Stock taking - audit process, Auditing

Assignment Help:

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.

Related Discussions:- Stock taking - audit process

PUBLIC SECTOR AUDITING, WHAT ARE THE MAIN PURPOSE OF HAVING PUBLIC SECTOR A...

WHAT ARE THE MAIN PURPOSE OF HAVING PUBLIC SECTOR AUDITING

Audit function, Audit Function The audit functions as follows as: 1...

Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou

Reference to an expert in auditor’s report, Reference to an expert in audit...

Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m

Medical billing and coding, I need help with my homework for medical billin...

I need help with my homework for medical billing and coding can you help?

Audit planning, What document usually forms the basis of the audit team bri...

What document usually forms the basis of the audit team briefing?

Existence - detailed audit of stock, Existence - Detailed Audit of Stock ...

Existence - Detailed Audit of Stock In the previous the auditor accepted a director's certificate as to the existence of stocks. Until some cases specifically in the United S

Audit evidence, State four factors considered determining sufficiency of a...

State four factors considered determining sufficiency of audit evidence

Classification of management representations, Classification of Management ...

Classification of Management Representations The thing to note is which during the course of the audit the auditor obtains various representations from the management which ca

Preliminary evaluation of internal control, In order for auditor to perform...

In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe

Control Document, What are the strength of Stock transfer note

What are the strength of Stock transfer note

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages