Organizations guarantee stock as a benefit and guarantee valuation for it consistently. AUDIT OF INVENTORIES AND COST OF GOODS SOLD AUDIT PROGRAM FOR INVENTORIES Audit Objectives Audit Inventory Introduction. An Inventory Audit is a procedure of bookkeeping the Inventory level of an organization. Sir, is there anything wrong in the following sentences which I copied here from the last sentence of Audit of Inventory chapter, page 91. If something is regarded as having been sold it should be counted as enclosing inventory if it is not regarded as having been sold at yearend, it should be enclosing inventory. In the audit process of inventory, physical inventory count may be the most important part of the inventory audit.
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It keeps up the record of stock put away by the organization while staying with the track of the’s present stockpile. As auditors, we usually audit inventory by testing the various audit assertions including existence, completeness, rights and obligations, and valuation.


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