Inventory Audit Checklist

Use this Inventory Audit Checklist to track stock levels, verify product conditions, and ensure accurate records to maintain smooth inventory operations.

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Retail
Inventory Audit Checklist

Inventory Preparation

Documentation And Records

Stock Counting Procedures

Stock Reconciliation

Security And Access Control

Audit Compliance And Reporting

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Checklist by GoAudits.com – Please note that this checklist is intended as an example. We do not guarantee compliance with the laws applicable to your territory or industry. You should seek professional advice to determine how this checklist should be adapted to your workplace or jurisdiction.

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Inventory Audit Checklist

Use this Inventory Audit Checklist to track stock levels, verify product conditions, and ensure accurate records to maintain smooth inventory operations.

1. Is the inventory count scheduled during a period of low activity?

2. Have all relevant staff been informed of the audit date and procedures?

3. Has the inventory area been cleaned and organized prior to the count?

4. Are all inventory items labeled clearly with SKUs or barcodes?

1. Are current inventory records up to date and accessible?

2. Is there a master inventory list to compare against physical stock?

3. Are purchase and sales records available for cross-verification?

4. Are previous audit reports reviewed for discrepancies or trends?

1. Are count teams assigned and briefed on the methodology?

2. Is a blind count method used to prevent bias?

3. Are damaged, obsolete, or unsellable items identified and separated during counting?

4. Is each item physically counted and documented without assumptions?

1. Are physical counts compared with inventory system records?

2. Are all discrepancies flagged for investigation?

3. Are explanations for discrepancies documented (e.g., shrinkage, misplacement)?

4. Are adjustments made in the inventory management system based on verified data?

1. Is access to inventory restricted during the audit?

2. Are high-value or sensitive items counted with additional supervision?

3. Are audit participants required to sign in and out of secure areas?

4. Are cameras or monitoring tools reviewed if discrepancies are suspected?

1. Is the audit process aligned with internal policies and financial reporting standards?

2. Is a formal audit report created summarizing results and findings?

3. Are audit results reviewed with management and key stakeholders?

4. Are follow-up actions or process improvements identified and assigned?