Audit, Assurance and Compliance Report

Running head: REPORT 0
audit, assurance and compliance
DECEMBER 19, 2018

REPORT 1
Executive summary
The key Stakeholders of the company are entitled to data regarding the financial
performance and state of affairs of the listed companies, where they have made investment
and the approaches and strategies for the future growth. The auditors are required to be
aware while preparing the financial statements of the companies. The financial statements
of the company should be free from the material misstatement otherwise; it can harm the
reputation of the company. In this report, key stakeholder’s analysis of Wesfarmers limited,
whistleblowing concept and independence concept and learning for auditors is discussed
and examined.

REPORT 2
Contents
Introduction............................................................................................................................. 3
Lesson for auditor from Enron scandal-...................................................................................7
Concept of independence and whistleblowing in relation to auditors-...................................5
Audit quality and requirement to address the warning stated in the statement made by Greg
Medcraft-............................................................................................................................... 10
Conclusion.............................................................................................................................. 14

REPORT 3
Introduction
Enron is the big business let-down in history of USA, and representatives and controllers
have created the slide of hearings and inquiries. In the case, they are searching for
recommendation, which can help avoid same conditions in the upcoming period; audit
control is the practical place to start. In addition, this time the accounting industry can
search slight understanding for the objection. In the following parts lesson for the auditors
from Enron scandal, the concept of independence and the concept of whistleblowing in
respect of the auditors, Audit quality and requirement to address the warning stated in the
statement made by Greg Medcraft, and key stakeholders analysis of Wesfarmers limited is
discussed and critically examined.
Key stakeholders analysis of Wesfarmers Limited-
It is responsibility of auditor to prepare the plan and conduct audit to get the proper
guarantee regarding whether financial statements of company is free of material
misstatement, if by the reason of the errors and frauds. Though, main focus puts on the
deliberation of frauds of auditors in conducting the audit of the financial statements of
company, this is the duty of management to create and make the process and programs to
stop, prevent, and explore the frauds.
If material misstatement would not be properly detected, then interest of key stakeholders
will be affected. The audit risks involves the elements, which may be the reasons of the
material misstatement, errors or blunder in financial statements of the company. It is
related to the auditors of the company in the direct manner. These business risks are
related to the corporation itself, involving the stakeholders of the company. Whereas, these
risks are very dissimilar, if there are big business risks they can lead to high discovery of the