Inventory Audit
Inventory Audit is an important auditing term referring to the physical verification of the stocks with computed inventory data maintained by the company. The main purpose to conduct this activity is to rule out the difference in the book stock and physical stock by passing adjustment entries.
Although this statutory process needs to be performed at least once in a financial year by the Companies, Inventory audit also known as Stock audit has become a most important practice especially for establishing businesses where being on multi-locations, dealing through vendors and dealers is a general pattern. To run the company smoothly and have an uncanny presence, one needs to have an accurate track for inventory, being tangible or intangible. And, it is always mandatory to keep into consideration the purpose for which audit is being conducted because of different approaches being used in various audit procedures
Benefits of Inventory Audit Services
Stop Pilferage & Fraud
Inventory audit services will disclose any collapse due to lack of security which results in loss, theft, or misappropriation. It is very critical to any sort of inventory losses resulting from wastages, theft, dead and expired stock. It also helps in finding out any variation in the packaging and warehouse procedures.
Liberated Third Party Opinion
A proper valuation of the inventory and gap identification in the current inventory management process can be done with the help of professional Inventory Audit Firm. Stock Audit Service helps in cross verifications of the stock of the company having multiple business in multiple locations
Comparative Profitability
Inventory audit report empower the true picture of the financial position of the firm as the stock that requires replacement or repairment can be worked on efficiently thereby saving the firm from any kind of financial loss.
Checking Slow-moving & Stales Stock
Inventory audit is needed to reduce useless investments on stocks and to make sure that you have a perfect line balancing in the process. It helps to keep a track of the inventory to avoid any shortage and overstocking of the material. Also, the process of stock management will become very easy in case the company is dealing with various vendors.
Stock Audit Services Eligibility
1.Any business house or individual can get its Inventory audit and Inventory verification for taking better decision making
2.Stock audit can be done under statutory requirement of banks etc.
Process Involved in Inventory Audit Services
Elaborate Discussion
This involves detailed discussion with our Audit expert to understand your business, frequency of stock-audit, objective of stock audit, location, man-days. This step will help us to understand your requirement and set the processes accordingly
Detailed Check Out and Quotation
After having the detailed discussion, our Audit expert will analyse internally to design a proper process keeping in mind your requirements. Our Inventory Audit expert will share the scope and quotation with you for approval. This will help to connect any communication gap.
Inventory Audit Plan
Once scope and quotation is agreed; all information will be gathered like invoice, bank statements in order start the accounting, set-up software’s, GST login credentials. Our Audit expert will go through the details and communicate with you expected day for next communication.
Execution
Auditing field staff will execute the Inventory audit as per plan at multiple locations.
Report the findings
All observations will be presented in the required format to the client.
Documents needed for Accounting Services
• Audit locations Address
• Man-days required
• Days and timeline for Inventory Audit
• Any sample format in which final report is required
• Nature of Inventory audit - blind count, sample checking etc.
• Any other information which is required to stock audit
Why Ajay Kumar Associates
Data Privacy
Data is new fuel which make it most important asset for the business house. Strict policy within our organisation is to ensure no compromise on data confidentiality and data is not shared with the third party. Your information is safe with us.
Eminently Qualified Team
Our team consists of CA, CMA , CS graduate and other supporting staff to make sure you get best services. With 20+ years of experience, our experts use flexible and customized solutions to provide hassle-free services to any industries.
AjayKumar Associates Objective
AjayKumar Associates is the Best Inventory Audit Firm and our clients are worldwide. We continuously improve our existing process with the help of our Inventory audit experts and try to find new ways for doing the same tasks. We are committed to reduce the time taken to process any task and give unique experience to our customers.