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Total Computer, Inc Essay

637 words - 3 pages

Case 10
Total Computer, Inc.

As a whole, the evidence collected by the auditors was insufficient. The working papers were created
by the client and the auditors relied heavily on conversation and correspondence from the client. While
Total Computer, Inc. may have been truthful in their discussions with the auditor, it is necessary that
the auditor use professional skepticism and verify the given information. When dealing with inventory
reserves, estimates are based off a lot of personal judgment instead of concrete estimates. AU Section
342.10 states:

In evaluating reasonableness, the auditor should obtain an understanding of how management

developed the estimate. Based on ...view middle of the document...

Similar to the second confirmation, the confirmation received from is not

sufficient evidence. did not properly complete the confirmation by checking
one of the two boxes. Also, the note Terry left discusses a conversation between Betty and Terry
where they discussed the accounts receivable balance. This conversation should not have taken
place after the confirmation was sent out. More documentation and records should be obtained
verifying the amounts owes Total Computer.

4. The fourth confirmation also does not constitute sufficient evidence. If the confirmation had
been sent directly to the auditors as the directions stated, it would have been. However,
there is a stamp on the confirmation noting that the confirmation was received by Total
Computer’s mailing department. Management could have adjusted the confirmation in the
time they received this confirmation. Further audit procedures could include sending another
confirmation to...

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