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Name
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Prepared
by: |
File
ref: |
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Year end: |
Reviewed by: |
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Subject: Stock Existence & Ownership |
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Objective |
To ensure that stock recorded in the balance sheet exists and is owned by the entity. |
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Method |
At the audit date: Select a sample of stock items from the stock sheets. Agree to purchase invoices and delivery notes to confirm stock exists and is owned by the entity. Agree stock held by third parties to confirmation from warehousing/shipping agencies. At the year end date: Attend the stock take, ensuring that the stock procedures are properly recorded and followed during the count. Select a sample of stock items, re-perform the count and agree to final stock sheets. |
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Result |
Page ref: Comments: |
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Conclusion |
According to the audit work performed, the objective has been met/has not been met. Problems recorded: |
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©Lynnix (UK) Ltd 19 Oct
2007