...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...
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...INTRODUCTION First I am going to give you some History on USATF. Then about the levels of officials and the requirements. Thirdly, I am going to tell you how / why I got involved, what the benefits are and finally how you can become an official. BODY Lets take a look at the background. Track and Field came to the US in 1860. In 1873 the Inter Collegiate Association of Amateur Athletics of America held the first Races and in 1888 the AAU or Amateur Athletic Union held the first championship. January 30, 1878, (rower and runner) William B. Curtis founded what became the Amateur Athletic Union (AAU) in New York City. The AAU governed the sport until 1979, when the first Amateur Sports Act decreed that the AAU could no longer hold international franchises for more than one sport. In 1992, the name was changed to USA Track & Field (USATF) to increase recognition for the organization and the sport in the United States. . Why have Officials? Officials play an important role in making thousands of events run smoothly. Officials are essential for maintaining the highest levels of integrity at all levels of competition. How do I know who the officials are?? 2009 USATF Officials Who do they officiate?? High School College Olympic Trials Olympics Huntsman Sr. Games There are 5 Certification Levels Association National Master National Master Referee National Technical Referee Association ...
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...needed. A negative to this alternative is the damage that will ensue with his supervisor, the damage to his reputation within the firm and possible damage with the client when the audit comes in over budget. Brent could do as John says and only report 35 hours to complete payables even if the actual hours exceed 35 hours. He will enhance his relationship with his supervisor and within the firm while doing a good job for the client by following the audit plan. Unfortunately, he will likely cause further damage with his wife and increase his stress level. Furthermore, he’ll also be dooming audit teams in subsequent years to unrealistic expectations. Finally, he could deviate from the audit plan and reduce the number of invoices he examines so he is assured to finish within the 35 hours allotted. By deviating from the plan he will enhance his reputation with his supervisor and within the firm. The client will end up happy; however, if the audit of payables does not catch a material misstatement there good be negative consequences for the firm and the client down the road. He’ll also be starting down a path wherein deviations from the audit plan are acceptable, a practice that could eventually lead to dire consequences for his employer, a future client or even Brent himself. [2] The obvious consequences from eating time include putting future audit teams in a difficult position as they will face ever increasingly unrealistic...
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...Case 3.1 1. The alternatives available to Brent are working at the normal pace, trying to rush the work with the normal sample size, or cut the sample size. If Brent chose to work at the normal pace he would get the best and most accurate result. Being accurate and sure of the results is what Brent’s employer expects out of him. Brent’s next option is “eating time” i.e., working off the clock, and then turning in that he worked the 35 hours to come in at budget. The pro to this option is that Brent does all the work required of him to do a thorough job. The con of doing this is that Brent is working off the clock and giving his time away to the company without compensation. This brings up an ethical problem for both Brent and the company. Brent has a duty to the company to perform services; in return the company has a duty to compensate Brent for the duties performed. Brent’s last option is to cut corners on the work and finish on budget. The pro to this is that Brent comes in on or under budget which has a chance to reflect positively on Brent. Conversely, by cutting corners Brent’s quality of work would surely suffer and the audit team could miss a material misstatement. This could have a major negative impact on Brent’s career if it is found of that his team did not catch an act of fraud or a material misstatement. 2. There are many consequences that could arise from “eating time”. For Brent he would first miss out on pay that he is rightfully entitled to. Furthermore...
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...to Brent in regards to the audit of payables? What are the pros and cons of each alternative? Brent and Han could pull twenty invoices rather than thirty invoices and go against the audit plan. Since the account payables haven’t shown any problems in the last few years, chances are there won’t be any problems this year. Doing this they could save at least a third of the time and possibly meet the deadline. The problem with doing this is that it goes against the audit plan and potential be an issue if there did end up being a problem this year. They could just do the audit of the account payables and say that it only took the 35 hours regardless of the amount of time it really takes. Doing this would bring the audit in under budget and John would be happy with this and it would look good on the upcoming performance evaluations. This would be helpful in their promotions to senior auditors. The problem with this if they accomplish the audit in this time frame they will be expected to do it again next year. 2. What consequences for Brent, the auditing firm, and others involved, may arise from “eating time” as Han suggested? Similarly, what consequences for Brent, the auditing firm, and others involved, may arise from not completing audit procedures, as Megan suggested? As mentioned above, “eating time” may look good now, but in the future they will be expected to keep up with this time span and will have to budget accordingly. This will not help Brent in...
