Course Detail(ADT129 : Audit of Inventories)

ADT129 : Audit of Inventories

3.50 CPE Hours (Category 3)
Classroom

Programme Objective

To provide audit professional with guidance on the audit of inventories. This course will also cover the key financial statement reporting and disclosure requirements for inventories.

Programme Outline

  • Understand the key financial statement reporting and disclosure requirements for inventories.

  • Discuss common financial statement misstatements concerning inventories.

  • Develop an understanding of the audit client’s acquisition, production and delivery processes, and related information flows; consignment inventories and special sales arrangement (e.g. bill and hold sales); control policies/procedures over acquisition, production and delivery (including client procedures for physical inventory counts); types of documents generated and received; accounting policies for inventories (including the costing of inventors); procedures for recording and settlement of goods and services tax, and financial statement accounts affected.

  • Identify and assess the risks of material misstatement at assertion level for inventories taking into account relevant mitigating client internal controls.

  • Determine the extent of reliance to place on internal controls over inventories; plan the nature, extent and timing of tests of controls (including observation of physical inventory counts); conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of inventories.

  • Plan the nature, extent and timing of substantive tests (analytical procedures and tests of details including audit procedures to be performed after the observation of a physical count) for various assertions related to inventories.

  • Evaluate the audit findings and draw appropriate audit conclusion for inventories.

  • Discuss common inventory fraud schemes and related controls to prevent fraud in inventories.

  • Practical audit guide to improve audit quality.

  • Discuss audit templates to achieve audit objectives on the inventories.

  • Discuss observation by PMP reviewer on the inventories.


Training Methodology

Lecture style, with exercises/case studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for Practising and Non-Practising Accountants and Auditors. Senior Audit Professionals who like to understand more about the issues involved in the audit of inventories are welcome to attend.

Competency Mapping

Category 3 = 3.50 Hours

Schedule & Fees

Date & Time

07 Nov 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

31 Jul 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

02 Nov 2017 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


User-added image

Dr Chinnu Palanivelu

D.Litt. (Finance and Taxation), CA Singapore, FCCA, CPA (Australia), MBA (Finance), FAIA, CMA, B. Acc. (Hons), GRCP, GRCA, Dip IFRS, Cert IAS, ATP (Income Tax), Dip Tax
 
Dr. Chinnu is currently an Audit Partner with Stamford Assurance PAC. He worked with an international audit firm for a decade and Small and Medium-size practices for few years.
 
He has more than 20 years of experience in public practice, industry, government, non-profit sector, academia, technical and training. He has served for a wide range of clients including SGX-listed companies, several US SEC registrants, subsidiaries of large multi-national corporations, societies, charities, co-operatives, statutory boards, government linked companies, private equity funds, small and medium enterprises and owner-managed business. He also carried out pre-IPO audit, fraud investigation work and internal audit, etc. 
 
He is a regular trainer in ISCA CPE in several core auditing and financial reporting courses. He is also Adjunct Lecturer for Singapore CA programme, ICAEW professional course and James Cook University’s degree and master degree courses. Chinnu also conduct in-house training and technical consulting assignments for several Small-Medium Practices. He has passion for training and development and he has conducted numerous presentations which include seminars organised by the ISCA, ACCA, James Cook University, Kaplan, London School of Business and Finance, CPA Australia, ITE, National Council of Social Service, and Republic Polytechnic, just to name a few.
 
He is practicing member of ISCA, ACCA and Member of CPA Australia, Association of International Accountants, SID, Institute of Internal Auditors, ICMA (Australia), Association of Certified Fraud Examiners, SIATP, Institute for Adult Learning Singapore and International Association for Accounting Education and Research
 
He is currently serving and has served in many public and civic institutions in various capacities, including: Ministry of Education, Ministry of Social and Family Development, Singapore Youth Corps (MCCY), London School of Business and Finance, ACCA, People’s Association, Association for Person with Special Needs, Student Care Services, ITE and Association of Certified Fraud Examiners. He also chaired audit committee of Association for Person with Special Needs, Student and Public Practice committees of ACCA Singapore and also served finance, investment and tender committees, Honorary Treasurer and Auditor of various charities and societies.
 
Chinnu was conferred honorary Doctorate Degree (D. Litt.) in Finance and Taxation for his outstanding contribution to accounting and charity sectors in Singapore and India. Chinnu also received the President award for Lifelong Learner award, Appreciation Award from People’s Association for community services, Appreciation Award from ACCA for contribution to student development and an Excellent Volunteers Service Awards from National Council of Social Service and Ministry of Social and Family Development for contribution to family policies development and initiatives.

Chinnu is currently perusing Doctorate Degree in Financial reporting and Audit Quality from the University of Northampton (UK) and Chartered Secretary programme.

