Performing the Physical Inventory (KLplus CPE Course)

In this course we will cover performing the physical inventory and the risks associated with this phase of the 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 implementation of a physical inventory
• Recommend key controls and best practices
• Properly test the internal controls related to the physical inventory process

Estimated Course Duration: 1 hour (1 CPE)

Delivery Method: Online Self-Study

Field of Study: Production

Program Level: Basic

Advance Preparation/Prerequisites: None

Program Content:

Overall Cutoff

• Receipts
• Shipments
• Production Activity
• Procedures to Ensure Cutoff
• Cutoff Testing

Counting Process

• Count Validation
• Count Approaches
  • Ticket Preparation
  • Ticket Placement
  • Count A
  • Count B
  • Count Auditors
  • Submitted Tickets
  • Data Entry
  • Inventory Differences Report
  • Discrepancies and Recount
  • Recount Results
  • Finalized Quantities
  • Comparing Count and Subledger Quantities
  • Recount Disconnects
  • Root Cause Analysis Report
• Specific Counting Procedures

Recording, Analyzing & Finalizing the Results

• Compiling Results of the Accounts
• Analyzing Results of the Physical Count
• Finalizing the Inventory Count
• Processing Changes in the Subledger/General Ledger
• Postmortem on the Process
• Errors and Control Procedures

Download PDF Course Description:



(1 page, 44 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.