Staff Audit Concepts: Inventory & Cost of Goods Sold (Completed)

Many auditors are so busy they don’t have the time to understand the concepts behind the audit procedures being performed in a given audit area. This session is an audit concepts program or that will take the participants on a journey that links the audit procedures to the audit standards. The session will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.

This session will prepare help the staff auditor know what to do and why. In addition, it will also help the senior accountant be better prepared to know how to plan the audit procedures as well as review the work of the staff in this important audit area.

Topics Covered

• Key considerations in risk assessment
• Internal control and the audit plan for this audit area
• Considerations will be linked to that audit assertions and specific audit procedures

Learning Objectives

• Identify risk assessment concepts for Inventory and cost of goods sold
• Recognize typical key controls related to the audit assertions in Inventory and cost of goods sold
• Differentiate audit assertions linked to related audit procedures
• Recognize analytical review as a substantive procedure for inventory and cost of goods sold
• Identify and apply sampling concepts for efficiency and effectiveness
• Implement data extraction techniques and concepts

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None