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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.
Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
online exam in Auditing class. the exam will be about 2 hr. Thank you
Fairness - Auditing The word fair can have the following meanings: on the other hand clear, plain and distinct and on the one impartial, equitable and simple. When fair is
oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests
Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the
Advantages and Disadvantages of a Continuous Audit Advantages: The regular or continual attendance of the auditor might act as a deterrent to scam; Weaknesses in the
Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th
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Standardization of Working Papers - Auditing The ICPAK guideline states that the needs of standardized working papers may improve the effectiveness along with that they are re
project report on absorption of overhead and its different method
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