Inventory is a large part of the auditing process for companies with physical goods. Inventory is a substantial portion of total assets for many companies. In addition, there are many complex ...

Any business that uses assets should hold a regular asset inventory audit in order to track important data like the number, condition, and location of all assets. The audit is a cost-effective method ...

Auditors spend a substantial amount of time testing inventory because it usually makes up a large portion of company assets. Many auditors maintain a physical inventory count checklist of items to ...

A new audit data standard issued by the AICPA Assurance Services Executive Committee (ASEC) addresses the inventory subledger and is intended to accommodate basic analysis of the inventory process.

The widespread use of information technology (IT) can introduce various risks that affect financial reporting and the audit process. To assist auditors in identifying and addressing these risks, the ...