Following the series of major financial reporting scandals in the past (Xerox, Enron, Tyco International and World Com in the U.S., Parmalat in Italy, and Harris Scarfe, One.Tel and HIH Insurance in Australia), auditors faced increased public scrutiny from regulators, investors and the standard setters.

REQUIRED: How have the most recent corporate scandals, such as Carillion plc in the U.K. impacted the auditing professions reputation? Should accountability or blame be mainly directed at the external auditors for these recent audit failures? Discuss with reference to relevant real-life cases, including Carillion plc and WireCard which were both discussed during this semester in class.