Chapter+19+Audit+of+Inventory+and+Warehousing+Cycle+Lesson+_1

Chapter+19+Audit+of+Inventory+and+Warehousing+Cycle+Lesson+_1

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Auditing: The Art and Science of Assurance Engagements Chapter 19: Audit of the Inventory and Warehousing Cycle
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Auditing , Canadian Eleventh Edition Chapter 19 Learning Objectives 1. Identify the components of the inventory and warehousing cycle. 2. Describe the five different parts of the inventory and warehousing cycle that are audited. 3. Explain the role of each of the following types of tests in the audit of inventory: (i) analytical review, (ii) physical observation of inventory, and (iii) pricing and compilation tests. 4. Describe how the relationships among the tests of different cycles affect the audit of inventory. 19-2
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Auditing , Canadian Eleventh Edition Auditing Inventory can be Complex Reasons include: It may be a major item on the balance sheet Inventory items could be at different locations Very diverse items are included (jewels, chemicals, electronic parts) Valuation needs to consider obsolescence One client may use several methods for valuing inventory 19-3
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Auditing
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