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Stock Audits

We are The Most Successfull in Corporate Investigation Services and We Recover More Than 1000+ project.

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 .

What is the main purpose of the Best stock audit?

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:-

  1. Identified Discrepancies:-
  2. Note down all the conflicts in the quantities while counting the inventory and Obtain supporting and representation signed by the client for the same.

  3. Completeness of the auditing:-
  4. 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.

  5. Cutoff Procedures:-
  6. 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.

  7. For Inventory Out (For Sales):-
  8. Invoice, Land receipt, Customer acknowledgment, and Gate register outwards

  9. For Inventory In (for Purchases): -
  10. Invoice, GRN, and Gate register Inwards. A company should make sure that all these documents should be up to date till the year ends.

Why Stock Audit is required?

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
  • 2. Internal Audits
  • 3. Internal Revenue Service (IRS) Audits

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.

What are the advantages of stock audits?

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.

  • 1. It also identifies the obsolete stock, deadstock, slow-moving stock, and scarp
  • 2. Third-party independent opinion, especially for agent warehouses
  • 3. Direct impact on costs and bottom line
  • 4. It updates the physical stock that matches book stock
  • 5. Identifies gap in the current inventory management process
  • 6. Enable accurate valuation of inventory.
  • 7. Stock audit saves the company from fraud and pilferage.
  • 8. It enhances the reliability and the credibility of the figures that are being submitted to prospective investors
  • It also increases the value of the business.
  • Stock audit is also beneficial for the owner of the company if he or she is planning to selling or attracting investments in the next three years.
  • It also helps to identify the weakness of the accounting system and enables the auditors to come up with the suggestion for the improvements.
  • Audit assures directors to involve in the accounting function on the regular basis that the business is running in the accordance with the information they are receiving
  • An audit also reduces the risk of fraud and poor accounting.

  • What is the checklist of the stock audits?

    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.

  • •Analysis the inventory age.
  • •Check the inventory level
  • •Check Inventory that is lying with the third parties.
  • •Physical security of the stocks
  • •CCTV to keep an eye on the stock
  • •Firefighting equipment to protect the stocks from fire.
  • •Categorized of inventory in the high, medium, and low-value stock.
  • •Check the count of old stock, stock that expiry date is near, perishable inventory, and expired stock.
  • •Have the insurance of the stock.
  • •Check the frequency of verifying the stock record with physical stock.
  • •Dock Arrival Times
  • •Picking Procedures
  • •Ensures that audit is conducted systematically
  • •Provides a repository for notes collected during the audit
  • How VCS can you help to provide the best Stock audit report?

    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.

  • •Affordable and quality-driven results
  • •Using of advanced technology in Our investigation
  • •Experienced team of Investigation officers
  • •Capability to gather concrete evidence

  • 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.

    How Stock Audit can help you boost your financial problem in a company?

    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.

  • •It helps in verifying the stock of the company which was having multiple business locations.
  • •In the manufacturing company stock audit helps to keep an eye on that there is minimum wastage of the raw materials in the production and the maximum output of the finishing of the goods.
  • •It is important for the organization as it reduces the unnecessary investments/li>
  • •Stock audit helps to keep a check on the inventory to avoid the shortage and overstocking of the material.
  • • It also helps in finding out any disparity in the warehouse or packaging procedures.
  • •Stock audit also disclose the failure due to the lack of security which can result in loss and theft
  • • Stock audit is a key to any kind of inventory loss resulting from wastages, pilferage, dormant and obsolete stock.
  • •Many times in the organization high level of stock result in the overstocking which affect the cash outflow and the profit of the organization and in this situation stock audit act as a remedy at the timely intervals
  • •Stock audit enables the true financial position of the company as the replacement of the stock which saves the organization from the financial loss.
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