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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.
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
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1. On 5 August 2012, the financial controller informed you that the board has recently received a letter from the assistant general manager, Mr. Tan. The letter contains a confessi
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