Free Inventory Audit Checklist

Company:

[Your Company Name]

Address:

[Your Company Address]

Audit Period:

[Date]

Auditor:

[Your Name]

PREPARATION PHASE:

Have all relevant inventory documentation been gathered?

Are responsibilities clearly assigned to team members?

Is the audit scheduled during a low inventory period?

PHYSICAL INSPECTION:

Have all items listed in inventory records been physically verified?

Were damaged, obsolete, or expired items identified and marked for review?

Are items stored in designated locations and properly labeled?

ACCURACY VERIFICATION:

Have physical counts been compared with recorded quantities?

Were discrepancies investigated and reasons documented?

Were cycle counts performed on high-value items?

VALUATION ASSESSMENT:

Has the total inventory value been calculated?

Were valuation methods applied consistently?

Were potential write-downs or write-offs evaluated?

INTERNAL CONTROLS REVIEW:

Are internal controls effectively preventing theft or errors?

Is access to inventory areas adequately controlled?

Is there proper segregation of duties?

DOCUMENTATION REVIEW:

Have inventory records been reviewed for completeness?

Is there documentation of audit adjustments?

Are procedures in place for reconciling discrepancies?

POST-AUDIT ACTIONS:

Have audit findings been compiled into a report?

Have corrective actions been identified and implemented?

Are follow-up audits scheduled for maintenance?

TECHNOLOGY UTILIZATION:

Is technology (e.g., barcode scanners, inventory management software) utilized for efficiency?

Are automated alerts set up for low-stock items or inventory discrepancies?

Is data from technology systems reconciled with manual counts for accuracy?

EMPLOYEE TRAINING:

Have employees involved in inventory management received proper training?

Is there ongoing training to ensure familiarity with inventory processes and protocols?

Are employees aware of their roles and responsibilities in maintaining accurate inventory records?