In general, a Stock audit means physical verification of the inventory/stock. TaxPro Experts ensures accurate stock verification and compliance. It can involve the valuation of the stock as well, but it usually depends on the scope and terms of the engagement letter of the assignment. When heading forward, it is very crucial to keep in consideration the sole purpose for which the audit is being conducted because different audits may have a different approach, which would ultimately depend on the ultimate objective of the organization.
In other words, a stock audit is a statutory process that every company/business should perform at least once in a particular financial year. As far as the stock audit procedure is concerned, the stock audit process in India involves the physical counting of different inventories presenting the premises and verifying the same with computed inventory maintained by the company. The reason and purpose behind executing this are to correct the discrepancies present in the book stock when compared to physical stock bypassing necessary adjustment entries. TaxPro Experts. is among the best stock auditors in India, providing independent audit services.
we at tax pro experts go through our client’s needs and situation. we provide you:
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Let us understand a few reasons to perform a stock audit in India with TaxPro Experts:
To update the opening stock details in Shopper.
To identify the discrepancy between the book stocks (computed stock) and physical stock.
To update the actual physical stock as book stock.
To ensure the adequate preservation and handling of stocks.
Direct impact on costs and profitability.
Prevents pilferage and fraud.
Identifies slow-moving stock, obsolete stock, deadstock, and scrap.
Provides a third-party independent opinion, especially for agent warehouses.
Highlights gaps in the current inventory management process.
Ensures accurate valuation of inventory.
Offers instant insights into inventory value.
Reduces costs and improves the bottom line.
we at tax pro experts go through our client’s needs and situation. we provide you:
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Stock Audit services in India are a domain of expertise, specialization, and core competence for TaxPro Experts. We provide stock audit assurance services in India to various multinational companies. Inventories and physical assets like raw materials and finished goods are very critical assets and need systematic and organized management as a large number of companies are operating across borders through multiple locations and channel partners, making asset management a challenge. We aim to deliver focused and unique services to companies catering to their needs of keeping a check on their physical assets. Reach us at info@taxproexperts.in for any stock audit assignments.
