Inventory observations are often a right of passage for audit staff. This course will cover the basics of auditing inventory, including the related audit assertions, risks, & threats to inventory. During this course, we will also highlight the various substantive auditing procedures that staff should perform, and also walk through how to conduct a physical inventory observation. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Recall the audit assertions applicable to inventory
- Recognize risks & threats related to the inventory balance
- Identify substantive auditing procedures that are used to obtain comfort over inventory
Major Topics
The major topics that will be covered in this course include:
- Auditing Inventory.
- Related Audit assertions, risks, and threats to inventory.
- Substantive auditing procedures that staff should perform.
