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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 valuation |
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Objective |
To ensure that stock is valued at the lower of cost & net realisable value. |
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Method |
Pick a sample of items from the stock register. Agree the amount recorded in stock to the purchase invoice. Agree the sales price after year end and ensure it is not lower than the stock value. If not sold by the audit date, agree to sale price of similar items sold/price lists. Review stock line by line for signs of slow moving stock or obsolete stock. Discuss with management and consider writing down. |
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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