Kế toán, kiểm toán - Chapter 12: Inventories and cost of goods sold

The valuation of goods on hand and in process often presents complex and difficult issues

Determining the quantities of inventories may require specialized techniques

Inventories often represent the largest current asset of a company

Misstatements of inventories directly affect cost of goods sold and, therefore, net income

Management fraud has often involved the fraudulent overstatement of inventories

 

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Inventories and Cost of Goods SoldChapter 12The Special Significance of Audit of InventoriesThe valuation of goods on hand and in process often presents complex and difficult issuesDetermining the quantities of inventories may require specialized techniquesInventories often represent the largest current asset of a companyMisstatements of inventories directly affect cost of goods sold and, therefore, net incomeManagement fraud has often involved the fraudulent overstatement of inventories2Controls Over the Conversion CycleSegregation of duties over purchases and custody of inventoryUse of pre-numbered requisitions, purchase orders, and receiving reportsProcedures for authorizing purchase transactions and verifying them for paymentGeneral ledger control of inventories and reconciliation to production recordsCost accounting controlsAnalysis of variances from standard costsUse of perpetual records for inventoriesUse of appropriate procedures for taking inventoryAppropriate physical controls over inventories3Objectives for the Audit of Inventories and Cost of Goods SoldDetermine the existence of inventoriesEstablish the completeness of inventoriesEstablish that the client has rights to the recorded inventoriesDetermine that the valuation of inventories and cost of goods sold is in accordance with GAAPDetermine that the presentation and disclosure of inventories and cost of goods sold are appropriate456Substantive Tests for the Inventories and Cost of Goods Sold7 Considerations in Planning a Physical InventorySelecting of the appropriate dateSuspending productionSegregating obsolete and defective goodsEstablishing control over the counting processAchieving proper cutoff of sales and purchases Arranging for the services of specialists89

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