Stock Audit

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Shankar (Querist)
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17 January 2008 Dear Sir,

I would be obliged if you kindly provide me some information on "Stock Audit" conducted by CA Firms on behalf of Banks.

Thanks ad regards,

Shankar

Devendra Mishra

Devendra Mishra (Expert)
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19 January 2008 Dear Shankar,

Banks sometimes hire CA firms for stock audit of companies where these companies have taken loan anainst such stocl may be raw material or finished goods ar even against debtors.

While verifying, please see the monthly stoch statement provided in the bank by the company, take the latest one and match it with the records of the company.
Also check what records have been shown in excise with respect to excise.

You just need to verify, whether the information given by campany of stock is correct or not.