Murchison Technologies, Inc. Evaluating an Attorney’s response and identifying the proper audit report
LEARNING OBJECTIVES After completing and discussing this case you should be able to [1] Understand the role and timing of client attorney responses to the auditor [2] Interpret information contained in an attorney’s response letter [3] Evaluate proper accounting treatment for material uncertainties [4] Identify the correct audit report in light of varying circumstances INTRODUCTION Murchison Technologies, Inc. recently developed a patient-billing software system that it markets to physicians and dentists. Jim Archer and Janice Johnson founded the company in Austin, Texas five years ago after working at IBM for more than 15 years. Jim worked as a software programmer and Janice worked as a sales representative, frequently calling on stand-alone medical practices. Together, they identified a need for software to help physician and dental offices track char
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