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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.
Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
Definition of Audit Evidence "Audit evidence" which is all the information used through the auditor in arriving on the conclusions on such the audit opinion is support, and in
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
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.
Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri
Classification of Management Representations The thing to note is which during the course of the audit the auditor obtains various representations from the management which ca
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