Learning Objective 9-01: Describe the production cycle, including typical source documents.

Learning Objective 9-02: Identify significant accounts and relevant assertions related to the audit of inventory.

Learning Objective 9-03: Discuss the risk of material misstatement in the audit of inventory.

Learning Objective 9-04: Identify important internal control activities present in a properly designed system to mitigate the risk of material misstatements for each relevant assertion in inventory management.

Learning Objective 9-05: Give examples of tests of controls to test the operating effectiveness of internal controls in managing inventory.

Learning Objective 9-06: Give examples of substantive procedures in audits of inventory and relate them to assertions about significant account balances at the end of the period.

Learning Objective 9-07: Apply your knowledge to perform rndit procedures in the audit of inventory and evaluate the findings of your tests.