Audit of Inventories

Registration Time: 13.15
Session Time: 13.30 - 16.45 including a 15-minute coffee break 
Speaker: Ms Roberta West
Venue: Lower Ground, Tower Training Centre, Swatar

Background Information

Audit of inventories can be a challenging one to audit practitioners. The nature of inventories varies from one entity to another. Hence the considerations that an auditor needs to take into account when assessing the risk of material misstatement varies as well. This session will focus on the audit procedures that an auditor needs to carry out when auditing inventories to obtain sufficient appropriate audit evidence regarding the inventory balance at year-end.



This session will provide an understanding on how to audit inventories and discuss the typical audit risks associated with inventories.


Topics on Agenda

This session will cover the following:

  • Understanding the client and its environment to consider inherent risks related to inventories.
  • Develop an understanding of the client’s internal control over inventories and cost of sales.
  • Assess the risks of material misstatement and design tests of controls and substantive procedures that test the various assertions related to inventories.


Speaker's Profile

Roberta West Falzon is a certified public accountant and holds a practising certificate in auditing. She graduated in Bachelor of Commerce and Bachelor of Accountancy (Hons) Degrees from the University of Malta and is a fellow member of the Malta Institute of Accountants. Roberta was also awarded the ACCA Diploma in International Financial Reporting. She is a senior audit manager at RSM Malta leading several audit assignments for national and international clients operating in different fields. Roberta also delivers technical and professional training.

Participation Fees 
MIA Members: €35.00
Non-MIA Members: €70.00
Retired Members: €15.00
Students: €20.00

This session will be useful to accountants responsible for auditing inventories and students

CPE Hours

3 hours Core

Roberta West Falzon
Senior Audit Manager
RSM Malta

March 2019

Audit of Inventories


Organized By: The Malta Institute of Accountants
Type of Event: Seminar


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Date & Time
2019-03-20 13:30:00 2019-03-20 16:45:00 Europe/Malta Audit of Inventories Auditors usually consider inventories to be a high-risk account balance. Their significance on the determination of a company’s profit and the substantial balance on a company’s statement of financial position pose significant risks on an auditor. Inventories vary widely with the nature of the entity and the industry and thus the risk of material misstatement varies as well. This session will delve into the risks associated with inventories and the challenges practitioners face when auditing inventories. It will then focus on the audit procedures to be carried out by an auditor when auditing inventories including observation of physical inventory counts and the testing of the costing of inventory. Lower Ground, Tower Training Centre, Swatar, The Malta Institute of Accountants
Wed, 20 March 2019
13:30 - 16:45
Lower Ground, Tower Training Centre, Swatar,
Cancellation Policy

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