Answers - ACCA Global

AnswersFundamentals Level Skills Module, Paper F8 (INT) Audit and Assurance (International)December 2012 Answers1(a) inventory count arrangements11 DeficienciesRecommendationsThe warehouse manager is planning to supervise theinventory count. Whilst he is familiar with the inventory , hehas overall responsibility for the inventory and so is notindependent. He may want to hide inefficiencies and anyissues that arise so that his department is not alternative supervisor who is not normally involved withthe inventory , such as an internal audit manager, shouldsupervise the inventory count. The warehouse manager andhis team should not be involved in the count at all. There are ten teams of counters, each team having twomembers of staff. However, there is no clear division ofresponsibilities within the team. Therefore, both members ofstaff could count together rather than checking each other scount; and errors in their count may not be identified.

(b) Procedures during the inventory count – Observe the counting teams of Lily to confirm whether the inventory count instructions are being followed correctly. – Select a sample and perform test counts from inventory sheets to warehouse aisle and from warehouse aisle to inventory

Loading..

Tags:

  Answers, Warehouse, Inventory

Information

Related search queries