ISA 501 - Audit Evidence - Specific Considerations for Selected Items deals with three specific items that may be contained within a set of general purpose financial statements and for which the auditor may need to obtain sufficient appropriate audit evidence. It deals with specific considerations for: inventory; litigation and claims; and segment information.

Required:

What should an auditor do:

i) To obtain sufficient appropriate audit evidence regarding the existence and condition of inventory where inventory is material to the financial statements?

ii) When physical inventory counting is conducted on a date other than the date of the financial statements?