Audit 204: Auditing Basic Inventory - Focus on Observations
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
Auditing Inventory - Performing Required Observations and Other Common Procedures will primarily focus on performing the inventory observation, while introducing other risk concepts related to inventory. Assets classified as inventory varies widely with the nature of the entity and industry. Depending on the complexity of the inventory and the related pricing model, risk of material misstatement will vary widely as well. Note: This course is recommended as a part of a 16-hour audit skills curriculum for experienced staff auditors, while it is also appropriate for anyone who has responsibilities for auditing inventory. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics covered in this course include:
- Typical inventory observation procedures and special considerations
- Handling various inventory observation real-life scenarios
- High level overview of valuation and pricing methods
- Key controls related to inventory
Prerequisites
None
Designed For
Accountants responsible for auditing inventory and performing inventory observations
Objectives
Upon completion of this course, you will be able to...
- Identify typical audit risks and special audit considerations related to inventory
- Recognize common inventory observation audit procedures
- Recall key controls related to inventory
- Compare inventory pricing options at a high level
Preparation
None
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche’s Washington D.C. office, she was a frequent local and national instructor. She also served as an
instructor for the firm’s national “Train the Trainers” program.
Non-Member Price $109
Member Price $89