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Inventory verification

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(Querist)
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?
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
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.
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