Verification and treatment of inventories in audits and examinations of manufacturing and trading concerns
Paper to be presented at the annual meeting of the American Association of Public Accountants
Abstract
In not a few industrial organizations, the items included under the heading Inventory exceed by far the sum of the remaining assets. This being the case, it becomes imperative for the auditor to ascertain whether the valuation placed on the inventory is a fair one. In so doing, however, divergent practices are in use, based upon conflicting principles. To discuss these principles and to determine the safest form of procedure is therefore the object of this paper.
This paper has been withdrawn.