Stock Audit
Every company has some or the other kind of inventory with it, be it inventory of raw materials, goods under process, finished goods or stock-in-trade. While every organisation place uncompromising internal controls to monitor the inflow and outflow of its inventory, still major checks are in the hands of its internal staff and employees, which makes it susceptible to pilferages and frauds.
This is where stock audit comes into the picture. Stock Audit is performed to reconcile the manual quantum of inventories available in the warehouses or godowns with the financial records maintained by the entity. Aplite has a lineage in delivering quality stock audit services. We serve clients across varied industries, be it Steel Manufacturing Plant, Pharmaceutical Companies or FMCG.
Need for Stock Audits
Stocks are the most crucial assets for any organisation. With organisations expanding in size and operating from multiple locations, stock audits play a pivotal role for such organisations:
- Help in year-end valuation of actual stocks of the entity for preparation of financial statements.
- Warrants the efficacy of the internal controls around stocks accounting and maintenance.
- Tracing any fraud and pilferages being carried by internal staffs and employees and ruling out the possibility for any potential frauds.
- Assurance for effectiveness of controls, in case of third-party warehouses.
- Identification of any slow-moving stock, dead or obsolete stock and scraps.
- To ensure that stocks are covered against all the risks.
- To have a deep scrutiny and ABC analysis of the stock
Services Covered under Stock Audits
- Performing physical verification of stocks at designated warehouses and sales offices.
- Internal Audit of stock related controls, both, at head offices and other locations.
- Reconciliation between stocks as per books and actual stock present at locations.
- Scrutinizing cut-off procedures for stock recording at financial year end.
- Stock report preparation for third-party warehouses.
- Reporting upon expired, pilfered or damaged stock content.
What Aplite Guarantees?
Aplite is a team of qualified professionals who integrate with your team to conduct audits. Our team extends its years of experience to every task it delivers. Aplite has always been up and pioneering new techniques and technologies for conducting audits. We work on the following pillars, which makes us unique than the rest of the industry:
1. 100% Coverage
We undertake to cover all locations and sites containing any kind of stocks, as decided. Also, we cater to all the industries and all kinds of stocks. We have always delivered our services dedicatedly and believe in leaving no stone unturned to make our clients utmost satisfied.
2. Integrity and Confidentiality
We understand the trust and reliance you place in us as your financial advisors and auditors and thus, we make sure there are no breaches and misconceptions. We deliver our audit services with full zeal and integrity. We have never failed in communicating any discrepancies at client’s location and have always stood up till the expectations of our clients and all the stakeholders.
3. Quality and Passion
We have set standards of delivery and all our audit services are aligned to such standards. We give utmost importance to quality of our tax services and our team of tax consultants is driven by utmost passion and fire. With a mission to outperform, we have always been regarded as one of the best financial advisors and consultants delivering best audit services, by all our stakeholders.
3. Timeliness
We deliver all the work as per agreed timelines because we understand the importance of financial deadlines. We strictly abide by punctuality and never miss our targets. We make sure to complete the stock audits on time, while ensuring full coverage and quality of audits.