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Inventory and Stock
CaseWare IDEA Applications
Inventory and stock can vary in volume and cost within organizations.
Analyses
Reconcile physical counts to computed amounts
Analyze usage and ordering to improve turnover
Analyze high value transactions
Summarize and stratify turnover by stock item
Summarize stock on-hand by group, location, type, etc.
Create custom reports on stock and high value balances
Review product reordering volumes by item, warehouse, and vendor
Summarize products by group, location, type, etc.
Summarize and stratify turnover by stock item in any order
Age inventory (e.g. by date of receipt)
Calculations
Report on products in order of profitability
Statistically analyze usage and ordering to improve turnover
Test clerical accuracy of totals and extensions
Check product reordering volume by item, warehouse, and vendor
Determine the percentage change in sales, price and/or cost levels by product/vendor
Assess the financial viability of LIFO versus FIFO management
Exception Tests
Identify surplus obsolete/damaged inventory by sorted turnover analysis
Identify differences between standard costs and actual costs
Identify stock acquired from group companies
Segregate variances from standard pricing in amount order
Isolate stock lines/products with cost greater than retail price, with zero/negative quantities,or with zero/negative prices
Isolate items where stock exceeds maximum stock levels
Select items from perpetual stock for test reconciliation
Gaps and Duplicates
Test for duplicate parts, item numbers, prices or descriptions
Matching and Comparing
Compare yearly volume with on-hand quantity for stock items
Compare cost to retail price to look for pricing discrepancies
Compare the value of physical counts to General Ledger value
Sampling
Attribute Sampling, Random Sampling or Stratified Random Sampling for physical verification or checking additions
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