Opinion Shopping

In: Business and Management

Submitted By rpag92
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Opinion Shopping

Who are the stakeholders involved in this situation?

Investors/Shareholders

In terms of auditor switching, shareholders are dependent on the reliability of audit opinions on the financial reporting of management. Shareholders rely heavily on the quality of audits in valuing their shareholder wealth and making advised business decisions.

The Board/ Audit Committee The directors are elected by the shareholders and are responsible for representing shareholders best interests and in overseeing management. They are interested in long-term profitability and are responsible for the audit committee overseeing both the external and internal audit functions.

External Auditors

External Auditors are concerned with minimizing legal and professional risk to maintain their reputation. They are responsible for objectively acquiring and assessing evidence regarding economic actions and events made by management. They are also responsible for communicating these results to interested parties. The two external auditors involved are the current auditor Paige & Gentry and Webster & Co.

Regulators

Regulators are concerned with the company’s compliance with specific environmental standards, health & safety product by-laws, and professional conduct rules. The three regulators involved in this case include Canada Environment Protection Agency, Health Canada, and Institute of Chartered Accounting Ontario.

Customers
Customers’ satisfaction plays a key role in the accomplishing the strategic objective of increasing revenues. Failure by the company would reduce the number of viable options from which a customer can selected a good or service. Customer also relies the organization to build safe and reliable products.

Employees
Employees have a vested stake on the on-going success of the company and rely on it for…...

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