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surprise inventory count

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › surprise inventory count

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by Noah098.
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  • August 10, 2021 at 1:36 pm #631046
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Staple & Co should visit the client’s premises at least once a year and request a surprise inventory count. Answer: False.

    Maam could you explain why the answer to this is false?

    August 10, 2021 at 1:56 pm #631051
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6783
    • ☆☆☆☆☆

    Even without any context this cannot be true. An inventory count has to be PLANNED – both by the client and the auditor. Imagine an Amazon warehouse or a bottling plant – browse for images if you can’t imagine what these look like. But is it even remotely possible that an auditor could flounce in to a client’s premises and say “stop everything you’re doing! I want to count your inventory!” An auditor cannot interfere with the day-to-day running of the business.

    If a client operates continuous inventory checking of course the auditor could pitch up, unannounced, and say “I should like to accompany [staff] in conducting their test counts today” (i.e. to observe the client’s process) – but that’s not the same as demanding an unscheduled count.

    August 10, 2021 at 4:44 pm #631074
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Hahaha my bad! Got you ma’am!

    Such a big fan of your explanations! You’re an exceptional teacher!!!

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