Causal for the demise of hih was mismanagement and borne from this, ethical misconduct that was ratified busm4139: corporate social responsibility & the law: hih paper hih paper 7 by the severe penalties and incarceration of officers of hih following the collapse (asic 2011a. Get an answer get a high quality explanation and answer to your question payment once a satisfactory answer has been provided, 100% satisfaction guaranteed. 1 hih case study on corporate governance (round 1) the primary objective of this case study is to assess the state of corporate governance at hih before its collapse to analyze the warning signals, if any, that were provided by. [meteor_slideshow slideshow=arp1″] the task: conduct a web search to find some relevant information on the 'collapse of hih' you are to prepare answers to each of the following questions.
Hih was comprised of over 250 companies at the time of liquidation (main 2003), including hih casualty and general insurance limited, fai general insurance company limited (fai), cic insurance limited (cic) and world marine and general insurances limited (wmg. The hih debt to asset ratio was 089 if the figures in financial reports were used however if the ppe, deferred acquisition costs, intangibles and future tax benefits were disregarded, the ratio would be 101 a warning sign of insolvency. The collapse of the insurance giant hih in australia has been mechanism for considerable changes in financial report auditing many of these changes focus on the presence and extent of the auditor independence.
Haven't found the essay you want get your custom essay sample for only $1390/page. Asic v adler hih insurance hih insurance was founded in 1968 by ray williams and michael payne, which was known as m w payne underwriting agency pty ltd however, their company was acquired in 1971 by a british company called ce heath plc and appointed ray williams to be the board of ce heath plc in 1980. Conclusion in the wake of the hih collapse and subsequent scandal, the icaa has released survey results showing that australians want ethical businessmen and leaders in the community the saddest part of the whole debacle.
Essays related to ethical behaviour 1 of the ethical issues that arise in the operation of a free market system in the hih collapse word count: 2115 the scope. Free sample essays of: critical persuasive narrative argumentative descriptive descriptive expository personal definition essays thursday, may 31, 2012. If you want accounting management assignment help study samples to help you write professional custom essay's and essay writing hel p receive assured help from our talented and expert writers did you buy assignment and assignment writing services from our experts in a very affordable price. Before its collapse, hih was the second largest insurance company in australia, and covered several insurance segments, including worker's compensation, public and private liability, property, industrial and commercial insurance.
Case summary asic v adler on june 2000, hih casualty and general insurance ltd (hihc) provided an undocumented and unsecured payment of $10 million loan to pacific eagle equity pty ltd (pee) pee is a company controlled by adler, which is the trustee of australian equities unit trust (aeut. Research report hih story intent: "research a specified topic, reading and interpreting case and statute laws, analysing the effect and operations of these laws on companies and their stakeholders, and using knowledge to report on. Use of hih perormance materias protective we have a joint venture partner selection of hypnosis insurance collapse of analytical laboratory for bruno's wax peppers, topical issues, toc, the so-called 'social banking.
This essay is going to analysis the collapse of health international holdings (hih) which was the largest corporate collapse in australia there are so many issues caused hih insurance collapse on 15 th march, 2001. To get a thorough understanding of this concept of audit expectation gap let's look at the role of auditors in hih and onetel collapses apparently, the cause for the hih collapse was an issue of professional independence. Such was the demise of hih insurance limited (hih): both a surprise (to many) and very bad news for many policyholders on thursday, 15 march 2001, hih received approval from the nsw supreme court to place hih into provisional liquidation.
Learn from our vast document library with over 50,000 user submitted past assignments, study guides, comprehensive study notes and more. Ray williams established the hih insurance in 1968, before ce health plc, a british company, acquired it in 1971 in 1995, the insurance company was renamed hih, and was among the largest insurance firms in australia. Independence of auditors the objective of this study is to consider the statement as follows: unquestionably, the hih story is also one of auditor failure and to research into the background of the hih collapse in australia insofar as it relates to the role of auditors and their liability. A brief of hih profile is provided prior to the auditing analysis of hih insurance collapse the next part of this paper is devoted to examine issues related to hih audit practices with respect to audit independence, audit committee and ethical considerations.