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An inventory audit is an accounting procedure designed to keep track of a company's products and merchandise. Inventory is a current supply count of company owned products. Numbers produced during inventory counts are closely evaluated by the auditor during the audit phase.
An audit is a tool that you can use to assess compliance in the workplace. An audit involves a survey to: 1  Identify what regulations apply to a company or facility. 2  Determine whether environmental and workplace safety requirements, and corporate policies and procedures regarding compliance, are being followed.3  Assess management systems currently in place to ensure compliance. Determine whether environmental and workplace safety requirements, and corporate policies and procedures regarding compliance, are being followed. 2  Assess management systems currently in place to ensure compliance. 3  An audit may also look at and evaluate the methods used to achieve compliance.