What must take into account the deadline for the physical inventory valuation and treatment of deviations?

 Jayaramachandran Rajendran has given a good answer above

The objective for physical inventory most of the time would fall under:

1. Amount sanctioned was spent completely on the purchase of the required materials.

2. No amount was left unspent, if so, it should be accounted for.

3. All materials bought are properly accounted for and tracked.

4. Amount of maintenance required on the material (indicates quality concerns)

5. Was all materials used up for the production or anything was unused. How is this unused material accounted and stored?

Since the deviations would be based on the observations and the final report of the auditors, I would not be able to comment much on its treatments.

The general approach is to ensure that deviations are addressed before the next cycle of audit. Addressing would mean some corrective actions have been atleast started and not always mean that those deviations should completely disappear. This point is dependent on the type of deviation and its remediation costs, time and other factors.