MGT223H5 Study Guide - Quiz Guide: Piracy In The Strait Of Hormuz
Document Summary
Mgt421 in-class assignment #1 merkle manufacturing company (mmc) Major deficiencies in the audit and why they took place and issues that should have been apparent to brewer during the audit. Basing current year budget on prior years new year = new issues, risk assessment especially with new systems and staff. Even though, mmc recently acquired a new division through merger increase work, i. e. audit opening balance. Making assumption efficient senior would make up for it may encourage. Hours making up hours difference at year-end should be no making up if proper planning was done . New assistants in audit not familiar with control environment . Audit procedure/approach (needed to consider changes to current year did not) Warren (audit senior) assigns inventory to an assistant (not part of audit team!!!: auditor responsible for supervising and ensuring assistants are competent, not good idea to have assistant helping out in high risk area (inventory) .
