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VGS Retail plc is a company that offers a wide range of foods and clothing in each of its high street stores. Internal controls within the company are required to maintain customer and investor confidence. There have been several reports of customer data being hacked, stolen, and mixed up. Additionally, there have been several reports of staff using their staff discount to buy goods at lower prices and then selling these goods by asking relatives to sell them online at full prices. With this i

Scenario You have a client called VGS Retail plc that offers a wide range of foods and clothing in each of its high street stores. The company has 52 stores located around the country and has also started to trade online in the last 12 months. The company’s share price, and customer and investor confidence in the company, has been falling gradually over the last few months, as customers, investors, regulators and the financial markets have been aware of some issues regarding internal controls within VGS Retail plc. Your line manager has given you an overview of the current situation of the client, VGS Retail plc. She wants to see how you are progressing and check your understanding of the situation. Internal controls relating to stock/inventory control, security, IT and website systems, and client data each require improvement. There have been several reports that customer files have been hacked. Internal audit reports have shown that details of some customers have been mixed up. This has resulted in marketing materials being sent to the wrong people so that personal addresses have been shared. Staff in several stores have been using their staff discount to buy goods at lower prices. They have then sold these goods by asking relatives to sell them online at full prices. Evidence of this practice has been revealed through the social media posts of staff. Internal auditors have reported that there is a lot of evidence of stock theft of clothing and foodstuffs. An increasing amount of wastage has occurred as food has been thrown away having not been sold before its sell-by date. Fashion lines within the clothing division have not been sold because designs have been too traditional and were considered by many customers to be out of date. There has also been a growing number of returns because of poor quality clothes that have been sourced from cheap overseas suppliers. These clothes have been sold at high prices and are not considered to be value for money. It is important that communication with customers promotes the new online sales facilities. The website information only includes a fraction of the goods that are intended to be sold online, so sales of many items have been delayed because of these omissions. Access to the online sales site is complicated and time-consuming and many customers have given up trying to buy online, choosing to buy their goods elsewhere. Produce a formal written technical report for your line manager that: • considers how the issues in the scenario may impact the company • gives recommendations, including further internal controls, that will enhance customer and investor confidence in the company • justifies your recommendations.

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