1

Chapter 1

INTRODUCTION

Rationale of the Study

Small businesses are compelled to expand in managerial and technological

aspects in order to increase earnings and, in this manner, will help grow its

consumer market (Panzuto, 2011). In today’s demand, consumers are looking

for quality and improved products with shorter and more accurate deliveries at a

lower cost. (Srinivasan, 2012). So to meet these demands, businesses must be

competitive in a few measurements like process flexibility, cost efficiency and

delivery time. (Olhager, 2013). Effective inventory management provide

potential sustainable competitive advantage and develop a competitive

standing in every business. (Naliaka&Namusonge, 2015).

Management of products and people is at the heart of a successful

business. The American Production and Inventory Control Society (APICS)

define inventory management asa section of organization management

focused on planning and controlling inventories.

The degree, to which inventories of any business are safeguarded or are

kept, is reliant upon the organization’s established policies on procurement.

Stealing of cash, plant, inventories; creating fault invoices, accounts and payroll;

or even overstating of expenses in reimbursements are just a few of instances

that can encompass asset misappropriation (Loan, 2015).

Like any business, a concession requires good management to be

profitable and financially viable, such that it has to carry out efficient stock
 2

management, accounting and fraud control policies. Levis (2009) further

recommends that desirable levels of effectiveness can be attained through

orderly management and supervisory activities, monitoring adherence to

policies and procedures, and other ordinary activities such as comparisons and

reconciliations, supported by internal audit or other compliance functions that

test, monitor, and evaluate the operation of controls.

Large companies, medium-sized companies, and small companies,

inventory management is a critical management issue (Bai &Zhong, 2008).

Mazanai (2012) mentioned that, in general, the function of inventory

management as an instrument to cut costs in the Small and Micro Enterprises

received little consideration among scholars and policy makers.

Thus, question exists concerning the relationship between the level of

inventory management and fraud control implementation of the

concessionaires operating among Universities in Davao City. Because of the

vitality of having inventory management in attaining desirable effectiveness in

operation in a concession business, the aim of this study is to determine its

connection in the existing fraud control implementation of concessionaires

among the Universities in Davao City.

Hence, the researchers found this study relevant alongside with the

University of Mindanao Agenda: Sustaining University of Mindanao Gains and

College of Accounting Education Agenda: Inventory Management, in

continuing interest and commitment in promoting successful business

approach and management.

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Objectives of the Study

This study aims to determine the relationship between inventory

management and fraud control implementation of University of Mindanao

Concessionaires.

Specifically, this study sought to achieve the following objectives:

1. To determine the level of inventory management of concessionaires among

universities in Davao City in terms of:

1.1. Inventory Planning

1.2. Inventory Control

2. To determine the level fraud control implementation of concessionaires

among universities in Davao City in terms of:

2.1. Segregation of Duties

2.2. Physical Inventory Count

3. To determine the correlation between inventory management and fraud

control implementation of concessionaires among universities in Davao

City.

Statement of Hypothesis

HO: There is no correlation between inventory management and fraud control

implementation of concessionaires among Universities in Davao City

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Significance of the Study

The researchers believe that the results and findings of this study would be

beneficial to the following parties:

 Concessionaires among Universities in Davao City. The result

of this study will be a big help for the concessionaire owners inside

the Universities in Davao City that will provide a basis in

implementing new rules and regulations that can enhance

professionalism among their personnel. Thus, it will guide them in

identifying and eliminating form of frauds in using and handling their

inventory that will lead them in obtaining profitable transactions.

 Students and Faculty. A more developed management of the

concessionaires through the results and findings of this study will

greatly benefit the students and faculty in providing better quality

and improved services. Thus, it will guarantee them continuing

interests in the services they offer.

 University of Mindanao. The result of this study will help in

obtaining one of the University’s goal which is to generate new

knowledge through researches. In addition, it will also help in

maintaining the University’s Concessionaires in providing quality

services through inventory management and fraud control in the

workplace resulting in financially viable performance.

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 Future Researchers. The result of this study can be used as a

reference on their researches and can help them to get the relevant

information that they need.

Definition of Terms

For better understanding of the study, the following are the operational

definitions of terms used in this study.

 Inventory Management. Refers to how the concessionaires plan

and control their inventories in an efficient way.

 Fraud Control Implementation. Is a strategy of monitoring and

eliminating any fraud that can be a constraint in achieving the

goal of the entity, which is to maximize their profits.

 Concessionaires. Refer to the businesses inside the

Universities in Davao City that provide services to the students,

faculty and personnel through food and beverage services.

Scope and Limitations

The respondents of this research will such be limited to two (2) Universities

namely University of Mindanao concessionaires and Ateneo de Davao

University Concessionaires that will compose a total of 54 (fifty-four)

concessionaires for both schools.

