Total Computer Inc

In: Business and Management

Submitted By fantasyqad
Words 995
Pages 4
Case 04-1 Total Computer, Inc. Tim Jacobs (Audit Manager) was reviewing the working papers for Total Computer, Inc., a large, privately owned retailer of computer hardware in the United States. Tim is on site at the client’s headquarters and has only two sections to review: inventory reserves and accounts receivable. Inventory Reserves While reviewing the inventory working papers of Total Computer, Inc., Tim focused on the lower of cost or market (“LOCOM”) inventory reserve, which had been identified as an area of audit risk. The working papers included a schedule prepared by the client showing beginning and ending balances, write-offs, and the current-year provision. Sarah Byrd (Audit Staff) summed the schedule and traced the ending LOCOM reserve balance into the general ledger without exception. Further, Sarah documented in a memo that she held discussions with Betty Bingham (Controller) to gain an understanding of the client’s assumptions and judgments regarding the calculation of LOCOM inventory reserves. Betty prepared the LOCOM reserve based on her extensive knowledge of the company and the computer hardware business, as well as, her discussions with Jerry Lee (Director of Marketing). Sarah’s memo documented the following: • Inventory is a diverse portfolio of computer hardware produced by several manufacturers. • Total Computer, Inc., consistently has experienced an average inventory turnover of 10 times per year. • Based on his knowledge of the marketplace, Jerry identified for Betty the products that are currently selling below cost. • Betty and Jerry estimated, based on their knowledge of the marketplace and the business, that a 20 percent LOCOM reserve was appropriate as the ending balance (calculated as 20 percent of the cost for those items identified as selling below cost). The memo further states, “We corroborated the assertions documented above with…...

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