Surgent's Performing Inventory Observations

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Location: Online

2Credits

Accounting and Auditing

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Product Code: SU24-A2S2-SSWC

Level: Basic

Vendor: Surgent

Field of Study: Auditing

Overview:

Generally Accepted Auditing Standards (GAAS) states that if inventory is material to the financial statements, the auditor should generally obtain evidence regarding the existence and condition of inventory by attending the entity's physical inventory count. The types of inventory an entity might have varies from industry to industry as does the risk of fraud or error related to inventory counts. This module will discuss the procedures and risks involved in observing an entity's physical inventory. (Please Note: This module is part of Surgent's Audit Skills Training: Level 1.)

Objectives:

Identify audit risks related to physical inventory observations
Understand the key controls related to inventory observations
Perform common inventory observation audit procedures
Know when to utilize sampling techniques related to inventory observations
Perform remote inventory observations

Major Topics:

Inventory observation procedures
When attendance at the inventory observation is impractical
Inventory under the control of a third party
Consideration of the risk of fraud in inventory counts
Sampling related to inventory observations
Considerations related to retail inventories, multiple locations
Considerations for inventory observations

Designed For:

Accountants responsible for performing inventory observations

Prerequisite:

None

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.