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Inventory reconciliation and audit

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(Querist)
27 November 2012 Dear Friends,

Please let me know the main points to be covered while doing Inventory Reconciliation and Inventory Audit?
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CA Dileep Surya Kumar

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CA Dileep Surya Kumar (Expert)
27 November 2012 -Verify the internal Control system.
-Conduct physical verification of stock quty and condition .

-Reconcile with the book stock

-cut off date and details like details last inward and outward and numbers of invoices.

-obtain list Material billed but not despatched to the customers .

-List of inventory damaged lying in the godown.

-Details of the material in transits.

-Obtain Materiel lying with the Third parties along with the certificate from them regarding qty, value and condition.


This list is not exhaustive. Other views welcome.



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