Inventory Verification Services
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Inventory Verification Services in Sharjah, UAE
Inventory is often one of the largest assets on a balance sheet, and one of the easiest to lose through pilferage, damage, expiry, wastage or fraud. Regular, independent verification proves that your stock exists, belongs to you, is recorded correctly and is valued realistically.
At Hussain Al Shemsi Chartered Accountants, our team carries out physical counts, compares them with your books, investigates variances and reviews the controls over stock movement. You get clear reports that support accurate accounts, audits, insurance claims and better stock management.
Inventory verification at a glance
- Objectives: confirm existence, accuracy, ownership and realisable value of inventory.
- Valuation: inventory is measured at the lower of cost and net realisable value under IAS 2 Inventories.
- Audits: auditors normally attend physical counts under ISA 501, so a well-run count makes the year-end audit smoother.
- Common findings: variances, damaged or expired items, slow-moving stock and missing documents.
- Output: count sheets, variance reports and recommendations to improve controls.
How can we help you?
Get in touch with Hussain Al Shemsi Chartered Accountants for expert auditing, accounting, tax, and advisory services in the UAE.
- +971 50 3636231
Our Inventory Verification Services
Physical stock counts
Planning and carrying out full or cycle counts at warehouses, stores and sites.
Variance analysis and reconciliation
Comparing physical and book quantities and investigating the differences.
Slow-moving and obsolete stock review
Identifying damaged, expired and slow-moving items that may need a provision.
Valuation checks
Testing cost and net realisable value so inventory is not overstated in your accounts. See IFRS support.
Inventory controls review
Reviewing receiving, issuing, transfers and system controls to reduce losses. See Internal Audit.
Year-end and audit count support
Organising counts that give your auditors the evidence they need. See Statutory Audit.
Industries We Support
- Trading and distribution
- Retail and e-commerce
- Manufacturing
- Food and beverage
- Construction and building materials
- Pharmaceuticals and healthcare supplies
- Automotive parts and spares
- Free zone warehouses and logistics
When to Verify Your Inventory
- At the financial year-end, before the audit
- Before buying or selling a business
- After a theft, fire or insurance event
- When stock records keep differing from physical counts
- When a bank or investor asks for independent confirmation
- During a change of storekeeper or system
Our Process
- Plan: we agree the locations, scope, timing and count method with you.
- Prepare: we review stock lists, cut-off procedures and the layout of each site.
- Count: our team counts and tags items, recording condition and location.
- Reconcile: we compare counts with your records and investigate variances.
- Report: we issue a clear report with variances, findings and control recommendations.
Why Choose Hussain Al Shemsi
- Chartered Accountants who understand inventory accounting, audit and valuation. Meet our team.
- Independent counts that management, auditors and banks can rely on.
- Practical recommendations to reduce losses and improve stock records.
- Based in Sharjah, supporting warehouses and sites across the UAE.
Frequently Asked Questions
What is inventory verification?
An independent check that the stock recorded in your books physically exists, belongs to the business, is in good condition and is recorded at the right quantity and value.
How often should we verify our inventory?
At least once a year at year-end. Many businesses also run cycle counts monthly or quarterly for high-value or fast-moving items.
What is the difference between a full count and a cycle count?
A full count checks all stock at one time. A cycle count checks selected items or locations on a rotating schedule throughout the year.
How is inventory valued?
Under IAS 2, inventory is measured at the lower of cost and net realisable value, so damaged or slow-moving stock may need to be written down.
Do auditors need to attend the stock count?
Auditors normally attend physical counts when inventory is material, in line with ISA 501. We can help plan a count that meets their needs.
Can you count stock at multiple locations?
Yes. We plan and staff counts across several warehouses, stores or sites.
What will we receive after the count?
Count sheets, a variance report reconciling physical and book quantities, a list of damaged and slow-moving items and recommendations to improve controls.
Make Sure Your Stock Matches Your Books
Talk to our team about an independent inventory count for your business.
