A Day in the Life of Brent Dorsey - Staff Auditor Professional Pressures

Satisfactory Essays
A Day in the Life of Brent Dorsey
Staff Auditor Professional Pressures

1. The alternatives available to Brent in regards to the audit of payables are: a. Change the audit plan and only pull 20 invoices opposed to the allotted 30. i. Pros – they may be able to come in on or under budget ii. Cons – they could miss something, and get in serious trouble for not following procedure b. Work more hours then the allotted time but report only 35 hours “eat time”. iii. Pros – they will be able to report on budget iv. Cons – they are purposely misstating their time, and aren’t being compensated for all their work. c. Audit the payable accounts normally and report over budget. v. Pros – ethically they are doing what is expected of their jobs, and they get to spend time with their families. vi. Cons – they’ll report over budget, which will reflect badly on them, their supervisors, and the company. 2. The consequences for Brent, the auditing firm, and others involved that may arise from: d. “Eating time” are that for Brent and Scott will not be compensated for their extra hours worked and ethically they would be purposely miss-stating their hours worked, which can lead to problems in the future with the company since they will only see that they were able to come in on budget so next year they may decrease the budget once again leading to s similar problems when doing next years accounts. e. Not completing auditing procedures are that they could miss something by trying to create a short cut they may miss a problem in the accounts payable that they may have seen if they had followed procedures. 3. In my opinion Brent’s best alternative course of action is to come in on the weekend and put in as main hours as needed to finish the payable trying to finish as close to budget as he can but if they can’t meet budget they report over-budget. With this alternative it’s

You May Also Find These Documents Helpful

  • Satisfactory Essays

    STUDENT APPLICATION FORM FOR UNDERGRADUATE PROGRAMME FOREIGN STUDENT (NON MALAYSIAN CITIZEN) Affix Passport-sized Photo HOW TO COMPLETE THIS APPLICATION FORM 1 Please use black or blue ink pen only and write clearly using CAPITAL letters only. All section must be completed. Please indicate as NA for section that not applicable. 2 Enclose one set of supporting documents that have been certified by recognised authorities, e.g. original issuing body. Supporting documents will NOT be returned…

    • 691 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Case 3.1 A Day in the Life of Brent Dorsey 1. What alternatives are available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? * Skip audit steps Pro: Skipping audit steps will allow Brent to complete the work in less time, allowing him to come in under budget Con: Skipping audit steps can lead to inaccurate audit decisions. Misstatements could go unnoticed leading to an inaccurate audit opinion. This alternative also raises a serious ethical…

    • 802 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Answers to the Case of A Day in the Life of Brent Dorsey Question 2: The consequences for Brent, the auditing firm, and others involved that may arise from “eating time,” as suggested by Scott. “Eating time” can lead to inaccurate budgeting for future audits. Managers in preparing the budget for an audit, often use prior years’ audits as a guide. Managers will see that the job was completed in a shorter time in previous years and this will prompt them to prepare next year’s budget based…

    • 399 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? Ans: For now Brent only have 3 choices, one is working at the normal pace, the pro for this choice is the work he done will be more accurate, but the con for this choice will be they out of the budget. The next choice is “eating time”, like use his own time to finish the job. The pro to this choice is that Brent does all the work that the company required. The con is that Brent is giving his…

    • 425 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    1. What alternatives are available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? a. One alternative that Brent go do is ask the accountant from Northwest Steel Producers to pull the needed invoices and have them ready in a reasonable time period for review. By doing this it would save Brent time from searching for specific invoices and leave him more time to focus on other audit issues. b. Brent could do as subjected and only pull a minimum…

    • 485 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Case 3.1 Brent Dorsey

    • 1810 Words
    • 8 Pages

    Case 3.1 – A Day in the Life of Brent Dorsey, Staff Auditor Professional Pressures 1. What alternatives are available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? - Brent could refuse to work the extra hours – Pros: Brent will improve his strained relationship with his wife and remain morally correct by not reporting dishonest working hours on the engagement. Cons: Brent could cause the engagement to come in over budget, which will make John…

    • 1810 Words
    • 8 Pages
    Better Essays
  • Satisfactory Essays

    Jack Dorsey

    • 325 Words
    • 1 Page

    Jack Dorsey In: Business and Management Creative Thinker Case Study Creative Thinker Case Study Case Study Creative Thinker Creative thinkers are vital to an elite pallet of business initiatives that change the scope of how commerce is thought of and engaged globally. The creative process of thinking involves looking at problems or situations from a fresh perspective that suggests unorthodox solutions (Business Dictionary, 2012). The purpose of creativity is to add value to a business, organization…

    • 325 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Role played by professional auditors in Uganda Auditing is the independent examination of financial statements and the underlying books of account so as to form an opinion on whether they are prepared in all material aspects in accordance with the financial reporting framework. Such reporting framework includes International Accounting Standards (IAS), the Companies Act Cap 110 (for Uganda) and any other relevant legislation. This is however carried out by a person termed as auditor. Internal Audit…

    • 2329 Words
    • 10 Pages
    Good Essays
  • Good Essays

    The Auditor

    • 565 Words
    • 3 Pages

    The Auditor Paper 6-8: According to the book, it is incredibly important to successfully complete the CPA exam in the first year. Jack Butler informs us that new staff members can greatly distinguish themselves by passing the CPA exam the first attempt because so few people manage to do so. Other benefits of this would include spending less time studying and more time working, financial benefits of not having to pay for additional attempts, and it is mandatory in order to move up in the company…

    • 565 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Auditor

    • 4034 Words
    • 17 Pages

    The Institute of Chartered Accountants in Australia Addressing Unit 3BACF Accounting & Finance The role and function of external auditors charteredaccountants.com.au The Institute of Chartered Accountants in Australia Government and the community The role and influence of governments and other bodies The role and function of external auditors Financial statements are used for a variety of purposes and decisions. For example, financial statements are used by owners to evaluate management’s…

    • 4034 Words
    • 17 Pages
    Powerful Essays