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What are the responsibilities of the auditor and management in relation to stock (inventory)?

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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2016/03/18
ANVAR SADIQUE METHALERY
by ANVAR SADIQUE METHALERY , AUDITING ASSISTENT , JYOTHI & CO

The auditor should review the instructions of the management and the internal controls regarding the stock sheets, tagging, counting and re-counting of stocks; identification of slow moving, obsolete, damaged or rejected items of inventory; valuation of work-in-progress; cut-off procedures; and movement of inventories between the cut-off date and the date of physical counting.

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