أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
Depends. Without provisions impact auditors opinion subject to materiality amount.
Additionally discrepancies need explanation, throught the explanation it is possible to evaluate what type of management control deficiency needs to be fix and the real impact on financial statements.
If it forms major part of financial statements then yes it is true. but if the items are immaterial, these can be adjusted in profit and loss account and audit may give unmodified opinion.
Yes it is True. Discrepancies in any of company controls systems will have an impact on the Auditors Report
it will make significat impact if the discrepanies are material
Depends on materiality of the issue.
I agree with Ms. Carmen Cancela. If provisions are provided it may not really effect the auditors report nor it shows management control deficiency. Especially in food and hotel industry there will be a lot of discrepancies in the stock due to the nature of some products which are perishable.
Yes stock count discrepancies show the control weaknesses.
Whether these discrepancies will affect the auditors’ opinion or not will depend upon:
The Nature of the Stock
Value of the stock
Materiality of the amount
Nature of the default
It is absolutely True.Should be verified in stock on hand.It leads to closing stock on yearly finalization.
Depend on the materiality of the inventory balance in books of accounts.
