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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.
Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby
1. On 5 August 2012, the financial controller informed you that the board has recently received a letter from the assistant general manager, Mr. Tan. The letter contains a confessi
Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;
list four assertions that relate to account balances
#quInternal Audit checklist for fixed assetsestion..
Audit Work on the Holding Company We will focus on the verification of investments in subsidiary companies. 1. Get a schedule that should contain the following information. A
Auditors Procedures Before Stock Taking 1) Study of the clients stock taking recommendations and instructions for improvements or changes whether the auditor considers them in
Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli
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