Stock Audit Overview
Physical verification of inventory is known as stock audit. Stock audit should be performed by a business or an organization at least once in a financial year. Stock audit is very necessary for the businesses having multiple branches and contains massive stock of physical goods. Your stock will never be understocked or overstocked, if you order the right quantity at the right price at the right time and through the right source. Stock and physical assets such as raw material, physical equipment, machinery etc. are very important for a businesses & needs to be checked again.
- The correctness of stock value
- To know the current condition of stock
- To obtain assurance about the physical existence.
- To know how many items are under or over stock?
- To check whether the reported stock is matching with the actual stock.
- To check the loss, theft or misappropriation in the stock.
- To make proper control over stock.
What Is Included In Our Package?
Aspects Taken Care Of While Performing Stock Audit
Following aspects should be taken care of while performing the stock audit
Finacbooks provides wide range of auditing services including the stock audit. In relation to stock audit, we provide quality audit services to different businesses at a minimum cost.
Concurrent Audit Services Benefits
Concurrent Audit FAQ’S
- Verification of stock valuation
- Verification of stock register
- Verification of physical stock
- Discrepancy reporting
- Valuation and verification of stock in transit
- Comparison between financial records and stock register.
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