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About stock audit
I am an article assistant and undergoing in first year of articleship.I have gone for two stock audits with my seniors.Till now I know very well about the dcouments to be demanded from bank and borrower but the thing in which i am stucked is that i don't know the reasons or the logics behind the collection of such docs and also how to link them with each other.Please help me on this point.
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When you do the stock audit, you need to compare the physical balance with the balance as shown in the books. External documents are considered reliable as compared to the internal documents generated by the company. Documents from banks and third party are collected to ensure the authenticity
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