Inventory count checklist

Inventory count checklist D.110
Page 2 of 2
AA
W/P
ref.
PSC
(Y/N)
(Initials)
Summarize exceptions
or difficulties encountered
6. Agree the test counts to:
a) Perpetual inventory records. EA
b) Entity’s final inventory listing. CEA
A
Investigate discrepancies and, if necessary, ensure
proper adjustments are made.
7. Review management’s cut-off procedures, as at the
count date, for both the physical inventory and
accounting records and ensure they are adequate.
8. Record details of relevant cut-off information (dates and
particulars of most recent receiving reports, and most
recent shipping memoranda) at the time of physical
count.
9. Inquire with a responsible staff member about inventory
that is slow-moving or obsolete.
10. Review the perpetual records for indications of slowmoving
and obsolete stock.
11. Tour the facility where inventory is being held and look
for signs that items may be obsolete or slow-moving
(i.e., damaged, dusty, etc.).
12. Tour premises at close of count and ensure all items are
counted (i.e., tagged).
13. Prepare memorandum on the results of the count and
any matters to be followed up later in the audit.
CA
A
V
V
V
C
A
Prepared by Date Reviewed by Date
ISA Engagement Forms July 2010