{"title":"Conducting a physical inventory of McIntyre Organics: Bringing real-life experiences to the classroom","authors":"Michael E. Ozlanski , Suzanne Seymoure","doi":"10.1016/j.jaccedu.2021.100729","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":35578,"journal":{"name":"Journal of Accounting Education","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jaccedu.2021.100729","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Education","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0748575121000166","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 1
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.
期刊介绍：
The Journal of Accounting Education (JAEd) is a refereed journal dedicated to promoting and publishing research on accounting education issues and to improving the quality of accounting education worldwide. The Journal provides a vehicle for making results of empirical studies available to educators and for exchanging ideas, instructional resources, and best practices that help improve accounting education. The Journal includes four sections: a Main Articles Section, a Teaching and Educational Notes Section, an Educational Case Section, and a Best Practices Section. Manuscripts published in the Main Articles Section generally present results of empirical studies, although non-empirical papers (such as policy-related or essay papers) are sometimes published in this section. Papers published in the Teaching and Educational Notes Section include short empirical pieces (e.g., replications) as well as instructional resources that are not properly categorized as cases, which are published in a separate Case Section. Note: as part of the Teaching Note accompany educational cases, authors must include implementation guidance (based on actual case usage) and evidence regarding the efficacy of the case vis-a-vis a listing of educational objectives associated with the case. To meet the efficacy requirement, authors must include direct assessment (e.g grades by case requirement/objective or pre-post tests). Although interesting and encouraged, student perceptions (surveys) are considered indirect assessment and do not meet the efficacy requirement. The case must have been used more than once in a course to avoid potential anomalies and to vet the case before submission. Authors may be asked to collect additional data, depending on course size/circumstances.
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