Inventory Audit

An inventory audit is a process where a business verifies its stock of goods to ensure accuracy in quantity and condition. This involves counting physical items, comparing them to recorded amounts, and identifying any discrepancies or losses. The goal is to maintain accurate financial records, improve inventory management, and prevent theft or waste. Audits can be conducted regularly or randomly and help businesses make informed decisions about purchasing, selling, and replenishing their stock. Essentially, it's about ensuring that what you have on hand matches what you think you have.