Stock Audit

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Sawan Negi (Querist)
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15 June 2009 Please, tell me what should we have to check in stock audit of a manufacturing company..............reply, it's urgent

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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15 June 2009 Stock audit depends upon the type of material and products organisation is dealing in.
U need to get the list of all the raw material used in the production, finished products, by-products etc and then tally the same physically either completely or randomly depending upon the nature of audit performed.

Also, verify OGP(out gate pass) for material went out of the factory, material inward register along with the issue slips to verify the stock issued to other units for production during the process of audit.

Cross check the material transferred from one unit to other.

Ankur Garg

Ankur Garg (Expert)
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16 June 2009 Agree with Nikhil. Physical inspection og all the Stock register is very important.

Also check the procurement system (procurement of stock) of the company.

Regards

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