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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.
Beginning inventory is the recorded value of all goods and materials available to a company at the start of the account period. It basically refers to the inputs a company can use to generate revenues in the upcoming year. It is an asset account, where the value can be gauged by looking at the balance sheet.