After the inventory count (1)

Question 1

What happens after the count?

Answer 1

Auditors should check that final inventory sheets have been properly compiled from count records and book inventory has been appropriately adjusted

Question 2

Key tests include (trace items)

Answer 2

Trace items that were test counted to final inventory sheets

Question 3

Key tests include (sequence)

Answer 3

Agree sequence of inventory sheets

Question 4

Key tests include (count records)

Answer 4

Observe whether all count records have been included in final inventory sheets

Question 5

Key tests include (inspect inventory sheets)

Answer 5

Inspect final inventory sheets to ensure they are supported by count records

Question 6

Key tests include (continuous inventory records)

Answer 6

Confirm that continuous inventory records have been adjusted to amounts physically counted or measured, and that differences have been investigated