Academic research suggests that underreporting time on audit engagements is a common practice. What are the key objectives of tracking hours worked by individual accounts or assignments on audit engagements? What implications does the underreporting of time have for individual auditors, their colleagues, and the overall quality of independent audits?
Answer to relevant QuestionsWhat measures can accounting firms take to ensure that time budgets do not interfere with the successful completion of an audit or become dysfunctional in other ways?Assume that at some point Tommy told Morrison that he suspected Carl was not completing his assigned tasks. The only evidence Tommy had to support his theory was the fact that Carl had come in significantly under budget on ...Did Tollison’s firm treat him “fairly”? Why or why not?In your opinion, how should Sarah have handled this matter? Identify the factors that Sarah should have considered in dealing with the situation. Also, identify the professional and personal responsibilities of Sarah, R. J. ...The nepotism rules of many professional firms pose a major inconvenience for married couples who work for, or would like to work for, those firms. Discuss the costs and benefits of these rules in a public accounting setting. ...
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