How COVID-19 could impact year-end inventory counts

Year end is traditionally when auditors observe physical inventory counts. These observations help auditors verify that the amount reported on your balance sheet matches what’s held on-site in raw materials, work-in-progress and finished goods. But COVID-19-related restrictions could affect how these procedures are conducted. Some companies may simply implement additional safety measures, such as providing personal protective equipment or limiting the people who participate in the count. Others may delay or forgo in-person counts. Let’s discuss creative ideas, such as drones, body cameras or other technology-driven solutions, to overcome auditing challenges in these unprecedented conditions.