Stock Audits

Stock Audits

Stock Audit is an area of specialization and core competence for Khanolkar & Associates.

Stocks and physical assets such as raw materials are important real assets and need continuous watch. As a large number of companies are operating across the borders through multiple locations, some even with various channel partners, ensuring this watch is challenge. We offer our focused services to companies to keep them assured of their physical assets.

Our special Stock Audit team follows a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also undertaken for banks and other financial institutions which have extended credit to businesses against physical goods and assets. We have big enough network for quick and simultaneous audits at multiple locations.

We take full care to provide you with comprehensive and most accurate figures of inventories. During this audit, all the records of purchase, sale and movements of stock is taken carefully.

Key benefits of Stock Audits:

  • Identification of slow moving stock, obsolete stock, dead stock and scrap
  • Avoidance of pilferage and fraud
  • Instant information of value of inventory
  • Cost reduction and bottom-line
  • Special arrangements for third party opinion, including for Agent warehouses
  • Reduction in gaps in present inventory management process

Advantages:

Stock audit is becoming more important as businesses is becoming multi-location and vendors, dealers, partners becoming a key to the business process. Assets like stock, physical equipments and machinery and even people are located in any of the above premises and a good control mechanism is the need for the smooth running of the business.

Following are the main aspects which are taken care while performing stock audit:

    • Reviewing cut-off procedures and scrutinizing the follow up
    • Verification of physical stocks
    • Verifying stock register
    • Reports on Stock pilferage/damage reports
    • Comparison of Financial Records with others like stock register
    • Reporting on discrepancy
    • Valuation and verification of Stock-in-transit
    • Verification of Stock valuation

Depending upon the nature of work, it can take anywhere between 1 days to 3 weeks. Although most govt registration procedures are now online, there is almost always a human review before you are granted the registration. Shop act licenses are completely online and granted within 24 hrs, but others like PAN, TAN, GST, etc. are subject to review by the jurisdictional officer before your application is finally approved. The most we can do from our end is not to make any delays or errors in submission of your documents. We have a checklist prepared for every aspect of the registration process so that precious time is not wasted because of incomplete paperwork.

Onsite accounting costs more than offsite accounting because your accountant spends more time and money traveling and less time writing your accounts. However, at the initial stage, it is recommended that you opt for an onsite service, since the beginning weeks are crucial for your accountant to get acquainted with your business. Few weeks later, once a routine has been established, you can always opt for offsite accounting which will be more cost efficient for both.

It is recommended to do your accounting at least weekly, so that your accounts represent a true and fair view of the actual position of the business as on date. Even so, we offer our clients complete freedom to choose how frequently they want to update their accounts and depending on the volume of work our person will visit accordingly.

Your data is stored with utmost confidentiality and can be accessed only by the accountant assigned to you. The cloud platform is also secured with an encrypted connection. You can be assured that your data is adequately safeguarded.

The Chartered Accountants’ Code of Ethics does not permit us to publish our fees. However, we would be happy to revert to you if you leave us your email address and phone number on this link.