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Stock Audit

Stock audit and Inventory Management

Stock Audit Services, also known as inventory verification services, are essential for monitoring, protecting, and supervising your stock. These services aim to verify the accuracy, existence, and ownership rights of the items in your company’s inventory, as well as to ensure their value.

Objectives of Stock Audit

Accuracy

Confirm that inventory records match physical stock.

Existence

Verify that all reported inventory exists.

Ownership Rights

Ensure that the company has rightful ownership of the inventory.

Value

Assess the accurate valuation of inventory items.

Stock audits require thorough planning, appropriate resources, and specialized expertise. Mantraa Advisory Service  offers comprehensive stock audit services, providing clear and detailed insights into your inventory and ensuring accurate reconciliation of stock records.

Inventory Verification Services

Our inventory verification and valuation services help to:

  • Identify Discrepancies: Detect excess or shortage of materials and identify old or damaged stock.
  • Enhance Control: Improve internal control over the inventory counting process.
  • Reduce Wastage: Minimize losses due to fraud or damage.

Elements of Stock Audit

Effective stock audits involve several key elements:

  • Stock Reconciliation: Aligning physical stock counts with recorded figures.
  • Inventory Records: Reviewing and verifying inventory documentation.
  • Stock Categorization: Classifying stock into categories such as fast-moving, slow-moving, damaged, unserviceable, and obsolete.
  • Stock Coding: Ensuring proper coding and identification of inventory items.
  • Stock Valuation: Assessing the value of stock based on cost or net realizable value (NRV).
  • Physical Stock Reports: Generating reports based on physical stock observations and counts.
Scope of Work for Stock Audit Services

Our stock audit process encompasses:

  • Planning and Preparation: Developing a comprehensive audit plan tailored to your inventory needs.
  • Assessment: Evaluating stock based on age, suitability, movement, acquisition, and market price.
  • Verification: Ensuring the existence, accuracy, and rightful ownership of inventory.
  • Compliance: Adhering to International Accounting Standard 2 (IAS 2), which specifies inventory valuation methods and costing practices.

Purpose of Stock Audit

Stock is a critical asset for businesses, making accurate inventory management crucial. The purpose of stock audit services is to:

  • Ensure Accuracy: Conduct analytical accounting to ensure stock statistics are accurate.
  • Facilitate Verification: Address the challenge of routine physical verification due to frequent inventory movements.
  • Optimize Resources: Effectively plan and mobilize resources for a thorough audit process.

How Mantraa Advisory Service Can Help

At Mantraa Advisory Service, our experienced stock auditors offer the following services:

We are here to help you 7 days a week and respond within 24 hours. Plus, you can find most answers to your questions right on this page.

From small to large volumes of stock, we provide detailed audits that enhance your understanding and control of inventory.

Detect slow-moving stock, deadstock, obsolete items, and scrap.

Update physical stock to match book stock, identifying discrepancies between records and physical counts.

Ensure proper handling and preservation of stock to prevent damage and loss.

Get In Touch

Our team provides expert insights and recommendations to improve your inventory management processes, helping you maintain efficient operations and optimal stock levels.

For professional and reliable stock audit services that ensure accuracy and efficiency, contact Mantraa Advisory Service. We are here to assist you with all your inventory verification needs.