Course Detail(ADT165 : Mastering Inventory Audits: Key Highlights and Practical Considerations (Classroom))

ADT165 : Mastering Inventory Audits: Key Highlights and Practical Considerations (Classroom)

7.00 CPE Hours (Category 3)
Classroom

*This course is formerly known as ADT129: Audit of Inventories.

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. Recent ACRA PMP observations related to inventories will also be discussed.

Programme Outline

  • Understand the key audit concepts and requirements for inventories
  • Identify and assess the risks of material misstatement
    • Inherent risk
    • Fraud risk
    • Control risk
  • Revised FRS 2, AGS 4, SSA 501 requirements with practical examples and case studies
  • Determine the extent of reliance to place on internal controls over inventories; plan the nature, extent and timing of tests of controls; conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of inventories. Practical examples will be used to illustrate and discuss the following: 
    • Physical inventory count observation
    • Perpetual, periodic and cycle count
    • Common audit issues in relation to roll forward and backward
  • Plan the nature, extent and timing of substantive tests for various assertions related to inventories. Practical examples will be used to illustrate and discuss the following:  
    • Analytical procedures
    • Measurement of inventories
      • NRV test and allowance for inventory obsolescence
      • Common audit issues in relation to FIFO, weighted average and specific identification method
      • Standard costing vs retail method
    • Good on consignment
    • Goods in transit
    • Inventories at third party warehouse
    • Test of raw material, work-in-progress and finished goods
  • Evaluate the audit findings and draw appropriate audit conclusion for inventories. Practical examples on how to substantiate and challenge audit findings in an engagement will be discussed.
  • Understand the key financial statement reporting and disclosure requirements for inventories.
  • Discuss common inventory fraud schemes and related controls to prevent fraud in inventories.
  • Discuss ACRA PMP observations from 2007 to 2023 related to inventories.

 
Training Methodology
 
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.
 
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 = 7.00 Hours

Schedule & Fees

Date & Time

12 Nov 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 473.06
For Non-Members: $ 564.62

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

452 Race Course Road
Level 2
Singapore 218696

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


 

Dr Chinnu Palanivelu, PA (ACRA), FCA (Singapore), CA (England &Wales), CPA (Aust.), FCCA, CMA, CFE, DBA, MBA, BSc (Hons)

Dr Chinnu is currently the Managing Partner of Stamford group of companies that involved audit, financial reporting, tax advisory, management consulting, company secretarial work and risk advisory. Before current appointment, he has more than 20 years of experience in public practice and commercial entities. He also appointed faculty member of various academic and professional institutions including James Cook University, University of Greenwich, LSBF, Kaplan, SIT, Singapore Accountancy Commission, ISCA, ACCA, ICAEW and Singapore Institute of Auditors. Dr Chinnu completed specialised Diploma in Tax, IFRS, SSA and adult trainings and teaching in higher education.

 

Dr Chinnu developed expertise in audit and accounting of societies, charities and IPCs. He is ISCA Care Volunteer (pro-bono) to advice charity on the governance, audit and accounting. He is a technical trainer and facilitator at ISCA and SMPs on various trainings related to non-profit entities where he trained few thousands of practitioners and finance professional. Dr Chinnu, as Public Accountant and auditors, audited more than 100 Societies, Charities, IPCs, and Co-operative societies, associations, clubs and Company Limited Guarantees.

 

Dr Chinnu served about 10 years in the Board and advisory committees of Ministry of Education, Ministry of Social and Family Development, Ministry of Culture, Community and Youth and Youth Corp Singapore. Dr Chinnu served more than 12 years in the grassroots in various position including auditor and Treasurer. For his contribution to grassroots, he was awarded PA Long Service Award and National Day Honour Medal. Dr chinnu also received recognition letter from ministries such as MSF and MOE, NS Gold status recognition and Total Defence award from Ministry of Defence.

