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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.
(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr
Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls. We require therefore referring to
Please present an analysis of the attached case. Your analysis should be in the form of a memo not to exceed four pages plus appropriate exhibits. The memo should present your
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
With internal audit we always require to be careful of any manipulations within the company itself. Errors and frauds within the company cannot be denied /overlooked at any cost.
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