Using the AREA framework, answer the following question:
The following media coverage of Slater and Gordon's financial performance and position is published and available on Blackboard (together with the FY16 Slater and Gordon Annual Report and media announcements):
The sale of debt by major lenders who advanced funds to slater and Gordon; and the Class action against Slater and Gordon by shareholders who purchased shares during the period from 30 March 2015 to 24 February 2016 in your opinion, do you think the audited statutory financial statements and MEDIA/ ASX Announcements adequately informed users of the underlying financial health of the business. In your response, consider:
The Adequacy of legal or accounting standard requirements; and the social impact of corporate collapses and the role of financial reporting in capital markets?