Staff Level Training
Empower your team with the tools they need to excel in their roles today and grow as influential leaders within your organization.
Custom training clients may mix and match modules to meet their learning objectives.
How to Audit Inventory
Inventory observations are a rite of passage for audit staff and a critical component of many audit engagements. This course provides a hands-on approach to auditing inventory, covering key audit assertions, common risks, and potential threats to inventory balances.
Participants will explore essential substantive audit procedures and gain practical experience through a simulated inventory observation. Attendees will practice counting individually significant items, performing floor-to-sheet and sheet-to-floor procedures, and documenting their work - ensuring they leave with the confidence to execute inventory counts effectively in real-world audits.
Upon completion, learners will be able to:
1. Recall the audit assertions applicable to inventory
2. Recognize risks & threats related to the inventory balance
3. Identify substantive auditing procedures that are used to obtain comfort over inventory
4. Perform an inventory observation
