During, May, 2015, Barbara whitely had obtained a master’s degree in Accounting. After Barbara had received her degree she had begun a career as an audit professional at Green, Thresher &CO., CPAs. During Mrs. Whitely first year at Green, Thresher& CO., CPAs, Mrs. Whitely was working on an audit for Delancey Fabrics. In addition, the Delancey Fabric’s company is a textile manufacturing company. Furthermore, everyone on the audit team wear aggressively working overtime every week to meet the customer deadline. Also, Mrs. Whitely role on the audit team for this client was to analyze the property area financial disclosure and vouching additions for the current year.
Furthermore, during the audit the auditing team had obtained information from …show more content…
Mrs. Whitely provided Jack with her findings and got a very unpleasant response. Jack bean response was “you were just expected to take a look at the items over $20,000 and at minimum analysis 5 or 10 values over the limit. You've squandered an entire day on that work, and we can't stand to invest any more energy in it”. Then Mrs. Barbara wanted to make adjustments to her disclosure and the senior auditor professional did not allow her to do the adjustment. Due to the fact, the senior auditor professional said it’s his job to analysis the items misstated on the financial …show more content…
Needs to analyze Mrs. Whitely findings of the misstated or under stated items on the financial statement. Then, the senior audit professional needs to develop a plan that a company needs to put in place to fix the issue and to prevent the issue from reoccurring in the future. The consequence that will occur from the provided alternatives are that the company will be provided one year to fix any issues that are on the financial statements for the previous year. Furthermore, in the event that Mrs. Whitely findings are disregarded and the senior audit professional decides not to analyze the data. Then the performed audit will be inaccurate and appear to be the basis. Which will lead the general public to assume that the audit that was performed is unethical. Also, this will generally indicate that the auditors are not acting independently.
In addition, the appropriate action that needs to be taken is that the senior audit professional needs evaluate the information Mrs. Whitely found. In addition, the senior audit professional should not disregard the data Mrs. Whitely found. Furthermore, the auditing team needs to make the company aware of their finding and allow the company time to fix the misstated items on the financial statement. Also, the auditing team needs to ask for an extension so that Mrs. Whitely can perform the audit with the set perimeters in the given
Furthermore, during the audit the auditing team had obtained information from …show more content…
Mrs. Whitely provided Jack with her findings and got a very unpleasant response. Jack bean response was “you were just expected to take a look at the items over $20,000 and at minimum analysis 5 or 10 values over the limit. You've squandered an entire day on that work, and we can't stand to invest any more energy in it”. Then Mrs. Barbara wanted to make adjustments to her disclosure and the senior auditor professional did not allow her to do the adjustment. Due to the fact, the senior auditor professional said it’s his job to analysis the items misstated on the financial …show more content…
Needs to analyze Mrs. Whitely findings of the misstated or under stated items on the financial statement. Then, the senior audit professional needs to develop a plan that a company needs to put in place to fix the issue and to prevent the issue from reoccurring in the future. The consequence that will occur from the provided alternatives are that the company will be provided one year to fix any issues that are on the financial statements for the previous year. Furthermore, in the event that Mrs. Whitely findings are disregarded and the senior audit professional decides not to analyze the data. Then the performed audit will be inaccurate and appear to be the basis. Which will lead the general public to assume that the audit that was performed is unethical. Also, this will generally indicate that the auditors are not acting independently.
In addition, the appropriate action that needs to be taken is that the senior audit professional needs evaluate the information Mrs. Whitely found. In addition, the senior audit professional should not disregard the data Mrs. Whitely found. Furthermore, the auditing team needs to make the company aware of their finding and allow the company time to fix the misstated items on the financial statement. Also, the auditing team needs to ask for an extension so that Mrs. Whitely can perform the audit with the set perimeters in the given