Proficiency is ability to think a few steps ahead

The topic is STOCKTAKING.

Auditors` involvement during the stocktaking is a mandatory procedure that cannot be avoided. This is required by the AUDIT STANDARDS.

Usually, companies conduct an annual stocktaking in the fall. The year ends on December 31. The accounting department closes the period in the program around February, and prepares a draft report. Auditors begin to perform their procedures approximately in March.

To save time, experienced clients who have been audited for several years, invite auditors to attend the annual inventory in the fall, although general audit procedures will be performed after the end of the period of almost six months.

Recently, we attended stocktaking that we initiated ourselves. That is, the company had to plan an annual inventory for the second time - at the request of the auditors. This is required by auditing standards.

If your company plans to conduct an audit for the current year, for the rational use of such a valuable resource as time, we suggest taking care of the choice of auditor in advance, and planning all the necessary procedures. Especially the presence in the stocktaking.