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You are planning the audit of Munchkin Bites Sdn. Bhd, a manufacturing company which sells biscuits and snack food to a large number of retailers nationally. You have turned your attention to the audit of inventory and have obtained the following information from client staff: 1. Tahun - inventori akhir (mewakili 20% daripada jumlah aset) adalah dijangkakan seperti yang berikut: Year-end inventory (represent 20% of total assets) is expected to be as follows: Bahan mentah /Raw Material Pembinaan dalam kemajuan / Work in progress Barangan siap / Finished goods RM850,000.00 RM525,000.00 RM1,005,000.00 2. 3. Syarikat menggunakan 'standard costing" bagi menilai inventorinya, yang terdiri daripada kira-kira 150 barisan produk. Pada akhir tahun, nilai inventori yang agak sama dengan salah satu daripada barisan produk akan diadakan. The company uses standard costing to value is inventory, which consists of approximately 150 product lines. At year-end, the relatively equal inventory value of each of these lines will be held. Inventori tersebut disimpan di dalam lebih kurang lima puluh gudang di seluruh negara. Syarikat mempunyai dasar mengambil pajakan jangka pendek pada ruang gudang yang tidak digunakan (bagi mengurangkan kos penyewaan). jadi jumlah gudang yang digunakan adalah berbeza dari semasa ke semasa. The inventory is stored in approximately fifty warehouses nationally. The company has a policy of taking out short-term leases on unused warehouse space (to minimize rental costs), so the number of warehouses in use varies over time. Barangan dikilangkan di kilang BigHouse dan kemudiannya dihantar ke gudang-gudang lain. Goods are manufactured centrally at the BigHouse factory and then shipped out to the warehouses Pelancaran biskut baru, Choco Bix, telah mengakibatkan kekurangan jualan daripada jangkaan. Oleh sebab itu, syarikat mempunyai lebihan inventori dalam barangan siap dan berjumlah sebanyak RM200,000.00. Tarikh luput adalah 6 minggu selepas tarikh pengeluaran. The recent launch of a new biscuit, Choco Bix, resulted in poorer than expected sales Consequently, the company has excess inventory in finished goods, amounting to RM 200,000.00. Their expiry date is 6 weeks after the reporting dete. 4. 5. S. Sistem pembinaan dalam kemajuan yang baru telah berjaya diperkenalkan dalam jangka 2 bulan yang lepas. Kakitangan telah mengulas tentang bagaimana sistem ini merupakan satu peningkatan yang besar. A new work-in-process system was successfully introduced 2 months after the previous year-end Staffs have commented on how this system is a great improvement 7. Sebahagian besar pembinaan dalam kemajuan ini termasuk doh biskut, yang disimpan di beberapa lokasi di seluruh kitang BigHouse kedua-duanya diletakkan di dalam vats berlakri besar yang mana proses pemprosesan dilakukan di dalam mangkuk pemprosesan yang melekat pada sepuluh barisan pengeluaran Work in process largely includes biscuits dough, which is stored in several locations Big House factory - Both in large sealed vats awaiting processing and in mixing bowls attached to the ten different production lines. B. Berdasarkan pengalaman anda dari tahun-tahun sebelum ini, anda tahu bahawa syarikat mempunyai sistem belanjawan yang sangat tepat. Angka terakhir jarang berbeza lebih daripada 3% daripada bajet. From your experience in previous years, you know that the company has a highly accurate budgeting system. Final figures rarely vary more than 3% from budget. Dikehendaki / Required: (a) Kenalpasti pengesahan penyata kewangan bagi proses audit inventori di Munchkin Bites. Identify the key financial statements assertions for the audit of inventory at Munchkin Bites. (5 markah/marks) (b) Kenalpasti dan bincangkan isu-isu khusus untuk diambil kira dalam proses audit bagi pengesahan kewujudan dan penilaian bagi Munchkin Bites keseimbangam inventori. Terangkan 3 prosedur-prosedur audit bagi setiap pernyataan (kewujudan, dan penilaian) yang anda akan ambil. Discuss specific issues to be considered in relation to the audit for the existence assertion and valuation assertion for Munchkin Bites' inventory balance. Describe 3 audit procedures for each assertion (existence and valuation) you would undertake to cover these issues. (10 markah/marks) You are planning the audit of Munchkin Bites Sdn. Bhd, a manufacturing company which sells biscuits and snack food to a large number of retailers nationally. You have turned your attention to the audit of inventory and have obtained the following information from client staff: 1. Tahun - inventori akhir (mewakili 20% daripada jumlah aset) adalah dijangkakan seperti yang berikut: Year-end inventory (represent 20% of total assets) is expected to be as follows: Bahan mentah /Raw Material Pembinaan dalam kemajuan / Work in progress Barangan siap / Finished goods RM850,000.00 RM525,000.00 RM1,005,000.00 2. 