Thursday 20 May 2021


12:00 pm


1.5 CDP Hours

Session Topic

30 June audit check-up – stocktakes and confirmations

Time for stocktakes, confirmations and the like.  Do we just follow what we did last year, follow the standard audit template? Or do we take a more risk-based approach to meeting assertions and gathering sufficient appropriate audit evidence?  Do we do away with bank confirmation and debtors’ circulations and just circularise creditors?

This session will address:

  • Audit risks for stocktakes
  • Roll-forward and roll-back procedures
  • Treatment of stock-take errors and their ramifications
  • Rules governing the use of external confirmations as audit evidence
  • Instructions for other auditors – an ASIC focus area
  • Year-end audit requirements and representation letters, and
  • Audit evidence.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.