1) Review at least two company collapses e.g. Lehman Bros., Worldcom., Xerox, Enron with a view to understanding how the companies were given unqualified audit reports, and within a short time were in financial crisis and ultimately ending in collapse. (2) Review any guidance and regulations on auditing complex financial instruments in Australia and internationally. (3) The knowledge base of auditors has traditionally utilized methods of valuing tangible things which could be counted and measured. This paradigm is being eclipsed by complex financial transactions. Given the conventional auditing technologies, should consideration be given to alternative forms of accounting, disclosures and accountabilities (4) The auditor is required to express an opinion on the going-concern assumption in financial reporting. Outline what this concept means and does it give stakeholders any comfort in assessing any risk of financial failure.
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