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Stock Audit

Stock Audit refers to the physical verification and valuation of inventory available in the warehouse or business premises. It ensures that the quantity and condition of stock recorded in the books match the actual stock present, helping businesses maintain financial accuracy and control.

What is Stock Audit?

Stock Audit is a statutory and operational verification process conducted at least once in a financial year. It involves counting physical inventory, comparing it with book records, identifying discrepancies, and passing necessary adjustment entries to ensure correct financial reporting.

  • ✔ Physical verification of inventory quantities
  • ✔ Checking condition and usability of stock items
  • ✔ Comparison of physical stock with book records
  • ✔ Identification and rectification of discrepancies
Key Objectives of Stock Audit
Inventory Accuracy

Ensures actual stock matches accounting records.

Fraud Detection

Helps identify theft, loss, or manipulation of stock.

Financial Reliability

Improves correctness of financial statements.

Regulatory Compliance

Supports statutory and banking compliance needs.

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