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Reporting of loss of stock by theft in audit report

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(Querist)
08 October 2013 Whether it is required to mention in audit report(3CD) that the certain amount of stock lost by theft. Assuming full insurance claim is receivable.
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Ganeshbabu K

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Ganeshbabu K (Expert)
08 October 2013 1)No need of special disclosure unless the theft was material

2)However we need to take a Written representation from the management specifying facts there in
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CA Amit Joshi

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CA Amit Joshi (Querist)
08 October 2013 If the theft was material, where to disclose in audit report?
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Sanket

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Sanket (Expert)
08 October 2013 you can disclose by way of notes to accounts.
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Sanket

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Sanket (Expert)
08 October 2013 you can write in clause 11 (d). Disclosure of prior period and
extraordinary items or change in
accounting estimate in Profit &
Loss Account and report the
effect thereof on profit & loss.. its an extraordinary items.
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