STATEMENT ON AUDITING PROCEDURE
Public Warehouses— Controls and Auditing Procedures For Goods Held
1. The Committee on Auditing Procedure has completed a study of auditing procedures relating to the accountability of warehousemen for goods stored in public warehouses. The study was undertaken to determine whether recommendations should be made by the Committee with respect to auditing procedures applicable to goods so held in custody. Auditing procedures ap-plicable to goods owned by the warehouseman were not specific-ally dealt with in the study or in this report as such procedures are similar to those applicable to owned inventories generally.
2. In conjunction with its study, the Committee surveyed the control procedures of a sample number of public warehouses and the related auditing procedures followed by their inde-pendent auditors. Discussions were held with representatives of the warehouse industry and of institutions making loans secured
Issued by the Committee on Auditing Procedure American Institute of Certified Public Accountants
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