Stock Audit Services: Ensuring Reliability and Integrity of Inventory Data
Stock audit services refer to inventory verification services designed to assist businesses in monitoring, protecting, and administering their stock effectively. The stock audit aims to establish the correctness and existence of stock held. Also, stock audits help ensure the accurate reporting of inventory values in the company’s books, thus preserving financial integrity and preventing discrepancies.
Planning, resources, and skills are fundamental elements for the success of stock audits. Our competent team of qualified stock auditors stands by your side to assist you in verifying your inventory and clarifying things to the fullest extent possible, including reconciling your existing stock records. Inventory verification is a crucial process as it enables the correct and accurate maintenance of stock data while also detecting any inconsistencies that could arise.
Al Mushthary, being the best auditing firm across several regions including the GCC, the UK, and the USA, provides a full suite of audit services consisting of complete inventory audits to assist clients in achieving operational effectiveness and financial precision.
Inventory Verification Services: Ensuring Accuracy and Transparency in Your Stock
Our services for inventory verification and accounting work on stock issues such as excess stocks, shortage of stocks, dead or obsolete stocks, and damaged stocks. With the help of our stock audit services, better internal control over the stock management system is achieved by ensuring accurate stock levels without affecting the day-to-day business activities. We also reduce the losses and wastage that are caused since people are engaged in fraud, stealing things, or even damaging goods which improves efficiencies of operations and reduces costs.
Inventory Audit Checklist: Key Components for Accurate Stock Management
The majority of corporations handle different categories of inventory, including but not limited to fast-moving, slow-moving, damaged goods, defective items, and inventory that is out of date. To avoid confusion in the categorizing of these items and promote effective management of such stock, companies should set up an inventory control system at least once or twice a year. The fundamental components that make up the basic features of a complete stocktaking comprise the following:
- Stock Reconciliation
- Inventory Records
- Stock Categorization
- Stock Coding
- Stock Valuation
- Physical Stock Reports
- Variance representation (by count and by value)
The process of inventory audit or audit of stock is a very complicated task and requires efficient planning, training, and knowledge of the relevant audit principles. Our personnel carry out a detailed stocktaking of all components of inventory – age, and condition of inventory, stock turnover, acquisition price, market price, and direct and indirect costs of carrying inventories. This allows for proper confirmation of your organizational stock’s valuation, existence, and right of ownership.
Our stock audit services are provided in the UAE, KSA, Qatar, Bahrain, Oman, UK, and USA, and are made to comply with the guidelines of International Accounting Standard (IAS) 2 on the inventory valuation. As per IAS 2, inventory items should be evaluated at the lower between cost or net realisable value. The standard specifies allowed cost measurement methods such as specific identification, first in first out (FIFO), and weighted average cost for different categories of stock.
Key Objectives of Stock Audit Services
For any business, stock or inventory remains one of the most important resources. For businesses with goods in storage, maintaining their inventories becomes an important part of their operations. In this regard, the aim of stock audit services is the evaluation of stock levels more accurately through analytical accounting of stock and verification of inventories.
Considering that the inventory level of the stock fluctuates often due to business activities, physical verification can be a daunting task. To maintain accuracy, this process needs to be well-scheduled, resources sourced, and professionals involved.
Partnering with Al Mushthary for Seamless Stock Audits
At Al Mushthary, a group of skilled stock auditors is capable of conducting audits for inventories of any shape whether it is a small quantity or a large-scale stock. We deliver exceptional stock audit services that not only offer valuable insights into what your stock inventory looks like but also make sure that the stock accounts are properly reconciled.
Our stock audit services aim to identify slow-moving inventory, dead stock, out-of-date stock, and scrap materials to aid organizations in stock control. We ensure a balance between physical and book stocks which helps you in determining if there is a discrepancy or not.
With Al Mushthary, rest assured that you will be accurately recorded, properly safeguarded, and securely managed.
Get in touch with us now by scheduling or booking an appointment to get a Free consultation.
