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 Threads
- 234 f penalty
- GST REGISTRATION FOR CARPENTER WORK
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
Related Threads
CAclubindia
