Auditing and Assurance: Concepts and Application 1

Audit of Inventory
Auditing and Assurance: Concepts and Application 1

Management assertions on
inventory
- Presentation and disclosures
- Existence and occurrence
- Rights and obligations
- Completeness and cut-off
- Valuation, Allocation & Accuracy
Auditing and Assurance: Concepts and Application 1

Management assertions on Audit Objectives

inventory Determine whether inventory are
- Presentation and disclosures
presented in accordance with the
- Existence and occurrence
applicable accounting and
- Rights and obligations
- Completeness and cut-off reporting standards
- Valuation, Allocation & Accuracy
Auditing and Assurance: Concepts and Application 1

Management assertions on Audit Objectives

inventory
- Presentation and disclosures Determine whether the inventory
- Existence and occurrence balance at year-end exists and
- Rights and obligations related transaction occurred
- Completeness and cut-off
- Valuation, Allocation & Accuracy
Auditing and Assurance: Concepts and Application 1

Management assertions on Audit Objectives

inventory
- Presentation and disclosures
- Existence and occurrence
Determine whether all inventory
- Rights and obligations presented are accounts under the
- Completeness and cut-off client
- Valuation, Allocation & Accuracy