Auditing Inventory

This interactive CD-ROM contains two courses:

Course 1: You will participate in a typical small business inventory observation. Through a series of video clips, you'll see how an observation should be designed and implemented, and you’ll be given the chance to apply your knowledge to a real-life case study.

Course 2: You will learn what you need to do to audit inventory, other than the inventory observation. You’ll get the chance to apply the techniques you learn and benefit from tips for performing an efficient and effective audit.

Objectives: 

• Test the mathematical accuracy of your client’s inventory listing
• Identify the client’s inventory costing system
• Test unit costs
• Review inventory for possible net realizable value losses
• Apply generally accepted accounting principles for inventory
• Recognize the risks involved with auditing inventory
• Describe the purpose of performing an inventory observation
• Describe physical inventory counting procedures that ensure an accurate count
• Perform a physical inventory observation

Prerequisite:  None

Minimum System Requirements for CD-ROMs
Windows 2000 or above, a minimum video display resolution of 800 by 600 pixels with a minimum color depth of 16-bit (thousands of colors); audio-enabled speakers or headset; 16x CD-ROM drive or faster; Microsoft Internet Explorer version 6 or higher with security settings that allow Java script, shared objects and pop-ups; Macromedia® Flash Player™ version 8 or higher; Adobe® Acrobat® Reader.