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perpetual inventory count omitted

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › perpetual inventory count omitted

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by Kim Smith.
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  • August 23, 2021 at 4:22 am #632580
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    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?

    August 23, 2021 at 7:44 am #632597
    Kim Smith
    Keymaster
    • Topics: 91
    • Replies: 6230
    • ☆☆☆☆☆

    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.

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