Select the necessary words from the list of possibil.docxedgar6wallace88877
Select the necessary words from the list of possibilities to complete the following statements.
cost or market balance sheet planning confirmed
test counts pricing purchase orders receiving document
existence obsolescence
1. To help ensure that the physical inventory is taken accurately and completely, early in the audit the auditors should participate in the ___________________ of the count of physical inventory.
2. The auditors observe the inventory taking primarily to obtain evidence of the ________________________ assertion and to a certain extent the client's rights to the inventories.
3. The details of the auditors’ ____________________ made during the observation of the physical inventory should be recorded in their working papers to later check the accuracy of the final inventory listing.
4. Inventories stored in public warehouses should be __________________ with the custodians.
5. The auditors' review of purchase invoices is generally performed in connection with tests of the ____________________ of the inventories.
6. As a general rule, inventories are carried at the lower of ________________________.
7. Tracing ____________________ for several days before and after year-end to recorded purchases is designed to test the proper cutoff of purchase transactions.
8. A decreasing rate of inventory turnover suggests the possibility of inventory _______________________.
9. Even though the auditors are unable to obtain evidence regarding the fairness of beginning inventories, they may still issue an unmodified opinion on the client's ______________________________ .
10. Serially numbered ___________________________ should be prepared and sent to vendors when goods are ordered
For questions 11-25, circle the best answer.
11. A client erroneously recorded a large purchase twice. Which of the following internal control measures would be most likely to detect this error in a timely and efficient manner?
a. Footing the purchases journal.
b. Reconciling vendors’ monthly statements with subsidiary payable ledger accounts.
c. Tracing totals from the purchases journal to the ledger accounts.
d. Sending written quarterly confirmation to all vendors.
12. For effective internal control, the accounts payable department should compare the information on each vendor’s invoice with the:
a. Receiving report and the purchase order.
b. Receiving report and the voucher.
c. Vendor’s packing slip and the purchase order.
d. Vendor’s packing slip and the voucher.
13. In an audit, the valuation of year-end accounts payable is most likely addressed by:
a. Confirmation.
b. Examination of cash disbursements immediately prior to year-end.
c. Examination of cash disbursements immediately subsequent to year-end.
d. Analytical procedures applied to vouchers payable at year-end.
14. Ordinarily, the most significant assertion relating to accounts payable is:
a. Completeness.
b. Existence.
c. Presentation.
d. Valuation.
15. To determine that.
For more course tutorials visit
www.newtonhelp.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
ACC 492 Week 2 Team Assignment
7
WEEK 2 TEAM ASSIGNMENT
Week 2 Team Assignment
Learning Team C:
Leigha Covington, Lauren Immel, Melissa Simmons, and Toni Winiavski
ACC/492
January 30, 2017
Ding Hardin
When conducting audits, it is important to follow specific auditing procedures to ensure accuracy and quality. To provide the best type of audit we must create steps for each type of account in sub-steps to ensure that the system that conducts the audit provides accurate reports. The types of accounts that we should audit will be cash, Financial instruments such as cash counting machines registers or anything their processes the transactions, sales audit, receivable accounts audit, and the types of Cycles. Each step in all audits contains work programs that help determine if the systems are fully integrated within each other to communicate effectively for the program to work.
Audit
I. Understand what needs to be audited.
A. Get proper documents to audit
1. Copies of the company’s incorporation documents
2. Chart of accounts:
3. Organization chart
4. Internal control documentation
5. Stock and bond issuances
6. Prior years’ analytical procedures
B. Create audit plan
Cash
· List of all users who handle cash
· List of transactions and receipts
· Confirm accuracy of records
· Find errors or test for errors
· Make sure all cash/ sales have been finalized
· Collect bank records/ deposits with receipts
· Accounts receivable records/ checks that have been processed
· Debts are satisfied
· Update loss prevention
· Review Financial Instruments
· Assess types of financial instruments
· Determine what type of audit procedures should be used (AICPA standards?)