Dr Chinnu currently serves on the Board of Directors/Executive committee of SCAPE Ltd, Rotary Foundation of Singapore Ltd, Singapore South Asia Chamber of Commerce and Industry, Rotatory Club of Singapore East, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers. He was served Board of Directors of Association of Persons with Special Needs, Singapore National Paralympic Council, SHINE Childers and Youth Service, Breast Cancer Foundation and Singapore Taekwondo Foundation.

He also served/serving Chairman or member of audit committee of Association of Persons with Special Needs, Singapore Taekwondo Foundation, Singapore Disability Sports Council, National Volunteer & Philanthropy Centre, SCAPE Ltd and Breast Cancer Foundation.

He also served/serving Treasurer of Rotary Foundation of Singapore Ltd, Societies of Kalaipithers, Tapestry Project Ltd and Abdul Kalam Vision Society.

He also served/serving Chairman/member of finance committee of Singapore National Paralympic Council, Singapore South Asia Chamber of Commerce and Industry, Association of Persons with Special Needs, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers.

Dr Chinnu also served Honorary Secretary of Societies of Kalaipithers and Breast Cancer Foundation.

He also served management committee/advisory of various education institutions such as ACCA, Singapore Accountancy Academy Global Education, London School of Business and Finance and Association of Certified Fraud Examiners.

Dr Chinnu also appointed as Honorary Auditor of Singapore Indian Educational Trust, Abdul Kalam Vision Society, Global Organisation of People of Indian Origin, Societies of Kalaipithers and Guild of International Speakers and Trainers.

Chinnu was awarded Lifelong Learner Award by President of Singapore and received recognition from several institutions such as the ACCA, NCSS, APSN and SHINE. Dr Chinnu conferred Global Guru Award for his teaching, training and impact made to his participants. For his contribution to the society, non-profit institutions and nation building, he was awarded Honorary Doctorate degree (Doctor of Letters).

Dr Chinnu also conferred Global Leadership Award and under his Leadership, Stamford Assurance group awarded SME 500 award, Best Practice Firm award under SMP category by the Legacy International and Singapore 100 Entrepreneurs award.

*This course is formerly known as ADT129: Audit of Inventories.

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. Recent ACRA PMP observations related to inventories will also be discussed.

Programme Outline

  • Understand the key audit concepts and requirements for inventories
  • Identify and assess the risks of material misstatement
    • Inherent risk
    • Fraud risk
    • Control risk
  • Revised FRS 2, AGS 4, SSA 501 requirements with practical examples and case studies
  • Determine the extent of reliance to place on internal controls over inventories; plan the nature, extent and timing of tests of controls; conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of inventories. Practical examples will be used to illustrate and discuss the following: 
    • Physical inventory count observation
    • Perpetual, periodic and cycle count
    • Common audit issues in relation to roll forward and backward
  • Plan the nature, extent and timing of substantive tests for various assertions related to inventories. Practical examples will be used to illustrate and discuss the following:  
    • Analytical procedures
    • Measurement of inventories
      • NRV test and allowance for inventory obsolescence
      • Common audit issues in relation to FIFO, weighted average and specific identification method
      • Standard costing vs retail method
    • Good on consignment
    • Goods in transit
    • Inventories at third party warehouse
    • Test of raw material, work-in-progress and finished goods
  • Evaluate the audit findings and draw appropriate audit conclusion for inventories. Practical examples on how to substantiate and challenge audit findings in an engagement will be discussed.
  • Understand the key financial statement reporting and disclosure requirements for inventories.
  • Discuss common inventory fraud schemes and related controls to prevent fraud in inventories.
  • Discuss ACRA PMP observations from 2007 to 2023 related to inventories.

 
Training Methodology
 
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.
 
