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You are the auditor of Wholesalers Ltd., a shoe wholesaling company, whose next year end...

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Accounting

You are the auditor of Wholesalers Ltd., a shoe wholesaling company, whose next year end will be 30th September 1981. The company intends to determine the quantity and value of each line of stock at a physical stock check to be held on Saturday and SUNDAY, 26TH AND 27TH September 1981, and then adjust for movements between 27th and 30th September. The purchases and sales ledgers will be closed on 30th September. The company has a fast-moving stock but operates a satisfactory recording system which incorporates goods inwards and dispatch records. You are required to describe the audit procedures that you would adopt to satisfy yourself that the companys cut-off disciplines are adequate.

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