Analyzing Inventory in IDEA® is a half-day, instructor-led training that walks students through a case study where they are hired at Bright IDEAs, Inc. to perform an Inventory Review. The auditor evaluates business and audit risks associated with Inventory and then reviews potential tests that can be used to address those risks.
This case study includes audit testing to agree total inventory values, check adequacy and accuracy of inventory, assess the re-ordering system, and analyze profit margins and pricing.
We will also utilize a portion of the IDEA Data Analysis Workbook for your reference.
**Please note participants are required to be actively engaged in the class and complete coursework to qualify for CPE credit.**
4 Hours (4 CPE)
Field of Study
CI101: IDEA Data Analysis Level 1
After completing this training, participants will be able to:
Import ASCII delimited files using field statistics and control totals to verify accuracy of import
Use equations to extract obsolete inventory items and negative quantities
Calculate usage ratios and months of inventory
Stratify inventory into bands
Calculate total provisions counts and value by location
Test accuracy of the reordering system
Analyze selling prices and inventory movements
Analyze profit margins
Audimation Services, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of the continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: nasbaregistry.org
For concerns regarding course offerings, certifications or complaints, please contact:
Jennifer Ellison, Training Services Manager