Surgent's Accounting for and Auditing Inventory

Available Anytime

Location: Online

2Credits

Accounting and Auditing

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~~$89.00 Regular Price~~

Nonmembers

$119.00 Regular Price

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Product Code: SU24-A3S3-SSWC

Level: Basic

Vendor: Surgent

Field of Study: Auditing

Overview:

Many entities have inventory on their books. The types of inventory can range from simple resale of goods purchased to more complex inventories that use process costing. This module will discuss accounting for and auditing less complex inventories and provide an overview of issues associated with auditing more complex inventories. Inventory observations were covered in an earlier module. (Please Note: This module is part of Surgent's Audit Skills Training: Level 3.)

Objectives:

Recall the elements of inventory costing
Apply inventory valuation methodologies to various types of inventory
Determine reserve methodologies for inventory obsolescence
Recall issues related to consignment inventory
Assess risk and perform audit procedures on less complex inventories

Major Topics:

Elements of inventory cost and full-absorption costing
Valuation methodologies, including LIFO, FIFO, weighted average, and specific identification
Obsolescence reserves
Retail inventory valuation basics
Physical inventory observation approach refresher
Accounting issues related to consigned inventory
Risk associated with and steps performed in auditing of inventories.

Designed For:

Accounting and auditing practitioners at all levels desiring to develop a detailed understanding of inventory accounting.

Prerequisite:

Experience in accounting

Additional Info:

You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.