stock audit programe
This query is : Resolved
20 June 2008
how will be i prepare a programe for physical stock verification. what should be paper will be collected before stock audit
how will be i prepare a programe for physical stock verification. what should be paper will be collected before stock audit
23 June 2008
Hi Anil,
Firstly you will have to understand the nature of the stock you are going to verify. At the time of verification, you must ensure that there is no movement of the stock / or if at all there is any you will have to take alternative measures to have the control over the movements.
Ideally, it is important to verify high value and low quantity items but at the same timethe other items must not be ignored.
Documents to be collected and procedures to be followed includes:
1. Obtain Inventory schedules
2. Identify obsolete/ non-moving/ slow-moving/ damaged stock
3. Obtain the cut-off for the Goods/Material Requisition Notes against which items were issued to the user departments (note requisition number, date, user department, etc.)
4. Obtain cut-off for the Goods Receipts Notes (GRNs) for all the Stores (note the GRN No., date, Store, etc.)
5. Obtain the signatures of the Stores In-charge/ official getting the stock count done
6. Obtain explanations for any differences noted in the physical count
Hope you will have clearity on the topic:)
Firstly you will have to understand the nature of the stock you are going to verify. At the time of verification, you must ensure that there is no movement of the stock / or if at all there is any you will have to take alternative measures to have the control over the movements.
Ideally, it is important to verify high value and low quantity items but at the same timethe other items must not be ignored.
Documents to be collected and procedures to be followed includes:
1. Obtain Inventory schedules
2. Identify obsolete/ non-moving/ slow-moving/ damaged stock
3. Obtain the cut-off for the Goods/Material Requisition Notes against which items were issued to the user departments (note requisition number, date, user department, etc.)
4. Obtain cut-off for the Goods Receipts Notes (GRNs) for all the Stores (note the GRN No., date, Store, etc.)
5. Obtain the signatures of the Stores In-charge/ official getting the stock count done
6. Obtain explanations for any differences noted in the physical count
Hope you will have clearity on the topic:)
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Salary from Qatar in Dollars in India
- Tax rate change regarding
- GST ISSUE OF INPUT AND OUTPUT GST
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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
