Description
Assets classified as inventory vary widely with the nature of the entity and industry. Depending on the complexity of the inventory and the related pricing model, the risk of material misstatement will vary widely as well. This module primarily focuses on performing the inventory observation while introducing other risk concepts related to inventory.
Major Topics:
- Typical inventory observation procedures and special considerations
- Handling various inventory observation real-life scenarios
- High level overview of valuation and pricing methods
- Key controls related to inventory
