Focus on Fraud - Inventory

Field: Fraud | Delivery Method: Self Study | CPE Hours: 1.5

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.

Learning Objectives

  • 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.

Field: Auditing
CPE: 1.5
Delivery Method: Self-Study
Format: Video


Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  Fraud - Focus on Inventory
Available in days
days after you enroll

Frequently Asked Questions


When does the course start and finish?
The course starts now and never ends! It is a completely self-paced online course - you decide when you start and when you finish.
How long do I have access to the course?
How does lifetime access sound? After enrolling, you have unlimited access to this course for as long as you like - across any and all devices you own.
What if I am unhappy with the course?
We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a full refund.

Get started now!