Auditing indicate auditors must verify the inventory balance stated on the financial statement is correct and an auditing is to do a physical count of inventory items.

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05-09-2022
Business

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Auditing indicate auditors must verify the inventory balance stated on the financial statement is correct and an auditing is to do a physical count of inventory items.

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-09T20:42:26-04:00

Auditing standards indicate auditors must verify the inventory balance stated on the financial statement is correct and an auditing procedure is to do a physical count of inventory items.

What is auditing?

"Independent examination of financial information of any entity, whether profit-oriented or not, irrespective of its size or legal form when such examination is performed with a view to offer an opinion thereon" is what is meant by an audit.

A physical inventory check is followed by an auditor's review or inspection of various books of accounts to ensure that all departments are using the same documented system of documenting transactions. It's done to make sure the organization's financial accounts are accurate.

Therefore,

Auditing standards indicate auditors must verify the inventory balance stated on the financial statement is correct and an auditing procedure is to do a physical count of inventory items.

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