Premium Essay

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

In:

Submitted By smooth09
Words 284
Pages 2
Some alternatives that are available to Brent in regards to the audit of payables are eaten time, working until it is done, and not competing audit procedures. Eaten time is where the auditors lower how many invoices they pull. Working until it is done is where the auditors do everything they should do but only report they either come under budget or at the budget hours. Not competing audit procedures is where the auditors just does not compete the procedures of GAAS.
The pros of eaten time are that the group of auditors will come under or at the 35 hours. Another pro of eaten time are that the group of auditors could get some time off that they wanted so that they could spend time with their families. Also another pro of eaten time are that the group of auditors could possibly get promoted to senior auditor. Another pro of eaten time is that the group of auditors could gain popularity and respect from their fellow coworkers.
The cons of eating time are that the group of auditors could possibly miss some invoices that had fraud being committed or mistakes that were made. Another con of eaten time is that group of auditors are not following GAAS, so if Northwest Steel goes under they could possibly be sued. Also another con of eaten time is that the group of auditors could face getting fired or just not getting the promotion they all seek. Another con of eaten time is that the group of auditors would be setting a high standard and expectation for new auditors. They firm may continue to lower they budget hours and make it even harder for the

Similar Documents

Premium Essay

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

...A Day in the Life of Brent Dorsey Staff Auditor Professional Pressures By: Carmelia Bell 8/14/2012 Brent Dorsey is an audit working at a company called Northwest Steel located in Portland. Brent is under a lot of pressure due to his job and marriage. Katherine his wife has been complaining about how they are not able to spend time together because of his job. John Peters, his boss is also putting him under pressure because he wants his peers Megan, Scott and him to be able to do accounts payable within 35 hours. John wants this to happen because they have been 30 hours over budget. John would like it to be done no more than 35 hours. John also wants them to work the weekend because it is an important engagement and he wants them to deliver. This causes him to miss time with his wife and also stress about what he can do to put his timing in half. One alternative that is available to Brent in regards to the audit payables is he can change the audit plan and only pull 20 invoices opposed to the chosen 30. The pro to this is they may be able to come in on or under budget and the con is they could miss something, and get in serious trouble for not following procedure. If they do this they would not be following the Statement on Auditing Standards (SAS) 99. Consideration of Fraud in a Financial Statement Audit requires auditors to obtain “reasonable” assurance that material fraud is not present. The Institute of Internal Auditors (IIA) standard...

Words: 1610 - Pages: 7

Free Essay

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

...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. This application form is remain the property of UTP. Note: Without supporting document(s), this application will be considered as incomplete and will not be processed A PERSONAL INFORMATION NAME DATE OF BIRTH - DD/MM/YYYY / / AGE PLACE OF BIRTH GENDER-Please mark "X" D MALE D FEMALE MARITAL STATUS-Please mark "X" D SINGLE D MARRIED D DIVORCED D OTHER PASSPORT/ID NO NATIONALITY HOME PHONE- Country Code/Area Code/Number CONTACTS Please place each dot ',' and the @ symbol in its individual box EMAIL STREET NO STREET NAME HOME ADDRESS CITY STATE/PROVINCE POSTAL CODE COUNTRY B FAMILY INFORMATION FIRST NAME - Parent or Guardian NAME RELATIONSHIP NATIONALITY HOME PHONE- Country Code/Area Code/Number CONTACTS Please place each dot ',' and the @ symbol in its own box EMAIL Page 1 of 3 C PROGRAMME PREFERENCE - PLEASE REFER TO SECTION J 1 2 3 PROGRAMME D ACADEMIC QUALIFICATIONS INFORMATION EDUCATIONAL HISTORY NO NAME OF...

