How to Audit Inventory

Price: $19.99

CPE Credits: 2.0

Category:

Course Number: AUINVNSB

audit inventory

Description:
This 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.
Table of Contents
Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: February 2018

Format: PDF
Pages: 58

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:
Recall the classifications used for inventory.
 Note 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.
 Note the actions to be taken when testing inventory costs.
 Describe compilation testing.
 Cite the circumstances under which a physical inventory count can be avoided.
 Recall the details of the lower of cost or market rule.
 Note the advantages of the various inventory costing methods.

Description:
This 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.
Table of Contents
Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: February 2018

Format: PDF
Pages: 58

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:
Recall the classifications used for inventory.
 Note 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.
 Note the actions to be taken when testing inventory costs.
 Describe compilation testing.
 Cite the circumstances under which a physical inventory count can be avoided.
 Recall the details of the lower of cost or market rule.
 Note the advantages of the various inventory costing methods.

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