On successful completion of this unit, you should be able to: 1. Explain the objectives of the audit function and describe the professional, ethical, legal and regulatory aspects of auditing. (GA5) 2. Critically apply theoretical and technical auditing knowledge in collecting audit evidence and in carrying out risk analysis. (GA 4, GA5) 3. Apply and integrate theoretical and technical auditing knowledge with standards and relevant sections of the Corporations Act during planning and implementation phases of the audit.(GA4, GA8) 4. Critically apply ethical reasoning and exercise professional judgment in deciding an appropriate audit report under various circumstances. (GA4, GA6, GA8) 5. Demonstrate effective team working skills by contributing to the group work, by collaborating with the syndicate members and by presenting findings in writing and/or orally. (GA7, GA8, GA9) Your assignment should answer the following questions: 1. Provide a brief overview of the nature of the auditing/ethical issue/s involved. 2. How does auditing promote common good? 3. Identify ethical issues, and evaluate those issues from multiple ethical perspectives.