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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.
General advantages and disadvantages of joint audits Advantages: All work and fees are welcome to audit firms. An opportunity to closely inspect the auditing methods
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Valuation - Auditing Process IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception.
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State four factors considered determining sufficiency of audit evidence
How would you value the Goodwill
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#Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a) S
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