Forensic Accounting for TenKey Book Company
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If you were brought in as Sandra's outside forensic accountant (advice):
I will advice Sandra to carry out proper classification so that inventory is properly identifiable. There should not be problems where one material was identified as another. Further, Sandra should make sure that inventory counts were performed by employees whose functions are independent of the physical custody of the inventories and record keeping functions. In several firms accountants that keep records are called in for counting of inventory. This should be avoided. Sandra should ensure that there is proper counting of inventory and whenever there is counting the physical movement of inventory should either be closely controlled or stopped all together.
Sandra should look into the reconciliation of the physical counts and detailed inventory records. If there are significant differences that means there is a chance of inventory theft. What about book stores located at remote locations? Is the ...
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