It is well accepted in auditing that throughout the conduct of the ordinary audit, it is essential to obtain large amounts of information from management and to rely heavily on managements judgments. After all, the financial statements are managements representations, and simple, it is extremely difficult, if not impossible, for the auditor to evaluate the obsolescence inventory as well as management can in a highly complex business. Similarly, the collectability of accounts receivable and the continued usefulness of machinery and equipment are heavily dependent on managements willingness to provide truthful responses to questions. Reconcile the auditors responsibility for discovering material misrepresentations by management with these comments.