3. Syarikat menggunakan 'standard costing" bagi menilai inventorinya, yang terdiri daripada kira-kira 150 barisan produk. Pada akhir tahun, nilai inventori yang agak sama dengan salah satu daripada barisan produk akan diadakan. The company uses standard costing to value is inventory, which consists of approximately 150 product lines. At year-end, the relatively equal inventory value of each of these lines will be held. Inventori tersebut disimpan di dalam lebih kurang lima puluh gudang di seluruh negara. Syarikat mempunyai dasar mengambil pajakan jangka pendek pada ruang gudang yang tidak digunakan (bagi mengurangkan kos penyewaan). jadi jumlah gudang yang digunakan adalah berbeza dari semasa ke semasa. The inventory is stored in approximately fifty warehouses nationally. The company has a policy of taking out short-term leases on unused warehouse space (to minimize rental costs), so the number of warehouses in use varies over time. Barangan dikilangkan di kilang BigHouse dan kemudiannya dihantar ke gudang-gudang lain. Goods are manufactured centrally at the BigHouse factory and then shipped out to the warehouses Pelancaran biskut baru, Choco Bix, telah mengakibatkan kekurangan jualan daripada jangkaan. Oleh sebab itu, syarikat mempunyai lebihan inventori dalam barangan siap dan berjumlah sebanyak RM200,000.00. Tarikh luput adalah 6 minggu selepas tarikh pengeluaran. The recent launch of a new biscuit, Choco Bix, resulted in poorer than expected sales Consequently, the company has excess inventory in finished goods, amounting to RM 200,000.00. Their expiry date is 6 weeks after the reporting dete. 4. 5. S. Sistem pembinaan dalam kemajuan yang baru telah berjaya diperkenalkan dalam jangka 2 bulan yang lepas. Kakitangan telah mengulas tentang bagaimana sistem ini merupakan satu peningkatan yang besar. A new work-in-process system was successfully introduced 2 months after the previous year-end Staffs have commented on how this system is a great improvement 7. Sebahagian besar pembinaan dalam kemajuan ini termasuk doh biskut, yang disimpan di beberapa lokasi di seluruh kitang BigHouse kedua-duanya diletakkan di dalam vats berlakri besar yang mana proses pemprosesan dilakukan di dalam mangkuk pemprosesan yang melekat pada sepuluh barisan pengeluaran Work in process largely includes biscuits dough, which is stored in several locations Big House factory - Both in large sealed vats awaiting processing and in mixing bowls attached to the ten different production lines. B. Berdasarkan pengalaman anda dari tahun-tahun sebelum ini, anda tahu bahawa syarikat mempunyai sistem belanjawan yang sangat tepat. Angka terakhir jarang berbeza lebih daripada 3% daripada bajet. From your experience in previous years, you know that the company has a highly accurate budgeting system. Final figures rarely vary more than 3% from budget. Dikehendaki / Required: (a) Kenalpasti pengesahan penyata kewangan bagi proses audit inventori di Munchkin Bites. Identify the key financial statements assertions for the audit of inventory at Munchkin Bites. (5 markah/marks) (b) Kenalpasti dan bincangkan isu-isu khusus untuk diambil kira dalam proses audit bagi pengesahan kewujudan dan penilaian bagi Munchkin Bites keseimbangam inventori. Terangkan 3 prosedur-prosedur audit bagi setiap pernyataan (kewujudan, dan penilaian) yang anda akan ambil. Discuss specific issues to be considered in relation to the audit for the existence assertion and valuation assertion for Munchkin Bites' inventory balance. Describe 3 audit procedures for each assertion (existence and valuation) you would undertake to cover these issues. (10 markah/marks)