ACC5218 - Auditors Independence Case Study - Case Study Assignment Help

Assignment Task :

This case study requires students to produce a report about auditors’ independence drawing on appropriate media reports, professional and academic literature along with the code of ethics and auditing standards. One article is provided as prompts for your report. You are required to produce a report with headings as you answer the following questions. Your report should include at least five references (in addition to the one listed below). Reputable sources should be used, for example per reviewed journals, professional journals, banks’ websites and media reports from well-established media outlets. Do not use websites like Wikipedia, Investopedia and Lumen Learning. As this is a report, do not use direct quotes. When you are referring to sections from the code of ethics and auditing standards, summarise them in your own words and provide a reference. Referencing should follow the Harvard system, see https://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide 

1. What is auditor independence?

2. Why is auditor independence an important issue and what are the ramifications if auditors fail to be independent or fail to be seen to be independent?

3. Select one bank mentioned in the article “Big banks and accounting firms defend auditors' independence” and investigate how they justified using other services from their auditors (beyond what is stated in the article).

4. The article implies both the banks and the accounting firms were to blame for the banks using the accounting firms to supply other services beyond audit services. In your opinion can the blame be spread equally between both the banks and the accounting firms or is one more to blame? Or do you think that neither is to blame? Justify your opinion using reputable sources.

5. What policies can audit firms adopt to ensure they maintain their independence in offering non-audit services to their audit clients? 

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