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...1. What alternatives are available to Brent in regards to the audit of payables? What are the pros and cons of each alternative? Brent has the option of “eating time” as Han has suggested. This means working off the clock but he will be able to finish under budget and look good at the firm. However, this will have an adverse effect for future budgets making it seem like the audit can be completed in less time than is even possible. Also, it fails to show the accurate cost of completing the audit. Brent also has the option of lowering the number of payables tested. If he decided to do this, Brent would be able to complete his work in less time, possible under budget and allow him to spend the rest of the time with his wife. However, skipping the testing of these other transactions can lead to a misrepresentation of the audit. Brent could also ignore Han and Megan’s advices and to the work correctly, regardless of making budget. This approach will get the job done correctly. However, doing this will result in an over budget audit report and may receive a bad evaluation from the senior auditor. Brent could also talk with John about his concerns. John may be able to provide insight into Brent’s issues and help him resolve them. However, John may see Brent as a threat to him completing the audit under budget and may give him a bad evaluation if they end up over budget. 2. What consequences for Brent, the auditing firm, the others involved, may arise from “eating time,” as Han suggested...
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...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...
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...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...
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...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...
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...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"...
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...Syllabus for ACIS 4414 Financial Statement Auditing Fall 2012 Instructor: Email: Office: Phone: Office Hours: MW 1:00pm – 2:30pm and by appointment Class time: MWF 9:05am – 9:55am; MWF 10:10am – 11:00am in PAM 2003 Course Web Site: Recommended Texts: Auditing and Assurance Services 14th edition Prentice-Hall, by Alvin A. Arens, Randal J. Elder, Mark Beasley Auditing Cases, 5th Edition, Beasley, Buckless, Glover, & Prawitt Note: Both of the above texts are published by Prentice Hall and are available as a bundled package. Prerequisites Computer Resources: Course Objectives: This course is designed to provide you with an understanding of professional auditing as practiced in the United States. Our discussions will focus on various aspects of the auditing profession. Successful completion of this course will provide you with a basic understanding of: * The auditor's consideration of financial statement cycles, * The evaluation of audit evidence, and * The issues related to completing an audit. Honor Code: Each student is expected to behave in a manner that brings honor to himself or herself, to the student body, and to the university community. In keeping with this expectation, students should be familiar with requirements of the Honor System Constitution. All class assignments are expected to be your original work. You are not permitted to use solutions manuals, solutions from prior semester materials...
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...Walt Disney Company and how it see’s for its future. Also provided is a SWOT and PEST analysis. Finally, there is a conclusion as well as recommendations to the company. The Walt Disney Company The Walt Disney Company is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. The company has subsidiaries and affiliates around the world including North America, South America, Europe, Middle East, Africa, Russia, Asian Pacific, and Japan. Board of Directors Walt Disney Company is a publicly held company and is governed by a Board of Directors including Susan Arnold, John S. Chen, Jack Dorsey, Robert A. Iger, Fred H. Langhammer, Aylwin B. Lewis, Monica C. Lorenzo, Robert W. Matschullat, Sheryl Sandberg, and Orin C. Smith. The Management team is divided up into Corporate and Business Unit. In the Corporate unit: Andy Bird, Chairman, Walt Disney International, The Walt Disney...
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...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...
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...UNIVERSAL PICTURES and EMMETT / FURLA FILMS Present A MARC PLATT Production In Association with OASIS VENTURES ENTERTAINMENT LTD / ENVISION ENTERTAINMENT / HERRICK ENTERTAINMENT / BOOM! STUDIOS A BALTASAR KORMÁKUR Film PAULA PATTON BILL PAXTON JAMES MARSDEN FRED WARD and EDWARD JAMES OLMOS Executive Producers BRANDT ANDERSEN JEFFREY STOTT MOTAZ M. NABULSI JOSHUA SKURLA MARK DAMON Produced by MARC PLATT RANDALL EMMETT NORTON HERRICK ADAM SIEGEL GEORGE FURLA ROSS RICHIE ANDREW COSBY Based on the BOOM! Studios Graphic Novels by STEVEN GRANT Screenplay by BLAKE MASTERS Directed by BALTASAR KORMÁKUR –1– CAST Waitress Margie . . . . . . . . . . . . . . . . . . . . . LINDSEY GORT Roughneck #2 . . . . . . . . . . . . . . . . . HILLEL M. SHARMAN Robert “Bobby” Trench . . . . . . . . . DENZEL WASHINGTON Roughneck #3 . . . . . . . . . . . . . . . . . . . . . . . . AARON ZELL Marcus “Stig” Stigman . . . . . . . . . . . . MARK WAHLBERG Roughneck #4 . . . . . . . . . . . . . . . . . . . . . . . HENRY PENZI Deb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAULA PATTON CREW Earl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BILL PAXTON Admiral Tuwey . . . . . . . . . . . . . . . . . . . . . . . FRED J. WARD Quince . . . . . . . . . . . . . . . . . . . . . . . . . . JAMES MARSDEN Directed by . . . . . . . . . . . . . . . . . BALTASAR KORMÁKUR Papi Greco . . . . . . . . . . . . . . . . . EDWARD JAMES OLMOS Screenplay by . . . . . . . . . . . ...
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...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...
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