Inventory Audit
/ˈɪnvənˌtɔːri ˈɔːdɪt/
Definitions
- (n.) A systematic examination of a company's inventory to verify accuracy, condition, and compliance with accounting principles, often for legal or financial reporting purposes.
The court ordered an inventory audit to resolve discrepancies in the assets reported during the bankruptcy proceedings.
Forms
- inventory audits
Related terms
See also
Commentary
Inventory audits are crucial in legal contexts involving financial disputes, insolvency, or regulatory compliance, ensuring transparent and verifiable asset records.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.