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ISSN: 2344 - 102X

ISSN-L: 2344 - 102X


Article from Volume 9, Number 3, Year 2021

Author(s): Artur Virtosu
DOI: 104316/EJAFB.2021.933
Abstract: Internal control related to inventories includes the mechanisms and procedures in place implemented by the entity to assess the effectiveness of their use. The risk associated to the entity is the starting point in the elaboration and implementation of internal control procedures related to inventories. Their evaluation is analyzed from the perspective of management, financial statements audit and internal audit. Emphasis was placed on factors that could have a negative impact on the objectives and strategies in the field of inventories accounting and reporting of the entity. The research was conducted based on the analysis of conceptual content, using investigations by local specialists, as well as advanced international practices. The investigations were initiated with the analysis of the national and international regulatory framework, followed by the examination of the risk elements, and at the end of the research are presented the evaluation stages of internal control and quantitative and qualitative factors necessary to consider in inventories risk assessment from the perspective of presentation in the financials statement.
Keywords: Audit; Financial Statements; Internal Control; Inventories; Risks
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