Topic: How to satisfy an auditor
I am facing a challenge.
In one FA installation with many inventory items, the opening inventory was recorded at a cost and that was averaged out with purchases, voiding of transactions, inventory adjustments etc and current inventory is at average cost.
Now If I see the inventory valuation report of the first day of the fiscal year it is not giving the actual value of the inventory rather the averaged out value. Now auditor want's to see the actual value of the opening inventory.
Is there any way out to give him report.