Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Planning for Stock taking
Stock taking should be planned well in carried out and advance carefully and systematically through persons fully informed of the duties involved. Those taking part should include persons familiar with the various sections of stock and where practicable supervisors and checkers should be drawn from departments which have no control over the rare custody or movement of stocks. Where particular knowledge is essential to signify the nature or quality of items of stock the client would ensure about personnel properly qualified for this purpose are obtainable at the stock take. Arrangements should be made to ensure a proper cut-off. This means is dispatch documentation should have been originated for all goods dispatched before stock taking and whether still on hand, for all goods whether the property has passed to the customer. The latter should not be involved as stock whenever the count is made.The process should ensure about the suitable sales invoices are recorded in the correct financial period. Also liabilities have to be set up for all goods included and received in stock and for all goods purchased the property which has been passed to the client. This should be included in the stock even when they are not yet on the company's premises. Arrangements should be made to ensure about goods held in safe custody for another are not recorded as part of the client's stock. Arrangements should be made to confirm and record in the stock sheets details of goods held for the company through outside parties and arrangement should be made to recognize slow moving, or damaged or obsolete stock.
The stock taking instructions should call for the following information also which should be accessible to the auditors while and at the conclusion of the stock take.
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
i have assignment question
Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e
Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the
Necessity of Accountant The accountant is not necessary To expand his enquiries beyond the information enclosed in the relevant documents as supplemented through such e
What are the engagement procedures of auditing
Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil
Business Risk Approach This approach requires the auditor to determine what are the very important business risks which the client faces. This line of approach both helps the c
Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv
Standard Defines Development and Research The standard defines development and research as follows: (a) Research - planned and original investigation undertaken along with
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd