Topic: The critical analysis of a Australian company with audit issues which lead to its failur.
Your group is required to choose a formerly listed failed Australian company that had audit issues. Critically analyse how the auditors failed to fulfil their duties and responsibilities.
You must discuss at least three key audit issues that arose in the case such as auditors’ independence, professional and ethical behavior and audit quality. Critically evaluate whether the auditors performed adequate audit risk assessments, identified the key audit issues and obtained sufficient audit evidence to support their audit opinion. You must provide your own recommendations for further improvements in the auditing profession.