and The Wardrobe is, in fact, an allegory. An allegory is a story with morals in which characters, plots and settings are used as symbols. The Lion, The Witch and The Wardrobe, by C.S. Lewis is rich with Christian symbolism even though the allegoricalRead MoreAn Analysis of the Lion, the Witch, and the Wardrobe1096 Words   |  5 PagesThe Chronicles of Narnia are veritably the most popular writings of C.S. Lewis. They are known as children’s fantasy literature, and have found favor in older students and adults alike, even many Christian theologians enjoy these stories from Lewis; for there are many spiritual truths that one can gleam from them, if familiar with the Bible. However, having said this, it is noteworthy to say that Lewis did not scribe these Chronicles for allegorical didactics of the Christian faith, but wrote themRead More Harry Potter is a Classic Essay1699 Words   |  7 PagesPOTTER—MORE THAN A CONTEMPORARY PHENOMENON What makes a book a classic? What is it about a book that will have generation after generation reading it? English Literature majors could spend hours theorizing the answers to this question. One series of texts that has received publicity and wide-spread acclaim over the past seven years is the Harry Potter collection. J.K. Rowling could never have possibly imagined how her little book about a boy with broken glasses and a scar on his foreheadRead More The Childlike and Biblical Connotations in The Lion, the Witch and the Wardrobe1995 Words   |  8 PagesThe Childlike and Biblical Connotations in The Lion, the Witch and the Wardrobe       Throughout his writing career, CS Lewis has been known for writing many books with a hint of biblical connotations in them. As Kathryn Lindskoog states, CS Lewis is known for opposing the spirit of modern thought with the unpopular Christian doctrines of sin and evil (2083). Lewis himself has said, You never know how much you really believe anything until its truth or falsehood becomes a matter ofRead MoreThe Wildly Popular Harry Potter Series By J.k. Rowling Essay1591 Words   |  7 Pagesa more divided stance on the Potter books and films. The Church has praised the films for their portrayal of good and evil, but warn against the lure of magic into occultism. However, as firm as the stance on Harry Potter and magic in the Catholic Church seems to be, as the books and movies were released a split occurred amongst members. Some supported idea that Christian themes like love, sacrifice, and good versus evil were in the text and therefore the books should be accepted. Howev er, the argumentRead MoreGlobalization Movie Production3576 Words   |  15 PagesNew Zealand Film Commission provided funds for three feature films in 2005, with a total investment of around NZ$10m ($6.4m). Following the territory’s reputation as a world-class film base, big budget Hollywood blockbusters King Kong and The Chronicles of Narnia were produced in the territory in 2005 with total production costs of around NZ$400m ($256.1m). The high production costs were inflated by King Kong, which had the third highest movie budget ever reported, and one of only five movies producedRead MoreHarry Potter Series By J.k. Rowling Essay1758 Words   |  8 Pagesstrong religious reactions including extreme acts of rejection by church leaders and parents in conservative Christian communities in the USA† (101). However, as firm as the stance on Harry Potter and magic in the Catholic Church seemed to be, as the books and movies were released a divide occurred amongst believers. Some supported idea that Christian themes like love, sacrifice, and good versus evil were in the text. However, the argument against Harry Potter, like Fr. Costigan’s assessment – whichRead MoreThe Philosophical Evolution Of Metaphysics Essay2453 Words   |  10 PagesEvolution of Metaphysics: The Influence of Metaphysics on Poets and How It Pertains to Today Society. Imagine, the year is 2150 and a student is sitting at her desk looking within at latest technology, she thinks about lost poets that history books have shunned for the significance of more famous poets. As a child in modern society, the importance of lesser known poets, such as Thomas Traherne and George Herbert, are considered valuable for their philosophical influence in poetry. Over the course

Auditing Measurements Challenge Fair Value -Myassignmenthelp.Com

Question: Discuss About The Auditing Measurements Challenge Fair Value? Answer: Introduction The accounting scandals have been a common occurrence in todays economy. Such scandals have shook the entire world economy and evidently reflected the fact that in spite of the existence of auditing regulations and frameworks, the auditors do not adhere to such regulatory procedures which often lead to firms undertaking unethical techniques for the fulfillment of their personal interests. The issue that has been presented in this particular study is that the role of the auditors in mitigating the accounting scandals has been asked to identify. The accounting scandals have been a common occurrence and it has been found that the firms that have been involved with such corruptions usually have been the big players of the industry. The accounting scandals that have been chosen for understanding the role of the auditors and other related issues are the particular scandals by Rolls-Royce and Olympus Corporation. Auditing Scandal by Rolls-Royce The leading automaker company, Rolls-Royce had been charged guilty of crimes like falsifying accounts, interference with the investigations that have been going on and illegal payments in amounts of tens of millions of pounds for the securing the ownership of the contracts in Thailand, Russia, Indonesia and China. The company had made a payment of 671 million to the Serious Fraud Office as a fine. The corruption charges that the leading automaker company was accused of ranged back for more than over twenty