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.
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
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI
Presentation and Disclosure - Audit of Accounting Estimates An enterprise should involve the following information relating to a discontinuing operation in its financial state
Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve
Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul
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
distinguish between early audits and modern audits
Interim and Final Audits Whereas the split between the systems and balance sheet audits is concerned with thetype of work covered, that between the interim and final audits is
What is audit planning
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