collapse of worldcom and the butterfly effect in australia Free Essay, Term Paper and Book Report
AUDITING, THEORY AND PRACTICE
PREPARED BY: UNISA STUDENT UNDERGROUND BOARD (SUB)
ASSIGNMENT ONE
a) Outline some of the major changes that have occurred in the area of independence in Australia and overseas since 2002.
b) Do you think the changes outlined in your answer to part (a) above would have prevented the events that occurred in relation to the WorldCom collapse? Discuss, using research to support your opinion.
WORD COUNT 999
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Accounting regulations and standards have changed throughout history to continuously implement standards to reflect accurate information, reliability and credibility. Auditors have a critical role in credibility and reliability of GPFR (General Purpose Financial Reports) for external users such as shareholders and other stakeholders. Recent collapses of companies early in the millennium were caused by unethical auditors, the independence of auditors such as Arthur Anderson have been questioned by shareholders over recent collapses of Enron and WorldCom. The independence of auditors was a major concern and gov......
Word Count: 1410
Page Count: 5.6 (250 words a page / double spaced)
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