Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISA (UK and Ireland) 501 Audit evidence - specific considerations for selected items

Application and Other Explanatory Material
Inventory
Attendance at Physical Inventory Counting (Ref: Para. 4(a) )
Inspect the Inventory (Ref: Para. 4(a)(iii) )
A6. Inspecting inventory when attending physical inventory counting assists the auditor in ascertaining the existence of the inventory (though not necessarily its ownership), and in identifying, for example, obsolete, damaged or ageing inventory.
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