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Stock audit or inventory audit is a term that refers to physical verification of a company or institution’s inventory assets. Every business organization needs to perform an audit once a year to update and ensure that the physical stock and the computed stock match.
A stock audit report is used to document the details or information about the existing stocks of the business that has been gathered during a stock audit. Annual audit reports provide important details that are used by businesses in their financial statements.
The stock audit is necessary to reduce unnecessary investment on stocks and to ensure that you have a proper line balancing in the process. High levels of stock generally result in unnecessary overstocking thus resulting in poor cash flows and financial loss.
The purpose of an internal audit is to ensure compliance with laws and regulations and to help maintain accurate and timely financial reporting and data collection. It also provides a benefit to management by identifying flaws in internal control or financial reporting prior to its review by external auditors.
We help in identifying the strengths and weaknesses of the internal controls systems of our clients. The deficiencies are addressed by suggesting suitable measures for improvement that ensure quality while meeting the industry standards.