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Has anyone heard anything from the Amtrak RFP?
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Could anyone kindly tell me about the Investment Management and Private Equity Audit Group at Deloitte? 1. Work Life Balance (Is it worst than the ordinary Big 4 WLB?) 2. Is it an entirely different audit from commercial/retail audits (think account balances etc.) 3. Difficult to learn how to audit clients in this industry without prior experience in the industry?(been doing commercial audits for 3 years) 4. Are there relatively good exit opportunities for this audit group? Deloitte PwC EY
Busy season has public accountants like
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I just believe whatever my client tells me.
Existence thru IO and valuation thru price testing
Ahh that helps. I’ve done the IO before. Price testing how exactly does that work? We request an invoice/po and inventory schedule? Are we testing average cost or total cost? What support
Think about it this way: value of inventory is a)quantity times b) price. Observe count to get comfortable with quantities and test the price depending on the costing method used by the client. And finally, test NRV for various inventory component. Compare the cost in b) to market price ie) price per companies invoice if finished goods or vendor invoice if raw mat.
And yes: you need to know how the company cost its invetories. For example if they use standard cost, you have to test the standard being used, and assess how often they update that standards. If it’s infrequent, you are likely to see a big price or quantity variance sitting on another GL which you have to test by comparing invoice to the standard set and tracing it to the details within that variance account
Existence. Completeness. Valuation.
I've done a random sample from the inventory list and checked to see if the items are on the shelf with the right count.