Inventory audit is the process of physical checking of inventory and cross-checking them with the record mentioned in the books. In this case, an independent asset auditor & his team check the inventory and everything. The objective of inventory audit is the physical verification of assets and inventory. Another main objective of the audit is to ensure that records are accurate and the same as mentioned in the books. Furthermore, if an organization is equipped with automated inventory management software, then are the numbers actually matching with physical count or not. When phantom inventory exists in your business, there can be dangerous consequences for your business. Moreover, all the data related to assets and inventory are recorded as it is helpful in the audit process. Physical verification is the most important part of audit procedures. For this purpose, the organization utilizes asset tags that are very important in knowing the actual locations of assets and inventories. Using a mobile application takes little time to conduct physical verification of assets and inventory. Moreover, mobile can be used for scheduling audits or make a change in the audit.