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Business and Management

12-45

In: Business and Management

12-45

You have been with Zaird & Associates for about three months and are completing your projects on the BizCaz audit. BizCaz produces jersey knit t shirts to address the company casual marketplace for both males and females. Although your experience continues to be limited, an urgent staff resignation has resulted in your operating directly with the engagement's in-charge senior upon inventory. This has been a learning experience to suit your needs, because you could have helped conduct various checks of controls which may be described as demonstrating that internal control of inventory (including the everlasting records) appears strong. It really is your impression that those checks resulted in a decrease in substantive procedures, therefore allowing a particularly efficient review.

At the outset of the review, Jan Wheeler, the in-charge senior, told you that the supervision team of BizCaz has long been helpful and friendly. Through the entire audit you may have found the case to be as nice as described. Actually BizCaz enables each auditor to purchase approximately three t shirts at an especially attractive cost of $12 per shirt, the cost that employees may well purchase t-shirts. The shirts have a market value of $50, although the direct labor and materials costs of every shirt are just $10.

Near the conclusion of the review, after you plus the other 3 staff members paid the control mechanism and advised him your sizes, this individual walked for the warehouse, taken out 12 shirts from the appropriate piles, and brought all of them out. That evening you gave the situation some thought. On the one hand, the company didn't reduce any money on your purchase of the shirts-but on the other hand, you would never have been able to acquire such high-quality clothes intended for such a minimal price.

1 . Can it be acceptable to buy these t shirts from the review client in this fashion?

2 . Discuss the effect of details presented in the case on the...



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