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The auditors observe physical inventory during an audit to obtain information relevant to rights
to and valuation of inventory. The evidence supporting the existence of physical inventory is also
obtained. Physical inventory allows businesses to keep their stock ledgers accurate and up to date.
As a result, accurate information will prevent businesses from the risk of losing sales due to the
unavailability of stock when customers highly demand it. Physical inventory also guides a business
to effectively and accurately stock goods or products as it reveals those under or overstocked. Thus,
the business can maximize its profits. Similarly, businesses have been able to reduce unnecessary
investment in stock by observing physical inventory. The risk of goods or products being lost or
stolen is significantly minimized through observing physical inventory.
Audit sampling refers to the use of an audit process on a selection of the items with a class of
transactions or account balance. Examination of an entire population is highly ineffective in cases
where population sizes are large. In such a case, audit sampling will be an efficient audit procedure.
Similarly, audit sampling allows selecting less than a hundred percent of total items within a
population of items for auditing. It is a vital investigative tool that allows auditors to draw their
conclusion and express their opinion based on supporting evidence from the sampling results
without auditing each transaction and item. Equally, audit sampling plays a significant role in th...