Document background
The Audit Program For Inventories serves as a critical tool for ensuring accurate and reliable inventory reporting in Nigerian business operations. It is designed to be used by audit professionals when planning and executing inventory audits, providing a systematic approach to verify the existence, completeness, and valuation of inventory accounts. The program incorporates requirements from Nigerian legislation, including CAMA 2020 and Financial Reporting Council guidelines, while also aligning with international standards. This document becomes particularly important during annual audits, special inventory investigations, and when companies need to demonstrate compliance with regulatory requirements. It includes comprehensive procedures for physical inventory counts, valuation testing, cut-off verification, and internal control assessment, making it an essential resource for maintaining audit quality and consistency.
