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To keep it simple, keeping an account of all the stocks or inventory owned by a company or Business is called a stock audit.
It is performed once a year to verify if the inventory listed on the system matches with the physical inventory.
Keeping track of your inventory annually lets you know about the volume of earnings generated by your Business. It also helps you to ascertain the position of warehousing requirements or if you need to expand your storage operations for optimum performance.
Inventory Audit Procedures
- Analytical Procedures
Procedures with inventory typically include
- A comparison of gross margin numbers with previous years
- A comparison of the inventory turnover ratio with previous years
A comparison of the unit costs of inventory with previous years Tests of Details of Balances
- Auditor observation at the inventory count
Stock Audit by Tax Robo
Stock audit will be conducted based on the Indian Accounting Standard (AS) 2- Inventory Accounting.
Tax Robo will help you with our stock audit needs. We'll devise a plan that'll help you execute stock audits easily, without deploying too much manpower.
How it Works
✓ You fill out the inquiry form.
The client relations team calls or emails you.
Understanding of requirements.
✓ Ballpark estimate (if possible).
✓ Proposal (if required).
✓ Approval to go ahead.
✓ Contracting & SLA sign-off
Resource deployment & training
Project kick-off meeting
✓ Project execution & management
On-going reporting & feedback
✓ Work delivery to the client
Client feedback and review
Compliances of Statutes
- TDS Compliances
- Services Tax Compliances
- PF & ESI Compliances
- Professional Tax Compliances
- Income Tax Compliances
- Others Statutory Compliances
Fixed Asset Controls
- Fixed Asset Accounting
- Fixed Asset register Maintenance – with Location
- Asset Deletion Accounting & Recognition
- Insurance details for Fixed Asset
Analysis of Various general Ledger Transactions and Balances
- Setup a Internal Controls Systems for smoothening the functions
- MIS Reports for Managements
- Collections and Follow-ups in Excel data Sheet
- Budgetary Controls
- Documents Maintenance Controls and Supports
Tax Robo Team and Process
- Surprise Verification
- Associated Firms In Tamilnadu
- Strength Is Our Branches
Various Internal Controls
Segregation Of Duties: Duties Are Segregated Among Different People To Reduce The Risk Of Error Or Inappropriate Action. Normally, Responsibilities For Authorizing Transactions (Approval), Recording Transactions (Accounting) And Handling The Related Asset (Custody) Are Divided.
Approvals, Authorizations, And Verifications: Management Authorizes Employees To Perform Certain Activities And To Execute Certain Transactions Within Limited Parameters. In Addition, Management Specifies Those Activities Or Transactions That Need Supervisory Approval Before They Are Performed Or Executed By Employees. A Supervisor's Approval (Manual Or Electronic) Implies That He Or She Has Verified And Validated That The Activity Or Transaction Conforms To Established Policies And Procedures.
Security Of Assets (Preventive And Detective): Access To Equipment, Inventories, Securities, Cash And Other Assets Is Restricted. Assets Are Periodically Counted And Compared To Amounts Shown On Control Records.
Detective Controls Are Designed To Find Errors Or Irregularities After They Have Occurred. Examples Of Detective Controls Are:
- Reviews of Performance: Management compares information about current performance to budgets, forecasts, prior periods, or other benchmarks to measure the extent to which goals and objectives are being achieved and to identify unexpected results or unusual conditions that require follow-up.
- Reconciliations: An employee relates different sets of data to one another, identifies and investigates differences, and takes corrective action, when necessary.
- Physical Inventories