Explain (i) the concept of common good and stewardship in the context of external auditing; (ii) why audit failures in raising the alarm of rogue employee behavior are detrimental to common good and stewardship of communities at large; and (iii) why the impact of audit failures in the context of common good and stewardship are hardly discussed or raised as social issues.
Why the legislative requirements of external audits on public companies is to promote common good and stewardship of public companies’ shareholders. Be specific with the sections of Corporations Act 2001.
How external auditors can promote common good and stewardship of public companies’ shareholders by providing an opinion on (i) internal controls; and (ii) account balances;
Why users of audited financial statements (i.e. third parties in addition to shareholders) are beneficiaries of common good and stewardship if external auditors accomplish the objectives of external auditing.