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Chapter II

Review of Related Literature

Presented in this section are the related studies and literature review cited

from different books, journals, and websites that are relevant to inventory

management and fraud control implementation. It also covers the indicators of

each variable incorporated in the study.

Inventory Management

Inventory management is the supervision of the constant flow of units

going in and out of the inventory (Onkundi & Bichanga, 2016). Zabri (2014)

mentioned that an inventory management concept is characterized as an

outline of the inventory management system and it incorporates the physical

foundation, the planning and control design, the structure of management

information and organizational embedding of the inventory system. Ontita

(2016) also stated that inventory management intends to detect and maintain a

peak level in all types of inventories and escalate the flow of goods, information

and other related sources like individuals and energy from the beginning to the

end of the process. He also added that having an excessive inventory

complicates the business and it may result to possible loss. However,

insufficiency of inventory can also lead to conflict in business operations that

may result to customer service disappointment.

As stated in the study of Prempeh (2015), inventory management

includes the evaluation of the rate of supporting stock levels to abstain from

having too much or less inventory in storage and its nature is to obtain and
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effective and efficient stock management. Having an effictive stock

management is essentialbecause it can assist small medium enterprises with

being more productive by bringing down its cost of merchandise sold as well as

by expanding deals or sales(Ngubane, Mayekiso, Sikota, Fitshane, & Matsoso,

2015). A lower cost of merchandise sold is accomplished by making the

inventory fewer while at the same time ensuring that stocks are sufficiently

enough which will result to an increase in sales because items are accessible

when clients need them.

Several researchers have assessed multiple inventory management

practices and performamces and those researches have come about to

tremendous knowledge related to inventory management of different firms.

Wang (2016) mentioned that retaining inventory level diminish the cost of

possible disturbance or loss of scarcity of products, lowers supply cost and

protects against inflation rates. he included that possible stock out cost would

risen caused by the conversion of inventory period that would prompt possible

lesser sales oppurtunities and lower execution.

Inventory Planning

Inventory planning is very important especially for smaller business

because it has a direct impact on the entity’s cash flow and profit margin.

Keeping too much inventory is one of the leading factors that results to

problems in several companies (Pefianco, 2017). Kokemuller (2013)

mentioned thathaving an excess stock normally prompts to decrease the

overall profit in numerous scenearios and enterprises typically end up putting

excess items on leeway to convince customers to buy them at lower costs. He

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also added that this is one of the most astounding expenses for some

companies because having a high amount of inventory equates to spending for

the work to manage it, space to hold it and protection to secure it from harm and

loss.

However, Leonard (2018) said that some companies want to let their

customers know they have items always in stock and will benefit from the

maintenance excess inventory. As a comparison to situations of having

inventory shortage and having more stocks that you need, inventory shortage is

much more worse because if buyers approached you and you don’t have

enough stocks, you have the risk of losing them to your oponent in the business

industry(Kokemuller, 2013).

Murray (2018) stated that having a stock out can be the worst nightmare of

business owners. This means that if a certain inventory for an item is missing or

lacking, the production will stop and delay the business or an order of a

customer will not be completed. As mentioned in the study of Nigam (2016),

stock outs contain a great impact on the performance on how the customers

purchase such as choosing to buy another product, delaying of purchase or

buying nothing at all. He added that the customer’s excitement on buying a

product will soon run down and this will become an opportunity cost. Nash

(2015) mentioned that when stock out situations arises, a customer will prefer

to buy a substitute product of the item unavailable. He added that there is a high

possibility that the business will lose the customers and their loyalty due to the

negative impression that the stock out had given thus this will harm the sales of

the business.
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Gomez (2017) said in her study that to refrain from being out of stock,

classification management practices must be employed because there are

several competitors in the business industry, and one mistake will have a great

impact in the business that may result to failure. She also added that

businesses must prioritize the implementation of inventory management

practices effectively and the allocation of space for inventory. When a business

controls their inventory effectively, they will be able to provide their services and

obtain a positive customer satisfaction (Marx, 2018).

Inventory Control

Inventory control is another important key component of maintaining good

inventory management. This component supervise the adequate level of

inventory that the entity will maintain. One goal of inventory management is to

make a low level of inventory in order to generate more to cash to use by the

entity for other purposes (Axsater, 2015). In addition , Biswas et al. (2017)

stated that inventory control is needed in order to ensure that appropriate

amount of stock level is maintained to be able to meet the custemers order

anytime they need the product.

