During the period of Articleship I have done several Stock Audit of Certain MNCs, PSUs, Public Companies, Whole Seller etc and they are all dealing in diffrent types of financial areas.
I wolud like to share my certain experience & tips to do these more effetively.
These are follows:
1. Always reach the audit site in time.
2. Make small teams in case you have hugh stock to audit.
3. Make sure that the following docs are available with you.
(i) Bin Card / Stores Ledgers
(ii) Printed Copy of Stock Statement ( Get it signed fgrom the Store Keeper on each page with date after completion of audit) with location
(iii) Challan Copies
(iv) Despatch Register
(v) Cut off Doucuments
(vi) Stock Statement in respect 3P items
4. Do not argues with the Supervisior inb case of any discrepancies ; let talk to their manager
5. Give special emphasis for Indiect Material like gresae, petrol disel etc
6. Take a complete strategy to decide which stock to check fully and which on sample basis.
7. If it not suprised audit, instruct them to complete and raedy all documents before you reach.
8. Have A marker & use it when necessary.
All the best..................................
CAclubindia
