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Homework answers / question archive / You are the partner on the audit of OreCo Mining Group (OMG)

You are the partner on the audit of OreCo Mining Group (OMG)

Accounting

You are the partner on the audit of OreCo Mining Group (OMG). Fieldwork finished on Friday. It is now Monday and the Board of Directors are meeting tomorrow to sign the financial statements which your firm finished early Saturday morning.

Over the weekend, there began to be news reports of pollution coming from OMG's Noelville mine. You pull up an e-mail from your audit manager that reads as follows:

"I'm not sure how to deal with this but while on site I visited the tailings pond. I'm no expert but this is an environmental disaster waiting to happen. The sides are overgrown with willow trees and you can see cracks in the cement wall. It doesn't look like anything has been done to fix it in years. If the wall goes, there will be spillage into the French River and the entire watershed will be poisoned. I have no idea the cost to fix it, but the clean up and liability cost would be in the billions. I am purposefully not putting this in the evidence file but thought you should know."

With regards to the financial reporting and your audit report, what are your responsibilities?

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