31386 paragraphs found
Matters relevant in evaluating management’s instructions and procedures for recording and controlling the physical inventory counting include whether they address, for example: The application of appropriate control activities, for example, collection of …
Observe the Performance of Management’s Count Procedures (Ref: Para. 4(a)(ii) ) …
Observing the performance of management’s count procedures, for example those relating to control over the movement of inventory before, during and after the count, assists the auditor in obtaining audit evidence that management’s instructions and count …
Inspecting inventory when attending physical inventory counting assists the auditor in ascertaining the existence of the inventory (though not necessarily its ownership), and in identifying, for example, obsolete, damaged or ageing inventory. …
Performing test counts, for example by tracing items selected from management’s count records to the physical inventory and tracing items selected from the physical inventory to management’s count records, provides audit evidence about the completeness …
In addition to recording the auditor’s test counts, obtaining copies of management’s completed physical inventory count records assists the auditor in performing subsequent audit procedures to determine whether the entity’s final inventory records …
Physical Inventory Counting Conducted Other than At the Date of the Financial Report (Ref: Para. 5 ) …
For practical reasons, the physical inventory counting may be conducted at a date, or dates, other than the date of the financial report. This may be done irrespective of whether management determines inventory quantities by an annual physical inventory …