Tinley Corporation Is Being Audited for the Calendar Year 2018

question 84

Essay

Tinley Corporation is being audited for the calendar year 2018.Among other items related to the audit, Tinley Corporation was being sued for personal injury resulting from the malfunction of one of their products.The lawsuit was initiated by Mr.John Jones in September 2018.
Tinley's senior management and their outside legal counsel estimated the loss from the suit to be approximately $200,000.This amount is accrued and properly disclosed in the footnotes of the financial statements.The auditors have no reason to believe that the estimate is inaccurate.
The audit is completed, and the report is dated February 1, 2019.The financial statements were issued on February 14, 2019.On March 30, 2019, the auditor reads an article in a trade journal about the Tinley Corporation and the recent jury award to Mr.John Jones for $1.5 million his personal injury lawsuit.
Discuss the nature of these events and what responsibility, if any, does the auditor have regarding the news of the jury award on March 30, 2019.

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Definitions:

Monetary Damages

Financial compensation awarded in civil lawsuits for loss or injury as a result of the defendant's actions.

Administrative Agencies

Government bodies responsible for implementing, administering, and enforcing regulations and statutes.

Delegation

In constitutional law and administrative law, a process whereby a legislature effectively hands over some of its legislative power to an administrative agency that it has created, thus giving the agency power to make law within the limits set by the legislature. In contract law, a transaction whereby a person who owes a legal duty to perform under a contract appoints someone else to carry out his performance.

Jurisprudence

The philosophy of law. Also sometimes used to refer to the collected positive law of some jurisdiction.