Audit Case
Audit Case- Tommy O’Connell
The audit case I chose was case #1, Tommy O’Connell- Audit Senior. O’Connell is a newly appointed senior auditor for a big 5 firm, and he was given the tough audit engagement for the Altamesa Manufacturing Company. Tommy figured this engagement would help him get in good with the partner that was in charge of the audit, Jack Morrison. The only problem was he was assigned Carl, who is a fresh-faced staff accountant who has been working at the company for less than three months. Rumors are that Carl works extremely fast and finishes his tasks way under the budgeted time, and that gives Tommy the idea that Carl is cutting corners when it comes to his audit work, and it might get them in trouble in the long run.
1. The audit senior has a lot of responsibility when it comes to various audit engagements. They are required to overview the staff on the case and all of the work that is done by them. The seniors are normally in charge of the harder auditing tasks and they tend to balance a lot of different things at one time, which makes for very stressful situations. If the audit goes bad and issues come up, the partner will blame the senior first and their reputation might take a hit. As for the staff accountant, they are normally given the more redundant tasks on the audit. The stress might not be as bad for them because they know their name isn’t at stake if the audit goes bad. The staff accountants are normally assigned one job at a time, which are relatively simple but monotonous tasks, and given a time budget to complete it in. Both positions are important in getting the audit engagement finished, but the senior auditor position is more important. The senior auditor is in control of just about everything that is going on when they are at a destination doing an audit. They are the leaders of the engagement and need to ensure that work is getting done effectively and properly.
2. I feel like I would act the same way that Tommy did.
The audit case I chose was case #1, Tommy O’Connell- Audit Senior. O’Connell is a newly appointed senior auditor for a big 5 firm, and he was given the tough audit engagement for the Altamesa Manufacturing Company. Tommy figured this engagement would help him get in good with the partner that was in charge of the audit, Jack Morrison. The only problem was he was assigned Carl, who is a fresh-faced staff accountant who has been working at the company for less than three months. Rumors are that Carl works extremely fast and finishes his tasks way under the budgeted time, and that gives Tommy the idea that Carl is cutting corners when it comes to his audit work, and it might get them in trouble in the long run.
1. The audit senior has a lot of responsibility when it comes to various audit engagements. They are required to overview the staff on the case and all of the work that is done by them. The seniors are normally in charge of the harder auditing tasks and they tend to balance a lot of different things at one time, which makes for very stressful situations. If the audit goes bad and issues come up, the partner will blame the senior first and their reputation might take a hit. As for the staff accountant, they are normally given the more redundant tasks on the audit. The stress might not be as bad for them because they know their name isn’t at stake if the audit goes bad. The staff accountants are normally assigned one job at a time, which are relatively simple but monotonous tasks, and given a time budget to complete it in. Both positions are important in getting the audit engagement finished, but the senior auditor position is more important. The senior auditor is in control of just about everything that is going on when they are at a destination doing an audit. They are the leaders of the engagement and need to ensure that work is getting done effectively and properly.
2. I feel like I would act the same way that Tommy did.