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Hi,
Can I know what is difference in requirement of these 2 questions?
– Describe 4 audit procedures for inventory count
– Describe 4 substantive procedures inventory countDoes 1st question mean I can write mix of TOCs and Substantive test? or both question require substantive tests only?
Thanks!!
The term ‘audit procedure’ refers to both ToC and substantive tests. When attending and observing an inventory count the tests would be a mix. For example:
Inspect shelves to ensure they are uniquely numbered (ToC)
Inspect the register of stock sheets issued and returned to ensure these are all accounted for (ToC)
Perform test counts (Substantive)
After the stocktake, reperform the additions on the evaluated stock sheets (Substantive)
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