Inventory reconciliation and audit
This query is : Open
Dasharath Appa Pujari
(Querist)
27 November 2012
Dear Friends,
Please let me know the main points to be covered while doing Inventory Reconciliation and Inventory Audit?
Please let me know the main points to be covered while doing Inventory Reconciliation and Inventory Audit?
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.
-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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
