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Auditing and Assurance (Individual Case Study Assignment) - Essay Example


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Auditing and Assurance (Individual Case Study Assignment)

If one is not mistaken, Tony Lockett’s salary increased from about $240K to at least $300K or more from 2009 to 2010. That raises a red flag, first of all, because—no matter how stressful or important Mr. Lockett’s job is—he should not necessarily be pulling in a salary of over $200K just for being a head manager of everything. If anyone, it seems that Li Wong, the accountant for the company, should be making more money. However, there are significant problems with the way this company’s resources are being used. Therefore, it is recommended that whoever is the accountant be paid according to his or her worth in the company—and not because of race or gender. It was noted that the top two females in positions of power at the Sealant company are paid only $40K or so in 2009, and then up to $60K in 2010—while their overseeing manager made at least 5 times the lowest salary of the women in 2009. Something is savagely inequitable about this fact, as well as the fact that the only Asian person in the company is making about the same as what the flunky office workers are making (around $40K). This is not sufficient income for the job that Mr. Wong should be doing. Right now, he is not at his optimal performance and so are several other employees. Therefore, some human resources decisions need to be made—i.e., deciding to fire and rehire someone. “Employment at will is the fundamental law in [almost all states excepting Montana]…Employers should work hard to preserve the at-will nature of the relationship”

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(Muller, 2009, pp. 231). Employers should use progressive discipline in order to help their employees improve, “…a series of attempts [to help] poor-performing employees…” improve performances (Falcone, 2002, pp. 141). Part 1 SEGMENT BUSINESS RISK JUSTIFICATION 1 Credit sales cycle and trade receivable Significant The percentage change of trade receivable is 74% is lot more than sale revenue 19%, and the risk of processing error exists in sale transaction. Sales transaction processing is growing, increasing the risk of processing errors. And the company is current lack of written procedures, it might lead to trade receivable recorded does not exist, or part of the credit sales was replicated or missing. Therefore, trade receivable is overstated or credit sale is understated. 2 Cash receipts and payment Significant Cash is easily to be stolen, made payment to unauthorised or non-existent persons, and the balances could be manipulated and covered up by fraudulent of bank reconciliations. Overstatement of cash receipt will occur. Moreover, the company is not using hedging transaction; so there is a significant risk of exchange rate gain and losses. It will lead to the over- or understatement of cash payment to US supplier. 3 Purchasing cycle and inventory balances Significant The inventory is recorded before SP receives it, and the lead time in receiving the raw materials may increase the risk of inventory shortage. The inventory maybe overstated. 4 Investments Significant Securities is similar to cash, they are susceptible to theft. The percentage change of marketable securities is 525% and treasurer may use his knowledge to misappropriate the securities so investment may be overstated. 5 Prepayment Insignificant The low volume and complexity of transactions reduce the risk of misstatement. And
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Auditing and Assurance: Individual Case Study Assignment Word Count: 1842 (7 pages) 1. Referring to the work performed by the audit senior, Michelle O’Loughlin and other relevant background information, determine whether the business risks for each of the 10 segments (accounts) identified in the memorandum would be significant (or insignificant)…
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