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.
Learning 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
Major Topics
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
CPE Credits Available
2 CPE
2
Auditing
Things to Know About This Course
Course Level
Basic
Professional Area of Focus
Accounting & Auditing
Prerequisites
None
Advanced Preparation
This webinar is produced by CPA Crossings. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.
Intended Audience
Accountants responsible for auditing inventory and performing inventory observations
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