Every business needs to have a good inventory control to ensure customer

satisfaction thus increases profit. As technology rapidly improving, a lot of

inventory system has been widely used by most entity’s to ensure their

profitability. Lastly, effective inventory control gives a significant reduction of

the cost of handling the inventory ( Zhao et. Al., 2016).

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Fraud Control Implementation

Galleta (2015) mentioned that fraud is an intentional act of misappropriating

the entity’s assets or the most popular is manipulating the financial statements

that can cause material misstatement for their own benefits. In addition,

financial crisis and lack of awareness by the management about the impact of

fraud in an organization are the main reasons why these frauds are present

(Muoton, 2013). Hence, a lot of organizations offers training to their financial

executives and often included the discussion of fraud awareness in their

meetings so that management are aware about the risk of committing fraud and

its adverse impact to the organization (Verick, 2013).

Fraud control implementation starts from the point of hiring the employees

of the organization. The staff recruitment department should need to know the

different characteristics of each employee they hired in the entity and making

sure that they hired an employee with integrity in doing their work because this

will prevent in committing fraud among the employees (Nwanyanwu, 2018). On

the other hand, Ball and Kern (2013) concluded that in controlling fraud within

the organization, the owner and management should exhibit a good example of

ethical manners to their employees and to encourage their employees to

immediately report any suspected fraud to the management. They further

stated that creating new policies when frauds are detected will limit the

employees to engage any fraud activities within the organization.

As indicated by the experts, inventory is the most common and easily to

manipulate in the financial statements but difficult to detect by the auditors. This

is supported in the study of Wiersema (2001) that inventory is the most

 11

dangerous part of the financial statements especially when the company is

using the perpetual inventory system. He added that using perpetual system is

not 100 percent accurate and this is the reason why its quantity is easily to

manipulate that will lead to the existence of fraud. Thus, business owners,

management and company advisors need to understand the how and why of

the occurrence of fraud within the organization to enable them immediately

control any fraud (Kramer, 2016).

Segregation of Duties

Geer (2015) mentioned that the idea of segregation of duties refrain one

person from being assigned of such responsibilities in custody, authorization,

recording and execution at the same time. He also added that this strategy

lessens the rate of fraud, conflict of interest and illicit acts in a business

because it would take two unlawful people to commit misappropriation of assets

or fraudulent financial reporting. Errors are also avoided because one tends to

focus more only in one duty thus enhances their productivity level and if in any

cases error or inaccuracy exists, it will be detected easily by the one who is in

charge (Thomas, 2013).

Indicated in the study of Kobelsky (2013), segregation of duties is clearly

emphasized in auditing standard number 314 and mentioned that business

enterprises must follow this strategy to improve the quality of their internal

control. He added that having an effective and efficient internal control in an

entity will result to a healthy business enterprise and this will lead to a

satisfactory income. No businessmen would want to feel betrayed by their own

people or employee and that isthe reason why the allocations of jobs are
 12

important because the thought of committing fraud will be removed from the

minds of the people (Murray, 2011).

However, Li (2015) stated that segregation of duties is time consuming as a

comparison to one person doing everything. He also mentioned that it is also

impractical or too expensive because having more employees to assign in each

and every different task will be needed thus paying more salaries to more

people. Small and medium-sized enterprises are having a hard time with the

distribution of duties because they have fewer employees (Manasseh, 2017).

This may also be ineffective when managers’ override and when employees

decide to collide with each other to do fraudulent acts and will be hard to detect

especially when they conceal their actions (Loan, 2015).

Physical Inventory Count

Physical inventory count should be properly planned to be accurately count

the inventory and the entity can minimize the cost of the whole physical count

process (Warren, 1997). Simpkins (2016) mentioned that when doing the

physical count, supervisors or managers of the entity should always oversee

those who are engage in the physical counting to ensure the accuracy. Lastly,

proper inventory management improves the profitability of the business

(Kontus, 2014).

As emphasized by Wiersema (2001), inventory is the easiest part of the

financial statement that is easy to commit fraud. In relation to this, a lot of food

service owners implemented an accounting system to accurately check its

inventory that will help them in detecting and controlling fraudulent activities by

its employees in the inventory (Johnson, 2013). Hence, management inventory

 13

system is a big help to avoid physical intervention of the employees to the

entity’s inventory (Rawat, 2015).

Theoretical Framework

This study was supported by the following studies:

Naliaka&Namusonge (2005) emphasized that demanding situations of

inventory management and control were around for a completely long time

mainly in fields of discrepancies, theft, fraud, obsolescence, deterioration and

breakages. Businesses sometimes do not control their inventory holding which

cause them to stay off production with low stocks resulting to business

ineffectiveness thus developing problems between inventory control and

business effectiveness,profitability and productivity. An excessive amount of

inventory consumes physical space, creates financial burden and increase

potentiality of spoilage, damage and loss.

