Control Intelligence

Inventory Valuation & Costing

Standard cost, FIFO/weighted average, overhead allocation, and variance analysis.

Sub-Process Score
55/ 100
Needs Improvement
6/10 responses received
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Control Objectives (1)

INV-VL-01
COSO P10ICFR.INV.VL.01IIA IV.9.2
Inventory is valued using an approved costing methodology reviewed at least annually.
Risk: COGS and inventory balance misstatement.
Assessment Questions (3)
  • 01Costing methodology is documented (standard, FIFO, weighted average).Document
  • 02Standard cost updates are reviewed and approved by Finance.
  • 03Purchase price and usage variances are analyzed monthly.