Stock Audit Services in Ahmedabad

Stock audit services, in general, means physical verification of stock. It is mostly based on quantity of the stock but can also include valuation of stock in certain scope and terms of engagement letter of agreement.

There are different approaches to stock audit services and the approach depends on the aim of the audit. Also, stock audit services is done to figure out any dispensaries in book stock and actual stock physically present and audited in the premises.

To summarize, Stock Audit is a mandatory and statutory process that every company/business should conduct at the least once a year (more than once is suggested for better hold of stock for the organization) especially for companies that are working in many countries and across borders, having multiple premises.

Benefits of stock Audit Services

• Better planning of future purchase by evaluating the stock movement and changes thereof within the products and services of the organization
• Prevents pilferage and fraud by tallying of stock
• Affirmation of management by floor employees by tallying of physical stock with stock books
• Instant information of value of inventory
• Cost reduction and bottom-line improvement
• Can aid in bringing in third party opinion, especially for warehouses outside of company premises
• Reduction in gaps of inventory management process

Advantages to the organization

• Stock planning and management of various premises becomes easier and more efficient due to the reports from the audits
• Good control mechanism is created and deployed for future for the benefit of organization

The several types of Stock Audits that we provide at K M GATECHA & CO LLP.

• 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 completion
  • 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

Various aspects of the Stock Audit Services: –

• 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

To Summarize,

We at K M GATECHA & CO LLP provide Organizations with complete services of stock audit services in a manner that is beneficial to the organization in the short as well as long term in areas such as stock management, better inventory planning, and prevention of fraud and dead stock and thus helping them in becoming more efficient and streamlined in their processes.