๐–๐ก๐ฒ ๐๐จ ๐ฐ๐ž, ๐š๐ฎ๐๐ข๐ญ๐จ๐ซ, ๐ง๐ž๐ž๐ ๐ญ๐จ ๐ฉ๐ž๐ซ๐Ÿ๐จ๐ซ๐ฆ ๐ฉ๐ก๐ฒ๐ฌ๐ข๐œ๐š๐ฅ ๐ฌ๐ญ๐จ๐œ๐ค ๐œ๐จ๐ฎ๐ง๐ญ?

Fixed Asset Register

Fixed Asset Register

According to ๐ˆ๐’๐€ ๐Ÿ“๐ŸŽ๐Ÿ ๐€๐ฎ๐๐ข๐ญ ๐„๐ฏ๐ข๐๐ž๐ง๐œ๐ž - ๐’๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐‚๐จ๐ง๐ฌ๐ข๐๐ž๐ซ๐š๐ญ๐ข๐จ๐ง ๐Ÿ๐จ๐ซ ๐’๐ž๐ฅ๐ž๐œ๐ญ๐ž๐ ๐ˆ๐ญ๐ž๐ฆ๐ฌ states that if inventory is material to the financial statements, t๐ก๐ž ๐š๐ฎ๐๐ข๐ญ๐จ๐ซ ๐ฌ๐ก๐š๐ฅ๐ฅ ๐š๐ญ๐ญ๐ž๐ง๐ ๐ญ๐ก๐ž ๐ฉ๐ก๐ฒ๐ฌ๐ข๐œ๐š๐ฅ ๐ข๐ง๐ฏ๐ž๐ง๐ญ๐จ๐ซ๐ฒ ๐œ๐จ๐ฎ๐ง๐ญ๐ข๐ง๐  ๐ญ๐จ ๐จ๐›๐ญ๐š๐ข๐ง ๐ฌ๐ฎ๐Ÿ๐Ÿ๐ข๐œ๐ข๐ž๐ง๐ญ ๐š๐ฉ๐ฉ๐ซ๐จ๐ฉ๐ซ๐ข๐š๐ญ๐ž ๐š๐ฎ๐๐ข๐ญ ๐ž๐ฏ๐ข๐๐ž๐ง๐œ๐ž ๐ซ๐ž๐ ๐š๐ซ๐๐ข๐ง๐  ๐ญ๐จ ๐ญ๐ก๐ž ๐ž๐ฑ๐ข๐ฌ๐ญ๐ž๐ง๐œ๐ž ๐š๐ง๐ ๐œ๐จ๐ง๐๐ข๐ญ๐ข๐จ๐ง ๐จ๐Ÿ ๐ญ๐ก๐ž ๐ข๐ง๐ฏ๐ž๐ง๐ญ๐จ๐ซ๐ฒ, unless impracticable.

If physical inventory counting attendance is impracticable, auditor shall perform ๐š๐ฅ๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐ฏ๐ž ๐š๐ฎ๐๐ข๐ญ ๐ฉ๐ซ๐จ๐œ๐ž๐๐ฎ๐ซ๐ž๐ฌ to obtain sufficient appropriate audit evidence regarding to the existence and condition of the inventory. When alternative audit procedures are not possible and applicable, then ๐ญ๐ก๐ž ๐š๐ฎ๐๐ข๐ญ๐จ๐ซ ๐ฌ๐ก๐š๐ฅ๐ฅ ๐ฆ๐จ๐๐ข๐Ÿ๐ฒ ๐ญ๐ก๐ž ๐จ๐ฉ๐ข๐ง๐ข๐จ๐ง ๐ข๐ง ๐ญ๐ก๐ž ๐š๐ฎ๐๐ข๐ญ๐จ๐ซโ€™๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐ข๐ง ๐š๐œ๐œ๐จ๐ซ๐๐š๐ง๐œ๐ž ๐ฐ๐ข๐ญ๐ก ๐ˆ๐’๐€ ๐Ÿ•๐ŸŽ๐Ÿ“.

If the auditors are unable to attend the physical stock count on the date of the financial statement for practical reasons, inventory count may be performed on ๐š๐ง ๐š๐ฅ๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐ฏ๐ž ๐๐š๐ญ๐ž, and perform audit procedures on intervening transactions.

If inventory under the custody and control of a third party is material to the financial statements, the auditor shall request confirmation from the third party as to the quantities and condition of inventory held on behalf of the entity or perform inspection or other appropriate audit procedures.

Where a perpetual inventory system is maintained, management may perform physical counts or other tests to ascertain the reliability of inventory quantity information included in the entityโ€™s perpetual inventory records. When differences between the perpetual inventory records and actual physical inventory quantities on hand are identified, the considerations when designing audit procedures are whether the perpetual record are properly adjusted by the management, reliability of the system or reasons of the significant differences.

๐’๐Ž๐”๐‘๐‚๐„
๐ˆ๐’๐€ ๐Ÿ“๐ŸŽ๐Ÿ ๐€๐ฎ๐๐ข๐ญ ๐„๐ฏ๐ข๐๐ž๐ง๐œ๐ž โ€“ ๐’๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐‚๐จ๐ง๐ฌ๐ข๐๐ž๐ซ๐š๐ญ๐ข๐จ๐ง ๐Ÿ๐จ๐ซ ๐’๐ž๐ฅ๐ž๐œ๐ญ๐ž๐ ๐ˆ๐ญ๐ž๐ฆ๐ฌ
http://www.ifac.org/โ€ฆ/โ€ฆ/a023-2010-iaasb-handbook-isa-501.pdf

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