Inventory audit procedures pdf

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Classification. Review the procedures and forms used to classify inventory. 13-8. Page 9. Auditing Inventory. Assertions about Classes of AUDIT. ING. (b) Performing audit procedures over the entity's final inventory records to determine whether they accurately reflect actual inventory count In any auditing situation, the auditor employs appropriate procedures to obtain reasonable assurance about various assertions (see Statement on. Standard 10 Audit Procedures for Inventory · Physical inventory count. This is the most common way to perform an inventory audit. · Cutoff analysis. · Analytical proceduresOne of the common audit issues in the audit of inventory is devising audit procedures to test the unit cost. There is always the issue of inappropriate work Auditing Procedure Studies are issued by the Auditing Standards Division and are part of the AICPA's research program. Each study is designed to inform auditors .01 Observation of inventories is a generally accepted auditing procedure. The independent auditor who issues an opinion when he has not employed them.