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Discussion Week 10 inventory

“Inventory”: Create a scenario that demonstrates how management can manipulate inventory values that may go undetected by the auditing team. Given the inherit audit risks related to inventory valuation; design an effective auditing plan for this area that minimizes risk exposure for the auditing firm.

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A company inventory is the value of goods the company manufactured but has not sold to its customers. When the inventory is sold it is transferred to cost of goods sold. Overstating inventory will lower the cost of goods sold of a company, therefore increasing net income. Inventory is one of the hardest things for an auditor to audit because a company inventory can be disperse around world and it is difficult to count and account for each piece. Managers can manipulate inventory for this reason, they can inflate it and it is hard for auditors to tell the right value because of the limited time to audit the company the auditor cannot go to each inventory location and count piece by piece.

An audit firm must understand the company, the industry it is in, and it inventory methods. After thoroughly understanding the

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