DOI: 10.32725/978-80-7394-976-1.44

Physical stock inventory – the possibility of applying audit procedures of the COVID-19 pandemic period to the future

Marie Vejsadová Dryjová

University of South Bohemia in České Budějovice, Department of Accounting and Finances, Faculty of Economics, Studentská 13, 370 05 České Budějovice, Czech Republic, vejsadova@ef.jcu.cz

The obligation of the assets and the liabilities inventorying of the accounting units is based on Act no. 563/1991 Coll., On Accounting. The accounting units which have the obligation to verify the financial statements by the auditor must provide unrestricted access to all information relevant to the preparation of the financial statements to the auditor. In this context, essential requirements are places on the auditor regarding the obligation to attendance at the physical stock inventory counting, if the inventories are material to the financial statements. The auditor conducts audit procedures that provide the sufficient and appropriate audit evidence. The assessment of the information obtained in this way is always dependent on the professional judgment of each auditor. The paper presents the application of the audit procedures at the physical stock inventory especially during the COVID-19 pandemic period in accordance with regulations, and offers possible views on usage of these procedures to the future.

Klíčová slova: inventories; physical stock inventory; audit procedures; COVID-19 pandemic period

stránky: 301-306