Tenkey Book Company Physical Inventory Fraud Case

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Inventory fraud involves the theft of physical inventory items and the misstatement of inventory records on a company 's financial statements (http://smallbusiness.chron.com/detect-inventory-fraud-34321.html)/ The AICPA generally accepted auditing standards . Perpetrators will commit this by simply taking the inventory from the company premises without touching the books and records, manipulating the inventory records, recording the stolen item as sales, or by stealing the purchase item before it is recorded in inventory records. Thus, if I am Sandra’s forensic accountant, I would advise her to conduct a random physical audits of inventory on all stores of the Tenkey Book Company to unravel the theft/fraud schemes. Sandra should make sure that

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