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Auditing is the process of verifying that the financial records of an entity are accurate and fairly represented. Transactions in financial records must fairly represent the entity’s financial positioning and actual operating activities.
Auditing inventory is the process of cross-checking financial records with physical inventory and records. It can be completed by auditors and other parties.An auditing inventory can be as simple as just taking a physical count of stock and inventory to match the records with physical stock.
Cost reduction and bottom-line.
Identification of slow-moving stock, obsolete stock, dead stock, and scrap.
Helps too identify the weaknesses and inefficiencies of management in different functional areas, such as production, sales, finance etc.
Instant information of value of inventory.
Reduction in gaps in the present inventory management process.
Management auditors requires information for the appraisal of various Managerial aspects.All information about the company will be collected.
The Management auditors should carefully examine the information may also be required to reach certain conclusions. The information should be carefully studied to ascertain the real position of organisation.
The information collected by management auditor should be compared with the objects and standards set earlier. Sometimes, information is compared with that of previous years. This will give on idea of actual performance of the entetprise. This will help in assessing the comparative performance of the unit.
The auditor prepares a report detailing the findings of the audit. Included in the report are mathematical errors, posting problems, payments authorized but not paid and other discrepancies; other audit concerns are also listed. The auditor then writes up a commentary describing the findings of the audit and recommended solutions to any problems.