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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.
Inventory is an asset held by a business for sale, and it adds to the total capital of a business. The control of your inventory is an important aspect of managing the finances of a business.hen a business overstates the inventory, the reduced cost of goods sold will increase the businessâs bottom line and tax liability. This error translates into an overstatement of net income before taxes and ultimately may cause the business to overpay taxes.