Detail work on stocks - audit of current assets, Auditing

Detail work on stocks - Audit of Current Assets

Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these include:

a) Quantity reconciliation of changes in stocks at successive period ends along with records of movements that are issues and receipts.

b) Comparison of quantities of every kind of stock held in one year end along with those held on a previous year end and the related issues and receipts.

c) The gross profit ratio is compared to that of the previous year, other companies and budget.

d) Review of rate of stock turnover along with previous year.

e) Comparison of stock pictures and budgets for stocks, purchases and sales.

f) Consideration of standard costing records, the treatment of variances in such the valuation of work and stocks in progress.

Posted Date: 1/25/2013 3:01:04 AM | Location : United States







Related Discussions:- Detail work on stocks - audit of current assets, Assignment Help, Ask Question on Detail work on stocks - audit of current assets, Get Answer, Expert's Help, Detail work on stocks - audit of current assets Discussions

Write discussion on Detail work on stocks - audit of current assets
Your posts are moderated
Related Questions
IFRS 5 Non-Current Assets IFRS 5 Non-Current Assets Held for Discontinued and Sale Operations The Discontinuing Operation is a component of an enterprise: (a)  Such the

Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou

techniques of vouching

only needs to be 2 - 3 pages and I need help with an audit plan is to look like

Wal-Mart Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions: 1. With respect to the report of the external auditors to "the Board of Directo

Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re

Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi

Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu

Please present an analysis of the attached case. Your analysis should be in the form of a memo not to exceed four pages plus appropriate exhibits. The memo should present your

The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention