chapter_12auditingstocksandtangiblefixedassets(編輯修改稿)
2025-02-27 20:29 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 N OF STOCKTAKE ?Evaluate entity plans ?Observe count ?test pliance with plans ?make test counts ?identify damaged etc. items ?account for use of count sheets etc. ?record cutoff Attendance at Stocktake ? observe procedures ? are instructions carried out ? dual function of auditor ? is there adequate supervision ? is stock divided into areas ? is stock marked when counted to avoid omission or doublecounting ? is damaged or old stock highlighted on stock sheets ? are all stock sheets accounted for. Stock Count ? Followup count ?test clerical accuracy of final stock list ?trace test counts to list ?test final list to and from count records ?pare counts with physical stock if any ?test cutoff ?verify movement between date of count and period end STOCK PRICING ?With suppliers’ invoices for purchased stock ?With costing records for manufactured stock ?propriety of cost system ?control effectiveness of cost records ?Assess need for writedown to realisable value Stock Pricing ?Cost of raw materials per invoice ?Direct labour costs ?For WIP material, labour and overhead ?For FG material, labour and overhead, but need to evaluate lower of cost and NRV Review Stock Valuation Method ? is cost accurately identified on stock records or invoices ? how are overheads evaluated for inclusion in Cost figures ? is valuation method consistently applied (. FIFO) ? treatment and valuation of damaged or old stock ? perform some sample calculations ? Observe sales after balance sheet date to confirm valuation. Substantive Procedures for stock ?Designing procedures for stock ?Initial procedures ?Trace opening balances ?Review activity ?Analytical procedures ?Industry experience Substantive Procedures for stock ?Tests of details of transactions ?Testing entries in stock records ?Testing cutoff of purchase, manufacturing and sales transactions Substantive Procedures for stock ?Tests of Details of Balances ?Observe physical stock count ?Test clerical accuracy of stock listings ?Test stock pricing ?Materials, labour, overheads ?Cost vs realisable value ?Use of experts Stock Provision ?Policy/procedure ?Completeness, accuracy, validity, existence ?Disclosure ?Risk re manipulation to adjust profits LONG
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