Auditing Assurance & Compliance Assignment

AUDITING ASSURANCE AND COMPLIANCE ASSIGNMENT

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By student name
Professor
University
Date: 25 April 2018.
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Executive Summary
A report has been prepared on the topic of “Auditor’s Public Interest Responsibilities and the Audit
Quality”. The quality of the audit plays a very important and critical role in the decision making and so
the sub-standard audits are not acceptable as it is having a direct consequential risk for the stakeholders
including the auditors’ themselves. The report also highlights the key stakeholder analysis for one of the
Australian listed companies. It also focuses on the concepts of “whistleblowing” and “independence” in
line with APES 110 on Code of Ethics for Professional Accountants. Towards the end, the report
highlights few of learnings from the Enron Scandal and the steps that are needed to be undertaken by
the auditors to address the warning given by Greg Medcraft with respect to the Audit Quality.
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Contents
Introduction.................................................................................................................................................4
Discussion and Analysis...............................................................................................................................4
Key stakeholder analysis for an ASX listed company...............................................................................4
Concepts of whistleblowing and Independence for auditors..................................................................5
Lessons from the Enron Scandal and behaviour of Arthur Anderson, the auditors.................................6
Audit Quality............................................................................................................................................8
Conclusion.................................................................................................................................................10
Bibliography...............................................................................................................................................10
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