Stock audit, let’s first begin by understanding the meaning of stock audit.
A stock audit is what?
Simply put, a stock audit, sometimes referred to as an inventory audit, is the process of ensuring that the actual goods present in your store's warehouse correspond to the information found in the stock register.
Inventory audits may be carried out internally or by external auditors who can guarantee maximum openness in the outcomes. Unless the audit is required as part of a regulatory or licensing process, you are free to choose between hiring a professional and conducting a stock inventory on your own. The legal framework of the nation in which your business and/or its warehouse are registered will determine the specifics of the approach in this scenario.
There are many reasons why stock auditor jobs in India are in high demand.
Let’s understand why a stock audit is crucial?
- Your profit estimate is directly impacted by inventory audits.
- Stock audits might assist you in enhancing your company's financial stability.
- You can discover or stop fraud and/or theft with the use of inventory management.
Stock auditing may end up being one of the most crucial processes carried out by a company because it provides insight into the company's current financial situation. More importantly, a thorough stock audit can assist you in resolving current problems and averting new ones.
Stock Auditing Procedures
There is no one right technique to conduct an audit and the specifics may vary depending on the operation. Nevertheless, most audits follow the same stages and activities:
Estimate the need and stock up
The worst thing that might happen to you during the inventory audit is to run out of stock. After all, you don’t want to put your entire company on pause while you’re conducting the audit. This isn't always possible, and some smaller businesses may be able to shut down for a day, but doing so can be perilous. Because of this, it's crucial to thoroughly examine the data you now have to forecast future demand before auditing.
Physically counting the stocks
It entails manually tallying and recording all inventory assets. You can go over everything one by one, perform a cycle count, a spot check audit, etc.
Cross-check your findings again
Although doing everything twice can seem excessive, in-stock auditing requires double-checking. Here, the possibility of human error is there, and the size of the task is frequently too great to entrust to a single source. Cross-checking your findings is crucial because of this.
Compared to the financial records, compare your findings
After adding up all of your physical goods, it's time to compare your results with the sales data. Any differences or inconsistencies signify the start of the distinct work of locating the problem's cause.
Looking to perform a stock audit for your company? Check-out stock auditor jobs in Bangalore on QWIRK and hire the best and save big.
Every company should perform a stock audit since it makes sure everything operates properly and gives you a clear picture of your financial situation.
Looking for internal audit jobs in Chennai? QWIRK can help you.
To find vetted skilled professionals for temporary tasks and projects in India, businesses can use QWIRK, a professional marketplace. The organization initially focused on the areas of accounting, finance, audit, and tax.
