This module provides an introduction to the financial statement assertions relevant when auditing inventory and an overview of the audit procedures commonly performed. The remainder of the module focuses on performing effective inventory observations, including tools to bring and tips for dealing with potential situations that may be encountered during the observation. Using small group discussions and a series of real-life scenarios, participants will learn how to count common types of items and how to determine when to ask a supervisor for assistance or when to ask for clarification from client personnel while onsite.