Surgent's Accounting for and Auditing Inventory - On-Demand Webcast

Overview

Many entities have inventory on their books. The types of inventory can range from simple resale of goods purchased to more complex inventories that use process costing. This module will discuss accounting for and auditing less complex inventories and provide an overview of issues associated with auditing more complex inventories. Inventory observations were covered in an earlier module. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 3.)

Highlights

Elements of inventory cost and full-absorption costing
Valuation methodologies, including LIFO, FIFO, weighted average, and specific identification
Obsolescence reserves
Retail inventory valuation basics
Physical inventory observation approach refresher
Accounting issues related to consigned inventory
Risk associated with and steps performed in auditing of inventories.

Prerequisites

Experience in accounting

Designed For

Accounting and auditing practitioners at all levels desiring to develop a detailed understanding of inventory accounting.

Objectives

Recall the elements of inventory costing
Apply inventory valuation methodologies to various types of inventory
Determine reserve methodologies for inventory obsolescence
Recall issues related to consignment inventory
Assess risk and perform audit procedures on less complex inventories