Question: A key issue in the overtime lawsuits is whether audit staff below the position of audit senior requires close supervision and have the ability and

A key issue in the overtime lawsuits is whether audit staff below the position of audit senior requires close supervision and have the ability and authority to exercise “independent discretion and judgment.” Do professional auditing standards mandate that these employees be closely supervised? Likewise, do those standards prohibit these employees from exercising independent discretion and judgment?

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As suggested in the case a key element of the defense strategy used by the major accounting firms in responding to the overtime lawsuits is to maintain that audit staff below the level of audit senior ... View full answer

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