The importance of asset inventory witnessing in financial statement audits in the Industry 4.0 era

Witnessing the inventory of assets is a key audit procedure outside of document review in financial statement audits. This procedure allows auditors to gather evidence regarding the existence, completeness, and valuation of assets, playing a crucial role in the audit process. It is vital for ensuring audit effectiveness and mitigating audit risks. This study, using a document research methodology, provided an overview of inventory witnessing, particularly in the context of the Industry 4.0. The study highlighted the significance of this audit procedure and proposed solutions to enhance the quality of inventory witnessing in financial statement audits in the current digital age.