- This topic has 1 reply, 2 voices, and was last updated 1 year ago by .
Viewing 2 posts - 1 through 2 (of 2 total)
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › perpetual inventory count omitted
Maam in case of perpetual inventory count, if some inventory lines are omitted then what do we say as a part of audit risk? Inventory will be understated or misstated?
i thought it would be clearly understated but apparently my kit states that it will be misstated. Can you pls provide a rationale for that?
As i have tried to explain to you before e.g. here https://opentuition.com/topic/perpetual-inventory-count-3 – the process is a control – if a test count is omitted during the year that does NOT mean that the item is excluded from the inventory records that are used for the y/e inventory valuation.