Auditors procedures during stock taking, Auditing

Auditors Procedures During Stock Taking

The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particularly advisable for the auditor to test the efficiency of the counting though counting chosen items. In this case the auditor should choose items for counting from the factory flow and from the records. The auditor should make notice for follow up purposes of items counted in his presence, damaged, details of defective, obsolete or slow moving items.

Indeed of incidence of stock taking instructions not to be followed. Details of items for cut off reason. He must enquire into, and discuss observe along with the store reaming staff the procedures for recognizing damaged, obsolete details of defective slow moving stocks. He should enquire and test the cut off arrangements. Form a mental impression of the quantity of stock held for comparison along with the accounts. Record fully the work done and his impression of the stock take exercise. He must form a termination as to where the stock take can be relied upon. He should take details of the sequence of the stock sheets. He should obtain photocopies of the rough stock sheets. He should pay special concentration to high value items.

Posted Date: 1/27/2013 11:50:29 PM | Location : United States







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

Write discussion on Auditors procedures during stock taking
Your posts are moderated
Related Questions
under what circumstances are internal controls inappropriate for auditors to check?

Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar

how to operate distribute amount and section rate also provision party bill

Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h

Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise

Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme

In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth

Verification Procedures - Investment Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particula

It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.

Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe