Stock taking - audit process, Auditing

Stock Taking - Audit Process

The procedures for carrying out physical stock taking vary in detail according to the circumstances and size of the business and the life of its stock records. Conversely, definite instructions preferably in writing would be issued in all cases for the guidance of those who will be engaged in the actual stock taking. The stock taking instructions should as a bare minimum contain:

a) Recognition of their ownership and the articles.

b) Counting, weighing or measuring.

c) Reporting of stocks such are damaged or otherwise defective.

d) How the stock take is to be recorded.

Posted Date: 1/25/2013 3:11:49 AM | Location : United States







Related Discussions:- Stock taking - audit process, Assignment Help, Ask Question on Stock taking - audit process, Get Answer, Expert's Help, Stock taking - audit process Discussions

Write discussion on Stock taking - audit process
Your posts are moderated
Related Questions
Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts

Interim and Final Audits Whereas the split between the systems and balance sheet audits is concerned with thetype of work covered, that between the interim and final audits is

Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil

In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth

Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi

The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?

You are auditing Pell grant provided to students at six state universities. The Pell grant program is a federal financial aid program for college students. The maximum grant a stud

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

What are Objectives Of Internal Audit? Ans) The purpose of internal audit is to remain proper control over business activities. When there is proper control there is maximum eff

RELEVANCE OF IAS / IFRS TO AUDITING The auditors should involve in their report that their view on whether the financial statements they report are true and fair view. It is comm