Small, privately held businesses that warehouse inventory in an onsite or offsite location typically conduct an annual internal inventory audit. While procedures for counting and valuing inventories ...

Discover the audit cycle process, from identification to management review, and learn how it ensures accurate financial ...

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 ...

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 ...

A new audit data standard issued by the AICPA Assurance Services Executive Committee addresses the inventory subledger and is intended to accommodate basic analysis of the inventory process. Through ...

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 ...

Every year, spring signals the end of another audit season for many companies and their auditors. It’s a cycle that has remained essentially unchanged for more than 80 years since the advent of the ...

Taking inventory of the past year can help you start the new year off strong as a business owner. Entrepreneur Jen Glantz says to audit both your personal and business finances. Reevaluate your goals ...