Description
Learn how to successfully audit inventory by examining inventory costing, observations, and other necessary audit procedures.
Designed For
- Recently onboarded staff
- First-year audit staff
- Firms that want consistent training and level-setting
Objectives
- Recall the audit objectives and related assertions in the inventory area.
- Identify the basic audit procedures over the inventory process, including those surrounding risk and fraud, and apply those procedures to a commonly encountered audit situation.
- Recall concepts related to and procedures used in auditing inventory valuation, including price testing.
- Recognize the potential of audit data analytics in inventory audit procedures.
Highlights
- Professional standards related to auditing inventory
- Audit objectives and assertions for inventory
- Risk assessment for inventory
- Inventory observation
- Application of guidance and an inventory case study
- Using audit data analytics