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

What is the role of audit trainee in managing the discrete a, what is the r...

what is the role of audit trainee in managing the discrete assignment?

Documentation of representations by management, Documentation of Representa...

Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or

Business risk approach, Business Risk Approach This approach requires t...

Business Risk Approach This approach requires the auditor to determine what are the very important business risks which the client faces. This line of approach both helps the c

Auditors procedures after stock taking, Auditors Procedures After Stock Tak...

Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move

Common stock valuation, Common stock valuation 1. Features of common st...

Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre

Show the audit work of the given capital project, In planning the audit wor...

In planning the audit work of the Ministry, the audit staff member collected these details relating to the construction of an office complex. 1. In September 1994, the Ministry

Internal controls and process improvement, how do internal controls affect ...

how do internal controls affect or improve the goals of a bussiness firm

Relevance, Relevance The auditor obtains evidence either through compli...

Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta

Ias 37 provisions and contingent assets, IAS 37 Provisions, Contingent Asse...

IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen

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