New Staff: Auditing Inventory and Inventory Valuation
Learn how to successfully audit inventory by examining inventory costing, observations, and other necessary audit procedures.
Format
Online
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
2
Author(s)
Lynford Graham, Tom Noce
Availability
1 year
Product Number
161142
This CPE course can be purchased individually or as part of the Audit Staff Essentials - New Staff: Practical Applicationn staff training bundle.
Fully prepare yourself to perform an inventory audit. Understand the importance of knowing not only the types of products your clients manufacture, but also what goes into making those products — it's essential for you to understand how a company makes its money in order to effectively perform an audit.
Gain knowledge about determining what goes into your clients' products and how those products are assembled.
Explore inventory costing, observations, and other necessary audit procedures, as well as how using audit data analytics can improve audit quality in the inventory area.
- Recently onboarded staff
- First-year audit staff
- Firms that want consistent training and level-setting
- 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
- 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.
Group ordering for your team
2 to 5 registrants
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