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Conducting a physical inventory of McIntyre Organics: Bringing real-life experiences to the classroom

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  • Ozlanski, Michael E.
  • Seymoure, Suzanne

Abstract

Staff auditors often complete physical inventory observations during their initial years in public accounting. Because of the “hands-on” nature of these procedures, it can be difficult to illustrate these concepts in traditional classroom settings. We developed an interactive case that can be easily implemented in undergraduate or graduate auditing classes, and it can be easily adapted for face-to-face and online courses. You evaluate risks related to inventory and identify factors associated with selecting inventory locations for testing. You also analyze the relationship among financial statement assertions, potential misstatements, and audit tests. Finally, you apply audit procedures on a company's physical inventory and evaluate the results of auditing a company's physical inventory. This case illustrates material included on the CPA exam and tasks that are often assigned to auditors during their initial years as public accountants.

Suggested Citation

  • Ozlanski, Michael E. & Seymoure, Suzanne, 2021. "Conducting a physical inventory of McIntyre Organics: Bringing real-life experiences to the classroom," Journal of Accounting Education, Elsevier, vol. 56(C).
    • Handle: RePEc:eee:joaced:v:56:y:2021:i:c:s0748575121000166
    DOI: 10.1016/j.jaccedu.2021.100729
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    References listed on IDEAS

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    1. Presley, Theresa J., 2019. "A risk based approach to large datasets: Analysis of time series data for a large merchandising firm," Journal of Accounting Education, Elsevier, vol. 49(C).
    2. Spires, Eric E. & Ward, C.J., 2015. "A classroom example of the deleterious effects of auditor predictability," Journal of Accounting Education, Elsevier, vol. 33(1), pages 36-49.
    3. Cipriano, Michael & Hamilton, Erin L. & Vandervelde, Scott D., 2016. "Newport Soup Inc.: An interactive inherent risk assessment case," Journal of Accounting Education, Elsevier, vol. 37(C), pages 13-23.
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