Basic Staff Training: Inventory & Cost of Goods Sold Audit Concepts
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
Are you going to perform an audit on inventory & cost of goods sold? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review the auditing standards and look at best practices for auditing inventory & cost of goods sold.
This course will 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.
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 course is an audit concepts program that will take the participants on a journey that links the audit procedures to the audit standards. The course will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.
Publication Date: February 2023
Designed For
null
Topics Covered
- Review of Accounting Principles and Auditing Standards
- A Review of the Financial Statement Assertions
- Inventory, Cost of Goods Sold & Related Fraud Risks
- Audit Procedures
Learning Objectives
- Identify inventory, cost of goods sold, and related fraud risks
- Identify audit procedures for detecting inventory, cost of goods sold, and related fraud schemes
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
