Food and Agriculture

Biological assets, inventory valuation and agricultural grants at food producers, farms and exporters.

In food and agriculture, harvest periods, price volatility and perishable stock shape the audit risks. Agricultural activity is subject to biological asset accounting (IAS 41).

Audit focus

  • Fair value of biological assets (IAS 41)
  • Post-harvest stock and product quality, spoilage and shrinkage
  • Recognition of agricultural support, grants and incentives
  • Export receivables and currency effect
  • Contract farming and farmer advances

Our experience

Producers of olive oil, dried fruit, dairy, flour and ready foods, and greenhouse operators.

Main audit risks

  • Biological asset value
  • Perishable stock
  • Grant recognition

Services we provide

  • Independent audit
  • Grant expenditure report
  • VAT refund certification

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