Stock Audit Services will help to monitor, protect and supervise your stock. Stock audit services are also known as inventory verification services. The objective of the stock audit is to prove and verify the accuracy, existence, and ownership rights and ensure the value of the items in the company’s inventory.
Stock audit needs proper planning, resources, and expertise. Our stock auditors can assist you with verification of inventory and give more clear and deeper insights into your stock along with a proper reconciliation of existing stock records. Inventory verification ensures the accuracy and correctness of inventory. BMS Auditing is one of the leading audit firms UAE, GCC, India, UK and USA to provide all types of audit services.
Inventory Verification Services
Through our inventory verification and valuation services, we can identify the excess or shortage of materials in stock and identify any old or damaged materials in inventory. Efficient stock audit services help the management get better internal control on the inventory counting process, without disturbing the regular workflow, and reduce wastage and losses arising due to fraud or damage.
Elements of Stock Audit / Inventory Audit
The company deals with different types of stock such as fast-moving stock, slow-moving stock, damaged stock, unserviceable stock and obsolete stock. Therefore, once a year or twice a year, organizations should apply an inventory control process to properly manage the classification of these inventories. The most important and key elements of stock audit are:
- Stock reconciliation
- Inventory records
- Stock categorization
- Stock coding
- Stock valuation
- Physical stock reports
Scope of work for Stock Audit Services
The stock audit process requires proper planning, experience and knowledge of audit laws. We prepare and assess the age, suitability, movement, acquisition and market price, as well as the direct and indirect costs of inventories. In this way, the existence, accuracy and rightful ownership of the company’s goods are guaranteed.
Our stock audit services in UAE, KSA, Qatar, Bahrain, Oman, India, UK and USA ensure compliance with International Accounting Standard 2 for your stock check. Under IAS 2, inventories should be valued at lower of cost or net realizable value (NRV). It specifies allowable costing methods, including specific identification (in some cases), accounting for most types of stock, first-in-first-out (FIFO) accounting and weighted average cost.
Purpose of Stock Audit
Stock is the most important asset for all businesses. It is mandatory for any businesses that are keeping a stock or inventory to ensure the accuracy of the stock. The purpose of stock audit services is to ensure the statistics of stock through proper analytical accounting of the stock and inventory.
Since the inventory has many movements on business days, the process of routine physical verification becomes a difficult task for any organization. It needs proper planning, resource mobilization, and expertise.
How BMS Auditing can help?
Our team of stock auditors is well experienced to conduct a stock audit from a small volume stock to a large volume stock. BMS is providing the best stock audit services that give more awareness and intuition into your stock along with a proper reconciliation of stock accounts.