Question 1 Public perception of the 'Role of the Auditor' (1200 words)
-The quality of auditing in Australia is under scrutiny by ASIC and the industry faces growing
pressures-
Walker, D. (2019). Auditing the Auditors. Australian Institute of Company
Directors. https://aicd.companydirectors.com.au/membership/company-director-magazine/
2019-back-editions/june/auditors
Required
Conduct an internet search for one (1) case in relation to a 'Big 4' Accounting Firm who has
faced scrutiny, with respect to their audit findings in the last 2 years. With reference to the
case (include a link to it within your submission) submit a report that:
1. summarises the facts of the case, including the company that the audit findings related
to and the oversight/error by the auditor. (3 marks)
2. indicates the level of assurance provided and the nature of the evidence likely collected
by the auditor to provide that level of assurance (3 marks)
3. evaluates the remedies sought by regulatory agencies. (3 marks)
4. evaluates the remedies sought by the company's stakeholders. (2 marks)
5. discusses the challenges and available opportunities for audit firms in offering assurance
services in a post-Banking Royal Commission / increased regulatory environment (3
marks)
The term 'case' - simply relates to any example that has been documented within the media or other sources, but needs to have occurred in Australia.
- The paper should;
o Ensure the facts of the case for the selected company are succinctly summarised with a very clear articulation of the findings related to the oversight/error by the auditor.
o Clearly identifies and explains the type of assurance provided and the nature of associated evidence was appropriate and relevant.
o Outline and provide an insightful evaluation of at least three (3) remedies;
??sought by regulatory agencies.
??sought by the company's stakeholders.
o Outline and provide three (3) insightful challenges and three insightful (3) opportunities in a post-Banking Royal Commission / increased regulatory environment for audit firms are identified and discussed in a succinct and intuitive manner.
APA referencing style will be applied.