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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./p> /p>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.

Professional Uttility currently provides three types of Stock Audits:

Physical ConditionsAudit	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

Stock Audit

Professional Uttility currently provides three types of Stock Audits:

Key benefits of Stock Audits:

Advantages:

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

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