Event Description

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.

Objectives

• 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