Inventory Audit Checklist Template
Ensure accurate stock levels, minimize losses, and streamline your inventory processes with our comprehensive Inventory Audit Checklist Template. This downloadable checklist guides you through a thorough assessment of your stock, identifying discrepancies and highlighting areas for improvement. Perfect for small businesses to large enterprises - maintain inventory accuracy, reduce shrinkage, and optimize warehouse efficiency today!
This Template was installed 5 times.
Preparation & Scope
Define audit objectives, team, timeframe, and scope of inventory to be audited.
Audit Start Date
Audit End Date (Planned)
Number of Audit Team Members
Audit Type
Inventory Locations to Audit
Audit Objectives (Briefly)
Scope Description (Detailed)
Initial Data Review
Compare current inventory records (ERP, WMS) with physical counts from previous audits and sales data.
Last Audit Date
Total Inventory Value (Record)
Total Items (Record)
Summary of Previous Audit Findings
ERP System Used
Sales Volume (Last Month)
Cutoff Date for Sales Data
Physical Inventory Count
Systematically count each item in the designated scope, recording discrepancies.
Location ID/Code
Recorded Quantity (System)
Physical Count
Variance (Difference)
Discrepancy Notes (if applicable)
Item Condition
Potential Causes (select all that apply)
Assigned Auditor Initials
Item Identification & Verification
Confirm item descriptions, SKUs, and units of measure match records and physical items.
Item Description
SKU (Stock Keeping Unit)
Expected Quantity
Actual Quantity
Unit of Measure
Condition
Notes/Comments
Photo Evidence (if applicable)
Location Verification
Verify the correct location of each item based on inventory records.
Expected Location (per records)
Actual Location (physical scan/observation)
Location Confirmation
Discrepancy Details (if applicable)
Quantity Discrepancy (if applicable)
Reason for Location Discrepancy (if applicable)
Condition Assessment
Evaluate the condition of items (e.g., damage, expiration dates, obsolescence).
Overall Item Condition
Detailed Description of Condition (if not 'Excellent')
Quantity Damaged/Defective
Expiration Date Status
Expiration Date
Obsolescence Indicators
Photos of Damage/Defects (Optional)
Discrepancy Investigation
Identify and document reasons for discrepancies between recorded and physical counts.
Discrepancy Quantity
Discrepancy Type
Detailed Description of Discrepancy
Possible Cause
Investigation Notes
Value of Discrepancy (USD)
Corrective Action Required?
Investigated By
Quantity Adjustments & Reconciliation
Process necessary adjustments to inventory records and reconcile differences.
Adjusted Quantity
Reason for Adjustment
Variance (Difference)
Adjustment Type (e.g., Increase, Decrease)
Adjustment Date
Lot/Batch Number (if applicable)
Adjusted By (Employee Name)
Approval Status
Root Cause Analysis
Determine the underlying causes of inventory discrepancies (e.g., receiving errors, theft, damage).
Describe the discrepancy (e.g., quantity difference, inaccurate description)
Possible Root Cause (Select one)
Estimated Value of Discrepancy ($)
Contributing Factors (Select all that apply)
Details about the contributing factors (explain why)
Date of Occurrence (if known)
Corrective Actions & Recommendations
Outline specific actions to prevent future inventory inaccuracies and improve processes.
Detailed description of the identified root cause(s)
Specific corrective action(s) to address the root cause(s)
Estimated cost of corrective action(s) (USD)
Target completion date for corrective action(s)
Responsible department for corrective action(s)
Status of corrective action
Process improvements recommended (select all that apply)
Supporting documentation (e.g., SOP updates, training materials)
Documentation & Reporting
Compile audit findings, adjustments, corrective actions, and recommendations in a comprehensive report.
Executive Summary of Findings
Detailed Description of Discrepancies Found
Total Number of Items Audited
Total Value of Inventory Audited
Total Value of Discrepancies
Root Causes Identified (Select all that apply)
Recommended Corrective Actions
Supporting Documentation (e.g., count sheets)
Date of Audit Report
Sign-Off & Approval
Obtain sign-off from relevant personnel to acknowledge audit findings and approve corrective actions.
Auditor Name
Auditor Signature
Audit Completion Date
Department Manager Name
Department Manager Signature
Reviewer Score (optional)
Action Plan Approved?
Comments/Notes
Inventory Management Solution Screen Recording
See how ChecklistGuro's inventory management solution can streamline your business! This screen recording demonstrates key features for tracking stock, managing orders, and optimizing your warehouse. Learn how to take control of your inventory today! #inventorymanagement #checklistguro #bpm #businessprocessmanagement #stockcontrol
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