Audit atas Persediaan

Summary

In this video, Dr. Rahima Buruk Purba discusses inventory auditing, focusing on various types of inventory, including raw materials, finished goods, and supplies. She explains how inventory is categorized in financial statements and outlines the importance of accurate inventory management. The video also covers key auditing procedures, such as verifying internal controls, checking inventory values, assessing slow-moving or obsolete stock, and ensuring proper classification. The lecture emphasizes the importance of accurate stock opname, the role of internal controls, and methods like FOB shipping point for inventory recognition. Ultimately, Dr. Purba highlights the need for precise accounting and proper audit practices in inventory management.

Takeaways

• 😀 Persediaan refers to assets available for sale, used in production, or in transit, such as materials or supplies used in a business's normal operations.
• 😀 Inventory is categorized separately from supplies like office stationery or administrative items, as they serve different purposes in the company.
• 😀 Inventory can be in transit or already in production, and should be accounted for under terms like FOB (Free On Board) Shipping Point or FOB Destination, affecting when it is recognized as inventory.
• 😀 Costs associated with inventory include purchasing, conversion, and other related expenses such as transportation or warehouse costs, which should be accounted for in the value of the inventory.
• 😀 Different types of inventory include raw materials, work in progress, finished goods, spare parts, and supplies, with each type playing a specific role in the business process.
• 😀 The purpose of an inventory audit is to ensure internal controls are effective, verify the existence and ownership of inventory, and confirm proper valuation and categorization in financial records.
• 😀 Inventory audits assess the valuation methods used (e.g., FIFO, LIFO, or average cost) and examine whether damaged or slow-moving items have been adequately written down.
• 😀 In the audit process, it's essential to check the accuracy of records, confirm the presence of inventory through physical counts, and validate financial transactions like purchase orders and sales invoices.
• 😀 Substantive testing during an audit involves checking stock counts, reconciling inventory records with actual stock, and evaluating whether inventory is appropriately categorized for financial reporting.
• 😀 Auditors also review contractual agreements that might affect inventory, such as purchase and sale agreements, and verify that inventory in transit is appropriately recorded at the correct point of recognition.

Q & A

What is the main focus of the audit discussed in the video?

The main focus of the audit discussed in the video is inventory, particularly its existence, valuation, and proper presentation in the financial statements.

How does the speaker differentiate between inventory and supplies in the context of the balance sheet?

Inventory is typically used in normal business operations to generate revenue, such as raw materials and goods in production. Supplies, like office materials, are used for administrative tasks and are classified separately from inventory on the balance sheet.

What are the different categories of inventory mentioned in the video?

The categories of inventory mentioned include raw materials, work-in-progress, finished goods, supplies, goods in transit, and consignment items.

What is the importance of understanding the inventory's condition during the audit?

It is important to check for obsolete, slow-moving, or defective inventory and ensure proper allowances or provisions are made to reflect these items' reduced value.

What does the term 'goods in transit' refer to in the context of inventory?

Goods in transit refers to inventory that has been purchased but has not yet arrived at its destination. The ownership of such goods is typically recognized based on the shipping terms, such as FOB shipping point or FOB destination.

What is the purpose of the compliance testing during the inventory audit?

Compliance testing aims to evaluate the company's internal controls over inventory, including reviewing purchase orders, material requisitions, and transaction documentation to ensure proper procedures are followed.

How does the auditor ensure that inventory values are accurate during the audit?

The auditor ensures inventory values are accurate by performing substantive testing, including observing physical stock counts, reconciling stock cards, and confirming inventory figures with other records.

What should an auditor do if goods are in transit as of the balance sheet date?

The auditor should verify the details of the goods in transit, ensuring that they are properly accounted for using the correct shipping terms (e.g., FOB shipping point), and check if these goods are included in the inventory count as of the balance sheet date.

Why is it important to examine whether inventory has been properly insured during the audit?

It is crucial to ensure that inventory is adequately insured, as a lack of proper insurance could expose the company to financial loss in the event of damage or theft, which would impact the financial statements.

What is the significance of the cut-off date in inventory audits?

The cut-off date is important because it ensures that inventory transactions, such as purchases and sales, are recorded in the correct period, preventing manipulation of financial results by misreporting transactions just before or after the reporting date.