The WorldCom collapse in the USA raised several issues with regard to Audit and Accounting.

a) discuss three audit and/or accounting issues (such as independence, due diligence and valuation) that arose during the WorldCom collapse
b) critically discuss the relevance (if any) of the WorldCom scandal to Australian Auditors

Students must reference at least 8 academic journals (and 2 or more newspaper or professional accounting magazine articles), applicable audit standard(s). Students should also identify any other standards or references to the Code of Ethics for Professional Accountants, which should have enabled the auditor(s) to identify and address the problems in the WorldCom Audit. Less than 10 references will be considered insufficient.

One of the reference :Zekany, Kay E; Braun, Lucas W; Warder, Zachary T. Issues in Accounting Education; Sarasota Vol. 19, Iss. 1, (Feb 2004): 101-117.

Sample Solution