Audit and Assurance Compliance

Running head: AUDIT AND ASSURANCE COMPLIANCE
Audit and Assurance Compliance
Name of the Student:
Name of the University:
Author Note:
Word Count: 3000

1AUDIT AND ASSURANCE COMPLIANCE
Table of Contents
Introduction............................................................................................................................. 3
Stakeholder Analysis of the company Wesfarmers Limited:....................................................3
 Government:................................................................................................................. 3
 Suppliers........................................................................................................................4
 Shareholders................................................................................................................. 4
 Consumers and Employees:..........................................................................................4
Decision of Independent auditor based on Whistle-blow Policy..............................................5
Learning outcome of Auditor from Enron Scandal...................................................................6
Extricating the records:........................................................................................................ 7
Quality Standard...................................................................................................................8
Behaviour of Arthur Andersen............................................................................................. 9
Steps of Audit and Quality of Audit..........................................................................................9
Conclusion.............................................................................................................................. 13
Reference:.............................................................................................................................. 14
Appendix:............................................................................................................................... 17

2AUDIT AND ASSURANCE COMPLIANCE
Executive Summary
The report has been prepared in accordance to analyse the risk for the stakeholders
in regard to the material misstatement is not being identified or the auditor does not
properly disclose or it is not adjusted while preparing the financial statement. To support
this analysis a company is needed. In this case Wesfarmers Limited is the company to focus
on the stakeholder’s analysis. The other part of the report focuses on the Enron Scandal and
the application of Whistleblowing ensuring the responsibilities of an auditor. The report
throws light on the role of an auditor as in how the auditor would perform his duty and shall
maintain high degree of professionalism.

3AUDIT AND ASSURANCE COMPLIANCE
Introduction
The objective of the report is to focus on the significant aspects that is being related
to Enron case along with the concept of whistle-blower as well as its applicability in
reference to Australian regulation. The case of Enron has been the popular case of fraud in
the corporate sector. This gives the broader explanation of the accounting misstatement in
the books while recording has taken place. The case critically analyse the different aspects
of the fraud.
Apart from this, the analysis in this report also includes an assessment of the concept of
whistleblower and the form and extent of current institutionalised whistleblower protection
in Australia. The analysis is also focused towards evaluating the effectiveness of Australian
whistleblower in achieving protection and this would be analysed through the application of
relevant case examples. The findings from the entire analysis would then be summarised in
the conclusion section of the report. The report has discussed the concepts of APES 110 so
as to analyse the whistleblowing policy subjected to public interest. The report is concluded
stating the suggestions founded on the G. Med craft for the superiority as well as phases
that is to be preserved and engaged by an auditor.
Stakeholder Analysis of the company Wesfarmers Limited:
The below mentioned are the stakeholders of Wesfarmers Limited for reviewing in relation
to material misstatement. Government:
The entity decided to approach the government body at both levels central and state
regarding the issues popping up in the due course of their operational activities. Sue to