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Stock Audit
Stock audit, also known as inventory audit or physical verification of stock, is a process of verifying and validating the quantity, quality, and valuation of the inventory or stock held by a business entity. This audit ensures that the physical stock matches the stock records maintained by the organization's accounting system.
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What Is Stock Audit ?
Stock audit, also known as inventory audit or physical verification of stock, is a process of verifying and validating the quantity, quality, and valuation of the inventory or stock held by a business entity. This audit ensures that the physical stock matches the stock records maintained by the organization’s accounting system.
Who needs Stock Audit ?
- Retailers:.
- Wholesalers and Distributors:.
- Manufacturers:.
- Logistics and Warehousing Companies:.
- Food and Beverage Industry:.
- Pharmaceutical Companies:
- E-commerce Businesses:.
- Financial Institutions:
What are the Types Of Stock Audit ?
- Complete Stock Audit:.
- Partial Stock Audit:
- Cycle Count Audit:
- Perpetual Inventory Audit:
- Compliance Audit:
- Financial Audit:
- Operational Audit:
- Special Audit:
What are the Documents Required For Stock Audit ?
- Accuracy of Inventory Records:
- Detection of Discrepancies:.
- Prevention of Fraud and Theft:.
- Optimization of Inventory Management:.
- Compliance with Regulatory Requirements:.
- Enhanced Decision-Making:.
- Improved Customer Service:.
- Risk Mitigation:.
- Enhanced Stakeholder Confidence:.
What are the Benefits Of Stock Audit ?
- Accuracy of Inventory Records:
- Detection of Discrepancies:.
- Prevention of Fraud and Theft:.
- Optimization of Inventory Management:.
- Compliance with Regulatory Requirements:.
- Enhanced Decision-Making:.
- Improved Customer Service:.
- Risk Mitigation:.
- Enhanced Stakeholder Confidence:.
What is The Stepwise Process Of Stock Audit ?
- Pre-Audit Preparation:
- Risk Assessment:
- Fieldwork and Testing:
- Data Analysis and Evaluation:
- Reporting and Communication:
- Follow-Up and Monitoring
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