Intermediate Staff Training: Auditing Inventory
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
Are you up to speed on the requirements for auditing inventory? This course is designed for individuals who would like to obtain a better understanding of auditing inventory. We will review audit procedures for auditing inventory values, review the inventory valuation methodologies and discuss auditing the notes to the financial statements under GAAP and per the SEC requirements for public companies. We will discuss auditing estimated inventory for clients using the Gross Profit Method and Retail Inventory Method. We will discuss audit procedures that would allow the auditor to detect a material misstatement in the accounts from errors or fraud, and review common red flags for inventory fraud.
Publication Date: February 2023
Designed For
CPAs, CMAs, CGMAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for inventory.
Topics Covered
- Audit procedures for auditing inventory values
- Inventory valuation methodologies
- Auditing the notes to the financial statements under GAAP and per the SEC requirements for public companies
- Auditing estimated inventory for clients using the Gross Profit Method and Retail Inventory Method
- Audit procedures that would allow the auditor to detect a material misstatement of the accounts
Learning Objectives
- Identify inventory valuation methodologies
- Identify inventory audit procedures
- Recognize types of inventory fraud
- Describe the term used to designate inventory that has been misappropriate
- Describe a substantive test
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Completion of the Introduction to Auditing webinar or similar experience in auditing.
Advance Preparation
None
