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Audit Program For Inventories

Audit Program For Inventories Template for Singapore

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Audit Program For Inventories

"Need an Audit Program For Inventories for our Singapore-based manufacturing company with multiple warehouse locations, focusing on raw materials and finished goods, to be implemented by March 2025 and compliant with SFRS standards."

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What is a Audit Program For Inventories?

The Audit Program For Inventories serves as a crucial tool for conducting systematic examinations of inventory accounts in Singapore-based organizations. It is essential when performing statutory audits, internal reviews, or specialized inventory assessments. The program ensures compliance with Singapore's regulatory requirements, including SFRS(I) 1-2 and relevant SSAs. It encompasses procedures for evaluating internal controls, conducting physical counts, assessing valuation methods, and verifying cut-off procedures. This document is particularly vital for organizations with significant inventory holdings and those required to maintain strict inventory control systems under Singapore's regulatory framework.

What sections should be included in a Audit Program For Inventories?

1. Audit Objectives: Clearly stated objectives of the inventory audit including compliance with Singapore Financial Reporting Standards and relevant legislation

2. Risk Assessment: Identification and assessment of inventory-related risks, considering both inherent and control risks

3. Internal Control Evaluation: Assessment of controls over inventory management, including purchasing, receiving, storage, and record-keeping

4. Substantive Procedures: Detailed testing procedures for inventory verification, including pricing, quantities, and cut-off tests

5. Physical Count Procedures: Comprehensive steps for conducting physical inventory count, including pre-count, count, and post-count procedures

What sections are optional to include in a Audit Program For Inventories?

1. Industry-Specific Procedures: Additional procedures specific to industries with unique inventory characteristics or regulatory requirements

2. Foreign Currency Considerations: Procedures for handling inventory purchased or valued in foreign currencies, including exchange rate treatments

3. Consignment Stock Procedures: Specific procedures for auditing consignment inventory arrangements and related party transactions

What schedules should be included in a Audit Program For Inventories?

1. Schedule A: Inventory Count Instructions: Detailed step-by-step instructions for planning and conducting physical inventory count

2. Schedule B: Sample Selection Criteria: Documentation of sampling methodology and selection criteria for inventory testing

3. Schedule C: Control Testing Worksheets: Standard templates for documenting tests of controls over inventory

4. Schedule D: Substantive Testing Worksheets: Ƶ for documenting substantive procedures and their results

5. Schedule E: Inventory Valuation Guidelines: Procedures and guidelines for validating inventory valuations and cost calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Companies Act (Chapter 50): Primary legislation governing corporate entities in Singapore, including requirements for financial reporting and audit

Accountants Act (Chapter 2): Legislation regulating the accounting profession and establishing requirements for professional accounting practices in Singapore

Securities and Futures Act (Chapter 289): Regulatory framework for listed companies, including specific reporting and disclosure requirements

Income Tax Act (Chapter 134): Tax legislation that affects inventory valuation and reporting for tax purposes

Goods and Services Tax Act (Chapter 117A): GST legislation affecting inventory transactions and valuations

SFRS(I) 1-2 Inventories: Singapore Financial Reporting Standard specific to inventory measurement, recognition, and disclosure requirements

SFRS(I) 13 Fair Value Measurement: Standard providing guidance on fair value measurement of assets including inventories when applicable

SSA 501: Singapore Standard on Auditing covering specific considerations for audit evidence related to inventory

SSA 500: Singapore Standard on Auditing providing guidance on what constitutes audit evidence

SSA 315: Singapore Standard on Auditing covering risk assessment and identification of material misstatements

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants for audit practices

ACRA Practice Monitoring Programme: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for audit quality

Professional Code of Conduct: Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities in Singapore

Industry-Specific Regulations: Various regulations specific to different industries regarding inventory handling, storage, and reporting

Import/Export Regulations: Customs and international trade regulations affecting inventory movement and valuation

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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