Typically maintained by annual physical counts or counting portions of inventory on a planned basis?

Audit is the answer, We prepare and plan and do inventory for our Audit.

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Accuracy is required to be maintained

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Audit will help you in maintaining correct physical inventory. Audit of inventory is generally done once a year (external audit). If you have internal audit department in your company its upto you how many times you wish to have a physical stock count of inventory.