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Question - MAYA Bhd is a retailer of ladies clothing and accessories. It operates in many countries around the world and has expanded steadily from its base in Europe. Its main market is aimed at 15 to 35 year old's and its prices are mid to low range. The company's year-end was 30 September 2013. In the past the company has bulk ordered its clothing and accessories twice a year. However, if their goods failed to meet the key fashion trends then this resulted in significant inventory write downs. As a result of this the company has recently introduced a just in time ordering system. The fashion buyers make an assessment nine months in advance as to what the key trends are likely to be, these goods are sourced from their suppliers but only limited numbers are initially ordered. MAYA Bhd has an internal audit department but at present their only role is to perform regular inventory counts at the stores.
Required - Describe FIVE (5) additional functions of the internal audit department of MAYA Bhd could be asked to perform by those charged with governance.
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During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kgs. How much is the spending variance
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