years. The leading car brand company had been bribing hugely for the purpose of gaining the ownership of the contracts and had been carrying out such unethical operation from 1989 till 2013. A particular instance of the financial corruption undertaken by the company had been the $100 million order in regards to the supply of Trent 700 jet engines to the Garuda airlines in Indonesia in 1991. The general prediction by the stakeholders had been that the deal in regards to the Garuda a irlines belonged to the US rival Pratt Whitney. However, the proceedings of the deal rolled in favor of Rolls-Royce. It had been later revealed that the senior executives involved in the particular deal of Garuda Airlines had made a payment of $2.25 million along with a Rolls-Royce Silver Spirit car to the agent for securing the deal of the Trent 700 engines. Furthermore, Rolls-Royce also had made a payment of $2.2 million to Air Asia for the purpose of securing the ownership to the orders. Thus, it is evident from the above instances that the particular company had been maintaining goodwill and had been securing the position of a top automaker in the industry by undertaking unethical and corrupted measures (Bingham and Druker 2017). Auditor of Rolls-Royce The auditor of Rolls-Royce had been the famous KPMG group. The KPMG had been the firm responsible for executing the audits of Rolls-Royce. The accounting scandal of such enormous volume has allegedly led to the Financial Reporting Council look into the particular auditing procedures carried out by the audit firm. It should be noted here that there have been several instances where the auditing firm (KPMG) had mentioned in the auditors issues related to materiality and other financial concerns. However, there have been no such strict measures taken by the auditor firm to identify the illegal business operations carried out by the British giants (Bowman 2014). It can be further concluded that the issues that led to the accounting scandals had been majorly the unethical use of third party intermediaries. The third party intermediaries generally consisted of the distributors, brokers, resellers and intermediaries. Furthermore, it had been later accepted by the company that the company had made use of a complex accounting system that enabled it to record a 800 million pound loss as a profit in the financial report of the company (Cannon and Bedard 2016). Thus, all these evidences help in deducing the fact, that the evaluation of the financial and the non-financial aspects of Rolls-Royce that had been carried out by the auditing firm, were not proper. It should be noted here that the primary duty of an auditor lies in ensuring that the financial statements of a company reflect the true and fair view of the financial condition of business. Therefore, it can be concluded here that the KPMG as an auditor of Rolls-Royce had failed to execute the primary duties of an auditor. Furthermore, this is an instance of audit capability. This means that the auditing evaluation executed have not been proper, as the firm has not engaged into looking in the proper areas that need to be examined or monitored (Cannon and Bedard 2016).. Initiative taken by KPMG The particular initiative taken by KPMG had been that the firm had mentioned in the annual report of Rolls-Royce in 2014 that the company had made use of estimations and assumptions that resulted in mildly cautious profit recognition. Moreover, the annual report of 2013 disclosed the fact by KPMG that the firm was at risk of bribery. However, the audit firm did not delve further into the issues which clearly rules out the case as lack of audit capability. the auditing firm should have been much more strict with the audit proceedings and further looked into the areas which indicated the occurrences of bribery. Thus, the lack of adherence to the proper auditing standards (as seconded by FRC) led to the financial scandal of Rolls-Royce take such a vast form (William, Glover and Prawitt 2016). Auditing Scandal by Olympus Corporation The Olympus Corporation had been a respectable organization in Japan along with its CEO Tsuyoshi Kikukawa until the date of April 1, 2011 when the former COO of the company accused the management of a financial statement fraud. The company had incurred a humongous amount of loss in regards to certain bad investments. This loss had been covered up by the three consecutive presidents of the conglomerate along with a number of executives. The company had even made a payment of 17 billion yen to a former employee who had proposed the unethical cover up scheme. The whistleblower in this particular accounting scandal had been the non-Japanese CEO who revealed the proceedings of the scandal to the entire world. An instance of the fraud conducted in the Olympus Corporation can be summarized by the over 2000 e-mails that had been exchanged between the CEO of the Olympus Corporation and three other employees in regards to the technique that should be adopted in order to hide the losses. These employees each had received a total of 1.1 billion yen as compensation. The investigation committee also identified that the group had exchanged emails with the former vice president of the Olympus Corporation, Hisashi Mori. Furthermore, it had been found out that the former president of the company also had illegally acquired the Gyrus Group PLC by Olympus Corporation (Hu 2014). Auditor of Olympus Corporation and initiatives taken by them The auditors of the Olympus Corporation had been two well-known auditor firms that were KPMG and Ernst Young. Both the auditor firms though had refused to comment on the issue pertaining to the protection of customer data. However, the occurrence of certain events gives us insight into the financial scandal by the Olympus Corporation. To be more precise, the auditing firm, KPMG had been relieved of its duties in the financial year