An 9001:2008 Certified Organisation

Stock Audit

Stock Audit is an area of specialization and core competence for Ruchi Anand & Associates. Internal Audit Services are our best because of our unparallel reach and all India network. Assets e.g. Stocks and physical assets such as raw materials are important real assets and need repeat watch. As a large number of companies are operating across the borders through multiple locations, some even with various channel partners, ensuring this watch is challenge. We offer our focused services to companies to keep them assured of their physical assets.

Our special Stock Audit team follows a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also undertaken for banks and other financial institutions which have extended credit to businesses against physical goods and assets. We have big enough network throughout India for quick and simultaneous audits at multiple locations.

We take full care to provide you with comprehensive and most accurate figures of inventories. During this audit, all the records of purchase, sale and movements of stock is taken carefully.

Ruchi Anand & Associates currently provides three types of Stock Audits:

Physical Conditions
Audit
Compliance to Processes
& Procedure Audit
Associated Processes
& Procedure Audit
Advising on best possible way for arranging inventory Physical count of stock Audit of Stocks lying at outside locations
Recognition of inventory and WIP Comparison of physical and
recorded stock
Use of advanced technology for stock management
Advising on storage arrangements,
to protect against deterioration
Watch on existence of numerical counts for stock, use of tag sheets Documentation of stock (through photographs)
Identification of WIP, including stage
of completion
Random checking or Sampling of Inward and Outward stock movement process
Disposal/handling of obsolete stock : identification and segregation Checking of sealed inventories

Key benefits of Stock Audits:

  • Identification of slow moving stock, obsolete stock, dead stock and scrap
  • Avoidance of pilferage and fraud
  • Instant information of value of inventory
  • Cost reduction and bottom-line
  • Special arrangements for third party opinion, including for Agent warehouses
  • Reduction in gaps in present inventory management process

Advantages:

Stock audit is becoming more important as businesses is becoming multi-location and vendors, dealers, partners becoming a key to the business process. Assets like stock, physical equipments and machinery and even people are located in any of the above premises and a good control mechanism is the need for the smooth running of the business.

Following are the main aspects which are taken care while performing stock audit:

  • Reviewing cut-off procedures and scrutinizing the follow up
  • Verification of physical stocks
  • Verifying stock register
  • Reports on Stock pilferage/damage reports
  • Comparison of Financial Records with others like stock register
  • Reporting on discrepancy
  • Valuation and verification of Stock-in-transit
  • Verification of Stock valuation

Contact Us