Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

Stuck on Your Question?

Get 24x7 live help from our Top Tutors. All subjects covered.

loader
250 words

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Students Who Viewed This Also Studied

15 Pages
BAO5522 Managerial Accounting

Questions: Unit description This unit of study introduces students to managerial accounting concepts and practices within the context of internal organisational decision-making requirements. The uni ...

Course

BAO5522

Type

Programming

Subject

Accounting

University

Victoria University

17 Pages
ACC601 Introduction to Financial Accounting

Question: Learning Outcomes The Subject Learning Outcomes demonstrated by successful completion of the task below include: a) Articulate and implement regulatory and ethical frameworks and th ...

Course

ACC601

Type

Assignment

Subject

Accounting

University

Torrens University

Season

Fall

14 Pages
ACCY801 Accounting and Financial Management

Task: Task: Business Case Sutdy Tim and Denise Wilson are the owners in partnership of Caffeine Hit* an established and successful coffee shop in Woolloongabba, Brisbane. *Fictitious name, for the ...

Course

ACCY801

Type

Programming

Subject

Accounting

University

University of Wollongong

Season

Spring

12 Pages
ACCT 5015 Contemporary Issues in Accounting

Task:  Your task is to undertake research and report the nature of COVID related disclosures by Australian companies. You would need to select one of the Australian Stock Exchange (ASX) listed c ...

Course

ACCT 5015

Type

Programming

Subject

Accounting

University

University of South Australia

HI6026-Audit, Assurance and Compliance

Question

Answered

Purpose of the Assignment

Students are required to research a recent legal case where an Audit firm was sued for professional negligence. Students are required to analyse the root causes and the pertinent issues from their selected case and then specify what measures can be taken by auditors in the audit approach and in other ways, to minimise the risk of litigation and ensure professional integrity and reputation.

Task

Assignment Topic – Auditors and Legal Liability 

Read the following extract from the ACCA (the Association of Chartered Certified Accountants) website, which is the global body for professional accountants, as stated: 

“Over the past two decades the bill for litigation settlements of Big Four audit firms alone has run into billions of dollars. Examples include Deloitte’s 2005 settlement of $250m regarding its audit of insurance company Fortress Re and PwC’s $229m settlement in the lawsuit brought by the shareholders of audit client Tyco in 2007.”

“Auditor liability is increasingly concerning, both in terms of audit quality and the reputation of the profession but also in terms of the cost to the industry and the barriers this creates to competition within the audit market.”

Required

Given the importance of professional liability to auditors and the negative publicity this creates for the profession as a whole, research a recent case (Post 2000) where an auditor/audit firm was sued for professional negligence. Students may research cases from the UK, USA, NZ or Canada in addition to Australian cases.

With reference to the facts of the selected case, the significant Auditing and Accounting issues and the final judgement handed down in your selected case:

• Provide a brief description of the key events and the factual issues behind thecase

• Explain the culpability or which parties were deemed responsible and why. Outline the damages imposed or the penalties and consider whether they were appropriate.

• investigate and explain the relevant issues in Auditing and Accounting raised by the case,

• The root-cause of the issues such as; market pressure, organisational culture, fraud etc.

• any problems, mistakes or misrepresentations made by the defendants, which contributed to the adverse judgement and the awarding of damages,

• Finally, provide recommendations and possible improvements to:

a.the Audit Strategy,

b.the Audit Program,

c.Other effective measures;

which would prevent the recurrence of the same litigation in the future and maintain the professional reputation of auditors.

HI6026-Audit, Assurance and Compliance

Answer in Detail

Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

13 More Pages to Come in This Document. Get access to the complete answer.

More HI6026 HI6026-Audit, Assurance and Compliance: Questions & Answers

Q
icon

We aren't endorsed by this University

BAO5522 Managerial Accounting

Questions: Unit description This unit of study introduces students to managerial accounting concepts and practices within the context of internal organisational decision-making requirements. The unit adopts an inter-disciplinary approach to combine elements of accounting, management, information s ...

View Answer
Q
icon

We aren't endorsed by this University

ACC601 Introduction to Financial Accounting

Question: Learning Outcomes The Subject Learning Outcomes demonstrated by successful completion of the task below include: a) Articulate and implement regulatory and ethical frameworks and the use of accounting information to support business decision-making.b) Apply the accounting cycle an ...

View Answer
Q
icon

We aren't endorsed by this University

ACCY801 Accounting and Financial Management

Task: Task: Business Case Sutdy Tim and Denise Wilson are the owners in partnership of Caffeine Hit* an established and successful coffee shop in Woolloongabba, Brisbane. *Fictitious name, for the purposes of assessment only.) They are considering three possible alternative uses for retained ea ...

View Answer
Q
icon

We aren't endorsed by this University

ACCT 5015 Contemporary Issues in Accounting

Task:  Your task is to undertake research and report the nature of COVID related disclosures by Australian companies. You would need to select one of the Australian Stock Exchange (ASX) listed companies and analyse its COVID relevant disclosures on Corporate Websites, Annual Reports, Sustainab ...

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.io then please raise the content removal request.

Choose Our Best Expert to Help You

icon

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?