Steps
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Before beginning an audit, an auditor should gather the following documents:
Bank letter of engagement
Constitutional documents (deed, roc docs & certificate)
Borrower’s Management Representation Letter
Audited Financial Statements and Audit Report from the Previous Year
Stock Audit Report for the Previous Two Years
Copies of concurrent audit reports pertaining to the audited period
The process of Stock Audits mainly involves the counting of physical stocks
presenting the specified premises. Further, verify the same with computed stocks
that are maintained by the company. This is done to correct the discrepancies
present in the book stocks when compared to the physical stocks by passing them
through necessary adjustment entries.
The common challenges in stock audit include inaccurate inventory records,
inadequate training of personnel, lack of cooperation from employees, difficulty in
counting and verifying certain types of inventory, and complex inventory systems.
