How to Audit Inventory

Overview

Inventory observations are often a right of passage for audit staff. This course will cover the basics of auditing inventory, including the related audit assertions, risks, & threats to inventory. During this course, we will also highlight the various substantive auditing procedures that staff should perform, and also walk through how to conduct a physical inventory observation.

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

After attending this presentation, you will be able to...

• Recall the audit assertions applicable to inventory
• Recognize risks & threats related to the inventory balance
• Identify substantive auditing procedures that are used to obtain comfort over inventory

Highlights

The major topics that will be covered in this course include:

• Auditing Inventory.
• Related Audit assertions, risks, and threats to inventory.
• Substantive auditing procedures that staff should perform.