Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

No copypaste otherwise i will give thumps down and no repeat one sentence over and over again... Answer should relevant BeautyBlink Co is a retailer

No copypaste otherwise i will give thumps down and no repeat one sentence over and over again... Answer should relevant BeautyBlink Co is a retailer of ladies clothing and accessories. The business operates in many locations around Malaysia and has expanded steadily from its base in Asia. Each branch has up to 10 staff working there, and most of the accounting systems are designed and implemented to monitor the operation. The business's main market is aimed at 18 to 40 year old and item prices are mid to low range. The company's year end was 31 December 2021. In the past, the business has bulk ordered its clothing and accessories twice a year. However, if their items failed to meet the key fashion trends, then this resulted in significant inventory write downs. As a result of this, the business has recently introduced a just in time ordering system (JIT). The fashion buyersmake an assessment nine months in advance as to what the key trends are likely to be, these items are sourced from their suppliers, however only limited numbers are initially ordered. BeautyBlink Co has an internal audit department. Their role mainly advising all staff regarding accounting system implemented and regularly perform inventory counts at the stores. Internal audit department consist of five staff, all of whom have been employed at BeautyBlink for a minimum of five years and some for as experienced as ten years. In the past exercised, the chief internal auditor appoints staff within their internal audit department not through chief executive officer (CEO). The chief internal auditor reports directly to the finance director for every concern arising during monthly meetings. The finance director also assists the chief internal auditor in deciding on the scope of work of the internal audit department. Required: (a) Explain additional assignments that the internal audit department of BeautyBlink Co could be asked to perform by those charged with governance. (Ten marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Project management the managerial process

Authors: Eric W Larson, Clifford F. Gray

5th edition

73403342, 978-0073403342

More Books

Students also viewed these General Management questions

Question

find tight asymptotic bounds (big-Theta) for T(n). T(n)=2T(n/4)+n2n

Answered: 1 week ago