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Using the reference materials available on the internet, research

Using the reference materials available on the internet, research the topic and discuss the auditing issues surrounding the collapse of Lehman Brothers. Explain how this was not forewarned in the auditor’s report which gave an unqualified opinion before its collapse. Explain how the new auditing standard ISA 701 Communicating Key Audit Mattersin the Independent Auditor’s Report may provide additional information about the impending collapse of Lehman Brothers, explaining clearly what these matters are. Also, state clearly what the auditor of Lehman Brothers would have disclosed in “Key Audit Matters” if ASA 701 was applicable then as well explain how this would be an improvement in auditing practice. The report should include title page, executive summary, table of contents, appropriate headings and sub headings, recommendations,reference list (Harvard-Anglia style), attachments if relevant,single spaced, font Times New Roman 12pt.

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