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Best way of doing physical stock verification

Sagar (Consultant) (86 Points)

04 April 2016

Please can any one tell me the best way of physical stock verification procedure for leather company. Where the area of verification will be Raw materials, WIP & FG. Regards, Sagar.v

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 05 April 2016

stock verification from which point of view?

from a CA/ auditor view, just chek the records submitted by establishment and test chek 10-20 percent of stock, as the stocks get converted on day to day basis, its not easy to reconcile on any specific day, unless the management declare it by themself