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How do I verify the Inventory lying with Third ...

How do I verify the Inventory lying with Third Party of my client?

How do I verify the Inventory lying with Third Party of my client?

0
Chiranjibi Chapagain Mar. 12, 2018

If your client shows Inventory lying with third parties in their books of accounts, you can refer the following points to verify the same.

  • Obtain confirmations from the third party including the time period and reasons thereof.
  • Evaluate condition of goods and see whether adequate provision has been made.
  • Check whether subsequently the goods lying with third party were sold or received back after the expiry of stipulated time period.
  • Ensure that the goods have been included in the closing inventory though lying with third party.

How do I verify the Inventory lying with Third Party of my client?

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