About this Course
The inventory account balance is typically as large or larger than accounts receivable. Understanding not only the types of products your client manufactures but also what goes into making them is fascinating and essential to identifying risk of material misstatement. It is essential to understand how a company makes its money to effectively perform an audit. At the core of this understanding is knowing what goes into products and how the products are assembled. This module will focus on inventory and auditing the balances.
- Recall the audit objectives and related assertions in the inventory area
- Identify the common evidence and documentation requirements necessary to properly complete, document, and support the audit objectives in the inventory area
- Identify basic controls over the inventory process and identify weaknesses and possible solutions
- Recall the common audit procedures surrounding inventory and demonstrate mastery through a commonly encountered audit situation
