SOX Internal Controls for Inventory

Course Description

Inventory, often a company’s largest or second-largest asset has a significant impact on both the balance sheet and the income statement. Easily manipulated, it can be hidden, stolen, or simply forgotten. Effective internal controls keep track of inventory and ensure that its proper value is reflected on the financial statements.

The Sarbanes-Oxley Act of 2002 makes company executives of publicly traded US companies personally and criminally responsible for the accuracy and reliability of the financial disclosures of their companies. They are required to sign reports that attest to the effectiveness of their companies’ internal controls, including foreign subsidiaries.

This webinar looks at specific issues affecting Inventory, including 

• Inventory Risk Management, 
• The adequacy of Inventory purchasing and stores management oversight, 
• Dependence on processes outside the Purchasing and Inventory departments and 
• Dependence on processes outside the company.

This online CPE course will provide you with the tools you need to establish and maintain strong internal controls in Inventory Management that meet Sarbanes-Oxley standards and reduce risk and protect company assets. 

This online CPE webinar covers the following key topics:

• Accountability
• Risk of manipulation
• Purchasing
• Obsolescence
• Valuation
• Inventory returns
• “Channel Stuffing”
• Physical counts
• Inter-company transactions
• Inventory sent to outside processors
• Inventory as collateral

The CPE webinar will provide opportunities for discussion on the subject queries.

Learning Objectives

• To explore how to set up controls for the purchasing process and analyze the risk to the financial statements
• To develop customized tools for establishing and maintaining strong internal controls that meet Sarbanes-Oxley standards by reducing risk and protecting company assets
• To raise your awareness of fraud issues and examine processes to mitigate the risk associated with Inventory Management to comply with SOX
• To identify the positive impact on both the Balance Sheet and the Income Statement that effective controls can have
• To know the answers to 3 important questions required by Sarbanes-Oxley: Is it accurate, Are you sure, Can you prove it

Recommended For

Who Should Attend?

Webinar Qualifies For

• 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 2 CPE Credit for Internal Audit Practitioner (IAP)
• 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
• 2 CPE Credit for Certified Management Accountants (CMA)
• 2 CPE Credit for Certified Internal Auditors (CIA)
• 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
• 2 CPD Credit for Certified Financial Forensics (CFF)
• 2 CPE Credit for Certified Fraud Examiner (CFE)
• 2 CPE Credit for Certified Government Auditing Professional (CGAP)
• 2 CPE Credit for Certified Government Financial Manager (CGFM)
• 2 CPE Credit for Certified Valuation Analyst (CVA)
• 2 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
• 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 2 CE Credit for Certified Wealth Strategist (CWS)
• 2 General Credit for Accountant/Bookeeper

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