Procedure of Stock Verification

Usually, the following procedure is followed in any Stock verification: 1. Preparing a programme of verification. 2. Getting approval from the appropriate authority. 3. Appointing the team of the verifier. In continuous stores verification, the staff is permanent and in fact, under this method, there is no appointment of the verifiers team. But in annual … Read more

Stock verification methods

Following are the two methods of Stock Verification: 1. Annual Stores Verification. 2. Continuous Stores Verification. Annual Stock Verification Annual Stock Verification is also known as periodical stock verification. Under this method, the whole of the stock is verified (audited) at the end of a given period which, in normal circumstances, is the close of … Read more

What Is Stock Audit?

Stores lying in the store on a given date Known as stock. Thus stores and stock convey the same meanings in every sense of the term. Stock audit refers to physical verification of stock with the stores records maintained. Thus, the audit is nothing but verification if there is any, detection of those discrepancies, finding … Read more