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

Internal controls, under what circumstances are internal controls inappropr...

under what circumstances are internal controls inappropriate for auditors to check?

Briefly describe how the complexity of an entity''s ics, Auditors use vario...

Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts

The independence between the auditor and the client, Explain the independen...

Explain the independence between the auditor and the client on financial statement audit engagements

Internal Audit., #quInternal Audit checklist for fixed assetsestion..

#quInternal Audit checklist for fixed assetsestion..

Control problems in charities, Control Problems in Charities 1....

Control Problems in Charities 1. Door to door collections : Volunteers should be mattered along with numbered boxes, the boxes should be sealed, and the boxes should be

Managements interest in the accounting system, Managements interest in the ...

Managements interest in the accounting system Management needs complete and accurate books of accounts because: There is no other way the business can be controlled; Rec

Verification, procedures for verifying a fixed assets

procedures for verifying a fixed assets

Goodwill and business combinations - intangible assets, Goodwill and Busine...

Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business.  It cannot be sold

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