W.P. NO.

Prepared By:
Reviewed By:
Lakeside Company
Test of Inventory Listing – Warehouse
December 31, 1991

INVENTORY
ITEMS

TAG
NO.

SERIAL NO.

QUANTITY

Amplifiers

116

BC 76-W

22

Component
Systems

124

JB 45-H

69

Radios

102

CB 21-S

80

Stereo Systems

138

FU 87-R

60

Amplifiers

130

KZ 54-T

88

Speakers

150

YG 28-Y

71

Stereo Systems

127

RA 69-M

99

Turntables

142

RW 21-X

49

Receivers

113

NB 73-Y

112

Stereo Systems

126

JH 88-A

77

Tape Decks

104

CZ 55-H

46

Speakers

137

BF 23-G

84

Head Phones

147

PO 88-Q

49

Turntables

132

CD 00-N

121

AUDIT
PROCEDURES

Audit Objectives:

To verify that the physical count observed agrees with the inventory listing.
To verify that the inventory listing provides a fairly presented inventory cost
balance.

Scope:
Items that were selected during the inventory observation.
Audit Procedures:

P. All items agreed. 1991 . NO. o Traced items from inventory listing to master price as to description.W. Prepared By: Reviewed By:  Traced items to inventory listing noting agreement as to description and quantity. Audit Conclusion: The inventory listing is fairly stated. All items agreed. and nothing is in disagreement. Lakeside Company Test of Inventory Counts – Warehouse December 31.

205. 1992) 1/1/92 1/1/92 1/2/92 1/2/92 Amplifiers Compone nt System Stereo Systems Stereo Systems Shippe d to B.6 3888 698. 777. Scope: All reconciling items to the inventory listing. 99 2859.5 5139. Receiving Reports (January 1 – 2. 75 32 9637. Prepared By: Reviewed By: I.P.9 5 812.30 Total II.W. JB 45H KJ 32K RX 04-L Quant ity 20 40 10 Unit Cost Total Cost 481. .L.3 5 256. 1/1/9 2 1/2/9 2 Component System Head Phones Compact Disk Player 3988 3989 Serial No.8 0 7914 469 3752 40. # Seria l No.9 1280 13. 1992) Receivin g Report No.4 285. Audit Procedures O K Bills of Lading (January 1 – 2. 9 O K Audit Objectives: To verify the reconciling items to the inventory list are valid and reasonable.9 8 324 4399 Audit Procedur es 8123.9 8 1319 6959. Custom er Custom er Custom er Custom er Custom er 601 5 601 5 601 6 601 6 601 6 XY 76-R BM 09-H AB 15-M JH 88-A CS 33-P Quant ity 20 10 20 12 1/2/92 Receivers 10 1/2/92 Compone nt Systems Custom er 601 6 AR 65-C 6 1/2/92 Speakers Store 1 601 7 BF 23-G 8 Unit Cost Total Cost 219. NO.

No misstatements identified. All tags were pulled and accounted for. NO. ∞ Checked the mathematical accuracy of the price of each item. Other Procedures:   The tagging system has been properly followed by the team members of the client. o Compared the item with its price on the Master Price List.P. All Agreed. All are available and nothing is in disagreement.  Rechecked the extensions and footings of amounts. All tags are pre-numbered and the last tag is numbered 152.W. . All are in agreement with the totals in the reconciling items in the inventory listing. Prepared By: Reviewed By: Audit Procedures:  Traced receiving reports from the files of company. Audit Conclusions: The reconciling items presented in the inventory listing are fairly stated.