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
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Annual return in Gst
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
