Welcome to the Auditing Inventory: A Virtual Audit Experience Version 1 assignment. In this interactive simulation, you will assume the role of a staff auditor observing and participating in the physical inventory count at Lazer Laptop Corporation. Through real-world scenarios and hands-on tasks, you will practice critical auditing skills like performing test counts and assessing inventory condition. This assignment will provide a practical understanding of the inventory count process.

Learning objectives

1. Identify and perform key inventory count procedures, including floor-to-sheet and sheet-to-floor testing.
2. Assess the client’s inventory counting practices and detect any discrepancies in the physical count.
3. Evaluate the condition of inventory items, identifying potential issues such as damage or obsolescence.
4. Understand the auditor's role in observing and reporting on inventory valuation, control procedures, and any noteworthy conditions.
5. Practice documenting findings and communicating with the audit team and client management to resolve issues.

Suitable courses: Audit

You must have an account with EYARC Experience and then go to the Assignment Catalog to review