Chap013 - Chapter 13 Auditing the Inventory Management...

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Chapter 13 - Auditing the Inventory Management Process Chapter 13 Auditing the Inventory Management Process Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems LO 1: Develop an understanding of the inventory management process. 1,2 14 27,28 LO 2: Be able to identify and describe the types of documents and records used in the inventory management process. 3 15 LO 3: Understand the functions in the inventory management process. 4 14 27 LO 4: Know the appropriate segregation of duties for the inventory management process. 5 16,17 LO 5: Be able to identify and evaluate inherent risks relevant to the inventory management process. 6 LO 6: Know how to assess control risk for the inventory system. 7 28 LO 7: Know key internal controls and develop relevant tests of controls for inventory transactions. 8 15,16,17, 18,19 27 35 LO 8 : Understand how to relate the assessment of control risk to substantive procedures. 20 LO 9: Be familiar with substantive analytical procedures used to audit inventory and related accounts. 9 33 34,35 LO 10: Know how to audit standard costs. 10 LO 11: Know how to observe physical inventory. 11 20,21,22, 23,24 28,29, 30,31 33 LO 12: Be familiar with tests of details of transactions used to audit inventory and related accounts. ACL LO 13: Be familiar with tests of details of account balances used to audit inventory and related accounts. 12,13 20,22,23, 24,25,26 28,30, 31,32 33 34,35 LO 14: Understand how to evaluate the audit findings and reach a final conclusion on inventory and related accounts. 33 35 13-1
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Chapter 13 - Auditing the Inventory Management Process END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Comparison Number in 6 th edition 13-1 Unchanged 13-1 13-2 Unchanged 13-2 13-3 Unchanged 13-3 13-4 Unchanged 13-4 13-5 Unchanged 13-5 13-6 Unchanged 13-6 13-7 Unchanged 13-7 13-8 Unchanged 13-8 13-9 Unchanged 13-9 13-10 Unchanged 13-10 13-11 Unchanged 13-11 13-12 Unchanged 13-12 13-13 Unchanged 13-13 13-14 Revised 13-14 13-15 Revised 13-15 13-16 Unchanged 13-16 13-17 Revised 13-17 13-18 Unchanged 13-18 13-19 Unchanged 13-19 13-20 Unchanged 13-20 13-21 Unchanged 13-21 13-22 Unchanged 13-22 13-23 Unchanged 13-23 13-24 Unchanged 13-24 13-25 Revised 13-25 13-26 Unchanged 13-26 13-27 Unchanged 13-27 13-28 Unchanged 13-28 13-29 Unchanged 13-29 13-30 Revised 13-30 13-31 Unchanged 13-31 13-32 Unchanged 13-32 13-33 Unchanged 13-33 13-34 Unchanged 13-34 13-35 Unchanged 13-35 13-2
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Chapter 13 - Auditing the Inventory Management Process Chapter 13 covers the inventory management process and related accounts, and it follows the same framework as earlier business process chapters. This is a topic that is usually not covered in the first auditing class but can be included in a second or graduate auditing class. The material can be covered quickly on the assumption that the students can properly apply the concepts learned in the first course to any business process. The chapter material can be supplemented in
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This note was uploaded on 04/05/2011 for the course ACC 311 taught by Professor Hogwarts during the Spring '11 term at Michigan State University.

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Chap013 - Chapter 13 Auditing the Inventory Management...

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