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.