Stock Audit in India is a region of specialization and core competence for PK Chopra & Co. . Internal Audit Services are our most significant due to our unparallel reach and every India network. Assets, e.g., Stocks and physical assets like raw materials, are essential tangible assets and wish repeat watch. As many companies operate across borders through multiple locations, some even with various channel partners, ensuring this watch takes time and effort. We provide our focused services to companies to keep them assured of their physical assets.
In other words, the stock audit may be a statutory process that each business institution must perform at least once during a fiscal year. As far as the stock audit process cares, the method mainly involves counting physical stock, presenting the required premises, and verifying an equivalent with computed stock maintained by the corporate. The rationale and purpose behind executing this are often to correct the discrepancies present within the book stock compared to physical stock by passing necessary adjustment entries.
Fixed assets audit in India are the long term assets that record within the record and showing balance at the top of the reporting date. Fixed assets are non-current assets that have a useful life for quite one years.
Fixed assets aren't recognized as expenses within the earnings report at the time of buying but it's recognized as expenses when the entity uses them.
Fixed assets are normally large if we compare to other assets like current assets. and that they are generally considered as sensitive areas from the audit perspective. The auditor responsible on these areas should be the one that has experiences and knowledge enough otherwise the detection or audit risks could be increasing.