Stock Audit

Connect with Chartered Accountants at AG for a specialized audit to assess the accuracy and validity of a company’s physical stock or inventory.

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Hii, Is stock audit necessary for a busines

Hello! Yes, stock audit helps ensure the accuracy and validity of your inventory records.

Okay, Thank you for your insights.

The stock audit process typically involves the following steps!

  • Planning and preparing for the audit
  • Physical verification of the stock
  • Reconciliation of the physical stock with the stock records maintained in the company’s books.
  • Valuation and Quality assessment of the stock
  • Documentation and Evidence recording throughout the audit
  • Analysis and reporting after completion of audit
  • Recommendation and follow up by the auditors

Benefits of stock audits for business!

  • Detecting and preventing stock pilferage, theft or misappropriation.
  • Identifying and resolving discrepancies between physical stock and book records.
  • Verifying the accuracy of stock valuation and inventory management practices.
  • Improving internal controls and stock management procedures.
  • Complying with regulatory requirements and accounting standards related to stock and inventory reporting.

Overall, stock audits provide companies with valuable insights into the state of their inventory, aiding in better decision making, and ensuring the integrity of financial reporting related to stock and inventory.

Supportive Documents Required!

  • Stock records and registers: Stock ledger, bin cards and stock transfer notes.
  • Purchase and Sales Documents: Purchase invoices, sales invoices and delivery challans.
  • Good Receipt Notes (GRNs) and Goods Issue Notes (GINs)
  • Stock valuation Reports
  • Stock reconciliation Statements
  • Inventory Policies and Procedures
  • Stock count sheets or worksheets
  • Stock movement records
  • Vendor agreements and contracts
  • Customer agreements and Sales Contracts
  • Asset Register

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Frequently asked questions

How often should we conduct a stock audit?

The frequency of stock audits depends on the nature of your business, the size of the inventory, and the level of risk associated with the stock management. In general, companies conduct stock audits annually and periodically to maintain accurate inventory records and prevent stock related issues.

What is the process involved in a stock audit?
Can you explain the role of physical verification in a stock audit?
How does the stock audit help in identifying stock discrepancies and pilferage?
What are the key areas you focus on during the stock audit?
Can you suggest improvements in our stock management practices based on the stock audit findings?

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