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Evaluate the potential for increased criminal liability in auditing for auditors and audit firms in Australia and whether this will lead to increased audit quality.
Evaluate the potential for increased criminal liability in auditing for auditors and audit firms in Australia and whether this will lead to increased audit quality. You may wish to refer to the recent Halifax discussion, the likely penalties in Halifax for its auditors, the expectation gap literature and your work on the ASIC report on sufficiency of audit evidence. 30 marks
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