THE ASSIGNMENT Critically analyse and discuss a (ONE) major corporate failure (which could be due to one major or a multiple of factors) from the list per Appendix 1. You are required to write a report addressing the questions. Your report may include an introduction, conclusion, appropriate headings, and diagrams or graphs, where appropriate. 1. Briefdescription of the company (e.g. nature, size and location(s), history & background etc) 2. Outline the failure/collapse and the reasons. Why did it happen? How did they do it? Who was involved? Whendid it take place? Who were the major stakeholders in the situation (i.e. losers from both inside and outside the corporate)? What was the $ value of the failure/ collapse / scandal? 3. Describe the major auditing / accounting issue(s) involved (Internal Control, Accounting or Reporting, Fraud, Solvency etc). 4. The role of the auditor / accountant in the failure or collapse, if any. How did the auditor's involvement impact the situation? Identify area(s) where the auditors have failed and thus contributing to the collapse of the corporate or business. 5. Outline implications for the auditing profession or industry, if any. What were the lessons learned?