The inventory account balance is typically as large as or larger than accounts receivable. Understanding not only the types of products your client manufactures but also what goes into making the products is fascinating and indispensable to identifying risk of material misstatement. It is essential to understand how a company makes its money to effectively perform an audit. At the core of this understanding is knowing what goes into products and how the products are assembled.
By examining inventory costing, observations, and other necessary audit procedures, this CPE course provides the knowledge necessary for a new staff member to successfully audit inventory.