stock audit programe
This query is : Resolved
20 June 2008
how will be i prepare a programe for physical stock verification. what should be paper will be collected before stock audit
how will be i prepare a programe for physical stock verification. what should be paper will be collected before stock audit
23 June 2008
Hi Anil,
Firstly you will have to understand the nature of the stock you are going to verify. At the time of verification, you must ensure that there is no movement of the stock / or if at all there is any you will have to take alternative measures to have the control over the movements.
Ideally, it is important to verify high value and low quantity items but at the same timethe other items must not be ignored.
Documents to be collected and procedures to be followed includes:
1. Obtain Inventory schedules
2. Identify obsolete/ non-moving/ slow-moving/ damaged stock
3. Obtain the cut-off for the Goods/Material Requisition Notes against which items were issued to the user departments (note requisition number, date, user department, etc.)
4. Obtain cut-off for the Goods Receipts Notes (GRNs) for all the Stores (note the GRN No., date, Store, etc.)
5. Obtain the signatures of the Stores In-charge/ official getting the stock count done
6. Obtain explanations for any differences noted in the physical count
Hope you will have clearity on the topic:)
Firstly you will have to understand the nature of the stock you are going to verify. At the time of verification, you must ensure that there is no movement of the stock / or if at all there is any you will have to take alternative measures to have the control over the movements.
Ideally, it is important to verify high value and low quantity items but at the same timethe other items must not be ignored.
Documents to be collected and procedures to be followed includes:
1. Obtain Inventory schedules
2. Identify obsolete/ non-moving/ slow-moving/ damaged stock
3. Obtain the cut-off for the Goods/Material Requisition Notes against which items were issued to the user departments (note requisition number, date, user department, etc.)
4. Obtain cut-off for the Goods Receipts Notes (GRNs) for all the Stores (note the GRN No., date, Store, etc.)
5. Obtain the signatures of the Stores In-charge/ official getting the stock count done
6. Obtain explanations for any differences noted in the physical count
Hope you will have clearity on the topic:)
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
