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.

This course qualifies for yellow book credit.

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.

Prerequisites

None

Designed For

Auditors who may need to audit inventory.

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

Preparation

None