“Accurate accounting of inventory can make all the difference between an entity reporting a profit or incurring a loss.”
“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. It also provides assurances to principals and business owners that the inventory reflected in the accounting records does not materially vary from the physical quantities. It can act as a deterrent against theft, damage and unauthorized write-offs.”
We can assist with inventory verification at regular intervals. 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 absence of adequate supporting documentation.