Aerosonic Corporation is an airplane instrument manufacturer. Inventory was an important asset to the company, representing almost 50% of the company’s total assets for the years in question, 1999 through 2002. As explained in a compliant filed by the SEC, a variety of techniques were utilized to overstate Aerosonic’s inventory.
Please discuss the typical standard audit procedures that could have caught the fraud
（PC RADIOS）
-Physical evidence:
-Confirmation:
-Recalculation/ Reperformance:
-Analytical procedures:
-Documentation:
-Inquiry:
-Observation:
-Scanning:
-Analytical procedures
SEC Complaint:
https://www.sec.gov/litigation/complaints/comp18935.pdf
AAER:
https://www.sec.gov/litigation/litreleases/lr18935.htm
https://www.sec.gov/Archives/edgar/data/109471/000095016800002589/0000950168-00-002589.txt
https://www.sec.gov/litigation/admin/34-53404.pdf
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