Learn how to successfully audit inventory by examining inventory costing, observations, and other necessary audit procedures.
Learning 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.
Major 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
