Team Collapse at Richard, Wood, Hulme, LLP
Executive Summary:
Situation Analysis:
James Michaels was a senior associate in the Richard, Wood, Hulme, LLP. He assisted with junior associates and co-op students with resolving questions in addition to completing his own audit work. He worked in a team to audit Spector's business in these years. In 2008, Michaels faced some problems: the audit started on November 3, 2008 and was supposed to be completed by November 19, 2008. The deadline was a strict one, but the audit was less than 50 percent finished by November 12, 2008.
Richard, Wood and Hulme LLP (RWH) was a mid-sized professional services firm that offered clients audit and taxation services. RWH's culture consists of teams by employees. All audits were completed by teams. Also, RWH's bid to become Spector's auditor in 2003, so Spector was an important client in its company. Spector is a residential real estate company which entered into construction loads that disbursed funds as needed to assist in managing the company's cash flow when it entered the condominium markets.
Snapshot from Audit Document of Comptroller and Au...
Open-Audit
Official logo of Audit ScotlandSpector's year-end audit began in November 2008. The team members were consist of nine people:
Genna Wood: She was a founding partner of RWH. Wood was responsible to the firm and client for the overall completion of the audit and for signing the audit opinion.
Adam Nguyen and Keri Feldman: They were senior managers. Both were responsible for assisting Wood with client relations and reviewing audit engagement work.
Jody Ellis: She was a senior associate. She would report to senior managers on a daily basis. And, she was responsible for managing the senior and junior associates while accomplished her own audit work. However, she had a problem that she didn't pass the chartered accounting qualification exam.
Kira Dee and James Michaels: They...