Audit of Inventory Cycle

1. What is Inventory?
2. Why is Inventory Audit Important (and often “tough”)?
3. Inventory Records: With vs Without
4. Stocktake & Reconciliation (Key Control Activity)
5. Why Compare Physical Count vs Records?
6. Auditor Attendance at Stocktake: What to Consider (Planning)
7. Key Audit Issues / Assertions for Inventory
8. Inventory Valuation: Accounting Principles the Auditor Checks
9. Developing the Audit Plan (Inventory)
10. Testing Clerical Accuracy