Course Details


Course Name: Inventory Count for CPAs
CPD hours: 2
Type: Online
Price: $120


Description:
This course prepares junior staff members for their first inventory count. Through interactive scenarios, you will learn why we perform inventory counts, the importance of planning, and what to do at the count itself. The course also addresses some of the issues that may arise, the importance of cut-off, documenting findings and forming conclusions.


Topics:
Introduction
Scenario 1
What you will Learn Pt 1
What you will Learn Pt 2
Attendance at Inventory Counts
Why Count? Pt 1
Why Count? Pt 2
Location or Timing "Impracticable"
Inventory Fraud
Kroll's Global Fraud Report 2013/14
Steps Involved in an Inventory Count
Step 1 - Identify Risk Factors
Scenario 2 - Introduction
Scenario 2
Inventory Fraud Risk
Assertions
Risks by Assertions - Pt 1
Risks by Assertions - Pt 2
Risks by Assertions - Pt 3
Risks by Assertions - Pt 4
Risks by Assertions - Pt 5
Risks by Assertions - Pt 6
Other Risks
Scenario 2 - Debrief
Scenario 2 - Evaluation
Scenario 3 - Introduction
Scenario 3
Step 2 - Plan the Count
Plan the Inventory Observation
Extent of Test Counts Pt 1
Extent of Test Counts Pt 2
Staffing the Count
Timing of the Count
Step 3 - Attend and Perform Procedures
Attend the Inventory Count - Pt 1
Attend the Inventory Count - Pt 2
Attend the Inventory Count - Pt 3
Managing the Count - Pt 1
Managing the Count - Pt 2
Managing the Count - Pt 3
Professional Skepticism
Use of Experts
Other Considerations
Scenario 4 - Introduction
Scenario 4
Scenario 5 - Introduction
Scenario 5
Scenario 5 - Evaluation
Scenario 5 - Debrief
Scenario 6 - Introduction
Scenario 6
Scenario 6 - Evaluation
Scenario 6 - Debrief
Scenario 7 - Introduction
Scenario 7
Scenario 7 - Evaluation
Scenario 7 - Debrief
Audit Evidence
Inventory Count Checklist
Documentation - Sample Worksheet
Other Inventory Documentation
Documentation - Cut-Off
Step 4 - Follow Up
Follow Up Procedures
Scenario 8
Scenario 8 - Evaluation 1
Scenario 8 - Evaluation 2
Scenario 8 - Evaluation 3
Scenario 8 - Evaluation 4
Scenario 8 - Evaluation 5/6
Scenario 8 - Evaluation 7
Scenario 8 - Evaluation 8
Scenario 8 - Evaluation 9
Scenario 8 - Debrief
Step 5 - Conclude
Conclude
Summary - Key Principles







Screenshots