MGT223H5 Study Guide - Midterm Guide: Contingent Liability, Public Company, Cash Flow
Document Summary
Fall 2015 mgt421 1st in-class company a (ca) Note: this is a general guide and should not be considered a sample response. Audit already has already been accepted, about to get underway. Role: audit manager, to address issues as requested and provide procedures. First time audit for us, we"ve never audited a public company before. We seem to have obtained the business by significantly undercutting the other firms when providing a quote. May not have enough resources, the company appears to have very de-centralized operations, and is involved in varying lines of business. Tie in the work required for each audit issue to the case facts regarding resources etc. Contingent liability, consider whether we have an obligation to remediate the land. Regardless of whether ca caused the damage, if there is an obligation to remediate the land, the onus will likely fall to the current owner of the land, and a provision would be required currently.
