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Stocktaking in Light of Methods for Checking Financial Reports

Due to the fact that the stocktaking of assets and liabilities is a component of accounting, the carrying out and results of stocktaking are subject to assessment by a court auditor in the course of checking a company’s financial report. If stocktaking is conducted properly, it provtdes key evidence for the existence, fuli disclosure, and economic usefulness of the assets and liabilities possessed by the company on a given day. Therefore, stocktaking must be reliable. Stocktaking provides the court auditor with valuable information aboul the company’s repordng by comparing it with the actual State of affairs. Conseąuently, the checking of the stocktaking conducted by the company’s personnel constitutes an important element in the process of checking the company’s financial report by means of observation. The observation technique used by the court auditor enables the risk to be limited in this regard.