Fraud: Focus on Inventory

Description

The Association of Certified Fraud Examiners (ACFE) has developed a fraud tree which categorizes types of fraud schemes into the following three primary areas:

• Corruption

• Asset Misappropriation

• Financial Statement (FS) Fraud

Previous courses have addressed corruption and asset misappropriation related to fraudulent disbursements and financial statement fraud.   This course addresses asset misappropriation – specifically related to inventory and other assets.

To identify how fraud can be mitigated, individuals must understand the types of fraud most prevalent to their business.  Asset misappropriation is a scheme in which an employee steals or misuses the employing organization’s resources. Considering inventory and other assets, there are multiple methods in which fraud can occur.  These extend through the raw materials, work in process, and final goods stages.  It can relate to employee theft, vendor fraud or accounting irregularities.  This session will focus on the many methods involved in inventory fraud.

This course is brought to you by Illumeo. Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job. Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination. Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

What You Will Learn!

• Explore the penalties for asset misappropriation.
• Recognize the definitions of inventory and other assets.
• Identify types of inventory fraud and relevant red flags within the raw materials and Work in Process (WIP) categories.
• Explore the concept and relevant red flags for misstating inventory value.
• Explore the concepts and red flags of accounting inventory type frauds.
• Identify prevention methods for inventory fraud.
• Explore the concept and relevant red flags for “other assets” fraud.

Who Should Attend!

• Anyone interested in Accounting, Finance, Risk Management, Inventory Management or related fields.

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