Auditing Inventory - Part 2

Authored by Joanne Flood, CPA-MBA
About this Course
In a continuation of Part 1, you'll learn what you need to do to audit inventory, before and after the inventory observation. You'll get the chance to apply the techniques you learn and benefit from tips for performing an efficient and effective audit. After completing this course, you will be able to assess your own audit engagements and know how to test the labor and overhead components of inventory costs, and identify which of your client's inventory items are the most significant and which items are most susceptible to obsolescence, damage, or other conditions would possible require an adjustment.
Learning Objectives
  • Overview of the audit approach
  • Inventory additions
  • Comparing the different cost methodologies
  • Conducting price tests
  • Vouching the cost build-up of items selected
  • Inventory valuation
  • Measuring inventory losses
  • Auditing inventory for lower of cost or market
  • Auditing objectives and procedures
  • Suggestions from an audit manager
Key Topics
  • Understanding the accounting for the inventory cycle
  • Guidance regarding the recording of inventory
  • Valuation techniques and concerns
  • Reviewing and interpreting the results of an inventory observation and additional procedures to consider
Who will it benefit?
These courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work through additional areas more independently.
$ 85.00
AICPA Member Price: $ 69.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting and Auditing
CPE Credits
Delivery Method
QAS Self-Study
Advance Preparation
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