Scribd Logo
Upload

Welcome to Scribd!

  • Inventory Differences Between Financial Statement and Inventory Report

    Uploaded by

    Khine Khaing Thin
    8 views1 page
    The summary identified a difference between the inventory balance reported in the financial statements and the inventory report. Specifically, the inventory report showed a higher balance of $234,527,545 compared to the financial statement balance of $232,873,791, resulting in a difference of $1,653,754. The auditor noted this difference could impact the correctness of the stock balance reported and recommended reconciling the difference and adhering to stock issuance policies going forward.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The summary identified a difference between the inventory balance reported in the financial statements and the inventory report. Specifically, the inventory report showed a higher balance of $234,527,545 compared to the financial statement balance of $232,873,791, resulting in a difference of $1,653,754. The auditor noted this difference could impact the correctness of the stock balance reported and recommended reconciling the difference and adhering to stock issuance policies going forward.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views1 page

    Inventory Differences Between Financial Statement and Inventory Report

    Uploaded by

    Khine Khaing Thin
    The summary identified a difference between the inventory balance reported in the financial statements and the inventory report. Specifically, the inventory report showed a higher balance of $234,527,545 compared to the financial statement balance of $232,873,791, resulting in a difference of $1,653,754. The auditor noted this difference could impact the correctness of the stock balance reported and recommended reconciling the difference and adhering to stock issuance policies going forward.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    1.

    Inventory differences between financial statement and inventory report

    Description of finding
    Fact: We noted the following difference between the financial statement and inventory report.

    Ks
    As per financial statement 232,873,791
    As per inventory report 234,527,545
    Difference 1,653,754

    Criteria: The stock record must be correctly maintained so that the differences if any could be
    reconciled with the financial statement.

    Cause:

    Impact: Correctness of stock balance could not be verified.

    Recommendation
    We suggest that the authorized persons should take necessary action for the above differences and
    made necessary adjustment and also strictly adhered to policy for stock issued.

    Management Response
    Comments:

    You might also like