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Happiness, Inc.

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Submitted By foxwoman7
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Question #3
Should the Coopers & Lybrand auditors have confirmed the receivable from West Coast Liquidators at the end of fiscal 1995? Why or why not? Should the auditors have included one or more sales to West Coast Liquidators in their year-end sales cutoff tests for fiscal 1995?
Yes, the Coopers & Lybrand auditors should have confirmed the receivable from West Coast Liquidators at the end of fiscal 1995. The receivable was 13% of accounts receivable for Happiness Express, Inc. This makes the receivable extremely material to Happiness Express, Inc.’s overall financial condition.
Yes, the Coopers & Lybrand auditors should have included one or more sales to West Coast Liquidators in their year-end cutoff tests for fiscal 1995. The West Coast Liquidators sales occurred during the final month of fiscal 1995. Given the large dollar amount of sales to Happiness Express, Inc., as well as the reasonable time period before the cutoff date, the auditors should have included sales to West Coast Liquidators in their year-end sales cutoff tests.
In the civil complaint filed against Coopers & Lybrand, it was stated that if Coopers even performed the perfunctory procedure of examining Happiness’s invoices associated with the year-end receivable from West Coast Liquidators, it would have discovered that they also were highly suspicious on their face. For example, such invoices representing $1,346,598 of purported sales to West Coast Liquidators did not contain any bills of lading or purchase order numbers.
Question #4
What alternative audit procedures can be applied to a large receivable of an audit client when a confirmation of the receivable cannot be obtained, for whatever reason? Compare and contrast the evidence provided by these procedures with the evidence yielded by a confirmation.
Alternative audit procedures that can be applied to a large

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