Introduction

Audit fulfils an important social and economic role. It adds a certain quality, or ‘assurance’, to information so as to convince some parties as to the truth of claims made by another. Those providing information seek the auditor’s opinion in support of their claims. When that support is either not forthcoming or is misplaced, costs are incurred and disagreements arise. Questions are asked about the auditor’s role in disasters that may occur as a result. Audit fees give an indication of these costs and courtrooms tell individual stories of its outcomes.