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Auditing, Assurance & Services Individual Assignment
Research Question
Auditor's Report
The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor's Report is developed in the wake of the global financial crisis, in particular the collapse of Lehman Brothers. This development is in response to calls from shareholders to know more about the companies they invest in. You are required to research the auditing issues surrounding the collapse of Lehman Brothers. Further you are required to relate the issues that led to the development of the new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor's Report. As a result of your research, provide the key audit matters which would be required to be disclosed in the audit report to the members of Lehman Brothers if the new auditing standard ASA701 (ISA 701) had applied in the period leading up to the collapse of Lehman Brothers.
Required
Using the reference materials available on the internet, research the topic and discuss the auditing issues surrounding the collapse of Lehman Brothers. Explain how this was not forewarned in the auditor's report which gave an unqualified opinion before its collapse. Explain how the new auditing standard ISA 701 Communicating Key Audit Matters in the Independent Auditor's Report may provide additional information about the impending collapse of Lehman Brothers, explaining clearly what these matters are. Also, state clearly what the auditor of Lehman Brothers would have disclosed in "Key Audit Matters" if ASA 701 was applicable then as well explain how this would be an improvement in auditing practice.
Verified Expert
There are basic facts pertaining to year prior to 2010. Since the incident took place in 2008, it is very necessary to put up brief data so that a background can be set up for explaining in the whole paper. Hope this would suffice your purpose.
Australian student, 2500 words. The report should include title page, executive summary, table of contents, appropriate headings and sub headings, recommendations, reference list (Harvard-Anglia style), attachments if relevant, single spaced, font Times New Roman 12pt. Integration and originality in the selection and handling of relevant theory to build and justify analysis. Wide range of current and relevant sources integrated in systematic way. Identifies and insightfully discusses auditor’s liability and duty of care. Strong links to accounting issues and auditor responsibility & duty of care in respect of Lehman Brothers. All aspects of the task completed in a comprehensive and cohesive manner. Excellent recommendations made, linked to the evaluation of auditor’s liability and duty of care. Theory used in insightful way to justify recommendations and discuss enhancement of the auditor’s duty and responsibility. Highly professional presentation – satisfies all presentation elements. Correct referencing throughout.
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