Auditing  |  Format: Flash

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

    Catalog Number: 99KNA18
    CPE Credits: 2 Registry / 2 QAS
    Author: Michael Chris Knapp
    Advanced Preparation:
    Course Level: Basic
    Field of Study: Auditing
    Content Partner: SmartPros Ltd.
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: May 21, 2019 / May 21, 2021