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ASA 501 Existence and Valuation of Inventory

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Main Features 
This Auditing Standard establishes mandatory requirements and provides explanatory guidance on obtaining sufficient appropriate audit evidence regarding the existence and valuation of inventory material to the financial report. 
 
Operative Date 
This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2006. 
 
 
This excerpt is taken from ASA 501, which is available for download on the AUASB website