Calculate the loss suffered by the shareholders, Fin, Auditing

Calculate the loss suffered by the shareholders, Fin, Auditing

Assignment Help:

In June 2004, Feltex Carpets Limited raised NZ $254 million in an initial public offering. Twenty seven months later the company was in receivership, its share price having collapsed from $1.70 per share to 3 cents per share.

a) Summarise the history of the FeltexCarpets Limited case.

b) Critically discuss the roles played in the FeltexCarpets case by:

i) the directors of FeltexCarpets Limited

ii) the auditor of FeltexCarpets Limited

In particular, discuss fully, referring to the relevant legislation, common law and any other appropriate sources, whether or not you believe that the directors and/or auditor should be held liable for the losses suffered by the shareholders.

b) Furthermore, discuss fully, by consideringeach of the fundamental principles of

PES 1 Ethical Standards for Assurance Providers, whether you believe that the auditor of FeltexCarpets Limited was responsible for any breach(es) of this Standard.

Related Discussions:- Calculate the loss suffered by the shareholders, Fin

audit evidence, Determinants of amount of audit evidenc

Determinants of amount of audit evidence

Joint audit, Advantages and disadvantages

Advantages and disadvantages

Communications to regulatory and enforcement authorities, Communications to...

Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo

Subsequent events - audit process, Subsequent Events - Audit Process I...

Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th

Auditing and assurance in australia, i need an assignment for auditing with...

i need an assignment for auditing with word count of 1750

Why audit of procurement is considered important, The Department of Higher ...

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

Overview of the audit process, (i) Overview of the audit process (a) Ide...

(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr

Pension funds - specialized audit situation, Pension Funds - Specialized Au...

Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable

Investment - audit process, Investment - Audit Process The investment ...

Investment - Audit Process The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are re

Provision and accruals, Provision and Accruals Previous to we consider...

Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd