Audit 204: Auditing Basic Inventory - Focus on Observations
March 10, 2025
Webinar
2 CPE
Instructor
Jennifer Louis
Audit 204: Auditing Basic Inventory - Focus on Observations
View Bio
Instructor
Jennifer
Louis
View Bio
Jennifer Louis
Bio
Jennifer F. Louis, CPA
Jennifer F. Louis, CPA has over 14 years of experience in designing and presenting high-quality training programs in a wide variety of technical and "soft skills" topics needed for professional and organizational success. In 2003, she co-founded Emergent Solutions Group, LLC, a consortium of professionals serving organizations on a project or part-time basis, to create a division dedicated to training services. She was most recently Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly respected training and consulting firm serving the audit profession. During her six years at AuditWatch, Ms. Louis served in many other capacities, including Vice President of Product, and instructor and consultant for the firm's Audit Productivity Improvement ProgramTM and various other training courses. She also co-authored a manual on value-added auditing.
Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm's Washington, D.C. office, she served as an instructor for the firm's national "Train the Trainers" program.
Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting. She is also a member of several prestigious professional associations.
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.
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
A&A
Advanced Preparation
None
Intended Audience
Accountants responsible for auditing inventory and performing inventory observations