Fraud Risk

Real-World Inventory Frauds: Lessons for Auditors

Course Overview
The purpose of this course is to review past inventory frauds to identify risk factors commonly associated with intentional inventory misstatements. This includes identifying basic auditing concepts, issues, and procedures related to the audit of inventory. This course also includes real-world cases in which companies released financial statements that contained material misstatements of inventory.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Recognize impacts of material inventory misstatements
  • Identify management assertions related to inventory and the steps involved in applying an assertion-based auditing strategy
  • Recognize fraud risk factors as well as past inventory misstatement examples
  • Identify strategies for reducing the risk of failing to detect inventory misstatements

Prerequisites/Advanced Preparation:


Speaker / Author:

Michael Chris Knapp
Mich'l Chris Knapp: McLaughlin Chair in Business Ethics and Professor of Accounting, University of Oklahoma. Professor Knapp teaches principally auditing and financial accounting courses in the Price College of Business at the University of Oklahoma. He has won numerous teaching awards including the Merrick Foundation Teaching Award, the Bruce Magoon Master Teacher Award, and the Delta Sigma Pi Professor of the Year. In 1999, he was named the Outstanding Oklahoma Accounting Educator by the Oklahoma Society of CPAs. Knapp's research interests involve a wide range of policy issues related to the professional practice of public accounting and behavioral issues stemming from the auditor-client relationship. His research has appeared in The Accounting Review, Auditing: A Journal of Practice and Theory, Accounting Organizations & Society, Journal of Accounting, Auditing and Finance, Behavioral Research in Accounting, and the Journal of Accountancy. He has also published commentaries for and/or been quoted in the Los Angeles Times, The New York Times, the Dallas Times Herald, and numerous other metropolitan newspapers. The eighth edition of his auditing casebook, Contemporary Auditing, Issues and Cases, was recently released by South-Western/Cengage. That textbook has been adopted by hundreds of universities in the United States and abroad.


Price (USD)

Standard: $49.90


Course Code : 99KNA18

Release Date : 05/21/2019
Expire Date : 05/31/2023
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Basic
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Auditing

Theme : Fraud Risk

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