Inventory verification audit refers to the verification process of the financial records of an entity so that everything is represented fairly and accurately. In other words, this audit involves cross-checking and verifying the stock and the inventory to match the accounting records. Inventory is an important part of the total asset of the company. Therefore this audit is necessary to confirm whether or not the value of inventory seen in the entity’s books is present in reality.
Companies can perform the inventory audit either internally or by external auditors. It is essential to consider factors like whether the inventory is countable by hand, where the inventory is stored and whether the organization can afford to invest the required amount of time for the audit without hampering its primary business functions.
Errors, omissions, incorrect entries, intentional manipulation for personal gains are some common issues that are prevalent with internal audits. The primary purpose of the audit is to prevent any of these mistakes from taking place. External audits provide a fair and accurate view of the inventory status of the company. In addition to counting the inventory, the audit also notes the current quality of the inventory.
What are the benefits of inventory verification?
Inventory verification or inventory audit helps to confirm the correct valuation of the inventory. It aids in the accurate calculation of the profits made by the company. The verified status of the inventory eases the future budgeting and planning of the business. The auditing process also reveals any inefficiencies or loopholes that may affect the company adversely, thereby prompting the organization to work on these parts. Among its other objectives, the inventory audit also determines the actual ownership of the inventory.
Here are some of the prime benefits of inventory verification:
At Careful Counting, we have a team of dedicated professionals who ensure accurate counting of physical stock and its comparison with the book stock. We offer our services according to the unique needs and objectives of your organization. Our highly experienced record management team will complete your audit flawlessly.
We are aware of the fact that physical audit is labor-intensive and time-consuming. To save you the trouble of conducting an audit, we will do all the heavy lifting. Our team acts as a seamless extension of your organization and will handle the complete process from beginning to end. With regular updates, you can rest assured of the security of your information. All your information is in safe hands.
Our team of expert Stock auditors follows a strict audit and reporting mechanism. We strive for the best and make sure that every minute aspect of stock is evaluated. We ensure transparency while reporting all the findings with accuracy.
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