CSB - A Professional Services Firm

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CSB-LLP
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Castillo Sanchez & Burrell, LLP (CSB) is an Independent Correspondent Firm to Deloitte Touche Tohmatsu, one of the world's leading professional services organizations.

CSB offers audit, tax, consulting and financial advisory services to multi-national and large national enterprises; public institutions; and a cadre of fast-growing small businesses.  We always aim to bring together our industry expertise and multi-functional skills to better serve our clients, by providing industry-tailored solutions to each organization.  We have 3 partners and over 30 professionals delivering distinctive and personalized professional services to local and international clients.  Our goal is to be recognized for our integrity, objectivity, and the quality of our delivery.

The Company has offices in three locations - Belize City, Belmopan, and in the Commercial Free Zone situated on the Santa Elena Border between Belize and Mexico. The Belmopan office handles only real estate services.

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Last Updated ( Tuesday, 18 July 2006 21:06 )  

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Accounting Ethics Poll - 01/2010

You are discussing internal controls with your client.  You noticed that they lack any sort of review over the receipt of incoming goods that have been purchased.  During your engagement you pulled an invoice for the purchase of a laptop but when you inquired to the purchasing department regarding the receipt of the laptop, nobody could seem to recall who received it or where the laptop was now.

When you bring this to the controllers attention she dismisses it and states that she is sure that it is around somewhere and being used for business purposes.  You point out that you are not trying to make any accusations but that there may be a control and fraud risk if there are no controls over receiving of goods purchased by the organization.  You point out that without some sort of receiving process how can she be certain that the organization ever actually received the laptop that they paid for?

The controller responds that she trusts all her staff so she doesn't have to worry about one of them picking up company assets and walking off with them.

You try to explain that it is not only an issue of fraud risk but this could be an instance where the organization failed to receive the goods they paid for and so should go back to the vendor to verify that the goods were actually shipped.  She responds that she has had enough with this line of questioning.

Subsequently the controller contacts the engagement partner and complains that you are attempting to find problems where none exist just to have audit findings to report.  Although no reprimand comes down, the audit partner pulls you from the engagement.  What would you do?

Accounting Ethics Poll