Stock Audit, also known as Inventory Audit, is an exercise involving verification of stock held by an entity and reconciliation with its books of accounts.
A professional stock audit also evaluates the quality of inventory, identifies slow-moving and obsolete stock and reviews whether inventory valuation is being carried out in accordance with applicable accounting standards.
Modern supply chains are no longer limited to one warehouse. Our approach considers inventory across multiple locations, fulfilment centres and logistics networks.
Independent inventory verification can provide management, lenders and other stakeholders with greater confidence in the existence and valuation of stock.
Our specialized team performs a structured review covering physical inventory, reconciliation, valuation, movement and supporting documentation.
A good stock audit should do more than report differences. It should provide management with information that can improve inventory efficiency and financial control.
Keeping the relevant inventory and transaction records ready allows the verification process to remain efficient and accurate.
A simple box count does not provide the complete picture. At GKS & Associates, our stock audit approach focuses on understanding the reasons behind inventory discrepancies and identifying opportunities to strengthen warehouse controls.
We can use structured reconciliation processes, electronic verification systems and technology enabled working methods to improve the accuracy and timeliness of inventory reporting.
Our reports can provide management with an executive summary of discrepancies together with practical recommendations relating to warehouse security, inventory movement, stock turnover and control processes.
Our objective is not simply to identify what went wrong, but to understand why it happened and how the process can be strengthened.
