HI6026: Audit, Assurance and Compliance - Auditors and Legal Liability - Auditing Assessment Answer

Internal Code: E_AI_DGGF_IH Code: HI6026

Auditing Assessment Answer

Assignment Task: HI6026 Students are required to research a recent legal case where an Audit firm was sued for professional negligence. Students are required to analyse the root causes and the pertinent issues from their selected case and then specify what measures can be taken by auditors in the audit approach and in other ways, to minimise the risk of litigation and ensure professional integrity and reputation. HI6026 Demonstrate an understanding of the reporting requirements of auditing standards (ULO 1) ? Demonstrate an understanding of the auditor's professional, legal and ethical responsibilities to their clients and third parties (ULO 2) HI6026 ? Understand the audit planning procedures, evaluate the business risk and assess the internal control (ULO 4) ? Prepare auditing procedures for transactions and balances by conducting control and substantive tests (ULO 5) Assignment Topic – Auditors and Legal Liability Read the following extract from the ACCA (the Association of Chartered Certified Accountants) website, which is the global body for professional accountants, as stated: HI6026 “Over the past two decades, the bill for litigation settlements of Big Four audit firms alone has run into billions of dollars. Examples include Deloitte’s 2005 settlement of $250m regarding its audit of insurance company Fortress Re and PwC’s $229m settlement in the lawsuit brought by the shareholders of audit client Tyco in 2007.” HI6026 “Auditor liability is increasingly concerning, both in terms of audit quality and the reputation of the profession but also in terms of the cost to the industry and the barriers this creates to competition within the audit market.” HI6026

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