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I have two quick questions. If a farm is planning to import sea food from abroad, with a mix or normal fish- how is this a risk and what is the auditors response. Second if a firm is renting out land on a rotational basis with no explanation of this in the financial statements. How is this a risk and what should the response be? Finally. Should grid stamped invoices be match back to PO numbers for confirmation? Thanks
imports :
– may inventories do not recorded at the correct price due to currency exchange!
– import may need many days till inventories reach at company’s permises.. Risk that the expiration date on the food has passed
– cut-off
Auditor should recalculate currency exhange, inspect last in and out for incorrect cut-off …Rent:
-risk of incorrect classification. (substance over form)
I do not know if that helps :S
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