AU 331: Inventories
AU-C 501: Audit Evidence—Specific Considerations for Selected Items
AU EFFECTIVE DATE AND APPLICABILITY
|Original Pronouncements||Statements on Auditing Statements (SASs) 1, 43, and 67.|
|Effective Date||These statements are now effective.|
|Applicability||Audits of financial statements in accordance with generally accepted auditing standards (GAAS) and special reports involving inventories.|
AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES
SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.
AU-C Section 501 combines the requirements and guidance from extant AU Section 331, Inventories; 332, Auditing Derivative Instruments, Hedging Activities and Investments in Securities; and 337, Inquiry of a Client’s Lawyer concerning Litigation, Claims, and Assessments.
AU-C Section 501 does not change the extant requirements of AU 331 in any significant manner.
AU DEFINITIONS OF TERMS
Observing inventories. Being present when the inventory is counted and, by observation, tests, and inquiries, becoming satisfied about the following:
AU-C DEFINITIONS OF TERMS
AU-C Section 501 does not include definitions.
OBJECTIVES OF AU SECTION 331
Observation of inventories has been ...