What are Stock Audits?

Stock Audit basically refers to the physical inventory verification that exists within a company. Those stocks are available based on their purpose, as their audit approach will be different.

A stock audit needs to be conducted at least once a year by every business establishment, ensuring the physical stock and computed stock are the same.

Stock audits offer the following advantages:

• Monitoring of damaged or obsolete stock and tracking of wastage.
• No room for pilferages and embezzlement.
• Inventory costs
• Reduce inefficiencies in the current inventory management process

Our audit takes care of even the minute details while administering the stock audit. Some of them are mentioned below:

• A thorough examination of physical stocks
• Verification of inventory register
• Inventory pilferage or damages are recorded with the utmost precision and accuracy
• Verifying stock estimation

Audits conducted by our auditors include the following steps:

Our audit takes care of even the minute details while administering the stock audit. Some of them are mentioned below:

1.Cut-off Evaluation

Our auditor scrutinizes the company's procedures with assiduousness, including examination of the previous receiving and shipping transactions before performing the physical enumeration and the transactions that follow it.

2.Stock Counts

Our proficient auditors capitalize on the latest technology and devices like barcode scanners, keeping a track record of every piece of inventory assets.

3.Transit Analysis

During the transit of a consignment from one place to another, we are able to track the date and time taken between dispatch and receipt. The result is zero embezzlements during transport.

4.Shipment Cost Analysis

With our shipping cost analysis, our team calculates the estimation of shipping expenses and the costs to obtain goods from one location to another.

5.Examining reconciled items

It is a critical process order to find discrepancies between inventory counts and actual inventory levels in the warehouse. Our auditors examine if there are any unmatched amounts and then adjust the records accordingly.

Conclusion:

A Stock Audit is crucial in examining the insight of inventories to ensure that shortages do not occur and that the stock keeps up with customer demands.

Stock audit is an area of our expertise and is the core competence of Jack & Associates. Our auditors have been in this domain for a longer duration possessing all the knowledge, updated regulations, necessary skill sets, and the latest technology to carry out stock audits efficiently and effectively.