New staff can successfully audit inventory by examining inventory costing, observations, and other necessary audit procedures. Inventory audits explained Understanding how your clients make money is essential to a successful Audit. You can learn what key information you need to get from your clients when performing an inventory audit, including: - The types of products your client manufactures - What goes into making those products - How those products are assembled Intricacies of inventory audits You will be fully prepared to perform an inventory audit by understanding topics, such as: - Inventory costing - Observations - Necessary audit procedures - Using audit data analytics to improve inventory audit quality Realistic scenarios and case studies You can apply what you learned to a case study that allows you to practice your new skills. Who Will Benefit - Recently onboarded staff - First-year staff - Firms that want consistent training and level setting Key Topics - Professional standards related to auditing inventory - Audit objectives and assertions for inventory - Risk assessment for inventory - Inventory observation - Using audit data analytics 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.