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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.
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