In addition to the Submission Guidelines appearing on page 1, the assignment is to be completed individually. The submission into the specific assignment drop box in Moodle is to be made by each...

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In addition to the Submission Guidelines appearing on page 1, the assignment is to be completed individually. The submission into the

specific assignment drop box


in Moodle is to be made by each student individually.




This assignment is comprised is a single academic paper discussing a case, and is marked out of
50 marks and scaled back to 20%.




The marking rubric below sets out the requirements:




Principally you will be marked on five components:




(1) Critically examine what happened at Western Desert Resources, including who held primary responsibility for the shambles. (10 marks)


(2) Who was the auditor, and explain whether they should have issued an unqualified report? (10 marks)


(3) Examine in detail the key legal issues. (10 marks)


(4) Discuss critically the key ethical issues. (10 marks)


(5)
Format, Presentation Quality and Demonstration of Research
(10 marks)







As mentioned above, the assessment should be presented in an academic paper format.




A key aspect in your choice of format/layout should be to ensure you impart your key messages
effectively (i.e., complete the requirements)
and
efficiently

(i.e.,
it should be succinct and take into account the word limit).




Make sure all pages are numbered, and the text fits within the margins of your pages. Make sure to include the relevant heading.





Required:



Critically examine the failures of Western Desert Resources Limited and the issues surrounding the failure, and the responsibilities of the Audit Firm in regard to the failure in terms of the above five components.





In addition to the Submission Guidelines appearing on page 1, the assignment is to be completed individually. The submission into the

specific assignment drop box


in Moodle is to be made by each student individually.




This assignment is comprised is a single academic paper discussing a case, and is marked out of
50 marks and scaled back to 20%.




The marking rubric below sets out the requirements:




Principally you will be marked on five components:




(1) Critically examine what happened at Western Desert Resources, including who held primary responsibility for the shambles. (10 marks)


(2) Who was the auditor, and explain whether they should have issued an unqualified report? (10 marks)


(3) Examine in detail the key legal issues. (10 marks)


(4) Discuss critically the key ethical issues. (10 marks)


(5)
Format, Presentation Quality and Demonstration of Research
(10 marks)







As mentioned above, the assessment should be presented in an academic paper format.




A key aspect in your choice of format/layout should be to ensure you impart your key messages
effectively (i.e., complete the requirements)
and
efficiently

(i.e.,
it should be succinct and take into account the word limit).




Make sure all pages are numbered, and the text fits within the margins of your pages. Make sure to include the relevant heading.





Required:



Critically examine the failures of Western Desert Resources Limited and the issues surrounding the failure, and the responsibilities of the Audit Firm in regard to the failure in terms of the above five components.


Answered 3 days AfterApr 23, 2021MA 611

Answer To: In addition to the Submission Guidelines appearing on page 1, the assignment is to be completed...

Angel K answered on Apr 26 2021
153 Votes
AUDITING
LEGAL RESPONSIBILITIES OF AN AUDITOR
1. EXECUTIVE SUMMARY
The report contains and intense research of the legal responsibilities that an auditor have while conducting the independent audit of an entity. An analysis of real life ent
ity is being conducted to make the arguments related to this to be clearer. A data mapping of the supporting evidences that are collected from both the internal and the external sources has been done to prove and understand the auditor’s responsibility and ethics. And the report concludes by drawing a conclusion of the auditor’s role in case of the analyzed company and what was the effect of the ethics that was possessed by the auditor.
INDEX
1. EXECUTIVE SUMMARY
2. INTRODUCTION
3. ISSUES RELATING TO FAILURE AND THE RESPONSIBILITIES OF THE AUDITOR, LEGAL & ETHICAL ISSUES
4. CONCLUSION
5. REFERENCES
2. INTRODUCTION
Western desert resources is an Australian based company that has its main activity in mineral exploration. The principal activities of the companies involve exploration of iron ore, gold, base materials and other economic mineral deposits. They also focus on development of mining operation at roper bar iron ore project in the northern territory. The company faced liquidation in the year 2015 due to the collapse of the iron ore junior, inadequate working capital availability and the withdrawal of the credit support from its strongest supporter Macquarie. The collapse of the iron ore industry has affected the economy in a wide range. The world economy was crumpled in this collapse as more than 30 percent of the money in the economy was circulated from this sector. Many private sector industries and the Arabian countries whose major operations was in the exploration of minerals has faced a challenging financial economy during the collapse or iron ore industry. In this report we discuss more on the issues that are relating to working capital requirement, infrastructure planning and the auditors responsibility while conducting the independent audit of an entity and also expression of an opinion.
3. ISSUES RELATING TO FAILURE AND THE RESPONSIBILITIES OF THE AUDITOR, LEGAL & ETHICAL ISSUES
A company in order to run its day to day operations smoothly should have a strong availability of the working capital and the support of infrastructure and the raw materials. The working capital cycle that a company manages would help in assessing the...
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