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Self-Study Courses

Detecting & Preventing Inventory Fraud (Currently Unavailable)

2 CPE Credits $27.50/credit hour Tuesday, October 4, 2016 · 9:00am PT / 12:00pm ET

This course is designed to review the issue of inventory frauds. Examples of actual frauds will be provided so participants can understand how the frauds are being committed and how they were uncovered. We will review various methodologies for detecting inventory fraud and will discuss developing internal controls to help prevent and detect inventory fraud.

Publication Date: October 2016

Topics Covered

  • Review the issue of inventory frauds
  • Examples of actual frauds
  • Howfrauds are being committed and uncovered
  • Review various methodologies for detecting inventory fraud
  • Develop internal controls to help prevent and detect inventory fraud

Learning Objectives

  • Review methodologies for detecting inventory fraud
  • Design internal controls to prevent & detect inventory fraud
  • Identify ways management can use internal controls to encourage employees to help with inventory fraud prevention
  • Recognize which industries is an example of where it is beneficial to use the specific identification method for valuing inventory
  • Differentiate examples of short-shipping
  • Identify inventory schemes manipulate inventory in order to defer reporting the company's expenses until the inventory is sold
  • Recognize aspects of the control environment
  • Differentiate which inventory count can be circumvented when it comes to inventory fraud
  • Identify pressures involved with inventory fraud
  • Recognize the number one internal control most often missing in an organization where fraud occurs
  • Describe how most fraud is detected
  • Identify specific risks of merchandise inventory
  • Recognize how inventory must be adjusted to on a regular basis
  • Differentiate which trend analysis a good way to detect breakage fraud
  • Identify why it's important to document internal controls
  • Recognize how internal controls need to be designed based on inventory
  • Describe important internal control for manufacturing companies

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
A basic understanding of fraud and internal controls

Advance Preparation
None

Instructor

Robert K Minniti

DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI

Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.

Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.

He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.

Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.
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