Event Description

During this interactive game, participants take the role of an auditor performing a physical inventory observation at a client’s warehouse. Participants will have the opportunity to use their powers of observation and exercise professional skepticism in identifying areas of risk that might need follow-up, interviewing Wally the client, and performing inventory test counts. After performing the test counts, participants will evaluate the results.

Designed For

Accounting professionals new to taking inventory observations

Objectives

• Use your powers of observations and exercise professional skepticism to identify issues related to the physical inventory observation;
• Identify high value questions to ask the client prior to performing the test counts;
• Perform procedures to test the existence, completeness, and accuracy of the physical inventory count;
• Evaluate the results obtained from the test counts performed

Major Subjects

Observation and professional skepticism Interviewing the client Performing test counts Evaluating the results obtained

Instructions

None