Complete this checklist and apply audit procedures prescribed in relevant audit program for the question client answered "YES", evaluate the internal controls and report the observations along with recommendations (if any.), for the Questions answered "NO" report as ineffective based on relevance of the internal control activity and regulations (e.g. SOX), etc.
Client Name Date Completed: Audit Questionnaire: After Market Inventory Completed By: Business Function: Manufacturing Reviewed By:
Objective: 1) Purchases are approved and processed accurately. 2) All valid inventory movements are recorded accurately and in the appropriate period. 3) Physical inventory verification of quantities and financial records are adequately and appropriately performed. 4) Consignment inventory is managed and accurately recorded. 5) Excess and obsolete stock/reserves are valid and recorded completely and accurately in the appropriate period.
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