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Fraud Audit Program: Inventory

8/8/2015

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The management team records improper counts. If this procedure is performed, it is most likely to occur on inventory perceived less likely to be counted or with a planned reason for the false count. In this way, the auditor will view the false count as an intentional error versus an intentional plan to misstate the inventory. The auditor needs to ensure that management has no record of the test counts...
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Nu Skin Inventory Red Flags Remain Even After $50 Million Impairment Charge

8/8/2015

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I warned investors that Utah-based multi-level marketing company Nu Skin Enterprises' (NYSE: NUS) surging inventory levels might lead it "to recognize a material impairment charge against inventory in a future period." On August 4, 2014, in a follow-up blog post co-authored with Zac Prensky, we warned investors about a massive inventory pile up in Mainland China..
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Inventory: Trick or Treat                    

8/8/2015

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We have been known to refer to “inventory” as the dirtiest word in business. Certainly inventory presents one of the great management challenges, and one of the great valuation mysteries when considering a company for investment. Annual reports and financial statements estimate the value of inventory on hand, but the number cannot always be taken at face value...
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Revenue and Inventory-Related F/S Frauds

8/4/2015

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Revenue- and Inventory-Related Financial Statement Frauds

7/24/2015

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This presentation provides excellent brief on Revenue- and Inventory-Related Financial Statement Frauds...



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Inventory Fraud: Knowledge is your first line of defense

7/24/2015

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Inventory is one of the biggest assets on a manufacturer’s balance sheet. It’s also one of the hardest assets to measure and track. Thousands of transactions flow through the inventory account each year — and many of these journal entries require subjective estimates, such as overhead allocations, write-offs and valuation adjustments. In addition, many employees have direct daily access to inventory or inventory accounting records, providing an ongoing temptation to steal or cook the books....
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Inventory -Related Financial Statement Frauds

7/24/2015

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Inventory -Related Financial Statement Frauds.....
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Financial Transactions and Fraud Schemes:

7/24/2015

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Asset Misappropriation: Inventory and Other Assets....
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Ghost Goods: How to Spot Phantom Inventory

7/24/2015

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Just a hint of inventory fraud can be a frightening experience for an auditor of financial statements. Indeed, the list of freakish inventory manipulations companies have committed over the last 50 years reads like a rogue’s gallery: McKesson and Robbins, the Salad Oil Swindle, Equity Funding, ZZZZ Best, Phar-Mor. The tried-and-true schemes these and other companies pulled have always given auditors nightmares. A CPA who recognizes how these fraudulent manipulations work will be in a much better position to identify them....



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Employee Fraud Schemes

7/24/2015

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The Association of Certified Fraud Examiners conducted a substantial study to classify occupational fraud cases. The recent edition published in 2010 presented updated descriptive statistics on the occurrence, damages, and so on of occupational fraud. The schemes discussed in this section are the common schemes reported in that study. Further details on the schemes and methods of prevention and detection are available on ACFE’s publication. The following sections present a brief description of the common fraud schemes and ways to detect and deter them....
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    Accounting Fraud
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    ANTI FRAUD COLLABORATION
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    ANTI FRAUD PROGRAM
    ANTI-FRAUD PROGRAM
    ANTI FRAUD RISK AND CONTROL
    ANTI-FRAUD RISK AND CONTROL
    A Review Of Fraud Detection Techniques:
    Asset Fraud
    Auditor Professional Skepticism
    AUDITORS' FRAUD OBLIGATIONS
    Audit Program
    AU Section 316
    Behavioral Fraud Mitigation Through Trend Offsets
    Benford Law For Fraud Detection
    Case Studies
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    Chargeback Claim
    Chargeback Insurance
    Cluster Techniques
    Corporate Frauds
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    Crazy Eddie Fraud
    CREDIT CARD FRAUD AND DETECTION TECHNIQUES
    Credit Card Fraud Detection Methods
    Current Fraud Trends In Financial Sector
    Data Mining
    Data Mining- K-means Algorithm Demo
    Data Mining Techniques For Fraud Detection
    Data Mining Techniques For Fraud Detection-
    DATA MINING TECHNIQUES IN FRAUD DETECTION
    Doctor Fraud
    E-commerce Fraud
    Employee Fraud
    Employee Fraud Schemes
    FICTITIOUS SALES INVOICES
    Fighting Cyber Crimes/Frauds
    FIGHTING FRAUD
    FINANCIAL FRAUD
    Financial REPORTING Fraud
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    Forensic Accounting
    Forensic Audit
    Fraud
    Fraud And Corruption Trends
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    Fraud Detection
    Fraud Literacy Quiz
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    FRAUD RESISTANT ORGANIZATION
    FRAUD-RESISTANT ORGANIZATION
    Fraud Risk Management
    FRAUDULENT FINANCIAL REPORTING
    Hospital Fraud
    IAS
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    IFRS Adoption
    Inventory Audit Program
    Inventory Fraud
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    Medicare Fraud
    OCCUPATIONAL FRAUD
    OCCUPATIONAL FRAUD AND ABUSE
    Online Fraud
    Pharma Company
    Red Flags For Fraud
    Revenue Fraud
    Skill Of Skepticism
    THE BUSINESS RISK OF FRAUD
    THE FRAUD RESISTANT ORGANIZATIONS
    Third Party Risk
    TIP-OFF REPORTING SERVICES
    US GAAP
    WHISTLEBLOWER PROGRAM
    White Collar Crime
    White Collar-crime
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