cycle count oob functainlity

Hi,I had a question regarding the standard OOB cycle count functionality. My undersanding is the a cycle count is initiated by,say,inventory manager. once that is approved, the actual people at the inventory location will do an inventory count. My question is that when that counting is completed, how is that information is passed to our inventory system, what is the message format and which report is available for us to look at the actual inventory vs the on hand we have in our system and the discrepancy.
Can someone  explain what is the standard out of the box functionality for this.