Auditing Inventory In A Pandemic

Samuel Monastra

Samuel Monastra

  • CFF
  • CFE
  • CIA
  • CPA
  • CVA
  • IAP
  • QIAL

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 CPE credit for Certified Fraud Examiners (CFEs)

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

2 CPD credit (Verifiable) for CPA/CFF

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Before starting this self study program, please go through the instructional document.

Overview

  • Background & Introduction
    2 mins
  • Use of Alternate Procedure
    25 mins
  • Inventories during the Covid-19 Pandemic
    35 mins
  • Challenges and Uncertainties when Auditing Inventory
    55 mins
  • Inventories Held in Public Warehouse
    71 mins
  • Wrap UP
    89 mins

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