Audit

User Generated

ybyb82

Business Finance

Description

Assume you have been hired to audit a manufacturing company. Discuss the relationship between the audit of property, plant, and equipment accounts and the audit of repair and maintenance accounts. How would you organize the audit to take this relationship into account?

Discuss the differences between auditing a service company and a manufacturing company. What adjustments would need to be made to the audit planning if you were to audit a service company?

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Explanation & Answer

Attached.

Running Head: WASTE MANAGEMENT SCANDAL

Waste Management Scandal
Institutional Affiliation
Date

1

WASTE MANAGEMENT SCANDAL

2

Founded in the year 1894, Waste Management Inc. was considered a waste company
which went public in 1971. In between 1971 and 1971, the company had managed to
generate an estimate of $82 million and had acquired over 130 acquisitions. The company
was quite famous during the period and had a huge customer base of about 20 million
customers who were located in three countries; Canada, America, and Puerto Rico.
Following the acquisition of the Service Corporation of America which was done in
the 1980s, the company was known as the most significant company which offered
environmentally and waste management services. Various tons of materials were managed by
the company which also managed different facilities. However, in the 1990s, the company
was faced with a scandal which involved various fraudulent activities that took place in the
company. The fraudulent crimes were done by none other than the senior officers of the
company which included the founder of the company, the former president, the auditing
company, and others (Hooper, 2008).
The main problem which led to the rise of the fraudulent activity in the organization
was because the company had wanted to meet the prearranged earning targets. In order to
achieve the earning goal, the compan...


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