Inventory verification

This query is : Resolved

Ajith T S (Querist)
Follow

26 March 2012 Dear all,

I have a doubt that, while auditing a company which has inventory, what are the methods or techniques normally followed by the auditors ? How can we assure about the figures in Accounts and its valuation?

CA Kishore Tallam

CA Kishore Tallam (Expert)
Follow

14 April 2012 While valuing inventory, u need to keep in mind the following:
Obtain the physical inventory stock details as at reporting date. Trace and tally the same with the stocks as per books of accounts.
Check the accounting policy of the company regarding valuation of inventories. Then obtain calculations of valuations and see whether the same are as per accounting policy of the company.
See previous year workings also which may be useful for u.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

P.S.Harishankar

Rasheed Mohd Abdul

Sapan Kumar Nayak

Mohammad Abdu Fayaz

bhagat ram goyal

Subscribe Now

Inventory verification

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Accountant

GST CONSULTANT