Inventory Observation Memo

Inventory Observation Memo
1409 WordsOct 6, 20126 Pages

INVENTORY OBSERVATION MEMO 1. Before commencement of verification, the
management should issue appropriate instructions to stock taking personnel. Such instruction
should cover all phases of physical verification and preferably be in writing Auditor should
examine these instructions to assess their efficacy In the given Case; Manager, Andrew Jacobs
issue said instructions to count team. But, while issuing instructions, no consideration was made to:
• Stock held by company but related to other parties, like goods to be returned to the supplier but
not yet done, Goods sold but delivery not yet taken by customer. • Stock in Transit • Stock in
Process • Stock with customers, in case of…show more content…
5. Count Tag on every pallet was observed to avoid double counting of single item. But
information listed on tags was not subject to review by any second count team 6. Proper
consideration should be paid to the physical condition to the inventories In Given Case, some
pallets of shoes stacked were near the back of the warehouse which were covered with dust and
looked very old. 7. Various other procedures were followed, in order to ensure working of controls
and to test their adequacy. • Original physical verification sheets were reviewed and some valuable
items were traced and selected into the final inventories. • Details of final inventories were
compared with stock records and other corroborative evidences like stock statement submitted to
banks for hypothecation. • The procedures adopted by the entity to account for the movement of
inventories from one location to another within the entity were reviewed. • Inquiry had been made
relating to the security procedures to prevent unauthorized removal or materials from the site by
either employees or others. • It was being ensured that warehouse or storeroom was orderly
arranged and maintained and the stock adequately protected against the weather or other losses. •
Examination of sample of documents was made for evidencing the movement of stock into and out
of stores, including documents pertaining to period shortly before and shortly
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address

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1409 WordsOct 6, 20126 Pages

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