Stock Audit mainly involves the counting of physical stock presenting the required premises and verifying an equivalent with computed stock maintained by the auditee. The rationale and purpose behind executing this is often to correct the discrepancies present within the book stock in comparison to physical stock by passing necessary adjustment entries.
Financial institutions are also expanding their credit to entities based on their stocks or book debts. This could either be done on the basis of overdraft, cash credit limit, etc. It then becomes crucial to have checks at regular intervals to establish the status of current assets, accurate attestation for statutory compliances and debt turnover scrutiny.
Our Services include: –
- Physically verify all fixed assets within the client environment, linking each asset to its user definable; category code, location, department, cost center, responsible person, supplier, manufacturer etc.;
- Database formatting;
- Matching financial values to the general ledger;
- Compile asset management policy & procedure manual;
- Conduct physical presence verification of all assets across all sites by scanning all locations and asset labels (stock takes);
- Produce exception report (for all sites);
- Verify Assets in different location;
- Facilitate Financial Year end run Stock/ Fixed Asset Verification.
Our dedicated team of experienced and certified professionals assist our clients to understand the various aspects of this audit and customize audit techniques as per their requirements to conduct the audit.
For availing Concurrent and Income & expenditure Audit Services, click here.