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Lecture Auditing & assurance services (8e) - Chapter 13: Auditing the inventory management process

After reading the material in this chapter, you should be able to: Develop an understanding of the inventory management process, be able to identify and describe the types of documents and records used in the inventory management process, understand the functions in the inventory management process,. | Chapter 13 Auditing the Inventory Management Process McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Overview of the Inventory Management Process Purchasing process Inventory management process Revenue process Purchase of raw materials Payment of manufacturing overhead Human resource management process Assignment of direct and indirect labor costs Sale of goods LO# 1 13- Types of Documents and Records Production Schedule Receiving Report Materials Requisition Inventory Master File Production Data Information Cost Accumulation and Variance Report Inventory Status Report Shipping Order Production Schedule LO# 2 Inventory Master File 13- The Major Functions LO# 3 13- Key Segregation of Duties LO# 4 13- Inherent Risk Assessment The auditor should consider industry-related factors and operating and engagement characteristics when assessing the possibility of a material misstatement. If industry competition is intense, there may be problems with the proper valuation of inventory. Technology changes in certain industries may also promote material misstatement due to obsolescence. Products that are small and of high value are more susceptible to theft. The auditor must be alert to related-party transactions for acquiring raw materials and selling finished products. Prior-year misstatements are good indicators of potential misstatements in the current year. LO# 5 13- Control Risk Assessment Major steps in setting the control risk in the inventory management process. Understand and document the inventory management process based on a reliance strategy. Set and document the control risk for the inventory management process. Plan and perform tests of controls on inventory transactions. LO# 6 13- Control Activities and Tests of Controls – Inventory Transactions LO# 7 13- Auditing Inventory LO# 8 13- LO# 8 Auditing Inventory 13- LO# 8 Auditing Inventory 13- Substantive Analytical | Chapter 13 Auditing the Inventory Management Process McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Overview of the Inventory Management Process Purchasing process Inventory management process Revenue process Purchase of raw materials Payment of manufacturing overhead Human resource management process Assignment of direct and indirect labor costs Sale of goods LO# 1 13- Types of Documents and Records Production Schedule Receiving Report Materials Requisition Inventory Master File Production Data Information Cost Accumulation and Variance Report Inventory Status Report Shipping Order Production Schedule LO# 2 Inventory Master File 13- The Major Functions LO# 3 13- Key Segregation of Duties LO# 4 13- Inherent Risk Assessment The auditor should consider industry-related factors and operating and engagement characteristics when assessing the possibility of a material misstatement. If industry competition is .