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For manufacturing, trading and retail businesses, inventory is often one of the largest assets on the
balance sheet, and one of the easiest to misstate. An independent inventory audit confirms that
stock records match what is physically present, that stock is valued correctly, and that the
controls around it work. We give management an objective view of stock, reduce the risk of loss or
misreporting, and support reliable financial statements.
Our Services
- Physical stock verification, attended at your premises, warehouses or third-party locations
- Reconciliation of physical stock with book records and the accounts
- Review of stock valuation (cost, net realisable value and consistent costing methods)
- Identification of slow-moving, obsolete, damaged or non-moving items
- Cut-off testing to ensure purchases and sales are recorded in the correct period
- Review of inventory controls, including receipt, storage, issue, handling and documentation
- Stock ageing analysis and highlighting of discrepancies, shortages and excesses
- Support for statutory audit requirements, including verification of stock by management
- Recommendations to improve inventory management and reduce leakage
Benefits to Your Business
- Accurate stock figures and more dependable financial statements
- Early detection of shortages, pilferage, errors and process gaps
- Better working-capital management through insight into non-moving stock
- Stronger internal controls and fewer audit queries
- Confidence for lenders, investors and other stakeholders
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