Effective internal management control, if implemented effectively can lead

to success in business areas. This is supported by the theories of (Hayes,

1995 &Synder et al, 1989) Doyle et al, 2007), by noting that improved internal

management control should result to more reliable internal data and

information such as inventories, payable and performance level, therefore

leading to improved operations, better internal decision making and lower

employee fraud.

Ingram (2012), emphasized that internal business controls such as

inventory audit, physical inventory counts on hand and compare it with internal
 14

inventory records, purchase records and sales records to help detect

occurrence of theft, spoilage or other forms of frauds.

This study is premised on the assumption that in any businesses,

especially Concessionaires, a careful study of inventory management

practices is needed to ensure better performance, thus influences fraud control

implementation. More relevant than the others, the above three theories will be

used as basic ground in determining the relationship between the two

variables.

Conceptual Framework

This study is aimed to determine the correlation between inventory

management and fraud control implementation of concessionaires in among

Universities in Davao City.

Figure 1 illustrates the conceptual framework of the study. It shows the

relationship between the variable X indicated by level inventory management

in terms of 1.) Stock Outs and 2.) Surplus Stock; and variable y indicated by

the level fraud control implementation in terms of 1.) Inventory Theft and 2.)

Physical Inventory Count.

Variable X Variable Y

Inventory Management Fraud Control Implementation

Stock Out Inventory Theft

Surplus Stock Physical Inventory Count

Figure 1. Conceptual Framework Showing the Variables of the Study

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Chapter III

This chapter presents and discusses the research design, research

respondents, research instruments, data gathering procedure and statistical

tools to be used in this study.

Research Design

This study uses the descriptive-correlation design. Since this study aimed

to determine the correlation between inventory management and fraud control

implementation of concessionaires among Universities in Davao City, this

research design was the most suitable to use as stated on the writings of

Creswell (2014). He mentioned that this research design is used by

researchers to describe and measure the degree of relationship between two or

more variables.

Research Respondents

The respondents of this study will be the concessionaires of different

universities in Davao City. The researchers will distribute the modified

questionnaires to fifty-four (54) concessionaires. They will be selected through

universal sampling where all elements in the population are considered and

each of them has an equal chance of being chosen (Gravetter&Forzano, 2011).

They are the respondents of this study because the researchers aimed to know

the correlation of inventory management and fraud control implementation of

concessionaires among universities in Davao City.

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Research Instrument

The research instrument to be used in the collection of data will be the

modified questionnaire from the study of Lara, Nonog and Sister (2014) entitled

“Inventory Management Practices of the Selected Small and Medium

Enterprise of Owners in Davao City”. This instrument consists of two parts: Part

1 which will determine the inventory management of the concessionaires and

Part 2 which will determine the fraud control implementation of the

concessionaires.

An interval scale, particularly Likert scale, where management will rate

each item from: 5) always, 4) often, 3) sometimes, 2) seldom, and 1) never

were used as the basis of answering questionnaires. A five-point scale will be

use in the interpretation of responses of the respondents in terms of inventory

management practices.

Research Data Interpretation

Mean Equivalent Descriptive Interpretation

Level

4.20- 5.00 Always Very High The activities are manifested at all times

3.40- 4.19 Often High The activities are manifested almost at all

times

2.60- 3.39 Sometimes Moderate The activities are manifested in many

instances

1.80- 2.59 Seldom Low The activities are manifested in few

instances
 17

1.00- 1.79 Never Very Low The activities are not manifested at all

Data Gathering Procedures

This part states the procedures that will be taken throughout the study.

1. Seeking permission to conduct the study. The researchers willask

the permission to conduct this study to the authorities of the College of

Accounting Education

2. Distribution of the research instrument. The researchers themselves

will distribute the questionnaires to the respondents. Prior to the

distribution of the questionnaires, the researchers will explain first to the

respondents such activity and its significance to be able to understand

well every question that will be asked. Lastly, the respondents will be

given enough time to answer the questions asked.

3. Retrieval of the research instrument. The accomplished

questionnaires will be retrieved by the researchers after respondents

completely filled out the questionnaires. The researchers will tally,

tabulate the raw scores of the respondents and immediately forward it to

the statistician for data analysis.

Statistical Tool

The statistical tools to be used in the analysis of the results of the gathered

data are the following:

Mean. It is often called as “average”. It is calculated by summing up all the

scores and dividing the outcome by the number of scores in distribution

(Crossman, 2013).
 18

Pearson’s-R. This will be used to determine the relationship between

inventory management and fraud control implementation of concessionaires

among universities in Davao City on an interval or ratio scales of measurement.

 19

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