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.
For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move
i have assignment
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
#what are the procedures of conducting audit for the first time#
Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org
the reliabity of audit evidence defers with source is that true
Audit Approach - Audit of Accounting Estimates The accounting and auditing matters are mainly concerned along with recognizing the point in time at that the initial disclosure
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