Monday - Saturday
10:00 AM - 07: 00 PM
Inventory audit is a critical auditing procedure that involves physically verifying a company's stock to ensure its alignment with the computed inventory data maintained by the company. The primary objective of this activity is to reconcile any disparities between the recorded book stock and the actual physical stock by making necessary adjustment entries.
While companies are legally obligated to conduct this audit at least once during each financial year, inventory audits, often referred to as stock audits, have gained exceptional significance, particularly for emerging businesses operating across multiple locations and engaging with vendors and dealers. In such scenarios, maintaining an accurate record of both tangible and intangible inventory becomes imperative for seamless operations.
Moreover, the purpose behind conducting an inventory audit must be carefully considered, as different approaches are employed in various audit procedures. The audit's specific objectives and the nature of the inventory being examined guide the audit process, ensuring its effectiveness and relevance to the company's operations.
Our inventory management services encompass:
Thorough physical verification of inventory using both wall-to-wall and blind methods.
Ensuring the accuracy of inventory records through meticulous reconciliation processes.
Providing comprehensive GAP reporting and in-depth analysis of inventory ageing.
Conducting audits based on detailed checklists to ensure compliance with various regulations and standards.
Offering valuable recommendations to enhance inventory and warehouse management processes.
Identifying and addressing slow-moving inventory items for improved efficiency.
Carrying out audits related to disgorgement as needed.
Precise reconciliation of records to ensure data accuracy and consistency.
Benefits of Inventory Audit Services:
Inventory audit services help uncover and prevent losses due to lack of security, such as theft, misappropriation, and wastage. They are critical for identifying issues like dead and expired stock and variations in packaging and warehouse procedures.
Professional inventory audit firms offer an unbiased evaluation of inventory and identify gaps in the current inventory management process. This is particularly valuable for companies with multiple businesses in various locations.
Inventory audit reports provide a true picture of the company's financial position. They enable efficient handling of stock that needs replacement or repair, thereby preventing financial losses
Inventory audits are essential for reducing unnecessary investments in slow-moving or stale stock. They ensure a balanced inventory and help manage material shortages and overstocking, especially when dealing with multiple vendors.
Any business or individual can opt for inventory audit and verification to make informed decisions. Stock audits may also be required under statutory requirements, such as those imposed by banks. Process Involved in Inventory Audit Services:
Detailed discussions with audit experts to understand business needs, audit frequency, objectives, locations, and man-days required to tailor the audit process accordingly.
After discussions, audit experts internally analyze the requirements and present a scope and quotation for approval, minimizing communication gaps.
Once the scope and quotation are agreed upon, necessary information is gathered, such as invoices, bank statements, software setup, and GST login credentials. The audit expert establishes a timeline for the audit.
Field staff execute the inventory audit as per the agreed plan at multiple locations.
All observations and audit results are presented to the client in the required format.
Monday - Saturday
10:00 AM - 07: 00 PM
Phone Number
+91 8884444788
Corporate office
567/1, Burugal Mutt Road, VV Puram, Bangalore