An Inventory Audit may be a process of accounting the Inventory level of a corporation . It maintains the record of stock stored by the corporate while keeping track of the company’s current supply. Companies claim inventory as an asset and claim valuation for it per annum. For claiming valuation on stock Inventory audit is extremely beneficial.

Purpose of Inventory Audit?

The purpose of the audit is to urge accurate information about the inventory and to avoid stock-outs. This process should be administered at different levels of productions, in order that correct information about the stock at a special level are often judged. Inventory Audit are often done as frequently as a business wants to stay an accurate track on its inventory. If the transaction is large or the number is large , it's advisable to try to to the audit on monthly . Whereas in other cases, an audit are often conducted quarterly basis or few month after counting on the dimensions of the business.

Various IT companies have introduced their software for correct maintenance of knowledge for audit. With a push-button, the Inventory audit process are often started. Warehouse workers doing physical inventory count got relief through such automation. due to automation the accuracy and speed of the whole operation have increased.

The Auditor of the corporate must maintain all records and documents for the Inventory Audit. He must upgrade and keep track of each transaction of the assembly and sales process. a correct system is followed with minimal wastage of staple within the production process until it's converted into finished goods.