HI6026 Audit, Assurance and Compliance

HI6026 Audit, Assurance and Compliance Individual Assignment Topic: Auditor Public Interest Responsibilities and Audit Quality Background and Context: In a recent interview with ABC news, the now former Chairman of the AustralianSecurities and Investment Commission (ASIC) Greg Medcraft warned that: We don't want to have another Enron. And the key to not having another Enron is making sure auditors do their job and to get assurance that financials are free of material misstatement" 1 Enron was an energy, commodities, and services company based in Texas, USA. It was founded in 1985. Prior to its bankruptcy on 3rd December, 2001, Enron employed close to 30,000 staff and was a significant ...Show More

Question File 1 - View Question

Answer Preview

1.0. Introduction Auditors have different role and responsibilities within an organisation. However, there arecertain common duties between the internal auditor and external auditor. Generally, the dutyof an auditor (be it internal or external) is to ensure that integrity and accuracy of theinformation in the business process. Auditors perform different types of review and analysis to have a good idea regarding the operation of the business. Essential duty of an auditor is toinform about the potential material misstatements in the financial reports.