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What are the GAAP-Approved Inventory valuation methods?


Chapter 9: Production Cycle

  1. Certain features of the production cycle make it Inherently Risky. List 4 inherent risk factors
  2. What is NRV?
  3. What are the GAAP-Approved Inventory valuation methods?
  4. Physical Inventory
  5. What is a Physical Inventory (PI)?
  6. What is the Company’s objective for conducting a PI?
  7. What is the External Auditors role related to physical inventory observations
  8. Is it required by Auditing Standards (AU 331)
  9. What does the auditor do per paragraph 11 of AU 331?

iii.     What information is generally document by the auditor during the PI observation?

  1. What are cycle counts?
  2. What is an inventory roll-forward?
  3. What are consignment goods? What are they a concern for Auditors? For which assertion?
  4. Why are slow moving or obsolete inventory items a concern to auditors? Which assertion?


Chapter 10: Finance and Investment (F&I) Cycle


  1. What are the primary assertions that auditors focus on in the F&I cycle?
  2. Certain features of the F&I Cycle make it Inherently Risky. List 4 inherent risk factor
  3. Give an example of tests of controls and an examples of substantive testing for
  4. debt transactions
  5. stockholders equitytransactions
  6. What are loan covenants and why are they a concern to auditor?
  7. Management Estimates
  8. What are the 2 primary reasons estimates are required when recording transactions using GAAP?
  9. Give an examples in F&I when estimates are used
  10. What are examples of internal controls over management estimates?
  11. What are Fair Value Measurements in GAAP?

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