{"id":37669,"date":"2022-06-16T18:05:57","date_gmt":"2022-06-16T12:35:57","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=37669"},"modified":"2024-06-03T11:21:47","modified_gmt":"2024-06-03T05:51:47","slug":"documents-required-for-the-stock-audit","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/documents-required-for-the-stock-audit\/","title":{"rendered":"Documents Required and Point of Considerations for the Stock Audit"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-37671 size-full\" title=\"Documents Required for the Stock Audit\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1.png\" alt=\"stock audit services in india\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Documents-Required-and-Point-of-Considerations-for-the-Stock-Audit-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If you are running your own business then you must consider the option of a <\/span><a href=\"https:\/\/www.cagmc.com\/stock-audit\/\"><span style=\"font-weight: 400;\">Stock Audit<\/span><\/a><span style=\"font-weight: 400;\">. It is a necessary tool for you to ensure that the stocks of your <\/span><span style=\"font-weight: 400;\">company<\/span><span style=\"font-weight: 400;\"> are up to date. It helps you avoid unnecessary problems and complications. In this article, we will discuss, \u201cDocuments to be obtained &amp; Points to Consider\u00a0for Stock Audit\u201d.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Key\"><span style=\"font-weight: 400;\">Key Abstract<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Concept\"><span style=\"font-weight: 400;\">Concept of Stock Audits<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Objective\"><span style=\"font-weight: 400;\">Objective of Stock Audits<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Reasons\"><span style=\"font-weight: 400;\">Reasons for Stock Audits<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Documents\"><span style=\"font-weight: 400;\">Documents to be obtained for Stock Audit<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Process\"><span style=\"font-weight: 400;\">Process of Stock Audits<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Benefits\"><span style=\"font-weight: 400;\">Benefits of Stock Audit<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Important\"><span style=\"font-weight: 400;\">Important points of consideration while conducting Audit<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Key\" style=\"text-align: justify;\"><b>Key Abstract<\/b><\/h2>\n<p id=\"Concept\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Working capital financing in the form of cash credit against the security of hypothecation of stock and debtors is a popular technique of finance used by many lenders. Borrowers in such instances are needed to provide information of stock available, balance of debtors and creditors (also known as unpaid stock) every month, on the basis of which banks compute Drawing Power after decreasing the prescribed margin as specified in the sanction letter. Bankers engage empanelled chartered accounting companies to undertake stock audits precisely when the exposure (credit facilities) surpasses the specified threshold limit to assess the veracity and correctness of such claims (generally over INR 5 Crores).<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Concept of Stock Audits<\/b><\/h2>\n<p id=\"Objective\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Stock auditing is a regulatory procedure that every corporate organization is required to complete at least once a year. The stock audit procedure primarily entails counting physical stock exhibiting the defined premises and confirming the same with computed stock held by the company. The rationale and objective for doing this is to reconcile the disparities between book stock and physical stock by passing relevant adjustment entries. However, it may also include inventory value at times, depending on the terms of reference or the engagement letter of the assignment. When proceeding, it is critical to recall and keep in mind the objective for why the audit is being undertaken, because various audits may take different approaches, which will ultimately depend on the goal.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Objective of Stock Audits<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The main objectives of Stock Audits are to,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pinpoint and put aside the stocks moving at a staggering pace, dead stocks and scraps<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify the mismatches between calculated stocks available in books and physical stock available in reality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Update the records as per physical stock or change the physical stock as per book stock<\/span><\/li>\n<li id=\"Reasons\">Ensure due preservation and management of stocks<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Reasons for Stock Audits<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the reasons for Stock Audits,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To update the stock details<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To identify the discrepancy between book stocks and physical stocks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They keep the physical stocks in sync with the book stocks<\/span><\/li>\n<li id=\"Documents\">To ensure the proper preservation and handling of stocks<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Documents to be obtained for Stock Audit<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Before beginning an audit, an auditor should gather the following documents:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank letter of engagement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Constitutional documents (deed, roc docs &amp; certificate)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Borrower&#8217;s Management Representation Letter<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Audited Financial Statements and Audit Report from the Previous Year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stock Audit Report for the Previous Two Years<\/span><\/li>\n<li id=\"Process\">Copies of concurrent audit reports pertaining to the audited period<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Process of Stock Audits<\/b><\/h2>\n<p id=\"Benefits\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Benefits of Stock Audit<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The benefits of Stock Audits are,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Direct impact on costs and bottom line<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preventing pilferage and fraud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identifying slow-moving, obsolete, dead and scrap stock<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Third-party independent opinion<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identifying problems in the present inventory management process<\/span><\/li>\n<li id=\"Important\">An accurate valuation of Inventory<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Important points of consideration while conducting Audit<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">While conducting the audit, an auditor should keep the following aspects in mind:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Note of Appraisal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Letter of sanction<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Physical inspection of the place<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Billings (sale &amp; purchase)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether the stock record is adequately kept in terms of quantity, rate, and values.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information on outdated or non-moving stock<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stock insurance and a bank provision on the policy cover note Furthermore, policy cover is not on file, and the policy covers all risks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The most recent account review or renewal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Overdrawing often in excess of Drawing power or the sanctioned limit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank branch authorities&#8217; most recent visit report<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank board display on the go down or site<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether the drawing power estimate is proper (as per the sanction letter) and the DP record is routinely updated<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Defects discovered by concurrent or internal auditors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Intention letter<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CIBIL, business report, or external credit rating<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether or not the stock and book debt statement was submitted on schedule (as per sanction letter)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory valuation method used with detailed workings<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether or not sales were routed through bank accounts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income Recognition and Asset Classification Prudential Standards Compliance (IRACP)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Examination of collateral property (original document verification, Memorandum of Deposit, Valuation Report not older than three years, legal search report (LSR\/TSR), insurance and CERSAI report)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debtor and creditor list (direct confirmation as per SA:505)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">According to the penalty letter, the debtor is getting older.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Margin requirement specified in the punishment letter (25 percent , 40 percent as the case may be)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Challans for different statutory dues have been paid (ESIC, PF, Property Tax, GST, Any other Cess)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total exposure, i.e. Other bank services obtained by the client<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stock and collateral property are subject to a charge.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether the Gate register is kept or not<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Procedure and physical inventory verification by management in accordance with Paragraph 3 of the Companies Auditor&#8217;s Report Order, 2020 (CARO 2020)<\/span><\/li>\n<li id=\"Conclusion\"><a href=\"https:\/\/www.cagmc.com\/gst-return\/\"><span style=\"font-weight: 400;\">GST return<\/span><\/a><span style=\"font-weight: 400;\"> for the audited time period<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Thus, you can see that stock audits can help you with the bottom line of your <\/span><a href=\"https:\/\/www.cagmc.com\/one-person-company\/\"><span style=\"font-weight: 400;\">business<\/span><\/a><span style=\"font-weight: 400;\">. It helps you update your stock details. Further, it keeps helps you avoid being complacent regarding maintaining your books. Moreover, it keeps your business competent with regards to the <\/span><a href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/CompaniesAct2013.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><\/a><span style=\"font-weight: 400;\"> and the <\/span><span style=\"font-weight: 400;\">Companies (Share Capital and Debentures) Rules, 2014<\/span><span style=\"font-weight: 400;\">. Stock Audit is a necessary tool for you to keep your business running smoothly.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are running your own business then you must consider the option of a Stock Audit. It is a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":37671,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Documents Required for the Stock Audit | What is Stock Audit?<\/title>\n<meta name=\"description\" content=\"Read Guide on Documents Required for the Stock Audit. 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