Stock & credit audit
This query is : Resolved
M.AMIRTHAM
(Querist)
26 December 2011
Hi Friends..
I'm an employee of a firm.I need to get ready for stock & Credit audit. Can you please assist me what are all things i should prepare for that?
I'm an employee of a firm.I need to get ready for stock & Credit audit. Can you please assist me what are all things i should prepare for that?
CA Parth Shah
(Expert)
27 December 2011
Hi,
For Stock audit, it must b phyical stock taking i guess, hence all you have to do is matching your physical stock in hand on a given cut off dateand reconcile the subsequent inwards and outwards.
Credit audit is rather simplified in which you can reconcile the Ledger balances of your creditors and it would be best if you can also bring confirmations of the same balances by them.
For Stock audit, it must b phyical stock taking i guess, hence all you have to do is matching your physical stock in hand on a given cut off dateand reconcile the subsequent inwards and outwards.
Credit audit is rather simplified in which you can reconcile the Ledger balances of your creditors and it would be best if you can also bring confirmations of the same balances by them.
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