Auditors procedures before stock taking, Auditing

Auditors Procedures Before Stock Taking

1) Study of the clients stock taking recommendations and instructions for improvements or changes whether the auditor considers them inadequate.

2) Familiarization along with the location of the opportunity and the stocks to plan for the work to be undertaken.

3) Familiarization along with the volume and nature of stocks and particularly along with high value items.

4) Review of previous year's working study as well as papers and discussions along with the managers of any significant changes from the before such year.

5) Consideration of the position of stocks and likely points of complexity e.g. cutoff.

6) Consideration of any involvement of the extent of reliance and the internal audit department to be located upon their work.

7) Arranging to contain from third parties confirmation of stocks held through them.

8) Establishing where expert advice may be required.

Posted Date: 1/27/2013 11:48:40 PM | Location : United States







Related Discussions:- Auditors procedures before stock taking, Assignment Help, Ask Question on Auditors procedures before stock taking, Get Answer, Expert's Help, Auditors procedures before stock taking Discussions

Write discussion on Auditors procedures before stock taking
Your posts are moderated
Related Questions
methods of determining break even point

This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i

The Business Risk Approach to Auditing In recent years the broader concept of business risk has been developed by the larger firms. It was the subject matter of the ICAEW audit

Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o

For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a

With internal audit we always require to be careful of any manipulations within the company itself. Errors and frauds within the company cannot be denied /overlooked at any cost.

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move

Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu

For each threat explain how it might be avoided.