Scandals in Auditing - Fortex Limited

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ACCTG 312 FC 2011: Assignment 1

Current issues – scandals in auditing

Introduction

• For this assignment, you are required to research and report back on one of four well known scandals that involve auditors in some way. • It can be commenced after week 1 lectures are completed, so gives you a chance to get part of your semester’s work done early. It is due in week 3 (Thursday at 4 pm). • You will also be required to very briefly report to your tutorial group on one interesting point you have found.

Research into Scandals

Choose one of the following corporate scandals. I have given one link to an overview article for each example. You are also required carry out your own research.

• Bernard L. Madoff Investment Securities LLC:
http://www.nytimes.com/2009/01/25/business/25bernie.html

• Fortex Limited
http://www.knowledge-basket.co.nz.ezproxy.auckland.ac.nz/search/doc_view.php?d1=ffx95-03/text/1996/03/03/doc03443.html (This article, “Model meat company's spiral of financial deceit,” is also available on Cecil. The Newztext database available through the library webpage is a good source on this company).

• Otago District Health Board
http://www.odt.co.nz/news/dunedin/36176/health-minister-seeks-fraud-reassurance

• Satyam Computer Services
http://www.atimes.com/atimes/South_Asia/KA09Df01.html

Required

• Carry out research to get an understanding of the main points of one of these affairs, paying special attention to the role of the auditors. You should use reputable published sources. These can include newspapers, other news media and official reports. (NB Wikipedia is not an acceptable source) • Write a report that discusses the events and their implications for auditors. Your discussion should include: 1. Introduction – overview of your report.

2. The organization, the time and place.
3. What happened – an overview of the events in general. 4. One example of fraud in your...
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