Last Updated on February 16, 2023 by hassan abbas
Stock Audit Service
Stock audit services can help you locate, secure, and manage your inventory. Inventory audit services are also known as inventory audit services. The purpose of Stock Audit Services In Dubai is to prove and verify the accuracy, availability, and ownership, as well as determine the value of a company’s inventory items.
An inventory audit requires adequate planning, resources, and expertise. Our inventory auditors can assist you with your inventory audit and ensure that inventory records are clearer and more complete and that existing inventory records are properly reconciled. An inventory audit ensures that your inventory is accurate and correct. BESTAXCA Auditing is one of the leading auditing firms in the UAE, Gulf States, UK, and the USA, offering all types of audit services.
With our inventory verification and valuation services, we can identify excess or deficient inventory materials and identify old or damaged inventory materials. Effective inventory audit services help management improve the internal control of the inventory counting process without disrupting normal workflow and reduce loss and waste due to fraud or damage.
Companies need to manage different types of inventory, such as fast-moving inventory, slow-moving inventory, damaged inventory, obsolete inventory, and unused inventory. Therefore, once or twice a year, organizations should conduct an inventory process to properly manage these inventory classifications.
The most important and essential elements of inventory management are:
Reporting on physical inventories
Scope of inventory audit work
The inventory audit process requires good planning, experience, and knowledge of audit legislation. We prepare and evaluate the age, usefulness, movement, cost, and the market price of inventory, as well as the direct and indirect costs of inventory. In this way, we ensure that the company’s assets exist, are correct, and are legally held.
Our inventory audit services in the UAE, Qatar, Bahrain, Oman, the United Kingdom, and the United States ensure compliance with International Accounting Standard 2 for inventory management. IAS 2 requires inventories to be valued at a lower of cost and net realizable value (NRV).
The standard specifies permitted methods of costing, including specific identification (in certain cases), accounting for most types of inventories, first-in, first-out (FIFO), and weighted average cost.
The purpose of the inventory review
Inventory is the most important asset of any business. All companies that manage inventory or stock must ensure that inventory counts are accurate. The purpose of an inventory audit service is to provide statistical information about inventories by accurately recording their value.
Because inventory is moved many times during the workday, the routine process of physical verification becomes a challenge for any organization. It requires proper planning, resource mobilization, and expertise.
How can a BESTAXCA audit help you?
Our team of warehouse auditors has extensive experience in auditing warehouses, from small to large volumes. BESTAXCA provides you with the best inventory audit services, allowing you to gain a better knowledge and understanding of your inventory and proper reconciliation of inventory accounts.
Our inventory audit will reveal backlogged inventory, dead stock, obsolete inventory, and waste in your company. Our experts will update physical inventory to match book inventory and help identify discrepancies between book and physical inventory. BESTAXCA Audit ensures that your company’s inventory is properly stored and managed.
We provide a full range of professional audit services to meet the diverse needs of companies by producing exceptional and unique audit reports.
Due Diligence Inspections
Risk Management Audits