· Review cash flow to understand the total usage of instruments
· Review activity logs; security/ checkpoint logs; user logs
· Make sure data is backed up/saved
· Sales Audit
· Gather data to be reviewed
· Review sales process
· Review sales cost against sales revenue
· Evaluate system for effectiveness of a sale process
· Review internal structure to find strengths and weaknesses
· Review records
Accounts Receivable
· Review general ledger
· Make sure journal entries match and are detailed
· Test and review invoices to make sure accounts have been billed correctly
· Write off bad debts
· Make sure sales were processed in the correct financial period
· Create a trend analysis
· Cycle audit to ensure cycle is not providing redundant info
· Finalize audit
· Review audit
· Present results
AUDIT PROGRAM FOR SALES
I. External customer confirmations
a. Test the balances confirmed against general ledger balances
II. Confirm that sales are recorded in the proper periods
a. Review invoices and shipping documentation to evaluate timing
III. Accounts Receivable includes all balances owed to the entity at reporting date
a. Test invoices that were issued around period closing date to evaluate timeliness
IV. Accounts receivable balances are owed to the entity and not outside parties
a. Test general procedure to ensure.
ACC 492 NEW Effective Communication/tutorialrank.comjonhson247
For more course tutorials visit
www.tutorialrank.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
Acc 492 new Social Responsibility / tutorialrank.comPrescottLunt432
For more course tutorials visit
www.tutorialrank.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
Select the necessary words from the list of possibil.docxedgar6wallace88877
Select the necessary words from the list of possibilities to complete the following statements.
cost or market balance sheet planning confirmed
test counts pricing purchase orders receiving document
existence obsolescence
1. To help ensure that the physical inventory is taken accurately and completely, early in the audit the auditors should participate in the ___________________ of the count of physical inventory.
2. The auditors observe the inventory taking primarily to obtain evidence of the ________________________ assertion and to a certain extent the client's rights to the inventories.
3. The details of the auditors’ ____________________ made during the observation of the physical inventory should be recorded in their working papers to later check the accuracy of the final inventory listing.
4. Inventories stored in public warehouses should be __________________ with the custodians.
5. The auditors' review of purchase invoices is generally performed in connection with tests of the ____________________ of the inventories.
6. As a general rule, inventories are carried at the lower of ________________________.
7. Tracing ____________________ for several days before and after year-end to recorded purchases is designed to test the proper cutoff of purchase transactions.
8. A decreasing rate of inventory turnover suggests the possibility of inventory _______________________.
9. Even though the auditors are unable to obtain evidence regarding the fairness of beginning inventories, they may still issue an unmodified opinion on the client's ______________________________ .
10. Serially numbered ___________________________ should be prepared and sent to vendors when goods are ordered
For questions 11-25, circle the best answer.
11. A client erroneously recorded a large purchase twice. Which of the following internal control measures would be most likely to detect this error in a timely and efficient manner?
a. Footing the purchases journal.
b. Reconciling vendors’ monthly statements with subsidiary payable ledger accounts.
c. Tracing totals from the purchases journal to the ledger accounts.
d. Sending written quarterly confirmation to all vendors.
12. For effective internal control, the accounts payable department should compare the information on each vendor’s invoice with the:
a. Receiving report and the purchase order.
b. Receiving report and the voucher.
c. Vendor’s packing slip and the purchase order.
d. Vendor’s packing slip and the voucher.
13. In an audit, the valuation of year-end accounts payable is most likely addressed by:
a. Confirmation.
b. Examination of cash disbursements immediately prior to year-end.
c. Examination of cash disbursements immediately subsequent to year-end.
d. Analytical procedures applied to vouchers payable at year-end.
14. Ordinarily, the most significant assertion relating to accounts payable is:
a. Completeness.
b. Existence.
c. Presentation.
d. Valuation.
15. To determine that.
For more course tutorials visit
www.newtonhelp.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
ACC 492 Week 2 Team Assignment
7
WEEK 2 TEAM ASSIGNMENT
Week 2 Team Assignment
Learning Team C:
Leigha Covington, Lauren Immel, Melissa Simmons, and Toni Winiavski
ACC/492
January 30, 2017
Ding Hardin
When conducting audits, it is important to follow specific auditing procedures to ensure accuracy and quality. To provide the best type of audit we must create steps for each type of account in sub-steps to ensure that the system that conducts the audit provides accurate reports. The types of accounts that we should audit will be cash, Financial instruments such as cash counting machines registers or anything their processes the transactions, sales audit, receivable accounts audit, and the types of Cycles. Each step in all audits contains work programs that help determine if the systems are fully integrated within each other to communicate effectively for the program to work.