of 2009. This indicates the fact that there had been disagreements between the firm and the management of the corporation which ultimately led to such outcomes. This had been seconded by the reports that stated that there had been certain conflicts in opinions in regards to bad acquisitions between KPMG and Olympus Corporation that led to the removal of the firm (Hu 2014). Next, the auditing firm, Ernst Young had been appointed as the external auditors of the Olympus Corporation. However, there has been no strong accusation either by Ernst Young that could reveal the corrupt procedures carried out by the company. In spite of the availability of enough evidence like the payment of $687 million as advisory fees in regards to the unfair acquisition of the British medical firm, Gyrus, both the auditing firms did nothing to publish the accounting scandal in the auditors report. This has been another instance of the lack of auditing capability. Both the auditing firms have not adhered to the established auditing framework or the auditing procedures which has resulted in such an outcome. Moreover, the firms also violated the agency theory and the signaling theory (Hu 2014). Improvements that have taken place in the auditing standards and principles since then The improvements that have taken place after the financial scandal carried out by the Rolls-Royce had been one of the international accounting bodies, ICAEW that are in charge of framing and modifying the regulatory principles had established an completely new reporting model for ensuring that the occurrence of such issues are not repeated in the future. The new reporting model that has been prepared keeps the investors and the stakeholder of business well aware of the happenings and events in the organization at a stipulated interval. The financial reporting model that has been framed by the ICAEW also maintains a degree of clarity and transparency that makes it easier for the stakeholders of business or the users of the financial statements to interpret and understand the financial proceedings of the firm. ACCA, another accounting regulatory puts stress on the collection of enough audit evidence for resolving the problem of lack of audit capability (Larcker Tayan 2015). As mentioned earlier in this report, the required investigations in the accounting scandal had been carried out by the regulatory body, FRC. After, the Rolls-Royce case, the FRC has made it a mandatory rule that an organization is required to change the auditing firm carrying out its annual audit in every ten years (Larcker Tayan 2015). Another globally known regulatory body, CIMA has established a framework for preventing risks arising out of the occurrences of such financial scandals. CIMA also has stated in its report that the maintenance of the required ethical standards in regards to the business operations that are carried out by a business firm not only is beneficial for the business unit but also for the stakeholders of the particular business (Larcker Tayan 2015). On the other hand after the occurrence of the Olympus Corporation scandal, the Congress had passed the Sarbanes Oxley Act. This further resulted in the creation of the Public Company Accounting Oversight Board which restricted the control that the Certified Public Accountants had (Jackson 2017). Recommendation The particular recommendation that can be arrived at after going through the discussion in the preceding paragraphs is that the occurrence of such accounting scandals have further led to the strengthening of the auditing framework. All the auditing and accounting bodies, all over the world have acknowledged the fact that there have been a gap in the auditing framework and procedures which led to the lack of auditing capabilities on the part of the auditing firms. Moreover, it should also be realized by the auditor firms that it is their sole responsibility to highlight the areas of doubt in the financial statements of the concerned company. This will not only enable them to properly adhere to their duties but also save the stakeholders of business who depend on the corporate entities for their earnings. Conclusion The only conclusion that can be arrived at is that the role of an auditor is very important in a corporate world. Thus, it is the primary duty of the auditor is to safeguard the stakeholders of the company that they are auditing, ignorance of which will lead to such accounting scandals. Moreover, the corporate bodies have to understand that adopting fraudulent techniques will definitely harm the business in the end. References Askary, S. (2017). Can Accounting Regimes Protect the Public Interests?. Middle East Review of Public Administration (MERPA), 3(3). Bingham, C. and Druker, J., 2017. Acting With Integrity Across The World? What Do Multinationals Say About Labour Standards?. Bowman, C., 2014. When are Executives Paid Too Much?. Cannon, N.H. and Bedard, J.C., 2016. Auditing challenging fair value measurements: Evidence from the field. The Accounting Review, 92(4), pp.81-114. Coffee, J. C. (2016). The Globalization of Entrepreneurial Litigation: Law, Culture, and Incentives. Hu, D. (2014). Japanese stock market reaction to announcements of news affecting auditors reputation: The case of the Olympus fraud. Journal of Contemporary Accounting Economics, 10(3), 206-224. Jackson, K. (2017). Japanese management and society in the Age of Abenomics. Larcker, D., Tayan, B. (2015). Corporate governance matters: A closer look at organizational choices and their consequences. Pearson Education. Masztalerz, M., 2014. Global Management Accounting Principles-Emperor's New Clothes. Research Papers of Wroc?aw University of Economics, (345). Mayer, C., 2017. Whose Responsible for Irresponsible Business? An Assessment. William Jr, M., Glover, S. and Prawitt, D., 2016. Auditing and assurance services: A systematic approach. McGraw-Hill Education