Stock Audit
Service
Stock Audit
The knowledgeable and skilled staff of stock auditing specialists at ABJ & Co. will assist you with the audit and provide guidance as you work to increase the productivity and profitability of the company. Let's start by defining a stock audit service and discussing how it might benefit your company. Following that, you can decide which of our stock audit services to use with knowledge.
Stock Audit services include as below:
Existence
All recorded inventories exist as at the year-end.
Ownership
All inventories owned by the entity are recorded and that all recorded inventories are owned by the entity.
Valuation
The stated basis of valuation of inventories is appropriate and properly applied, and that the condition of inventories is recognized in their valuation.
- Physical Conditions Audit
- Advising on best way of arranging inventory
- Recognition of inventory
- Advising on ways to prevent deterioration of inventory
- Identification of work in progress along with stage of
- Disposal/handling of obsolete/scrap stock
- Compliance to Processes and Procedure Audit
- Physical counting of stock
- Comparison of physical and recorded stock
- Random checking of inward and outward stock movement process
- Checking of sealed inventories
- Associated Processes and Process Audit
- Audit of stock lying in open or outside premises
- Upgrading the technology for inventory management
- Documentation of stock through photographs and reports
The several types of Stock Audits that we provide at ABJ & Co.
- Reports on stock pilferages and fraud on premises
- Stock damage reports
- Verification of physical stock
- Reporting on mismatch in physical and recorded stock
- Valuation of Stock in transit
- Verification of stock valuation
- Comparison of financial statements with stock registers