 

Programme Objective

To provide audit professional with guidance on the audit of inventories. This course will also cover the key financial statement reporting and disclosure requirements for inventories.

Programme Outline

  • Understand the key financial statement reporting and disclosure requirements for inventories.

  • Discuss common financial statement misstatements concerning inventories.

  • Develop an understanding of the audit client’s acquisition, production and delivery processes, and related information flows; consignment inventories and special sales arrangement (e.g. bill and hold sales); control policies/procedures over acquisition, production and delivery (including client procedures for physical inventory counts); types of documents generated and received; accounting policies for inventories (including the costing of inventors); procedures for recording and settlement of goods and services tax, and financial statement accounts affected.

  • Identify and assess the risks of material misstatement at assertion level for inventories taking into account relevant mitigating client internal controls.

  • Determine the extent of reliance to place on internal controls over inventories; plan the nature, extent and timing of tests of controls (including observation of physical inventory counts); conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of inventories.

  • Plan the nature, extent and timing of substantive tests (analytical procedures and tests of details including audit procedures to be performed after the observation of a physical count) for various assertions related to inventories.

  • Evaluate the audit findings and draw appropriate audit conclusion for inventories.

  • Discuss common inventory fraud schemes and related controls to prevent fraud in inventories.

  • Practical audit guide to improve audit quality.

  • Discuss audit templates to achieve audit objectives on the inventories.

  • Discuss observation by PMP reviewer on the inventories.


Training Methodology

Lecture style, with exercises/case studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for Practising and Non-Practising Accountants and Auditors. Senior Audit Professionals who like to understand more about the issues involved in the audit of inventories are welcome to attend.

Competency Mapping

Category 3 = 3.50 Hours

Programme Facilitator(s)

User-added image

Dr Chinnu Palanivelu

D.Litt. (Finance and Taxation), CA Singapore, FCCA, CPA (Australia), MBA (Finance), FAIA, CMA, B. Acc. (Hons), GRCP, GRCA, Dip IFRS, Cert IAS, ATP (Income Tax), Dip Tax
 
Dr. Chinnu is currently an Audit Partner with Stamford Assurance PAC. He worked with an international audit firm for a decade and Small and Medium-size practices for few years.
 
He has more than 20 years of experience in public practice, industry, government, non-profit sector, academia, technical and training. He has served for a wide range of clients including SGX-listed companies, several US SEC registrants, subsidiaries of large multi-national corporations, societies, charities, co-operatives, statutory boards, government linked companies, private equity funds, small and medium enterprises and owner-managed business. He also carried out pre-IPO audit, fraud investigation work and internal audit, etc. 
 
He is a regular trainer in ISCA CPE in several core auditing and financial reporting courses. He is also Adjunct Lecturer for Singapore CA programme, ICAEW professional course and James Cook University’s degree and master degree courses. Chinnu also conduct in-house training and technical consulting assignments for several Small-Medium Practices. He has passion for training and development and he has conducted numerous presentations which include seminars organised by the ISCA, ACCA, James Cook University, Kaplan, London School of Business and Finance, CPA Australia, ITE, National Council of Social Service, and Republic Polytechnic, just to name a few.
 
He is practicing member of ISCA, ACCA and Member of CPA Australia, Association of International Accountants, SID, Institute of Internal Auditors, ICMA (Australia), Association of Certified Fraud Examiners, SIATP, Institute for Adult Learning Singapore and International Association for Accounting Education and Research
 
He is currently serving and has served in many public and civic institutions in various capacities, including: Ministry of Education, Ministry of Social and Family Development, Singapore Youth Corps (MCCY), London School of Business and Finance, ACCA, People’s Association, Association for Person with Special Needs, Student Care Services, ITE and Association of Certified Fraud Examiners. He also chaired audit committee of Association for Person with Special Needs, Student and Public Practice committees of ACCA Singapore and also served finance, investment and tender committees, Honorary Treasurer and Auditor of various charities and societies.
 
Chinnu was conferred honorary Doctorate Degree (D. Litt.) in Finance and Taxation for his outstanding contribution to accounting and charity sectors in Singapore and India. Chinnu also received the President award for Lifelong Learner award, Appreciation Award from People’s Association for community services, Appreciation Award from ACCA for contribution to student development and an Excellent Volunteers Service Awards from National Council of Social Service and Ministry of Social and Family Development for contribution to family policies development and initiatives.

Chinnu is currently perusing Doctorate Degree in Financial reporting and Audit Quality from the University of Northampton (UK) and Chartered Secretary programme.

 

Upcoming Schedule

Registration is closed

Date & Time

07 Nov 2018 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709