Page 181 - AA Integrated Workbook STUDENT 2018-19
P. 181

Procedures






                           Inventory




               7.1 Key assertions

                    Existence


                    Valuation

                    Completeness

                    Rights and obligations


               7.2  Sources of evidence

                    Aged inventory listing

                    Inventory


                    Inventory count sheets

                    Purchase invoices

                    Goods received notes

                    Sales invoices

                    Goods despatch notes


                    Client calculations of overhead allocation, absorption and apportionment


               7.3  Key areas to consider

                    Obsolescence

                    Valuation rules

                    Year-end cut-off issues


                    Multiple locations

                    Work in progress










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