Inventory...the one part of our job that is actually tangible, literally. How does it work? Well, we usually send out a staff associate to do a "sample count", i.e. counting a sample of the company's inventory and matching it to what the company has a listed in its count sheet. And then we look at their count sheet, select a sample, and make sure that it actually exists on the floor. Obviously, the procedures differ by firm. But man, do we count some weird shit sometimes. People have counted gold bars, sushi, oil, massage chairs, semiconductors, vegetables, dangerous biochemicals, gym equipment..shit, I can go on. We've walked into warehouses, freezers, shipyards, etc. etc. etc. It's fascinating, and I kinda like it, just because you get to see what exactly the company sells and how the whole inventory process works. This is also a complex audit account, one that the senior auditor usually works on (not the count), and boy, it is a pain to audit. I'd rather co...
Blogged about my life in the Big 4 and now about life in Private Accounting