Statutory Audits are conducted to report the state of company’s finances and accounts. At MRKS And Associates, an experienced team of qualified auditors is designated to do such audits. The audits are conducted strictly in accordance with the rules and regulations defined in various Acts.
To ensure strong internal control systems , minimize the risk of accidental or deliberate errors and omissions, safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines.
Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. However at times, it may also involve the valuation of the inventory but it would depend on the terms of reference or the engagement letter of the assignment. When heading forward, it is important to remember and keep in consideration the purpose for which the audit is being conducted because different audits may have different approach which would ultimately depend on the aim.
In other words, stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.
Here are the reasons why one should look forward for the stock audit :
- To update the opening stock details in shoper.
- To identify the discrepancy between book stocks also known as computed stock and physical stock.
- To update the actual physical stock as book stock.
- To ensure proper preservation and handling of stocks.
We offer reliable stock audit services to companies and organizations with a dedication and aim to help them safeguard and monitor their physical assets and inventories.
Here are a few listed key benefits of stock audit :
- Direct impact on costs and bottom line
- Prevent pilferage and fraud
- Identifies slow moving stock, obsolete stock, dead stock and scrap
- Third party independent opinion, especially for agent warehouses
- Identifies gap in current inventory management process
- Enable accurate valuation of inventory
We undertake financial investigations of misconduct, bribery and corruption; with the main focus on assessing the financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, private equity firms, government agencies, municipalities, NGOs and HNIs/ industries. Our well trained and qualified subject matter experts handle such issues with great proficiency.
We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.
To prepare report in Form 3CA/3CB including annexure in Form 3CD as per Section 44AB of the Income-Tax Act
We have qualified and trained resources to assist in IFRS convergence, balancing both, the short term and the long term objectives of the businesses.