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The firm's substantive procedures to test the valuation of inventory included selecting a sample of inventory items for testing. The firm did not perform any procedures to identify slow-moving inventory for certain inventory items selected for testing. (AS 2301.08 and .11)

With respect to certain inventory the firm was instructed by the lead auditor to perform substantive procedures to test the valuation of the inventory including price testing at the stock keeping unit (SKU) level for which the firm was instructed to test every invoice that makes up the SKU category selected for testing. The firm did not test every invoice that made up the selected SKU category as instructed by the lead auditor. (AS 2301.08)

The issuer changed its method of valuing certain inventory during the year. The firm did not identify and test any controls over the issuer's evaluation of whether this change represented a change in accounting principle. (AS 2201.39)

The firm used issuer inventory costing data in its substantive procedures to test the valuation of inventory. The firm did not evaluate the reasonableness of the method the issuer used to allocate inventory-related costs to certain inventory. (AS 2501.07)

The firm did not identify and evaluate the significance to the financial statements of an IFRS departure related to the valuation of certain inventory. (AS 2810.30)

The firm did not identify and test any controls over the issuer's evaluation of the lower of cost or net realizable value for certain inventory. (AS 2201.39)

To test the existence of inventory at a certain location the firm performed test counts on a sample of items. The firm was unable to count certain items. For certain other items the firm identified differences. The firm did not evaluate whether the inability to count certain items represented a misstatement and if so the potential effect on the evaluation of its sample. Further the firm did not (1) evaluate the nature and cause of the differences identified in its sample; (2) project the differences to the remaining inventory population; and (3) evaluate whether the projected differences were material to the financial statements. (AS 2315.25 .26 and .27)

The issuer engaged a specialist to determine the valuation of certain inventory. The firm did not perform substantive procedures to test the reserve for this inventory beyond obtaining and reading the valuation report prepared by the company's specialist. Further the firm did not perform any procedures with respect to its use of the work of the company's specialist as audit evidence. (AS 1105.A1 - .A10; AS 2501.07)

The issuer estimated the cost of certain inventory using various significant assumptions. The firm's approach for substantively testing the valuation of this inventory was to test the issuer's process. The following deficiencies were identified: · The firm did not perform procedures to test or test controls over the accuracy and/or completeness of certain issuer-produced information that the firm used in its substantive testing of inventory. (AS 1105.10)

The firm observed physical inventory counts on various dates prior to year end. The firm did not perform any procedures to test the valuation of inventory reserves. (AS 2501.07)

The firm did not perform sufficient procedures to test the issuer's impairment analysis of inventory because it limited its procedures to obtaining the issuer's impairment analysis and concluding the result of the analysis was consistent with historical margins. (AS 2501.07)

The firm did not perform any substantive procedures to test the (1) existence and valuation of semi-finished goods inventory and (2) valuation of work in progress finished goods and supplies and spares inventory. (AS 2301.08)

The firm did not (1) obtain an understanding of how the issuer developed its inventory reserve and (2) perform procedures to test the inventory reserve beyond inquiry of management. Further the firm did not evaluate the effects of an impairment charge recorded by the issuer on the valuation of other similar assets in inventory. (AS 2501.07; AS 2810.03)

To test the valuation of inventory the firm selected key items and then selected a sample of additional inventory items that exceeded a monetary threshold for testing. The firm did not perform any procedures to test the remaining population of inventory that was less than the monetary threshold. (AS 2315.24)

The issuer used an information technology (IT) application to process inventory transactions and calculate inventory costs. To reduce the extent of its substantive procedures over the valuation of inventory the firm tested and placed reliance on certain application controls. The following deficiencies were identified: · The firm selected for testing a logical access control over this IT application. The firm did not perform procedures to test the design and operating effectiveness of this control beyond observing the control owner perform a point in time logical access review. (AS 2301.16)

The issuer used an information technology (IT) application to process inventory transactions and calculate inventory costs. To reduce the extent of its substantive procedures over the valuation of inventory the firm tested and placed reliance on certain application controls. The following deficiencies were identified: · The firm selected for testing a logical access control over this IT application. The firm identified a control deficiency in its testing of this control but did not evaluate the severity of this deficiency and its effect on its control risk assessment. (AS 2301.34)

The issuer used an information technology (IT) application to process inventory transactions and calculate inventory costs. To reduce the extent of its substantive procedures over the valuation of inventory the firm tested and placed reliance on certain application controls. The following deficiencies were identified: · The firm did not identify and test any controls related to program changes for this IT system. (AS 2301.16)

The firm did not perform sufficient procedures to test the valuation of inventories because it did not: · Perform any procedures to evaluate whether inventory was measured at the lower of cost or net realizable value at certain locations. (AS 2501.07)

The firm did not perform sufficient procedures to test the valuation of inventories because it did not: · Perform sufficient procedures to test the material costs in work-in-process (WIP) finished goods (FG) and raw materials because it did not perform any procedures to test certain sampled items and limited its procedures for certain other sampled items to comparing the items to a prior-year inventory listing. (AS 2301.08)

The firm did not perform sufficient procedures to test the valuation of inventories because it did not: · Perform substantive procedures to test the allocation of overhead costs and the percentage of completion estimate beyond recalculation and inquiry of management. (AS 2501.07)

The firm did not perform sufficient procedures to test the valuation of inventories because it did not: · Perform procedures to test the inventory reserve beyond comparing the year-end inventory reserve balance to the prior year amount. (AS 2501.07)

To substantively test the valuation of inventory the firm developed an independent expectation with respect to certain inventory. The following deficiencies were identified: - The firm did not perform any procedures to test the valuation of inventory that was not included in its independent expectation. (AS 1105.27; AS 2301.08)

To substantively test the valuation of inventory the firm developed an independent expectation with respect to certain inventory. The following deficiencies were identified: - The firm did not perform any procedures to evaluate the relevance and reliability of certain assumptions it obtained from an external appraiser. (AS 1105.04 and .06; AS 2501.23)

To substantively test the valuation of inventory the firm developed an independent expectation with respect to certain inventory. The following deficiencies were identified: - The firm did not perform any substantive procedures to test the completeness of certain data it used. (AS 2501.24)