How to Audit Inventory ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
This auditing CPE course clarifies for the auditor every action needed to audit inventory. It describes the characteristics of inventory from an auditing perspective and then goes on to describe the steps required to audit inventory. Background information concerning inventory is also included, such as physical inventory counts, the lower of cost or market rule, and inventory cost layering.
Highlights
Auditing Inventory. Inventory Fraud. Accidental Errors. Conduct Analytical Procedures. Mixed Systems. The Physical Inventory Count. Lower of Cost or Market Rule. Inventory Cost Layering.
Prerequisites
None.
Designed For
Auditors, CPAs, CEOs, and other accounting professionals.
Objectives
Recall the classifications used for inventory. Specify the characteristics of the different types of inventory fraud. Describe the situations in which inventory errors can lead to material misstatements. Describe the substantive procedures used by an auditor to audit inventory. Recognize the items to be reviewed as part of an inventory test count. Specify the actions to be taken when testing inventory costs. Describe compilation testing. Identify the additional inventory audit steps used when a new client was not audited in the past year. Cite the circumstances under which a physical inventory count can be avoided. Recall the issues associated with a client using a separate count team to verify the counts made. Recall the details of the lower of cost or market rule. Specify the advantages of the various inventory costing methods.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $67.00
Member Price $58.00