Detail work on stocks - audit of current assets, Auditing

Assignment Help:

Detail work on stocks - Audit of Current Assets

Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these include:

a) Quantity reconciliation of changes in stocks at successive period ends along with records of movements that are issues and receipts.

b) Comparison of quantities of every kind of stock held in one year end along with those held on a previous year end and the related issues and receipts.

c) The gross profit ratio is compared to that of the previous year, other companies and budget.

d) Review of rate of stock turnover along with previous year.

e) Comparison of stock pictures and budgets for stocks, purchases and sales.

f) Consideration of standard costing records, the treatment of variances in such the valuation of work and stocks in progress.


Related Discussions:- Detail work on stocks - audit of current assets

ACL PROGRAME, I have some questions in ACL PROGRAME . IF YOU CAN HELP ME

I have some questions in ACL PROGRAME . IF YOU CAN HELP ME

Non-attendance at stock takes, Non-Attendance at Stock Takes Whether t...

Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r

Judgmental sampling, Judgmental Sampling Judgment sampling is where th...

Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi

Internal controls and process improvement, how do internal controls affect ...

how do internal controls affect or improve the goals of a bussiness firm

Audit Plan for small service company, only needs to be 2 - 3 pages and I ne...

only needs to be 2 - 3 pages and I need help with an audit plan is to look like

Ias 12 income taxes, IAS 12 Income Taxes 1AS 12 needs a deferred tax l...

IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for

Audit procedures, audit procedure for shares or common stock

audit procedure for shares or common stock

Audit evidence, factors that influence auditors judgement on sufficiency of...

factors that influence auditors judgement on sufficiency of audit evidence

Matters of audit process, Matters of Audit Process Another matter to b...

Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli

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

#quInternal Audit checklist for fixed assetsestion..

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