New Staff: Auditing Inventory and Inventory Valuation

Overview

This CPE course can be purchased individually or as part of the Audit Staff Essentials - New Staff: Practical Applicationn staff training bundle.

Fully prepare yourself to perform an inventory audit. Understand the importance of knowing not only the types of products your clients manufacture, but also what goes into making those products - it's essential for you to understand how a company makes its money in order to effectively perform an audit.

Gain knowledge about determining what goes into your clients' products and how those products are assembled.

Explore inventory costing, observations, and other necessary audit procedures, as well as how using audit data analytics can improve audit quality in the inventory area.

Highlights

Key Topics

• 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

Prerequisites

None

Designed For

Who Will Benefit

• Recently onboarded staff
• First-year audit staff
• Firms that want consistent training and level-setting

Objectives

Learning Outcomes

• 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.