Auditing Inventory in a Pandemic

Samuel Monastra

Samuel Monastra

Friday, March 12, 2021 | 10:00 AM EST

  • CPA

2 CPE

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Auditing inventory is the process of cross-checking financial records with physical inventory and records. It can be completed by auditors and other parties. An inventory audit can be as simple as just taking a physical count of stock and inventory to verify a match to the accounting records. 

Observation of inventory is a generally accepted auditing procedure, where an independent auditor issues an opinion on whether the financial records of inventory accurately represent the physical inventory being carried. It’s important to conduct inventory audits to maintain inventory accuracy, spot causes of loss/waste, and ensure that you always have the right amount of stock at the right time. 

A better understanding of stock flow will also help ensure the business runs smoothly, because you’ll know what products you have on hand.

This webinar will discuss:

  • How the accounting community has historically audited inventory balances.
  • How the pandemic has made cause for a creative response to establish procedures to address the limitations faced by governmental regulations, social distancing and the remote workplace.

Learning Objectives

  • To explore the limitations placed on auditors in the course of applying Generally Accepted Auditing standards to audit inventory in the midst of a pandemic.
  • To identify alternative procedures to audit inventory, which comply with Generally Accepted Audit Standards, and can be performed virtually.
  • To recognize Inventory Audit Procedures, Challenges, & Best Practices
  • To explore insights and recommendations to develop audit plans that are customized to the particular company inventory being audited.

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Auditors
  • Young CPA
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers