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CPE Self-Study
New Staff: Practical Application- Auditing Inventory
NASBA FIELD OF STUDY
Auditing
LEVEL
Basic
CPE CREDITS
Online: 1.5
Learn how to successfully audit inventory by examining inventory costing, observations, and other necessary audit procedures.

CPE On-Demand
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Product details

Take a deep dive into how to successfully audit inventory

Learning Objectives

  • Recall the audit objectives and related assertions in the inventory area.
  • Understand the steps for risk assessment and identify and troubleshoot the common risks found in the accounts receivable inventory area.
  • Identify basic processes and controls over the inventory area, as well as weaknesses and possible solutions.
  • Recall the common audit procedures surrounding inventory and demonstrate mastery of those procedures through a commonly encountered audit situation.

Key Topics

  • Professional standards related to auditing inventory
  • Audit objectives and assertions for inventory
  • Risk assessment for inventory
  • Inventory observation
  • Application of guidance and an inventory case study

Who Will Benefit?

  • Recently onboarded staff
  • First-year audit staff
  • Firms that want consistent training and level-setting

This CPE course can be purchased individually or as part of the Audit Staff Essentials - New Staff: Practical Application staff training bundle.

Did you know that the inventory account balance is typically as large as or larger than accounts receivable? That's why it's important to understand not only the types of products your clients manufacture, but also what goes into making those products.

Taking a deep dive into inventory is both fascinating—and indispensable to identifying risk of material misstatement. It's also essential for you to understand how a company makes its money in order to effectively perform an audit.

In this course you'll learn how to determine what goes into your clients' products and how those products are assembled. You'll also explore inventory costing, observations and other necessary audit procedures. By the end of the course, you'll feel fully prepared to perform an inventory audit.

Ratings and reviews
Author(s)

Lynford Graham, CPA, Ph.D., CFE

Lynford Graham, CPA, Ph.D., CFE is a CPA with more than 35 years of audit practice and policy development experience. He is a visiting professor of accountancy at Bentley University in Waltham MA. Dr. Graham is a member of the AICPA and a past member of the Auditing Standards Board. He chaired the task forces for AICPA Guides Assessing Audit Risk and Audit Sampling. He is also the chair of the Auditing Revenue Task Force for the AICPA Guide on Revenue Recognition.

He was a partner and National Director of Audit Policy for BDO, LLP. Prior to that, Dr. Graham was an associate professor at Rutgers University. Before Rutgers, he was a national accounting and SEC consulting partner at Coopers & Lybrand, responsible for technical issues research, auditing research, and sampling.

A Certified Fraud Examiner, in 2002, he received the Distinguished Service Award from the auditing section of the AAA. He is a co-author of several award-winning academic research papers. Dr. Graham holds an MBA and Ph.D. from the University of Pennsylvania, (Wharton School). He is the editor of Accountants' Handbook, 12th Edition (Wiley, 2012) and Internal Control: Audit and Compliance (Wiley, 2015).

Tom Noce, CPA, CFE

Tom Noce, CPA, CFE is a CPA licensed in California and New Jersey with over 37 years of experience in the field of public accounting, including eight years as a partner in a midsized firm. He is a graduate of Rutgers University. Tom began his independent practice in September 2003. His primary industry focus is in audit, accounting, and taxation services for construction and real estate clients. Tom is also a Certified Fraud Examiner and provides fraud prevention and detection, forensic accounting services, and litigation support to clients in a number of industries.

As an experienced author, instructor, and lecturer, Tom writes and teaches continuing professional education for CPAs. He chaired the 1st and 2nd Annual Fraud Conferences and 1999 and 2000 Audit and Accounting Conferences, sponsored by the California CPA Education Foundation. Since 1999, he has authored and presented more than 15 courses for the California CPA Education Foundation, the AICPA, and other providers. Tom was honored with the California CPA Education Foundation’s Award for Instructor Excellence in 2004 & 2010.

Tom lives and practices in Palm Springs, California. He is an accomplished woodworker and enjoys spending his spare time in his workshop.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$109.00
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Estimated total:
$109.00
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CREDIT INFO
CPE credits
Online
: 1.5
NASBA Field of Study
Auditing
Level
Basic
Prerequisites
None
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
ASE2-INN
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