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Auditing Assurance & Services ACC707 Individual Assignment

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Auditors’ Liability

You work in a chartered accounting firm and your partner, Sally Smith, has asked you to do some research and write a report to update her about the potential liability that auditors face as a result of the global financial crisis. The issue arose when a neighbour mentioned to Sally at the weekend that a global accounting firm has had a class action lodged against it over the collapse of Lehman Brothers.

Required

Using the reference materials available on the internet, research the topic and prepare a report for Sally, fully referenced ...

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Question Preview:

Auditors’ Liability

You work in a chartered accounting firm and your partner, Sally Smith, has asked you to do some research and write a report to update her about the potential liability that auditors face as a result of the global financial crisis. The issue arose when a neighbour mentioned to Sally at the weekend that a global accounting firm has had a class action lodged against it over the collapse of Lehman Brothers.

Required

Using the reference materials available on the internet, research the topic and prepare a report for Sally, fully referenced and up to 2500 words. Minimum of 8 academic references is required.

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Solution preview

The global financial crisis because of its unusual nature implies that auditors have to be extreme careful and diligent in their judgment about different risks while assessment of business firms. The risk assessment process holds paramount importance, particularly to the ‘going concern concept.’ During financial crisis, judgment of different risks becomes a complicated and complex issue and possesses serious challenges for auditors (Liu, C., Lin, H., Yen, A., 2014). However, professional yardsticks including audit standards, principles of quality assurance, and methodological recommendations are available with auditors to perform their task in an effective manner. Nevertheless, assessment of impact of global financial crisis on international and domestic economies of different countries becomes a cumbersome process. The task becomes even more challenging when firms are involved in assessment process (Brody, R., Haynes, C., White, C., 2014).

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