One of our clients could not close audit due to massive difference (over Rs. 90 million) in valuation of their inventory. They sought our help to sort out the issue. Based on our guidance and support by our Nagesh Bhagane, the difference was brought down to Rs. 7.4 Million and the issue is resolved. We have received appreciation mail from the company.
Appreciation Mail from client....
Thanks for valuable guidance & support.
We have closed this audit point based on actual overhead loading working outcome.
There is final difference resulted of Rs 7.4 Million (under absorption).
Considering materiality norms auditors accepted this & closed the query.