Welcome to Our Consulting Company IVY
(Mon - Saturday)
support@ivyaccountingtaxconsultant.ae
1st floor DHFF 12-07, Dragon Mart-1

Inventory Audit

Inventory Audit

An inventory audit is a process used by businesses to assess the quantity and quality of their inventory. It involves verifying stock levels, reviewing records, and ensuring that physical inventory matches the figures reported in accounting records. Inventory audits help identify discrepancies, prevent fraud, and improve inventory management processes.

There are a few common types of inventory audits:

Physical Inventory Audit: Involves counting every item in the inventory physically. This type is often done at the end of the fiscal year or periodically
Cycle Counting: A method where a portion of the inventory is counted in rotation, typically without shutting down operations. It allows businesses to audit smaller sections of inventory more frequently.
Spot Checks: Random audits of items to ensure accuracy. This helps maintain overall control without a full-scale inventory count.
Annual Audit: A complete and comprehensive audit of the entire inventory conducted annually, often coinciding with year-end accounting.

The process usually involves:

Counting physical stock and matching it with the records.
Assessing the condition and value of inventory.
Identifying obsolete or slow-moving stock.
Verifying that proper inventory management practices (like FIFO or LIFO) are being followed.
Resolving discrepancies between physical and recorded inventory.

If you have a any query then click below

Contact

  • 1st floor DHFF 1207, Dragon Mart-1, Dubai-UAE
  • +971551980525
    +971523008058
  • support@ivyaccountingtaxconsultant.ae

Contact Us

Submit Query

Archives

Categories

Meta

At vero eos et accusamus et iusto odio digni goikussimos ducimus qui to bonfo blanditiis praese. Ntium voluum deleniti atque.

Melbourne, Australia
(Sat - Thursday)
(10am - 05 pm)
Contact us