ok, maybe not wrong but I would still consider it suspect… Everyone does things differently of course, and while we’re all on Epicor (except you ), we all know that it’s not the software but the execution of inventory controls that yields the results - good or bad.
Haphazard cycle counts are better than none. Even a major push to clean up the week before physical inventory is better than nothing. In your case where you cannot see the adjustments, I agree that it’s almost impossible to tell if things are good or not. But - If the physical inventory process was done by the rules, and the auditors are happy with it, then I might not worry about it too much. Maybe this was just a ‘good year’.
And what is this ancient software you speak of? LOL!
(I go waaaayyy back. Did my time with FoxPro and a handful of others back in the 80’s)