Physical inventory procedures Discuss the procedures the audit team will most likely perform during the physical observation of inventory
The audit team will observe the counting of inventory and note the following on inventory count working papers.
? The first and last tag number used in the section.
? All tag numbers and the disposition of all tag numbers in the sequence.
? The product identification, product description, units of measure, and number of items on a count sheet.
? Items that appear to be obsolete or of questionable value.
? All high-dollar-value items included in inventory.
? Movement of goods into or out of the company during the process of inventory taking.
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