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 = 7.00 Hours

Programme Facilitator(s)

 

Dr Chinnu Palanivelu, PA (ACRA), FCA (Singapore), CA (England &Wales), CPA (Aust.), FCCA, CMA, CFE, DBA, MBA, BSc (Hons)

Dr Chinnu is currently the Managing Partner of Stamford group of companies that involved audit, financial reporting, tax advisory, management consulting, company secretarial work and risk advisory. Before current appointment, he has more than 20 years of experience in public practice and commercial entities. He also appointed faculty member of various academic and professional institutions including James Cook University, University of Greenwich, LSBF, Kaplan, SIT, Singapore Accountancy Commission, ISCA, ACCA, ICAEW and Singapore Institute of Auditors. Dr Chinnu completed specialised Diploma in Tax, IFRS, SSA and adult trainings and teaching in higher education.

 

Dr Chinnu developed expertise in audit and accounting of societies, charities and IPCs. He is ISCA Care Volunteer (pro-bono) to advice charity on the governance, audit and accounting. He is a technical trainer and facilitator at ISCA and SMPs on various trainings related to non-profit entities where he trained few thousands of practitioners and finance professional. Dr Chinnu, as Public Accountant and auditors, audited more than 100 Societies, Charities, IPCs, and Co-operative societies, associations, clubs and Company Limited Guarantees.

 

Dr Chinnu served about 10 years in the Board and advisory committees of Ministry of Education, Ministry of Social and Family Development, Ministry of Culture, Community and Youth and Youth Corp Singapore. Dr Chinnu served more than 12 years in the grassroots in various position including auditor and Treasurer. For his contribution to grassroots, he was awarded PA Long Service Award and National Day Honour Medal. Dr chinnu also received recognition letter from ministries such as MSF and MOE, NS Gold status recognition and Total Defence award from Ministry of Defence.

Dr Chinnu currently serves on the Board of Directors/Executive committee of SCAPE Ltd, Rotary Foundation of Singapore Ltd, Singapore South Asia Chamber of Commerce and Industry, Rotatory Club of Singapore East, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers. He was served Board of Directors of Association of Persons with Special Needs, Singapore National Paralympic Council, SHINE Childers and Youth Service, Breast Cancer Foundation and Singapore Taekwondo Foundation.

He also served/serving Chairman or member of audit committee of Association of Persons with Special Needs, Singapore Taekwondo Foundation, Singapore Disability Sports Council, National Volunteer & Philanthropy Centre, SCAPE Ltd and Breast Cancer Foundation.

He also served/serving Treasurer of Rotary Foundation of Singapore Ltd, Societies of Kalaipithers, Tapestry Project Ltd and Abdul Kalam Vision Society.

He also served/serving Chairman/member of finance committee of Singapore National Paralympic Council, Singapore South Asia Chamber of Commerce and Industry, Association of Persons with Special Needs, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers.

Dr Chinnu also served Honorary Secretary of Societies of Kalaipithers and Breast Cancer Foundation.

He also served management committee/advisory of various education institutions such as ACCA, Singapore Accountancy Academy Global Education, London School of Business and Finance and Association of Certified Fraud Examiners.

Dr Chinnu also appointed as Honorary Auditor of Singapore Indian Educational Trust, Abdul Kalam Vision Society, Global Organisation of People of Indian Origin, Societies of Kalaipithers and Guild of International Speakers and Trainers.

Chinnu was awarded Lifelong Learner Award by President of Singapore and received recognition from several institutions such as the ACCA, NCSS, APSN and SHINE. Dr Chinnu conferred Global Guru Award for his teaching, training and impact made to his participants. For his contribution to the society, non-profit institutions and nation building, he was awarded Honorary Doctorate degree (Doctor of Letters).

Dr Chinnu also conferred Global Leadership Award and under his Leadership, Stamford Assurance group awarded SME 500 award, Best Practice Firm award under SMP category by the Legacy International and Singapore 100 Entrepreneurs award.


Upcoming Schedule

Date & Time

12 Nov 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)


SGD pricing -

For Members: $ 473.06
For Non-Members: $ 564.62


Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

452 Race Course Road
Level 2
Singapore 218696