Planning the Physical Inventory (KLplus CPE Course)

In this course we will cover how to plan the physical inventory and the risks that are associated with this phase of the Physical Inventory Process.

Program Registration:

Launch Course

For additional registration information, click here.

Learning Objectives:

Upon completion of this course, the learner will be able to:

• Provide consultation on the preparation and implementation of a physical inventory
• Conduct a risk assessment and internal control analysis on your client’s physical inventory standard operating procedures and processes

Estimated Course Duration: 1 hour (1 CPE)

Delivery Method: Online Self-Study

Field of Study: Auditing

Program Level: Basic

Advance Preparation/Prerequisites: None

Program Content:

Overview

• Define Physical Inventory
• Timing of Physical Inventories
• Risks associated with Physical Inventories

Roles and Responsibilities

• Physical Inventory Team
• Segregation of Duties

Establishing Instructions

• The SOP & Inventory Instruction Documentation
• Inventory Instruction Documentation – Contents
• Physical Inventory Summary Documentation
• Communication

Ticketing

• Counting Appropriate Inventory
• Inventory Ticket Structure & Content
• Inventory Ticket Numbers & Copies
• Maintenance of Inventory Tickets
• Inventory Ticket Accountability & Risks
• Typical Controls
• Ensuring Cutoff
• Pre-Counting Inventory
• Preparing the Facility for Physical Inventory
• Minimizing WIP Items
• Subledger, GL, and Journal Entry Reconciliation
• Equipment and Logistical Considerations
• Contingency Plans

Download PDF Course Description:



(1 page, 43 KB)

Program Registration:

1. Login to KnowledgeLeader account

2. Click on Launch Course.

3. The link takes you to the KLplus Login window.

4. Enter your email address and password and then click the Submit button.

5. The training module will launch automatically. NOTE: Most training modules are narrated. To view speaker notes during the presentation, click the Notes tab.


In order to earn CPE credit, you must complete the training module within one year of enrollment and score 70% or above on the Final Exam.

Complaint Resolution Policy/Refund Policy:

For more information regarding refund, complaint and program cancellation policies, please contact our offices at (866) 923-8513 or if outside the U.S., please call +1 (925) 598-7771. You may also email us at knowledgeleader@protiviti.com.

Protiviti is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.