"Premium client transactions."
"What kind?"
"Special orders, private merchandise sourcing, and high-value transfers."
She examined the numbers.
Some revenue had been recognized in one period while related inventory adjustments appeared later.
That wasn't automatically improper.
Retail accounting could involve legitimate timing differences.
But the pattern was irregular.
She looked toward him.
"Have these reconciliations been independently tested?"
He hesitated.
"Our internal teams review them."
"That wasn't my question."
He looked uncomfortable.
Then admitted that a full independent reconciliation hadn't been completed recently.
She nodded.
"Arrange one."
He frowned.
"At this stage of the acquisition?"
"Especially at this stage."
The finance chief leaned back.
"We have significant operational pressures. An extensive review could distract the teams."
The owner studied him.
"Then we'll provide additional resources."
He sighed.
"These processes take time."
"I know."
She pointed toward the figures.
"But I need confidence in the financial records before approving new investments."
The finance chief nodded reluctantly.
Then looked toward the acting chief executive.
For a moment, something passed between them.
The owner noticed.
She didn't comment.
Instead, she asked for the underlying transaction schedules, inventory records, and reconciliation documentation.
The finance chief agreed.
But when he left the room, he looked deeply unsettled.
Not because the numbers were impossible to explain.
Because the new owner had asked questions previous investors rarely bothered to ask.
And he knew that some of the explanations were going to be uncomfortable.
The first irregularity appeared in the handbag division.
Luxury handbags were among Leonne's most profitable products.
Certain limited-edition pieces sold for extraordinary prices.
Collectors sometimes paid more than retail.
And private clients occasionally requested items not available through ordinary store inventory.
The company maintained procedures for special orders and transfers between locations.
But the audit team found inconsistent documentation.
Several handbags had been removed from regular inventory through special client transactions.
The associated sales were recorded.
Yet the physical movement of the merchandise wasn't always supported by complete records.
In other cases, returned merchandise was classified as damaged or unsuitable for resale without adequate inspection documentation.
The owner asked the audit team to trace a sample of transactions.
They selected multiple stores.
Several departments.
And different periods.