Making choices and exercising judgment.Barb is an auditor for Vicenti, Lloyd and Stutzman (VLS), a regional CPA firm; she earned her CPA license three years ago and is supervising the audit team for CDR Corporation, a company that manufactures blank CDs. Last year’s audit resulted in a qualified opinion, and both Barb and CDR’s management are highly motivated to achieve a clean opinion this year. The audit team comprises four individuals (including Barb):
• Richard has been with VLS a little over two years. He has passed three parts of the CPA exam and is currently working on the fourth part. He graduated with a 3.8 GPA from a prestigious local university and is working on CDR’s audit for the first time. In previous audits, Richard has been in charge of inventory observation and bank reconciliations.
• Laura joined VLS at the same time as Barb. She was licensed as a CPA one year ago. Laura has a master’s degree in accounting from a local university and is an experienced auditor. In previous audits, she has taken the lead in evaluating internal controls and discussing audit matters with company management. This audit is her first for CDR Corporation.
• Albert came to work for VLS from one of the Big Four CPA firms about six months before the CDR audit started. He is an experienced CPA and made the move to get better working hours and a better chance at becoming a partner. The CDR audit will be Albert’s first for VLS.
What responsibilities should Barb assign to each member of the audit team for the CDR audit? Explain your choices.
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