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Course Details

How to Audit Inventory (Course Id 1315)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1315

Description :

The How to Audit Inventory course describes the characteristics of inventory from an auditing perspective, and then goes on to describe the activities required to audit this key asset. Background information concerning the accounting for inventory is inserted into the text as needed physical inventory counts, the lower of cost or market rule, and inventory cost layering are covered.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 18-Jan-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1315

Keywords : Auditing, How, Audit, Inventory, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Recall the classifications used for inventory.
  • Note the characteristics of the different types of inventory fraud.
  • Describe the situations in which inventory errors can lead to material misstatements.
  • Describe the substantive procedures used by an auditor to audit inventory.
  • Recognize the items to be reviewed as part of an inventory test count.
  • Note the actions to be taken when testing inventory costs.
  • Describe compilation testing.
  • Cite the circumstances under which a physical inventory count can be avoided.
  • Recall the details of the lower of cost or market rule.
  • Note the advantages of the various inventory costing methods.

Chapter 1
Auditing Inventory

  • Recall the classifications used for inventory.
  • Note the characteristics of the different types of inventory fraud.
  • Describe the situations in which inventory errors can lead to material misstatements.
  • Describe the substantive procedures used by an auditor to audit inventory.
  • Recognize the items to be reviewed as part of an inventory test count.
  • Note the actions to be taken when testing inventory costs.
  • Describe compilation testing.

    Chapter 2
    The Physical Inventory Count

  • Cite the circumstances under which a physical inventory count can be avoided.

    Chapter 3
    The Lower of Cost or Market Rule

  • Recall the details of the lower of cost or market rule.

    Chapter 4
    Inventory Cost Layering

  • Note the advantages of the various inventory costing methods.
  • Course Contents :

    Chapter 1 - Auditing Inventory

    The Nature of Inventory

    Auditor Objectives

    Auditing Characteristics of Inventory

    Inventory Process Flow

    Inventory Costing

    Inventory Fraud

    Incorrect Receipt Fraud

    Product Replacement Fraud

    Diversion of Scrap Payments

    Inventory Falsification

    Accidental Errors

    Inherent Risk Assessment

    Material Misstatement Assessment

    Substantive Procedures

    Evaluate the Count Plan

    Verify the Cutoff

    Observe the Physical Count

    Test the Count

    Evaluate the Costing Methodology

    Test Inventory Costing

    Reconcile Inventory to General Ledger

    Investigate Legal Encumbrances

    Investigate Possible Impairments

    Conduct Analytical Procedures

    Gross Profit Method

    Review Presentation

    Auditing a Periodic Inventory System

    Auditing a Perpetual Inventory System

    Mixed Systems

    Internal Controls Used by the Client

    Activities for an Initial Audit

    Review Questions

    Chapter 2 - The Physical Inventory Count

    The Physical Inventory Count

    Review Questions

    Chapter 3 - The Lower of Cost or Market Rule

    Lower of Cost or Market Rule

    Inventory Translation Adjustment

    Review Questions

    Chapter 4 - Inventory Cost Layering

    Inventory Costing

    The First in, First Out Method

    The Last in, First Out Method

    The Weighted Average Method

    Review Questions

    Glossary

    Auditing Course 1315 Home: https://www.cpethink.com/auditing-cpa-courses
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