Free Inventory Audit Checklist Template
Asset Management Audit Checklist
An inventory audit is crucial for ensuring accurate tracking of goods and materials within a business. By following this checklist, businesses can conduct thorough and effective inventory audits to safeguard assets, maintain accurate records, and improve operational efficiency.
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Company: |
[Your Company Name] |
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Address: |
[Your Company Address] |
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Audit Period: |
[Date] |
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Auditor: |
[Your Name] |
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Checklist Item |
Yes |
No |
N/A |
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PREPARATION PHASE: |
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Have all relevant inventory documentation been gathered? |
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Are responsibilities clearly assigned to team members? |
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Is the audit scheduled during a low inventory period? |
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PHYSICAL INSPECTION: |
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Have all items listed in inventory records been physically verified? |
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Were damaged, obsolete, or expired items identified and marked for review? |
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Are items stored in designated locations and properly labeled? |
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ACCURACY VERIFICATION: |
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Have physical counts been compared with recorded quantities? |
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Were discrepancies investigated and reasons documented? |
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Were cycle counts performed on high-value items? |
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VALUATION ASSESSMENT: |
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Has the total inventory value been calculated? |
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Were valuation methods applied consistently? |
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Were potential write-downs or write-offs evaluated? |
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INTERNAL CONTROLS REVIEW: |
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Are internal controls effectively preventing theft or errors? |
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Is access to inventory areas adequately controlled? |
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Is there proper segregation of duties? |
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DOCUMENTATION REVIEW: |
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Have inventory records been reviewed for completeness? |
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Is there documentation of audit adjustments? |
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Are procedures in place for reconciling discrepancies? |
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POST-AUDIT ACTIONS: |
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Have audit findings been compiled into a report? |
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Have corrective actions been identified and implemented? |
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Are follow-up audits scheduled for maintenance? |
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TECHNOLOGY UTILIZATION: |
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Is technology (e.g., barcode scanners, inventory management software) utilized for efficiency? |
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Are automated alerts set up for low-stock items or inventory discrepancies? |
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Is data from technology systems reconciled with manual counts for accuracy? |
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EMPLOYEE TRAINING: |
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Have employees involved in inventory management received proper training? |
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Is there ongoing training to ensure familiarity with inventory processes and protocols? |
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Are employees aware of their roles and responsibilities in maintaining accurate inventory records? |
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