Inventory Auditing

Definition: Inventory Auditing is the process of systematically comparing and reconciling the physical count of a company's inventory with its corresponding financial and inventory records to ensure accuracy, verify quantity and quality, and identify discrepancies like theft or damage. This systematic review helps confirm the existence, value, and condition of assets, ensuring accurate financial reporting, regulatory compliance, and effective management of stock levels.
There are several types of inventory audits, including physical counts, cycle counts, spot checks, and third-party audits.

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