Stock Audits

Introduction

Stock Audit is a key area of expertise and competence for CRP's Internal Audit Services because of its all unparallel reach and all India network. Stocks and physical assets such as raw materials, products, plant and machinery, office equipment, IT systems etc. are value assets of a company. With companies today operating across multiple locations with various channel partners, ensuring all assets exist as per the books of record is a challenge for the operations and the facilities functions.

CRP provides Stock Audit services to companies to help them safeguard and monitor their physical assets and inventories efficiently. CRP's Stock Audit team follows a strict audit and reporting mechanism that ensures that every aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also done for banks and other financial institutions which have extended credit to businesses against physical goods and assets. CRP's all India network of branches and full-time trained employees gives it the advantage of local presence, which translates into quicker audits at lower costs for clients.

CRP's Stock Audit conducts a comprehensive and accurate valuation of inventories, by taking into account physical controls, obsolete inventory, scrap and returned goods. Under the audit, records of inward and outward movement of goods and stock procedures on the shop floor are verified thoroughly.

CRP currently provides three types of Stock Audits:

Key benefits of Stock Audit:

1. Direct impact on costs and bottom-line

2. Identification of slow moving stock, obsolete stock, dead stock and scrap

3. Prevent pilferage and fraud

4. Enable accurate valuation of inventory

5. Third party independent opinion, especially for Agent warehouses

6. Identify gaps in current inventory management process