IndigoLearn
What does SA 501 mandate w.r.t inventories?
Inventory count at FS date Surprise count Both?
Answers (4)
Best Answer
So SA 501 doesnt mandate inventory count at any specific point of time? Or doesnr suggest anything? Auditor must use his professional judgement?
SA501 requires auditor to attend physical inventory count conducted by management.
It is recommended to have inventory count as close to the FS date as possible. Auditor may conduct surprise count if he deems fit.
So SA 501 doesnt mandate inventory count at any specific point of time? Or doesnr suggest anything? Auditor must use his professional judgement?