Identify where the HIH management and auditors failed to perform their ethical, professional and legal obligations, and discuss motivations that motivated their actions. Remember to include in your analysis accounting irregularities, fraud and misstatements perpetrated and auditing and professional standards breached
The Heath International Holdings (HIH) was founded in 1968 and became public in 1998. HIH is considered as the largest company collapse in Australia. Prior to its collapse Even in the year of its demise, HIH was generally considered a conservative and financially healthy business with assets exceeding $8.1 billion. When HIH went into liquidation in March 2001 it left behind debts more than $5 billion.
Critically examine the audit report of HIH for the year ended 2000 and provide an evaluation of the audit report with respect to its aims and the extent to which the audit report achieved its aims.(Annual report is accessible from: http://www.aspecthuntley.com.au/asxdata/20001116
Report should include an introduction