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 ...

Accounting and auditing procedures are the steps that accountants and auditors follow when performing their respective tasks. Although accounting is about recording business transactions into ...

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 ...

Technology has wrought many a change in your average accounting firm — completely revamping tax prep and bookkeeping — but it has had much less impact on the audit function over the past two decades.

Editor’s note: The coronavirus pandemic has made inventory testing a huge challenge for auditors, particularly for client entities with a March 31 fiscal year end. Audit firms are requiring staff to ...