Words: 691 - Pages: 3

Premium Essay

A Day in the Life of Brent Dorsey

...A Day in the Life of Brent Dorsey PROFESSIONAL STANDARDS Relevant professional standards for this assignment include AU Section 230, “Due Professional Care in the Performance of Work,” AU Section 311, “Planning and Supervision,” AU Section 326, “Audit Evidence,” ET Section 52, “Article I-Responsibilities,” ET Section 53, “Article II-The Public Interest,” ET Section 54, “Article III-Integrity,” ET Section 55, “Article IV-Objectivity and Independence,” ET Section 56, “Article V-Due Care,” ET Section 57, “Article VI-Scope and Nature of Services,” and ET Section 102, “Integrity and Objectivity.” SUGGESTED SOLUTION What alternatives are available to Brent in regards to the audit of payables? [1] What are the pros and cons of each alternative? (a) Skip audit steps as Megan suggested, (b) “Eat time” as Scott suggested, (c) Do the job quickly, but do it right and record as many hours as it takes, regardless whether you come in under budget or not, (d) Go talk to John and express your concerns over the matter, (e) Go to John’s “mentor” or supervisor—the engagement manager or partner—to discuss the matter and seek advice. a) Pro: Skipping audit steps will allow Brent to complete the work in less time, thus allowing him to come in under budget and to spend some time with his wife. Con: Skipping audit steps can lead to inaccurate audit decisions. Material misstatements could go unnoticed by the firm, leading to an inaccurate audit opinion. This alternative also raises...

Words: 1262 - Pages: 6

Premium Essay

What

...A Day in the Life of Brent Dorsey A Staff Auditors’ Professional Pressures[1] Learning Objectives Understand some of the pressures faced by young professionals in the workplace Generate and evaluate alternative courses of action to resolve a difficult workplace issue Understand more fully the implications of "eating time" and "premature sign-off" More fully appreciate the need to balance professional and personal demands Brent Dorsey graduated eight months ago with a master's degree in accounting. After graduating, Brent began working with a large accounting firm in Portland. He is now on his second audit engagement—a company called Northwest Steel Producers. Working day-to-day with Brent on the audit are two other staff auditors, Scott Olsen and Megan Mills, along with the senior auditor, John Peters. Scott and Megan are both second-year staff accountants and are anticipating a promotion to senior in the next year. John Peters has been with the firm for about five years and has been a senior-level auditor for almost three years. Following this busy season, the partners and managers will sit down and decide which seniors to promote to managers. The rumor around the office is that only four or five of the seven eligible seniors in the office will be promoted in the Portland office. Those not promoted in Portland will most likely be asked to transfer to other offices within the firm that need new managers. Some may even be "counseled out"...

Words: 2734 - Pages: 11

Premium Essay

A Day in the Life of Brent Dorsey

...A Day in the Life of Brent Dorsey A Staff Auditors’ Professional Pressures Learning Objectives • Understand some of the pressures faced by young professionals in the workplace • Generate and evaluate alternative courses of action to resolve a difficult workplace issue • Understand more fully the implications of "eating time" and "premature sign-off" • More fully appreciate the need to balance professional and personal demands Brent Dorsey graduated eight months ago with a master's degree in accounting. After graduating, Brent began working with a large accounting firm in Portland. He is now on his second audit engagement—a company called Northwest Steel Producers. Working day-to-day with Brent on the audit are two other staff auditors, Scott Olsen and Megan Mills, along with the senior auditor, John Peters. Scott and Megan are both second-year staff accountants and are anticipating a promotion to senior in the next year. John Peters has been with the firm for about five years and has been a senior-level auditor for almost three years. Following this busy season, the partners and managers will sit down and decide which seniors to promote to managers. The rumor around the office is that only four or five of the seven eligible seniors in the office will be promoted in the Portland office. Those not promoted in Portland will most likely be asked to transfer to other offices within the firm that need new managers. Some may even be "counseled out" of the firm. John has...

Words: 2674 - Pages: 11

Premium Essay

Auditing Cases

... . . . . . . . . . . . . . . . 13 S o l u tionS inc lu de d in t h iS Section 2.1 Your1040Return.com Evaluating eBusiness Revenue Recognition, Information Privacy, and Electronic Evidence Issues . . . . . . . . . . . . . . . . . . . . . . . . . . 25 2.2 2.3 2.4 Dell Computer Corporation Evaluation of Client Business Risk Flash Technologies, Inc. Asher Farms Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Risk Analysis and Resolution of Client Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Understanding of Client’s Business Environment s e ct ion 3 Professional and ethical issues . . . . . . . . . . . . . . . . . . . . . . . 59 S o l u tio nS inc lu de d in t h iS Section 3.1 3.2 3.3 3.4 3.5 A Day in the Life of Brent Dorsey Staff Auditor Professional Pressures Nathan Johnson’s Rental Car Reimbursement Solving Ethical Dilemmas–Should He Pocket the Cash? Recognizing It’s a Fraud and Evaluating What to Do . . . . . . . . . . . . . . . . 63 The Anonymous Caller WorldCom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 The Story of a Whistleblower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79...

