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A Case study in discussing the legal and ethical responsibilities of the Auditor

A Case study in discussing the legal and ethical responsibilities of the Auditor
a. Explain the organization’s and the auditor’s responsibilities for anaudit
b. Discuss reasons for performing different types ofaudits
c. Understand the importance of planning an audit and distinguish the stepsinvolved
d. Explain and apply the auditing standards, practice and process of auditing to practicalsituations
e. Identify and evaluate the risks inherent in an audit, and report on current auditing issues
Assessment Task Description
This assignment is comprised is a single academic paper discussing a case, and is marked out of 40marks.
The marking rubric below sets out the requirements:
Principally you will be marked on four components:
(1) Were any errors or mistakes made during the audit under consideration
(2) Legal issues both from a statue perspective (corporate law) and other legal issues.
(3) Ethical issues
(4) Format, Presentation Quality and Demonstration of Research (10 marks for each component)
As mentioned above, Part 1 should be presented in a academic paper format.
A key aspect in your choice of format/layout should be to ensure you impart your key messages effectively (i.e., complete the requirements) and efficiently (i.e., it should be succinct and take into account the word limit).
Make sure all pages are numbered, and the text fits within the margins of your pages. make sure to include the relevant heading.
Required:
Discuss what errors if any were made in the audit of the Centro Properties group in 2007, and the subsequent legal actions against the auditor by both ASIC and other parties. Explain in your own words what influence the events surrounding this case are having on auditors.
Couch your discussion to cover the four points indicated above.

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