Financial Crisis and Auditor's Role

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THE ROLE OF AUDITORS
IN FINANCIAL CRISIS

Submitted by
Syed Ijtaba Ali Bukhari

In the Fulfillment for the Degree of
B.Com Honors

LAHORE SCHOOL OF ACCOUNTANCY & FINANCE
THE UNIVERSITY OF LAHORE
(2013)

The University of Lahore

-------------------------------------------------
Lahore School of Accountancy & Finance

Supervisory Committee

We the Supervisory Committee, certify that the contents and the form of thesis submitted by Syed Ijtaba Ali Bukhari have been found satisfactory and recommend it for the evaluation of the External Examiner for the award of degree of B.Com (Hons)

Supervisor

Co-Supervisor

Member

The University of Lahore

-------------------------------------------------
Lahore School of Accountancy & Finance

Examination Committee

The Thesis viva of BCM 05091053 was held on ----------------------------- at the Lahore School of Accountancy & Finance, The University of Lahore. The Supervisory and Examination Committee gave satisfactory remarks on the thesis and viva and were approved for the award of the degree of B.Com Hons.

External Examiner Internal Examiner

The University of Lahore

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Lahore School of Accountancy & Finance

Undertaking

I Syed Ijtaba Ali Bukhari& BCM 05091053 declare that the contents of my thesis entitled The role of Auditors in Financial Crisis are based on my own research findings and have not been taken from any other work expect the references and has not been published before.

I also undertake that I will be responsible for any plagerization in this thesis.

Student’s Name

The University of Lahore

-------------------------------------------------
Lahore School of Accountancy & Finance

Plagiarism evaluation report

This is to certify that I have examined the Turnitin report of the thesis entitled “The Role of Auditors in Financial Crisis “.

The thesis contains no text that can be regarded as plagiarism.

The overall similarity index obtained from the Turnitin software is ______%.

Supervisor

This work is dedicated to my beloved parents.

Acknowledgement

In making the project I thank my mentor Sir Abdul-Manan who read my work numerous times and helped me in understanding things which I could not have comprehended. Also thanks to my teacher Sir Ahmed Shahzad who offered me guidance and support. And finally, thanks to my parents who were always there to support me.

Summary
This thesis is centered on audit practices during the financial crisis particularly focusing on large corporations such asLehman Brothers and Enron. It will also focus on amount of money auditor charges as remuneration for providing non-audit services.The independence of auditor will also be examined. The main aim of this study is to look for activities which involve self-interest rather than the interest of the organization as a whole.This study will look at the challenges faced by auditors in giving true and fair view of the financial position and performance of the company and increasing confidence of the investor in financial statements.In order give qualified or unqualified view on the financial performance of the company, by collecting audit evidence to evaluate the auditor when you start to plan their work, objectives and targets that are audited during the execution of this procedure for error or fraud has occurred, statutory auditors should consider the that whether financial position and performance of the company is not being affected by fraud and also should be certain financial statements being tampered intentionally or unintentionally.

Table of Contents

Chapter 1…..………………………………………………………………………………12 Introduction..……………………………………………………………………………….12 Background.………………………………………………………………………………..14 Purpose of...
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