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Auditing And Assurance Services And Analysis

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Question:

Discuss about the Auditing and Assurance Services and Analysis.
 
 

Answer:

Introduction:

The politicization of the issues of the conduct lead to the failure of the company and also the impact is being created regarding the development of the business. The imbalance in the financial reporting framework shows the impact on the business as it had been addressed. The enhancement of the issues can be easily established by addressing the financial report credibility, and the increase of the financial report can be explained in the material misstatement which is becoming the important reason for the creation of the business risks[1]. It is illustrated by showing the credibility of the statement and also the enhancement of the factor can be easily represented by showing the growth of the risk which is leading the company to face the collapse situation. Unfair judgments which are essential for the enhancement of the report and also the structuring of the material can be appropriately established by showing the breakdown of the HIH Insurance Limited. The increment of the debt leverage can be adequately demonstrated by showing the politicized situation which is being faced by the HIH Insurance Limited.

Establishment of the individual licensed investment portfolio must be appropriately represented by showing the appropriate figure of the work. The HIH financial reporting level of the risks can be easily categorized by showing that the risks are occurring due to the underwriting of the implementation of the budget and the reinsurance policies are depicted to be in the form of the risks which are presented by current guidelines[2]. Therefore the distinct separation of the risk factors can be appropriately established by showing the intervals of the asset relocation and the enhancement of the elements are depicted to be necessary for the improvement of the objectives. The increase of the risks factors clearly shows the establishment of the risks which are identified for the formation of the investment tolerance. Thus the essential elements are depicted to be showing the barriers that are indicating the concentration of the asset allocation and also it leads to the formation of the issue.

Facts and findings relevant to the court case

Management faults and no responses were given to the emerging pressures in the international insurance market led to the downfall of the HIH insurance company. The stakeholders’ interests were affected by the false statements. The Board of Directors was accused of representing the wrong statement of the company in an unfair manner. There was a depiction if high debt leverage and insurance liabilities as presented in the financial reports. The dissolution of the company was inevitable according to these reports[3]. The sole responsibility of falsely representing the financial reports of the company belonged to the accountants and auditors.

  • Clients: The failure of the company affected the people or groups that were associated with this company. The unfair financial statement as represented by the managers was responsible for the downfall of the company. This incident led to massive losses that the clients had to suffer and the company is liable to pay them back. The clients can subject the Board of Directors to legal actions to recover their loss amount.
  • Creditors: Even the creditors who lend money to the company to pay their credit amount are liable in taking legal actions against the company due to nonpayment of the credit amount.
 

Negligence action can be defined as the breaching of the duty to pay back a petitioner the amount of money that he owes from the defender due to causing any case of damage, loss or injury to another person. The following factors must be justified. The HIH insurance company failed more rapidly due to the Negligence Act the accountants and the auditors had brought upon on them. The causing of injury or harm can be avoided by the responsibility of Duty of Care. The standard of the care is reviewed thoroughly by the court, and then it analyzes and determines the breach of duty[4]. The auditors and accountants falsely presented the financial statements, which had ultimately leaded to the downfall of the HIH insurance company. This factor can be considered as a breach of the duty of care as the representation of the false financial statements were backed by the Board of Directors.

Reason for hiring prior members

For the development of the system and the improvement of the legal structure, HIH always prefers to hire experienced members as their audit member. The development of the work and the improper enhancement of the structure and the project can be a reason for the failure. The performance of the auditors is judged for the weak framework and the harsh decision of the Management organization towards the construction[5]. Many worse situations and many difficulties are faced by the auditors. The company believes that only the prior member can control this situation, so they hire prior members.

The appropriate measurement of the work which is being undertaken by the organization HIH represents the advantageous factors. The enhancement of the work process is enhanced by the decision changing of the auditors. The improvement of the work process can illustrate the improvement of the feature. The gaining of the profit is represented by the structure and the development of the work explains the structural balance[6]. Therefore the structure enhancement of the work is developed by showing the growth of the work.

The unethical acts the board of directors and the auditors are unfairly presented through the financial statements. The business ethics deals with the wrong and right behavior of the in the organization. The unethical representation of the income, profit or loss like major aspects represents the financial accounting unfairly[7]. The unfair values of the financial records are represented by the auditors or the accountants to the stakeholders. The false representation of the financial statements affected the interest of many people.

Outlining Primary recommendations

As per the accounting standard of the financial statements the audit reform approached CLEAR 9 and Ramsay report which is provided to corporate governance. The personal liability of the auditors, accounting standard, are represented by the CLEAR 9[8]. The fair value of the company and the preparation and the presentation of the statements are done by the auditors. While preparing the Management financial report both the internal and the external auditors’ should follow the accounting standard.

 

References

Dauber, N, Generally accepted auditing standards. in , Mason, OH, Texere, 2005.

Engdahl, S, Taxation. in , Farmington Hills, MI, Greenhaven Press, 2011.

Gillies, P, Business law. in , Sydney, Federation Press, 2004.

Horngren, C, Accounting. in , Frenchs Forest, N.S.W., Pearson Australia, 2013.

Lakshmanan, J, Taxation laws. in , [Place of publication not identified], Universal Law Publishing, 2015.

MacIntyre, E, Business Law. in , Pearson Education Limited, 2016.

Oppermann, H, Accounting standards. in , Lansdowne, Juta, 2009.

Schroeder, R, M Clark, & J Cathey, Financial accounting theory and analysis. in , Hoboken, NJ, Wiley, 2011.

OR

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