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Venus Consulting Solutions is rigorously creating standards in corporate investigation service in India and this could be reflected by our way of handling for any corporate assignments. The giant knowledge of investigation process has become boon for any corporate entity. We are magnificently performing Stock Audits which confirms ownership, quantity, valuation and many more verification process. Our investigation agency has an appropriate checklist which is useful evaluate stock quantity of a company. Why we are different because we have following quality.
The stock audit referred to the physical verification of an inventory asset of the organization or institutions. Every business companies
perform a stock audit once a year to ensure, match and update the computer stock and the physical stock of the company, with the help of the stock audit difference between the physical stock and book stock can be corrected. Everywhere in India, the services and the procedure of the stock audit are the same.
Venus consulting solutions has created its own standards to incorporate investigation service in India and this could be reflected by our way of handling corporate cases. We have well-trained and highly experienced stock audit professionals that will offer you quality results as well as suggest to you how to control the cost of the stock.
The stock audit helps the retails to control the several cost modules of the organization and also helps to know the level of closing and opening stock as well as about the previous period. It also checks the billing process and proper cash management and with the help of the stock audit companies also maintain an account for expired items, quality, damages, quantity, and the short supply of the items.
In other words, we can say that stock audit is the watchdog of any business and its objective is to ensure accuracy, existence, and ownership rights. It also verifies the realizable value of the items in the company’s inventory. As inventory has a lot of movement in the business days that’s why the process of stock audits is important for the companies.
Stock valuation of a company matters a lots for its capitalization in which a professional investigation team which audits to evaluate the real value of stocks. Stocks are one of the important assets which need to be monitored time to time. So many banks and financially institutions get credit against their stock valuation which is a clear indication that there is a need of stock audits whenever it is required .
Every business needs a stock audit as it helps the company to test the completeness and existence of the inventory and it also helps to match the total amount of inventory balance in an accounting system and Venus consulting solutions are the best in the stock audit in India and we provide the correct and the best stock audit report to our clients and in our report, we cover the following points:-
Note down all the conflicts in the quantities while counting the inventory and Obtain supporting and representation signed by the client for the same.
We check that all the liabilities, assets, and equity interests are recorded and all the disclosures have been included in the financial statement or not.
It is done to check the movement of both inventories that came in and move out from the office and it has been accounted for in the correct accounting period.
Invoice, Land receipt, Customer acknowledgment, and Gate register outwards
Invoice, GRN, and Gate register Inwards. A company should make sure that all these documents should be up to date till the year ends.
The stock audit is required in the business, as it helps the business to reduce the investment that is not necessary for the stocks and it also you have the popper line balancing in the process and there are three types of stock audit that helps the company.
1. External Audits:- This type of audits is performed by the outside parties which can be overly helpful as it removes the unfair things that will be beneficial for the company's financial states. Financial audits identify is there any material falsification in the financial statement of the company. The external audit allows stakeholders to make informed and better decisions allied with the company being audited. The persons who perform external audit they follow the set of standards that are different from the companies and the organization that hired them to do work.
2. Internal Audits:- This type of audit is performed by the person who is employed by the organization for whom they have to perform an audit and the report of the audit is given to the management of to the board of directors directly and the result of the internal audit is used to make the improvements to internal controls and the managerial changes.
3 Internal Revenue Service (IRS) Audits:- This type of audit is performed on a regular basis to verify the accuracy of a taxpayer's returns specific transactions routinely it is performed by the person or the company and it usually carries a negative connotation or for finding evidence against the taxpayer if any wrongdoing is done.
Auditing is the best method that ensures the growth of the companies and the person who does auditing considers the set of rules to perform the stock audit for the organization. It also mentions the maximum costs so that people can have earlier information about the auditing. Here are some advantages of the stock audit.
Stock audits are the most important thing for any organization to protect their business from any type of fraud and it’s good to have strong control over the checklists, and regular stock audit.
Verification of every stock is important whether a stock is moveable or immoveable especially if the case is related to embezzlement, claims of banking and non-banking finance because the whole financing operation I based on the correct verification of the stocks and our company traces the concealed stocks of judgment debtors, dishonest employees to effectuate recoveries and defaulting borrowers.
Venus consulting solutions are rigorously creating standards incorporate investigation service in India and this could be reflected by our way of handling any type of corporate assignments. The giant knowledge of the investigation process has become a boon for any corporate entity. We are magnificently performing Stock Audits which confirms ownership, quantity, valuation, and much more verification process. Our investigation agency has an appropriate checklist which is useful evaluate the stock quantity of a company. Why we are different because we have the following quality.
The stock valuation of a company matters a lot for its capitalization in which a professional investigation team audits to evaluate the real value of stocks. Stocks are one of the important assets which need to be monitored from time to time. So many banks and financial institutions get a credit against their stock valuation which is a clear indication that there is a need for stock audits whenever it is required.
The audit is important for every business as it provides the credibility of financial statements and gives the confidence to the shareholders that the account of the company is true and it helps the company to control the system.