Audit Staff Essentials - New Staff Practical Application: Auditing Inventory and Inventory Valuation

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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 valuation
• 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
• Price testing
• Inventory valuation
• 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.