“Since auditors observe only a statistical sample of inventory on hand, inventory chicanery can go undetected.”
“Inventory fraud has increased fourfold from five years ago.”
“The recent rise in inventory fraud is one of the biggest single reasons for the proliferation of accounting scandals.”
“Experts say many companies overvalue obsolete goods and supplies. Others create phantom items in the warehouse to augment the assets needed as loan collateral. Still others count inventory that they pretend they have ordered but that will never arrive.”
Writes Prof. Charles Mulford Scheller, College of Business, Georgia Institute of Technology, Atlanta, GA – in the Wall street journal
Now more than ever, Companies need to know the true state of their financial affairs. A large part of their questionable value lies in their assets. The surest way of being sure is to engage the services of an independent valuator that can provide an accurate, reliable, and trusted valuation.
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