Auditing: Analysis of HIH and OneTel Collapse

AUDITING

HIH & OneTel
Executive Summary
In the past three decades there has been glaring examples of corporate failure. Such failures
shed light on the performance and the role of the auditors. In this report two of the major
organization that is the HIH and OneTel has been considered for the purpose of study. The
major reason for the downfall can be cited due to the failure on the part of the auditor and the
management. The report stress upon why the failure happened. The report is divided into
various parts from the introduction followed by the reasons of the auditor in the collapse.
Further, the auditor independence and code of conduct is even discussed in the report.
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HIH & OneTel
Contents
1. Introduction to the downfall of HIH and OneTel...........................................................................3
2. Auditors of the companies collapsed.............................................................................................3
3. An analysis of how has the audit procedures contributed towards the collapses............................4
4. Independence and professional and ethical behaviour within the cases discussed.........................5
5. Improvements that may have taken place in auditing standards and principles since then.............6
Recommendations.................................................................................................................................6
Conclusion.............................................................................................................................................6
References.............................................................................................................................................8
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