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A financial scandal has swept through London and the United Arab Emirates, centered on allegations of fraud at two companies. Both NMC Health Plc and Finablr Plc have had their shares suspended in London, with NMC losing its place in the FTSE 100 index of leading U.K.-listed companies.
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Problem 1: What is the key focus/purpose of the essay, i.e. identify that the essay is a discussion on the benefits of performing an external audit as well as a discussion on reasons attributing to the audit failure of NMC Health Plc.
Problem 2: Discuss the benefits of an external audit. Next, provide an overview of fundamental principles of the Code of Professional Conduct and Ethics. Apply the concepts of ethical threats to independence which might have impaired their objectivity, resulting in the audit failure. Next, explore the consequences on decision making of financial statement users when auditors fail to detect material misstatements on the financial statements. Quote relevant case studies and examples to support your arguments.
Problem 3: Provide an informed conclusion which is justified by supporting arguments.
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