It is an audit term which refers to the physical verification of a company’s physical assets, usually inventory, against the stock registry. This process is also known as inventory audit. The purpose of this entire exercise is to remove any discrepancies and ensure that the organisation has an accurate representation of its physical assets. The process was mostly performed once a year. Knowing the precise stock quantity is crucial to success as businesses expand into more territories. It has increased the need for conducting frequent stock audits. MITS offers certified stock audit services across a wide range of industries throughout Pakistan.
A stock audit help businesses assess which inventory is obsolete. The obsolete inventory can be auctioned or sold for scrap.
There are chances that the stock is broken, expired, or unsellable. There is no need to keep it in storage as it will only add to organisational expenses.
The audit will help find if the staff or any other person is stealing the inventory and causing a loss to the business.
Stock audit services help a business obtain an accurate inventory picture across different locations.
Stock is an asset. The audit shows the actual number of the assets, thereby giving the business clarity on its profitability.
How can you know the vendor delivered exactly what was agreed? Stock audits can help identify vendor fraud.
It is the first step and involves a detailed discussion between your business and an MITS representative. The purpose is to understand the business nature, the scope of the stock audit, and the expected outcome.
MITS will assess the requirements, and our team of experienced stock auditors will develop a detailed audit plan based on the earlier discussion. The plan and a price will be shared with the business for approval.
The MITS staff will visit the location(s) that are agreed upon in the plan. The team will collect the necessary data as per the schedule. There is an option to perform the audit after business hours to ensure minimal disruption.
The final step is compiling the data into a report in the client’s required format. The report will include action items the business can use to improve its stock-keeping process.
A data breach can ruin an organisation’s reputation and open a whirlpool of other challenges. Our stock audit reports are highly confidential and only shared with the authorised people from the organisation.
Our team has more than 10 years of experience performing stock audits across various industries. It helps us take minimal time to complete the work and present the final report.
MITS believes in continuous improvement throughout the organisation, and our stock audit process is no exception. We strive to find new ways to complete our work as it reduces the process’s time and ensures greater customer satisfaction.
We offer flexible pricing to our clients. We recognise that no two businesses are the same, meaning it is unjustifiable to charge them the same price. Pay according to your requirements alone.
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