What Is an Inventory Audit

What Are Inventory Audits? Inventory audits check to ensure that financial records match a company’s inventory records and that those records align with a physical inventory count.

What do you mean by inventory audit?

An inventory audit is when either you or an auditor uses analytical procedure to check a company’s inventory methods and confirm that the financial records and actual count of goods match.

What are 3 types of audits?

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.