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What are Inventory Audit Procedures? If your company records its inventory as an asset and it undergoes an annual audit, then the auditors will be conducting an audit of your inventory.What do Auditors look for in a warehouse audit?
The auditors will review purchase records to ensure that the inventory in your warehouse is actually owned by the company (as opposed to customer-owned inventory or inventory on consignment from suppliers). Inventory layers.What is the most important part of the inventory audit?
In the audit process of inventory, physical inventory count may be the most important part of the inventory audit. This is due to physical inventory count can provide evidence on existence and completeness. It is also important for us to evaluate whether the inventory reported in the financial statements is correctly valued.How to perform an inventory audit in XYZ Ltd?
ABC audit firm was appointed to perform an inventory audit in XYZ Ltd, a manufacturing company that purchases raw material and produces finished goods. ABC audit firm will apply the following audit procedures to complete the audit: The matching of financial records with the physical count of the inventory items.