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Difference in Stock report

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 May 2011 Dear Experts,
i m doing audit of Pvt Ltd company and found out difference in Stock report submitted to bank and the balances appearing in tally. How to resolve the issue now?
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U S Sharma

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U S Sharma (Expert)
17 May 2011 bank reports are made adhoc basis in relation to the credit facility enjoyed by the client, so it should be less than the actual stock,

take care of actual stock as per books as certified by management.
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 May 2011 what if variation exceeds more than 5%
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
05 June 2011 You are doing Audit for shareholders so ignore the % of variation reported to bankers and go for correct valuation only

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