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
Advocates The statutory provision regulating the handling of client’s monies is covered in the advocate's act. Principle of the rules: To require a lawyer to keep

types of EDP accounting system and impact of EDP accounting controls

QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by

Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable

Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera

Need for an Audit Whether you take an example for a modern large liability company, such we can clearly differentiate between those who control those funds the providers of fu

Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Firm valuation refers to the total value of a firm in the capital market. It is the stock price of a firm times its outstanding shares. Total value of a firm is also called market

Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts