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What does SA 501 mandate w.r.t inventories?

Inventory count at FS date Surprise count Both?


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

01-Dec-20 22:20

3

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.


Suraj Lakhotia

Suraj Lakhotia

Admin

02-Dec-20 14:57

It is recommended to have inventory count as close to the FS date as possible. Auditor may conduct surprise count if he deems fit.


Suraj Lakhotia

Suraj Lakhotia

Admin

02-Dec-20 08:01

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?


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

02-Dec-20 09:46