Busy Season Planning

Romello Accounting LLP is a small CPA firm consisting of three partners and seven other professional staff. The firm offers full attestation and assurance services. Most of the work is for small and medium-sized nonpublic companies. The firm is registered with the PCAOB and does audits of about 30 penny stock or pink sheet companies and broker-dealers each year.

Tony Romello, the managing partner of the firm, has been the review partner on all audits for the last several years. Unfortunately, Tony encountered major health concerns in the last month and will not be available for the upcoming busy season. Michelle Thompson and Max King, the two remaining partners, are discussing staffing during the busy season.

“I am sorry that Tony is so ill, but I am concerned about our staff needs over the next three months. With two senior auditors and five staff auditors, we are all going to be very busy. I guess it is too late to hire experienced staff and get them trained quickly,” Michelle stated.

“Don’t forget that we will need a review partner,” Max mused. “Hey, I could be the review partner for your audits and you can be review partner on my audits.”

“I almost forgot that,” Michelle said. “But don’t we need to get a review partner who hasn’t worked on the audits the last two years? That would exclude both of us, since we are switching off audits every five years. . . . Hey, maybe we can get Tom Mullins, CPA, to be our review partner on a contract basis?”

Max immediately objected. “You know that, as a retired Big Four audit partner, he would eat up our slim profits with his contract rate. Let’s just make do this year and start planning to have a new partner by this time next year.”

“We can’t do that,” Michelle countered. “When we have the PCAOB inspections, we will get penalized. We would also be cited in our peer reviews. No, no, I’m not comfortable thinking of not having a review partner. Also, without Tony this year, you and I will be busy supervising the staff without the added responsibilities of being review partner.”

“Oh brother, you are such a rule follower!”

Assignment must be 1200 words or more:

  1. Brief Facts of the case – What are the brief facts? Who are the main participants in this case. What do you think the ethical issues are in this case? This portion should be no more than 200 words.
  2. Include any additional credible research on this case not reflected in the textbook- Were there any red flags? Character flaws? Corporate Culture? Rationalization? Motivation? In other words, was there additional insight into why this happened or steps on how to prevent this situation from occurring. Make sure the resource link is hyperlinkedand you have summarized the key excerpts of this research you think the group can use. Research links without this component will be treated as “No research”.
  3. If you find a YouTube video on the case –include a link for the group to watch and suggest what clip should be possibly shown (remember clips are limited to a total of 120 seconds, so if you have 2 then 60 seconds each) Recommend what parts to use.
  4. How does this case relate to the chapter? How often is this an issue? Again, outside research from the Journal of Accountancy or accounting oriented publication with a credible author adds to credibility.. I am not looking for similar cases.
  5. Suggest some engaging questions to encourage class discussion. Think about the truly grey areas where there were points on both sides and invite the class to weigh in.
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