Stock audit or inventory audit is a term that refers to physical verification of a company or institution's inventory assets.
Stock audit or inventory audit is a term that refers to physical verification of a company or institution’s inventory assets. There are types of stock audits depending on the purpose and every stock audit will require a different approach.
Every business institution at least needs to perform a stock audit once a year to update and ensure that the physical stock and the computed stock match. A stock audit helps correct discrepancies between the physical stock and book stock can be corrected.
1. To reduce cost and bottom-line
2. To prevent pilferage and fraud
3. As information of the accurate inventory value
4. to reduce gaps in the inventory management process
5. As special arrangements for third party opinion, including for agent warehouses
6. As a good control mechanism in running the business
1. Stock Statement as on date of verification
2. Provisional balance Sheet, Trial balance as on date of verification.
3. Latest audited financials.
4. Stock Insurance policy if any
5. Invoices of Purchases, Sales
6. Stock Register
7. Method of valuation of closing stock
8. Stock list of non-moving, obsolete, dead stock.
9. Documents relating to constitution of the business
10. Debtors and Creditors list for latest 6 months.
1. Identification of slow-moving stock, obsolete stock, dead stock and scrap
2. Avoidance of pilferage and fraud
3. Instant information of value of inventory
4. Cost reduction and bottom-line
5. Special arrangements for third party opinion, including for Agent warehouses
6. Reduction in gaps in present inventory management process
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