Stock Audit is an imperative auditing term referring to the physical verification of the inventory with computed stock maintained by the company. The major purpose to conduct this activity is to rule out the discrepancies in the book stock and physical stock by passing adjustment entries.
Even though this statutory process needs to be performed at least once in a financial year by the business institutions, stock audit also known as inventory audit has become a particularly important practice especially for expanding businesses where being on multi-locations, dealing through vendors and dealers is a general pattern. To run the business swimmingly and have an uncanny presence, one needs to keep an unerring track for inventory, being tangible or intangible. And, it is always important to keep into consideration the purpose for which audit is being conducted because of different approaches being used in discrete audit procedures.
For running the business by the book, one needs to keep a hawk-eye on the inventory. And, Patron Accounting is a well-established team of qualified professionals who are experts in stock audit. Well-resourced with the experience of stock audit in steel, manufacturing, pharma, IT, auto and other industries, we always come with a handy and definite plan to lay out a smooth process which has proved to be effective as well as efficient in the past. Bringing into the play our large network throughout India, we tend to deliver your audit needs swiftly and simultaneously at multiple locations without turmoil.
Be it either for internal or external audit or for tangible or intangible inventory, our expertise always helps us shine. And, not only our services are confined to just counting the stocks, but we can also help you in controlling the costs and layout a proper inventory management plan.
We also conduct fixed assets audit keeping in mind that fixed assets form an integral part of the Balance Sheet and the audit helps in ensuring regular compliance, better internal control and accurate Balance Sheet. Outsourcing the fixed assets audit to Patron Accounting can help you in the accurate calculation of depreciation using asset's life, method of depreciation, original cost and local regulations. Fixed assets audit includes usage of bar code technology to make asset verification efficient and simple. Under Covid-19 scenario, our team conducted stock audits keep in mind social distancing norms. For IT Asset Management, we can help you in creating compliance reporting formats like- GAAP Accounting, IFRS or any other international jurisdiction compliance reports.
And, it's always difficult to avoid the key listing benefits of Stock Audit that can help positive evolution of business course: