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SA 501: Audi Evidence — Specific Consideration for Selected Items, :memo:…

- - - - Evaluate MGT's instructions & procedure for recording & controlling the results thereof. — application of appropriate CA, accurate identification of completion of stages of WIP, slow moving, obsolete, damaged items, procedures used in estimate-based counting, control over movement of inventory before & after cut-off date
      - Observe the performance of MGT's count procedures
      - Inspect the inventory
      - Perform test counts
    - - Comparing entity's final inventory records with actual inventory count results
    - - Nature of inventory
      - Stages of completion of WIP
      - ROMM
      - Whether adequate procedures are expected to be established and proper instructions issued
      - Timing
      - Whether entity maintains a perpetual inventory system
      - Locations
      - Whether assistance of an auditor's expert is needed
  - - - Inspections
      - Attending or arranging for another auditor to attend
      - Obtaining another auditor's report or service auditor's report
      - Inspecting documentation
      - Requesting confirmation from third party
- - - - Evaluating whether such methods are likely to result in disclosure in accordance with applicable FRFW, and
      - Where appropriate, testing the application of such methods.