Stock Verification Procedure

The standard procedure for stock verification is as follows: 1. Prepare a program of verification. 2. Receive approval from the appropriate authority. 3. Appoint the verification team. Note: In continuous stock verification, the staff is permanent and, in fact, under this method, there is no appointment of the verification team. However, under annual stock verification, … Read more

Stock Verification Methods

The two main methods of stock verification are: Annual stock verification Continuous stock 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. In normal circumstances, this is the close of the financial … Read more

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