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
Valuation and Income - Verification Procedures Valuation Valuation of listed securities is easily conformed along with suitable financial publications. Directors' valua

Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act and subjected t

project report on absorption of overhead and its different method

Advantages and disadvantages

A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company.  The board counsels, advises and oversees management wi

Q. What are the different methods available for collection and analyzing audit data? Q. Describe and explain common audit findings in the fields of: a. Informed consent proce

In June 2004, Feltex Carpets Limited raised NZ $254 million in an initial public offering. Twenty seven months later the company was in receivership, its share price having collaps