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Auditing Inventory In A Pandemic

  • Accountant
  • CPA/CFF
  • CIA
  • CPA (US)
  • CA - ICAEW
  • IAP
  • QIAL
  • ACCA
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: April, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

Course Qualification

Webinar Qualifies For

  • 2 CPD Credit for Certified Financial Forensics (CFF)
  • 2 CPE Credit for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPD Credit for CA - ICAEW
  • 2 CPD Credit for Chartered Certified Accountants (ACCA)
  • 2 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 2 CPD Credit for Chartered Accountants - Scotland
  • 2 CPD Credit for CPA - Ireland

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Samuel Monastra

Certified Public Accountant (CPA), Samuel Monastra

Samuel A. Monastra, CPA has spent his career as a public accountant.  As a client-facing professional, Mr. Monastra has excellent experience working with publicly held companies and large privately held companies. Industry focus includes: healthcare; life sciences and technology; manufacturing and distribution; and real estate and construction. 

Sam has held executive level positions with “Big Four” and Top 10 international accounting firms, including KPMG, RSM, and BDO. Sam served as a member of the Editorial Board of the Pennsylvania CPA Journal and is a frequent speaker for a variety of national organizations including the AICPA, State CPA societies, the Institute of Internal Auditors, and the Institute of Management Accountants. Principal speaking topics include: Revenue Recognition, Lease Accounting, Income Tax Accounting, Business Combinations, Fair Value, Inventory, Internal Controls, and Auditing Issues & Techniques


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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