Audit
I. Understand what needs to be audited.
A. Get proper documents to audit
1. Copies of the company’s incorporation documents
2. Chart of accounts:
3. Organization chart
4. Internal control documentation
5. Stock and bond issuances
6. Prior years’ analytical procedures
B. Create audit plan
Cash
· List of all users who handle cash
· List of transactions and receipts
· Confirm accuracy of records
· Find errors or test for errors
· Make sure all cash/ sales have been finalized
· Collect bank records/ deposits with receipts
· Accounts receivable records/ checks that have been processed
· Debts are satisfied
· Update loss prevention
· Review Financial Instruments
· Assess types of financial instruments
· Determine what type of audit procedures should be used (AICPA standards?)
· Review cash flow to understand the total usage of instruments
· Review activity logs; security/ checkpoint logs; user logs
· Make sure data is backed up/saved
· Sales Audit
· Gather data to be reviewed
· Review sales process
· Review sales cost against sales revenue
· Evaluate system for effectiveness of a sale process
· Review internal structure to find strengths and weaknesses
· Review records
Accounts Receivable
· Review general ledger
· Make sure journal entries match and are detailed
· Test and review invoices to make sure accounts have been billed correctly
· Write off bad debts
· Make sure sales were processed in the correct financial period
· Create a trend analysis
· Cycle audit to ensure cycle is not providing redundant info
· Finalize audit
· Review audit
· Present results
AUDIT PROGRAM FOR SALES
I. External customer confirmations
a. Test the balances confirmed against general ledger balances
II. Confirm that sales are recorded in the proper periods
a. Review invoices and shipping documentation to evaluate timing
III. Accounts Receivable includes all balances owed to the entity at reporting date
a. Test invoices that were issued around period closing date to evaluate timeliness
IV. Accounts receivable balances are owed to the entity and not outside parties
a. Test general procedure to ensure.
ACC 492 NEW Effective Communication/tutorialrank.comjonhson247
For more course tutorials visit
www.tutorialrank.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
Acc 492 new Social Responsibility / tutorialrank.comPrescottLunt432
For more course tutorials visit
www.tutorialrank.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
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1. 1
St. Paul University Surigao
(St. Paul University System)
Cor. San Nicolas and Rizal Streets
8400 Surigao City, Philippines
AUDIT PROGRAMME
INVENTORY
Name of Client Sheridan AV
Year-end March 31, 2021
Name of Auditor (s) Stephani Cris V. Bonite
INVENTORY
Inventory is shown as a current asset on the Statement of Financial Position. It is valued at
the lower of cost or net realisable value. Inventory can be shown as goods bought for resale
(merchandising company) or in one of three stages for a manufacturing company:
Raw materials
Work in process
Finished goods
Substantive testing should be carried out at year end on the Statement of Financial Position
to gain evidence regarding the following assertions:
Presentation and disclosure
Accuracy classification and valuation
Rights and Obligations
Completeness and cut off
Existence or Occurrence
The following substantive tests were carried out on the inventory showing on the Statement
of Financial Position (see attached)
2. 2
Audit Assertion Audit objective Test(s) to be carried out Details of testing Date and
signature
Presentation
and Disclosure
Inventory is
properly
identified and
classified in the
financial
statements
Disclosures
pertainingto the
classification,
basis of valuation
and the pledging
of inventories are
adequate
Trace opening inventory
records to prior year’s
working papers
Perform analytical
review and review
industry experience and
trends.
Examine an analysisof
inventory turnover and
gross profit
Compare report
presentation with
applicableaccounting
standards
Review disclosures for
inventories in drafts of
financial statements and
determine conformity
with applicable
accountingstandards.
Stock recordsof rough
materials,finished
product,store room and
the shopand show room
exhibitedthe misguided
stock code course of
action.Base on the stock
assessmentof rough
materials,there are other
includedstockswhichare
not recordedineitherthe
stockroomor the store
room.On the stock get-
togetherof finished
items,stockcodesare
not properlyplannedand
the unitcounts are
exceptional
correspondingtothe full
scale numberof
remembersforthe
recordedfinishedproduct
inboth stockroom and
store room.Also,the
reportson the hurt stock
reportsare assessedbase
on itssalvage regard.
It wouldbe astute if
duringthe stock check
printed,costsof every
thingand the complete
expense of everything
are likewise expressedin
the reportso duringthe
assessmentitwouldbe
significantlysimpler.
