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    Inventory Script

    Uploaded by

    Christine Joy Balobalo
    The document provides instructions for auditing inventory levels for J Marketing company. It outlines the following steps: 1) Reconcile inventory amounts between the stock card, cost list, and general ledger to identify any differences. 2) Compare inventory levels to the company's minimum threshold of 50 items to identify any shortages. 3) Calculate inventory balances using costs from the cost list multiplied by quantities from the stock card and general ledger. 4) Reconcile inventory balances between the stock card and general ledger to identify discrepancies. 5) Total the value of any findings from steps 2 and 4.

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    Inventory Script

    Uploaded by

    Christine Joy Balobalo
    16 views2 pages
    The document provides instructions for auditing inventory levels for J Marketing company. It outlines the following steps: 1) Reconcile inventory amounts between the stock card, cost list, and general ledger to identify any differences. 2) Compare inventory levels to the company's minimum threshold of 50 items to identify any shortages. 3) Calculate inventory balances using costs from the cost list multiplied by quantities from the stock card and general ledger. 4) Reconcile inventory balances between the stock card and general ledger to identify discrepancies. 5) Total the value of any findings from steps 2 and 4.

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    sample script only

    Original Title

    INVENTORY SCRIPT

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    The document provides instructions for auditing inventory levels for J Marketing company. It outlines the following steps: 1) Reconcile inventory amounts between the stock card, cost list, and general ledger to identify any differences. 2) Compare inventory levels to the company's minimum threshold of 50 items to identify any shortages. 3) Calculate inventory balances using costs from the cost list multiplied by quantities from the stock card and general ledger. 4) Reconcile inventory balances between the stock card and general ledger to identify discrepancies. 5) Total the value of any findings from steps 2 and 4.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views2 pages

    Inventory Script

    Uploaded by

    Christine Joy Balobalo
    The document provides instructions for auditing inventory levels for J Marketing company. It outlines the following steps: 1) Reconcile inventory amounts between the stock card, cost list, and general ledger to identify any differences. 2) Compare inventory levels to the company's minimum threshold of 50 items to identify any shortages. 3) Calculate inventory balances using costs from the cost list multiplied by quantities from the stock card and general ledger. 4) Reconcile inventory balances between the stock card and general ledger to identify discrepancies. 5) Total the value of any findings from steps 2 and 4.

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    SCREEN SCRIPT

    Stock card Now, let’s proceed in auditing the inventory of J


    marketing. The Company policy stated that
    inventory level must not be lower than 50. The
    total amount of inventory per count is not equal
    to the amount per GL so I am required to
    reconcile the inventory per log book and per GL. I
    am also instructed to conduct additional audit
    procedure aside from reconciliation so just like
    on the sales audit, we need to import all the
    necessary data – the stock card, cost list. And the
    general ledger.
    Stock card So first, we need to data cleanse the stock card
    and this will be the result. After data cleansing, I
    will reconcile first if the subsidiary ledger is equal
    to general ledger.
    Cost list Before reconciling, I need to identify first the
    balance per subsidiary ledger so I copy the data
    to the cost list sheet. Now I have inventory per
    subsidiary ledger by using the sumif function in
    the stock card.(show stock card)
    Inventory per SL, stock card, codes Now we have the inventory SL and stock card as
    our absolute reference and the codes as our
    relative reference so we can have 55 inventories.
    Inventory limit Next, we need to identify the inventory limit
    because it was stated that the inventory count
    should not below under 50 inventories. So, to
    check if the inventory falls under the stated
    inventory count, we can find it using the if
    function. If the inventory in the subsidiary ledger
    is greater than 50,then it is oKay but if not, it will
    result “findings”
    Point on the “findings” As you can see there are so many “findings” so
    we need to filter it out and copy those findings
    and paste in finding number 1.
    Findings 1 Now we have the inventories for the findings
    costlist Next, we will get the balance for the subsidiary
    ledger since we have the necessary data.
    Cost list We just need to multiply the cost and the
    inventory per SL to get the balance per SL. Later
    on, we can use the balance per SL in the
    reconciliation (show reconcialiation sheet)
    Reconciliation In the reconciliation, you just need to copy the
    balance per SL from the cost list and get the
    balance per GL by using the sumif function and
    the absolute reference is the general ledger sheet
    and the codes as our relative reference.
    Now, we have the balance per SL and the balance
    per GL, we need to find if there is a difference
    between the two balances and if there is, it will
    be our findings number 2.
    Findings 2 All the differences are copied and paste to a new
    sheet and named it to findings number 2.
    Total If we are to total all the findings, it will result to
    5,940,392. And that’s it in auditing inventories.
    Thank you!

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