Publicly Reported Large Private Sector Collapse Presentation – Accounting & Finance Assignment Help

Assignment Task

Task 

Assessment Case Study & Presentation 

Required: 
Students are to select one major, publicly reported large private sector collapse involving auditing, fraud and / or gross mismanagement during the past 30 years. 

You are required to:
1. Identify and discuss the underlying causes of the collapse, including the use of any creative or fraudulent accounting practices and any weaknesses in the firm’s corporate governance.

2. Identify and discuss any deficiencies in the manner that the external audit was conducted, including shortcomings in audit procedures and any conflicts of interest.

3. Discuss any improvements initiated by Government or other stakeholders in the years following the collapse, including improvements relating to the auditing profession and to the firm’s corporate governance processes.
Required format(s)
i. Academic discussion paper of not less than 1500 words (not including tables and footnotes).
ii. Presentation – 5 minutes

Report Format – Detail 
1. Report Title:
2. Executive Summary 

3. Body of the Report:

Introduction – Name of entity selected and provide a brief overview of the collapse, including the names of the external auditor and key company executives, date of collapse and amounts involved.

Identify and discuss the underlying causes of the collapse, including the use of any creative or fraudulent accounting practices and any weaknesses in the firm’s corporate governance processes. 

Identify and discuss any deficiencies in the manner that the external audit was conducted, including shortcomings in audit procedures and any conflicts of interest. 

Identify and discuss any improvements initiated by Government or other stakeholders in the years following the collapse, including enhancements relating to the auditing profession and corporate governance processes for companies and other reporting entities. 

Conclusion – Summary of the underlying causes and implication for the corporate world and changes to the auditing profession and corporate governance as a result of the collapse.

Assignment
Students are to select a major, publicly reported private sector incident involving auditing and fraud during the past 30 years.

Enron (USA 2001)
Company: Houston-based commodities, energy and service corporation
What happened: Shareholders lost $74 billion, thousands of employees and investors lost their retirement accounts, and many employees lost their jobs.
Main players: CEO Jeff Skilling and former CEO Ken Lay.
How they did it: Kept huge debts off balance sheets.
How they got caught: Turned in by internal whistle-blower Sherron Watkins; high stock prices fuelled external suspicions.
Penalties: Lay died before serving time; Skilling got 24 years in prison. The company filed for bankruptcy. Arthur Andersen was found guilty of fudging Enron’s accounts.
Fun fact: Fortune Magazine named Enron “America’s Most Innovative Company” 6 years in a row prior to the scandal.

Students are to select a major, publicly reported private sector incident involving auditing and fraud during the past 30 years.

Australia – HIH
In August 2001, HIH was liquidated with losses in the range of AU$3.6 billion to AU$5.3 billion

The fundamental problem at HIH was:
Their zeal in chasing low yield business and not setting aside sufficient capital to cover future liabilities And exacerbated by the failure of management and the Board of Directors to effectively put in place and monitor adequate corporate governance systems and policies.

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