It is always a tough task to audit the goods lying at your client's godown. Goods lying with third parties is a whole new chapter. Here is a checklist, of things you should consider while verifying whether or not the goods lying with third parties has been correctly recorded and shown in the books of your client.
Third Party is someone who may be indirectly involved but is not a principal party to an arrangement, contract, deal, lawsuit, or transaction.
Consider this your own checklist, these are some critical aspects on which you should focus on while performing such audit.