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Auditing inventory

Duration: 2 hours

Overview:

Auditors often overlook the importance of auditing inventory. Inventory is usually a material balance and requires more audit attention than merely performing an inventory count. Goods-in-transit may be incorrectly accounted for, inventory may be carried at an inappropriate value and the costing method may be incorrectly applied. Inventory may also be ceded as security in some instances. It is important to consider all relevant aspects to obtain sufficient, appropriate audit evidence for concluding on this balance.

This webinar will give participants a practical understanding of key requirements relating to inventory, how to implement them during the audit and how to document everything in audit working papers. Participants will learn how to implement these requirements and principles in practice through discussion of practical examples.

Content and outline:

To explain the following concepts and demonstrate their practical application:

  • Important principles for auditing inventory
  • Key requirements from financial reporting frameworks
  • Common working paper deficiencies
  • Practicing the correct implementation of requirements in audit working papers.

Certification:

Upon completion of each workshop, the participants will receive a verifiable attendance certificate.

Register:

https://leaf.clickmeeting.com/monthly-update-aug-2021-auditing-inventory/register