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Auditors Procedures During Stock Taking
The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particularly advisable for the auditor to test the efficiency of the counting though counting chosen items. In this case the auditor should choose items for counting from the factory flow and from the records. The auditor should make notice for follow up purposes of items counted in his presence, damaged, details of defective, obsolete or slow moving items.
Indeed of incidence of stock taking instructions not to be followed. Details of items for cut off reason. He must enquire into, and discuss observe along with the store reaming staff the procedures for recognizing damaged, obsolete details of defective slow moving stocks. He should enquire and test the cut off arrangements. Form a mental impression of the quantity of stock held for comparison along with the accounts. Record fully the work done and his impression of the stock take exercise. He must form a termination as to where the stock take can be relied upon. He should take details of the sequence of the stock sheets. He should obtain photocopies of the rough stock sheets. He should pay special concentration to high value items.
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Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
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With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra
Why is studying Auditing different from studying other accounting topics?
How do internal auditors add to the credibility of financial statements?
Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the
main areas contained in a private audit
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
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