Reporting of loss of stock by theft in audit report
This query is : Resolved
CA Amit Joshi
(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.
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
2)However we need to take a Written representation from the management specifying facts there in
CA Amit Joshi
(Querist)
08 October 2013
If the theft was material, where to disclose in audit report?
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.
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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