Inventory Verification Services

The inventory is a valuable asset for any business and is also probably most susceptible to pilferage, damage, expiry, wastage, or fraud. Accurate accounting of inventory is very essential to a robust bookkeeping system and MIS reporting.

The objective of stock verification is to prove the existence, accuracy, and ownership rights and ensure the realizable value of the items in the Company’s inventory. Periodic physical review of inventory helps identify variances between physical and book quantities and assists in evaluating internal control on movement, accounting, and safeguarding of inventory.

Inventory verification includes, amongst other things, appropriate marking of physically verified stocks, identification of damaged and slow-moving or obsolete items, deriving variances from book quantities and identifying the absence of adequate supporting documentation.

We have well-qualified and experienced accounting professionals to assist clients with the complete inventory verification process.