Assets classified as inventory varies widely with the nature of the entity and industry. Depending on the complexity of the inventory and the related pricing model, risk of material misstatement will vary widely as well. This audit and asset CPE will primarily focus on performing the inventory observation, while introducing other risk concepts related to inventory.
Learning Objectives
Upon completion of this course, participants will be able to:
Identify typical audit risks and special audit considerations related to inventory;
Recall common inventory observation audit procedures;
Explain key controls related to inventory; and
Compare inventory pricing options at a high level.
