Read the following extract from the ACCA (the Association of Chartered Certified Accountants) website, which is the
Question:
• Explain the culpability or which parties were deemed responsible and why. Outline the damages imposed or the penalties and consider whether they were appropriate.
• investigate and explain the relevant issues in Auditing and Accounting raised by the case,
• The root-cause of the issues such as; market pressure, organisational culture, fraud etc.
• any problems, mistakes or misrepresentations made by the defendants, which contributed to the adverse judgment and the awarding of damages,
• Finally, provide recommendations and possible improvements to: o the Audit Strategy, o the Audit Program, o Other effective measures; which would prevent the recurrence of the same litigation in the future and maintain the professional reputation of auditor
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett