Auditing and Assurance (Individual Case Study Assignment)

Auditing and Assurance (Individual Case Study Assignment) Essay example
Undergraduate
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Finance & Accounting
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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)…

Introduction

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. ...
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