No area of the statement of financial position creates more potential problems for the auditors than that of inventory. Closing inventory does not normally form an integrated part of the double energy booking system. And hence a misstatement under a over statement may not be detected from testing in other outer areas.
You may be asked to list and explain all the procedures you would perform to confirm specific assertions relating to inventory.
You could be asked to do the following. For example, describe the audit procedure to perform before. During and after attending the inventor recounts. Describe so audit procedures to be applied in respect of specific financial statement assertions related to inventory, including work in progress. The financial statement of sources and their related audit procedures could also constitute the subject of mini case ot questions in section a. The requirement to consider evaluation of inventory is also a topic which is regularly examined. If asked for passengers in the its area, restrict your answer to only those procedures related to valuationthe examining tea The examine team has noted that in previous exams, some candidates provided procedures related to other assertions, therefore wasting valuable time.
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