Build audit evidence for inventory counts, pricing, costing, and valuation in nonissuer manufacturer engagements
4 sections · 8 lessons
Define the inventory assertions, then build a count-observation plan and attendance workpaper that support existence and condition evidence under AU-C 501.
2 lessonsPerform test counts, reconcile tags to inventory records, and test shipping and receiving cutoff so count-date quantities and goods in transit are grounded in evidence.
2 lessonsApply pricing tests for distributor stock and evaluate manufacturer standard costs, overhead allocation, and unallocated fixed overhead under ASC 330.
2 lessonsEvaluate lower of cost and net realizable value, test obsolescence reserves, confirm third-party and consigned inventory, use analytics, and document misstatements to conclusion.
2 lessonsInventory audits for distributors and manufacturers hinge on getting the counts, costs, and valuation evidence right. This course shows how to connect inventory risk to assertions, plan and observe a physical count, test cutoff, verify pricing and standard costing, and evaluate NRV, reserves, third-party stock, and misstatements under current U.S. standards. It is aimed at staff and senior auditors who need practical, workpaper-ready procedures rather than theory alone.
The course covers inventory risk assessment, AU-C 501 count planning and observation, test counts, cutoff around the count date, and pricing tests for distributor inventory. It also addresses manufacturer cost testing, standard costs and overhead, lower of cost and net realizable value, obsolescence reserves, third-party and consigned inventory, substantive analytics, and misstatement evaluation.
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Average pass rate · Freeman et al., PNAS 2014
What the science says
Students in lecture-only classes are 1.5× more likely to fail.
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You work through itAI does it for you
Skill retention over time · with vs. without practice
What the science says
Offloading thinking to AI erodes the very skills you’re trying to build.
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Retrieval practiceRe-reading
Long-term recall · retrieval vs. re-reading
What the science says
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How Fenzo does it
Lessons weave in quizzes and recall prompts, so it sticks.