Every company manages various forms of inventory, including raw materials, goods in process, finished goods, or stock-in-trade. Despite implementing rigorous internal controls, the vulnerability to pilferages and frauds remains. Stock audits play a crucial role in reconciling manual inventory levels with financial records. K K Baranwal & Associates specializes in delivering top-notch stock audit services, catering to diverse industries such as steel manufacturing, pharmaceuticals, and FMCG. Our expertise ensures a meticulous examination of inventory, providing clients with comprehensive insights and risk mitigation strategies.

Need For Stock Audits

Stocks constitute a critical asset for any organization, especially as businesses expand and operate across multiple locations. In this context, stock audits are integral for K K Baranwal & Associates, providing various benefits:

  • Facilitating year-end valuation of actual stocks for accurate financial statement preparation.
  • Ensuring the effectiveness of internal controls in stock accounting and maintenance.
  • Detecting and preventing fraud and pilferage by internal staff, enhancing overall security.
  • Validating controls for third-party warehouses to ensure reliability. Identifying slow-moving, obsolete, or dead stock, along with scrapping measures.
  • Mitigating risks by comprehensive stock coverage.
  • Conducting in-depth scrutiny and ABC analysis of the stock for strategic insights.

Services Covered Under Stock Audits

  1. Physical Verification: Conducting thorough physical verification of stocks at designated warehouses and sales offices.
  2. Internal Controls Audit: Evaluating internal controls related to stock management at both head offices and other locations.
  3. Reconciliation: Ensuring accurate reconciliation between stocks as per books and the actual stock present at various locations.
  4. Cut-off Procedures Scrutiny: Scrutinizing cut-off procedures for precise stock recording at the financial year-end.
  5. Third-Party Warehouses: Preparing comprehensive stock reports for third-party warehouses.
  6. Reporting: Providing detailed reports on expired, pilfered, or damaged stock content.

What K K Baranwal & Associates Guarantees?

K K Baranwal & Associates, with its team of qualified professionals, offers an integrated approach to stock audits, ensuring:

  1. 100% Coverage: Comprehensive coverage of all locations and sites with various types of stocks across different industries.
  2. Integrity and Confidentiality: Upholding the highest standards of integrity and confidentiality, ensuring trust and reliance.
  3. Quality and Passion: Adhering to set standards and delivering audit services with passion and dedication, consistently exceeding expectations.
  4. Timeliness: Meeting all agreed-upon timelines without compromising on the thoroughness and quality of audits.