Table
of Contents
Chapter 1 - Auditing Inventory
Auditing Characteristics of
Inventory
Material Misstatement Assessment
Evaluate the Costing Methodology
Reconcile Inventory to General
Ledger
Investigate Legal Encumbrances
Investigate Possible Impairments
Auditing a Periodic Inventory System
Auditing a Perpetual Inventory
System
Internal Controls Used by the Client
Activities for an Initial Audit
Chapter 2 - The Physical Inventory
Count
Chapter 3 - The Lower of Cost or
Market Rule
Inventory Translation Adjustment
Chapter 4 - Inventory Cost Layering
The First in, First Out Method
Final Examination .48