Stock audit of a manufacturing company!!!
This query is : Resolved
04 April 2012
Dear Experts,
Please tell me what are the procedures to be followed with respect to a stock audit of a manufacturing company should be done if we are the internal auditors.
Please explain me in detail right from GRN creation to accounting the purchases.
Thanks & Regards,
Rajesh.
Please tell me what are the procedures to be followed with respect to a stock audit of a manufacturing company should be done if we are the internal auditors.
Please explain me in detail right from GRN creation to accounting the purchases.
Thanks & Regards,
Rajesh.
05 April 2012
For conducting stock audit you have to physically count the stock and compare the same with the stock appearing in the books.
The variances, if any, are to be reported.
The variances, if any, are to be reported.
07 April 2012
The following are the steps:
1) Take the list of Stock in Trade
2) Check the stock on random basis if the stock is huge otherwise check each and every item.
3) Compare the stock with book stock and physical taken by you.
4) Difference to be explained by the in charge.
5)Find out why there is difference
6) Find out that any breakage or out dated stock is shown in the books of account but from stock it is removed.
1) Take the list of Stock in Trade
2) Check the stock on random basis if the stock is huge otherwise check each and every item.
3) Compare the stock with book stock and physical taken by you.
4) Difference to be explained by the in charge.
5)Find out why there is difference
6) Find out that any breakage or out dated stock is shown in the books of account but from stock it is removed.
Message likes :
5 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- Gst Sales of FY 2023-24
- Whether still royalty
- Legal heir raised refund , but refund issued to the closed account of deceased.
- GST Annual Returns filing due date
- TDS NUMBER SURRENDER
- Need help with business structure for setting up a new business
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
