8Ed.sol7.6 - CASE 7.6 BUD CARRIKER, AUDIT SENIOR Synopsis...

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CASE 7.6 BUD CARRIKER, AUDIT SENIOR Synopsis Bud Carriker had a plan. After graduating from college with an accounting degree, Bud intended to spend several years in public accounting working as an independent auditor. Then he would seek a mid-level accounting position with a firm in the banking or financial services industries. His eventual career objective was to become a controller or chief financial officer in one of those industries. During the first several years that Bud was employed on the audit staff of one of the major accounting firms, he requested an assignment to a bank or financial services audit engagement. Near the beginning of his fifth busy season, Bud finally got his wish. His firm unexpectedly acquired a new bank client. The office managing partner told Bud that he would be assigned to the engagement for two reasons: (1) Bud had requested such an assignment and (2) the high-risk nature of the engagement dictated that a “heavy” senior, such as Bud, be assigned to the job. After completing preliminary internal control work, meeting key client personnel, including the owner of the bank, and working on a draft of the audit program, Bud’s dream assignment was off to a good start. Then, on a Friday afternoon as he was completing the audit program, Bud’s office managing partner met with him. The managing partner informed Bud that he was being taken off the bank audit engagement team. A stunned Bud asked why he was being replaced. The partner reluctantly told Bud that he was being removed from the engagement because the bank’s owner was not “comfortable” with Bud. The owner’s discomfort stemmed from the fact that Bud was a minority.
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24 Case 7.6 Bud Carriker, Audit Senior Bud Carriker, Audit Senior—Key Facts 1. Bud Carriker, a college basketball player, chose to major in accounting because he realized that the accounting profession would provide him with an opportunity to earn a good livelihood. 2.
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This note was uploaded on 12/12/2010 for the course MGMT 365 taught by Professor G during the Spring '10 term at Bucknell.

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8Ed.sol7.6 - CASE 7.6 BUD CARRIKER, AUDIT SENIOR Synopsis...

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