Stock audit verification
This query is : Resolved
07 April 2012
Procedures to be complied with while conducting Stock Audit Verification and its due date for submission of report
11 April 2012
Obtain cut off documents first i.e. last receipt of goods and last dispatch of goods for the period ended and also the first receipt and first dispatch of the next period.
Then obtain the total quantity of stocks as per books of accounts product wise and then compare the same with Physical stocks.
Dont forget to make a note and report the following:
Stocks sold and invoice raised but not yet dispatched.
Stocks came into premises but not yet accounted.
Damaged, expired and about to expiry stocks.
Stocks which are not at all brought into books.
There is no specific due date for submission of report. It depends on terms of engagement.
Then obtain the total quantity of stocks as per books of accounts product wise and then compare the same with Physical stocks.
Dont forget to make a note and report the following:
Stocks sold and invoice raised but not yet dispatched.
Stocks came into premises but not yet accounted.
Damaged, expired and about to expiry stocks.
Stocks which are not at all brought into books.
There is no specific due date for submission of report. It depends on terms of engagement.
17 April 2012
You are welcome. All d best. If possible, let me know whether any additional procedures u have performed.
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07 May 2012
Sorry Sir.. We did the same. Thank you for your wish sir.I will do my level best
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