While preparing books of accounts of company,whether CA can depend on valuation and quantity of stock as recorded in books of accounts of Co. or he should advice company to carried out their stock audit or he should do physical verification?
Menu
Stock
Replies (1)
You should rely on the management representation,please take the value and quantity details on comopany's letterhead and it should be signed by management
you can write a note in notes to accounts that
The quantity and value of stock are given and certified by the management.
and if caro is applicalbe to the company than you have to mentioned that
i) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so, whether they have been properly dealt with in the books of account.
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
