Question
You are auditing the inventory of Green PasturesLtd for the year ended 30 June 2018. Raw materialsare imported from Korea and the purchasing clerkprepares costing
You are auditing the inventory of Green PasturesLtd for the year ended 30 June 2018. Raw materialsare imported from Korea and the purchasing clerkprepares costing sheets, including the costs requiredto bring the inventory to its location, and thetranslation of foreign currency using appropriateforeign exchange rates. The costing sheets for work-in-progress and finished goods are completed by theassistant management accountant, as they alsorequire the difficult allocation of overheads. Allcosting sheets are approved by the managementaccountant.
REQUIRED
Identify a control activity over inventoryvaluation.
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