Question: Tracy Smith CPA is in charge of the audit of
Tracy Smith, CPA, is in charge of the audit of Olympic Fashions, Inc. seven young members of the public accounting firm’s professional staff are working with Smith on this engagement, and several of the young auditors are avid skiers. Olympic Fashions owns two condominiums in Aspen, Colorado, which it uses primarily to entertain clients. The controller of Olympic Fashions has told Smith that she and any of her audit staff are welcome to use the condominiums at no charge any time that they are not already in use. How should Smith respond to this offer? Explain.
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