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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.
According to the Institute of Cost and Management Accountants of Pakistan, a cost audit is an examination of cost accounting records and verification of facts to ascertain that the cost of the product has been arrived at, in accordance with principles of cost accounting. [citation needed]