Duties of an auditor in the stocktaking process, Auditing

Assignment Help:

Problem:

(a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepare a set of instructions for your client.

(b) The auditor must satisfy himself as to the validity of the amount attributed to stock in the balance sheet. The auditor's duties are usually divided into three phases.

(i) before the stocktaking
(ii) during the stocktaking
(iii) after the stocktaking

You are required to write short notes on the duties of an auditor in each phase of the stocktaking process.


Related Discussions:- Duties of an auditor in the stocktaking process

Discontinued operations - audit of accounting estimates, Discontinued Opera...

Discontinued Operations - Audit of Accounting Estimates A discontinued operation is a component of an entity that either has been disposed of or is held for sale. So it might

Communications to regulatory and enforcement authorities, Communications to...

Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo

Value for money audits in the public sector, Problem 1: You have been a...

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls

Audit, Why is studying Auditing different from studying other accounting to...

Why is studying Auditing different from studying other accounting topics?

Compare forensic investigations and financial audits, Question 1: "Whil...

Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,

Internal control, Internal Control Procedures: As an auditor, you have disc...

Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the followin

Bank - cash and bank balances, Bank - Cash and Bank Balances The major...

Bank - Cash and Bank Balances The major concern in this area is to establish the existence of the balances and more currently due to failures in some financial institutions in

Beneficial ownership and existence, Beneficial Ownership and Existence ...

Beneficial Ownership and Existence Existence Existence of buildings and Land is not hard to display. You may even be sitting in such building.  Conversely, the audito

Ias 28 - audit process, IAS 28 - Audit Process IAS 28 applies in accou...

IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,

Higher normal risk, Higher  normal risk Several audit assignments invo...

Higher  normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area.  Indications that an audit has

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd