This course is one of the courses dedicated to our Controllership Series. This series of courses is dedicated to exploring the traditional controller role and stepping out of the box to identify areas where the controller can continue to add strategic value to their organizations. Within this segment of our controllership series, we continue our discussion on inventory from segment one. This specific segment focuses on areas of inventory valuation, the types of physical inventory methods, and inventory fraud. These areas are critical for the controller to have a strong comprehension of and also participate in the development of policies and procedures.

Below courses are currently available on the site:

  • The Controllership Series: The Controller Function - Elevating the Role
  • The Controllership Series: The Controller Function - Strategic and Annual Planning
  • The Controllership Series: The Controller Function - Cash and Investments
  • The Controllership Series: The Controller Function - Inventory Process Part 1
  • The Controllership Series: The Controller Function - Inventory Process Part 2
  • The Controllership Series: Financial Statement Preparation and Presentation
Learning Objectives
  • Explore and examine inventory valuation.
  • Identify methods for inventory tracking and physical inventory procedures.
  • Discover and discuss fraud inventory controls.
Last updated/reviewed: March 14, 2024

Included In Certifications

This course is included in the following Certification Programs:

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. The Controllership Series: The Controllers Role in Financial Forecasting
  4. The Controllership Series: Future Role of the Controller – Part 1
  5. The Controllership Series: Future Role of the Controller – Part 2
  6. The Controllership Series: The Controller Function - Cash and Investments
  7. ASC 842 Accounting for Leases - Deep Dive
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. The Controllership Series: The Controllers Role in the Procurement Function
  13. The Controllership Series: The Role of The Controller in ESG
  14. The Controllership Series: The Controllers Role in Pro Forma Financials
  15. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  16. The Controllership Series: Introduction to the Financial Close Process
  17. The Controllership Series: Managerial Accounting Basics and Cost Principles
  18. The Controllership Series: Sales, Collections and Customer Credit
  19. The Controllership Series: Addressing Cash Flow and Forecasting Uncertainty
  20. The Controllership Series: The Controller’s Skillset
  21. The Controllership Series: The Controllers Role in Internal Controls
  22. Tools for The Controllership Series Certificate
27 Reviews (157 ratings)

Reviews

5
Member's Profile
Lynn, i am sad as this is the last course in the Controllership series that you provide to Illumeo. An amazing journey for me over the last 48 hours doing all six session. Love them. Thank you, Larry
5
Anonymous Author
Helpful deep dive. Good refresher especially coming from an audit background, especially related to inventory fraud. Helpful to understand the various schemes that can take place.
5
Anonymous Author
Really enjoyed this continuation of learning about the Controllers role in inventory. Was a good reminder of how the inventory procedures should be segregated to reduce fraud.
5
Anonymous Author
Nice explanation of topics related to inventory valuation, methods for inventory tracking inventory and physical inventory procedures along with fraud inventory controls.
5
Member's Profile
In addition to LIFO and FIFO inventory valuation methods, this course gives an overview of standard cost and specific cost valuations. It was a very helpful discussion.
5
Member's Profile
Great review of the inventory process for Controllers! Provides a high lever overview of inventory valuation methods, fraud, and inventory procedures.
5
Anonymous Author
This course is a solid deep dive into more inventory definitions, risks and controls. Highly recommend to all involved in inventory accounting.
5
Anonymous Author
For those that are in the process or will be completing inventory counts or work for companies that have inventory - this is a great lesson.
5
Anonymous Author
Although I am familiar with inventory, the course taught me about some of the way that fraud is perpetuated that I hadn't thought of
4
Member's Profile
I would like for the pages to be numbered. I have to go through and write the pages numbers to keep the pages in order.
5
Anonymous Author
Good review of the inventory process. Provided high level overview of inventory valuation, procedures and fraud.
4
Anonymous Author
I felt the course was structured well and gave good information. A very good broad presentation of inventory.
5
Anonymous Author
Good organization on information. Good examples and real world applications. I would recommend this course.
5
Anonymous Author
This was a good review of the basics of inventory systems, including the control procedures.
3
Member's Profile
This is a solid overview of inventory. Related concepts are relevant and will presented.
5
Anonymous Author
thank you for another good course on controllership responsibilities and best practices.
5
Anonymous Author
Instructor is very knowledgeable in this area and provides a lot of real life experience.
5
Anonymous Author
Great course I recommend this to everyone that wants to learn more about this topic
4
Anonymous Author
This was a good refresher/introduction to the inventory process and its risks.
5
Anonymous Author
100% at aont time!!!! Basic Knowledge is rea;y important though getting old
4
Anonymous Author
The whole controller series was very interesting and refreshed a knowledge.
5
Anonymous Author
Helpful continuation of the Controller's role in the inventory process
5
Member's Profile
This was very helpful. I learned a lot. The presenter is great.
5
Member's Profile
Lynn's controllership series course on Inventory was well presented
5
Anonymous Author
This was more comprehensive information for inventory management.
5
Anonymous Author
Another good course as I work through the Controllership series.
5
Anonymous Author
Enjoyable part 2 overview of Inventory areas for a Controller
show all reviews
Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.
It is recommended to take Other Segments of The Controllership Series courses by Lynn Fountain.
1. The Controllership Series: The Controller Function - Elevating the Role
2. The Controllership Series: The Controller Function - Strategic and Annual Planning
3. The Controllership Series: The Controller Function - Cash and Investments
4. The Controllership Series: The Controller Function - Inventory Part 1
5. The Controllership Series: The Controller Function - Inventory Part 2
6. The Controllership Series: Financial Statement Preparation and Presentation

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to courses@illumeo.com.
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to The Controller Function - Inventory Part 2 1:27
  Inventory Valuation14:15
  Physical Inventory12:02
  Physical Inventory Procedures18:50
  Inventory Control Procedures12:08
  Inventory Fraud15:50
  Summary1:15
CONTINUOUS PLAY
  The Controller Function - Inventory Part 21:15:47
SUPPORTING MATERIAL
  Slides: The Controller Function - Inventory Part 2PDF
  The Controller Function - Inventory Part 2 Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam