Audit 204: Auditing Basic Inventory - Focus on Observations

Overview

Auditing Inventory - Performing Required Observations and Other Common Procedures will primarily focus on performing the inventory observation, while introducing other risk concepts related to inventory. Assets classified as inventory varies widely with the nature of the entity and industry. Depending on the complexity of the inventory and the related pricing model, risk of material misstatement will vary widely as well. Note: This course is recommended as a part of a 16-hour audit skills curriculum for experienced staff auditors, while it is also appropriate for anyone who has responsibilities for auditing inventory. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

None

Objectives

Upon completion of this course, you will be able to...

• Identify typical audit risks and special audit considerations related to inventory
• Recognize common inventory observation audit procedures
• Recall key controls related to inventory
• Compare inventory pricing options at a high level

Highlights

The major topics covered in this course include:

• Typical inventory observation procedures and special considerations
• Handling various inventory observation real-life scenarios
• High level overview of valuation and pricing methods
• Key controls related to inventory