A number of corporate failures took place in Australia

Topic:A number of corporate failures took place in Australia and United states between 2000 and 2002 causing major credibility crisis in the accounting and auditing profession. Discuss briefly the accounting irregularities found in ENRON and HIH’s corporate collapse. Also discuss, the role auditors played and how they could have helped to avoid these collapses.In your response consider, Ethics, Integrity, Independence, risk, Sampling, planning on behalf of auditors.Task Details:Groups are to gather and analyse the information about the collapses of ENRON and HIH, and discuss accounting irregularities. They should then present their analysis and solutions in a professionally formatted s report subdivided into 2 sections of ENRON and HIH respectively.Each Group member has to submit 1 A4 paper written on both sides summarising their understanding of the assignment and of the audit issues.Research requirements: groups should support their analysis and solutions / recommendations using thetext and a minimum of 8 current, relevant and academically acceptable sources.Presentation:Word .doc or .docx – 3000+ 10% word short report – title page, executive summary, table of contents, suitable headings and subheadings, conclusions, reference list (Harvard – Anglia style). Typed using 12 pt Times New Roman or 11 pt Calibri fonts. Single line spacing,Marking Guide:Analysis15+15% for each companyResearch – extent and application15+15% for each companyRecommendations/conclusions10+10% for each companyPresentation 10%Individual Part10%This mark will be scaled to a mark out of 20