— The corporate collapses in the early years of 2000 in Australia showed that accounting and auditing professions have noticeably been less good than how they are supposed to be. As a result of the previous downfalls, there is no doubt that auditors grab most of the attention. There are a number of issues regarding auditors/audits that will be examined to discover where the irregularities came up from, such as management responsibilities, internal control, audit committee, ethics, and the auditor’s legal liability. This paper aims to explore the implications of the previous corporate collapses on Accounting and Australian business and the Auditing profession in Australia by focusing on the case of Harris Scarfe which was collapsed with a debt of $265 million dollars in 2001. A number of scholarly articles and journals related to this area have been reviewed. This study also confirms the strong relationship between corporate failures and the role of auditors.
— Accounting profession, auditing, corporate collapses, harris scarfe.
Ö. Kavrar is with the Economics Department, Selcuk University, Konya, Turkey (e-mail: firstname.lastname@example.org).
B. Yilmaz is with the Business Administration Department, Selcuk University, Konya, Turkey (e-mail: email@example.com).
Cite: O. Kavrar and B. Yılmaz, " Corporate Collapses in Australia: Case of Harris Scarfe," Journal of Economics, Business and Management vol. 5, no. 1, pp. 12-17, 2017.