Words: 162000 - Pages: 648

Premium Essay

Case

...Auditing Cases An Interactive Learning Approach FIFTH M F S D E D ITIO N S. B A. B M. G F. P Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editor in Chief: Donna Battista Acquisitions Editor: Stephanie Wall Editorial Project Manager: Christina Rumbaugh Senior Managing Editor: Cynthia Zonneveld Production Project Manager: Carol O'Rourke Senior Operations Supervisor: Diane Peirano Printer/Binder: BindRite Graphics, Robbinsville Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text. Copyright © 2012, 2009, 2006, 2003, 2000 by Pearson Education, Inc., publishing Prentice Hall. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish...

Words: 139985 - Pages: 560

Premium Essay

Praise for the Extraordinary Leader

...books that attack cherished but unsupportable assumptions about anything, especially leadership. That’s exactly what Jack Zenger and Joe Folkman do, and they do it persuasively, precisely, and professionally. The Extraordinary Leader is no hackneyed rehashing of tired nostrums. Through their exceptional research, the authors demonstrate and prove that leadership does make a difference and that you can learn to lead. There are some profound insights in this book, and whether you’ve studied leadership for over 20 years, as I have, or you are brand new to the subject, Zenger and Folkman give you much more than your money’s worth. And while their research gives the book distinctive credibility, their examples and practical applications give it life. This is a book that scholars and practitioners will be referring to for years to come. If your goal is to be a better leader than you are today, then you must read this book.” —James M. Kouzes Chairman Emeritus, Tom Peters Company Coauthor of The Leadership Challenge and Encouraging the Heart “Joe Folkman and Jack Zenger have proved themselves to be extraordinary thinkers. In their new book, The Extraordinary Leader, they unfold the most intriguing and provocative new research on leadership that...

Words: 101849 - Pages: 408

Free Essay

Test2

...62118 0/nm 1/n1 2/nm 3/nm 4/nm 5/nm 6/nm 7/nm 8/nm 9/nm 1990s 0th/pt 1st/p 1th/tc 2nd/p 2th/tc 3rd/p 3th/tc 4th/pt 5th/pt 6th/pt 7th/pt 8th/pt 9th/pt 0s/pt a A AA AAA Aachen/M aardvark/SM Aaren/M Aarhus/M Aarika/M Aaron/M AB aback abacus/SM abaft Abagael/M Abagail/M abalone/SM abandoner/M abandon/LGDRS abandonment/SM abase/LGDSR abasement/S abaser/M abashed/UY abashment/MS abash/SDLG abate/DSRLG abated/U abatement/MS abater/M abattoir/SM Abba/M Abbe/M abbé/S abbess/SM Abbey/M abbey/MS Abbie/M Abbi/M Abbot/M abbot/MS Abbott/M abbr abbrev abbreviated/UA abbreviates/A abbreviate/XDSNG abbreviating/A abbreviation/M Abbye/M Abby/M ABC/M Abdel/M abdicate/NGDSX abdication/M abdomen/SM abdominal/YS abduct/DGS abduction/SM abductor/SM Abdul/M ab/DY abeam Abelard/M Abel/M Abelson/M Abe/M Aberdeen/M Abernathy/M aberrant/YS aberrational aberration/SM abet/S abetted abetting abettor/SM Abeu/M abeyance/MS abeyant Abey/M abhorred abhorrence/MS abhorrent/Y abhorrer/M abhorring abhor/S abidance/MS abide/JGSR abider/M abiding/Y Abidjan/M Abie/M Abigael/M Abigail/M Abigale/M Abilene/M ability/IMES abjection/MS abjectness/SM abject/SGPDY abjuration/SM abjuratory abjurer/M abjure/ZGSRD ablate/VGNSDX ablation/M ablative/SY ablaze abler/E ables/E ablest able/U abloom ablution/MS Ab/M ABM/S abnegate/NGSDX abnegation/M Abner/M abnormality/SM abnormal/SY aboard ...

Words: 113589 - Pages: 455