An inventory audit cross-checks a company’s financial records against its inventory records and ensures these records match its physical inventory count. It is a vital process to ensure inventory accuracy and identify any discrepancies in stock counting or financial records.
In physical counting, you will go through every item in the warehouse to record the number of available products, usually with the assistance of technology. Audits take it a step further to confirm the correct quantity, as well as the quality and condition of your stock