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Please explain me how would i vouch/verify inven…

Please explain me how would i vouch/verify inventory lying with third party?

Please explain me how would i vouch/verify inventory lying with third party?

0
Jeeba Aug. 13, 2018

While checking the inventory lying with third party you have to consider the following things.

  • Obtain confirmations from the third party
  • See condition of goods and check whether adequate provision has been made.
  • Ensure that goods with third party were sold or received back after the expiry of stated time period.
  • Ensure that inventory with third party has been recorded as closing stock.