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Dec 2012
Q1(a)inventory count arrangement
for the recommendations section, the first one have mentioned”The warehouse manager and his team should not be involved in the count at all”
but I remembered what you said that each count team member consists of two, one is an independent person, such as internal auditor, and one is a warehouse worker, as they familiar with the inventory; as so its both statement are conflicted and should I follow which one?Q1(b)Procedures during the inventory count
“Obtain a photocopy of the completed sequentially numbered inventory sheets for follow up testing on the final audit”what follow up testing will be performed by the auditor? Can give some example of it?
Thank you.
As long as the warehouse staff are not responsible for directing the count there is clearly not an issue for them to have some involvement.
The quantities will be used as the basis for the valuation – so subsequent testing would include confirming that the same quantities are used for the valuation as per the count and that any inventory identified as slow-moving or damaged has been written down.
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