Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part 6 of his course on Auditing Inventory in a short video.
To facilitate the understanding of the basics of inventory valuation in an audit.
Target Student Population:
Upper level accounting students. Best use is with students in an auditing class or for CPA exam preparation.
Prerequisite Knowledge or Skills:
Students should have completed both Intermediate Accounting courses.
Type of Material:
YouTube video with slides and voice over
In class, homework, or review for CPA exam.
Evaluation and Observation
Content is accurate and thorough, covering relevant issues in a short time. Concepts are nicely integrated. The video includes excellent real-world examples (Hallmark, and plush furniture store) and addresses noteworthy concerns such as cost benefit issues, obsolete inventory, inventory tags, bins, sampling of items, etc. The inclusion of the spreadsheet, along with the inventory count sheet, is beneficial as it is similar to audit workpapers that individuals might use. The Fargo movie inventory fraud example adds interest and value. Overall the video is a well-paced discussion of inventory valuation for a small business.
Potential Effectiveness as a Teaching Tool
This video is a very efficient teaching and learning tool. The inventory account on the spreadsheet is nicely integrated with the subsequent count sheet. The video presentation is effective in bringing out issues that would not likely be found in an auditing textbook. Although oriented to the practitioner, it also is of value for the undergraduate student in auditing. If used in an educational setting, the video needs to be targeted at the beginning of introductory material dealing with inventory valuation in the first undergraduate auditing course.
Ease of Use for Both Students and Faculty
The video has a nice combination of voice with a simple visual background. It is well designed, to efficiently deliver relevant material in a calm cohesive manner. The voice adds more details without making the visual itself overloaded. As it is a YouTube video, no problems with using the technology were experienced.
The voice is somewhat monotone throughout, although humor in reference to the mood ring was appropriate. Because the mode of instruction is a video lecture, interactive engagement is lacking. Finally, for use as a college course supplement, having the author's contact information at both the beginning and the end of the presentation may give the appearance of promoting one individual's CPA review service. If a concern, instructors might need to consider adding a disclaimer to remain neutral.
Other Issues and Comments:
This video provides a good service to auditing students to review the auditing of inventory topics. It is a very good presentation and gets its message across in a little over 8 minutes. The author, Ken Boyd, has created a series of 6 YouTube videos. He also has a Facebook page and a website. Based on the quality and value of the Auditing Inventory video, the other videos related to auditing issues should be considered for use in an undergraduate auditing class, as well.