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 ...

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 ...

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 ...