Procedure of Stock Verification

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Usually, the following procedure is followed in any Stock verification:

1. Preparing a programme of verification.

2. Getting approval from the appropriate authority.


3. Appointing the team of the verifier.

In continuous stores verification, the staff is permanent and in fact, under this method, there is no appointment of the verifiers team. But in annual method, the staff is usually appointed. Three persons, one from technical staff, another from the accounts or audit staff and the third one from the store’s staff are appointed as a team of verifiers.

4. Providing the verifiers a time table and also a stock-taking sheet, which should normally be serialized and dated.

5. Taking notes on the stock-taking sheet and other details with the help of documents made available.

6. Checking and verifying the stock physically.

7. Noting down the discrepancies etc.

8. Valuing the stock.

9. Despatching the necessary certificates, reports, suggestions etc.

Stock-Taking Sheet

Stock-taking sheet is a printed form provided to the verifiers for making the stock verification convenient and systematic, foolproof and requires no adjustment of any kind. After the process is complete the findings are summed up and reports prepared. The total value of the stock is also calculated with the help of stock-taking sheet.

The following is the proforma of the sheet:

Procedure of Stock Verification - Stock-Taking Sheet1. Quantity Taken by ………………………
2. Quantity Checked by ………………….
3. Prices Inserted by ………………………
4. Extension and Additions Inserted by ……………..
5. Extension and Additions Checked by …………….
6. Values of Stock Certified by ………………………….
7. Examined by……………………………………………….

CHIEF VERIFIER

Stock Valuation Sheet

After the completion of stock verification, a store valuation sheet is prepared to consolidate all stock-taking sheets. This helps in computing the value of the materials in hand. A proforma of such sheet is given below :

Stock Valuation Sheet Format

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