Businesses must carry out year-end inventories to meet tax requirements and to gather accurate data for financial statements. For some businesses, a complete physical inventory can be a major ...

Auditors spend a substantial amount of time testing inventory because it usually makes up a large portion of company assets. Many auditors maintain a physical inventory count checklist of items to ...

Each department with an inventory is required to take a physical count at least once a year to ensure an accurate asset value is reported on the balance sheet and that cost of goods sold is recorded ...

Businesses that struggle with inaccurate inventory data, large year-end adjustments of physical inventory results, or a lengthy annual physical inventory process should consider adopting a cycle ...

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 typically the largest balance sheet asset in most merchant companies. Accurate inventory is required to not only deliver timely and stellar customer service but also calculate ...