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  Opening and Closing Stocks

Introduction to Opening and closing stocks cost audit program

1. The Cost Auditor will see, inter alia that is as follow:

(a) That the opening stock is not excessively large compared with the volume of production throughout the year;

(b) That the opening stock against several jobs does really stand for the actual physical stock in the production shop and is not just an accounting figure;

(c) That the accountability of the Shop-foreman in charge of the stock held in the production shop is properly and clear documented; that he preserves proper record of actual consumption vis a-vis the actual withdrawal from the stock.

2. Correct indication and valuation of closing stock in the Trading and Profit and Loss Account and in Balance Sheet is significant. The Cost Auditor will observe and certify inter alia:

(a) That the physical verification is correctly performed;

(b) That the valuation is right with reference to actual cost of production and recognised policy for valuation;

(c) That the volume of closing stock is equal with the volume of production and that it does not imitate any failure or bottleneck in Sales Budget or Production Budget.

(d) That the volume of unmoved stores is not abnormal in comparison along with the normal rate of annual consumption. The Cost Auditor will propose disposal of such type of unmoved stores with subsequent release of capital not necessarily locked up to the benefits of the financial resources of the concern.

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