09/12/2
020
Accuracy,
classification
and valuation
Rights and
Obligations
Inventories are
properly stated at
the lower of cost
or net realisable
value,determined
in accordance
with applicable
accounting
standards
Actual – agree prices to
purchaseinvoices on
costingrecords
Sellingpriceless mark up
– (a) agree a selection of
items to current price
lists and also prices
noted at the inventory
attendance and (b)
consider whether the
gross margin used to
reduce sellingpriceto
costis reasonableand
On the importantsheet,
the exactnessof the stock
checkis betterthan
anticipateddue tothe
stock countofficial which
isin like mannerthe
scatteringoverseerof the
dissemination
community.Inregards
withthis,the countmay
windupbeingless
reliable inviewof the
relationshipof the count
09/12/2
020
3. 3
has been correctly
applied
Perform a lower of cost
or net realisablevalue
test (see supplementary
sheet)
official withthe
stockroomand store
room.
Completeness
and Cut off
Inventories
includeall
materials,
products and
supplies atthe
Statement of
Financial Position
date
CUT OFF
Review the results of the
test on cut-off carried
out on receivables and
payables and ensurethat
they provide adequate
assuranceas to the
accuracy of the year end
cut-off
Enquire if any inventory
is held on behalf of third
parties and ensure that
such items are excluded
from inventory. Where
material,obtain
confirmation from the
third party.
Where inventory is held
by third parties on behalf
of the company, obtain
certificates where
amounts arematerial.
Base on the cut off didon
the receivablesand
payables,the stockcount
gave good assertionto
the accuracy of the year
endcut-off
There is no such stock
hungfor the outcasts.
09/12/2
020
Existence or
Occurrence
Inventories
included in the
Statement of
Financial Position
physically exist
Complete the inventory
attendance programme
(see supplementary
sheet)
Trace all items selected
at the inventory count to
the final inventory
sheets. Obtain
explanations for any
differences
The stock interest
program isdone and
completedbase onthe
reinforcingsheet.
Inventorieswiththing
code that starts withX0
inunrefinedmaterialsare
suspectedtobe things
leftinthe creationroom
whichare workin
measure.Since the
creationhasbeenclosed
since Walk30,2021.
Stock thingsthathave
codesstartingfromE11,
F02, G03, H01 (exceptfor
H019), J007, and K02 are
suspectedtobe passed
on yetnot yetsettled
totallywhichare
09/12/2
020
4. 4
recordedinthe stock
array of finishedproduct.
From the audit work carried out I confirm that (*subject to the matters highlighted below) in
my opinion, inventories are fairly stated.
Signed
STEPHANI CRIS V. BONITE
AUDITOR
5. 5
SUPPLEMENTARY SHEET
LOWER OR COST OR NET REALISABLE VALUE TEST
For items priced at net realisable value, the auditors must verify the basis for arriving at that
value(it should be actual selling price less an estimate of costs to be incurred in completion
and selling)
IAS 2 identifies the following situations when a write-down may be necessary: a fall in selling
prices; physical deterioration of inventories; obsolescence; a decision to sell at a loss or
purchasing or production errors.
TESTS THAT CAN BE CARRIED OUT
1. Review sales after date of Statement of Financial Position
2. Observe for signs of obsolescence during attendance at inventory count
3. Analyse amount of inventory held in relation to budgeted turnover to identify any
excessive holdings.
4. Enquire of management and of sales and production personnel
5. Review minutes of boards of directors and executive committees
6. 6
Client SheridanAV___________________________________________________
Year End December 31,2021_____________________________________________
AUDIT PROGRAMME – INVENTORY COUNT ATTENDANCE
NOTES INITIALS AND
DATE
GENERAL
1 Record the following details for
each location visited:
(a) location(s) being counted
(b) date(s) of count and attendance
(c) types of inventory held at
location
(d) approximate value of inventory
by category and location
(e) Details of any inventory at
locations not covered by the count
and any alternative method used
to verify their existence
(f) brief description of the
procedures adopted
(g) names of client staff counting
(h) names of audit staff taking part
(a) Distributioncenterzones1to7,
CreationterritoryandStore room
(b) Walk31,2021,
Subside Fillion - stockroom
chief/dispersionsupervisor
Ransack Cole –
Stockroom/dispersioncollaborator
Dan Sheppard – Retail Shopright
hand
(c) Crude materialsandcompleted
products
(d) Crude materialsDistribution
center66,309
Crude materialsStore Room–
19,989.20
CompletedProductsDistribution
center–
258,064
CompletedProductsStore Room
and DemoRoom –
9,192
(e) Inventorieswiththingcode that
beginswithX0in crude materials
are suspectedtobe thingsleftin
the creation room whichare work
inmeasure.Since the creationhas
beenshutsince Walk30,2021.
