Non-compliance of as-2
This query is : Resolved
chirag grover
(Querist)
02 March 2014
Dear Experts,
I have come over a situation where closing stock of a company is valued at cost which should actually be valued at NRV(being lower than cost).
My question to experts is that as an auditor what should be my professional obligation in this regard?
should qualification in report be done and if so under which provision the same is required?
Thanks in advance.
I have come over a situation where closing stock of a company is valued at cost which should actually be valued at NRV(being lower than cost).
My question to experts is that as an auditor what should be my professional obligation in this regard?
should qualification in report be done and if so under which provision the same is required?
Thanks in advance.
Aashish Tiwari
(Expert)
02 March 2014
Qualify the report, mention into 3cd, clause 12 (a) of audit report for non compliance of correct valuation.
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