When auditing a company, auditors use a combination of professional judgment and statistical sampling methods to estimate account balances. Statistical sampling is an efficient way to design samples, ...

Physical inventory counting is a much unloved procedure in most merchandising and manufacturing businesses. The process ensures that the inventory on the company's financial books matches the amount ...

Inventory systems can make or break your business, and effective controls help provide visibility as to what you have, what you need, what you don’t need and costs. But bad procedures can lead to ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...