Stock thingsthathave codes
beginningfromE11,F02, G03, H01
(withthe exceptionof H019), J007,
and K02 are suspectedtobe
09/12/2020
7. 7
conveyedhowevernotyetsettled
completelywhichare recordedin
the stock examinationof completed
products.
(f) Physical tallyingof stockwhich
requiresanincludingofficialto
performsuchundertakings.
(g) DiminishFillion - stockroom
director/circulationchief
Loot Cole – Stockroom/dispersion
associate
Dan Sheppard – Retail Shop
colleague
(h) Graeme Moore
Stephani Cris V. Bonite
2 Ascertain and note whether:
(a) the inventory count teams were
properly briefed prior to
commencing the count;
(b) the teams only include people
who are not responsible for the
storing and recording of inventory
and work in progress;
(c) inventory was counted by teams
of two (one counting and one
checking and recording);
(d) the teams were asked to
identify damaged, slow moving or
obsolete stock;
(e) the teams were made aware of
inventory held on behalf of third
parties and these were excluded
from the count
(a) It is dictatedbyGraeme Moore
base on the videogave
(b) the gatheringsare made out of
the appropriationplace chief,
stockroomaccomplice,andretail
shoppartnerwhichare liable for
takingcare of and recordingof
stock
(c) the gatheringsonboththe
dispersioncommunityandthe store
room anddemoroom are done by
bothone includingandone
checkingandrecording
(d) Yes
(e) Yes
09/12/2020
INVENTORY COUNTING
3 Determine whether:
(a) the teams were counting and
recording accurately
(b) the counts were being
controlled to ensure that all
inventory was counted and only
once;
(c) there was adequate control
over inventory sheets to ensure
3. (an) all groups inboth stockroom
and store room are checkingand
are recordingprecisely.
(b) yes
(c) yes
4. There were no sequential
numbersintroducedonthe
numberedsheets.
09/12/2020
8. 8
that they are all accounted for (e.g.
pre-numbered)
4 Where serially numbered sheets
are used, record the numbers of all
sheets used at the end of the count
5 Select a sample of items from
completed inventory sheets and
check to ensure that the number
has been recorded properly
A020 SheridanNexusNX-01– 5.1
speakerset,have variousamounts
checkedandintroducedonthe
stock examination.
X034 Kevlarspeakercone –
tweeter,are notseenduringthe
stock checkand isn'trecordedyetis
recordedonthe stockgatheringin
crude materials
09/12/2020
6 Count a sample of inventory
items and ensure that they have
been recorded properly on the final
inventory sheets
A020 SheridanNexusNX-01– 5.1
speakerset,have variousamounts
checkedandintroducedonthe
stock gathering.
09/12/2020
7 Where possible, copy or extract
details of a sample of rough
inventory sheets for checking at
the final audit
Given already 09/12/2020
8 Ascertain whether any inventory
is held on behalf of a third party.
Where applicable ensure that it has
been properly labelled and
excluded from the count
As indicatedbythe videogivenby
Graeme Moore,it issaid there that
there isno outsiderstockhungon
the distributioncentersandstore
room.
09/12/2020
9 Note any old or damaged
inventory during the count.
Ensure that it is marked as such on
the final inventory sheets.
Done 09/12/2020
CUT OFF
10 Ensure that no movements in or
out took place during the inventory
count
11 Record details of the last goods
dispatch number and the last
goods received note number to
follow up at the final audit.
10. The shop wasshut a day priorto
the stock tallyandthe shop
resumesafterthe dayof the stock
tally.
11. D123 Phoenix – PBR-25– Blu-
beamplayer,February29, 2021
09/12/2020
CONCLUSION
12 Write a report on the inventory
count concluding on its accuracy
and the ability to be able to rely on
it.
12.Base on the exactnessof the
stock checkdone on March
31,2021, it had beendone with
authenticcountingandthe
principle issueisthatthe one
accountedto countthe stockis just
the scatteringbossor partners.This
may windupbeinglesstrustworthy
sort of checkingas a resultof the
09/12/2021
