Sensational Audit Evidence For Inventory
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The misstatement on inventory not only affects the balance sheet but.
Audit evidence for inventory. It is also important for us to evaluate whether the inventory reported in the financial statements is correctly valued. Given the massive size of some inventories they may engage in quite a large number of inventory audit pr. One of the main objectives of the audit of inventory is to provide accurate information about the inventory of a company.
The auditor is also required to check the allocation and assignment of costs to inventory based on the managements inventory fl ow assumption identify obsolete or slow-moving items and test-check that the inventory is stated at the lower of cost and net realisable value. Auditing inventory must verify not only the amount of inventory but also its quality and condition to see whether the value of the inventory is fairly represented in financial records and statements. Ad Find Inventory Auditing.
In the audit process of inventory physical inventory count may be the most important part of the inventory audit. In gathering audit evidence for the net realisable value of the inventories the auditor would also verify the selling price of the inventories sold after the financial year end to ascertain that inventories are correctly recorded at the lower of cost and net realisable value. It can represent a large balance of assets or capital.
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If your company records its inventory as an asset and it undergoes an annual audit then the auditors will be conducting an audit of your inventory. The audit of inventory does not stop at inventory count. Ad Looking for inventory audit.
Overall review at the end of the audit. This is due to physical inventory count can provide evidence on existence and completeness. The audit process should be carried out using multiple analytical procedures to identify and assess a companys inventory method so that accurate information about the stock can be judged at different levels.
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