04D IM WP C3 Inv Obs Memo

04D IM WP C3 Inv Obs Memo - received from vendors in 24...

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                                C-3                              1-1-04                                  JWP Apple Blossom Cologne Company Inventory Observation Memo December 31, 2003 I arrived at the client's plant at 1308 Bee Hive Boulevard, Chicago, Illinois, at 8:00 AM on January 1, 2004   to observe the client's physical inventory. The plant was closed this day for the inventory counting. I reviewed   the client's inventory instructions, which appeared adequate. I then observed the client personnel as they took a   100% inventory. I recorded test counts for later tracing to the client's final priced inventory (C-2).   The client's housekeeping was good and the inventory neat and orderly to facilitate an accurate count. The   client's plant is divided into two inventory areas: the main storeroom and the shipping dock. All inventory is
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Unformatted text preview: received from vendors in 24 - bottle cases. In my opinion, the client used good inventory procedures and took an accurate count. The client's inventory personnel seemed competent, and good control was exercised throughout the inventory procedures. Since the plant was shut down, inventory cutoff was not a problem. The last shipment of inventory was received on 12/31/03 from Fruit Juicy Perfume Co. (150 cases of #F60 Face Creme) and is included in the inventory count. I did not observe any obsolete or damaged inventory. James W. Pritchard Audit Senior 1 - 1 - 04...
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