Common audit procedures and risk assessment steps for cash and cash equivalents are detailed for new audit staff.
Learning 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.
