AuditoftheInventoryandWarehousingCycle(英文版)

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1、,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,2003,Prentice Hall Business Publishing,Auditing and Assurance Services 9/e,Arens/Elder/Beasley,20-,*,Audit of the Inventoryand Warehousing Cycle,Chapter 20,RawMaterials,WorkinProcess,

2、Manufacturing,Overhead,FlowofInventory and Costs,ActualApplied,Manufacturing,Direct Labor,ActualApplied,Beginning,inventory,Raw,materials,used,Purchases,Ending,inventory,WorkinProcess,FinishedGoods,FlowofInventory and Costs,Beginning,inventory,Ending,inventory,CostofGoods Sold,Costofgoods,manufactur

3、ed,Beginning,inventory,Ending,inventory,Costof,goods sold,Functions intheInventory and Warehousing Cycle,Process,purchase,orders,Receiveraw,materials,Store,raw,materials,Processthematerials,Functions intheInventory and Warehousing Cycle,Perpetual inventory,master file,Store,finished,goods,Ship,finis

4、hed,goods,HowE-Commerce Affects InventoryManagement,TheInternetenablesclientstoprovideexpanded,descriptionsoftheir inventoryon areal-time basis.,Theuseof the Internetandother e-commerce,applicationsmaylead tofinancial reporting,risks ifaccessto inventorydatabases and,systemsis not adequately control

5、led.,Audit ofInventory,Acquireandrecord,rawmaterials,labor,andoverhead.,Internally transfer,assetsand costs.,Part ofaudit,Cycle in whichtested,Acquisition and,paymentplus,payrolland personnel,Inventory and,warehousing,Audit of Inventory,Ship goods andrecord,revenueand costs.,Physically observe,inven

6、tory.,Price and compile,inventory.,Cycle in whichtested,Part ofaudit,Sales and,collection,Inventory and,warehousing,Inventory and,warehousing,Cost Accounting Controls,2.Controls over therelatedcosts,1.Physical Controls,Raw materials,WIP,Finished goods,over,Methodology for Designing Controlsand Subst

7、antive Tests,Understand internal control,cost accounting system.,Assessplannedcontrol risk,cost accounting system.,Evaluate cost-benefit,of testing controls.,Methodology for Designing Controlsand Substantive Tests,Designtests of controls,and substantive testsof,transactions for thecost,accounting sy

8、stem tomeet,transaction-related,audit objectives.,Audit procedures,Samplesize,Items to select,Timing,Tests of CostAccounting,Physical Controls,Documents andrecordsfor,transferring inventory,Perpetual inventory master files,Unit cost records,Analytical Proceduresfor Manufacturing Equipment,Analytical

9、 ProcedurePossible Misstatement,ComparegrossmarginOverstatement or,percentage with thatofunderstatement of,previous years.inventory andcost,of goods sold,Compareinventory turnoverObsoleteinventory,(cost of goodssold dividedOverstatementor,by average inventory)withunderstatementof,that ofprevious yea

10、rs.inventory,Analytical Proceduresfor Manufacturing Equipment,Analytical ProcedurePossible Misstatement,Compareunit costs ofOverstatement or,inventory withthoseofunderstatement of,previous years.unit costs,CompareextendedMisstatementsin,inventory value withthatcompilation,unit,of previous years.cost

11、s,or extensions,Analytical Proceduresfor Manufacturing Equipment,Analytical ProcedurePossible Misstatement,Comparecurrent yearMisstatement of unit,manufacturingcosts withcosts ofinventory,those of previous yearsespecially direct,(variable costs should belabor and,adjusted for changesinmanufacturing,

12、volume).overhead,Methodology for Designing Tests ofBalances Other Accounts,Identify client business risks affecting,the inventoryand warehousing cycles.,Set tolerablemisstatement and,assessinherent riskfor the,inventory andwarehousing cycles.,Assesscontrolrisk for several cycles.,Methodology for Des

13、igning Tests ofBalances Other Accounts,Designand perform tests of,controls and substantive tests,of transactions for the,severalcycles.,Designand perform analytical,procedures forthe inventory,and warehousing cycle.,Methodology for Designing Tests ofBalances Other Accounts,Designtests of details,of

14、inventory to satisfy,balance-related,audit objectives.,Audit procedures,Samplesize,Items to select,Timing,Controls,Properinstructions for thephysical count,Supervision byresponsible personnel,Independent intervalverification of the counts,Independent reconciliationsof thephysical,countswith perpetua

15、linventory master files,Adequate control overcountsheetsor tags,Selection,of items,Samplesize,Timing,Audit Decisions,Physical ObservationTests,The most important part of the observation,of inventory is determiningwhetherthe,physical countis being taken in accordance,with the clients instructions.,Ba

16、lance-Related Objectives:Physical Inventory Observation,Existence,Completeness,Accuracy,Inventory as,recorded on tags exist.,Existing inventory is,countedand tagged.,Inventory is counted,accurately.,Classification,Cutoff,Realizable,Value,Inventory is classified,correctly on the tags.,Transactions are recorded,in theproperperiod.,Obsolete and unusable,inventory items are,excluded or noted.,Balance-Related Objectives:Physical Inventory Observation,Balance-Related Objectives:Physical Inventory Obse