Inventory is generally considered a high-risk account balance because it has a direct impact on profit. For companies whose principal activities are mainly trading, import or export of goods and manufacturing, there will be high volume of inventory movements which creates the risk of misstatement of this account balance.
It can get really complicated when documents and accounting records are not properly maintained, especially when the auditor has to attend to year-end inventory count before or after year end which involves multiple locations. Our vast experience in this field has enabled us to conduct Inventory Audits to our clients in the manufacturing and trading sector as well as companies in various fields of industries.
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